<SEC-DOCUMENT>0000906344-13-000003.txt : 20130102
<SEC-HEADER>0000906344-13-000003.hdr.sgml : 20130101
<ACCEPTANCE-DATETIME>20130102163719
ACCESSION NUMBER:		0000906344-13-000003
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20130102
DATE AS OF CHANGE:		20130102

SUBJECT COMPANY:	

	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:		SC 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-39099
		FILM NUMBER:		13502446

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STEELHEAD PARTNERS LLC
		CENTRAL INDEX KEY:			0001133521
		IRS NUMBER:				911740598
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		333 108TH AVENUE NE
		STREET 2:		SUITE 2010
		CITY:			BELLEVUE
		STATE:			WA
		ZIP:			980004
		BUSINESS PHONE:		2066892450

	MAIL ADDRESS:	
		STREET 1:		333 108TH AVENUE NE
		STREET 2:		SUITE 2010
		CITY:			BELLEVUE
		STATE:			WA
		ZIP:			980004
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<FILENAME>photronics-13g.htm
<DESCRIPTION>SCHEDULE 13G - PHOTRONICS, INC.
<TEXT>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION<BR>Washington, D.C. 20549</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SCHEDULE 13G*</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Rule 13d-102)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">TO &#167;240.13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">PURSUANT TO &#167;240.13d-2.</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 24pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Amendment No. )*</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Photronics, Inc. </FONT></U></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(Name of Issuer)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 12pt 0in 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Common Stock, $0.01 par value per share</FONT></U></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(Title of Class of Securities)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 12pt 0in 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">719405102</FONT></U></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(CUSIP Number)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 12pt 0in 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">October 22, 2012</FONT></U></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(Date of Event Which Requires Filing of this Statement)</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Check the appropriate box to designate the rule pursuant to which this Schedule is filed:</FONT></P>

<P style="MARGIN: 12pt 0in 12pt 22.5pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=wingdings>&#253;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Rule 13d-1(b)</FONT></P>

<P style="MARGIN: 0in 0in 12pt 22.3pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=wingdings>&#253;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Rule 13d-1(c)</FONT></P>

<P style="MARGIN: 0in 0in 12pt 22.3pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=wingdings>o</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Rule 13d-1(d)</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">*The remainder of this cover page shall be filled out for a reporting person&#8217;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The information required in the remainder of this cover page shall not be deemed to be &#8220;filed&#8221; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&#8220;Act&#8221;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">CUSIP No. 719405102</FONT></B></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Page </FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">2</FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"> of 10 pages</FONT></B></FONT></B></P></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(1)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Names of Reporting Persons</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">STEELHEAD PARTNERS, LLC</FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(2)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Check the Appropriate Box if a Member of a Group (See Instructions)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(a) &nbsp;</FONT><FONT style="FONT-SIZE: 12pt" face="wingdings 2">&#163;</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(b) &nbsp;</FONT><FONT style="FONT-SIZE: 12pt" face="wingdings 2">&#163;</FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(3)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">SEC Use Only</FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(4)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Citizenship or Place of Organization</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Delaware</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">NUMBER OF</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">SHARES</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">BENEFICIALLY</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">OWNED BY EACH</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">REPORTING</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">PERSON WITH</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(5)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Sole Voting Power</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">4,115,909<SUP>1</SUP></FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(6)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 23pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="59%" colSpan=2>

   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Shared Voting Power</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">0</FONT></P></TD></TR>

<TR style="HEIGHT: 23pt">

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(7)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Sole Dispositive Power</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 23pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">4,115,909<SUP>1</SUP></FONT></P></TD></TR>

<TR style="HEIGHT: 23pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 23pt; PADDING-TOP: 0in" vAlign=top width="5%">

   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(8)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 23pt; PADDING-TOP: 0in" vAlign=top width="59%" colSpan=2>

   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Shared Dispositive Power</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 23pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">0</FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(9)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Aggregate Amount Beneficially Owned by Each Reporting Person</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">4,115,909<SUP>1</SUP></FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(10)</FONT></P></TD>

