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Exhibit 10.29
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             Amended Agreement of  2 / 8  the Investment Agreement ( 1 )  f jff
i#J-it a*'a Jti#J- -J,)( ( 1 )  XM20160810-01-A1  Parties:Party A: Xiamen Torch
Hi-Tech Industrial Development Zone Management Committee (hereinafter "Party
A")I.fl ff : ll fl J<Je ffr ;ttF :Ir Jf £ 1K If tl ¾( " lfl71" )Party 8:
Photronics Singapore Pte, Ltd. (hereinafter "Party B")l_; jf: Photronics
Singapore Pte, Ltd: ( " l._;71" )Party C: DNP Asia Pacific Pte. Ltd.
(hereinafter "Party C")W jj: ONP Asia Pacific Pte. Ltd. ( " W71" )Party D:
Xiamen American Japan Photronics Mask Co., Ltd. (hereinafter "Party D" or the
"Project Company")  T ff : Jl f7 S -t iU Jc• 1r N.0  ( " T jj " ],X. " JJi §I ¾
gJ " )  Party A, B, C and Dare collectively referred to as the
"Parties".  Whereas:Party A and Party B already signed the Investment Agreement
with an agreement number NO. XM20160810-01 (hereinafter the
"Investment  Agreement"). To enhance the development of the integrated circuit
industry, especially the development and expansion of photomask manufacturing
for the integrated circuit industry, Party A welcomes Party C to join the
Project Company, that Party B already set up in Xiamen. Party A will support
Party D to alleviate the current financial difficulty. The Parties agree to
amend the Investment Agreement (the "Amended Investment Agreement") as
following:l-fljJ Z,jfE'.i iTT %JJ XM20160810-01 fijffi#J--Jt( "tif/f#-it" )o  Jl
*• -F £M,# ¼JJ• -F Jt• F £M  -f;._ , If' -Ji'J.X W -Ji iJri A li -Ji ti ,T£ /J
fl1 ± lJlt El ¾ o If' -;Jr ¥f # T -:Jr ;1_ , tu"  1/f ffiffiia JI lifJ ;t 1
i#Ji)(1i jw r c "i'b1t #-Lt " > : 
 

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             I. Subject to the agreements set forth in this Amended Investment
Agreement, Party C confirms and acknowledges the content of the above-mentioned
Investment Agreement, and promises to be binding by the Investment Agreement as
amended hereby. Subject to the agreements set forth in this Amended Investment
Agreement, the rights and obligations enjoyed and burdened by Party B in the
Investment Agreement are amended effective as of the date of this amendment.
Notwithstanding the above, if Party C is no longer a shareholder of Party D,
Party C will have no continuing obligation or liability under the Investment
Agreement as amended hereby from the date that Party C is no longer a
shareholder of  Party D.  ***#1t#  . W:t # &•# Z. # * f  1 iT z:.=&  ·# f"JJ!{ o
.ffi.%** Jt# z:. Jt, G:t-1£ itt-# J§J:*r  X *#it  - ili W:t  T:t  - z:. BB . *
-  m - hz:.  .t.•*· W:t T:t.t.•*#i)(.Jffi:r x :tif.        II. The Parties agree
to adjust Article I.a.iii and iv of the Investment Agreement as
follows:"iii.Investment Amount: The Project Company shall make I Pl I I 1of
investments. The total amount of the first tranche will bemillion, which
includes a-- million registration capital. Party Band    Party C will assess the
demand from ·    -andother a I I I I" I l"sd t , and subject to the        board
approval of Party B, C and the shareholders' meeting's approval of Party D, the
total investment amount will be increased te, I C I I T r incrementally, and,
the registration capital will be increased tomillion incrementally."" iv.
Revenues: Party D hereby covenants that it shall generate all its revenues and
pay all its taxes within Party A's jurisdiction for all products manufactured by
Party D within such jurisdiction, that Party D shall take steps to obtain
permits required for the commencement of construction immediately after it is
established, that Party D shall complete the construction and commence with
production within Three (3) years, and Party D will use reasonable efforts to
reach annual production capacity --      '.] I )  IS:dl    I  2 / 8  j -- Party
D's  obtaining the industrial land." 
 

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             Ill.  3/8  The Parties agree that all the obligations under
Article., l.b.i. and ii., Vb. and Vll.b. reference to Party 8 will solely be
obligations of Party D as of and after the effective date of this Amendment. The
Parties further agree that, upon execution of this Amendment, Article VII.e.
will be deleted.  4*•( )&a-t*p -f G:1i  --¾•m(t)!az1R2,.E¾•CEl )a R-  5( §
**l-1t-!#ti){.± z Jt ± r£J Th  -ff o 4 :t* - fo - . ***D,  &•-!#t - ¾ Eao  IV .
The Parties agree to amend Article Va. of the Investment Agreement as
follows:This Agreement is entered into and enforced in accordance ,with the- .
relevant laws and regulations of the central government, the provincial
government, the municipal government and the Hi-Tech Development Zone. To the
extent that relevant policies governing this Agreement are amended due to the
changes of the laws and/or regulations, the Parties agree to enforce this
Agreement as amended accordingly. In the event that any amendment or change to
the law causes a significant, material adverse impact on the operation of the
Project Company, then Party 8 and Party C shall be authorized to liquidate and
terminate Party D, which termination shall not be treated as a breach of this
Agreement in accordance with PRC law; and if Party B and C chose to liquidate
the Project Company in such inGjdence, Party A shall provide reasonable support
to Party 8, Party C and the Project Company, provided that the above shall be in
compliance with the relevant PRC laws and regulations.  4 - &- -E¾•c->a T-&:  *
••tp •m. •m. m **£  * •-*•  . ±# ffo* m ro  * •i*# l-  00£±  .4:t - ff s•rr  o
*- -  -* ffitt  .G:1i W  T:t*ff #  .  *H $Al# OO*• • -  * .  §¾ili -  ½tp$A # OO
**•*• • o  ,i,i  I .:Jt..1 
 

