Document:

Exhibit 10.15

CONTRIBUTION AND UNITS PURCHASE
AGREEMENT 

          THIS CONTRIBUTION AND UNITS PURCHASE AGREEMENT (this
"Agreement") is made and entered into as of May 5, 2006, by and between Micron
Technology, Inc., a Delaware corporation ("Micron"), Photronics, Inc., a
Connecticut corporation ("Photronics"), and MP Mask Technology Center, LLC, a
Delaware limited liability company (the "Company").

          WHEREAS,
Micron formed the Company to serve as the legal entity for a joint venture (the
"Joint Venture") between Micron and Photronics for the development, fabrication
and sale of advanced photomasks (the "Photomask Business").

          WHEREAS, in
furtherance of establishing the Joint Venture, and in connection with the
execution of the Limited Liability Company Operating Agreement of MP Mask
Technology, LLC (the "LLC Operating Agreement") to be dated as of the Closing
Date (as defined below), by and between Micron and Photronics, Micron desires to
contribute hereunder as of the Closing Date (the "Contribution") to the Company
the assets set forth on Schedule A hereto, which Schedule may be updated upon
the reasonable agreement of Micron and Photronics, consistent with Section 6(h)
below (the "Transferred Assets"), subject to the terms and conditions contained
in this Agreement, in exchange for 100% of the membership interests (the
"Membership Interests") of the Company.

          WHEREAS,
immediately following the Contribution, Micron desires to sell 49.99% of all of
the Membership Interests, represented by 49,990 units (the "Transferred Units"),
of the Company to Photronics, and Photronics desires to purchase such Membership
Interests from Micron, pursuant to the terms and conditions of this
Agreement.

          WHEREAS, at
the Closing, Micron and Photronics shall enter into the LLC Operating Agreement
to set forth the respective rights and obligations of Micron and Photronics with
respect to the Company, and, along with the Company, certain other Transaction
Documents, as listed on Schedule B hereto.

          NOW,
THEREFORE, in consideration of the promises set forth herein and for other good
and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereby agree as follows:

          1.
Contribution.

          (a)
General. On the terms and subject to the conditions contained in this Agreement,
Micron shall convey, assign, transfer and deliver to the Company, and the
Company shall acquire on the Closing Date (as defined below), all of Micron's
right, title and interest in and to its ownership interests in the Transferred
Assets, subject to Permitted Exceptions respecting only the real property
located at 3851 E. Columbia Road, Boise, Idaho (the "JV Plant"), and no other
Micron assets whatsoever, in exchange for 100,000 membership units of the Company (the
"Units"). "Permitted Exceptions" shall mean: (a) the lien of all ad valorem real
estate Taxes (as defined below) due and payable in the calendar year 2006 and
subsequent calendar years; (b) all matters of record relating to the JV
Plant in the official records of the county in which such real property is
located; (c) local, state and federal laws, ordinances or governmental
regulations and the like, including but not limited to building and zoning laws,
ordinances and regulations, now or hereafter in effect relating to the JV Plant;
and (d) any matters that would be shown on an accurate survey of current date of
the JV Plant.

          (b)
Contribution Closing. The closing of the contribution transactions provided for
in this Agreement (the "Contribution Closing") shall take place at the offices
of Micron at 8000 South Federal Way, Boise, Idaho at the opening of business on
May 5, 2006 (the "Closing Date"). At the Contribution Closing, Micron shall
deliver to the Company deeds, endorsements, assignments and good and sufficient
instruments of conveyance, transfer and assignment as are necessary, appropriate
and effective to vest in the Company all of the right, title and interest of
Micron in and to the Transferred Assets and, simultaneously with such
deliveries, Micron shall take such steps as are necessary to put the Company in
actual possession and operating control of the Transferred Assets. On the
Closing Date, the Company shall issue to Micron the Units, which shall be fully
paid and nonassessable.

          (c)
Assumption of Liabilities. Effective as of the Contribution Closing, the Company
will assume and perform and in due course pay and discharge the following
liabilities: (i) any liabilities arising out of or based upon events or
circumstances occurring after the Closing in connection with or resulting from
the operation of the Company's business, including product warranty claims made
with respect to the sale of products by the Company after the Closing, whether
or not such products were manufactured prior to the Closing; (ii) any
liabilities set forth on Schedule C; (iii) any other liabilities explicitly
assumed under the provisions of the Transaction Documents; and (iv) any
liabilities relating to the Transferred Assets that were not Known by Micron as
of the Contribution Closing (collectively, the "Assumed Liabilities"). At the
Contribution Closing, the Company shall deliver to Micron appropriate assumption
agreements as are necessary, appropriate and effective to assume the Assumed
Liabilities. Following the Contribution Closing, Micron shall use reasonable
efforts to assign and transfer all its rights, title and interest in, to and
under any Assumed Contracts. To the extent any Assumed Contract (as defined
below) is not capable of being transferred, assigned or conveyed without the
consent or waiver of a party thereto (other than Micron or an affiliate of
Micron) or any other third party (including governmental authority), or if such
transfer, assignment or conveyance would constitute a breach thereof or
violation of Applicable Law, this Agreement shall not constitute a transfer,
assignment or conveyance thereof, and Micron shall hold any such Assumed
Contract for the benefit of the Company.

          (d)
Prorations. On the Closing Date, or as promptly as practicable following the
Closing Date, but in no event later than sixty (60) calendar days thereafter,
the water, gas electricity and other utilities, local business or other
transferable license or permit fees, and other similar periodic charges payable
with respect to the Transferred Assets shall be prorated between Micron and the
Company, with Micron bearing such costs and expenses attributable to the period
through and including the day prior to the Closing Date, and the Company bearing
such costs and expenses attributable to the period after the day prior to the
Closing Date.

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**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

          (e) Taxes. Except as otherwise provided in
this Agreement, (a) all Taxes (other than transfer Taxes) in respect of the
Transferred Assets for the period or portions of periods ending at or prior to
the day prior to the Closing Date shall be borne solely by Micron ("Micron
Pre-Closing Taxes"). For purposes of the foregoing, any Taxes that are imposed
on a periodic basis and are payable for a Tax period that includes (but does not
end on) the day prior to the Closing Date (a "Straddle Period"), the portion of
such Tax that relates to the portion of such Tax period ending on the day prior
to the Closing Date shall (A) in the case of any Taxes other than Taxes based
upon or related to income or receipts, be deemed to be the amount of such Tax
for the entire Tax period multiplied by a fraction, the numerator of which is
the number of days in the Tax period ending on the day prior to the Closing Date
and the denominator of which is the number of days in the entire Tax period, and
(B) in the case of any Tax based upon or related to income or receipts, be
deemed equal to the amount which would by payable if the relevant Tax period
ended on the day prior to the Closing Date. For purposes of this Section, all
relevant periods in respect of personal property, real property and similar
Taxes imposed by the State of Idaho shall be treated as beginning after the day
prior to the Closing Date, and such Taxes in respect of the Transferred Assets
shall be paid by the Company. Micron shall pay to the Company, within fifteen
(15) days prior to the date on which Taxes are due with respect to Straddle
Periods, that amount equal to the applicable portion of such Taxes which relates
to the portion of such Taxable period ending on the day prior to the Closing
Date. Except as otherwise provided in this Agreement, all Taxes in respect of
the Transferred Assets for the period or portions of periods beginning after the
day prior to the Contribution Closing shall be borne by the Company or, to the
extent that the Company is taxed as a flow-through entity, with respect to
income or franchise Taxes, by the Members. "Tax" means all taxes, levies,
imposts and fees imposed by any Governmental Authority (domestic or foreign) of
any nature, including but not limited to federal, state, local or foreign net
income tax, alternative or add-on minimum tax, profits or excess profits tax,
franchise tax, gross income, adjusted gross income or gross receipts tax,
employment related tax (including employee withholding or employer payroll tax,
FICA or FUTA), real or personal property tax or ad valorem tax, sales or use
tax, excise tax, stamp tax or duty, any withholding or back up withholding tax,
value added tax, severance tax, prohibited transaction tax, premiums tax,
occupation tax, together with any interest or any penalty, addition to tax or
additional amount imposed by any Governmental Authority (domestic or foreign)
responsible for the imposition of any such tax.

