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EXHIBIT 10.26    
  

 
 

EMPLOYMENT AGREEMENT    
  

        This Employment Agreement (this "Agreement") is made and entered into as of October 11, 2001, by and between DuPont Photomasks, Inc., a Delaware
corporation (the "Company"), and Satish Rishi, an individual ("Executive"). 

RECITALS  

        WHEREAS, the Company desires to hire Executive and Executive desires to become employed by the Company; and 

        WHEREAS, the Company and Executive have determined that it is in their respective best interest to enter into this Agreement on the terms
and conditions as set forth herein. 

        NOW, THEREFORE, in consideration of the premises and the mutual covenants and promises
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

AGREEMENT  

1.    EMPLOYMENT TERMS AND DUTIES  

        1.1    Employment.    The Company hereby employs Executive, and Executive hereby accepts
employment by the Company, upon the terms and conditions set forth in this Agreement. 

        1.2    Duties.    Executive shall serve as Executive Vice President and Chief Financial
Officer of the Company and shall report solely to the Chief Executive Officer of the Company (CEO). Executive shall have the authority, and perform the duties customarily associated with his titles
together with such additional duties of a senior executive nature and commensurate with his titles as may from time to time be assigned by the Company. Executive shall devote his full working time and
efforts to the performance of his duties and the furtherance of the legitimate business interests of the Company and shall not be otherwise employed. Executive may also serve as a director or trustee
of other organizations, or engage in charitable, civic and/or governmental activities provided that such service and activities do not prevent Executive from performing the duties required of
Executive under this Agreement and further provided that Executive obtains written consent for all such activities from the Company. Executive will agree to serve on the Company's Board of Directors
if asked to do so by the Company and the Board.

        1.3    Term.    Subject to the provisions of Section 1.6 below, the term of employment
of Executive under this Agreement shall commence on November 5, 2001, (the "Hire Date") and shall continue for a period of 3 years (the "Initial Term"). This Agreement, and Executive's
employment hereunder, may be terminated if the Company provides Executive, or Executive provides the Company, with written notice of termination at least 3 months prior to the end of the
Initial Term. If neither party elects to terminate prior to completion of the Initial Term, this Agreement shall automatically renew (the "Renewal Term" and together with the Initial Term, the
"Employment Term") and may only be terminated under Section 1.6. 

        1.4    Compensation and Benefits.    

        1.4.1    Base Salary.    In consideration of the services rendered to the Company hereunder by
Executive and Executive's covenants hereunder and in the Company's Confidentiality, Proprietary Information and Inventions Agreement (the "Confidentiality Agreement", attached hereto as Annex A), the
Company shall, during the Employment Term, pay Executive a salary at the annual rate of $235,000 (the "Base Salary"), less statutory deductions and withholdings, payable in equal installments in
accordance with the Company's regular payroll practices, but no less frequently 

 

than monthly. The initial annual base salary may be increased from time to time in the sole discretion of the Company. 

        1.4.2    The Incentive Compensation.    Pursuant to the Company's standard bonus plan,
Executive will be entitled to an annual target bonus opportunity of roughly forty-five percent (45%) of Base Salary (the "Incentive Compensation"). However, the actual Incentive
Compensation payable to Executive will be based upon Executive's performance and the size of the bonus pool as determined by the Board of Directors. These factors may change the range of the Incentive
Compensation amount by increasing it to over hundred percent (100%) of Base Salary or decreasing it to zero percent (0%). The Incentive Compensation will be paid each year after the close of the
fiscal year, per the normal Company schedule. 

        1.4.3    Benefits Package.    In addition to the Base Salary, during the Employment Term,
Executive shall receive such employee benefits and holidays as may be in effect from time to time as are afforded to other senior executives of the Company. 

        1.4.4    Vacation.    Executive shall be entitled to four (4) weeks' paid vacation each
year of the Employment Term. 

        1.4.5    Expenses.    The Company shall, upon receipt from Executive of supporting receipts to
the extent required by applicable income tax regulations and the Company's reimbursement policies, reimburse Executive for all out-of-pocket business expenses reasonably
incurred by Executive in connection with his employment hereunder, as approved by the Company. 

