--------------------------------------------------------------------------------

Exhibit 10.37

 
First Amendment to Agreement

This First Amendment (“Amendment”) amends the Agreement between DEMA Associates,
LLC ("Consultant") and Photronics, Inc. (the “Company”) effective as of January
20, 2018 ("Agreement").
 
Now, therefore, Consultant and the Company (collectively the "Parties") hereby
agree that the Agreement shall be amended as follows:
 
Article 2, Paragraph two shall be deleted in its entirety and replaced with the
following:

Fees:  In consideration for the consulting services, the Company will pay the
Consultant a consulting fee in the amount of one hundred and eight thousand
dollars ($108,000) per year (“Consulting Fees”).  The Company shall pay the
Consulting Fees in equal monthly payments of nine thousand dollars ($9,000.00)
throughout the Consulting Period.  The Consulting Fees will be paid at the
address set forth above.
 
This Amendment shall be effective as of March 9, 2020.
 
The signatures of the Parties below acknowledge the acceptance and ratification
of this Amendment to the Agreement.

Except as set forth above all other terms of the Agreement remain effective.

PHOTRONICS, INC.
 
DEMA ASSOCIATES, LLC
     

By:

/s/ Richelle E. Burr  
By:

/s/ Constantine S. Macricostas

Richelle E. Burr
 
Constantine S. Macricostas
EVP, Chief Administrative Officer & General Counsel
 
President

--------------------------------------------------------------------------------