          2. Purchase and Sale of Membership
Interests.

          (a) General. At the LLC Closing (as
defined below) and upon the terms and conditions set forth in this Agreement,
Micron shall sell, transfer and assign to Photronics, and Photronics shall
purchase and acquire from Micron, the Transferred Units, free and clear of all
security interests, claims, liens, pledges, options, encumbrances, charges,
agreements, voting trusts, proxies and other arrangements or restrictions
whatsoever, except as may be set forth in this Agreement and the LLC Operating
Agreement. Capitalized terms used, but not defined, in this Agreement, shall
have the meanings set forth in the LLC Operating Agreement.

          (b) Purchase Price. The total purchase
price to be paid by Photronics for the Units will be
$63,000,000 (the "Purchase Price").

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**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

          (c) Closing; Subsequent Payments. Subject to the terms and
conditions contained in this Agreement, the purchase and sale of the Units
hereunder (the "LLC Closing" and together with the Contribution Closing, the
"Closing") shall take place immediately following the Contribution Closing at
the offices of Micron at the opening of business on May 5, 2006 (the "Closing
Date"), or at such other place or on such other date as is mutually agreeable to
Micron and Photronics. [****]. In addition, Photronics shall make two additional
payments to Micron in payment for the balance of the Purchase Price by delivery
to Micron, by wire transfer of immediately available funds to a bank account
designated in writing by Micron, of an amount equal to $7,500,000, on each of
the first and second anniversaries of the Closing Date.

          3. Closing
Conditions.

          (a) The
obligation of Micron to sell, transfer and assign the Units to Photronics
hereunder is subject to the satisfaction of the following conditions as of the
Closing:

          (i) the representations and warranties contained in Section 4
hereof shall be true and correct in all material respects at and as of the date
hereof and at and as of the Closing Date as though then made, except to the
extent of changes caused by the transactions expressly contemplated
herein;

          (ii) Micron
shall have received the portion of the Purchase Price payable to Micron at the
Closing pursuant to Section 2 above;

          (iii) The
agreements and covenants of Photronics contained in this Agreement that are
required to be performed prior to or on the Closing Date shall have been
performed or satisfied by Photronics in all material respects;

          (iv)
Consummation of the transactions contemplated hereby and by the Transaction
Documents shall not have been restrained, enjoined or otherwise prohibited by
Applicable Law or order of judgment or any Governmental Authority (as defined in
the LLC Operating Agreement); and

          (v) Micron
and Photronics shall have entered into the LLC Operating Agreement and the other
Transaction Documents, and such agreements shall be in full force and
effect.

          (b) The
obligation of Photronics to purchase and acquire the Units from Micron is
subject to the satisfaction of the following conditions as of the
Closing:

          (i) the
representations and warranties contained in Section 4 hereof shall be true and
correct in all material respects at and as of the date hereof and at and as of
the Closing Date as though then made, except to the extent of changes caused by
the transactions expressly contemplated herein;

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**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

          (ii) The agreements and covenants of Micron contained in this
Agreement that are required to be performed prior to or on the Closing Date
shall have been performed or satisfied by Micron in all material
respects;

          (iii) The
Contribution shall have occurred;

          (iv)
Consummation of the transactions contemplated hereby and by the Transaction
Documents shall not have been restrained, enjoined or otherwise prohibited by
Applicable Law or order of judgment or any Governmental Authority;
and

          (v) Micron
and Photronics shall have entered into the LLC Operating Agreement and the other
Transaction Documents, and such agreements shall be in full force and
effect.

          4.
Representations and Warranties of Micron. Micron hereby represents and warrants
to Photronics as follows:

          (a)
Organization. Each of Micron and the Company is duly organized, validly existing
and in good standing under the laws of its jurisdiction of formation. Micron has
all corporate power and authority required to conduct its business as currently
conducted and to own and lease its properties and operate its business as
currently owned, leased and operated. The Company has all limited liability
company power and authority required to conduct its business as currently
conducted and to own and lease its properties and operate its business as
currently owned, leased and operated. Each of Micron and the Company is duly
qualified to do business and is in good standing (to the extent such concept
exists in the relevant jurisdiction) as a foreign corporation or limited
liability company, as applicable, in each jurisdiction where the character of
the property owned or leased or the nature of its activities makes such
qualification necessary, except for those jurisdictions where the failure to be
so qualified or in good standing is not reasonably likely to result in a
Material Adverse Effect on Micron or the Joint Venture, as applicable. A
"Material Adverse Effect" on a Person (as defined in the LLC Operating
Agreement) or business shall mean any facts or circumstances that, individually
or in the aggregate, would, or might reasonably be expected to, result in a
material adverse effect on the business, financial condition or results of
operations of such Person or business.

          (b)
Ownership. All of the Membership Interests of the Company are owned by Micron,
and Micron has good and marketable title to such Membership Interests, which
consists of 100,000 units, free and clear of all security interests, claims,
liens, pledges, options, encumbrances, charges, agreements, voting trusts,
proxies and other arrangements or restrictions whatsoever.

          (c)
Authorization. Micron has all requisite corporate power and corporate authority
to execute and deliver this Agreement, to perform all of its obligations and
undertakings hereunder and to consummate the transactions contemplated hereby.
The execution and performance of this Agreement and the sale of the Units by
Micron to Photronics have been duly authorized by all necessary action on the
part of Micron, and this Agreement has been duly authorized, executed and delivered by
Micron and constitutes a valid and legally binding obligation of Micron,
enforceable in accordance with its terms, except as the enforceability thereof
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting the enforcement of creditors' rights generally and
general equitable principles.

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**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

          (d) Conflicts. The execution, delivery and performance of this
Agreement by Micron or the Company does not conflict with, violate or result in
the breach of, or create any lien or encumbrance on the Transferred Assets or
the Membership Interests of the Company pursuant to, any charter, agreement,
instrument, order, judgment, decree, law or governmental regulation to which
Micron is a party or is subject or by which the Transferred Assets or the
Membership Interests of the Company are bound. The execution, delivery and
performance of this Agreement does not and will not require any governmental or
other third party consents or filings on the part of Micron or the
Company.

          (e)
Transferred Assets. [****]. The Company has, except for Permitted Exceptions,
(i) good and marketable title to, and possession of, all of the owned
Transferred Assets that are real property and (ii) good and valid title to all
of the owned Transferred Assets that are not real property. All of the
Transferred Assets are in good operating condition and repair, ordinary wear and
tear and immaterial defects excepted. The Company has no assets other than the
Transferred Assets and the rights under the Technology License Agreement (as
defined in the LLC Operating Agreement).

          (f)
Litigation. To Micron's Knowledge, there is no material Proceeding pending or
threatened against, relating to or affecting the Transferred Assets or the
transactions contemplated by this Agreement. "Micron's Knowledge" and the
related term "Known by Micron" shall mean the actual knowledge of the executive
officers of Micron, after due inquiry of the operating officers of Micron and
the Company. "Proceeding" shall mean any action, suit, hearing, arbitration,
proceeding (public or private), investigation, examination, audit or
claim.

          (g)
Environmental Matters. Except as would not reasonably be expected to have a
Material Adverse Effect on the Company, to Micron's Knowledge: (i) Micron's
operation of the Transferred Assets has complied with all Environmental Laws;
and (ii) no real property constituting a Transferred Asset contains any
Hazardous Substance which could be expected to require investigation or
remediation under any Environmental Law. "Environmental Law" shall mean any law,
regulation, order, decree, common law or agency requirement relating to the
protection of the environment or human health and safety. "Hazardous Substance"
shall mean any substance that is listed, classified or regulated in any
concentration under any Environmental Law including petroleum products and
polychlorinated biphenyls.

          (h)
Contracts. All material contracts or other material agreements assigned to the
Company by Micron in connection with the transactions contemplated by this
Agreement are set forth on Exhibit C hereto (the "Assumed Contracts") and are in
full force and effect and constitute the valid and legally binding obligations
of the Company, enforceable in accordance with their terms, except as the
enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditors' rights generally and general equitable principles. Micron is not in
material default under, and to Micron's Knowledge, no other party is in material
default under, any of the Assumed Contracts.