        1.5    Stock Options.    

        1.5.1    Initial Stock Option.    Effective as of the Hire Date, the Company shall grant to
Executive, in accordance with the terms of the Company's Amended 1997 Stock Option and Restricted Stock Plan (the "Plan") an option to purchase a total of 50,000 shares of the Company's common stock,
par value $0.01 per share (the "Common Stock"), at an exercise price equal to the average of the high selling price and the low selling price of the Common Stock on the Hire Date. The option shall
vest twenty-five percent (25%) per year on the first anniversary and each of the next three anniversaries of the Hire Date. 

        The
Initial Options will be designated incentive stock options to the maximum extent allowed by law and will expire if not exercised within ten (10) years of the date of grant,
and shall be granted pursuant to option agreements in the form annexed hereto as Annex B. 

        Also
Executive shall be granted from the Plan an option to purchase a total of 7,500 shares of stock with a grant date effective as of July 5, 2002. These options shall vest as
follows: 2,500 shares on July 5, 2003, 2,500 shares on July 2, 2004 and 2,500 shares on July 5, 2005. 

        Lastly,
Executive shall be granted from the Plan an option to purchase a total of 7,500 shares of stock effective as of Nov. 5, 2002. These options shall vest as follows: 2,500
shares on Nov. 5, 2003; 2500 shares on Nov 5, 2004; and 2,500 shares on Nov. 5, 2005. 

        1.5.2    Annual Stock Option Grant.    Executive shall be eligible for an annual stock option
(the "Annual Stock Option") (including ISO's and NQO's). The target grant for Executive shall be an option to purchase seventeen thousand shares (17,000) of Common Stock, granted in accordance with
the terms of the Plan, the actual number of shares in the grant to be determined by the CEO and the Compensation Committee of the Board of Directors. The first Annual Stock Option shall be in
accordance with the normal Company calendar for officers following the 2001 fiscal year. Options granted to Executive pursuant to this section shall be designated incentive stock options to the
maximum extent allowed by law. 

2

 

        1.6    Termination.    Executive's employment and this Agreement (except as otherwise provided
hereunder) shall terminate upon the occurrence of any of the following at the time set forth therefor (the "Termination Date"): 

        1.6.1    Death or Disability.    Immediately upon the death of Executive or the determination
by the CEO that Executive shall have been unable to substantially perform the essential functions of his duties, with or without reasonable
accommodation, for a period of 100 days out of any period of 360 consecutive days ("Disability"); provided that prior to any termination due to Disability, the Company shall have given
Executive at least 14 days' advance written notice of its intent to terminate Executive's Employment Term due to Disability, and Executive shall not have returned to full-time
employment by the 14th day after such notice (termination pursuant to this Section 1.6.1 being referred to herein as termination for "Death or
Disability"); or 

        1.6.2    Voluntary Termination.    Thirty (30) days following the receipt by the
Company of Executive's written notice to the Company of termination of employment; provided, however, that the Company may waive
all or a portion of the thirty (30) days' notice and accelerate the effective date of such termination (and the Termination Date) (termination pursuant to this  Section 1.6.2 being referred to
herein as "Voluntary Termination"); or 

        1.6.3    Termination For Cause.    Immediately following notice of termination for "Cause" (as
defined below), specifying such Cause, given by the Company (termination pursuant to this Section 1.6.3 being referred to herein as termination
for "Cause"). As used herein, "Cause" shall mean and be limited to termination based on: (i) Executive's conviction or plea of "guilty" or "no contest" to any crime constituting a felony in the
jurisdiction in which committed, any crime involving moral turpitude (whether or not a felony), or any other violation of criminal law involving dishonesty or willful misconduct that materially
injures the Company (whether or not a felony); (ii) Executive's substance abuse that in any manner materially interferes with the performance of his duties; (iii) Executive's failure or
refusal to perform his duties or to follow the lawful and proper directives of the CEO that are within the scope of his duties; (iv) Executive's material intentional breach of the
Confidentiality Agreement; or (v) Executive's violation of the Company's policies against insider trading or Executive's intentional misconduct that materially injures the Company. 

