<SEC-DOCUMENT>0001206774-14-002383.txt : 20140806
<SEC-HEADER>0001206774-14-002383.hdr.sgml : 20140806
<ACCEPTANCE-DATETIME>20140806143039
ACCESSION NUMBER:		0001206774-14-002383
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20140806
DATE AS OF CHANGE:		20140806
EFFECTIVENESS DATE:		20140806

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:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-197890
		FILM NUMBER:		141019421

	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>S-8
<SEQUENCE>1
<FILENAME>photronics_s8.htm
<DESCRIPTION>INITIAL REGISTRATION STATEMENT FOR SECURITIES TO BE OFFERED TO EMPLOYEES
<TEXT>

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<P align=center><B><FONT face="Times New Roman" size=2>As filed with the
Securities and Exchange Commission on August 6, 2014 </FONT></B></P>
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    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="100%"><B><FONT face="Times New Roman" size=2>Registration No.333
      -</FONT></B></TD></TR></TABLE><BR>
<P align=center><B><FONT face="Times New Roman" size=2>UNITED STATES
<BR></FONT></B><B><FONT face="Times New Roman" size=2>SECURITIES AND EXCHANGE
COMMISSION <BR>Washington, D.C. 20549 <BR>________<BR></FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>Form S-8 </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>REGISTRATION STATEMENT
<BR>UNDER <BR></FONT></B><B><FONT face="Times New Roman" size=2>THE SECURITIES
ACT OF 1933 </FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>PHOTRONICS, INC.
<BR></FONT><FONT face="Times New Roman" size=2>(Exact name of registrant as
specified in its charter) </FONT></P>
<DIV align=center>
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    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>CONNECTICUT</FONT></TD>
    <TD noWrap align=left width="98%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>06-0854886</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(State or other jurisdiction of</FONT></TD>
    <TD noWrap align=left width="98%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(I.R.S. Employer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>incorporation or organization)</FONT></TD>
    <TD noWrap align=left width="98%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Identification No.)</FONT></TD></TR></TABLE></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>15 Secor Road
<BR>Brookfield, CT 06804 <BR></FONT><FONT face="Times New Roman" size=2>(Address
of Principal Executive Offices) </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>Photronics, Inc. Employee
Stock Purchase Plan (as last amended on March 28, 2012) <BR>Photronics, Inc.
2007 Long Term Equity Incentive Plan (as last amended on April 11, 2014)
<BR>(Full title of the plans) </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>Richelle E. Burr
<BR></FONT><FONT face="Times New Roman" size=2>Vice President, General Counsel
and Secretary <BR>PHOTRONICS, INC. <BR></FONT><FONT face="Times New Roman" size=2>15 Secor Road <BR>Brookfield, CT 06804 <BR></FONT><FONT face="Times New Roman" size=2>(Name and address of agent for service)
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>(203) 775-9000
<BR></FONT><FONT face="Times New Roman" size=2>(Telephone number, including area
code, of agent for service) </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of
&#147;large accelerated filer&#148;, &#147;accelerated filer&#148;, and &#147;smaller reporting company&#148;
in Rule 12b-2 of the Exchange Act. (Check one): </FONT></P>
<DIV align=center>
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  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Large accelerated filer</FONT></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Accelerated filer x</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="49%"></TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Non-accelerated filer</FONT></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Smaller reporting company</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="49%">&nbsp;</TD>
    <TD noWrap align=left width="50%"></TD></TR>
  <TR>
    <TD noWrap align=left width="49%">
      <P align=justify><FONT face="Times New Roman" size=2>(Do not check if a
      smaller reporting company) </FONT></P></TD>
    <TD noWrap align=left width="50%"></TD></TR></TABLE></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>1</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>CALCULATION OF REGISTRATION
FEE </FONT></P>
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    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 2pt double" noWrap align=center width="25%"><B><FONT face="Times New Roman" size=1>Title of Securities to be</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 2pt double" noWrap align=center width="19%"><B><FONT face="Times New Roman" size=1>Amount to be</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 2pt double" noWrap align=center width="18%"><B><FONT face="Times New Roman" size=1>Proposed maximum</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 2pt double" noWrap align=center width="19%"><B><FONT face="Times New Roman" size=1>Proposed maximum</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 2pt double" noWrap align=center width="18%"><B><FONT face="Times New Roman" size=1>Amount
  of</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="25%"><B><FONT face="Times New Roman" size=1>Registered</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="19%"><B><FONT face="Times New Roman" size=1>registered
      (1)</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="18%"><B><FONT face="Times New Roman" size=1>offering price per
      share</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="19%"><B><FONT face="Times New Roman" size=1>aggregate offering
      price</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="18%"><B><FONT face="Times New Roman" size=1>registration fee</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="25%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="19%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%"><B><FONT face="Times New Roman" size=1>(4)</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="19%"><B><FONT face="Times New Roman" size=1>(4)</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="25%"><FONT face="Times New Roman" size=1>Common Stock, Par Value
      $.01</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="19%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="18%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="19%"></TD>
    <TD noWrap align=left width="18%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="25%"><FONT face="Times New Roman" size=1>(2007 Long Term Equity
      Incentive</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" vAlign=center noWrap align=center width="19%" rowSpan=2><FONT face="Times New Roman" size=1>3,000,000 (2)</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" vAlign=center noWrap align=center width="18%" rowSpan=2><B><FONT face="Times New Roman" size=1>$8.00</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" vAlign=center noWrap align=center width="19%" rowSpan=2><FONT face="Times New Roman" size=1>$24,000,000</FONT></TD>
    <TD vAlign=center noWrap align=center width="18%" rowSpan=2><FONT face="Times New Roman" size=1>$3,091.20</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="25%"><FONT face="Times New Roman" size=1>Plan &#150; as last amended on
      April 11,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="25%"><FONT face="Times New Roman" size=1>2014)</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="19%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="19%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="25%"><FONT face="Times New Roman" size=1>Common Stock, Par Value
      $.01</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="19%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="18%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="19%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="18%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="25%"><FONT face="Times New Roman" size=1>(Employee Stock Purchase
      Plan &#150; as</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="19%"><FONT face="Times New Roman" size=1>300,000 (3)</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="18%"><B><FONT face="Times New Roman" size=1>$8.00</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=center width="19%"><FONT face="Times New Roman" size=1>$2,400,000</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="18%"><FONT face="Times New Roman" size=1>$309.12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="25%"><FONT face="Times New Roman" size=1>last
      amended on March 28, 2012)</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="19%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="19%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%"></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="25%"><FONT face="Times New Roman" size=1><B>Total</B></FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="19%" STYLE="border-right: #000000 1pt solid; border-bottom: #000000 2pt double; text-align: center"><FONT face="Times New Roman" size=1>3,300,000</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="18%" STYLE="border-right: #000000 1pt solid; border-bottom: #000000 2pt double; text-align: center"><B><FONT face="Times New Roman" size=1>$8.00</FONT></B></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="19%" STYLE="border-right: #000000 1pt solid; border-bottom: #000000 2pt double; text-align: center"><FONT face="Times New Roman" size=1>$26,400,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="18%"><FONT face="Times New Roman" size=1>$3,400.32</FONT></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Pursuant
      to Rule 416(c) under the Securities Act of 1933, as amended, this
      Registration Statement covers an indeterminate amount of interests to be
      offered or sold pursuant to the employee benefit plans described
      herein.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Represents
      3,000,000 shares of Common Stock, $0.01 par value, of Photronics, Inc.
      (the &#147;Company&#148;) to be offered pursuant to the Company&#146;s 2007 Long Term
      Equity Incentive Plan, as last amended on April 11, 2014.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Represents
      300,000 shares of Common Stock, $0.01 par value, of Photronics, Inc. (the
      &#147;Company&#148;) to be offered pursuant to the Company&#146;s Employee Stock Purchase
      Plan, as last amended on March 28, 2012 (the &#147;Plan&#148;).</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Estimated
      solely for the purpose of calculating the registration fee in accordance
      with Rule 457 (c) and (h) under the Securities Act of 1933, as amended
      (the &#147;Securities Act&#148;). The Proposed Maximum Offering Price is based on
      the average of the high and low sale prices of the Common Stock of the
      Company as reported on the NASDAQ Stock Market on July 31,
  2014.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>2</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>PART I </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>INFORMATION REQUIRED IN THE
SECTION 10(a) PROSPECTUS </FONT></P>
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    <TD vAlign=top noWrap align=left width="1%"><B><FONT face="Times New Roman" size=2>Item 1.</FONT></B></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=Arial size=2><SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SUP></FONT></TD>
    <TD vAlign=top noWrap align=left width="97%"><B><FONT face="Times New Roman" size=2>Plan Information.*</FONT></B></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="97%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><B><FONT face="Times New Roman" size=2>Item 2.</FONT></B></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="97%"><B><FONT face="Times New Roman" size=2>Registrant Information and Employee Plan
      Annual Information.*</FONT></B></TD></TR></TABLE><BR>
<P><FONT face="Times New Roman" size=2>____________________<BR><BR></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD WIDTH="1%" STYLE="text-align: left; vertical-align: top"><FONT size=2>*</FONT></TD>
    <TD width="1%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD width="98%">
      <P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Information required by Part I to
      be contained in the Section 10(a) prospectus is omitted from this</FONT>
      <FONT face="Times New Roman" size=2>Registration Statement in accordance
      with Rule 428 under the Securities Act and the &#147;Note&#148; to Part I of</FONT>
      <FONT face="Times New Roman" size=2>Form
S-8.</FONT></P></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>3</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>PART II </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>INFORMATION REQUIRED IN THE
REGISTRATION STATEMENT </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Item 3. Incorporation of
Documents by Reference. </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following information filed by Photronics, Inc. (the &#147;Registrant&#148; or
&#147;Photronics&#148;) with the Securities and Exchange Commission (the &#147;Commission&#148;) is
incorporated herein by reference: </FONT></P>
<P style="PADDING-LEFT: 30pt" align=justify><FONT face="Times New Roman" size=2>(a)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>The Registrant&#146;s annual report on Form 10-K for the fiscal year ended
November 3, 2013 (filed on January 3, 2014), including those sections
incorporated therein by reference to the Registrant&#146;s Definitive Proxy Statement
on Schedule 14A filed on March 3, 2014 ; </FONT></P>
<P style="PADDING-LEFT: 30pt" align=justify><FONT face="Times New Roman" size=2>(b) The Registrant&#146;s quarterly reports on Form 10-Q for the fiscal
quarters ended February 2, 2014 (filed on March 6, 2014) and May 4, 2014 (filed
on June 6, 2014). </FONT></P>
<P style="PADDING-LEFT: 30pt" align=justify><FONT face="Times New Roman" size=2>(c) The Registrant&#146;s current reports on Form 8-K filed April 9, 2014 and
April 22, 2014.</FONT></P>
<P style="PADDING-LEFT: 30pt" align=justify><FONT face="Times New Roman" size=2>(d) The description of the Registrant's common stock included in its
Registration Statement on Form S-3, filed on June 25, 2009. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, all documents filed by the Registrant with the Commission pursuant
to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as
amended (the &#147;Exchange Act&#148;) after the date of this Registration Statement and
prior to the filing of a post-effective amendment which indicates that all
securities offered have been sold or which deregisters all securities then
remaining unsold shall be deemed to be incorporated by reference into this
Registration Statement and to be a part hereof from the date of filing of such
documents with the Commission. Any statement contained in a document
incorporated by reference herein shall be deemed to be modified or superseded
for purposes of this Registration Statement to the extent that a statement
contained herein or in any other subsequently filed document which also is or is
deemed to be incorporated by reference herein modifies or supersedes such
statement. Any statement so modified or superseded shall not be deemed, except
as so modified or superseded, to constitute a part of this Registration
Statement.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Item 4. Description of
Securities. </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Not applicable; the class of securities to be offered is registered under
Section 12 of the Exchange Act.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Item 5. Interests of
Named Experts and Counsel. </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except as described in Exhibit 5.1, none.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Item 6. Indemnification
of Directors and Officers. </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under applicable Connecticut law, the Registrant shall provide for
indemnification of its directors, officers, employees and agents. Applicable
Connecticut law requires the Registrant to indemnify a director against
judgments and other expenses of litigation when he is sued by reason of his
being a director in any proceeding brought, other than on behalf of the
corporation, if a director is successful on the merits in defense, or acted in
good faith and in a manner reasonably believed to be in the best interests of
the corporation, and in all other cases that his conduct was at least not
opposed to the best interests of the corporation, or in a criminal action or
proceeding, had no reasonable cause to believe his conduct was unlawful. In a
proceeding brought on behalf of a corporation (a derivative action), a director
is entitled to be indemnified by the corporation for reasonable expenses of
litigation, if the director is finally adjudged not to have breached his duty to
the corporation. In addition, a director is entitled to indemnification for both
derivative and non-derivative actions, if a court determines, upon application,
that the director is fairly and reasonably entitled to be indemnified. In
addition, Article IX of the Registrant&#146;s By-laws provides that the Registrant
shall indemnify and reimburse shareholders, directors, officers, employees and
agents as required by Section 33-320a of the Stock Corporation Act of the State
of Connecticut. Finally, the Registrant maintains director and officer liability
insurance which provides insurance for the Registrant's directors and officers
in connection with claims brought against them in their capacity as such with
the Registrant.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Article Ninth of the Registrant's
Certificate of Incorporation limits directors' monetary liability for actions or
omissions made in good faith, which are later determined to be a breach of their
duty as directors of the Registrant. Article Ninth does not eliminate or limit a
director's liability for breaches of fiduciary duty for actions or omissions
which (i) involved a knowing and culpable violation of law; (ii) enabled a
director or an associate (as defined in Section 33-840 of the Connecticut
Business Corporation Act) to receive an improper personal economic gain; (iii)
showed a lack of good faith and conscious disregard for his duty as a director
under circumstances where the director was aware that his actions created an
unjustifiable risk of serious injury to the Registrant; (iv) constituted a
sustained and unexcused pattern of inattention that amounted to an abdication of
his duty; or (v) involved the improper distribution of Registrant assets to its
shareholders or an improper loan to an officer, director or 5% shareholder.
Article Ninth also does not preclude suits for equitable relief, such as an
injunction, nor would it shield directors from liability for violations of the
federal securities laws. Moreover, Article Ninth does not limit the liability of
directors for any act or omission that occurred prior to the date the Article
became effective and does not limit the potential liability of officer-directors
in their capacity as officers.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Item 7. Exemption from
Registration Claimed. </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Not Applicable. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Item 8. Exhibits.
</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The exhibits filed as part of this Registration Statement are set forth below in
the Exhibits Index.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Item 9. Undertakings.