6

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

          (i) Sufficiency of Assets. To Micron's Knowledge, upon the
execution of, and consummation of the transactions contemplated by, this
Agreement, the Contribution Agreement and the other Transaction Documents, (i)
the tangible assets and properties of the Company as of the Closing Date will
include all of the material tangible assets and properties necessary for the
conduct of the Company's Photomask Business as conducted by Micron immediately
prior to the Closing (not including assets used by Micron in connection with its
performance of services under the Information Technology, Operational and
General Administrative Services Agreement between Micron and the Company (the
"Services Agreement")) and (ii) the services to be performed by Micron pursuant
to the Services Agreement encompass services sufficient for the continued
conduct of Micron's Photomask Business as conducted by Micron immediately prior
the Closing. All of the material machinery and equipment located at the JV Plant
as of the date hereof constitute Transferred Assets (not including (i) assets
used by Micron in connection with its performance of services under the Services
Agreement and (ii) assets used by non-Micron field service personnel in
connection with their performance of services for the Company).

          (j)
Undisclosed Liabilities. To Micron's Knowledge, Micron's Photomask Business is
not subject to any material liability, whether absolute, contingent, accrued or
otherwise, which is not shown or which is in excess of amounts shown or reserved
for in the unaudited balance sheet of Micron's Photomask Business dated as of
the date hereof and provided to Photronics on the date hereof, which balance
sheet has been prepared from, and is consistent with, the books and records of
Micron.

          (k)
Permits. To Micron's Knowledge, it operates Micron's Photomask Business and the
Transferred Assets with all required material Governmental Authority approvals,
permits and licenses and is in compliance with all material terms
thereof.

          (l) No
Material Adverse Effect. Since March 2, 2006, there has not been any Material
Adverse Effect on Micron's Photomask Business.

          (m)
Compliance with Laws. Micron is in compliance in all material respects with all
Applicable Laws relating to or applicable to the conduct of Micron's Photomask
Business and the ownership and use of the Transferred Assets.

          (n) Title
Insurance. Micron has provided Photronics with true and complete copies of the
Micron Title Insurance Policies. To Micron's knowledge, each of the Micron Title
Insurance Policies is, and as of the Closing will be, in full force and effect
according to its terms.

          (o) Brokers
and Finders. Micron has not engaged any broker or finder in connection with this
transaction.

7

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

          5. Representations and Warranties of Photronics. Photronics
hereby acknowledges, represents and warrants to Micron as follows:

          (a)
Organization. Photronics is duly organized, validly existing and in good
standing under the laws of its jurisdiction of formation. Photronics has all
corporate power and authority required to conduct its business as currently
conducted and to own and lease its properties and operate its business as
currently owned, leased and operated. Photronics is duly qualified to do
business and is in good standing (to the extent such concept exists in the
relevant jurisdiction) as a foreign corporation or limited liability company, as
applicable, in each jurisdiction where the character of the property owned or
leased or the nature of its activities makes such qualification necessary,
except for those jurisdictions where the failure to be so qualified or in good
standing is not reasonably likely to result in a Material Adverse Effect on
Photronics.

          (b)
Authorization. Photronics has all requisite corporate power and corporate
authority to execute and deliver this Agreement, to perform all of its
obligations and undertakings hereunder and to consummate the transactions
contemplated hereby. The execution and performance of this Agreement and the
purchase of the Units by Photronics from Micron have been duly authorized by all
necessary action on the part of Photronics, and this Agreement has been duly
authorized, executed and delivered by Photronics and constitutes a valid and
legally binding obligation of Photronics, enforceable in accordance with its
terms, except as the enforceability thereof may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the
enforcement of creditors' rights generally and general equitable
principles.

          (c)
Conflicts. The execution, delivery and performance of this Agreement by
Photronics does not conflict with, violate or result in the breach of any
charter, agreement, instrument, order, judgment, decree, law or governmental
regulation to which Photronics is a party or is subject. The execution, delivery
and performance of this Agreement does not and will not require any governmental
or other third party consents or filings either on the part of
Photronics.

          (d)
Investment Representations.

          (i)
Photronics is acquiring the Units for investment purposes and is not acquiring
the Units with a view to the public sale or distribution of any part thereof,
and Photronics has no present intention of selling, granting participation in,
or otherwise distributing the Units in violation of any federal or state
securities laws. Photronics recognizes that it must bear the economic risk of
the investment represented by its purchase of the Units for an indefinite period
according to the terms of the LLC Operating Agreement. Photronics understands
that the Units have not been registered under the Securities Act of 1933 on the
basis that the sale provided for in this Agreement is exempt under the Act and
that the reliance of Micron on such exemptions is predicated upon such
Photronics' representations set forth herein.

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**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

          (ii) Photronics acknowledges and agrees that any certificates
representing Units held by Photronics, and the LLC Operating Agreement, will be
affixed with the following legend:

"MEMBERSHIP INTERESTS IN MP MASK
TECHNOLOGY CENTER, LLC, A DELAWARE LIMITED LIABILITY COMPANY, HAVE NOT BEEN
REGISTERED WITH OR QUALIFIED BY THE SECURITIES AND EXCHANGE COMMISSION OR ANY
SECURITIES REGULATORY AUTHORITY OF ANY STATE. THE INTERESTS ARE BEING SOLD IN
RELIANCE UPON EXEMPTIONS FROM SUCH REGISTRATION OR QUALIFICATION REQUIREMENTS.
THE INTERESTS CANNOT BE SOLD, TRANSFERRED, ASSIGNED OR OTHERWISE DISPOSED OF
EXCEPT IN COMPLIANCE WITH THE RESTRICTIONS ON TRANSFERABILITY CONTAINED IN THE
LIMITED LIABILITY COMPANY OPERATING AGREEMENT OF MP MASK TECHNOLOGY CENTER, LLC
AND APPLICABLE FEDERAL AND STATE SECURITIES LAWS."

          (iii)
Photronics hereby acknowledges that Micron has provided to Photronics no
information regarding the Company, or its business, prospects or value, and is
making no representations other than those in Section 4 hereof. Photronics
further acknowledges that it has conducted an independent investigation and has
been given access by the Company or parties unrelated to Micron to all
information regarding the Company that it has requested, but such investigation
shall not relieve Micron on liability for breaches of representations and
warranties made by Micron in Section 4. Photronics is capable of evaluating and
has evaluated the merits and risks of its acquisition of the Units.

          (iv)
Photronics hereby acknowledges that Micron is relying on the representations
contained in this Agreement in engaging in the sale of the Membership Interests
of the Company and would not engage in the sale of the Membership Interests of
the Company in the absence of the representations contained in this
Agreement.

          (e) Brokers
and Finders. Photronics has not engaged any broker or finder in connection with
this transaction.

          6.
Covenants.

          (a)
Operations Prior to the Closing Date. Prior to the Closing Date, Micron shall
operate Micron's Photomask Business and the Transferred Assets in the ordinary
course and substantially as presently operated.

          (b) No Sale
of Assets. Except for the sale of inventory in the ordinary course of business
and the disposition of broken or obsolete assets, Micron will not, directly or
indirectly, (a) solicit any inquiries or proposals or enter into or continue any
discussions, negotiations or agreements relating to the direct or indirect
transfer of the Transferred Assets to any Person other than the Company or (b)
provide any assistance or any information to or otherwise cooperate with any
Person in connection with any such inquiry proposal or transaction.

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**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

          (c) Diligence in Pursuit of Closing. Each of the parties
hereto shall use all commercially reasonable efforts to fulfill their respective
obligations hereunder and under the other Transaction Documents, and shall
reasonably cooperate with the other parties in regard to the same in order to
effect the Closing.

          (d)
Maintenance of Insurance. Prior to the Closing, Micron shall not take or fail to
take any action that would adversely affect the applicability and the extent of
coverage of any insurance in effect on the date hereof, in any material respect,
that covers all or any part of the Transferred Assets, as and to the extent such
insurance applies to and covers insured risks for periods prior to the Closing
Date.

          (e)
Confidentiality. The disclosure and exchange of information between Micron and
Photronics is governed solely by the terms of the Micron Technology, Inc. Mutual
Nondisclosure Agreement dated as of March 29, 2005, as amended, and by the
Nondisclosure Agreement among Micron, Photronics and the Company included as
part of the Transaction Documents (the "Confidentiality Agreements").