        1.6.4    Termination Without Cause.    Thirty (30) days following Executive's receipt
of written notice of termination without Cause from the Board of Directors; provided, however, that during any such thirty (30) day notice
period, the Company may suspend, with no reduction in pay or benefits, Executive from his duties as set forth herein (including, without limitation, Executive's position as a representative and agent
of the Company) (termination pursuant to this Section 1.6.4 being referred to herein as termination "Without Cause"). 

        1.6.5    Constructive Termination.    Thirty (30) days following a Constructive
Termination (as defined below); provided, however, that during any such thirty (30) day period, the Company may suspend, with no reduction in pay
or benefits, Executive from his duties as set forth herein (including, without limitation, Executive's position as a representative and agent of the Company) (termination pursuant to this  Section 1.6.5 being referred to herein as "Constructive Termination"). For purposes of this Section, a Constructive Termination shall occur when: 

        (a)  for
a period of twelve (12) months following a Change in Control (as defined below), Executive is terminated (other than for Cause) or Executive voluntarily
resigns because his (i) duties, responsibilities or level of management to which Executive reports are materially reduced, (ii) Executive's Base Salary is reduced by more than 15% or
(iii) place of employment is relocated by more than fifty (50) miles, in each case without Executive's consent. 

3

 

          (i)  A
"Change in Control" shall be deemed to occur in the event of a change in ownership or control of the Company effected through any of the following transactions: 

the
acquisition, directly or indirectly, by any person or related group of persons (other than the Company or a person that directly or indirectly controls, or is controlled by, or is under common
control with, the Company) of beneficial ownership (within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended) of securities possessing more than fifty
percent (50%) of the total combined voting power of the Company's outstanding securities pursuant to a tender or exchange offer made directly to the Company's stockholders; or 

the
sale, transfer or other disposition of all or substantially all of the Company's assets; or 

the
consummation of a merger or consolidation of the Company with or into another entity or any other corporate reorganization, if more than fifty percent (50%) of the combined voting power of the
continuing or surviving entity's securities outstanding immediately after such merger, consolidation or other reorganization is owned by persons who were not stockholders of the Company immediately
prior to such merger, consolidation or other reorganization. 

        A
transaction shall not constitute a Change in Control if its sole purpose is to change the state of the Company's incorporation or to create a holding company that will be owned in
substantially the same proportions by the persons who held the Company's securities immediately before such transaction. 

        (b)  Executive
provides written notice to the Company of termination for Good Reason, which, as used herein, shall mean (A) a reduction in Executive's titles,
authority, duties or responsibilities, or the assignment of duties inconsistent with Executive's position; (B) a change in reporting contrary to the provisions of this Agreement; or
(C) a failure to grant any equity participation as provided in this Agreement, or (D) a reduction in Executive's Base Salary not consistent with other DPI executives, in each case
without Executive's consent and continuing more than thirty (30) days following the Company's receipt of written notice from Executive identifying the basis of the alleged termination for Good
Reason. 

        1.6.6    Other Remedies.    Termination pursuant to this section shall be in addition to and
without prejudice to any other right or remedy to which the Company or Executive may be entitled at law, in equity, or under this Agreement. 

        1.7    Severance    

        1.7.1    Voluntary Termination, Termination for Cause or Termination for Death or
Disability.    In the case of termination of Executive's employment hereunder for Death or Disability in accordance with Section 1.6.1 above, or Executive's
Voluntary termination of employment hereunder in accordance with Section 1.6.2 above, or a termination of Executive's employment hereunder for Cause in accordance with Section 1.6.3
above, (i) Executive shall not be entitled to receive payment of, and the Company shall have no obligation to pay, any severance or similar compensation attributable to such termination, other
than Base Salary earned but unpaid, accrued but unused vacation to the extent allowed by the Company's policies, vested benefits under any employee benefit plan, and any unreimbursed expenses pursuant
to Section 1.4.4 hereof incurred by Executive as of the Termination Date; and (ii) the Company's other obligations under this Agreement shall immediately cease. 

        1.7.2    Termination Without Cause.    (a) In the case of a termination of Executive's
employment hereunder Without Cause in accordance with Section 1.6.4, the Company shall pay Executive, 

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without discount, or any obligation on the part of Executive to mitigate the amount of such payment (by seeking alternate employment or otherwise), (hereinafter the "Severance Payment")
(i) all accrued compensation and benefits; provided that, there will be no partial payment of the Incentive Compensation and (ii) an amount equal to 12 months' salary, in a
lump-sum payment subject to the tax withholding specified in Section 1.4.1 above. Executive shall have twelve (12) months from
the Termination Date to exercise his vested shares. 