</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A. The undersigned Registrant hereby undertakes: </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) To file, during any period in
which offers or sales are being made, a post-effective amendment to this
Registration Statement: </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act
of 1933 (the &#147;Securities Act&#148;); </FONT></P>
<P align=justify>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD vAlign=top width="1%"><FONT face="Times New Roman" size=2>(ii)</FONT></TD>
    <TD vAlign=top width="1%"><FONT face="Times New Roman" size=2>&nbsp;
      </FONT></TD>
    <TD vAlign=top width="97%">
      <P align=justify><FONT face="Times New Roman" size=2>To reflect in the
      prospectus any facts or events arising after the effective date of this
      Registration Statement (or the most recent post-effective amendment
      thereof) which, individually or in the aggregate, represent a fundamental
      change in the information set forth in this Registration Statement (or the
      most recent post-effective amendment thereto); and </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="97%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face="Times New Roman" size=2>(iii)</FONT></TD>
    <TD vAlign=top width="1%"></TD>
    <TD VALIGN="TOP" WIDTH="97%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>To include
      any material information with respect to the plan of distribution not
      previously disclosed in this Registration Statement or any material change
      to such information in this Registration Statement;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="97%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="97%">
      <P align=justify><U><FONT face="Times New Roman" size=2>provided</FONT></U><FONT face="Times New Roman" size=2>,
      </FONT><U><FONT face="Times New Roman" size=2>however</FONT></U><FONT face="Times New Roman" size=2>, that paragraphs (i) and (ii) above do not
      apply if the information required to be included in a post-effective
      amendment by those paragraphs is contained in periodic reports filed with
      or furnished to the Commission by the Registrant pursuant to Section 13 or
      Section 15(d) of the Exchange Act that are incorporated by reference in
      this Registration Statement. </FONT></P></TD></TR></TABLE></P>
<P align=center><FONT face="Times New Roman" size=2>5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(2) That, for the purpose of determining any liability under the Securities Act,
each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered herein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(3) To remove from registration by means of a post-effective amendment any of
the securities being registered that remain unsold at the termination of the
offering. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B. The undersigned Registrant hereby
undertakes that, for purposes of determining any liability under the Securities
Act, each filing of the Registrant's annual report pursuant to Section 13(a) or
Section 15(d) of the Exchange Act (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to Section 15(d) of the Exchange
Act) that is incorporated by reference in the Registration Statement shall be
deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial </FONT><I><FONT face="Times New Roman" size=2>bona
fide</FONT></I><FONT face="Times New Roman" size=2> offering thereof.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C. Insofar as indemnification for
liabilities arising under the Securities Act may be permitted to directors,
officers and controlling person of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in the opinion of
the Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court
of appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act and will be governed by
the final adjudication of such issue. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>6</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>SIGNATURES </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Pursuant to the
requirements of the Securities Act of 1933, the registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing
on Form S-8 and has duly caused this Registration Statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the Town of Brookfield,
State of Connecticut, on the 6<SUP>th</SUP> day of August, 2014.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="TEXT-ALIGN: center" width="49%"></TD>
    <TD style="TEXT-ALIGN: center" width="1%">
      <P align=center><FONT face="Times New Roman" size=2>PHOTRONICS,
      INC.</FONT></P></TD>
    <TD style="TEXT-ALIGN: center" width="50%"></TD></TR>
  <TR>
    <TD style="TEXT-ALIGN: center" width="49%"></TD>
    <TD style="TEXT-ALIGN: center" width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" width="50%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" width="49%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="1%"><FONT face="Times New Roman" size=2>By /s/ Richelle E. Burr</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="50%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" width="49%"></TD>
    <TD style="TEXT-ALIGN: center" width="1%"><FONT face="Times New Roman" size=2>Richelle E. Burr</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="50%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="49%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>Vice President, General Counsel</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="50%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" width="49%"></TD>
    <TD style="TEXT-ALIGN: center" width="1%"><FONT face="Times New Roman" size=2>and Secretary</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="50%"></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>POWER OF ATTORNEY
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KNOW ALL MEN BY THESE PRESENTS that
each person whose signature appears below constitutes and appoints Richelle E.
Burr and Sean T. Smith, and each of them, his true and lawful attorney-in-fact
and agent, with full power of substitution and resubstitution, to act, without
the other, for him and in his name, place and stead, in any and all capacities,
to sign any or all amendments (including post-effective amendments) to this
Registration Statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents full power and
authority to do and perform each and every act and thing requisite and necessary
to be done in and about the premises, as fully to all intents and purposes as he
might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or any of them, their substitute or substitutes
may lawfully do or cause to be done by virtue hereof. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the
Securities Act of 1933, this Registration Statement has been signed by the
following persons in the capacities and on the dates indicated. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" colSpan=2><FONT face="Times New Roman" size=2>Signature</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="47%"><FONT face="Times New Roman" size=2>Title</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="19%"><FONT face="Times New Roman" size=2>Date</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>Chairman of the Board of</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>August 6, 2014</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="16%"><FONT face="Times New Roman" size=2>/s/ Constantine S. Macricostas</FONT></TD>
    <TD noWrap align=left width="16%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>Directors and Chief Executive Officer</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" colSpan=2><FONT face="Times New Roman" size=2>Constantine S. Macricostas</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>(Principal Executive Officer)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>Senior Vice President and</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>August 6, 2014</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="16%"><FONT face="Times New Roman" size=2>/s/ Sean T. Smith</FONT></TD>
    <TD noWrap align=left width="16%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>Chief Financial Officer</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="19%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" colSpan=2><FONT face="Times New Roman" size=2>Sean T. Smith</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>(Principal Financial and</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" colSpan=2></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>Accounting Officer)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="16%"><FONT face="Times New Roman" size=2>/s/ Walter M. Fiederowicz</FONT></TD>
    <TD noWrap align=left width="16%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>August 6, 2014</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" colSpan=2><FONT face="Times New Roman" size=2>Walter M. Fiederowicz</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"></TD></TR>
  <TR>
    <TD width="81%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="16%"><FONT face="Times New Roman" size=2>/s/ Joseph A. Fiorita, Jr.</FONT></TD>
    <TD noWrap align=left width="16%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>August 6, 2014</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" colSpan=2><FONT face="Times New Roman" size=2>Joseph A. Fiorita, Jr.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="16%"><FONT face="Times New Roman" size=2>/s/ George Macricostas</FONT></TD>
    <TD noWrap align=left width="16%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>August 6, 2014</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" colSpan=2><FONT face="Times New Roman" size=2>George Macricostas</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="16%"><FONT face="Times New Roman" size=2>/s/ Mitchell G. Tyson</FONT></TD>
    <TD noWrap align=left width="16%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>August 6, 2014</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" colSpan=2><FONT face="Times New Roman" size=2>Mitchell G. Tyson</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="16%"><FONT face="Times New Roman" size=2>/s/ Liang-Choo Hsia</FONT></TD>
    <TD noWrap align=left width="16%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>August 6, 2014</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" colSpan=2><FONT face="Times New Roman" size=2>Liang-Choo Hsia</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>EXHIBITS INDEX</FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left; width: 2%; border-bottom: Black 1pt solid"><FONT face="Times New Roman" size=2>Exhibit No.</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left; width: 4%; border-bottom: Black 1pt solid"><FONT face="Times New Roman" size=2>Description</FONT></TD>
    <TD vAlign=top noWrap align=left width="92%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" COLSPAN="2" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Certificate of Incorporation (incorporated by
      reference to Exhibit 3.1 to the Registrant&#146;s Annual Report on Form 10-K
      for the fiscal year ended November 3, 2013 (Commission File Number
      000-15451).</FONT></TD></TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="99%" COLSPAN="4" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="2%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>3.2</FONT></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" COLSPAN="2" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>By-laws of the Registrant, (incorporated by
      reference to Exhibit 3.2 to the Registrant&#146;s Registration Statement on
      Form S-1, File Number 33-11694, which was declared effective by the
      Commission on March 10, 1987).</FONT></TD></TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="99%" COLSPAN="4" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="2%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>4.1</FONT></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" COLSPAN="2" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Photronics, Inc. Employee Stock Purchase Plan
      (as last amended on March 28, 2012).</FONT></TD></TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="99%" COLSPAN="4" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="2%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>4.2</FONT></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" COLSPAN="2" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Photronics, Inc. 2007 Long Term Equity
      Incentive Plan (as last amended on April 11, 2014).</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="2%" STYLE="text-align: justify">&nbsp;</TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" COLSPAN="2" STYLE="text-align: justify"></TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="2%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>5.1</FONT></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" COLSPAN="2" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Opinion of Richelle E. Burr, Esq.</FONT></TD></TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="99%" COLSPAN="4" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="2%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>23.1</FONT></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" COLSPAN="2" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Consent of Deloitte &amp; Touche
  LLP.</FONT></TD></TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="99%" COLSPAN="4" STYLE="text-align: justify">&nbsp;<FONT size=2 face="Times New Roman"></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="2%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>23.2</FONT></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" COLSPAN="2" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Consent of Richelle E. Burr,
  Esq.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="2%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" COLSPAN="2" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>(contained in Exhibit 5.1).</FONT></TD></TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="99%" BGCOLOR="#ffffff" COLSPAN="4" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="2%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>24.1</FONT></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" BGCOLOR="#c0c0c0" COLSPAN="2" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Power of Attorney (contained on the Signature
      Page of this Registration Statement).</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>9</FONT></P>
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<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>exhibit4-1.htm
<DESCRIPTION>PHOTRONICS, INC. EMPLOYEE STOCK PURCHASE PLAN (AS LAST AMENDED ON MARCH 28, 2012)
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<P align=center><FONT face="Times New Roman" size=2>Exhibit 4.1 </FONT></P>
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    <TD style="BORDER-RIGHT: #000000 2pt solid; BORDER-TOP: #000000 2pt solid; BORDER-BOTTOM: #000000 2pt solid" noWrap align=center width="100%"><B><FONT face="Times New Roman" size=5>EMPLOYEE STOCK PURCHASE PLAN<BR><FONT size=2 face="Times New Roman">(Amended and Current as of March 28,
    2012)&nbsp;</FONT></FONT></B></TD></TR></TABLE><BR>
<P STYLE="text-align: center"><B><FONT face="Times New Roman" size=4>ARTICLE I -
</FONT></B><B><I><FONT face="Times New Roman" size=4>General</FONT></I></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
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  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.1</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The purpose of
      Photronics, Inc. Employee Stock Purchase Plan is to provide eligible
      employees of the Company and its designated subsidiaries (if any) with an
      opportunity to acquire a proprietary interest in the Company by the
      purchase of shares of the Common Stock of the Company directly from the
      Company through payroll deductions. It is felt that employee participation
      in the ownership of the Company will be to the mutual benefit of both the
      employees and the Company.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.2</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The Plan is intended
      to qualify as an "employee stock purchase plan" within the meaning of
      Section 423 of the Internal Revenue Code of 1986, as amended (the "Code").
      The provisions of the Plan shall, accordingly, be construed so as to
      extend and/or limit eligibility and participation in a manner consistent,
      and so as to otherwise comply, with the requirements of the
  Code.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.3</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Eligibility and
      participation in the Plan shall give any Employee only such rights as are
      set forth in the Plan and any amendments hereto and shall in no way affect
      or in any manner limit the Company's right to discharge the Employee,
      which right is expressly reserved by the Company, or impair the authority
      of the Plan Committee to limit the Employee's rights, claims or causes, as
      provided in the Plan.</FONT></TD></TR></TABLE>
<P align=center><B><FONT face="Times New Roman" size=4>ARTICLE II -
</FONT></B><B><I><FONT face="Times New Roman" size=4>Definitions</FONT></I></B><FONT face="Times New Roman" size=2>
</FONT><FONT face="Times New Roman"></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.1</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The following words
      and phrases, when used in the Plan, shall have the following respective
      meanings, unless the context clearly indicates
  otherwise:</FONT></TD></TR></TABLE>
<P align=justify><B><FONT face="Times New Roman" size=2>"Authorized Leave of
Absence"</FONT></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<P STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Any leave of absence
authorized under the Company's standard personnel practices, provided that all
persons under similar circumstances must be treated equally in the granting of
such Authorized Leave of Absence and provided further that the person returns to
the employ of the Company upon the expiration of an Authorized Leave of Absence.
</FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>"Board of
Directors"</FONT></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The Board of Directors of
Photronics, Inc. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>"Code"</FONT></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The Internal Revenue Code
of 1986, as amended from time to time, and applicable Treasury Department
regulations issued thereunder. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>"Common
Stock"</FONT></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The Common Stock, par value
$0.01 per share, of the Company, or the securities adjusted or substituted
therefor pursuant to Article XIV. </FONT></P>
<P align=center><FONT size=2 face="Times New Roman">10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>"Company"</FONT></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Photronics, Inc., a
Connecticut corporation, or its successor or successors or any present or future
subsidiary of Photronics, Inc., which may be designated to participate in the
Plan by the Board of Directors. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>"Compensation"</FONT></B><FONT face="Times New Roman" size=2>
</FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The Compensation of an
Eligible Employee shall be determined in accordance with procedures approved by
the Plan Committee or the Board of Directors. In the absence of the adoption of
specific procedures, Compensation of an Eligible Employee shall be the
annualized salary or wages of such Employee based on such Employee's current
rate of pay and work schedule, but excluding any discretionary overtime, sick
pay, vacation pay or other benefits.</FONT><FONT face="Times New Roman">
</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>"Disability"</FONT></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Disability shall have the
same meaning set forth in Section 22(e)(3) of the Code or any successor
provision thereto. At present, a disability is defined as a physical or mental
impairment or incapacity which, in the opinion of a physician selected by the
Plan Committee, can be expected to result in death or has lasted or can be
expected to last for a continuous period of at least twelve (12) months and
renders the Participant unable to engage in any substantial, gainful activity.
</FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>"Effective Date of the
Plan"</FONT></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The date on which the Plan
shall have become effective pursuant to Article XVII, provided, however, that if
the Plan shall not be approved by the stockholders of the Company as provided in
Article XVII, the Plan and all rights granted hereunder shall be, and be deemed
to have been, null and void. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>"Eligible
Employee"</FONT></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>An Employee who is eligible
to participate in the Plan in accordance with provisions of Articles IV and V.
</FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>"Employee"</FONT></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Any person who, on an
Offering Date, is a common law employee of the Company and whose customary
employment is for more than twenty (20) hours per week and for more than five
(5) months per calendar year, other than any highly compensated employees
(within the meaning of Section 414[q] of the Code or any successor provision
thereto) of the Company who are excluded from participation hereunder by action
of the Board of Directors. A person who is or has been on an Authorized Leave of
Absence, and who in the absence of such Authorized Leave of Absence would have
been classified as an Employee, shall in the discretion of the Plan Committee be
considered to be an Employee, except to the extent that such determination is
inconsistent with Section 423 of the Code. Such determination by the Plan
Committee shall be final and conclusive. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>"Offering"</FONT></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>An Offering in accordance
with the provisions of Article V. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>"Offering
Date"</FONT></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The date of an Offering as
established by the Plan Committee pursuant to Section 5.1 hereof. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>"Participant"</FONT></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>An Eligible Employee who
subscribes for Shares pursuant to Article VI. </FONT></P>
<P align=center><FONT size=2 face="Times New Roman">11</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>"Plan"</FONT></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The Photronics, Inc.