          (f) Press
Releases. The parties agree that, following the signing of this Agreement, they
shall issue a joint press release, the text of which shall have been
pre-approved by Micron and Photronics. Except as required by law or regulation,
prior to the issuance of such press release, none of the parties hereto shall
make any public disclosure, announcement or statement with respect to this
Agreement, the Transaction Documents or the Joint Venture or any of the
transactions contemplated by this Agreement or the Transaction
Documents.

          (g) Title.
Micron covenants that following the Closing Date, Micron, without cost to Micron
but for the benefit of the Company, will diligently and reasonably present and
prosecute to the fullest extent of available coverage claims under the policies
of title insurance, and riders and endorsements thereto, issued effective upon
Micron's acquisition of fee simple title to the real property constituting
Transferred Assets (the "Micron Title Insurance Policy") with respect to any
claim, action, loss or damage affecting such property that the Company may
assert against Micron. Micron agrees to pay over to the Company any proceeds
paid to Micron in respect of Micron's claims asserted under the Micron Title
Insurance Policy to the extent related to the real property constituting
Transferred Assets.

          (h) Opening
Balance Sheet. [****]. If the net asset value of the Transferred Assets on the
Opening Balance Sheet is less than the NAV Amount, then Micron shall promptly
wire an amount of cash equal to such deficiency to the Company. If the net asset
value on the Opening Balance Sheet is greater than the NAV Amount, then the
Company shall promptly wire an amount equal to such excess to Micron.

          7. Survival
of Representations and Warranties. All representations and warranties contained
herein or made in writing by any party in connection herewith shall
survive the execution and delivery of this
Agreement and the Closing hereunder for a period of one (1) year following the
Closing Date, except for the representations and warranties set forth in
Sections 4(b) and 4(c) and the second sentence of Section 4(e), which shall
survive the execution and delivery of this Agreement and the Closing for a
period of ten years following the Closing Date.

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**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

          8. Indemnification.

          (a)
Agreement to Indemnify.

          (i)
Micron agrees to indemnify and hold harmless Photronics and each of its
representatives and affiliates (including the Company) (each a "Photronics
Indemnified Party") against any and all liabilities, claims, demands or losses,
including reasonable attorneys' fees incurred by any Photronics Indemnified
Party arising out of, or resulting from, (u) any breach of any representation or
warranty made by Micron in this Agreement or any other certificate delivered by
Micron pursuant to this Agreement, (v) any breach of any covenant made by Micron
in this Agreement or any other certificate delivered by Micron pursuant to this
Agreement, (w) any known liabilities of Micron's Photomask Business not assumed
by the Company pursuant to the Transaction Documents, (x) any Pre-Closing
Environmental Matter or (y) any products distributed by Micron prior the
Closing. "Pre-Closing Environmental Matter" shall mean (a) the production, use,
generation, emission, storage, treatment, transportation, recycling, disposal,
discharge, release or other handling or disposition at any time on or prior to
the Closing Date of any Hazardous Substances on, from or under any real property
included in the Transferred Assets by Micron or any affiliate of Micron or (b)
the failure prior to the Closing Date by Micron or any affiliate of Micron to
operate the business on any real property included in the Transferred Assets in
compliance with any Environmental Law.

          (ii)
Photronics agrees to indemnify and hold harmless Micron and each of its
representatives and affiliates (including the Company) (each a "Micron
Indemnified Party") against any and all liabilities, claims, demands or losses,
including reasonably attorneys' fees, incurred by any Micron Indemnified Party
arising out of, or resulting from, (u) any breach of any representation or
warranty made by Photronics in this Agreement or any other certificate delivered
by Photronics pursuant to this Agreement or (v) any breach of any covenant made
by Photronics in this Agreement or any other certificate delivered by Photronics
pursuant to this Agreement.

          (b)
Limitations on Indemnification.

          (i)
[****].

          (ii)
[****].

          (iii) After
the Closing, with respect to any matter as to which indemnification is provided
pursuant to Section 8 of this Agreement, such indemnification shall be the sole
remedy available to a Photronics Indemnified Party or Micron Indemnified Party,
as the case may be; provided, however, that this Section 8(b)(iii) shall not
limit any party's rights to bring a claim, action or suit for fraud or bad
faith.

11

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

          (c) Indemnification Procedures. In the event a Photronics
Indemnified Party or a Micron Indemnified Party intends to make a claim for
indemnification hereunder on behalf of himself or any Photronics Indemnified
Party or Micron Indemnified Party, respectively (an "Indemnitee"), such party
shall notify whichever of Micron or Photronics against whom indemnity is being
sought (the "Indemnitor") of the claim in writing promptly (but in no event
later than thirty (30) days) after receiving written notice of any action,
lawsuit, proceeding, investigation or other claim against him (if by a third
party) or discovering the liability, obligation or facts giving rise to such
claim for indemnification, describing the claim, the amount thereof (if known
and quantifiable), and the basis thereof, provided that the failure to so notify
the Indemnitor shall not relieve the Indemnitor of his obligations hereunder
except to the extent such failure shall have actually prejudiced the Indemnitor.
The Indemnitor shall be entitled to assume and control (with counsel of its
choice) the defense of the action, lawsuit, proceeding, investigation or other
claim giving rise to Indemnitee's claim for indemnification at the option and
expense of the Indemnitor by sending written notice of its election to do so
within fifteen (15) days after receiving written notice of such claim from the
Indemnitee as aforesaid; provided, however, that:

          (i) The
Indemnitee shall be entitled to participate in the defense of such claim and to
employ counsel of its choice for such purpose, the fees and expenses of such
separate counsel which shall be borne by the Indemnitee;

          (ii) If
the Indemnitor elects to assume the defense of any such claim, the Indemnitor
shall be entitled to compromise or settle such claim so long as either (x) such
settlement provides an unconditional release of all Indemnitees with respect to
such claim and requires the payment of monetary damages only or (y) the
Indemnitor obtains the prior written consent of the Indemnitee (which consent
shall not be unreasonably withheld or delayed); and

          (iii) If
the Indemnitor shall not have assumed the defense of such claim within the
15-day period set forth above, the Indemnitee may assume the defense of such
action, lawsuit, proceeding, investigation or such other claim with counsel
selected by it (which counsel shall be reasonably acceptable to the Indemnitor)
at the expense of the Indemnitor, provided that the Indemnitee shall under no
circumstances settle or compromise such claim without the prior written consent
of the Indemnitor (which consent shall not be unreasonably withheld or
delayed).

          9.
Termination. This Agreement may be terminated at any time prior to the Closing
(a) by mutual written consent of the parties hereto or (b) if the Closing does
not occur prior to July 1, 2006, provided that no party shall be entitled to
terminate this Agreement pursuant to this clause (b) if such party is in breach
of any provision hereof or if the Closing has not occurred despite the satisfaction of
the conditions to such party's obligation to close. In the event of the
termination of this Agreement pursuant to this Section 9, this Agreement shall
become void and of no further force and effect, there shall be no liability
under this Agreement and all rights and obligations of each party hereto shall
cease, provided that nothing herein shall relieve any party from liability for,
or be deemed to waive any rights available to a party by reason of, any breach
by the other party or parties of its or their representations, warranties,
covenants or agreements set forth in this Agreement. If the Closing does occur,
this Agreement may not be terminated thereafter by either party without the
prior written consent of the other.

12

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

          10. Further Assurances. After the Closing, as and when
requested by Photronics, Micron shall execute and deliver all such instruments
of conveyance and transfer and shall take such further actions as Photronics may
deem reasonably necessary to transfer the Units to Photronics and to carry out
fully the provisions and purposes of this Agreement. After the Closing, as and
when requested by Micron, Photronics shall take such further actions as Micron
may deem reasonably necessary to carry out fully the provisions and purposes of
this Agreement.

          11.
Miscellaneous.

          (a)
Successors and Assigns. This Agreement is intended to bind and inure to the
benefit of and be enforceable by Micron and Photronics and their respective
successors and assigns. This Agreement may not be assigned by either party
hereto without the prior written consent of the other party to this Agreement,
which consent shall not be unreasonably withheld.

          (b)
Amendment. This Agreement may be amended only through a writing signed by all
parties hereto.

          (c) Entire
Agreement and Modification. This Agreement and all agreements between Micron and
Photronics entered into concurrently herewith, including the LLC Operating
Agreement and the other Transaction Documents, together with the Confidentiality
Agreements, constitute and contain the entire agreement of the parties and
supersede and preempt any and all prior negotiations, correspondence,
understandings, agreements and representations, written or oral, which may have
related to the subject matter hereof.