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   <P style="MARGIN: 12pt 5.45pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 12pt" face="wingdings 2">&#163;</FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(11)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Percent of Class Represented by Amount in Row (9)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">6.4%<SUP>1</SUP></FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(12)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Type of Reporting Person (See Instructions)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">IA</FONT></P></TD></TR>

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<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 102pt 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">1</FONT></SUP><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> Represents shares of the issuer&#8217;s common stock that may be issued to Steelhead Pathfinder Master, L.P. upon the conversion of certain convertible notes held by Steelhead Pathfinder Master, L.P. (based on the current conversion rates set forth in such notes).</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">CUSIP No. 719405102</FONT></B></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">13G</FONT></B></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Page </FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">3</FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"> of 10 pages</FONT></B></FONT></B></P></TD></TR></TABLE></DIV>

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<TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(1)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Names of Reporting Persons</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">JAMES MICHAEL JOHNSTON</FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(2)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Check the Appropriate Box if a Member of a Group (See Instructions)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(a) &nbsp;</FONT><FONT style="FONT-SIZE: 12pt" face="wingdings 2">&#163;</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(b) &nbsp;</FONT><FONT style="FONT-SIZE: 12pt" face="wingdings 2">&#163;</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(3)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">SEC Use Only</FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(4)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Citizenship or Place of Organization</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">United States</FONT></P></TD></TR>

<TR style="HEIGHT: 23pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">NUMBER OF</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">SHARES</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">BENEFICIALLY</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">OWNED BY EACH</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">REPORTING</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">PERSON WITH</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 23pt; PADDING-TOP: 0in" vAlign=top width="5%">

   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(5)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 23pt; PADDING-TOP: 0in" vAlign=top width="59%" colSpan=2>

   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Sole Voting Power</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">0</FONT></P></TD></TR>

<TR style="HEIGHT: 23pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 23pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="5%">

   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(6)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 23pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="59%" colSpan=2>

   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Shared Voting Power</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">4,115,909<SUP>1</SUP></FONT></P></TD></TR>

<TR style="HEIGHT: 23pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 23pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="5%">

   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(7)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Sole Dispositive Power</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">0</FONT></P></TD></TR>

<TR style="HEIGHT: 23pt">

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(8)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 23pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="59%" colSpan=2>

   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Shared Dispositive Power</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 23pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">4,115,909<SUP>1</SUP></FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(9)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Aggregate Amount Beneficially Owned by Each Reporting Person</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">4,115,909<SUP>1</SUP></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%" colSpan=2>

   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(10)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="79%" colSpan=4>

   <P style="MARGIN: 12pt 5.45pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 12pt" face="wingdings 2">&#163;</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="6%" colSpan=2>

   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(11)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="79%" colSpan=4>

   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Percent of Class Represented by Amount in Row (9)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">6.4%<SUP>1</SUP></FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(12)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="79%" colSpan=4>

   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Type of Reporting Person (See Instructions)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">IN/HC</FONT></P></TD></TR>

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   <TD width="15%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">1</FONT></SUP><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> Represents shares of the issuer&#8217;s common stock that may be issued to Steelhead Pathfinder Master, L.P. upon the conversion of certain convertible notes held by Steelhead Pathfinder Master, L.P. (based on the current conversion rates set forth in such notes).</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">CUSIP No. 719405102</FONT></B></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">13G</FONT></B></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Page </FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">4</FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"> of 10 pages</FONT></B></FONT></B></P></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(1)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Names of Reporting Persons</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">BRIAN KATZ KLEIN</FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(2)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Check the Appropriate Box if a Member of a Group (See Instructions)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(a) &nbsp;</FONT><FONT style="FONT-SIZE: 12pt" face="wingdings 2">&#163;</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(b)&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" face="wingdings 2">&#163;</FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(3)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">SEC Use Only</FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(4)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Citizenship or Place of Organization</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">United States</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">NUMBER OF</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">BENEFICIALLY</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">OWNED BY EACH</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">REPORTING</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">PERSON WITH</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(5)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Sole Voting Power</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">0</FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(6)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Shared Voting Power</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">4,115,909<SUP>1</SUP></FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(7)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Sole Dispositive Power</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(8)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Shared Dispositive Power</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">4,115,909<SUP>1</SUP></FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(9)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Aggregate Amount Beneficially Owned by Each Reporting Person</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">4,115,909<SUP>1</SUP></FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(10)</FONT></P></TD>