        (b)  During
the twelve months after the Hire Date should Executive be terminated Without Cause, the stock options scheduled to vest at the end of that one-year
period shall be accelerated and shall vest immediately (there is no acceleration of any unvested options after Executive's first year with the Company). The acceleration under this subsection 1.7.2(b)
does not fall within the definition of a "Severance Payment". 

        The
above amounts represent the entire compensation Executive is entitled to receive upon termination Without Cause. 

        1.7.3    Constructive Termination Due to Change of Control.    In the case of the Constructive
Termination Due to Change of Control of Executive's employment in accordance with Section 1.6.5(a), the Company shall pay Executive the Severance Payment and also Executive's outstanding stock
options (to the extent then unexercisable) will all automatically accelerate consistent with the Plan and become exercisable in full. The above amounts represent the entire compensation Executive is
entitled to receive upon a Constructive Termination. Executive shall have twelve (12) months from the Termination Date to exercise his vested shares. 

        1.7.4    Constructive Termination for Good Reason.    Constructive Termination for Good Reason
under Section 1.6.5(b), during the twelve (12) months following the Hire Date, shall entitle Executive to the Severance Payout set forth in  Section 1.7.2. In addition, should Constructive
Termination for Good Reason occur during the twelve (12) months following the Hire Date,
the Executive's stock options
scheduled to vest at the end of that one-year period shall be accelerated and shall vest immediately. Executive shall have twelve (12) months from the Termination Date to exercise
his vested shares. 

2.    PROTECTION OF COMPANY'S CONFIDENTIAL, PROPRIETARY INFORMATION AND INVENTIONS.  

        This
Agreement, and Executive's employment hereunder, is contingent upon Executive's execution of the Confidentiality, Proprietary Information and Inventions Agreement, before the Hire
Date. 

3.    REPRESENTATIONS AND WARRANTIES  

        Each
party hereto represents and warrants that (i) this Agreement is valid and binding upon and enforceable against such party in accordance with the terms of this Agreement,
(ii) such party is not bound by or subject to any contractual or other obligation that would be violated by such party's execution or performance of this Agreement, including, but not limited
to, any non-competition agreement presently in effect, and (iii) such party is not subject to any pending or, to such party's knowledge, threatened, claim, action, judgment, order,
or investigation that could adversely affect such party's ability to perform its obligations under this Agreement in a material respect. 

4.    MISCELLANEOUS  

        4.1    Indemnification.    The Company shall indemnify Executive from any liability arising
out of his performance of his duties hereunder to the full extent permitted by law, and shall provide Executive all 

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benefits under any directors and officers, errors and omissions, or similar insurance policy from time to time in effect. 

        4.2    Notices.    All notices, requests, and other communications hereunder must be in
writing and will be deemed to have been duly given only if delivered personally against written receipt or by facsimile transmission with answer back confirmation or mailed (postage prepaid by
certified or registered mail, return receipt requested) or by overnight courier to the parties at the following addresses or facsimile numbers: 

        If
to the Executive, to: 

 

        If
to the Company, to: 

John
M. Lynn

DuPont Photomasks, Inc.

131 Old Settlers Blvd.

Round Rock, Texas 78664

(512) 310-6527 

All
such notices, requests and other communications will (i) if delivered personally to the address as provided in this Section 4.2, be deemed given upon delivery, and (ii) if
delivered by mail in the manner described above to the address as provided in this Section 4.1. be deemed given upon receipt (in each case regardless of whether such notice, request, or other
communication is received by any other Person to whom a copy of such notice, request or other communication is to be delivered pursuant to this Section). Any party from time to time may change its
address or other information for the purpose of notices to that party by giving written notice specifying such change to the other party hereto. 

        4.3    Authorization to be Employed.    This Agreement, and Executive's employment hereunder,
is subject to Executive providing the Company with legally required proof of Executive's authorization to be employed in the United States of America. 