          (d) Choice
of Law. The construction, validity, interpretation and enforcement of this
Agreement shall be governed by the internal law, and not the law of conflicts,
of the State of Delaware. EACH OF THE PARTIES HERETO HEREBY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER
OR IN CONNECTION WITH THIS AGREEMENT. EACH OF THE PARTIES HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT THE OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT THE
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION 8(d).

13

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

          (e) Enforcement. If any portion of this Agreement shall be
determined to be unenforceable for any reason, it shall be adjusted rather than
voided, if possible, in order to achieve the intent of the parties to the extent
possible. In any event, all other provisions of this Agreement shall be valid
and enforceable to the maximum extent possible.

          (f)
Headings. The headings appearing in this Agreement have been inserted for
identification and reference purposes and shall not by themselves determine the
construction or interpretation of this Agreement.

          (g)
Notices. Unless otherwise provided herein, all notices, requests, instructions
or consents required or permitted under this Agreement shall be in writing and
will be deemed given: (a) when delivered personally; (b) when sent by confirmed
facsimile; (c) ten (10) business days after having been sent by registered or
certified mail, return receipt requested, postage prepaid; or (d) three (3)
business days after deposit with an internationally recognized commercial
overnight carrier specifying next day delivery, with written verification of
receipt. All communications will be sent to the addresses listed on Exhibit A to
the LLC Operating Agreement (or to such other address or facsimile number as may
be designated by a party giving written notice to the other parties pursuant to
Section 11.5 of the LLC Operating Agreement).

          (h)
Counterparts. This Agreement may be executed in two or more counterparts, each
of which shall be deemed to be an original, but all of which taken together
shall constitute one and the same agreement.

          (i)
Expenses. Except as otherwise provided herein, each party shall pay all costs
and expenses that it incurs with respect to the negotiation, execution,
delivery, performance and consummation of this Agreement, except that the
Company shall pay any transfer Taxes, recording and filing fees, and other
charges with respect to the transfer of the Transferred Assets at the
Contribution Closing.

(signature page follows)

14

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

          IN WITNESS
WHEREOF, the parties have executed this Agreement on the day and year first
above written.

		MICRON TECHNOLOGY, INC.
			 
		By:	 
		Name:  	 
		Title:	
			 
			 
		PHOTRONICS, INC.
			 
		By:	
		Name:	
		Title:	
			 
			 
		MP MASK TECHNOLOGY CENTER, LLC
			 
		By:	
		Name:	
		Title:	

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

Schedule A

Transferred Assets

[****]

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

Schedule B

Transaction Documents

Contribution and Units Purchase Agreement
among Micron, Photronics and the Company

Limited Liability Company Operating
Agreement between Micron and Photronics

Company to Micron Direct Supply Agreement
between Micron and the Company

Company to Photronics Supply Agreement
between Photronics and the Company

Photronics to Micron Supply Agreement
between Micron and Photronics

Technology License Agreement among Micron,
Photronics and the Company

Information Technology, Operational and
General Administrative Services Agreement between Micron and the
Company

Operational and General Administrative
Services Agreement between Photronics and the Company

Nondisclosure Agreement among Micron,
Photronics and the Company

Non-solicitation Agreement among Micron,
Photronics and the Company

Assignment and Assumption Agreement
between Micron and the Company

Bill of Sale between Micron and the
Company

Warranty Deed between Micron and the
Company

Build to Suit Lease between Micron and
Photronics

2

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

Schedule C

Assumed Contracts and Assumed
Liabilities

[****]

3

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.Exhibit 10.16

TECHNOLOGY LICENSE AGREEMENT

     This TECHNOLOGY
LICENSE AGREEMENT (the "Agreement"), made this 5th day of May, 2006 (the
"Effective Date"), is by and among MICRON TECHNOLOGY, INC., a Delaware
corporation ("Micron"), PHOTRONICS, INC., a Connecticut corporation
("Photronics") and MP MASK TECHNOLOGY CENTER, LLC, a Delaware limited liability
company (the "Company").

RECITALS

    
WHEREAS, Micron and Photronics have formed the Company to develop and
fabricate advanced Reticles primarily dedicated to supporting Micron's prototype
and production Reticle requirements as directed by Micron and pursuant to the
Limited Liability Company Operating Agreement of even date herewith (the
"Operating Agreement") by and between Micron and Photronics;

    
WHEREAS, Micron and Photronics own certain technology assets that each
will license pursuant to the terms and conditions of this Agreement (i) to the
Company so that the Company may fulfill its Objectives (defined below) and (ii)
to each other for the purposes set forth herein; and

    
WHEREAS, Micron, Photronics and the Company have entered into separate
supply agreements under which Micron and Photronics will be able to obtain the
Reticles developed and fabricated using the technology licensed
hereunder.

    
NOW, THEREFORE, in consideration of the promises contained, and of the
obligations herein made and undertaken, the parties hereto do hereby covenant
and agree follows:

1. DEFINITIONS

     For purposes of
this Agreement, the definitions set forth in this Section 1 shall apply to the
respective capitalized terms. All capitalized terms not defined in this
Agreement shall have the meaning set forth in the Operating
Agreement.

    
1.1 "Approved Technology" shall mean (i) all Technology and Software
initially provided by Micron or Photronics to the Company hereunder in
accordance with Section 3, and (ii) all other Technology and Software that has
been approved by the Technology Steering Committee for use in the
Company.

    
1.2 "Company Improvements" shall mean (i) all Improvements made by or for
the Company to any of the Micron Technology, Micron Software or the Photronics
Technology; (ii) all documentation, works of authorship, know-how, data and data
bases, formulae, algorithms, processes, inventions and discoveries (whether or
not patentable), Software, ideas, concepts, techniques, methods, content,
technical information; engineering, production and other designs; drawings,
schematics, tooling requirements, and other information, technology and
materials, tangible or intangible, conceived, created, developed, first fixed in
a tangible medium or first reduced to practice by, for or at the Company; and
(iii) all Intellectual Property Rights in each of the foregoing.

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

     1.3 "Competing
Product" means [****]. 

    
1.4 "Copy Critical" shall refer to [****] 

    
1.5 "Copy Exact" shall refer [****]. 

    
1.6 "Designated Facility" means [****]

    
1.7 "Improvements" shall mean all derivative works of, improvements upon
and modifications to Technology.

    
1.8 "Intellectual Property Right" means any patents, patent applications,
including with respect to patents any patent rights granted upon any reissue,
division, continuation or continuation-in-part applications now or hereafter
filed, or utility models issued or pending, any registered and unregistered
design rights, any copyrights (including the copyright on Software), trade
secrets, know-how, or any other intellectual property rights or proprietary
rights whether registered or unregistered, and whether now known or hereafter
recognized in any jurisdiction, excluding trade names, service names,
trademarks, service marks, and trade dress.

    
1.9 "Licensed Technology" shall mean the New Technology, Standard
Technology and Unrestricted Technology, as applicable. All Company Improvements
shall be considered Licensed Technology, subject to classification thereof by
the Technology Steering Committee in accordance with Section 3.4.

    
1.10 "Micron Intellectual Property Rights" shall mean all Intellectual
Property Rights (i) owned by Micron or sublicenseable by Micron on the terms of
this Agreement without obligation to pay additional consideration to a licensor;
and (ii) necessary or useful to fulfill the Objectives or to design, develop or
manufacture Reticles, including any Intellectual Property Rights assigned by the
Company to Micron in accordance with this Agreement.

    
1.11 "Micron Software" shall mean the Software owned by Micron that
Micron provides to either the Company or to Photronics in accordance with this
Agreement.

    
1.12 "Micron Technology" shall mean all Technology (i) owned by Micron or
sublicenseable by Micron to the Company or to Photronics on the terms of this
Agreement without obligation to pay additional consideration to a licensor; and
(ii) necessary or useful to fulfill the Objectives or to design, develop or
manufacture Reticles, including any Company Improvements owned by Micron
pursuant to this Agreement.

    
1.13 "New Photronics Facility" means the new Photronics Facility to be
built pursuant to the Transaction Documents in Boise, Idaho.

    
1.14 "New Technology" shall mean [****].