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   <P style="MARGIN: 12pt 5.45pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 12pt" face="wingdings 2">&#163;</FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(11)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Percent of Class Represented by Amount in Row (9)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">6.4%<SUP>1</SUP></FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(12)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Type of Reporting Person (See Instructions)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">IN/HC</FONT></P></TD></TR>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">1</FONT></SUP><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> Represents shares of the issuer&#8217;s common stock that may be issued to Steelhead Pathfinder Master, L.P. upon the conversion of certain convertible notes held by Steelhead Pathfinder Master, L.P. (based on the current conversion rates set forth in such notes).</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">CUSIP No. 719405102</FONT></B></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">13G</FONT></B></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Page </FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">5</FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"> of 10 pages</FONT></B></FONT></B></P></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(1)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Names of Reporting Persons</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">STEELHEAD PATHFINDER MASTER, L.P.</FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(2)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Check the Appropriate Box if a Member of a Group (See Instructions)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(a) &nbsp;</FONT><FONT style="FONT-SIZE: 12pt" face="wingdings 2">&#163;</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(b) &nbsp;</FONT><FONT style="FONT-SIZE: 12pt" face="wingdings 2">&#163;</FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(3)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">SEC Use Only</FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(4)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Citizenship or Place of Organization</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Cayman Islands</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">NUMBER OF</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">SHARES</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">BENEFICIALLY</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">OWNED BY EACH</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">REPORTING</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">PERSON WITH</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(5)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Sole Voting Power</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">4,115,909<SUP>1</SUP></FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(6)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Shared Voting Power</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">0</FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(7)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Sole Dispositive Power</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">4,115,909<SUP>1</SUP></FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(8)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Shared Dispositive Power</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">0</FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(9)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Aggregate Amount Beneficially Owned by Each Reporting Person</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">4,115,909<SUP>1</SUP></FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(10)</FONT></P></TD>

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   <P style="MARGIN: 12pt 5.45pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 12pt" face="wingdings 2">&#163;</FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(11)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Percent of Class Represented by Amount in Row (9)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">6.4%<SUP>1</SUP></FONT></P></TD></TR>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(12)</FONT></P></TD>

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   <P style="MARGIN: 12pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Type of Reporting Person (See Instructions)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 12pt 5.45pt 0pt 0in" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">PN</FONT></P></TD></TR>

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<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 102pt 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">1</FONT></SUP><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> Represents shares of the issuer&#8217;s common stock that may be issued to Steelhead Pathfinder Master, L.P. upon the conversion of certain convertible notes held by Steelhead Pathfinder Master, L.P. (based on the current conversion rates set forth in such notes).</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">CUSIP No. 719405102</FONT></B></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">13G</FONT></B></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Page </FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">6</FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"> of 10 pages</FONT></B></FONT></B></P></TD></TR></TABLE></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.75in; MARGIN: 0in 0in 12pt 0.75in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 1(a).&nbsp;&nbsp;&nbsp; Name of Issuer:</FONT></B></P>

<P style="TEXT-INDENT: 0.65in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; Photronics, Inc. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.75in; MARGIN: 0in 0in 12pt 0.75in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 1(b).&nbsp;&nbsp;&nbsp; Address of Issuer&#8217;s Principal Executive Offices:</FONT></B></P>

<P style="TEXT-INDENT: 0.65in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; 15 Secor Road</FONT></P>

<P style="TEXT-INDENT: 0.65in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;Brookfield, CT 06804</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.75in; MARGIN: 0in 0in 12pt 0.75in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 2(a).&nbsp;&nbsp;&nbsp; Names of Persons Filing:</FONT></B></P>

<P style="TEXT-INDENT: 0.75in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Steelhead Partners, LLC (&#8220;Steelhead&#8221;)</FONT></P>

