Document:

EXHIBIT 10 (29)

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.

 

	

   

  	

  AXSYS

  TECHNOLOGIES, INC.

  	 

	

   

  	

  By

  	

  :

  	

  /s/: Anthony J. Fiorelli,

  Jr.

  	

   

  
	

   

  	

   

  	

  A member of the

  	 

	

   

  	

   

  	

  Compensation Committee

  	 

	

   

  	

   

  	

  of the Board of Directors

  	 

						

 

	

  Accepted and Agreed:

  	

   

  
	

   

  	

   

  
	

  /s/:  Stephen W. Bershad

  	

   

  	

   

  
	

  Stephen W. BershadEXHIBIT 10 (30)

EXHIBIT 10 (17)

INDEMNIFICATION AGREEMENT

 

This INDEMNIFICATION AGREEMENT

is made as of the         of December 2001, by and between Axsys

Technologies, Inc., a Delaware corporation (the “Corporation”), and the

individual whose name appears on the signature page hereof (such individual

being referred to herein as the “Indemnified Representative” and collectively

with other individuals who may execute substantially similar agreements as the

“Indemnified Representatives”).

 

WHEREAS:

 

A.            The Indemnified Representative currently is serving in

one or more capacities as a director or officer of the Corporation or has been

specifically designated as a person whom the Corporation shall indemnify as

hereinafter provided (which may include any person serving at the request of

the Corporation, as a director, officer, employee, agent fiduciary or trustee

of another corporation, partnership, joint venture, trust, employee benefit

plan or other entity or enterprise) and as such is performing a valuable

service to or on behalf of the Corporation.

 

B.            Directors and officers of corporations in general may be

subject to expensive and time consuming litigation, including matters that

traditionally would be brought only against the corporation.  Although the Corporation has obtained directors

and officers liability insurance to protect its directors and officers, such

insurance policy  is subject to

cancellation or termination in the future. 

Therefore the Corporation believes it is appropriate to provide

additional protection for its directors and officers.

 

C.            The Indemnified Representative has indicated that the

Indemnified Representative may not be willing to remain in office or otherwise

continue to serve the Corporation absent the protections afforded by this

Agreement.  To induce the Indemnified

Representative to continue to serve the Corporation and in consideration for

such continued service, and to assist in the recruitment of qualified personnel

in the future, the Corporation agrees to indemnify the Indemnified

Representative upon the terms set forth herein.

 

NOW, THEREFORE, in

consideration of the foregoing, the Corporation and the Indemnified

Representative agree as follows:

 

AGREEMENT TO SERVE.                  THE INDEMNIFIED REPRESENTATIVE AGREES TO SERVE OR

CONTINUE TO SERVE IN EACH INDEMNIFIED CAPACITY (AS HEREINAFTER DEFINED) HELD

NOW OR IN THE FUTURE FOR SO LONG AS THE INDEMNIFIED REPRESENTATIVE IS DULY

ELECTED OR APPOINTED OR UNTIL SUCH TIME AS THE INDEMNIFIED REPRESENTATIVE

TENDERS A RESIGNATION IN WRITING.  THIS

AGREEMENT SHALL NOT BE DEEMED AN EMPLOYMENT CONTRACT BETWEEN THE CORPORATION OR

ANY OF ITS AFFILIATES AND ANY INDEMNIFIED REPRESENTATIVE WHO IS AN EMPLOYEE OF

THE CORPORATION OR ANY OF ITS AFFILIATES, AND THE INDEMNIFIED REPRESENTATIVE

SPECIFICALLY ACKNOWLEDGES THAT THE INDEMNIFIED REPRESENTATIVE’S EMPLOYMENT WITH

THE CORPORATION OR ANY OF ITS AFFILIATES IS AT WILL, AND THAT THE INDEMNIFIED

REPRESENTATIVE MAY BE DISCHARGED AT ANY TIME FOR ANY REASON, WITH OR WITHOUT

CAUSE, AND WITH OR WITHOUT SEVERANCE COMPENSATION, EXCEPT AS MAY BE OTHERWISE

PROVIDED IN A WRITTEN EMPLOYMENT CONTRACT BETWEEN THE INDEMNIFIED

REPRESENTATIVE AND THE CORPORATION OR ANY OF ITS AFFILIATES OR OTHER APPLICABLE

FORMAL SEVERANCE POLICIES DULY ADOPTED BY THE BOARD OF DIRECTORS OF THE

INDEMNIFIED REPRESENTATIVE’S EMPLOYER.