2

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

     1.15 "Objectives"
shall mean the following business purposes for which the Company has been
created and for which the Company is licensed hereunder: (i) to develop and
produce prototypes for advanced, next-generation, high-end Reticles that meet
Micron's specifications as provided to the Company from time to time; (ii) to
achieve sustainable, leading edge production capabilities using only Approved
Technology; (iii) to manufacture in production volumes approved Reticles for
Micron that meet Micron's specifications and fulfill Micron's Reticle
requirements; and (iv) to the extent the Company has excess capacity after
fulfilling all of Micron's Reticle requirements as set forth above, and as
permitted herein and pursuant to the Supply Agreement between the Company and
Photronics, manufacture prototype and production Unrestricted Reticles for
Photronics customers using only Approved Technology. These Objectives may be
changed in accordance with the procedures set forth in the Operating
Agreement.

    
1.16 "Photronics Controlled Subsidiary" means a subsidiary of Photronics
that is primarily in the business of developing and fabricating Reticles and
that is directly, or indirectly through one or more intermediaries, [****], and
that is controlled by Photronics.

    
1.17 "Photronics Facility" shall mean [****].

    
1.18 "Photronics Improvements" means Improvements made by Photronics to
Micron Technology, but not including Improvements made by Photronics employees
or subcontractors while providing services to the Company.

    
1.19 "Photronics Intellectual Property Rights" shall mean all
Intellectual Property Rights (i) owned by Photronics or sublicenseable by
Photronics on the terms of this Agreement without obligation to pay additional
consideration to a licensor; and (ii) necessary or useful to fulfill the
Objectives or to design, develop or manufacture Reticles.

    
1.20 "Photronics Technology" shall mean all Technology (i) owned by
Photronics or sublicenseable by Photronics to the Company or to Micron on the
terms of this Agreement without obligation to pay additional consideration to a
licensor, and (ii) necessary or useful to fulfill the Objectives or to design,
develop or manufacture Reticles.

    
1.21 "Process Node" means a specific geometry loosely based on a minimum
line width at which semiconductor integrated circuit devices, and the Reticles
used in the manufacture of those devices, are manufactured; e.g.,
[****].

    
1.22 "Qualified" shall mean [****].

    
1.23 "Reticle" means a photomask, template or reticle that can be used to
transfer an image to a wafer or workpiece.

    
1.24 "Software" shall mean computer program instruction code, whether in
human-readable source code form, machine-executable binary form, firmware,
scripts, interpretive text, or otherwise, necessary or useful to design, develop
or manufacture Reticles, including related documentation. "Software" does not
include databases and other information stored in electronic form, other than
executable instruction codes or source code that is intended to be compiled into
executable instruction codes.

3

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

     1.25
"Specifications" shall have the meaning given thereto in the Photronics to
Micron Supply Agreement of even date herewith.

    
1.26 "Standard Technology" shall mean [****]. A list of Standard
Technology, if any, as of the Effective Date is set forth in Exhibit A
hereto.

    
1.27 "Technology" shall mean all documentation, works of authorship,
know-how, data and data bases, formulae, algorithms, processes, inventions and
discoveries (whether or not patentable), ideas, concepts, techniques, methods,
content, technical information, engineering, production and other designs,
drawings, schematics, tooling requirements, and other information, technology
and materials, tangible or intangible, and necessary or useful to fulfill the
Objectives or to design, develop or manufacture Reticles. "Technology" shall not
include (i) Software, or (ii) customer data or information related to the
design, development or manufacture of Reticles for either Micron or Photronics
customers.

    
1.28 "Technology Transfer Protocol" shall mean the preferred methodology
and protocols for Micron to provide Technology implementation training to
Photronics hereunder and for implementing that Technology at the Designated
Facility. The initial Technology Transfer Protocol is attached hereto as Exhibit
B, but may be modified from time to time by the Technology Steering
Committee.

    
1.29 "Unrestricted Reticles" shall mean Reticles designed for use in the
manufacture of products other than Competing Products.

    
1.30 "Unrestricted Technology" shall mean [****].

2. LICENSES

    
2.1 License Grant by Micron to Company. Subject to the terms and
conditions of this Agreement, Micron grants to the Company a royalty-free,
non-exclusive, non-transferable license, without right of sublicense, under the
Micron Intellectual Property Rights and to the Micron Technology (excluding
Software), to develop, make, use, offer to sell and sell Reticles, and to create
Improvements to the Micron Technology, solely in accordance with the
Objectives.

    
2.2 License Grant by Micron to Photronics. Subject to the terms and
conditions of this Agreement, including the classification procedures, use
restrictions, and conditions set forth in Section 3, Micron grants to Photronics
and to each Photronics Controlled Subsidiary a non-exclusive, worldwide,
non-transferable (except as provided in Section 9.4), fully paid-up (subject to
Section 9.4) license, [****] under the Micron Intellectual Property Rights and
to the Licensed Technology, to develop, use, make at Photronics Facilities, have
Unrestricted Reticles made by the Company, import, offer to sell and sell
Reticles, and to create Improvements to the Micron Technology.

4

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

     2.3 License Grant
by Photronics to the Company. Subject to the terms and conditions of this
Agreement, Photronics grants to Company a royalty-free, non-exclusive,
non-transferable, fully paid-up license, without right of sublicense, under the
Photronics Intellectual Property Rights and to the Photronics Technology and
Photronics Improvements, to develop, make, use, import, offer to sell and sell
Reticles, and to create Improvements to the Micron Technology, solely in
accordance with the Objectives.

    
2.4 License Grant by Photronics to Micron. Subject to the terms and
conditions of this Agreement, Photronics grants to Micron a royalty-free,
non-exclusive, non-transferable, fully paid-up license, with right of sublicense
only to Photronics Improvements, under the Photronics Intellectual Property
Rights and to the Photronics Technology and Photronics Improvements, to develop,
make, have made, use, import, offer to sell and sell Reticles, and to create
Improvements to the Micron Technology.

    
2.5 Software Licenses from Micron to the Company. Micron grants to the
Company, subject to the terms and conditions of this Agreement, a royalty free,
nonexclusive, limited license to reproduce, install and execute the Micron
Software that Micron provides to the Company under Section 3 solely for the
Company's internal use and only to fulfill the Objectives. The Company may make
one copy of the Micron Software in machine-readable form for backup, disaster
recovery or archival purposes only, and may make additional working copies
beyond the copies provided by Micron as are reasonably necessary for the
Company's internal use only. All such copies of Micron Software shall include
all of the copyright and other proprietary notices of Micron contained on the
original copy. The Company shall not assign, sublicense, transfer, pledge,
lease, loan, rent to or share the Micron Software with any third party (except
for Photronics personnel performing services for the Company at the Company's
facilities). The Company shall not modify, decompile, reverse engineer,
disassemble, or otherwise translate the Micron Software without the prior
written consent of Micron in each case. Micron may from time to time provide the
Company with human-readable source code for specified Micron Software. In such
event, Micron will grant to the Company, subject to the terms and conditions of
this Agreement, a royalty free, nonexclusive, limited license to reproduce, make
derivative works of, install and execute such specified Micron
Software.

    
2.6 Software License from Micron to Photronics. Upon the Lease
Commencement Date (as defined in the Build to Suit Lease between Micron and
Photronics of even date herewith), [****] and for use only at the New Photronics
Facility, Micron grants to Photronics, subject to the terms and conditions of
this Agreement, a royalty free, non-exclusive, limited license to reproduce,
install, and execute the Micron Software provided to Photronics pursuant to
Section 3 below.

          (a)
Photronics may make one copy of the Micron Software in machine-readable form for
backup, disaster recovery or archival purposes only, and may make additional
working copies beyond the copies provided by Micron as are reasonably necessary
for Photronics' internal use only at the New Photronics Facility. All such
copies of Micron Software shall include all of the copyright and other
proprietary notices of Micron contained on the original copy. [****] Photronics
shall not assign, sublicense, transfer, pledge, lease, loan, rent to or share
the Micron Software with any third party, or use the Micron Software to perform
services for any third party (excluding manufacture of Reticles by Photronics
for third parties as expressly permitted under this Agreement). Photronics shall
not modify, have modified, decompile, reverse engineer, disassemble, or
otherwise translate the Micron Software without the prior written consent of
Micron in each case.