Employee Stock Purchase Plan set forth herein, as amended from time to time in
accordance with the provisions of Article XV. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>"Plan
Committee"</FONT></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The committee provided for
in Article XII to administer the Plan. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>"Purchase
Date"</FONT></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>A Purchase Date as provided
in Sections 8.1 or 10.3, as appropriate. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>"Shares"</FONT></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Shares of Common Stock
offered under the Plan. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The masculine gender,
whenever used in the Plan, shall be deemed to include the feminine gender, and
whenever the plural is used it shall include the singular, if the context so
requires. </FONT><FONT face="Times New Roman"></FONT></P>
<P align=center><B><FONT face="Times New Roman" size=4>ARTICLE III -
</FONT></B><B><I><FONT face="Times New Roman" size=4>Shares Subject to the
Plan</FONT></I></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>3.1</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Subject to the
      provisions of Article XIV hereof, the aggregate number of shares of Common
      Stock which may be issued under the Plan shall not exceed 1,500,000. The
      aggregate number of such shares which may be issued with respect to any
      Offering shall be determined by the Plan Committee with respect to such
      Offering. Such shares may be authorized but unissued shares of Common
      Stock or issued shares of Common Stock which are held by the Company. Any
      shares subscribed for under the Plan and not purchased as a result of the
      cancellation in whole or in part of such subscription shall (unless the
      Plan shall have terminated) be again available for issuance under the
      Plan.</FONT></TD></TR></TABLE>
<P align=center><B><FONT face="Times New Roman" size=4>ARTICLE IV -
</FONT></B><B><I><FONT face="Times New Roman" size=4>Eligibility</FONT></I></B><FONT face="Times New Roman" size=2>
</FONT><FONT face="Times New Roman"></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>4.1</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Each Employee who has
      been continuously employed by the Company for the one complete calendar
      month (or such longer period as may be determined by the Plan Committee)
      ending immediately prior to an Offering Date shall be eligible to
      participate in the Offering under the Plan made on such Offering
      Date.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>4.2</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Notwithstanding the
      provisions of Section 4.1, no Employee shall be offered Shares if,
      immediately after he would subscribe for such Shares, such Employee would
      own capital stock (including shares of Common Stock which may be purchased
      under such subscription and under any other outstanding subscriptions
      under the Plan or options to purchase shares of Common Stock of the
      Company held by such Employee, as computed in accordance with Section
      423[b][3] of the Code or any successor provision thereto) possessing 5% or
      more of the total combined voting power or value of all classes of stock
      of the Company. For purposes of determining the stock ownership of any
      Employee, the provisions of Section 424[d] of the Code shall
    apply.</FONT></TD></TR></TABLE>
<P align=center><B><FONT face="Times New Roman" size=4>ARTICLE V -
</FONT></B><B><I><FONT face="Times New Roman" size=4>Offering Under the
Plan</FONT></I></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>5.1</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Offerings under the
      Plan shall be made on such Offering Dates as shall be determined by the
      Plan Committee. Notwithstanding anything to the contrary, no Offering
      shall be made on any date prior to the date that a required registration
      statement with respect to such Offering filed under the Securities Act of
      1933, as amended, has become effective. Nothing contained herein shall be
      deemed to require that an Offering be made in any
  year.</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">5.2</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">[a]</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Subject to the
      limitations set forth in Sections 5.2[b] and 6.3, and to the other terms
      and conditions of the Plan, in each offering under the Plan, each Eligible
      Employee on an Offering Date shall be offered the right during the
      Subscription Period as provided in Section 6.2, to subscribe to purchase
      such number of Shares as the percentage designated by the Plan Committee
      for such offering (not to exceed 5%) of his Compensation would buy, at a
      price equal to the product of (i) the fair market value of a Share on the
      Offering Date, multiplied by (ii) the Purchase Price percentage utilized
      under Section 5.3 hereof.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">[b]</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Notwithstanding anything to
      the contrary contained in Sub-Section [a] of this Section 5.2, no Eligible
      Employee shall be eligible to subscribe for Shares in an Offering if,
      immediately after he would subscribe for such Shares, such subscription
      would permit his rights to purchase shares of Common Stock under all
      employee stock purchase plans of the Company to accrue at a rate which
      exceeds $25,000 (or such other maximum amounts as may be prescribed from
      time to time under the Code) of the fair market value of such shares
      (determined as of the Offering Date for such Offering) for each calendar
      year in which such subscription would be outstanding at any time. For
      purposes of this limitation the provisions of Section 423[b][8] of the
      Code shall be applicable.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman"><FONT size=2 face="Times New Roman">12</FONT></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>5.3</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The Purchase Price
      per share subscribed for all Shares in a particular Offering shall be an
      amount equal to such percentages, not greater than 100% nor less than 85%,
      as shall be determined by the Plan Committee on or prior to the Offering
      Date, of the fair market value of a share of Common Stock (determined in
      accordance with the provisions of Article XIII) on one of the following
      dates with respect to such Offering, with such date to be determined by
      the Plan Committee on or prior to the Offering Date: (i) the Offering
      Date, (ii) the Purchase Date, or (iii) the Offering Date or the Purchase
      Date (whichever would result in a lower Purchase Price for the Common
      Stock).</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>5.4</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>In order to
      participate in any Offering, an Eligible Employee entitled to subscribe
      for Shares in such Offering shall comply with the subscription procedures
      set forth in Article VI.</FONT></TD></TR></TABLE>
<P align=center><B><FONT face="Times New Roman" size=4>ARTICLE VI -
</FONT></B><B><I><FONT face="Times New Roman" size=4>Subscriptions for
Shares</FONT></I></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>6.1</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>As soon as
      practicable after an Offering Date, the Company shall furnish to each
      Eligible Employee a Subscription Agreement setting forth the maximum
      number of Shares to which such Eligible Employee may subscribe in such
      Offering, the fair market value per share of Common Stock on the Offering
      Date, the Purchase Price for Shares in such Offering and such other terms
      and conditions consistent with the Plan as shall be determined by the Plan
      Committee.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>6.2</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Within fifteen (15)
      days after receipt of such Subscription Agreement, an Eligible Employee
      desiring to participate in the Offering shall notify the Plan Committee of
      the number of Shares for which he desires to subscribe. Such notification
      shall be effected by the Eligible Employee's completing, executing and
      returning to the Secretary of the Company the Subscription Agreement. All
      such subscriptions shall be deemed to have been made as of the Offering
      Date. No subscription shall be accepted from any person who is not an
      Eligible Employee on the date his subscription is received by the
      Company.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>6.3</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The minimum number of
      Shares for which an Eligible Employee will be permitted to subscribe in
      any Offering is ten (10) (or the number of Shares offered to him if fewer
      than ten). If at any time the Shares available for an Offering are
      oversubscribed, the Number of Shares for which each Eligible Employee is
      entitled to subscribe pursuant to Section 5.2 shall be reduced, pro rata,
      to such lower number as may be necessary to eliminate such
      over-subscription.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>6.4</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>If an Eligible
      Employee fails to subscribe to the Shares within the period and in the
      manner prescribed in Section 6.2, he shall waive all rights to purchase
      Shares in that Offering.</FONT></TD></TR></TABLE>
<P align=center><B><FONT face="Times New Roman" size=4>ARTICLE VII -
</FONT></B><B><I><FONT face="Times New Roman" size=4>Payment for
Shares</FONT></I></B><FONT face="Times New Roman" size=4> </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>7.1</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The aggregate
      Purchase Price for the Shares for which a Participant subscribes in any
      Offering in accordance with the provisions of Article VI of the Plan shall
      be paid by means of payroll deductions.</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">7.2</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>[a]</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The aggregate Purchase Price for Shares
      shall be paid by payroll deductions in equal amounts over a period of 24
      months (or such shorter period as shall be determined by the Plan
      Committee in accordance with the Plan) from the Offering Date. The period
      over which such payroll deductions are to be made in hereinafter referred
      to as the "Payment Period".</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman"><FONT size=2 face="Times New Roman">13</FONT></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>[b]</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Such payroll
      deductions with respect to an Offering shall commence as soon as
      practicable after the receipt of the Company of the executed Subscription
      Agreement authorizing such payroll deductions, and shall cease upon the
      earlier of the termination of the Payment Period or payment in full of the
      Purchase Price for such Shares. A Participant may cancel his subscription
      to the extent provided for in Article X, but no other change in terms of
      his Subscription Agreement may be made during the Payment Period and, in
      particular, in no event may a Participant change the amount of his payroll
      deductions under such Subscription Agreement. All payroll deductions
      withheld from a Participant under a Subscription Agreement shall be
      credited to his account under the Plan. In the event that payroll
      deductions are simultaneously being made with respect to more than one
      Subscription Agreement, the aggregate amount of such payroll deductions at
      any payday shall be credited first toward the payment for Shares
      subscribed for in the earliest Offering. A Participant may not make any
      separate cash payment into his account, provided, however, that a
      Participant who has been deemed to be in the employ of the Company while
      on an Authorized Leave of Absence without pay during the Payment Period,
      may upon his return to the actual employ of the Company, make a cash
      payment into his account in an amount not exceeding the aggregate of the
      payroll deductions which would have been made during such Authorized Leave
      of Absence.</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>[c]</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>All funds
      representing payroll deductions for the accounts of Participants will,
      except as provided in Section 7.3, be paid into the general funds of the
      Company. No interest will be paid or accrued under any circumstances on
      any funds withheld by the Company as payroll deductions pursuant to this
      Section 7.2 or on any other funds paid to the Company for purchases of
      Shares under the Plan.</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>7.3</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Notwithstanding
      anything in this Article VII to the contrary, with respect to any Offering
      which is made prior to the approval of the Plan by the stockholders of the
      Company, all payroll deductions withheld for the accounts of Participants
      shall, until the Plan is approved by the stockholders, be held by the
      Company in a special escrow account for the benefit of such Participants.
      No interest will be paid or accrued under any circumstances on such funds.
      No Shares will be issued to such Participants until after approval of the
      Plan by the stockholders. In the event that the Plan is not approved by
      the stockholders within the period specified in Article XVII, all such
      funds will thereupon be promptly refunded to the respective
      Participants.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>7.4</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Failure to pay for
      subscribed Shares as provided in this Article VII shall constitute the
      cancellation of such subscription to the extent that any such Shares shall
      not have been so paid for.</FONT></TD></TR></TABLE>
<P align=center><B><FONT face="Times New Roman" size=4>ARTICLE VIII -
</FONT></B><B><I><FONT face="Times New Roman" size=4>Issuance of
Shares</FONT></I></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>8.1</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>At the end of the
      Payment Period for an Offering, (each of which dates is referred to as a
      "Purchase Date"), the balance of all amounts then held in the account of a
      Participant representing payroll deductions pursuant to a Subscription
      Agreement shall be applied to the purchase by the Participant from the
      Company of the number of Shares equal to the amount of such balance
      divided by the Purchase Price per share for such Shares applicable on such
      Purchase Date up to the number of Shares provided for in the respective
      Subscription Agreement. Any amount remaining in the Participant's account
      in excess of the sum required to purchase whole Shares on a Purchase Date
      shall be promptly refunded to the Participant. As soon as practicable
      after a Purchase Date, the Company will issue and deliver to the
      Participant a certificate representing the Shares purchased by him from
      the Company on such Purchase Date. No fractional shares will be issued at
      any time.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>8.2</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>A Participant who
      disposes (whether by sale, exchange, gift or otherwise) of any of the
      Shares acquired by him pursuant to the Plan within two (2) years after the
      Offering Date for such Shares or within one (1) year after the issuance of
      Shares to him shall notify the Company in writing of such disposition
      within thirty (30) days after such disposition.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman"><FONT size=2 face="Times New Roman">14</FONT></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=4>ARTICLE IX -
</FONT></B><B><I><FONT face="Times New Roman" size=4>Rights of
Stockholders</FONT></I></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>9.1</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>A Participant shall
      not have any rights to dividends or any other rights as a stockholder of
      the Company with respect to any Shares until such Shares shall have been
      issued to him as reflected by the books and records maintained by the
      Company's transfer agent relating to stockholders of the
  Company.</FONT></TD></TR></TABLE>
<P align=center><B><FONT face="Times New Roman" size=4>ARTICLE X -
</FONT></B><B><I><FONT face="Times New Roman" size=4>Voluntary
Withdrawal/Termination of Employment</FONT></I></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.1</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>A Participant may
      discontinue his payroll deductions under a Subscription Agreement at any
      time by giving written notice thereof to the Plan Committee, effective for
      all payroll periods commencing five (5) days after receipt of such notice
      by the Plan Committee. The balance in the account of such Participant
      following such discontinuance shall be promptly refunded to the
      Participant. Withdrawal from an Offering pursuant to this Section 10.1
      shall not affect an Eligible Employee's eligibility to participate in any
      other Offering under the Plan.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.2</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>If the Participant's
      employment with the Company is terminated for any reason other than death
      while still an Employee, such Participant's rights to purchase Shares
      under any Subscription Agreement shall immediately terminate. Any balance
      remaining in his account as of the date of such termination of employment
      shall be promptly refunded to the Participant.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>10.3</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>In the event of the
      death of an Employee who was a Participant prior to the purchase of the
      Shares for which he subscribed pursuant to Article VI hereof, the person
      or persons who acquired by laws of descent and distribution (his "Estate")
      his rights to purchase Shares under his Subscription Agreement(s), shall
      have the right within ninety (90) days after the death of the Participant
      (but in no event later than the termination of the Payment Period) to
      purchase from the Company that number of Shares subscribed for and not
      issued to the Participant prior to his death which the balance in the
      Participant's payroll deduction account is sufficient to purchase. The
      failure of the person or persons so acquiring his rights to so give notice
      of intention to purchase shall constitute a forfeiture of all further
      rights of the Participant or other persons to purchase such Shares and in
      such event, the balance in the Participant's payroll deduction account
      will be refunded, without interest. If the Participant dies more than
      fifty (50) days prior to the termination of the Payment Period and his
      Estate elects to purchase the Shares subscribed for, the Purchase Price
      for his Shares shall be the percentage, designated pursuant to Section
      5.3, of the fair market value on the Offering Date, irrespective of the
      Purchase Price for other Participants.</FONT></TD></TR></TABLE>
<P align=center><B><FONT face="Times New Roman" size=4>ARTICLE XI -
</FONT></B><B><I><FONT face="Times New Roman" size=4>Non-Transferability of
Subscription Rights</FONT></I></B><FONT face="Times New Roman" size=2>
</FONT><FONT face="Times New Roman"></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>11.1</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>During the lifetime
      of a Participant, the Shares for which he subscribes may be purchased only
      by him. No Subscription Agreement of a Participant and no right under or
      interest in the Plan or any such Subscription Agreement (hereinafter
      collectively referred to as "Subscription Rights") may be assigned,
      transferred, pledged, hypothecated or disposed of in any way (whether by
      operation of law or otherwise), except by the Participant's will or by the
      applicable laws of descent and distribution, or may be subject to
      execution, attachment or similar process. Any assignment, transfer,
      pledge, hypothecation or other disposition of Subscription Rights, or any
      levy of execution, attachment or other process attempted upon Subscription
      Rights, shall be null and void and without effect, and in any such event
      all Subscription Rights shall, in the sole discretion of the Plan