 

INDEMNIFICATION.

 

Except as

provided in Sections 2(b), 3 and 5, the Corporation shall indemnify the  Indemnified Representative against any

Liability (as hereinafter defined) incurred by the Indemnified Representative

in connection with any Proceeding (as hereinafter defined) in which the

Indemnified Representative may be involved as a party or otherwise, by reason

of the fact that the Indemnified Representative is or was serving in an

Indemnified Capacity, including, without limitation, any 

 

 

 

Liability resulting from actual

or alleged breach or neglect of duty, error, misstatement or misleading

statement, gross negligence, negligence or act giving rise to strict or

products liability, whether occurring prior to or after the date of this

Agreement.  If the Indemnified

Representative is entitled to indemnification in respect of a portion, but not

all, of any Liability, the Corporation shall indemnify the Indemnified

Representative to the maximum extent for such portion of any Liability.  The indemnification provided under this

agreement is effective from and after the time the individual representative

first became an officer or director of the Corporation.

 

Notwithstanding the provisions of subsection (a), the Corporation shall

not indemnify the Indemnified Representative under this Agreement for any

Liability incurred in a Proceeding initiated (which shall not be deemed to

include counter-claims or affirmative defenses) or participated in as an

intervenor or amicus curiae by the Indemnified Representative unless such

initiation of or participation in the proceeding is authorized, either before

or after commencement of the Proceeding, by the affirmative vote of a majority

of the directors in office.  This

subsection does not apply to reimbursement of expenses incurred in successfully

prosecuting or defending an arbitration under Section 5(d) or otherwise

successfully prosecuting or defending the rights granted to the Indemnified

Representative by or pursuant to this Agreement.

 

As used in this

Agreement:

 

“Indemnified Capacity” means any and all

past, present or future service by an Indemnified Representative in one or more

capacities (A) as a director, officer, employee or agent of the Corporation,

of any subsidiary of the Corporation or of any constituent corporation absorbed

by the Corporation in a consolidation or merger, or (B) at the request of the

Corporation as a director, officer, employee, agent, fiduciary or trustee of

another corporation or of any partnership, joint venture, sole proprietorship,

trust, employee benefit plan or other entity or enterprise.

 

“Liability” means any damage, judgment,

amount paid in settlement, fine, penalty, punitive damages, excise tax assessed

with respect to an employee benefit plan, or cost or expense of any nature

(including, without limitation, attorneys’ fees and disbursements and the costs

and expenses of investigating any Proceeding); and

 

“Proceeding” means any threatened, pending or

completed action, suit, appeal or other proceeding of any nature, whether

civil, criminal, administrative or investigative, whether formal or informal,

and whether brought by or in the right of the Corporation, a class of its

security (whether equity or debt) holders, any creditors of the Corporation or

otherwise.

 

EXCLUSIONS.

 

The Corporation shall not be liable under

this Agreement to make any payment in connection with any Liability incurred by

the  Indemnified Representative:

 

to the extent payment for such Liability is

made to the  Indemnified Representative

under an insurance policy provided by the Corporation, and in the event the Corporation makes any

indemnification payments to the Indemnified Representative and the Indemnified

Representative is subsequently reimbursed from the proceeds of insurance, the

Indemnified Representative shall promptly refund such indemnification payments

to the Corporation to the extent of such insurance reimbursements;

 

to the extent

the Indemnified Representative is indemnified for such Liability by the

Corporation under its certificate of incorporation or by-laws or under the

Delaware General Corporation Law or otherwise than pursuant to this Agreement;