5

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

          (b) Micron may from time to time, upon the request of
Photronics and in Micron's sole discretion, provide Photronics with
human-readable source code for Micron Software. In such event, Micron will grant
to Photronics, a nonexclusive, limited license to reproduce, make derivative
works of, install and execute such Micron Software only at the New Photronics
Facility and on the terms and conditions agreed to by the parties.

          (c)
Photronics acknowledges that some of the Software [****] may be third party
Software that Micron does not have the right to sublicense. Micron will identify
applicable third party Software during the process of establishing the New
Photronics Facility. Photronics shall be responsible at its own expense to
independently license such third party Software. If such third party Software is
not available to be licensed, Micron and Photronics shall consult in good faith
about alternatives to such unavailable third party Software [****].

3. DELIVERABLES

    
3.1 Initial Delivery to the Company. Micron will provide to the Company
immediately after the Effective Date all Technology retained by Micron [****].
In addition, Micron will license and deliver to the Company the Software
retained by Micron [****]. Photronics will provide to the Company promptly after
the Effective Date the Approved Technology listed on Exhibit D hereto. The
parties acknowledge that the ability to provide certain Technology and Software
to the Company will be subject to the right to sublicense third party Technology
and Software pursuant to existing license agreements. [****].

    
3.2 Initial Delivery to Photronics. Within thirty (30) days following the
Effective Date, Micron will deliver to Photronics or make available to
Photronics the Licensed Technology retained by Micron [****]. In addition,
Micron will provide Photronics certain Micron Software for implementation and
use at the New Photronics Facility in accordance with the license grant set
forth in Section 2.6 above. A list of such Micron Software will be determined by
Micron prior to the Lease Commencement Date and will be provided to Photronics;
the list will include the Micron Software reasonably necessary to assist
Photronics [****]. The Licensed Technology and Micron Software will be made
available for electronic transfer in accordance with means to be mutually agreed
by Micron and Photronics, but where necessary, physical transfers may be
conducted.

    
3.3 Determination of Approved Technology. The Technology Steering
Committee, pursuant to the Technology Steering Committee charter attached hereto
as Exhibit E, will create general guidelines setting forth the process for
determining whether Technology, regardless of source, will be Approved
Technology for use by the Company and will make such determinations in
accordance with the charter and the guidelines. The Technology Steering
Committee may amend these guidelines from time to time. A negative determination
will not preclude the Technology Steering Committee from later determining that
Technology does constitute Approved Technology.

6

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

     3.4 Determination
of Licensed Technology and Availability of Licensed Technology; Additional
Deliveries of Micron Software. Within thirty (30) days following the end of each
calendar quarter, the Technology Steering Committee will convene to analyze any
Technology developed during such calendar quarter at or by the Company. [****].
From time to time, Micron may provide Photronics additional Micron Software
[****] in accordance with the license grant in Section 2.6. The quarterly
Technology Steering Committee meetings may be used for purposes of discussing
the provision of additional Micron Software to Photronics.

    
3.5 Photronics Use Restrictions. [****].

          (a)
[****].

          (b)
[****].

          (c)
[****].

    
3.6 Photronics Improvements. Photronics will notify the Company and
Micron no less frequently than once each calendar quarter of all Photronics
Improvements recognized, logged, or recorded by Photronics pursuant to its
standard internal processes for logging or tracking Improvements or inventions
on its own behalf or for which Photronics seeks to claim, register, record, or
file an application for recognition as an Intellectual Property Right of
Photronics. Photronics promptly shall make available all such Photronics
Improvements for use by the Company. As part of the quarterly meeting of the
Technology Steering Committee pursuant to Section 3.4 above, the Technology
Steering Committee will review any Photronics Improvements identified by
Photronics as having been created the previous quarter and shall determine
whether to treat the Photronics Improvements as Approved Technology. In
addition, Micron shall have the opportunity to receive access to all Photronics
Improvements, subject to the license grant set forth in Section 2.4.

    
3.7 Initial Designated Facility. [****].

    
3.8 New Facility. [****].

4. TRAINING AND SUPPORT.

    
4.1 Initial Designated Facility Support. Micron agrees to provide
Photronics technical support in connection with technology module transfers (as
the term "module" is used in the Technology Transfer Protocol) [****].
Photronics may request that the designated Micron support personnel travel to
the Designated Facility to provide technical support and Micron will approve
such travel in its reasonable judgment, based on the availability of the
appropriate Micron personnel and the nature of the request, provided that
Photronics shall pay all travel expenses for any Micron approved travel. Micron
shall have no obligation to provide support for implementation of Licensed
Technology at Photronics facilities that are not the Designated
Facility.

7

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

     4.2 Support
Related to New Photronics Facility. [****].

    
4.3 On-site Training in Accordance with the Technology Transfer Protocol.
In addition to the support specified in Sections 4.1, 4.2 and 4.5, Micron and
Photronics anticipate that Micron will provide Photronics onsite training to be
conducted at the Company to assist Photronics to learn and implement the
Licensed Technology and Micron Software as authorized by this Agreement. The
anticipated and preferred methodology for conducting this onsite training is set
forth in the Technology Transfer Protocol, although this may be changed by the
TSC. Both Micron and Photronics will make available the appropriate personnel
to conduct and receive the onsite training in accordance with the guidelines and
time periods set forth in the Technology Transfer Protocol.

    
4.4 Additional Support. Photronics may request additional support from
the General Manager and the General Manager may agree to provide such additional
support in its sole discretion. Any such additional support hours shall be
charged to Photronics at [****].

    
4.5 Software Support. Photronics may request Software maintenance and
support from Micron. During the term, this Software maintenance and support
shall be charged to Photronics at [****]. During any wind-down period in which
Software licenses survive the termination of this Agreement or the joint venture
relationship contemplated by the Transaction Documents, Micron agrees to provide
Photronics software maintenance and support services for a period of one (1)
year for any Micron Software then installed at the New Photronics Facility at
rates and upon terms consistent with Micron's then-standard software support
rates and terms. All Micron Software support shall be subject to the terms and
conditions set forth in Section (2) of Schedule 4.1(B) of the Information
Technology, Operational and General Administrative Services Agreement of even
date herewith. To the extent that there is any conflict between the terms and
conditions of the foregoing referenced section and this Agreement, as to
Software support that Micron provides to Photronics, the terms of this Agreement
shall prevail. The New Photronics Facility may from time to time request that
Micron make enhancements or improvements to the Micron Software or other
Software installed at the New Photronics Facility. Any enhancements or
improvements to the Micron Software or other Software installed at the New
Photronics Facility are subject to the prior written approval of the Technology
Steering Committee. Subject to the approval of the Technology Steering
Committee, the same modifications may be made to the Micron Software and other
Software installed at the Company.

5. PAYMENTS

    
5.1 Initial Technology License Fee. On the Effective Date, Photronics
will pay Micron Seventy-two Million Dollars ($72,000,000) for the initial
provision of Licensed Technology and the licenses granted to Photronics under
this Agreement to use such Licensed Technology. Such amount shall be
non-refundable.

8

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

     5.2 Costs. Unless
otherwise set forth herein, each of Photronics and Micron shall bear its own
costs and expenses regarding receipt and implementation of Technology licensed
and made available to it under this Agreement. If Photronics requests that
Micron provide any support on-site at a Photronics Facility, or otherwise
requires a Micron employee to travel to provide technical support pursuant to
Section 4 above, Photronics agrees to bear the reasonable travel and lodging
expenses of the applicable Micron personnel in addition to any other fees that
may apply.

    
5.3 Taxes. To the extent that any taxes are applicable to the license and
delivery of Licensed Technology and Micron Software to Photronics pursuant to
this Agreement, Photronics shall be responsible for and shall pay any applicable
sales, use, excise, withholding or similar taxes, including value added taxes
and customs duties due on the importation of Licensed Technology and arising
from the license to Photronics under this Agreement, excluding any taxes based
on Micron's net income.

6. OWNERSHIP; INTELLECTUAL PROPERTY
PROTECTION

    
6.1 Ownership. Except as expressly set forth herein, this Agreement, the
delivery of Technology and Software and the licenses granted hereunder shall not
affect each of Photronics and Micron's ownership of its Technology and Software
and the Intellectual Property Rights owned by such parties and licensed or
provided to one or more parties under this Agreement. Micron shall own any and
all derivative works, enhancements, improvements or modifications to Micron
Software. All rights not expressly granted herein are reserved.