      Committee (exercised by written notice to the Participant or to the person
      then entitled to purchase the Shares under the provisions of Sections 10.3
      hereof), terminate as of the occurrence of any such
  event.</FONT></TD></TR></TABLE>
<P align=center><B><FONT face="Times New Roman" size=4>ARTICLE XII -
</FONT></B><B><I><FONT face="Times New Roman" size=4>Administration of the
Plan</FONT></I></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>12.1</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The Plan shall be
      administered by a Plan Committee which shall consist of two (2) or more
      members of the Board of Directors, none of whom shall be eligible to
      participate in the Plan. The members of the Plan Committee shall be
      appointed, and may be removed, by the Board of Directors. The Board of
      Directors shall have the power to remove and substitute for members of the
      Plan Committee and to fill any vacancy which may occur in the Plan
      Committee.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman"><FONT size=2 face="Times New Roman">15</FONT></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>12.2</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Unless otherwise
      determined by the Board of Directors, the members of the Plan Committee
      shall serve without additional compensation for their services. All
      expenses in connection with the administration of the Plan, including, but
      not limited to, clerical, legal and accounting fees, and other costs of
      administration, shall be paid by the Company.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>12.3</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The Chairman of the
      Plan Committee shall be designated by the Board of Directors. The Plan
      Committee shall select a Secretary who need not be a member of the Plan
      Committee. The Secretary, or in his absence, any member of the Plan
      Committee designated by the Chairman, shall keep the minutes of the
      proceedings of the Plan Committee and all data, records and documents
      relating to the administration of the Plan by the Plan
  Committee.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>12.4</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>A quorum of the Plan
      Committee shall be such number as the Committee shall from time to time
      determine, but shall not be less than a majority of the entire Plan
      Committee. The acts of a majority of the members of the Plan Committee
      present at any meeting at which a quorum is present shall be the act of
      the Plan Committee. Members of the Plan Committee may participate in a
      meeting by means of telephone conference or similar communications
      procedure pursuant to which all persons participating in the meeting can
      hear each other. The Plan Committee may take action without a meeting if
      such action is evidenced by a writing signed by at least a majority of the
      entire Plan Committee.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>12.5</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The Plan Committee
      may, by an instrument in writing, delegate to one or more of its members
      or to an officer or officers of the Company any of its powers and its
      authority under the Plan, including the execution and delivery on its
      behalf of instruments, instructions and other documents.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>12.6</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>It shall be the sole
      and exclusive duty and authority of the Plan Committee to interpret and
      construe the provisions of the Plan, to decide any disputes which may
      arise with regard to the status, eligibility and rights of Employees under
      the terms of the Plan, and any other persons claiming an interest under
      the terms of the Plan, and, in general, to direct the administration of
      the Plan.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>12.7</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The Plan Committee
      may adopt, and from time to time amend, such rules and regulations
      consistent with the purposes and provisions of the Plan, as it deems
      necessary or advisable to administer and effectuate the Plan.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>12.8</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The Plan Committee
      may shorten, lengthen (but not beyond thirty (30) days) or waive the time
      required by the Plan for the filing of any notice or other form under the
      Plan.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>12.9</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The discretionary
      powers granted hereunder to the Plan Committee shall in no event be
      exercised in any manner that will discriminate against individual
      employees or a class of employees or discriminate in favor of employees
      who are shareholders, officers, supervisors or highly compensated
      employees of the Company.</FONT></TD></TR></TABLE>
<P STYLE="text-align: center"><B><FONT face="Times New Roman" size=4>ARTICLE XIII -
</FONT></B><B><I><FONT face="Times New Roman" size=4>Valuation of Shares of
Common Stock</FONT></I></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>13.1</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>For purposes of the
      Plan, the "fair market value" of a share of Common Stock as of any date
      shall be determined as follows:</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>[a]</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>If the Common Stock
      is then listed on a national securities exchange, the "fair market value"
      shall be the closing price of a share of Common Stock on such exchange on
      such date, or, if there has been no sale of shares of Common Stock on that
      date, the closing price of a share of Common Stock on such exchange on the
      last preceding business day on which shares of Common Stock were
      traded.</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>[b]</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>If the Common Stock
      is then listed on the National Association of Securities Dealers Automatic
      Quotation System National Market System, the "fair market value" shall be
      the average of the high and low sales prices of a share of Common Stock on
      that date, or if there has been no sale of shares of Common Stock on that
      date, the average of the high and low sales prices of Common Stock on the
      last preceding business day on which shares of Common Stock were
      traded.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman"><FONT size=2 face="Times New Roman">16</FONT></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=4>ARTICLE XIV -
</FONT></B><B><I><FONT face="Times New Roman" size=4>Adjustments in Certain
Events</FONT></I></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>14.1</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>If (i) the Company shall at any time be
      involved in a transaction to which sub-section [a] of Section 424 of the
      Code is applicable, (ii) the Company shall declare a dividend payable in,
      or shall sub-divide or combine, its Common Stock, or (iii) any other event
      shall occur which in the judgment of the Board of Directors necessitates
      action by way of adjusting the terms of the outstanding Subscription
      Agreements, the Board of Directors shall take any such action as in its
      judgment shall be appropriate to preserve Participant rights substantially
      proportionate to the rights existing prior to such event. To the extent
      that such action shall include an increase or decrease in the number of
      shares of Common Stock subject to outstanding Subscription Agreements, the
      aggregate number of shares available under Article III hereof for issuance
      under the Plan pursuant to outstanding Subscription Agreements and
      Subscription Agreements which may be entered into, and the aggregate
      number of shares available for issuance in any Offering and the number
      which may be subscribed for, shall be proportionately increased or
      decreased, as the case may be. No action shall be taken by the Board of
      Directors under the provisions of this Article XIV which, in its judgment,
      would constitute a modification, extension or renewal of the Subscription
      Agreement (within the meaning of Section 424[h] of the Code), or would
      prevent the Plan from qualifying as an "employee stock purchase plan"
      (within the meaning of Section 423 of the Code). The determination of the
      Board of Directors with respect to any matter referred to in this Article
      XIV shall be conclusive and binding upon each
  Participant.</FONT></TD></TR></TABLE>
<P align=center><B><FONT face="Times New Roman" size=4>ARTICLE XV -
</FONT></B><B><I><FONT face="Times New Roman" size=4>Termination and Amendment
of the Plan</FONT></I></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>15.1</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The Board of
      Directors may, without further approval by the stockholders of the
      Company, at any time terminate or amend the Plan without notice, or make
      such modifications of the Plan as it shall deem advisable; provided that
      the Board of Directors may not, without prior approval by the holders of a
      majority of the outstanding shares of Common Stock of the Company, amend
      or modify the Plan so as to (i) increase the maximum number of shares of
      Common Stock which may be issued under the Plan (except as contemplated in
      Article XIV hereof), (ii) extend the term during which Offerings may be
      made under the Plan or (iii) increase the maximum number of Shares which
      an Eligible Employee is entitled to purchase (except as contemplated in
      Article XIV hereof); and provided further that the Board of Directors may
      not amend or modify the Plan in any manner which would prevent the Plan
      from qualifying as an "employee stock purchase plan" (within the meaning
      of Section 423 of the Code). No termination, amendment or modification of
      the Plan may, without the consent of a Participant, adversely affect the
      rights of such Participant under an outstanding Subscription
      Agreement.</FONT></TD></TR></TABLE>
<P align=center><B><FONT face="Times New Roman" size=4>ARTICLE XVI
-</FONT></B><B><I><FONT face="Times New Roman" size=4>
Miscellaneous</FONT></I></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>16.1</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Unless otherwise
      expressly provided in the Plan, all notices or other communications by a
      Participant to the Company under or in connection with the Plan shall be
      deemed to have been duly given when received by the Secretary of the
      Company or when received in the form specified by the Company at the
      location and by the persons, designated by the Company for the receipt
      thereof.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>16.2</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Notwithstanding
      anything hereunder to the contrary, the offer, sale and delivery by the
      Company of Shares under the Plan to any Eligible Employee is subject to
      compliance with all applicable securities regulation and other federal and
      state laws. The terms of this Plan shall be construed under the laws of
      the State of Connecticut.</FONT></TD></TR></TABLE>
<P align=center><B><FONT face="Times New Roman" size=4>ARTICLE XVII -
</FONT></B><B><I><FONT face="Times New Roman" size=4>Effective
Date</FONT></I></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>17.1</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The Plan shall become
      effective at such time as the Plan has been adopted by the Board of
      Directors or such later date as shall be designated by the Board of
      Directors upon its adoption of the Plan; provided, however, that the Plan
      and all Subscription Agreements entered into thereunder shall be, and be
      deemed to have been, null and void if the Plan is not approved by the
      holders of a majority of the outstanding shares of Common Stock of the
      Company within twelve (12) months after the date on which the Plan is
      adopted by the Board of Directors.</FONT></TD></TR></TABLE>
<P align=center><B><FONT face="Times New Roman" size=2>Photronics, Inc.
</FONT></B></P>
<P align=center><FONT face="Times New Roman"><FONT size=2 face="Times New Roman">17</FONT></FONT></P>
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<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>exhibit4-2.htm
<DESCRIPTION>PHOTRONICS, INC. 2007 LONG TERM EQUITY INCENTIVE PLAN (AS LAST AMENDED ON APRIL 11, 2014)
<TEXT>

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<P align=center><FONT face="Times New Roman" size=2>EXHIBIT 4.2</FONT></P>

<P align=center><FONT face="Times New Roman" size=2><B>2007 Long Term Equity
Incentive Plan</B><BR>(as Amended on April 11, 2014) </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>1.</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Purposes of
the Plan </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The purposes of the Plan are to (a) promote the
long-term success of the Company and its Subsidiaries and to increase
stockholder value by providing Eligible Individuals with incentives to
contribute to the long-term growth and profitability of the Company by offering
them an opportunity to obtain a proprietary interest in the Company through the
grant of equity-based awards and (b) assist the Company in attracting, retaining
and motivating highly qualified individuals who are in a position to make
significant contributions to the Company and its Subsidiaries. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Upon the
Effective Date, no further Awards will be granted under the Prior Plans.
</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>2.</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Definitions
and Rules of Construction </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.01</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Definitions</FONT></U><FONT face="Times New Roman" size=2>. For purposes
of the Plan, the following capitalized words shall have the meanings set forth
below: </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Award</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means an Option, Restricted Stock, Restricted Stock Unit, Stock
Appreciation Right, Performance Stock, Performance Unit or Other Award granted
by the Committee pursuant to the terms of the Plan.</FONT><B><FONT face="Times New Roman" size=2>&nbsp;</FONT></B></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Award Document</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means an agreement, certificate or other type or
form of document or documentation approved by the Committee that sets forth the
terms and conditions of an Award. An Award Document may be in written,
electronic or other media, may be limited to a notation on the books and records
of the Company and, unless the Committee requires otherwise, need not be signed
by a representative of the Company or a Participant. </FONT><FONT face="Times New Roman" size=2></FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Beneficial Owner</FONT></I></B><FONT face="Times New Roman" size=2>&#148; and &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Beneficially Owned</FONT></I></B><FONT face="Times New Roman" size=2>&#148;
have the meaning set forth in Rule 13d-3 under the Exchange Act. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Board</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means the Board
of Directors of the Company, as constituted from time to time. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Change of Control</FONT></I></B><FONT face="Times New Roman" size=2>&#148;
means: </FONT></P>
<P style="PADDING-LEFT: 30pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(i) Any Person becomes the
Beneficial Owner, directly or indirectly, of securities of the Company
representing thirty-five percent (35%)</FONT><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>or more of the combined
voting power of the Company&#146;s then outstanding securities; or </FONT></P>
<P style="PADDING-LEFT: 30pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>(ii) The following individuals cease for any
reason to constitute a majority of the number of directors then serving:
individuals who, on the Effective Date, constitute the Board and any new
director (other than a director whose initial assumption of office is in
connection with an actual or threatened election contest, including, but not
limited to, a consent solicitation, relating to the election of directors of the
Company) whose appointment or election by the Board or nomination for election
by the Company&#146;s stockholders was approved or recommended by a vote of at least
a majority of the directors then still in office who either were directors on
the Effective Date or whose appointment, election or nomination for election was
previously so approved or recommended; or </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>18</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="PADDING-LEFT: 30pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>(iii) There is consummated a merger or
consolidation of the Company or any Subsidiary with any other corporation, other
than (A) a merger or consolidation which would result in the voting securities
of the Company outstanding immediately prior to such merger or consolidation
continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity or any parent thereof), in
combination with the ownership of any trustee or other fiduciary holding
securities under an employee benefit plan of the Company or any Subsidiary of
the Company, more than fifty percent (50%) of the combined voting power of the
securities of the Company or such surviving entity or any parent thereof
outstanding immediately after such merger or consolidation, or (B) a merger or
consolidation effected to implement a recapitalization of the Company (or
similar transaction) in which no Person is or becomes the Beneficial Owner,
directly or indirectly, of securities of the Company representing thirty-five
percent (35%)</FONT><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>or more of the combined voting power of the
Company&#146;s then outstanding securities; or </FONT></P>
<P style="PADDING-LEFT: 30pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>(iv) The stockholders of the Company approve a
plan of complete liquidation or dissolution of the Company or there is
consummated an agreement for the sale or disposition by the company of all or
substantially all of the Company&#146;s assets, other than a sale or disposition by
the Company of all or substantially all of the Company&#146;s assets to an entity,
more than fifty percent (50%) of the combined voting power of the voting
securities of which are owned by stockholders of the Company in substantially
the same proportions as their ownership of the Company immediately prior to such
sale. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding the foregoing, with respect to an Award that is subject
to Section 409A of the Code and the payment or settlement of the Award will
accelerate upon a Change of Control, no event set forth herein will constitute a
Change of Control for purposes of the Plan or any Award Document unless such
event also constitutes a &#147;change in ownership,&#148; &#147;change in effective control,&#148;
or &#147;change in the ownership of a substantial portion of the Company&#146;s assets&#148; as
defined under Section 409A of the Code.</FONT><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Code</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means the Internal Revenue Code of 1986, as amended, and the applicable
rulings and regulations promulgated thereunder. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Committee</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means the
Compensation Committee of the Board, any successor committee thereto or any
other committee appointed from time to time by the Board to administer the Plan,
which committee shall meet the requirements of Section 162(m) of the Code,
Section 16(b) of the Exchange Act and the applicable rules of the NASDAQ;
</FONT><I><FONT face="Times New Roman" size=2>provided</FONT></I><FONT face="Times New Roman" size=2>, </FONT><I><FONT face="Times New Roman" size=2>however</FONT></I><FONT face="Times New Roman" size=2>, that, if any
Committee member is found not to have met the qualification requirements of
Section 162(m) of the Code and Section 16(b) of the Exchange Act, any actions
taken or Awards granted by the Committee shall not be invalidated by such
failure to so qualify. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Common Stock</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means
the common stock of the Company, par value $0.01 per share, or such other class
of share or other securities as may be applicable under Section 13 of the Plan.
