<SEC-DOCUMENT>0001206774-12-001092.txt : 20120316
<SEC-HEADER>0001206774-12-001092.hdr.sgml : 20120316
<ACCEPTANCE-DATETIME>20120316170459
ACCESSION NUMBER:		0001206774-12-001092
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20120316
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120316
DATE AS OF CHANGE:		20120316

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:		12698410

	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>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>photronics_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>

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<P align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: Times New Roman">UNITED STATES<BR></FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: Times New Roman">SECURITIES AND EXCHANGE
COMMISSION<BR>Washington, D.C. 20549</FONT></FONT></P>
<P align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: Times New Roman" size=2>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT></FONT></P>
<P align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: Times New Roman" size=5>FORM 8-K</FONT></FONT></P>
<P align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: Times New Roman" size=3>CURRENT
REPORT<BR></FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: Times New Roman" size=2>Pursuant To Section 13 or 15(d) Of
The Securities Exchange Act Of 1934</FONT></FONT> <BR><FONT style="FONT-FAMILY: Times New Roman" size=2><IMG src="photronics_8kx1.jpg"></FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="10%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT style="FONT-FAMILY: times new roman" size=2>Date of report (Date of
      earliest event reported)&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="10%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 16,
      2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD></TR></TABLE><BR><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="20%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>PHOTRONICS,
    INC.</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="100%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;&nbsp;&nbsp;(Exact name
      of registrant as specified in its
  charter)&nbsp;&nbsp;&nbsp;</FONT></TD></TR></TABLE><BR><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="23%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>Connecticut</FONT></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="32%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>0-15451</FONT></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="40%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>06-0854886</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="23%"><FONT style="FONT-FAMILY: times new roman" size=2>(State or other
      jurisdiction</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="32%"><FONT style="FONT-FAMILY: times new roman" size=2>(Commission</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="40%"><FONT style="FONT-FAMILY: times new roman" size=2>(IRS Employer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="23%"><FONT style="FONT-FAMILY: times new roman" size=2>of incorporation)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="32%"><FONT style="FONT-FAMILY: times new roman" size=2>File Number)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="40%"><FONT style="FONT-FAMILY: times new roman" size=2>Identification
    Number)</FONT></TD></TR></TABLE><BR><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="10%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="63%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>15 Secor Road, Brookfield,
      CT</FONT></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="18%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="19%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06804&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="63%"><FONT style="FONT-FAMILY: times new roman" size=2>(Address of Principal
      Executive Offices)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="18%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="19%"><FONT style="FONT-FAMILY: times new roman" size=2>(Zip
Code)</FONT></TD></TR></TABLE><BR><BR>
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  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT style="FONT-FAMILY: times new roman" size=2>Registrant's Telephone Number,
      including area code</FONT></TD>
    <TD noWrap align=right width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="23%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203)
      775-9000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD></TR></TABLE><BR><BR><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="100%"><FONT style="FONT-FAMILY: times new roman" size=2>(Former
      name or former address, if changed since last
report)</FONT></TD></TR></TABLE><BR></DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #ff0000 1pt solid" noWrap align=left width="100%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD></TR></TABLE>
<DIV><FONT style="FONT-FAMILY: Times New Roman" size=2>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><BR>
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  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: wingdings" size=2>o &nbsp; </FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="99%"><FONT style="FONT-FAMILY: times new roman" size=2>Written communications
      pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: wingdings" size=2>o</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="99%"><FONT style="FONT-FAMILY: times new roman" size=2>Soliciting material pursuant
      to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: wingdings" size=2>o</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="99%"><FONT style="FONT-FAMILY: times new roman" size=2>Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: wingdings" size=2>o</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="99%"><FONT style="FONT-FAMILY: times new roman" size=2>Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #ff0000 1pt solid" noWrap align=left width="100%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD></TR></TABLE><BR>

