Extension Agreement to Employment Agreement between Axsys Technologies, Inc. and Stephen W. Bershad
Axsys Technologies, Inc. and Stephen W. Bershad have agreed to extend the initial term of Mr. Bershad's employment agreement by one year, until October 12, 2002. Either party may terminate this extension earlier by providing 30 days' written notice. This agreement is an amendment to the original employment contract and requires Mr. Bershad's acceptance to be effective.
EXHIBIT 10 (16)
October 4, 2001
Mr. Stephen W. Bershad
66 Arroyo Hondo Trail
Santa Fe, NM 87508
Dear Mr. Bershad:
Reference is made to the Employment Agreement, dated October 12, 2000 (the “Employment Agreement”), between Axsys Technologies, Inc. (the “Company”) and you.
The Company desires to extend the Initial Period (as defined in Section 2(a) of the Employment Agreement) until October 12, 2002, subject to the earlier termination of the Initial Period by you in your sole discretion or by the Company, acting through its Board of Directors, in its sole discretion, by 30 days’ prior written notice to the other.
If the foregoing extension of the Initial Period meets with your approval, please indicate your acceptance in the space provided below.
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| AXSYS TECHNOLOGIES, INC. |
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| By | : | /s/: Anthony J. Fiorelli, Jr. |
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| A member of the |
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| Compensation Committee |
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| of the Board of Directors |
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| Accepted and Agreed: |
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| /s/: Stephen W. Bershad |
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| Stephen W. Bershad |
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