<P style="TEXT-INDENT: 0.75in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">James Michael Johnston</FONT></P>

<P style="TEXT-INDENT: 0.75in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brian Katz Klein</FONT></P>

<P style="TEXT-INDENT: 0.75in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Steelhead Pathfinder Master, L.P. (&#8220;Steelhead Pathfinder&#8221;)</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.75in; MARGIN: 0in 0in 12pt 0.75in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 2(b).&nbsp;&nbsp;&nbsp; Address of Principal Business Office or, if None, Residence:</FONT></B></P>

<P style="TEXT-INDENT: 0.75in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The principal business office of each reporting person other than Steelhead Pathfinder is:</FONT></P>

<P style="TEXT-INDENT: 0.75in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=FR face="Times New Roman">333 108th Avenue NE, Suite 2010</FONT></P>

<P style="TEXT-INDENT: 0.75in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=FR face="Times New Roman">Bellevue, WA&nbsp; 98004</FONT></P>

<P style="TEXT-INDENT: 0.75in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The principal business office of Steelhead Pathfinder is:</FONT></P>

<P style="TEXT-INDENT: 0.75in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=FR face="Times New Roman">c/o Citco Fund Services (Bermuda) Limited</FONT></P>

<P style="TEXT-INDENT: 0.75in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=FR face="Times New Roman">Mintflower Place, 4th Floor</FONT></P>

<P style="TEXT-INDENT: 0.75in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=FR face="Times New Roman">8 Par-La-Ville Road</FONT></P>

<P style="TEXT-INDENT: 0.75in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=FR face="Times New Roman">Hamilton, HM 08 Bermuda</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.75in; MARGIN: 0in 0in 12pt 0.75in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 2(c).&nbsp;&nbsp;&nbsp;&nbsp; Citizenship:</FONT></B></P>

<P style="TEXT-INDENT: 0.75in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Reference is made to Item 4 of pages 2, 3, 4 and 5 of this Schedule 13G (this &#8220;Schedule&#8221;), which Items&nbsp;are incorporated by reference herein.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.75in; MARGIN: 0in 0in 12pt 0.75in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 2(d).&nbsp;&nbsp;&nbsp; Title of Class of Securities:</FONT></B></P>

<P style="TEXT-INDENT: 0.75in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Common Stock, $0.01 par value per share.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.75in; MARGIN: 0in 0in 12pt 0.75in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 2(e).&nbsp;&nbsp;&nbsp;&nbsp; CUSIP Number:</FONT></B></P>

<P style="TEXT-INDENT: 0.75in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">719405102</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">CUSIP No. 719405102</FONT></B></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">13G</FONT></B></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Page </FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">7</FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"> of 10 pages</FONT></B></FONT></B></P></TD></TR></TABLE></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.75in; MARGIN: 0in 0in 12pt 0.75in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If this statement is filed pursuant to &#167;&#167;240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="wingdings 2">&#163;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(a)&nbsp;&nbsp; Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="wingdings 2">&#163;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(b)&nbsp; Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="wingdings 2">&#163;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; (c)&nbsp;&nbsp; Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="wingdings 2">&#163;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(d)&nbsp; Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=wingdings>&#253;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; (e)&nbsp;&nbsp; An investment adviser in accordance with &#167;240.13d-1(b)(1)(ii)(E);</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="wingdings 2">&#163;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(f)&nbsp;&nbsp; An employee benefit plan or endowment fund in accordance with &#167;240.13d-1(b)(1)(ii)(F);</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=wingdings>&#253;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; (g)&nbsp;&nbsp; A parent holding company or control person in accordance with &#167; 240.13d-1(b)(1)(ii)(G);</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="wingdings 2">&#163;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(h)&nbsp; A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="wingdings 2">&#163;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(i)&nbsp; A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="wingdings 2">&#163;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(j)&nbsp;&nbsp; A non-U.S. institution in accordance with &#167; 240.13d-1(b)(1)(ii)(J);</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1.25in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="wingdings 2">&#163;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(k)&nbsp; Group, in accordance with &#167;240.13d-1(b)(1)(ii)(K).</FONT></P>