        4.4    Entire Agreement.    This Agreement, which includes the Exhibits hereto, supersedes all
prior discussions and agreements, among the parties with respect to the subject matter hereof and contains the sole and entire agreement between the parties hereto with respect thereto. In the event
of conflict between the terms of the text of this Agreement (excluding for this purpose the Exhibits hereto), on the one hand, and the terms of the Confidentiality Agreement, the Plan, the Bonus Plan,
the Relocation Plan, or the
form of Option Agreement, on the other hand, the terms of this Agreement (excluding for this purpose the Exhibits hereto) shall control. Any provision of this Agreement which by its terms obliges the
Company to make payments subsequent to termination of Executive's Employment Term shall survive any such termination. 

        4.5    Waiver.    Any term or condition of this Agreement may be waived at any time by the
party that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of the party waiving such term or condition.
No waiver by any party hereto of any term or condition of this Agreement, in any one or more instances, shall be deemed to be or construed as a waiver of the same or any other term or condition of
this Agreement on any future occasion. All remedies, either under this Agreement or by law or otherwise afforded, will be cumulative and not alternative. 

        4.6    Amendment.    This Agreement may be amended, supplemented, or modified only by a
written instrument duly executed by or on behalf of each party hereto. 

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        4.7    No Third Party Beneficiary.    The terms and provisions of this Agreement are intended
solely for the benefit of each party hereto and the Company's successors or assigns, and it is not the intention of the parties to confer third-party beneficiary rights upon any other person. 

        4.8    No Assignment; Binding Effect.    This Agreement and the obligations undertaken herein
shall be binding upon and shall inure to the benefit of any successors or assigns of the Company. Executive shall not be entitled to assign his obligations under this Agreement. 

        4.9    Headings.    The headings used in this Agreement have been inserted for convenience of
reference only and do not define or limit the provisions hereof. 

        4.10    Severability.    The Company and Executive intend all provisions of this Agreement to
be enforced to the fullest extent permitted by law. Accordingly, if a court of competent jurisdiction determines that the scope and/or operation of any provision of this Agreement is too broad to be
enforced as written, the Company and Executive intend that the court should reform such provision to such narrower scope and/or operation as it determines to be enforceable. If, however, any provision
of this Agreement is held to be illegal, invalid, or unenforceable under present or future law, and not subject to reformation, then (i) such provision shall be fully severable,
(ii) this Agreement shall be construed and enforced as if such provision was never a part of this Agreement, and (iii) the remaining provisions of this Agreement shall remain in full
force and effect and shall not be affected by illegal, invalid, or unenforceable provisions or by their severance. 

        4.11    Governing Law.    This Agreement shall be governed by and construed in accordance with
the laws of the State of Texas applicable to contracts executed and performed in such State without giving effect to conflicts of laws principles. 

        4.12    Jurisdiction.    With respect to any suit, action, or other proceeding arising from
(or relating to) this Agreement, the Company and Executive hereby irrevocably agree to the nonexclusive personal jurisdiction and venue of the United Status District Court for the Western District of
Texas (and any Texas State Court within Travis County, Texas). 

        4.13    Counterparts.    This Agreement may be executed in any number of counterparts and by
facsimile, each of which will be deemed an original, but all of which together will constitute one and the same instrument. 

        [SIGNATURE
PAGE TO EMPLOYMENT AGREEMENT FOLLOWS] 

7

 

        IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the date first written above. 

	 	 	DuPont Photomasks, Inc., as the Company
	

 	
 	

By:	
 	

/s/  PETER S. KIRLIN      

	 	 	Name:	 	Peter S. Kirlin

	 	 	Title:	 	Chief Executive Officer and Chairman

	 	 	Date:	 	October 11, 2001

	

 	
 	
                                , as
Executive
	

 	
 	

/s/  SATISH RISHI      
 Signature
	

 	
 	

Satish Rishi

	 	 	October 11, 2001

	Annex A	 	Confidentiality Agreement	 	(per §1.4.1)
	B	 	Form of Option Agreement	 	(per §1.5.1)

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EXHIBIT 10.27    
  

Mr. Bruce
F. Griffing

10 Edge of Woods

Latham, NY 12110 

Dear
Mr. Griffing: 

        The
purpose of this letter is to confirm our verbal offer to you. It is a pleasure to offer you a position as Vice President, Research & Development and Chief Technical Officer at
Dupont Photomasks, Inc. (DPI) reporting to Paul Chipman, Executive Vice President. In addition, this position is a member of the Executive team staff. 