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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2><U>Item 1.01</U></FONT></B><B><FONT face="Times New Roman" size=2>&nbsp;</FONT></B><B><U><FONT face="Times New Roman" size=2>Entry into
Material Definitive Agreement</FONT></U></B><B><FONT face="Times New Roman" size=2>&nbsp;</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P style="PADDING-LEFT: 15pt" align=left><FONT face="Times New Roman" size=2>On March 16,
2012, Photronics, Inc. (the &#147;Company&#148;) entered into amendments of its executive
employment agreements with Mr. Sean Smith, Dr. Peter Kirlin, Dr. Christopher
Progler and Ms. Richelle Burr (each referred to herein as the &#147;Executive&#148;). Each
executive employment agreement was amended to delete Article 5(f) Tax
Consideration. Item 5(f) provided for certain tax gross up amounts to be paid to
each Executive upon a change of control.</FONT></P>
<P style="PADDING-LEFT: 15pt" align=left><FONT face="Times New Roman" size=2>The Company
filed a proxy statement with the Securities and Exchange Commission on February
23, 2012 in connection with the Company&#146;s annual meeting of shareholders to be
held on March 28, 2012 (the &#147;Proxy&#148;). Page 15 of the Proxy, states that the
Compensation Committee of the Board of Directors of the Company (the
&#147;Compensation Committee&#148;) understands that excise tax gross up payments upon a
change of control is considered to be a pay practice that is not favored by
shareholders. This issue was among several issues analyzed by the Compensation
Committee in the past. For example, as stated in the Proxy, the Compensation
Committee has been evaluating the inclusion of tax gross up provision in
employment agreements moving forward. The issue of excise tax gross up was brought to the Company&#146;s attention last year during its 2011 proxy season as Institution Shareholder Services (&#147;ISS&#148;) considers excise tax  gross up provisions to be a poor pay practice and recommended a withhold on named executive officer compensation. Similarly ISS recommended a withhold again in 2012 because of the excise tax gross up in the Company&#146;s employment agreements with executives. The Compensation Committee met on March
15, 2012 and decided that prospectively the Company will not include tax gross
up provisions in its employment agreements and proposed the removal of the
excise tax gross up from the Company&#146;s current employment agreements. The Compensation Committee took this action to align more with ISS standards.  On March
16, 2012, the Compensation Committee reached agreement with each of the
Executives to make such removal.</FONT></P>

<P style="PADDING-LEFT: 15pt" align=left><FONT face="Times New Roman" size=2>A form of the
amendment entered into with the Executives is attached hereto as Exhibit 10.1.
</FONT></P>

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  <TR vAlign=bottom>
    <TD NOWRAP WIDTH="2%" STYLE="text-align: left; vertical-align: top"><STRONG><U><FONT face="Times New Roman" size=2>Item 5.02</FONT></U></STRONG></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD WIDTH="96%" STYLE="text-align: left; vertical-align: top"><STRONG><U><FONT face="Times New Roman" size=2>Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.</FONT></U></STRONG></TD></TR></TABLE>


<P style="PADDING-LEFT: 15pt" align=left><FONT face="Times New Roman" size=2>The information
set forth in Item 1.01 is incorporated herein by reference.<STRONG>
</STRONG></FONT></P>

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  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><B><U><FONT face="Times New Roman" size=2>Item
      9.01</FONT></U></B><FONT face="Times New Roman" size=2>.
      </FONT><B><U><FONT face="Times New Roman" size=2>Financial Statements and Exhibits</FONT></U></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"><FONT face="Times New Roman" size=2>Exhibits</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="96%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"><FONT face="Times New Roman" size=2>10.1</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Form Amendment to Executive Employment
  Agreement</FONT></TD></TR></TABLE><BR>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>SIGNATURES</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>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><BR><BR></P>
<DIV align=center>
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    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="100%">
      <P align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman size="><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>PHOTRONICS,
      INC.</FONT></FONT></FONT></FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" width="100%"><FONT style="FONT-FAMILY: times new roman" size=2>(Registrant)</FONT></TD></TR></TABLE></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>DATE:&nbsp; </FONT></FONT></TD>
    <TD noWrap align=left width="8%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>March 16,
2012</FONT></FONT></TD>
    <TD noWrap align=left width="40%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>BY&nbsp; </FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>/s/ <FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="DISPLAY: inline; FONT-STYLE: italic"><FONT style="FONT-FAMILY: times new roman" size=2>Richelle E.
      Burr</FONT></FONT></FONT></FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD>
    <TD noWrap align=left width="40%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="49%"><FONT style="FONT-FAMILY: times new roman" size=2>Richelle E. Burr</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD>
    <TD noWrap align=left width="40%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="49%"><FONT style="FONT-FAMILY: times new roman" size=2>Vice President, General
      Counsel</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #ff0000 1pt solid" noWrap align=left width="100%"><FONT style="FONT-FAMILY: times new roman" size=2>PHOTRONICS,
      INC.</FONT></TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit10-1.htm
<DESCRIPTION>FORM AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
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<P align=center><IMG src="exhibit10-1x1x1.jpg" border=0> </P>
<P align=left><FONT face="Times New Roman" size=2>March 16, 2012 </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>[Name and Address of Executive]
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Reference is made to the Employment
Agreement entered into on _________________ </FONT><FONT face="Times New Roman" size=2>(the
&#147;Employment Agreement&#148;) between Photronics, Inc. (the &#147;Company&#148;) and
____________________ (the &#147;Executive&#148;). </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>The Company and Executive hereby agree to
amend the Employment Agreement by (i) deleting Article 5(f) of the Employment
Agreement and (ii) deleting all references to such Article in the Employment
Agreement.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Except as amended above all other terms
and conditions of the Employment Agreement remain in full force and effect.
</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="10%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT face="Times New Roman" size=2>Photronics,
  Inc.</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%">&nbsp; &nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Title:&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT face="Times New Roman" size=2>Agreed to and
      Accepted&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT face="Times New Roman" size=2>[Executive]</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" colSpan=2>&nbsp;</TD></TR></TABLE><BR>
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<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>photronics_8kx1.jpg
<DESCRIPTION>GRAPHIC
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