</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Company</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means
Photronics, Inc., a Connecticut corporation, or any successor to all or
substantially all of the Company's business that adopts the Plan. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>EBITDA</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means earnings
before interest, taxes, depreciation and amortization. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>19</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Effective Date</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means
the date on which the Plan is adopted by the Board and approved by the
Shareholders of the Company. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Eligible Individuals</FONT></I></B><FONT face="Times New Roman" size=2>&#148;
means the individuals described in Section Section 1.09 of the Plan who are
eligible for Awards under the Plan. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Exchange Act</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means
the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Fair Market Value</FONT></I></B><FONT face="Times New Roman" size=2>&#148;
means, with respect to a share of Common Stock, the fair market value on the
date of valuation of such Award as determined by the Compensation Committee;
provided, however, that with respect to an incentive stock option issued to a
10% or more shareholder, Fair Market Value shall mean 110% of the fair market
value or such other percentage as may be permitted by the Code and regulations
promulgated thereunder.</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Incentive Stock Option</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means an Option that is intended to comply with the requirements of
Section 422 of the Code or any successor provision thereto. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>NASDAQ</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means the
NASDAQ Stock Market, Inc. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Non-Employee Director</FONT></I></B><FONT face="Times New Roman" size=2>&#148;
means any member of the Board who is not an officer or employee of the Company
or any Subsidiary. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Nonqualified Stock Option</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means an Option that is not intended to comply with the requirements of
Section 422 of the Code or any successor provision thereto.</FONT><I><FONT face="Times New Roman" size=2> </FONT></I></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Option</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means an
Incentive Stock Option or Nonqualified Stock Option granted pursuant to Section
7 of the Plan. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Other Award</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means any
form of Award other than an Option, Restricted Stock, Restricted Stock Unit or
Stock Appreciation Right granted pursuant to Section 11 of the Plan. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Participant</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means an
Eligible Individual who has been granted an Award under the Plan. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Performance Period</FONT></I></B><FONT face="Times New Roman" size=2>&#148;
means the period established by the Committee and set forth in the applicable
Award Document over which Performance Targets are measured. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Performance Stock</FONT></I></B><FONT face="Times New Roman" size=2>&#148;
means a Target Number of Shares granted pursuant to Section 10Section 1.32 of
the Plan. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Performance Target</FONT></I></B><FONT face="Times New Roman" size=2>&#148;
means the performance measures established by the Committee, from among the
performance criteria provided in Section 6(g), and set forth in the applicable
Award Document. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Performance Unit</FONT></I></B><FONT face="Times New Roman" size=2>&#148;
means a right to receive a Target Number of Shares or cash in the future granted
pursuant to Section 10Section 1.33 of the Plan. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Permitted Transferees</FONT></I></B><FONT face="Times New Roman" size=2>&#148;
means (i) a Participant&#146;s family member, (ii) one or more trusts established in
whole or in part for the benefit of one or more of such family members, (iii)
one or more entities which are beneficially owned in whole or in part by one or
more such family members, or (iv) a charitable or not-for-profit organization.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>20</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Person</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means any
person, entity or "group" within the meaning of Section 13(d)(3) or Section
14(d)(2) of the Exchange Act, except that such term shall not include (i) the
Company or any of its Subsidiaries, (ii) a trustee or other fiduciary holding
securities under an employee benefit plan of the Company, (iii) an underwriter
temporarily holding securities pursuant to an offering of such securities, (iv)
a corporation owned, directly or indirectly, by the stockholders of the Company
in substantially the same proportions as their ownership of stock of the
Company, or (v) a person or group as used in Rule 13d-1(b) under the Exchange
Act. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Plan</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means this 2007
Long Term Equity Incentive Plan, as amended or restated from time to time.
</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Plan Limit</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means the
maximum aggregate number of Shares that may be issued for all purposes under the
Plan as set forth in Section </FONT><FONT face="Times New Roman" size=2>Section
1.11</FONT><FONT face="Times New Roman" size=2> of the Plan. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Prior Plan</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means the
1996 Stock Option Plan, the 1998 Stock Option Plan, and the 2000 Stock Plan, as
amended from time to time.</FONT><B><FONT face="Times New Roman" size=2>
</FONT></B></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Restricted Stock</FONT></I></B><FONT face="Times New Roman" size=2>&#148;
means one or more Shares granted or sold pursuant to Section </FONT><FONT face="Times New Roman" size=2>Section 1.28</FONT><FONT face="Times New Roman" size=2> of the Plan. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Restricted Stock Unit</FONT></I></B><FONT face="Times New Roman" size=2>&#148;</FONT><B><I><FONT face="Times New Roman" size=2> </FONT></I></B><FONT face="Times New Roman" size=2>means a right to receive one or more Shares (or
cash, if applicable) in the future granted pursuant to Section </FONT><FONT face="Times New Roman" size=2>Section 1.29</FONT><FONT face="Times New Roman" size=2> of the Plan. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Shares</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means shares
of Common Stock, as may be adjusted pursuant to Section 13(b). </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Stock Appreciation Right</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means a right to receive all or some portion of the appreciation on
Shares granted pursuant to Section </FONT><FONT face="Times New Roman" size=2>9</FONT><FONT face="Times New Roman" size=2> of the Plan. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Subsidiary</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means (i)
a corporation or other entity with respect to which the Company, directly or
indirectly, has the power, whether through the ownership of voting securities,
by contract or otherwise, to elect at least a majority of the members of such
corporation&#146;s board of directors or analogous governing body, or (ii) any other
corporation or other entity in which the Company, directly or indirectly, has an
equity or similar interest and which the Committee designates as a Subsidiary
for purposes of the Plan. For purposes of determining eligibility for the grant
of Incentive Stock Options under the Plan, the term &#147;Subsidiary&#148; shall be
defined in the manner required by Section 424(f) of the Code. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Substitute Award</FONT></I></B><FONT face="Times New Roman" size=2>&#148;
means any Award granted upon assumption of, or in substitution or exchange for,
outstanding employee equity awards previously granted by a company or other
entity acquired by the Company or with which the Company combines pursuant to
the terms of an equity compensation plan that was approved by the stockholders
of such company or other entity. </FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Target Number</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means
the target number of Shares or cash value established by the Committee and set
forth in the applicable Award Document. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>Section 1.02</FONT><FONT face=Arial size=2>
</FONT><U><FONT face="Times New Roman" size=2>Rules of
Construction</FONT></U><FONT face="Times New Roman" size=2>. The masculine
pronoun shall be deemed to include the feminine pronoun, and the singular form
of a word shall be deemed to include the plural form, unless the context
requires otherwise. Unless the text indicates otherwise, references to sections
are to sections of the Plan. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>21</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>3.</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Administration </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Section 1.03</FONT><FONT face=Arial size=2>
</FONT><U><FONT face="Times New Roman" size=2>Committee</FONT></U><FONT face="Times New Roman" size=2>. The Plan shall be administered by the Committee,
which shall have full power and authority, subject to the express provisions
hereof, to: </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(a)</FONT><FONT face=Arial size=2>
</FONT><FONT face="Times New Roman" size=2>select the Participants from the
Eligible Individuals; </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(b)</FONT><FONT face=Arial size=2>
</FONT><FONT face="Times New Roman" size=2>grant Awards in accordance with the
Plan; </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(c)</FONT><FONT face=Arial size=2>
</FONT><FONT face="Times New Roman" size=2>determine the number of Shares
subject to each Award or the cash amount payable in connection with an Award;
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(d)</FONT><FONT face=Arial size=2>
</FONT><FONT face="Times New Roman" size=2>determine the terms and conditions of
each Award, including, without limitation, those related to term, permissible
methods of exercise, vesting, cancellation, payment, settlement, exercisability,
Performance Periods, Performance Targets, and the effect, if any, of a
Participant&#146;s termination of employment with the Company or any of its
Subsidiaries or, subject to </FONT><FONT face="Times New Roman" size=2>Section
Section 1.17</FONT><FONT face="Times New Roman" size=2>, a Change of Control of
the Company; </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(e)</FONT><FONT face=Arial size=2>
</FONT><FONT face="Times New Roman" size=2>subject to </FONT><FONT face="Times New Roman" size=2>Sections 16 and Section 1.43</FONT><FONT face="Times New Roman" size=2> of the Plan, amend the terms and conditions of an
Award after the granting thereof; </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(f)</FONT><FONT face=Arial size=2>
</FONT><FONT face="Times New Roman" size=2>specify and approve the provisions of
the Award Documents delivered to Participants in connection with their Awards;
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(g)</FONT><FONT face=Arial size=2>
</FONT><FONT face="Times New Roman" size=2>construe and interpret any Award
Document delivered under the Plan;</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(h)</FONT><FONT face=Arial size=2>
</FONT><FONT face="Times New Roman" size=2>make factual determinations in
connection with the administration or interpretation of the Plan; </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(i)</FONT><FONT face=Arial size=2>
</FONT><FONT face="Times New Roman" size=2>adopt, prescribe, amend, waive and
rescind administrative regulations, rules and procedures relating to the Plan;
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(j)</FONT><FONT face=Arial size=2>
</FONT><FONT face="Times New Roman" size=2>employ such legal counsel,
independent auditors and consultants as it deems desirable for the
administration of the Plan and to rely upon any advice, opinion or computation
received therefrom; </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(k)</FONT><FONT face=Arial size=2>
</FONT><FONT face="Times New Roman" size=2>vary the terms of Awards to take
account of tax and securities law and other regulatory requirements or to
procure favorable tax treatment for Participants;</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(l)</FONT><FONT face=Arial size=2>
</FONT><FONT face="Times New Roman" size=2>correct any defects, supply any
omission or reconcile any inconsistency in any Award Document or the Plan; and
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(m)</FONT><FONT face=Arial size=2>
</FONT><FONT face="Times New Roman" size=2>make all other determinations and
take any other action desirable or necessary to interpret, construe or implement
properly the provisions of the Plan or any Award Document. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.04</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Plan Construction and Interpretation</FONT></U><FONT face="Times New Roman" size=2>. The Committee shall have full power and
authority, subject to the express provisions hereof, to construe and interpret
the Plan. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.05</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Determinations of Committee Final and Binding</FONT></U><FONT face="Times New Roman" size=2>. All determinations by the Committee in carrying
out and administering the Plan and in construing and interpreting the Plan shall
be made in the Committee&#146;s sole discretion and shall be final, binding and
conclusive for all purposes and upon all persons interested herein. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>22</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Section 1.06</FONT><FONT face=Arial size=2>
</FONT><U><FONT face="Times New Roman" size=2>Delegation of
Authority</FONT></U><FONT face="Times New Roman" size=2>. To the extent not
prohibited by applicable laws, rules and regulations, the Committee may, from
time to time, delegate some or all of its authority under the Plan to a
subcommittee or subcommittees thereof or other persons or groups of persons as
it deems necessary, appropriate or advisable under such conditions or
limitations as it may set at the time of such delegation or thereafter;
</FONT><I><FONT face="Times New Roman" size=2>provided</FONT></I><FONT face="Times New Roman" size=2>, </FONT><I><FONT face="Times New Roman" size=2>however</FONT></I><FONT face="Times New Roman" size=2>, that the
Committee may not delegate its authority (i) to make Awards to employees (A) who
are subject on the date of the Award to the reporting rules under Section 16(a)
of the Exchange Act, (B) whose compensation for such fiscal year may be subject
to the limit on deductible compensation pursuant to Section 162(m) of the Code
or (C) who are officers of the Company who are delegated authority by the
Committee hereunder, or (ii) pursuant to Section 16 of the Plan. For purposes of
the Plan, reference to the Committee shall be deemed to refer to any
subcommittee, subcommittees, or other persons or groups of persons to whom the
Committee delegates authority pursuant to this Section 3Section 1.06.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.07</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Liability of Committee</FONT></U><FONT face="Times New Roman" size=2>.
Subject to applicable laws, rules and regulations: (i) no member of the Board or
Committee (or its delegates) shall be liable for any good faith action or
determination made in connection with the operation, administration or
interpretation of the Plan and (ii) the members of the Board or the Committee
(and its delegates) shall be entitled to indemnification and reimbursement in
the manner provided in the Company&#146;s Certificate of Incorporation as it may be
amended from time to time. In the performance of its responsibilities with
respect to the Plan, the Committee shall be entitled to rely upon information
and/or advice furnished by the Company&#146;s officers or employees, the Company&#146;s
accountants, the Company&#146;s counsel and any other party the Committee deems
necessary, and no member of the Committee shall be liable for any action taken
or not taken in reliance upon any such information and/or advice. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.08</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Action by the Board</FONT></U><FONT face="Times New Roman" size=2>.
Anything in the Plan to the contrary notwithstanding, subject to applicable
laws, rules and regulations, any authority or responsibility that, under the
terms of the Plan, may be exercised by the Committee may alternatively be
exercised by the Board.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>4.</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Eligibility
</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.09</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Eligible Individuals</FONT></U><FONT face="Times New Roman" size=2>.
Awards may be granted to officers, employees, directors, Non-Employee Directors,
consultants, advisors and independent contractors of the Company or any of its
Subsidiaries or joint ventures, partnerships or business organizations in which
the Company or its Subsidiaries have an equity interest; </FONT><I><FONT face="Times New Roman" size=2>provided</FONT></I><FONT face="Times New Roman" size=2>, </FONT><I><FONT face="Times New Roman" size=2>however</FONT></I><FONT face="Times New Roman" size=2>, that only employees of the Company or Subsidiary
may be granted Incentive Stock Options. The Committee shall have the authority
to select the persons to whom Awards may be granted and to determine the type,
number and terms of Awards to be granted to each such Participant. Under the
Plan, references to &#147;employment&#148; or &#147;employed&#148; include the engagement of
Participants who are consultants, advisors and independent contractors of the
Company or its Subsidiaries and the service of Participants who are Non-Employee
Directors, except for purposes of determining eligibility to be granted
Incentive Stock Options. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.10</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Grants to Participants</FONT></U><FONT face="Times New Roman" size=2>.