 

for any claim

for an accounting of profits made either from the purchase or sale by such

Indemnified Representative of securities of the Corporation pursuant to Section

16(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),

or any corresponding or superseding provision, or from any use of material,

non-public information, if such use is illegal under applicable provisions of

the Exchange Act or the regulations thereunder;

 

 

1

 

for which the

conduct of the Indemnified Representative has been determined in a final

adjudication pursuant to Section 5(d) or otherwise to constitute bad faith or

knowing violation of law, or receipt by such person of an improper personal

benefit, and which conduct was material to the cause of action or claim giving

rise to the Liability; or

 

to the extent

such indemnification has been determined in a final adjudication pursuant to

Section 5(d) or otherwise to be unlawful.

 

Any fact, act

or omission pertaining to the Indemnified Representative shall not be imputed

to any other Indemnified Representative for the purposes of determining the applicability

of any exclusion set forth herein.

 

The

termination of a proceeding by judgment, order, settlement, conviction or upon

a plea of nolo contendere or its equivalent shall not, of itself, create a

presumption that the Indemnified Representative is not entitled to

indemnification under this Agreement.

 

ADVANCEMENT

OF EXPENSES.   THE

CORPORATION SHALL PAY ANY LIABILITY INCURRED IN GOOD FAITH BY THE INDEMNIFIED

REPRESENTATIVE IN ADVANCE OF THE FINAL DISPOSITION OF A PROCEEDING UPON RECEIPT

OF AN UNDERTAKING BY OR ON BEHALF OF THE INDEMNIFIED REPRESENTATIVE TO REPAY

SUCH AMOUNT IF IT SHALL ULTIMATELY BE DETERMINED PURSUANT TO SECTION 5(D) OR

OTHERWISE THAT THE INDEMNIFIED REPRESENTATIVE IS NOT ENTITLED TO BE INDEMNIFIED

BY THE CORPORATION PURSUANT TO THIS AGREEMENT. 

THE FINANCIAL ABILITY OF THE INDEMNIFIED REPRESENTATIVE TO REPAY AN

ADVANCE SHALL NOT BE A PREREQUISITE TO THE MAKING OF SUCH ADVANCE.

 

INDEMNIFICATION PROCEDURE.

 

The Indemnified Representative shall use such

Indemnified Representative’s best efforts to notify promptly the Secretary of

the Corporation of the commencement of any Proceeding or the occurrence of any event

which might give rise to a Liability under this Agreement, but the failure so

to notify the Corporation shall not relieve the Corporation of any liability

which it may have to the Indemnified Representative under this Agreement or

otherwise.

 

The Corporation shall be entitled, upon

notice to the Indemnified Representative, to assume the defense of any

Proceeding with counsel reasonably satisfactory to the Indemnified

Representative involved in such Proceeding or a majority of the Indemnified

Representatives involved in such Proceeding if there be more than one.  If the Corporation notifies the Indemnified

Representative of its election to defend the Proceeding, the Corporation shall

have no liability for the expenses (including attorneys’ fees and

disbursements) of the Indemnified Representative incurred in connection with

the defense of such Proceeding subsequent to such notice, unless (i) such

expenses (including attorneys’ fees and disbursements) have been authorized by

the Corporation, (ii) the counsel employed by the Corporation for the purpose

of assuming such defense is not reasonably satisfactory to such Indemnified

Representative or Indemnified Representatives, or (iii) it shall have been

determined pursuant to Section 5(d) that the Indemnified Representative was

entitled to indemnification for such expenses under this Agreement or

otherwise.  Notwithstanding the

foregoing, the Indemnified Representative may elect to retain counsel at the

Indemnified Representative’s own cost and expense to participate in the defense

of such Proceeding.

 

The Corporation shall not be required to

obtain the consent of the Indemnified Representative to the settlement of any

Proceeding, which the Corporation has undertaken to defend if the Corporation

assumes full and sole responsibility for such settlement and the settlement

grants the Indemnified Representative an unqualified release in respect of all

Liabilities at issue in the Proceeding. 

