<SEC-DOCUMENT>0001206774-11-001310.txt : 20110531
<SEC-HEADER>0001206774-11-001310.hdr.sgml : 20110530
<ACCEPTANCE-DATETIME>20110531160029
ACCESSION NUMBER:		0001206774-11-001310
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20110524
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
FILED AS OF DATE:		20110531
DATE AS OF CHANGE:		20110531

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHOTRONICS INC
		CENTRAL INDEX KEY:			0000810136
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				060854886
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-15451
		FILM NUMBER:		11881384

	BUSINESS ADDRESS:	
		STREET 1:		15 SECOR ROAD
		STREET 2:		PO BOX 5226
		CITY:			BROOKFIELD
		STATE:			CT
		ZIP:			06804
		BUSINESS PHONE:		2037759000

	MAIL ADDRESS:	
		STREET 1:		15 SECOR ROAD
		STREET 2:		P O BOX 5226
		CITY:			BROOKFIELD
		STATE:			CT
		ZIP:			06804

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHOTRONIC LABS INC
		DATE OF NAME CHANGE:	19900514
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>photronics_8k.htm
<DESCRIPTION>CURRENT REPORT
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<div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="4" style="FONT-FAMILY: Times New Roman">UNITED STATES<br>
</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="4" style="FONT-FAMILY: Times New Roman">SECURITIES AND EXCHANGE COMMISSION<br>
</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Times New Roman">Washington, D.C. 20549</font></font>

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</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="5" style="FONT-FAMILY: Times New Roman">FORM 8-K</font></font><font style="FONT-FAMILY: Times New Roman"> </font></div>

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<div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Times New Roman">CURRENT REPORT<br>
</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: Times New Roman">Pursuant To Section 13 or 15(d) Of The Securities Exchange Act Of 1934 </font></font></div>

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<div align="center"><font size="2" style="FONT-FAMILY: Times New Roman">Date of report (Date of earliest event reported)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">May 24, 2011 </font></font></div>

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<td nowrap width="100%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: times new roman">PHOTRONICS, INC.</font></font></td>
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<td nowrap width="100%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">(Exact name of registrant as specified in its charter)</font></td>
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<td nowrap width="32%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">Connecticut</font></font></td>
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<td nowrap width="34%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">0-15451</font></font></td>
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<td nowrap width="32%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">06-0854886</font></font></td>
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<td nowrap width="32%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">(State or other jurisdiction</font></td>
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<td nowrap width="34%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">(Commission</font></td>
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<td nowrap width="32%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">(IRS Employer</font></td>
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<td nowrap width="32%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">of incorporation)</font></td>
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<td nowrap width="34%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">File Number)</font></td>
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<td nowrap width="32%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">Identification Number)</font></td>
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<td nowrap width="74%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">15 Secor Road, Brookfield, CT</font></font></td>
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<td nowrap width="23%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">06804</font></font></td>
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<td nowrap width="74%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">(Address of Principal Executive Offices)</font></td>
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Registrant&#8217;s Telephone Number, including area code&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">(203) 775-9000 </font></font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman"><font face="Wingdings">o</font>&#160;&#160;&#160;&#160;&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
<font face="Wingdings">o</font>&#160;&#160;&#160;&#160;&#160;</font><font size="2" style="FONT-FAMILY: Times New Roman">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
<font face="Wingdings">o</font>&#160;&#160;&#160;&#160;&#160;</font><font size="2" style="FONT-FAMILY: Times New Roman">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
<font face="Wingdings">o</font>&#160;&#160;&#160;&#160;&#160;</font><font size="2" style="FONT-FAMILY: Times New Roman">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </font></div>

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<td nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline"><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline">ITEM 1.02</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline">&#160;&#160;</font></font></font></td>
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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">E</font></font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">ntry into Material Definitive Agreement </font></font></font></div>
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<td colspan="2" width="1%"><font size="2" style="FONT-FAMILY: times new roman"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>On May 31, 2011, Photronics, Inc. and Dr. Soo Hong Jeong, entered into a three year employment agreement for the position of Chief Operating Officer and President, Asia Operations. The employment agreement is effective as of January 1, 2011. Dr. Jeong will also serve as Chairman and Chief Executive Officer of PK, Ltd. (&#8220;PKL&#8221;), a majority owned subsidiary of Photronics, Inc. Dr. Jeong will receive an annual rate of compensation of $475,000 annually, paid biweekly by PK, Ltd. He will be able to participate in PKL&#8217;s employment benefit plans and arrangements as may be established in Korea. Dr. Jeong&#8217;s Employment Agreement also provides for certain retirement, severance, confidentiality and non-compete provisions.</font></td>
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<font style="TEXT-DECORATION: underline">ITEM 3.01</font>&#160;&#160;<font style="TEXT-DECORATION: underline">Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.</font></font></font></div>

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<div align="left">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: Times New Roman">On May 24, 2011, Photronics, Inc. (the &#8216;Company&#8221;) received a letter from the Listing Qualifications Department of the NASDAQ Stock Market (&#8220;Nasdaq&#8221;) advising the Company that the Company's issuance of 3.25% Convertible Senior Notes due 2016 (the &#8220;Notes&#8221;) on March 28, 2011, violated the shareholder approval requirement of Listing Rule 5635(d) (the &#8220;Rule&#8221;), and advising the Company that pursuant to the Company&#8217;s supplement to the indenture for the Notes on April 27, 2011, the Company regained compliance with the Rule. The Rule requires that a company obtain shareholder approval for the issuance of common stock or securities convertible into common stock equal to 20% or more of the common stock outstanding before the issuance for less than the greater of book or market value of the stock. Further, Nasdaq advised the Company that it has concluded its review of this matter. </font></div>

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<div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: Times New Roman">SIGNATURES </font></font></div>

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<div align="left"><font size="2" style="FONT-FAMILY: Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </font></div>

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<td nowrap width="100%" style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: times new roman">PHOTRONICS, INC.</font></font></td>
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<td width="100%" style="TEXT-ALIGN: center"><font size="2" style="FONT-FAMILY: times new roman">(Registrant)</font></td>
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<td align="left" nowrap width="2%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">DATE&#160;&#160;</font></font></td>
<td align="left" nowrap width="20%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160; May 31, 2011</font></font></td>
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<td align="left" nowrap width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: times new roman">BY&#160;&#160;&#160;&#160;&#160;</font></font></td>
<td align="left" nowrap width="30%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;/s/ Richelle E. Burr</font></td>
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<td align="left" nowrap width="30%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;Richelle E. Burr</font></td>
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<td align="left" nowrap width="30%"><font size="2" style="FONT-FAMILY: times new roman">&#160;&#160;&#160;Vice President, General Counsel</font></td>
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