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Exhibit 10.23

EXECUTION VERSION

AMENDMENT NO. 4

Dated as of August 17, 2018

to

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

Dated as of December 5, 2013

THIS AMENDMENT NO. 4 (“Amendment”) is made as of August 17, 2018 by and among
Photronics, Inc. (the “Company”), the financial institutions listed on the
signature pages hereof and JPMorgan Chase Bank, N.A., as Administrative Agent
(in such capacity, the “Administrative Agent”) and as Collateral Agent (in such
capacity, the “Collateral Agent”), under that certain Third Amended and Restated
Credit Agreement dated as of December 5, 2013 by and among the Company, the
Foreign Subsidiary Borrowers party thereto from time to time, the Lenders party
thereto from time to time, the Collateral Agent and the Administrative Agent (as
may be further amended, supplemented or otherwise modified from time to time,
the “Credit Agreement”).  Capitalized terms used herein and not otherwise
defined herein shall have the respective meanings given to them in the Credit
Agreement.

WHEREAS, the Company has requested that the Lenders and the Administrative Agent
agree to certain amendments to the Credit Agreement;

WHEREAS, the Lenders party hereto and the Administrative Agent have agreed to
such amendments on the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the premises set forth above, the terms and
conditions contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company, the
Lenders party hereto and the Administrative Agent have agreed to enter into this
Amendment.

1.          Amendments to Credit Agreement.  Effective as of the date of
satisfaction of the conditions precedent set forth in Section 2 below, the
Credit Agreement is hereby amended as follows:

(a)          Section 6.03(a)(iii)  of the Credit Agreement is amended and
restated in its entirety as follows:

“ (iii) (A) any Loan Party (other than the Company) or any Subsidiary may sell,
transfer, lease or otherwise dispose of its assets to, or otherwise dissolve
into, a Loan Party and (B) the Company may sell, transfer, lease or otherwise
dispose of its assets to, a Subsidiary Guarantor,”;

2.          Conditions of Effectiveness.  The effectiveness of this Amendment is
subject to the conditions precedent that (a) the Administrative Agent shall have
received counterparts of (i) this Amendment duly executed by the Company, the
Required Lenders and the Administrative Agent and (ii) the Consent and
Reaffirmation attached hereto duly executed by the Subsidiary Guarantors and (b)
the Company shall have paid, to the extent invoiced, reasonable attorneys’ fees
and expenses of the Administrative Agent in connection with this Amendment and
the other Loan Documents.

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3.          Representations and Warranties of the Company and Acknowledgements
and Confirmations.  The Company hereby represents and warrants as follows:

(a)          This Amendment and the Credit Agreement, as amended hereby,
constitute legal, valid and binding obligations of the Company and are
enforceable against the Company in accordance with their terms, subject to
applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally and subject to general principles of
equity, regardless of whether considered in a proceeding in equity or at law.

(b)          As of the date hereof and giving effect to the terms of this
Amendment, (i) no Default shall have occurred and be continuing and (ii) the
representations and warranties of the Company set forth in the Credit Agreement,
as amended hereby, are true and correct as of the date hereof.

4.          Reference to and Effect on the Credit Agreement.

(a)          Upon the effectiveness hereof, each reference to the Credit
Agreement in the Credit Agreement or any other Loan Document shall mean and be a
reference to the Credit Agreement as amended hereby.

(b)          Except as specifically amended above, the Credit Agreement and all
other documents, instruments and agreements executed and/or delivered in
connection therewith shall remain in full force and effect and are hereby
ratified and confirmed.

(c)          The execution, delivery and effectiveness of this Amendment shall
not operate as a waiver of any right, power or remedy of the Administrative
Agent or the Lenders, nor constitute a waiver of any provision of the Credit
Agreement or any other documents, instruments and agreements executed and/or
delivered in connection therewith.

(d)          This Amendment shall constitute a Loan Document.

5.          Governing Law.  This Amendment shall be construed in accordance with
and governed by the law of the State of New York.

6.          Headings.  Section headings in this Amendment are included herein
for convenience of reference only and shall not constitute a part of this
Amendment for any other purpose.

7.          Counterparts.  This Amendment may be executed by one or more of the
parties hereto on any number of separate counterparts, and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument.  Signatures delivered by facsimile or PDF shall have the same force
and effect as manual signatures delivered in person.

[Signature Pages Follow]

2

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IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year
first above written.

 
PHOTRONICS, INC.,
 
as the Company
       
By:
   
Name:
   
Title:
       

Signature Page to Amendment No. 4
Photronics, Inc.
Third Amended and Restated Credit Agreement dated as of December 5, 2013

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JPMORGAN CHASE BANK, N.A., individually as a Lender and as Administrative Agent
       
By:
   
Name:
   
Title:
       

Signature Page to Amendment No. 4
Photronics, Inc.
Third Amended and Restated Credit Agreement dated as of December 5, 2013

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RBS CITIZENS, NATIONAL ASSOCIATION,
 
as a Lender
       
By:
   
Name:
   
Title:
       

Signature Page to Amendment No. 4
Photronics, Inc.
Third Amended and Restated Credit Agreement dated as of December 5, 2013

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TD BANK, N.A.,
 
as a Lender
       
By:
   
Name:
   
Title:
 

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CONSENT AND REAFFIRMATION

Each of the undersigned hereby acknowledges receipt of a copy of the foregoing
Amendment No. 4 to the Third Amended and Restated Credit Agreement dated as of
December 5, 2013 (as amended, supplemented or otherwise modified from time to
time, the “Credit Agreement”) by and among Photronics, Inc. (the “Company”), the
Foreign Subsidiary Borrowers from time to time party thereto (together with the
Company, the “Borrowers”), the financial institutions from time to time party
thereto (the “Lenders”) and JPMorgan Chase Bank, N.A., as Administrative Agent
(the “Administrative Agent”) and Collateral Agent, which Amendment No. 4 is
dated as of August 17, 2018 (the “Amendment”).  Capitalized terms used in this
Consent and Reaffirmation and not defined herein shall have the meanings given
to them in the Credit Agreement.   Without in any way establishing a course of
dealing by the Administrative Agent or any Lender, each of the undersigned
consents to the Amendment and reaffirms the terms and conditions of the
Subsidiary Guaranty and any other Loan Document executed by it and acknowledges
and agrees that such agreements and each and every such Loan Document executed
by the undersigned in connection with the Credit Agreement remains in full force
and effect and is hereby reaffirmed, ratified and confirmed.  All references to
the Credit Agreement contained in the above‑referenced documents shall be a
reference to the Credit Agreement as so modified by the Amendment and as the
same may from time to time hereafter be amended, modified or restated.

Dated:  August 17, 2018

[Signature Page Follows]

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PHOTRONICS IDAHO, INC.
       
By:
   
Name:
   
Title:
               
TRIANJA TECHNOLOGIES, INC.
       
By:
   
Name:
   
Title:
               
PHOTRONICS TEXAS ALLEN, INC.
       
By:
   
Name:
   
Title:
               
PHOTRONICS CALIFORNIA, INC.
       
By:
   
Name:
   
Title:
   

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Signature Page to Consent and Reaffirmation to Signature Page to Amendment No. 4
Photronics, Inc.
Third Amended and Restated Credit Agreement dated as of December 5, 2013