The Corporation shall not be liable for any amount paid by an

Indemnified Representative in settlement of any Proceeding that is not defended

by the Corporation, unless the Corporation has consented to such settlement

(which consent shall not be unreasonably withheld).

 

Any dispute related to the right to

indemnification, contribution or advancement of expenses hereunder, except with

respect to indemnification for liabilities arising under the Securities Act of

1933 which the Corporation has undertaken to submit to a court for

adjudication, shall be decided only by arbitration in the City of New

York, New York, in 

 

 

2

 

accordance with the commercial arbitration

rules then in effect of the American Arbitration Association, before a panel of

three arbitrators, one of whom shall be selected by the Corporation, the second

of whom shall be selected by the Indemnified Representative and the third of

whom shall be selected by the other two arbitrators.  In the absence of the American Arbitration Association, or if for

any reason arbitration under the arbitration rules of the American Arbitration

Association cannot be initiated, or if one of the parties fails or refuses to

select an arbitrator, or if the arbitrators selected by the Corporation and the

Indemnified Representative cannot agree on the selection of the third

arbitrator within seven days after such time as the Corporation and the

Indemnified Representative have each been notified of the selection of the

other’s arbitrator, the necessary arbitrator or arbitrators shall be selected

by the presiding judge of the court of general jurisdiction of the State of New

York.  Each arbitrator selected as

provided herein is required to be or have been a director or an executive

officer of a corporation whose shares of common stock were listed during at

least one year of such service on the New York Stock Exchange or the American

Stock Exchange or quoted on the Nasdaq Stock Market.  The party or parties challenging the right of an Indemnified

Representative to the benefits of this Agreement shall have the burden of

proof.  The Corporation shall reimburse

the Indemnified Representative for the expenses (including attorneys’ fees and

disbursements) incurred in successfully prosecuting or defending such

arbitration.  Any award entered by the

arbitrators shall be final, binding and nonappealable and judgment may be

entered thereon by any party in accordance with applicable law in any court of

competent jurisdiction.  This

arbitration provision shall be specifically enforceable.

 

Upon a payment

to the Indemnified Representative under this Agreement, the Corporation shall

be subrogated to the extent of such payment to all of the rights of the

Indemnified Representative to recover against any person for such Liability,

and the Indemnified Representative shall execute all documents and instruments

required by the Corporation and shall take such other actions requested by the

Corporation and at its expense as may be necessary to secure such rights,

including the execution of such documents as may be necessary for the

Corporation to bring suit to enforce such rights.

 

NON-EXCLUSIVITY.          THE INDEMNIFICATION RIGHTS GRANTED TO

THE INDEMNIFIED REPRESENTATIVE PURSUANT TO THIS AGREEMENT (I) SHALL NOT BE

DEEMED EXCLUSIVE OF ANY OTHER RIGHTS TO WHICH THE INDEMNIFIED REPRESENTATIVE

MAY BE ENTITLED UNDER ANY STATUTE, BY-LAW, CERTIFICATE OR ARTICLES OF

INCORPORATION, AGREEMENT, VOTE OF SHAREHOLDERS OR DISINTERESTED DIRECTORS OR

OTHERWISE, BOTH AS TO ACTION IN AN INDEMNIFIED CAPACITY AND IN ANY OTHER

CAPACITY, AND (II) SHALL CONTINUE AS TO A PERSON WHO HAS CEASED TO BE ELECTED,

APPOINTED OR EMPLOYED BY THE CORPORATION IN AN INDEMNIFIED CAPACITY IN RESPECT OF

MATTERS ARISING WHEN SUCH PERSONS PERFORMED IN AN INDEMNIFIED CAPACITY.  WITHOUT LIMITING THE GENERALITY OF THE

FOREGOING, THE CORPORATION AND THE INDEMNIFIED REPRESENTATIVE ACKNOWLEDGE THE

PROVISIONS OF THE CORPORATION’S CERTIFICATE OF INCORPORATION AND BY-LAWS

REGARDING INDEMNIFICATION AND CONFIRM THAT THE INDEMNIFIED REPRESENTATIVE IS

ACTING IN RELIANCE THEREON.