The Committee shall have no obligation to grant any Eligible Individual an Award
or to designate an Eligible Individual as a Participant solely by reason of such
Eligible Individual having received a prior Award or having been previously
designated as a Participant. The Committee may grant more than one Award to a
Participant and may designate an Eligible Individual as a Participant for
overlapping periods of time. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>5.</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Shares
Subject to the Plan </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.11</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Plan Limit</FONT></U><FONT face="Times New Roman" size=2>. Subject to
adjustment in accordance with Section 13 of the Plan, the maximum aggregate
number of Shares that may be issued for all purposes under the Plan shall be
nine million (9,000,000) plus any Shares that are available for issuance under
the Prior Plans or that become available for issuance upon cancellation or
expiration of awards granted under the Prior Plans without having been exercised
or settled. Shares to be issued under the Plan may be authorized and unissued
shares, issued shares that have been reacquired by the Company (in the
open-market or in private transactions) and that are being held in treasury, or
a combination thereof. All of the Shares subject to the Plan Limit may be issued
pursuant to Incentive Stock Options.&nbsp;</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>23</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Section 1.12</FONT><FONT face=Arial size=2>
</FONT><U><FONT face="Times New Roman" size=2>Rules Applicable to Determining
Shares Available for Issuance</FONT></U><FONT face="Times New Roman" size=2>.
The number of Shares remaining available for issuance will be reduced by the
number of Shares subject to outstanding Awards and, for Awards that are not
denominated by Shares, by the number of Shares actually delivered upon
settlement or payment of the Award. For purposes of determining the number of
Shares that remain available for issuance under the Plan, (i) the number of
Shares that are tendered by a Participant or withheld by the Company to pay the
exercise price of an Award or to satisfy the Participant&#146;s tax withholding
obligations in connection with the exercise or settlement of an Award and (ii)
all of the Shares covered by a stock-settled Stock Appreciation Right to the
extent exercised, will not be added back to the Plan Limit. In addition, for
purposes of determining the number of Shares that remain available for issuance
under the Plan, the number of Shares corresponding to Awards under the Plan that
are forfeited or cancelled or otherwise expire for any reason without having
been exercised or settled or that is settled through issuance of consideration
other than Shares (including, without limitation, cash) shall be added back to
the Plan Limit and again be available for the grant of Awards; </FONT><I><FONT face="Times New Roman" size=2>provided</FONT></I><FONT face="Times New Roman" size=2>, </FONT><I><FONT face="Times New Roman" size=2>however</FONT></I><FONT face="Times New Roman" size=2>, that this provision shall not be applicable with
respect to (i) the cancellation of a Stock Appreciation Right granted in tandem
with an Option upon the exercise of the Option or (ii) the cancellation of an
Option granted in tandem with a Stock Appreciation Right upon the exercise of
the Stock Appreciation. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.13</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Special Limits</FONT></U><FONT face="Times New Roman" size=2>. Anything
to the contrary in Section 5Section 1.11 above notwithstanding, but subject to
adjustment under Section 13 of the Plan, the following special limits shall
apply to Shares available for Awards under the Plan: </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(a)</FONT><FONT face=Arial size=2>
</FONT><FONT face="Times New Roman" size=2>the maximum number of Shares that may
be issued pursuant to awards of Restricted Stock, Restricted Stock Units,
Performance Stock, Performance Units and Other Awards that are payable in Shares
granted under the Plan shall equal one million (1,000,000) of the Shares in the
aggregate;</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(b)</FONT><FONT face=Arial size=2>
</FONT><FONT face="Times New Roman" size=2>the maximum amount of Awards (other
than those Awards set forth in Section 5Section 1.13) that may be awarded to any
Eligible Individual in any calendar year is fifteen percent of the Shares
measured as of the date of grant (with respect to Awards denominated in Shares).
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(22) Any
Shares underlying Substitute Awards shall not be counted against the number of
Shares remaining for issuance and shall not be subject to Section 5(c).
</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>6.</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Awards in
General </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.14</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Types of Awards</FONT></U><FONT face="Times New Roman" size=2>. Awards
under the Plan may consist of Options, Restricted Stock, Restricted Stock Units,
Stock Appreciation Rights, Performance Stock, Performance Units and Other
Awards. Any Award described in Sections 7 through 11 of the Plan may be granted
singly or in combination or tandem with any other Award, as the Committee may
determine. Awards under the Plan may be made in combination with, in replacement
of, or as alternatives to awards or rights under any other compensation or
benefit plan of the Company, including the plan of any acquired entity.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.15</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Terms Set Forth in Award Document</FONT></U><FONT face="Times New Roman" size=2>. The terms and conditions of each Award shall be set forth in an Award
Document in a form approved by the Committee for such Award, which Award
Document shall contain terms and conditions not inconsistent with the Plan.
Notwithstanding the foregoing, and subject to applicable laws, the Committee may
accelerate (i) the vesting or payment of any Award, (ii) the lapse of
restrictions on any Award or (iii) the date on which any Award first becomes
exercisable. The terms of Awards may vary among Participants, and the Plan does
not impose upon the Committee any requirement to make Awards subject to uniform
terms. Accordingly, the terms of individual Award Documents may vary.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>24</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Section 1.16</FONT><FONT face=Arial size=2>
</FONT><U><FONT face="Times New Roman" size=2>Termination of
Employment</FONT></U><FONT face="Times New Roman" size=2>. The Committee shall
specify at or after the time of grant of an Award the provisions governing the
disposition of an Award in the event of a Participant&#146;s termination of
employment with the Company or any of its Subsidiaries. Subject to applicable
laws, rules and regulations, in connection with a Participant&#146;s termination of
employment, the Committee shall have the discretion to accelerate the vesting,
exercisability or settlement of, eliminate the restrictions and conditions
applicable to, or extend the post-termination exercise period of an outstanding
Award. Such provisions may be specified in the applicable Award Document or
determined at a subsequent time. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.17</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Change of Control</FONT></U><FONT face="Times New Roman" size=2>. (23)
The Committee shall have full authority to determine the effect, if any, of a
Change of Control of the Company or any Subsidiary</FONT><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>on
the vesting, exercisability, settlement, payment or lapse of restrictions
applicable to an Award, which effect may be specified in the applicable Award
Document or determined at a subsequent time. Subject to applicable laws, rules
and regulations, the Board or the Committee shall, at any time prior to,
coincident with or after the effective time of a Change of Control, take such
actions as it may consider appropriate, including, without limitation: (A)
providing for the acceleration of any vesting conditions relating to the
exercise or settlement of an Award or that an Award shall terminate or expire
unless exercised or settled in full on or before a date fixed by the Committee;
(B) making such adjustments to the Awards then outstanding as the Committee
deems appropriate to reflect such Change of Control; (C) causing the Awards then
outstanding to be assumed, or new rights substituted therefor, by the surviving
corporation in such Change of Control; or (D) permit or require Participants to
surrender outstanding Options and Stock Appreciation Rights in exchange for a
cash payment, if any, equal to the difference between the highest price paid for
a Share in the Change of Control transaction and the Exercise Price of the
Award. In addition, except as otherwise specified in an Award Document (or a
Participant&#146;s written employment agreement with the Company or any Subsidiary):
</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(i)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>any and all Options and Stock
Appreciation Rights outstanding as of the effective date of the Change of
Control shall become immediately exercisable, and shall remain exercisable until
the earlier of the expiration of their initial term or the second
(2<SUP>nd</SUP>) anniversary of the Participant's termination of employment with
the Company;</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(ii)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>any restrictions imposed on
Restricted Stock and Restricted Stock Units outstanding as of the effective date
of the Change of Control shall lapse;&nbsp;</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(iii)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the Performance Targets with
respect to all Performance Units, Performance Stock and other performance-based
Awards granted pursuant to Sections 6(g) or 10 outstanding as of the effective
date of the Change of Control shall be deemed to have been attained at the
specified target level of performance; and</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(iv)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>the vesting of all Awards
denominated in Shares outstanding as of the effective date of the Change in
Control shall be accelerated. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(b)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>Subject to applicable laws, rules and regulations, the Committee may
provide, in an Award Document or subsequent to the grant of an Award for the
accelerated vesting, exercisability and/or the deemed attainment of a
Performance Target with respect to an Award upon specified events similar to a
Change of Control.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(c)</FONT><FONT face=Arial size=2> </FONT><FONT face="Times New Roman" size=2>Notwithstanding any other provision of the Plan or any Award Document,
the provisions of this Section 6(d) may not be terminated, amended, or modified
upon or after a Change of Control in a manner that would adversely affect a
Participant&#146;s rights with respect to an outstanding Award without the prior
written consent of the Participant. Subject to Section 16, the Board, upon
recommendation of the Committee, may terminate, amend or modify this Section
6(d) at any time and from time to time prior to a Change of Control.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>25</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Section 1.18</FONT><FONT face=Arial size=2>
</FONT><U><FONT face="Times New Roman" size=2>Dividends and Dividend
Equivalents</FONT></U><FONT face="Times New Roman" size=2>. The Committee may
provide Participants with the right to receive dividends or payments equivalent
to dividends or interest with respect to an outstanding Award, which payments
can either be paid currently or deemed to have been reinvested in Shares, and
can be made in Shares, cash or a combination thereof, as the Committee shall
determine; </FONT><I><FONT face="Times New Roman" size=2>provided</FONT></I><FONT face="Times New Roman" size=2>, </FONT><I><FONT face="Times New Roman" size=2>however</FONT></I><FONT face="Times New Roman" size=2>, that the terms of any reinvestment of dividends must comply with all
applicable laws, rules and regulations, including, without limitation, Section
409A of the Code. Notwithstanding the foregoing, no dividends or dividend
equivalents shall be paid with respect to Options or Stock Appreciation Rights.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.19</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Rights of a Stockholder</FONT></U><FONT face="Times New Roman" size=2>. A
Participant shall have no rights as a stockholder with respect to Shares covered
by an Award (including voting rights) until the date the Participant or his
nominee becomes the holder of record of such Shares. No adjustment shall be made
for dividends or other rights for which the record date is prior to such date,
except as provided in Section 13. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.20</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Performance-Based Awards</FONT></U><FONT face="Times New Roman" size=2>.
(i) The Committee may determine whether any Award under the Plan is intended to
be &#147;performance-based compensation&#148; as that term is used in Section 162(m) of
the Code. Any such Awards designated to be &#147;performance-based compensation&#148;
shall be conditioned on the achievement of one or more Performance Targets to
the extent required by Section 162(m) of the Code and will be subject to all
other conditions and requirements of Section 162(m). The Performance Targets
will be comprised of specified levels of one or more of the following
performance criteria as the Committee deems appropriate: net income; cash flow
or cash flow on investment; pre-tax or post-tax profit levels or earnings;
operating earnings; return on investment; earned value added expense reduction
levels; free cash flow; free cash flow per share; earnings per share; net
earnings per share; return on assets; return on net assets; return on equity;
return on capital; return on sales; growth in managed assets; operating margin;
total stockholder return or stock price appreciation; EBITDA; adjusted EBITDA;
revenue; revenue before deferral, in each case determined in accordance with
generally accepted accounting principles (subject to modifications approved by
the Committee) consistently applied on a business unit, divisional, subsidiary
or consolidated basis or any combination thereof. The Performance Targets may be
described in terms of objectives that are related to the individual Participant
or objectives that are Company-wide or related to a Subsidiary, division,
department, region, function or business unit and may be measured on an absolute
or cumulative basis or on the basis of percentage of improvement over time, and
may be measured in terms of Company performance (or performance of the
applicable Subsidiary, division, department, region, function or business unit)
or measured relative to selected peer companies or a market index. In addition,
for Awards not intended to qualify as &#147;performance-based compensation&#148; under
Section 162(m) of the Code, the Committee may establish Performance Targets
based on other criteria as it deems appropriate. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(ii) The
Participants will be designated, and the applicable Performance Targets will be
established, by the Committee within ninety (90) days following the commencement
of the applicable Performance Period (or such earlier or later date permitted or
required by Section 162(m) of the Code). Each Participant will be assigned a
Target Number payable if Performance Targets are achieved. Any payment of an
Award granted with Performance Targets shall be conditioned on the written
certification of the Committee in each case that the Performance Targets and any
other material conditions were satisfied. The Committee may determine, at the
time of Award grant, that if performance exceeds the specified Performance
Targets, the Award may be settled with payment greater than the Target Number,
but in no event may such payment exceed the limits set forth in Section 5(c).
The Committee retains the right to reduce any Award notwithstanding the
attainment of the Performance Targets.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.21</FONT><FONT face=Arial size=2> </FONT><U><FONT face="Times New Roman" size=2>Deferrals</FONT></U><FONT face="Times New Roman" size=2>. In accordance
with the procedures authorized by, and subject to the approval of, the
Committee, Participants may be given the opportunity to defer the payment or
settlement of an Award to one or more dates selected by the Participant;
</FONT><I><FONT face="Times New Roman" size=2>provided</FONT></I><FONT face="Times New Roman" size=2>, </FONT><I><FONT face="Times New Roman" size=2>however</FONT></I><FONT face="Times New Roman" size=2>, that the terms of
any deferrals must comply with all applicable laws, rules and regulations,
including, without limitation, Section 409A of the Code. No deferral opportunity
shall exist with respect to an Award unless explicitly permitted by the
Committee on or after the time of grant.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>26</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>


<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Section 1.22</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Repricing of Options and
Stock Appreciation Rights</FONT></U><FONT face="Times New Roman" size=2>.