        Your
starting salary will be $16,666.66 per month. Your tentative start date is Monday, August 6, 2001. Additionally, you will be eligible for an annual stock option grant with a
target of 12,000 and a range of 0 to 18,000 options, which are governed by the terms and conditions of the 1997 Stock Option and Restricted Stock Plan. The options vest at 25% per year over a
four-year period. You are also eligible for an annual bonus with a target of $78,000.00 and a range of $0 to $195,000.00 depending on your individual contribution and company performance
over the course of the year. 

        In
addition, you will receive 18,000 DPI stock options at hire, which are governed by the terms and conditions of the 1997 Stock Option and Restricted Stock Plan. We will use your start
date with DPI to value your options. The value will be the average price of trades made on NASDAQ on the day your employment begins with DPI. The options vest at 25% per year over a
four-year period. 

        You
will also be granted a Sign-On Bonus of $15,000.00 payable on your first payday. Additionally, you will be granted relocation in accordance with our Domestic Relocation
Policy. This includes an Incidental Allowance of $10,000.00 payable on your first payday. The sign on bonus, relocation and allocation expenses are subject to repayment to DPI should you voluntarily
terminate your employment within the first twelve (12) months. Your signature on this letter acknowledges your agreement to the sign on bonus, allocations and relocation payments conditions. 

        DPI
does not currently have a change of control clause or an executive severance policy. DPI has been reviewing several executive severance vehicles for multiple levels of employees
within our company. You will be advised if one is adopted that covers you. 

        If
in the first twelve (12) months from your start date, there is a merger, acquisition, divestiture, or reduction in force that results in you involuntarily being severed from
employment, then you will be paid on the effective date of termination a sum equivalent to six months base salary, minus the standard withholding amounts. This provision terminates twelve
(12) months after your start date or the date that DPI adopts a change of control provision or an executive severance policy applicable to you, whichever date is earlier. This provision is
contingent on your satisfactory performance and compliance with DPI policy and procedure. Based on this additional consideration, you agree as a condition of being offered this consideration or
receiving this payment that for a period of six (6) months from the date of separation from DPI that you will not be employed by, consult for, engage or otherwise act on behalf of
Photronics, Inc., Compugraphics, Inc., Dai Nippon, or Toppan or any other Photomask manufacturer who operates or does business within the United States, as an employee, consultant,
officer or agent, without the prior written permission of the General Counsel of DuPont Photomasks, Inc. The parties agree that equitable relief, including injunction, may be obtained in
addition to the remedies to enforce this provision. 

        An
additional $42,000.00 special payment will be made upon completion of several strategic deliverables that are tied to specific performance metrics. You and Paul Chipman will mutually
agree upon the strategic deliverables, performance metrics and timeframes. This one time special payment will be assessed on September 1, 2002. 

 

        You
will be granted two additional weeks of time off with pay per year until such time when you are eligible for four weeks per our vacation plan. Since the additional time off with pay
is outside the documented Vacation Plan, DPI will not pay out any of this unused time off. 

        As
a DPI employee, you will be eligible to participate in all our benefit plans and will be subject to our normal employment practices. This offer is contingent upon your acceptance by
signing the bottom of this letter which must be returned to me postmarked no later than June 29, 2001. A Federal Express envelope has been provided for this purpose. You may call me at
512-310-6776 (Fax: 512-255-9627) with a verbal acceptance to speed up this process. 

        If
you accept our offer, it is required that all new employees undergo a baseline physical examination, at our expense, before the employment effective date. This examination will
include a test for the presence of drugs including marijuana, in your system. A positive test for drugs, other than those prescribed for you by your physician, will constitute grounds for withdrawing
our offer. This will be arranged for you upon your acceptance of our offer. 

        We
look forward to having you as a valuable member of our Executive team. 

Sincerely, 

/s/
Victoria J. Brush 

Victoria
J. Brush

Vice President Human Resources

Dupont Photomasks Inc. 

ACKNOWLEDGED
AND ACCEPTED BY: 

/s/
Bruce F. Griffing 

Bruce
F. Griffing:

June 25, 2001 

2

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