 

DURATION OF

AGREEMENT.        THIS

AGREEMENT SHALL APPLY TO ANY CLAIM ASSERTED AND ANY LIABILITY INCURRED IN

CONNECTION WITH ANY CLAIM ASSERTED ON OR AFTER THE DATE ON WHICH THE

INDEMNIFIED REPRESENTATIVE BEGAN SERVING IN EACH INDEMNIFIED CAPACITY AND SHALL

CONTINUE UNTIL AND TERMINATE UPON THE LATER OF:  (A) SIX YEARS AFTER THE INDEMNIFIED REPRESENTATIVE HAS CEASED TO

SERVE IN ANY INDEMNIFIED CAPACITY; OR (B) ONE YEAR AFTER THE FINAL TERMINATION

OF ALL PENDING OR THREATENED PROCEEDINGS OF THE KIND DESCRIBED HEREIN WITH

RESPECT TO THE INDEMNIFIED REPRESENTATIVE.

 

DISCHARGE

OF DUTY.     THE INDEMNIFIED

REPRESENTATIVE SHALL BE DEEMED TO HAVE DISCHARGED SUCH PERSON’S DUTY TO THE

CORPORATION IF HE OR SHE HAS RELIED IN GOOD FAITH ON INFORMATION, OPINIONS,

REPORTS OR STATEMENTS, INCLUDING FINANCIAL STATEMENTS AND OTHER FINANCIAL DATA,

IN EACH CASE PREPARED OR PRESENTED BY ANY OF THE FOLLOWING:

 

one or more officers

or employees of the Corporation whom the Indemnified Representative reasonably

believes to be reliable and competent with respect to the matter presented;

 

 

3

 

legal counsel, public accountants or other persons

as to matters that the Indemnified Representative reasonably believes are

within the person’s professional or expert competence; or

 

a committee of the Board of Directors of the

Corporation on which he or she does not serve as to matters within its area of

designated authority, which committee he or she reasonably

believes to merit confidence.

 

RELIANCE ON

PROVISIONS.           THE

INDEMNIFIED REPRESENTATIVE SHALL BE DEEMED TO BE ACTING IN SUCH PERSON’S

INDEMNIFIED CAPACITY IN RELIANCE UPON THE RIGHTS OF INDEMNIFICATION PROVIDED BY

THIS AGREEMENT.

 

SEVERABILITY AND REFORMATION.         ANY PROVISION OF THIS AGREEMENT WHICH

IS ADJUDICATED TO BE INVALID OR UNENFORCEABLE IN ANY JURISDICTION OR UNDER ANY

CIRCUMSTANCE SHALL BE INEFFECTIVE TO THE EXTENT OF SUCH INVALIDITY OR

UNENFORCEABILITY ONLY AND SHALL BE DEEMED REFORMED SO AS TO CONTINUE TO APPLY

TO THE MAXIMUM EXTENT AND TO PROVIDE THE MAXIMUM INDEMNIFICATION PERMISSIBLE

UNDER THE APPLICABLE LAW OF SUCH JURISDICTION. 

ANY SUCH ADJUDICATION SHALL NOT INVALIDATE OR RENDER UNENFORCEABLE THE

REMAINING PROVISIONS HEREOF AND SHALL NOT INVALIDATE OR RENDER UNENFORCEABLE

SUCH PROVISION IN ANY OTHER JURISDICTION OR UNDER ANY OTHER CIRCUMSTANCES.

 

COUNTERPARTS.              THIS AGREEMENT MAY BE EXECUTED IN

SEVERAL COUNTERPARTS, EACH OF WHICH SHALL BE DEEMED AN ORIGINAL, BUT ALL OF

WHICH TOGETHER SHALL CONSTITUTE ONE AND THE SAME DOCUMENT.