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   * §0 *fi •.,  3/8  - §0  w -tJt1# %J]Un,:t # o  V. The Parties agree to amend
V.c. of the Investment Agreement to delete the second sentence and replace it
with the following:  For avoidance of doubt, in the event that Party D sustains
significant, sustained losses, then Party B and Party C shall be authorized to
liquidate and terminate Party D, which termination shall not be treated as a
breach of this Agreement in accordance with PRC law, provided that the above
shall be in compliance with the relevant PRC laws and regulations.  t •n*•c ) •=
w =  & . T • •*-# ffl . z w  T *fi  . Mt$A # oo*• m - #* *R,  ili -- ½ $A # OO
****m m o  VI. The Parties agree to delete Article I11.b.i. of the Investment
Agreement, which means that Party A cancels and stops providing the subsidies
for the interests that the Project Company incurs with respect to the bank loans
of project finance used exclusively for the construction of the plants of Party
D.  -- • *•c=) :t.1, , * §0  {5( /t] -f ;itr m:t.rJft El AAiiif W r & SkJ1-R ff
1#' #t :f1 J-, tJt1#1l· ffet a  VII.  The Parties agree to add an article with
respect to "clean-room subsidies" as following:  Party D will make a great
investment for the construction of clean-room in  Party A's governing area. The
estimated construction ·  &bb&l I •   square meter, and the investment amount i
I  I (£ 2 2 I ii1!0 (VAT  not included) . Party A agrees to provid every square
meter to Party D for the clean-room which is built in Party A's area, and the
total subsidies do not exceed ••--•-Application method: the subsidies will be
paid once, after clean room is completed for construction and passed through the
acceptance, Party D shall make an application for the clean-room subsides, and
provide purchase orders and construction contracts related to the clean-room
which are signed by Party D, clean-room acceptance report, payment certification
from Party D (including Invoices and transfer vouchers) and special auditor's
report which provided by the Accounting Firm specially for the clean room. After
checking by Party A, the payment will be made in the next 10 working days 
 

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         upon Party A's approval. .:#-00.r·'it · Yx i. l•,rffe.& " :,1Jit:;
j:r¾1 -a i ¥.   .,.,r,  ,.,,.....,.----­  VIII.  The Parties hereto agree to add
Article e under Article VI of the Investment Agreement to reflect the agreement
of the Parties hereto that in the event of a breach of confidentiality of
Article VI the party who breaches will be solely liable for such breach.  * -
&•# IA* * IC ) . *R*IA****• T. * h  = *ffl* • o  MiscellaneousFor the avoidance
of doubt, nothing in this Amended Investment Agreement will preclude Party D
from outsourcing the manufacture of the products to third parties including its
parent companies or affiliateshC- .ft• *• -#T- Th*m • i -½Th ¾ * ¾ )& oIf there
is any inconsistency between the Investment Agreement and this Amended
Investment Agreement, this Amended Investment Agreement shall prevail. If any
matter is not aweed upon in this Amended Investment Agreement, it will be still
performed in accordance with the Investment Agreement.  T- , W-*r-it:# il 7a 11L
rJc#il p 1*f #-*11,  ti # **r1t:#1JJt1cti3tf# H o  (3) This Amended Investment
Agreement has been entered into in four original copies. All four original
copies shall be equally binding. The parties shall each maintain One (1) copy in
the language of Chinese and English. All four copies shall take effect upon
execution and stamping of seals. To the extent that there shall be conflicts
between the Chinese and the English, the Chinese version shall
control.  ..  'i1  j  -.I    4-,.i, '.!. • I  6/8 
 

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1)-fil-o rfr1r rm  17rx4'- *•• & o tx -  x • 1rMM, x *o  [THE REMAINDER OF THIS
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                   [SIGNATURE AND SEAL PAGE][ Jnl  7  ..  Orl1XAuthorized
Representative (signature): _ _ _ _ _ _ _ _ _ _ _ix.1·t c -16 ) : Date: - - - -
- - - - - - - -  PARTY B: Photronics Singapore Pte, Ltd.  Or11XAuthorized
Representative (signature): _  tl ,tx.1-t c  -16 ) :   Date:   PARTY C: DNP Asia
Pacific Pte. Ltd.WJJ: DNP Asia Pacific Pte. Ltd.  -- ...L.L.l&!f..tn:l:...
---1  Legal Representative: -JJJ'MCLJt1 f<:A : ; MJi · Or 
 

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           Authorized Representative (signature): _ _ _ _ _ _ _ _ _ _¼tif>Z 1 *
( -t) : Date: - - - - - - - - - - -  8  PARTY D: Xiamen American JapT 7I : fl El
-t- -€ JI:;iJ1r -0- €1Legal Representative: _ _ _ _ _ _ .....,..,.., _5¼ ;t
1\*A:Or:exAuthorized Representative (signature): _tx.1·t : ( ,t): - - - - - - -
- -Date: BM:  
 

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