AXSYS TECHNOLOGIES INC
EX-10.16
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<title>EXHIBIT 10 (29)</title>



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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT 10 (16)</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October 4, 2001</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr. Stephen W. Bershad</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">66 Arroyo Hondo Trail</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Santa Fe, NM&#160;

87508</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Mr. Bershad:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reference is made to the

Employment Agreement, dated October 12, 2000 (the &#147;Employment Agreement&#148;),

between Axsys Technologies, Inc. (the &#147;Company&#148;) and you.</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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&#146; prior written

notice to the other.</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the foregoing extension

of the Initial Period meets with your approval, please indicate your acceptance

in the space provided below.</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.12%;">

 <tr>

  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.24%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:36.66%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AXSYS

  TECHNOLOGIES, INC.</font></p>

  </td>

  <td width="0%" style="border:none;font-size:1.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>

 </tr>

 <tr>

  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.24%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.74%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="1%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">:</font></p>

  </td>

  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:20.12%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/: Anthony J. Fiorelli,

  Jr.</font></p>

  </td>

  <td width="12%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:12.9%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.24%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.74%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="33%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:33.92%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A member of the</font></p>

  </td>

  <td width="0%" style="border:none;font-size:1.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>

 </tr>

 <tr>

  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.24%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.74%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="33%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:33.92%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compensation Committee</font></p>

  </td>

  <td width="0%" style="border:none;font-size:1.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>

 </tr>

 <tr>

  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.24%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.74%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="33%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:33.92%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of the Board of Directors</font></p>

  </td>

  <td width="0%" style="border:none;font-size:1.0pt;padding:0in 0in 0in 0in;"><p style="margin:0in 0in .0001pt;">&nbsp;</p></td>

 </tr>

 <tr height="0">

  <td width="457" style="border:none;"></td>

  <td width="20" style="border:none;"></td>

  <td width="7" style="border:none;"></td>

  <td width="145" style="border:none;"></td>

  <td width="92" style="border:none;"></td>

  <td width="1" style="border:none;"></td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.4%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accepted and Agreed:</font></p>

  </td>

  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.6%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.4%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.6%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:20.08%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/:&#160; Stephen W. Bershad</font></p>

  </td>

  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.6%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.4%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stephen W. Bershad</font></p>

  </td>

  <td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.6%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr height="0">

  <td width="145" style="border:none;"></td>

  <td width="24" style="border:none;"></td>

  <td width="552" style="border:none;"></td>

 </tr>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>





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