 

HEADINGS.          SECTION

HEADINGS ARE FOR CONVENIENCE ONLY AND DO NOT CONTROL OR AFFECT MEANING OR INTERPRETATION OF ANY TERMS OR

PROVISIONS HEREOF.

 

NOTICES.              ANY

NOTICE, CLAIM, REQUEST OR DEMAND REQUIRED OR PERMITTED HEREUNDER SHALL BE IN

WRITING AND SHALL BE DEEMED GIVEN IF DELIVERED PERSONALLY OR SENT BY TELEGRAM

OR BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID:  (I) IF TO THE CORPORATION, TO 175 CAPITAL BOULEVARD, SUITE 103,

ROCKY HILL, CT 06067, ATTENTION: SECRETARY, OR (II) IF TO THE INDEMNIFIED

REPRESENTATIVE, TO THE ADDRESS LISTED ON THE SIGNATURE PAGE HEREOF, OR TO SUCH

OTHER ADDRESS AS ANY PARTY HERETO SHALL HAVE SPECIFIED IN A NOTICE GIVEN IN

ACCORDANCE WITH THIS SECTION.

 

AMENDMENTS;

BINDING EFFECT.      NO

AMENDMENT, MODIFICATION, TERMINATION OR CANCELLATION OF THIS AGREEMENT SHALL BE

EFFECTIVE AS TO THE INDEMNIFIED REPRESENTATIVE UNLESS SIGNED IN WRITING BY THE

CORPORATION AND THE INDEMNIFIED REPRESENTATIVE.  THIS AGREEMENT SHALL BE BINDING UPON THE CORPORATION AND ITS

SUCCESSORS AND ASSIGNS AND SHALL INURE TO THE BENEFIT OF THE HEIRS, EXECUTORS,

ADMINISTRATORS AND PERSONAL REPRESENTATIVES OF THE INDEMNIFIED REPRESENTATIVE.

 

GOVERNING LAW.             THIS AGREEMENT SHALL BE GOVERNED BY AND INTERPRETED AND

ENFORCED IN ACCORDANCE WITH THE SUBSTANTIVE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO THE PRINCIPLES

GOVERNING THE CONFLICT OF LAWS APPLICABLE IN THAT OR ANY OTHER JURISDICTION.

 

 

4

 

GENDER AND

NUMBER.  WORDS USED

HEREIN, REGARDLESS OF THE GENDER OR NUMBER SPECIFICALLY USED, SHALL BE DEEMED

TO INCLUDE ANY OTHER GENDER, MASCULINE, FEMININE OR NEUTER, AND ANY OTHER

NUMBER, SINGULAR OR PLURAL,

AS THE CONTEXT MAY REQUIRE.

 

ENTIRE

AGREEMENT.      SUBJECT

TO THE PROVISIONS OF SECTION 6 HEREOF, THIS AGREEMENT CONSTITUTES THE ENTIRE UNDERSTANDING BETWEEN THE PARTIES AND

SUPERSEDES ALL PROPOSALS, COMMITMENTS, WRITINGS, NEGOTIATIONS AND

UNDERSTANDINGS, ORAL AND WRITTEN, AND ALL OTHER COMMUNICATIONS BETWEEN THE

PARTIES RELATING TO THE SUBJECT MATTER HEREOF. 

A WAIVER BY ANY PARTY OF ANY BREACH OR VIOLATION OF THIS AGREEMENT SHALL

NOT BE DEEMED OR CONSTRUED AS A WAIVER OF ANY SUBSEQUENT BREACH OR VIOLATION

THEREOF.

 

[Signature

Page Follows]

 

 

5

 

IN WITNESS WHEREOF, the undersigned have executed this

Agreement as of the day and year first set forth above.

 

	

   

  	

  AXSYS TECHNOLOGIES, INC.

  
	

   

  	

   

  
	

   

  	

  Mark J. Bonney

  
	

   

  	

  President & Chief Operating Officer

  
	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

  INDEMNIFIED REPRESENTATIVE

  
	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  
	

   

  	

   

  	

  Address:

  

 

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}]]