<P style="TEXT-INDENT: 0.75in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">If filing as a non-U.S. institution on accordance with &#167; 240.13d-1(b)(1)(ii)(J), please specify the type of institution: ________________</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.75in; MARGIN: 0in 0in 12pt 0.75in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ownership.</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.75in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Reference is hereby made to Items 5-9 and 11 of pages 2, 3, 4 and 5 of this Schedule, which Items are incorporated by reference herein.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.75in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Steelhead Pathfinder beneficially owns certain convertible notes issued by the issuer which are convertible into an aggregate of 4,115,909 shares of the issuer&#8217;s common stock (based on the current conversion rates set forth in such notes). </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.75in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The securities reported on this Schedule as beneficially owned by Steelhead (the &#8220;Securities&#8221;) are held by and for the benefit of Steelhead Pathfinder. Steelhead, as the investment manager of Steelhead Pathfinder, and the sole member of Steelhead Pathfinder&#8217;s general partner, and each of J. Michael Johnston and Brian K. Klein, as the member-managers of Steelhead, may be deemed to beneficially own the Securities held by Steelhead Pathfinder for the purposes of Rule 13d-3 under the Securities Exchange Act of 1934 (the &#8220;Act&#8221;), insofar as they may be deemed to have the power to direct the voting or disposition of those Securities.&nbsp; </FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">CUSIP No. 719405102</FONT></B></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">13G</FONT></B></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Page </FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">8</FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"> of 10 pages</FONT></B></FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.75in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Neither the filing of this Schedule nor any of its contents shall be deemed to constitute an admission that any of Steelhead, Mr. Johnston or Mr. Klein is, for any other purpose, the beneficial owner of any of the Securities, and each of Steelhead, Mr. Johnston and Mr. Klein disclaims beneficial ownership as to the Securities, except to the extent of his or its pecuniary interests therein.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.75in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Under the definition of &#8220;beneficial ownership&#8221; in Rule 13d-3 under the Act, it is also possible that the individual general partners, executive officers, and members of the foregoing entities might be deemed the &#8220;beneficial owners&#8221; of some or all of the Securities insofar as they may be deemed to share the power to direct the voting or disposition of such Securities.&nbsp; Neither the filing of this Schedule nor any of its contents shall be deemed to constitute an admission that any of such individuals is, for any purpose, the beneficial owner of any of the Securities, and such beneficial ownership is expressly disclaimed.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.75in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The calculation of percentage of beneficial ownership in Item 11 of pages 2, 3, 4 and 5 of this Schedule was derived from the issuer&#8217;s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on September 5, 2012, in which the issuer stated that the number of shares of its common stock outstanding as of August 30, 2012 was 60,455,107 shares.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.75in; MARGIN: 0in 0in 12pt 0.75in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ownership of Five Percent or Less of a Class.</FONT></B></P>

<P style="TEXT-INDENT: 0.75in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Not applicable.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.75in; MARGIN: 0in 0in 12pt 0.75in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ownership of More Than Five Percent on Behalf of Another Person.</FONT></B></P>

<P style="TEXT-INDENT: 0.75in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Not applicable.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.75in; MARGIN: 0in 0in 12pt 0.75in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person.</FONT></B></P>

<P style="TEXT-INDENT: 0.75in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Not applicable.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.75in; MARGIN: 0in 0in 12pt 0.75in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Identification and Classification of Members of the Group.</FONT></B></P>

<P style="TEXT-INDENT: 0.75in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Not applicable.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.75in; MARGIN: 0in 0in 12pt 0.75in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notice of Dissolution of Group.</FONT></B></P>

<P style="TEXT-INDENT: 0.75in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Not applicable.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">CUSIP No. 719405102</FONT></B></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">13G</FONT></B></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Page </FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">9</FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"> of 10 pages</FONT></B></FONT></B></P></TD></TR></TABLE></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.75in; MARGIN: 0in 0in 12pt 0.75in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certifications.</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.75in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.</FONT></P>

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<P style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Signature</FONT></B></P>