Notwithstanding anything in the Plan to the contrary, an Option or Stock
Appreciation Right shall not be granted in substitution for a previously granted
Option or Stock Appreciation Right being canceled or surrendered as a condition
of receiving a new Award, if the new Award would have a lower exercise price
than the Award it replaces, nor shall the exercise price of an Option or Stock
Appreciation Right be reduced once the Option or Stock Appreciation Right is
granted. The foregoing shall not (i) prevent adjustments pursuant to Section 13
or (ii) apply to grants of Substitute Awards. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>7.</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Terms and Conditions of Options </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.23</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>General</FONT></U><FONT face="Times New Roman" size=2>. The Committee, in its discretion, may grant Options to Eligible
Individuals and shall determine whether such Options shall be Incentive Stock
Options or Nonqualified Stock Options. Each Option shall be evidenced by an
Award Document that shall expressly identify the Option as an Incentive Stock
Option or Nonqualified Stock Option, and be in such form and contain such
provisions as the Committee shall from time to time deem appropriate.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.24</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Exercise Price</FONT></U><FONT face="Times New Roman" size=2>. The exercise price of an Option shall be fixed
by the Committee at the time of grant or shall be determined by a method
specified by the Committee at the time of grant. In no event shall the exercise
price of an Option be less than one hundred percent (100%) of the Fair Market
Value of a Share on the date of grant; </FONT><I><FONT face="Times New Roman" size=2>provided</FONT></I><FONT face="Times New Roman" size=2>, </FONT><I><FONT face="Times New Roman" size=2>however</FONT></I><FONT face="Times New Roman" size=2> that the exercise price of a Substitute Award granted as an Option shall
be determined in accordance with Section 409A of the Code and may be less than
one hundred percent (100%) of the Fair Market Value. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.25</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Term</FONT></U><FONT face="Times New Roman" size=2>. An Option shall be effective for such term as shall be determined by
the Committee and as set forth in the Award Document relating to such Option,
and the Committee may extend the term of an Option after the time of grant;
</FONT><I><FONT face="Times New Roman" size=2>provided</FONT></I><FONT face="Times New Roman" size=2>, </FONT><I><FONT face="Times New Roman" size=2>however</FONT></I><FONT face="Times New Roman" size=2>, that the term of
an Option may in no event extend beyond the tenth (10<SUP>th</SUP>) anniversary
of the date of grant of such Option.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.26</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Exercise; Payment of Exercise
Price</FONT></U><FONT face="Times New Roman" size=2>. Options shall be exercised
by delivery of a notice of exercise in a form approved by the Company. Subject
to the provisions of the applicable Award Document, the exercise price of an
Option may be paid (i) in cash or cash equivalents, (ii) by actual delivery or
attestation to ownership of freely transferable Shares already owned by the
person exercising the Option, (iii) by a combination of cash and Shares equal in
value to the exercise price, (iv) through net share settlement or similar
procedure involving the withholding of Shares subject to the Option with a value
equal to the exercise price or (v) by such other means as the Committee may
authorize. In accordance with the rules and procedures authorized by the
Committee for this purpose, the Option may also be exercised through a &#147;cashless
exercise&#148; procedure authorized by the Committee from time to time that permits
Participants to exercise Options by delivering irrevocable instructions to a
broker to deliver promptly to the Company the amount of sale or loan proceeds
necessary to pay the exercise price and the amount of any required tax or other
withholding obligations or such other procedures determined by the Company from
time to time. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section 1.27</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Incentive Stock Options</FONT></U><FONT face="Times New Roman" size=2>.
The exercise price per Share of an Incentive Stock Option shall be fixed by the
Committee at the time of grant or shall be determined by a method specified by
the Committee at the time of grant, but in no event shall the exercise price of
an Incentive Stock Option be less than one hundred percent (100%) of the Fair
Market Value of a Share on the date of grant. No Incentive Stock Option may be
issued pursuant to the Plan to any individual who, at the time the Incentive
Stock Option is granted, owns stock possessing more than ten percent (10%) of
the total combined voting power of all classes of stock of the Company or any of
its Subsidiaries, unless (i) the exercise price determined as of the date of
grant is at least one hundred ten percent
(110%) of the Fair Market Value on the date of grant of the Shares subject to
such Incentive Stock Option and (ii) the Incentive Stock Option is not
exercisable more than five (5) years from the date of grant thereof. No
Participant shall be granted any Incentive Stock Option which would result in
such Participant receiving a grant of Incentive Stock Options that would have an
aggregate Fair Market Value in excess of one hundred thousand dollars
($100,000), determined as of the time of grant, that would be exercisable for
the first time by such Participant during any calendar year. No Incentive Stock
Option may be granted under the Plan after the tenth anniversary of the
Effective Date. The terms of any Incentive Stock Option granted under the Plan
shall comply in all respects with the provisions of Section 422 of the Code, or
any successor provision thereto, as amended from time to time.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>27</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>8.</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Terms and Conditions of Restricted Stock and Restricted Stock Units
</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Section 1.28</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Restricted
Stock</FONT></U><FONT face="Times New Roman" size=2>. The Committee, in its
discretion, may grant or sell Restricted Stock to Eligible Individuals. An Award
of Restricted Stock shall consist of one or more Shares granted or sold to an
Eligible Individual, and shall be subject to the terms, conditions and
restrictions set forth in the Plan and established by the Committee in
connection with the Award and specified in the applicable Award Document.
Restricted Stock may, among other things, be subject to restrictions on
transferability, vesting requirements or other specified circumstances under
which it may be canceled. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.29</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Restricted Stock Units</FONT></U><FONT face="Times New Roman" size=2>. The Committee, in its discretion, may grant
Restricted Stock Units to Eligible Individuals. A Restricted Stock Unit shall
entitle a Participant to receive, subject to the terms, conditions and
restrictions set forth in the Plan and the applicable Award Document, one or
more Shares. Restricted Stock Units may, among other things, be subject to
restrictions on transferability, vesting requirements or other specified
circumstances under which they may be canceled. If and when the cancellation
provisions lapse, the Restricted Stock Units shall become Shares owned by the
applicable Participant or, at the sole discretion of the Committee, cash, or a
combination of cash and Shares, with a value equal to the Fair Market Value of
the Shares at the time of payment. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>9.</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Stock Appreciation Rights </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.30</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>General</FONT></U><FONT face="Times New Roman" size=2>. The Committee, in its discretion, may grant Stock Appreciation Rights
to Eligible Individuals. A Stock Appreciation Right shall entitle a Participant
to receive, upon satisfaction of the conditions to payment specified in the
applicable Award Document, an amount equal to the excess, if any, of the Fair
Market Value on the exercise date of the number of Shares for which the Stock
Appreciation Right is exercised over the grant price for such Stock Appreciation
Right specified in the applicable Award Document. The grant price per share of
Shares covered by a Stock Appreciation Right shall be fixed by the Committee at
the time of grant or, alternatively, shall be determined by a method specified
by the Committee at the time of grant, but in no event shall the grant price of
a Stock Appreciation Right be less than one hundred percent (100%) of the Fair
Market Value of a Share on the date of grant; </FONT><I><FONT face="Times New Roman" size=2>provided</FONT></I><FONT face="Times New Roman" size=2>, </FONT><I><FONT face="Times New Roman" size=2>however</FONT></I><FONT face="Times New Roman" size=2>, that the grant price of a Substitute Award
granted as a Stock Appreciation Rights shall be in accordance with Section 409A
of the Code and may be less than one hundred percent (100%) of the Fair Market
Value. Payments to a Participant upon exercise of a Stock Appreciation Right may
be made in cash or Shares, having an aggregate Fair Market Value as of the date
of exercise equal to the excess, if any, of the Fair Market Value on the
exercise date of the number of Shares for which the Stock Appreciation Right is
exercised over the grant price for such Stock Appreciation Right. The term of a
Stock Appreciation Right settled in Shares shall not exceed seven (7) years.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.31</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Stock Appreciation Rights in Tandem with
Options</FONT></U><FONT face="Times New Roman" size=2>. A Stock Appreciation
Right granted in tandem with an Option may be granted either at the same time as
such Option or subsequent thereto. If granted in tandem with an Option, a Stock
Appreciation Right shall cover the same number of Shares as covered by the
Option (or such lesser number of shares as the Committee may determine) and
shall be exercisable only at such time or times and to the extent the related
Option shall be exercisable, and shall have the same term as the related Option. The grant price of a Stock
Appreciation Right granted in tandem with an Option shall equal the per-share
exercise price of the Option to which it relates. Upon exercise of a Stock
Appreciation Right granted in tandem with an Option, the related Option shall be
canceled automatically to the extent of the number of Shares covered by such
exercise; conversely, if the related Option is exercised as to some or all of
the shares covered by the tandem grant, the tandem Stock Appreciation Right
shall be canceled automatically to the extent of the number of Shares covered by
the Option exercise. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>28</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>10.</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Terms and Conditions of Performance Stock and Performance Units
</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Section 1.32</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Performance
Stock</FONT></U><FONT face="Times New Roman" size=2>. The Committee may grant
Performance Stock to Eligible Individuals. An Award of Performance Stock shall
consist of a Target Number of Shares granted to an Eligible Individual based on
the achievement of Performance Targets over the applicable Performance Period,
and shall be subject to the terms, conditions and restrictions set forth in the
Plan and established by the Committee in connection with the Award and specified
in the applicable Award Document.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.33</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Performance Units</FONT></U><FONT face="Times New Roman" size=2>. The Committee, in its discretion, may grant
Performance Units to Eligible Individuals. A Performance Unit shall entitle a
Participant to receive, subject to the terms, conditions and restrictions set
forth in the Plan and established by the Committee in connection with the Award
and specified in the applicable Award Document, a Target Number of Shares or
cash based upon the achievement of Performance Targets over the applicable
Performance Period. At the sole discretion of the Committee, Performance Units
shall be settled through the delivery of Shares or cash, or a combination of
cash and Shares, with a value equal to the Fair Market Value of the underlying
Shares as of the last day of the applicable Performance Period. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>11.</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Other Awards </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The
Committee shall have the authority to specify the terms and provisions of other
forms of equity-based or equity-related Awards not described above that the
Committee determines to be consistent with the purpose of the Plan and the
interests of the Company, which Awards may provide for cash payments based in
whole or in part on the value or future value of Shares, for the acquisition or
future acquisition of Shares, or any combination thereof. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>12.</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Certain Restrictions </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.34 <U>Transfers</U>. No Award shall be transferable other than pursuant to a
beneficiary designation under Section 12(c), by last will and testament or by
the laws of descent and distribution or, except in the case of an Incentive
Stock Option, pursuant to a domestic relations order, as the case may be;
<I>provided</I>, <I>however</I>, that the Committee may, subject to applicable
laws, rules and regulations and such terms and conditions as it shall specify,
permit the transfer of an Award, other than an Incentive Stock Option, for no
consideration to a Permitted Transferee. Any Award transferred to a Permitted
Transferee shall be further transferable only by last will and testament or the
laws of descent and distribution or, for no consideration, to another Permitted
Transferee of the Participant. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.35 <U>Award Exercisable Only by Participant</U>. During the lifetime of a
Participant, an Award shall be exercisable only by the Participant or by a
Permitted Transferee to whom such Award has been transferred in accordance with
Section 12Section 1.34 above. The grant of an Award shall impose no obligation
on a Participant to exercise or settle the Award. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.36 <U>Beneficiary Designation</U>. The beneficiary or beneficiaries of the
Participant to whom any benefit under the Plan is to be paid in case of his
death before he receives any or all of such benefit shall be determined under
the Company's Group Life Insurance Plan. A Participant may, from time to time,
name any beneficiary or beneficiaries to
receive any benefit in case of his death before he receives any or all of such
benefit. Each such designation shall revoke all prior designations by the same
Participant, including the beneficiary designated under the Company's Group Life
Insurance Plan, and will be effective only when filed by the Participant in
writing (in such form or manner as may be prescribed by the Committee) with the
Company during the Participant's lifetime. In the absence of a valid designation
under the Company's Group Life Insurance Plan or otherwise, if no validly
designated beneficiary survives the Participant or if each surviving validly
designated beneficiary is legally impaired or prohibited from receiving the
benefits under an Award, the Participant's beneficiary shall be the
Participant's estate. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>29</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>13.</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Recapitalization or Reorganization </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Section 1.37</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Authority of the Company
and Stockholders</FONT></U><FONT face="Times New Roman" size=2>. The existence
of the Plan, the Award Documents and the Awards granted hereunder shall not
affect or restrict in any way the right or power of the Company or the
stockholders of the Company to make or authorize any adjustment,
recapitalization, reorganization or other change in the Company&#146;s capital
structure or business, any merger or consolidation of the Company, any issue of
stock or of options, warrants or rights to purchase stock or of bonds,
debentures, preferred or prior preference stocks whose rights are superior to or
affect the Shares or the rights thereof or which are convertible into or
exchangeable for Shares, or the dissolution or liquidation of the Company, or
any sale or transfer of all or any part of its assets or business, or any other
corporate act or proceeding, whether of a similar character or otherwise.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.38</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Change in Capitalization</FONT></U><FONT face="Times New Roman" size=2>. Notwithstanding any provision of the Plan or any
Award Document, the number and kind of Shares authorized for issuance under
Section 5 of the Plan, including the maximum number of Shares available under
the special limits provided for in Section Section 1.13, may be equitably
adjusted in the sole discretion of the Committee in the event of a stock split,
reverse stock spit, stock dividend, recapitalization, reorganization, partial or
complete liquidation, reclassification, merger, consolidation, separation,
extraordinary cash dividend, split-up, spin-off, combination, exchange of
Shares, warrants or rights offering to purchase Shares at a price substantially
below Fair Market Value, or any other corporate event or distribution of stock
or property of the Company affecting the Shares in order to preserve, but not
increase, the benefits or potential benefits intended to be made available under
the Plan. In addition, upon the occurrence of any of the foregoing events, the
number and kind of Shares subject to any outstanding Award and the exercise
price per Share (or the grant price per Share, as the case may be), if any,
under any outstanding Award may be equitably adjusted (including by payment of
cash to a Participant) in the sole discretion of the Committee in order to
preserve the benefits or potential benefits intended to be made available to
Participants. Such adjustments shall be made by the Committee. Unless otherwise
determined by the Committee, such adjusted Awards shall be subject to the same
restrictions and vesting or settlement schedule to which the underlying Award is
subject.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>14.</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Term of the Plan </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Unless
earlier terminated pursuant to Section 16, the Plan shall terminate on the tenth
(10<SUP>th</SUP>) anniversary of the Effective Date, except with respect to
Awards then outstanding. No Awards may be granted under the Plan after the tenth
(10<SUP>th</SUP>) anniversary of the Effective Date. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>15.</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Effective Date </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The Plan
shall become effective on the Effective Date, subject to approval by the
stockholders of the Company. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>30</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>16.</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Amendment and Termination </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Subject to applicable laws, rules and regulations,
the Board may at any time terminate or, from time to time, amend, modify or
suspend the Plan; </FONT><I><FONT face="Times New Roman" size=2>provided</FONT></I><FONT face="Times New Roman" size=2>, </FONT><I><FONT face="Times New Roman" size=2>however</FONT></I><FONT face="Times New Roman" size=2>, that no termination, amendment, modification or suspension (i) will be
effective without the approval of the stockholders of the Company if such
approval is required under applicable laws, rules and regulations, including the
rules of NASDAQ and (ii) shall materially and adversely alter or impair the
rights of a Participant in any Award previously made under the Plan without the
consent of the holder thereof. Notwithstanding the foregoing, the Board shall
have broad authority to amend the Plan or any Award under the Plan without the
consent of a Participant to the extent it deems necessary or desirable (a) to
comply with, take into account changes in, or interpretations of, applicable tax
laws, securities laws, employment laws, accounting rules and other applicable
laws, rules and regulations, (b) to take into account unusual or nonrecurring
events or market conditions (including, without limitation, the events described
in Section 13(b)), or (c) to take into account significant acquisitions or
dispositions of assets or other property by the Company. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>17.</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Miscellaneous </FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.39</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Tax Withholding</FONT></U><FONT face="Times New Roman" size=2>. The Company or a Subsidiary, as appropriate, may
require any individual entitled to receive a payment of an Award to remit to the
Company, prior to payment, an amount sufficient to satisfy any applicable tax
withholding requirements. In the case of an Award payable in Shares, the Company
or a Subsidiary, as appropriate, may permit or require a Participant to satisfy,
in whole or in part, such obligation to remit taxes by directing the Company to
withhold shares that would otherwise be received by such individual or to
repurchase shares that were issued to the Participant to satisfy the minimum
statutory withholding rates for any applicable tax withholding purposes, in
accordance with all applicable laws and pursuant to such rules as the Committee
may establish from time to time. The Company or a Subsidiary, as appropriate,
shall also have the right to deduct from all cash payments made to a Participant
(whether or not such payment is made in connection with an Award) any applicable
taxes required to be withheld with respect to such payments. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.40</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>No Right to Awards or Employment</FONT></U><FONT face="Times New Roman" size=2>. No person shall have any claim or right to
receive Awards under the Plan. Neither the Plan, the grant of Awards under the
Plan nor any action taken or omitted to be taken under the Plan shall be deemed
to create or confer on any Eligible Individual any right to be retained in the
employ of the Company or any Subsidiary or other affiliate thereof, or to
interfere with or to limit in any way the right of the Company or any Subsidiary
or other affiliate thereof to terminate the employment of such Eligible
Individual at any time. No Award shall constitute salary, recurrent compensation
or contractual compensation for the year of grant, any later year or any other
period of time. Payments received by a Participant under any Award made pursuant
to the Plan shall not be included in, nor have any effect on, the determination
of employment-related rights or benefits under any other employee benefit plan
or similar arrangement provided by the Company and the Subsidiaries, unless
otherwise specifically provided for under the terms of such plan or arrangement
or by the Committee. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.41</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Securities Law Restrictions</FONT></U><FONT face="Times New Roman" size=2>. An Award may not be exercised or settled, and no
Shares may be issued in connection with an Award, unless the issuance of such
shares (i) has been registered under the Securities Act of 1933, as amended,
(ii) has qualified under applicable state &#147;blue sky&#148; laws (or the Company has
determined that an exemption from registration and from qualification under such
state &#147;blue sky&#148; laws is available) and (iii) complies with all applicable
foreign securities laws. The Committee may require each Participant purchasing
or acquiring Shares pursuant to an Award under the Plan to represent to and
agree with the Company in writing that such Eligible Individual is acquiring the
Shares for investment purposes and not with a view to the distribution thereof.