<P style="TEXT-INDENT: 0.65in; MARGIN: 0in 0in 24pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Dated: January 2, 2013</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 24pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">STEELHEAD PARTNERS, LLC</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">By: </FONT><I><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">/s/ Brent Binge</FONT></U></I><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>

   <P style="MARGIN: 0in 0in 0pt 23.45pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Brent Binge, General Counsel </FONT></P>

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   <P style="MARGIN: 0in 0in 24pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">JAMES MICHAEL JOHNSTON</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><I><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">/s/ Brent Binge</FONT></U></I><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U></P>

   <P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Brent Binge, Attorney-In-Fact for James Michael Johnston</FONT></P>

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   <P style="MARGIN: 0in 0in 24pt"><FONT style="FONT-SIZE: 10pt" lang=SV face="Times New Roman">BRIAN KATZ KLEIN</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><I><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">/s/ Brent Binge</FONT></U></I><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;</FONT></U><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>

   <P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Brent Binge, Attorney-In-Fact for </FONT><FONT style="FONT-SIZE: 10pt" lang=SV face="Times New Roman">Brian Katz Klein</FONT></P></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">CUSIP No. 719405102</FONT></B></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">13G</FONT></B></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Page </FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">10</FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B></FONT></B><B><FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"> of 10 pages</FONT></B></FONT></B></P></TD></TR></TABLE></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.75in; MARGIN: 0in 0in 12pt 0.75in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certifications.</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.75in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.</FONT></P>

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<P style="TEXT-INDENT: 0.65in; MARGIN: 0in 0in 24pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Dated: January 2, 2013</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">STEELHEAD PATHFINDER MASTER, L.P.</FONT></P>

   <P style="MARGIN: 0in 0in 24pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">By: Steelhead Partners, LLC, its Investment Manager</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">By: </FONT><I><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">/s/ Brent Binge</FONT></U></I><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;</FONT></U><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>

   <P style="MARGIN: 0in 0in 0pt 23.45pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Brent Binge, General Counsel </FONT></P>

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<P style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Filing Undertaking</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">EXHIBIT A</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">JOINT FILING UNDERTAKING</FONT></B></P>

<P style="TEXT-INDENT: 0.65in; MARGIN: 0in 0in 24pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The undersigned, being authorized thereunto, hereby execute this agreement as an exhibit to this Schedule 13G to evidence the agreement of the below-named parties, in accordance with rules promulgated pursuant to the Securities Exchange Act of 1934, to file this Schedule, as it may be amended, jointly on behalf of each of such parties.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Dated: January 2, 2013</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 24pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">STEELHEAD PARTNERS, LLC</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">By: </FONT><I><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">/s/ Brent Binge</FONT></U></I><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;</FONT></U><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>

   <P style="MARGIN: 0in 0in 0pt 23.45pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Brent Binge, General Counsel </FONT></P>

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   <P style="MARGIN: 0in 0in 24pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">STEELHEAD PATHFINDER MASTER, L.P.<BR>By: Steelhead Partners, LLC, its Investment Manager</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">By: </FONT><I><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">/s/ Brent Binge&nbsp;</FONT></U></I><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></U><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>

   <P style="MARGIN: 0in 0in 0pt 23.45pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Brent Binge, General Counsel </FONT></P>

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   <P style="MARGIN: 0in 0in 24pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">JAMES MICHAEL JOHNSTON</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><I><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">/s/ Brent Binge</FONT></U></I><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;</FONT></U><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>

   <P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Brent Binge, Attorney-In-Fact for James Michael Johnston</FONT></P>

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   <P style="MARGIN: 0in 0in 24pt"><FONT style="FONT-SIZE: 10pt" lang=SV face="Times New Roman">BRIAN KATZ KLEIN</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><I><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">/s/ Brent Binge</FONT></U></I><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;</FONT></U><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>

   <P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Brent Binge, Attorney-In-Fact for </FONT><FONT style="FONT-SIZE: 10pt" lang=SV face="Times New Roman">Brian Katz Klein</FONT></P></TD></TR></TABLE></DIV>

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