All certificates for Shares delivered under the Plan shall be subject to such
stock-transfer orders and other restrictions as the Committee may deem advisable
under the rules, regulations, and other requirements of the Securities and
Exchange Commission, any exchange upon which the Shares are then listed, and any applicable securities law, and the
Committee may cause a legend or legends to be put on any such certificates to
make appropriate reference to such restrictions. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>31</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Section 1.42</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Section 162(m) of the
Code</FONT></U><FONT face="Times New Roman" size=2>. The Plan is intended to
comply in all respects with Section 162(m) of the Code; </FONT><I><FONT face="Times New Roman" size=2>provided</FONT></I><FONT face="Times New Roman" size=2>, </FONT><I><FONT face="Times New Roman" size=2>however</FONT></I><FONT face="Times New Roman" size=2>, that in the event the Committee determines that
compliance with Section 162(m) of the Code is not desired with respect to a
particular Award, compliance with Section 162(m) of the Code will not be
required. In addition, if any provision of this Plan would cause Awards that are
intended to constitute &#147;qualified performance-based compensation&#148; under Section
162(m) of the Code, to fail to so qualify, that provision shall be severed from,
and shall be deemed not to be a part of, the Plan, but the other provisions
hereof shall remain in full force and effect. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.43</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Section 409A of the Code</FONT></U><FONT face="Times New Roman" size=2>. Notwithstanding any contrary provision in the
Plan or an Award Document, if any provision of the Plan or an Award Document
contravenes any regulations or guidance promulgated under Section 409A of the
Code or would cause an Award to be subject to additional taxes, accelerated
taxation, interest and/or penalties under Section 409A of the Code, such
provision of the Plan or Award Document may be modified by the Committee without
consent of the Participant in any manner the Committee deems reasonable or
necessary. In making such modifications the Committee shall attempt, but shall
not be obligated, to maintain, to the maximum extent practicable, the original
intent of the applicable provision without contravening the provisions of
Section 409A of the Code. Moreover, any discretionary authority that the
Committee may have pursuant to the Plan shall not be applicable to an Award that
is subject to Section 409A of the Code to the extent such discretionary
authority would contravene Section 409A of the Code or the guidance promulgated
thereunder. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.44</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Awards to Individuals Subject to Laws of a
Jurisdiction Outside of the United </FONT><FONT face="Times New Roman" size=2>States</FONT></U><FONT face="Times New Roman" size=2>. To the extent that
Awards under the Plan are awarded to Eligible Individuals who are domiciled or
resident outside of the United States or to persons who are domiciled or
resident in the United States but who are subject to the tax laws of a
jurisdiction outside of the United States, the Committee may adjust the terms of
the Awards granted hereunder to such person (i) to comply with the laws, rules
and regulations of such jurisdiction and (ii) to permit the grant of the Award
not to be a taxable event to the Participant. The authority granted under the
previous sentence shall include the discretion for the Committee to adopt, on
behalf of the Company, one or more sub-plans applicable to separate classes of
Eligible Individuals who are subject to the laws of jurisdictions outside of the
United States. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.45</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Satisfaction of Obligations</FONT></U><FONT face="Times New Roman" size=2>. Subject to applicable law, the Company may apply
any cash, Shares, securities or other consideration received upon exercise or
settlement of an Award to any obligations a Participant owes to the Company and
the Subsidiaries in connection with the Plan or otherwise, including, without
limitation, any tax obligations or obligations under a currency facility
established in connection with the Plan. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(h)</FONT><I><FONT face="Times New Roman" size=2> </FONT></I><U><FONT face="Times New Roman" size=2>No Limitation on Corporate Actions</FONT></U><FONT face="Times New Roman" size=2>. Nothing contained in the Plan shall be construed
to prevent the Company or any Subsidiary from taking any corporate action,
whether or not such action would have an adverse effect on any Awards made under
the Plan. No Participant, beneficiary or other person shall have any claim
against the Company or any Subsidiary as a result of any such action.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.47</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Unfunded Plan</FONT></U><I><FONT face="Times New Roman" size=2>. </FONT></I><FONT face="Times New Roman" size=2>The Plan is intended to constitute an unfunded plan for incentive
compensation. Prior to the issuance of Shares, cash or other form of payment in
connection with an Award, nothing contained herein shall give any Participant
any rights that are greater than those of a general unsecured creditor of the
Company. The Committee may, but is not obligated, to authorize the creation of
trusts or other arrangements to meet the obligations created under the Plan to
deliver Shares with respect to awards hereunder. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>32</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Section 1.48</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Successors</FONT></U><FONT face="Times New Roman" size=2>. All obligations of the Company under the Plan
with respect to Awards granted hereunder shall be binding on any successor to
the Company, whether the existence of such successor is the result of a direct
or indirect purchase, merger, consolidation, or otherwise, of all or
substantially all of the business and/or assets of the Company. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.49</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Application of Funds</FONT></U><FONT face="Times New Roman" size=2>. The proceeds received by the Company from the
sale of Shares pursuant to Awards will be used for general corporate purposes.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.50</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Award Document</FONT></U><FONT face="Times New Roman" size=2>. In the event of any conflict or inconsistency
between the Plan and any Award Document, the Plan shall govern and the Award
Document shall be interpreted to minimize or eliminate any such conflict or
inconsistency. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.51</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Headings</FONT></U><FONT face="Times New Roman" size=2>. The headings of Sections herein are included solely for convenience of
reference and shall not affect the meaning of any of the provisions of the Plan.
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.52</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Severability</FONT></U><FONT face="Times New Roman" size=2>. If any provision of this Plan is held
unenforceable, the remainder of the Plan shall continue in full force and effect
without regard to such unenforceable provision and shall be applied as though
the unenforceable provision were not contained in the Plan.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.53</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Expenses</FONT></U><FONT face="Times New Roman" size=2>. The costs and expenses of administering the Plan shall be borne by the
Company. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.54</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Arbitration</FONT></U><FONT face="Times New Roman" size=2>. Any dispute, controversy or claim arising out of or relating to the
Plan that cannot be resolved by the Participant on the one hand, and the Company
on the other, shall be submitted to arbitration in the State of Connecticut
under the National Rules for the Resolution of Employment Disputes of the
American Arbitration Association; </FONT><I><FONT face="Times New Roman" size=2>provided</FONT></I><FONT face="Times New Roman" size=2>, </FONT><I><FONT face="Times New Roman" size=2>however</FONT></I><FONT face="Times New Roman" size=2>, that any such submission by the Participant must be made within one (1)
year of the date of the events giving rise to such dispute, controversy or
claim. The determination of the arbitrator shall be conclusive and binding on
the Company and the Participant, and judgment may be entered on the arbitrator&#146;s
award in any court having jurisdiction. The expenses of such arbitration shall
be borne by the Company; </FONT><I><FONT face="Times New Roman" size=2>provided</FONT></I><FONT face="Times New Roman" size=2>, </FONT><I><FONT face="Times New Roman" size=2>however</FONT></I><FONT face="Times New Roman" size=2>, that each party shall bear its own legal expenses unless the
Participant is the prevailing party, in which case the Company shall promptly
pay or reimburse the Participant for the reasonable legal fees and expenses
incurred by the Participant in connection with such contest or dispute
(excluding any fees payable pursuant to a contingency fee arrangement).
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Section
1.55</FONT><FONT face="Times New Roman" size=2> </FONT><U><FONT face="Times New Roman" size=2>Governing Law</FONT></U><FONT face="Times New Roman" size=2>. Except as to matters of federal law, the Plan
and all actions taken thereunder shall be governed by and construed in
accordance with the laws of the State of Connecticut. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>33</FONT></P>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>exhibit5-1.htm
<DESCRIPTION>OPINION OF RICHELLE E. BURR, ESQ
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<P align=center><FONT face="Times New Roman" size=2>EXHIBIT 5.1</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>August 6, 2014</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Photronics,
Inc.<BR></FONT><FONT face="Times New Roman" size=2>15 Secor Road<BR>Brookfield,
CT 06804 </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Re:</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Photronics, Inc. Registration Statement on Form
  S-8</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face="Times New Roman" size=2>(&#147;Registration Statement&#148;)</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=2>Ladies and
Gentlemen:</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>I
am furnishing this opinion of counsel to Photronics, Inc., a Connecticut
corporation (the &#147;Company&#148;), for filing as Exhibit 5.1 to the Registration
Statement relating to the issuance of up to 300,000 shares of the Company's
common stock, par value $0.01 per share (the &#147;ESPP Shares&#148;), pursuant to the
Photronics, Inc. Employee Stock Purchase Plan, as amended, at the Annual Meeting
of Shareholders on March 28, 2012 (the &#147;ESPP Plan&#148;) and the issuance of up to
3,000,000 shares of the Company&#146;s common stock, par value $0.01 per share (the
&#147;LTEIP Shares&#148;) pursuant to the Photronics, Inc. Long Term Equity Incentive
Plan, as amended at the Annual Meeting of Shareholders on April 11, 2014 (the
&#147;LTEIP Plan&#148;).</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>For purposes of rendering this opinion, I have examined the ESPP Plan and
the LTEIP Plan, the Certificate of Incorporation, as amended, and Bylaws of the
Company, and the originals, or copies certified or otherwise identified to my
satisfaction, of records of corporate proceedings of the Company, certificates
of public officials and of representatives of the Company, and such other
documents and records as I deemed necessary. In such examination I have assumed
the genuineness of all signatures, the authenticity of all corporate records and
other documents submitted to me as originals and the conformity to original
documents of documents submitted to me as certified or photostatic
copies.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Based upon my examination as aforesaid,
and in reliance upon my examination of such questions of law as I deemed
relevant under the circumstances, I am of the opinion that: </FONT></P>
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  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>The
      Company is a corporation duly incorporated and legally existing under the
      laws of the State of Connecticut.&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>The ESPP
      Shares to be issued under the ESPP Plan in accordance with the terms of
      the ESPP Plan, will be duly authorized and validly issued, and will be
      fully paid and non-assessable when the ESPP Shares are issued and paid for
      in accordance with the terms and conditions of the ESPP Plan.</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>The LTEIP
      Shares to be issued upon the exercise of stock options and the grant of
      restricted stock in accordance with the terms of the LTEIP Plan will be
      duly authorized and validly issued, and will be fully paid and
      non-assessable when stock options shall have been properly exercised and
      the exercise price shall have been paid for the LTEIP Shares in accordance
      with the terms of the LTEIP Plan.</FONT></TD></TR></TABLE>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>I
hereby consent to the filing of this opinion of counsel as Exhibit 5.1 to the
Registration Statement. In giving the foregoing consent, I do not thereby admit
that I belong to the category of persons whose consent is required under Section
7 of the Securities Act of 1933, as amended, or the rules and regulations
promulgated by the Securities and Exchange Commission thereunder. Please note
that I am Vice President, General Counsel and Secretary of the Company and hold
57,938 options to purchase shares of the Company's common stock, 11,300 shares
of restricted stock and 2,400 shares purchased through the ESPP Plan.</FONT></P>
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  <TR vAlign=bottom>
    <TD noWrap align=left width="75%">&nbsp;</TD>
    <TD noWrap align=left width="25%" colSpan=2><FONT face="Times New Roman" size=2>Very
      truly yours,</FONT></TD></TR>
  <TR>
    <TD width="75%"></TD>
    <TD width="25%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="8%"><FONT face="Times New Roman" size=2>/s/ Richelle E.
      Burr</FONT></TD>
    <TD noWrap align=left width="17%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"></TD>
    <TD noWrap align=left width="25%" colSpan=2><FONT face="Times New Roman" size=2>Richelle E. Burr</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"></TD>
    <TD noWrap align=left width="25%" colSpan=2><FONT face="Times New Roman" size=2>Vice
      President, General Counsel</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"></TD>
    <TD noWrap align=left width="25%" colSpan=2><FONT face="Times New Roman" size=2>and
      Secretary</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"></TD>
    <TD noWrap align=left width="25%" colSpan=2><FONT face="Times New Roman" size=2>Photronics, Inc.</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>34</FONT></P>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>exhibit23-1.htm
<DESCRIPTION>CONSENT OF DELOITTE & TOUCHE LLP
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<P align=center><FONT face="Times New Roman" size=2>EXHIBIT 23.1 </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>CONSENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>We
consent to the incorporation by reference in this Registration Statement on Form
S-8 of our report dated August 6, 2014</FONT><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman" size=2>relating to the consolidated
financial statements of Photronics, Inc. and subsidiaries (the &#147;Company&#148;), and
the effectiveness of the Company&#146;s internal control over financial reporting
appearing in the Annual Report on Form 10-K of Photronics, Inc. and subsidiaries
for the year ended November 3, 2013. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>/s/ Deloitte &amp; Touche
LLP<BR>Hartford, Connecticut<BR>August 6, 2014 </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>35</FONT></P>
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