    
6.2 Ownership of Company Improvements. Subject to the license grants set
forth in Section 2, Micron shall own all Company Improvements. To the extent
that Photronics or the Company obtains any ownership interest in or to such
Company Improvements, Photronics and the Company hereby assign and agree to
assign to Micron all of their right, title and interest in and to any Company
Improvements. Notwithstanding the foregoing, the Technology Steering Committee
may, in its discretion and upon Photronics' written request, determine that
certain Technology that would otherwise be deemed a Company Improvement but that
is primarily based on or derived from Photronics Technology, shall be deemed a
Photronics Improvement and treated as such under Section 6.3 below.

    
6.3 Ownership of Photronics Improvements. Subject to the license grants
set forth in Section 2 and disclosure obligations set forth in Section 3.6,
Photronics shall own all Photronics Improvements and any Intellectual Property
Rights in or to such Photronics Improvements.

    
6.4 Patent Prosecution. Micron shall have the right in its sole
discretion to prepare, file, prosecute and maintain, at its own expense, any
patent applications and Patents claiming Company Improvements, and to conduct
any interferences, re-examinations, reissues, oppositions or requests for patent
term extension or governmental equivalents thereto. Subject to Section 7,
Photronics shall have the right in its sole discretion to prepare, file,
prosecute and maintain, at its own expense, any patent applications and Patents
claiming Photronics Improvements, and to conduct any interferences,
re-examinations, reissues, oppositions or requests for patent term extension or
governmental equivalents thereto.

9

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

     6.5 Cooperation.
The Company and Photronics shall each reasonably cooperate with and assist
Micron at their own expense in connection with Micron's patent prosecution
activities related to Company Improvements. The Technology Steering Committee
will (a) facilitate communication among the parties regarding patent
applications with respect to Company Improvements, (b) discuss and provide input
to Micron on patent strategy with respect to Company Improvements, and (c) upon
Micron's or Photronics request, review applications and other substantive papers
with respect to Company Improvements prior to filing with the patent
office.

    
6.6 Enforcement.

          (a) Notice.
Micron and Photronics shall each promptly notify Company of its knowledge of any
actual or potential infringement of Intellectual Property Rights associated with
the Approved Technology.

          (b)
Cooperation; Costs. Each party agrees to render such reasonable assistance in
connection with enforcement activities described in this Section 6.6 as the
enforcing party may request. Costs of maintaining any such action shall be paid
by and belong to the party bringing the action.

          (c)
Recoveries. If any actions are undertaken for the benefit of the Company, any
damages or settlement recovered from any such action (after the deduction of the
costs and fees of the action) shall be allocated as follows: (i) to Micron if
the action was undertaken by Micron; or (ii) to Micron and Photronics in
proportion to their actual monetary contributions to the undertaking of the
action if the action is undertaken for the benefit of the Company and agreed
upon in advance by Micron and Photronics to be shared.

          (d) Third
Party Claims of Infringement. If the manufacture, use or sale of any Reticles
pursuant to this Agreement results in any claim, suit or proceeding alleging
patent infringement against the Company, Micron or Photronics, the party named
as the defendant in that claim, suit or proceeding shall promptly notify the
other parties hereto in writing setting forth the facts of such claims in
reasonable detail. The named defendant shall keep the other parties hereto
reasonably informed of all material developments in connection with any such
claim, suit or proceeding. The other parties shall, upon request, provide
reasonable assistance and cooperation to the named defendant and may elect to
participate in the defense of the claim, suit or proceeding, at its own expense
using counsel of its own choice.

7. CONFIDENTIALITY

    
All information provided, disclosed or obtained in connection with this
Agreement or the performance of any of the Parties' activities under this
Agreement shall be subject to the Confidentiality Agreement. Furthermore, the
terms and conditions of this Agreement shall be considered "Confidential
Information" under the Confidentiality Agreement for which each Party is
considered a "Receiving Party" under such agreement. [****]. To the extent there
is a conflict between this Agreement and the Confidentiality Agreement, the
terms of this Agreement shall control. Furthermore, each party acknowledges and
agrees that the authorized sale of a product under any of the Transaction
Documents shall not constitute a breach of any confidentiality obligations under
this Agreement or the Confidentiality Agreement to the extent that the
authorized sale of a product inherently discloses Confidential Information of a
Party. If the Confidentiality Agreement is terminated or expires and is not
replaced, the Confidentiality Agreement shall continue with respect to
confidential information provided in connection with this Agreement,
notwithstanding such expiration or termination, for the duration of the initial
term and any and all extension periods or until a new Confidentiality Agreement
is entered into between the parties.

10

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

8. LIMITED REPRESENTATIONS AND
WARRANTIES

     8.1 Mutual
Representations. Each party hereby represents and warrants to the other parties
as follows:

        
(a) The execution, delivery and performance of this Agreement by such
party have been duly authorized by all necessary action on the part of such
party.

        
(b) This Agreement has been duly executed and delivered by such party
and, assuming due authorization, execution and delivery by the other party,
constitutes a legal, valid and binding obligation of such party, enforceable
against such party in accordance with its terms.

        
(c) To each party's knowledge, such party's execution, delivery and
performance of this Agreement do not (i) violate, conflict with or result in the
breach of any provision of the charter or by-laws (or similar organizational
documents) of such party, or (ii) conflict with or violate any law or
governmental order applicable to such party or any of its assets, properties or
businesses.

    
8.2 Limited Warranty. Micron and Photronics each represent and warrant
that it has all necessary right, title or interest and has obtained all
necessary consents to perform its obligations and to grant the licenses it
grants under this Agreement, and that, to its knowledge, and without conducting
specific investigation, the Technology or Software that it provides access to
under this Agreement does not infringe upon or misappropriate the Intellectual
Property Rights of any third party.

    
8.3 Disclaimer. [****].

9. TERMINATION

    
9.1 Term of Agreement. This Agreement shall become effective on the first
day that it has been executed by both parties and shall remain in force for ten
(10) years and will renew automatically for additional five (5) year terms,
unless either Micron or Photronics terminates its participation in the Company
or unless the Agreement is sooner terminated in accordance with Section 9.2 or
Section 9.3 below.

11

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

     9.2
Termination.

          (a) Micron
and Photronics may terminate this Agreement upon mutual written
consent.

          (b) Either
Micron or Photronics may terminate this Agreement at any time in the event that
the other materially breaches this Agreement and, if the material breach is
capable of cure, such material breach continues uncured for a period of ninety
(90) days after written notice thereof. Provided that if the breach is capable
of being cured and the breaching Party has worked diligently and in good faith
since the receipt of the notice to cure such breach, but has not cured the
breach during the allotted time, the cure period will be extended for an
additional ninety (90) days.

    
9.3 Other Causes for Termination. Upon dissolution of the Company, or
termination of the Operating Agreement, or a Permitted Photronics Change in
Control (as defined in the Operating Agreement), this Agreement shall
automatically terminate, and all rights to receive further disclosures of
Technology and Software shall automatically terminate.

    
9.4 Permitted Photronics Change in Control License Transfer Fee.
[****].

    
9.5 Survival. In the event of termination of this Agreement, the parties'
rights and obligations under Sections 4.4, 6, 7, 8, 9.4, 9.5, 10 and 11 shall
survive and continue in effect. In addition, and notwithstanding anything to the
contrary contained herein, except for a termination of the Agreement under
Section 9.2(b), the licenses granted under Section 2 shall survive the
termination or expiration of this Agreement, provided that [****].

10. LIMITATION OF LIABILITY

[****] Each party acknowledges that the
foregoing limitations are an essential element of the Agreement between the
parties and that in the absence of such limitations the pricing and other terms
set forth in this Agreement would be substantially different. Each Party shall
have a duty to mitigate any damages hereunder in accordance with applicable
law.

11. MISCELLANEOUS

    
11.1 Amendments. This Agreement may not be amended without the prior
written consent of each party hereto.

    
11.2 No Waiver. Any provision of this
Agreement may be waived if, and only if, such waiver is in writing and is duly
executed by the party against whom the waiver is to be enforced. No failure or
delay by any party in exercising any right, power or privilege under this
Agreement shall operate as a waiver thereof nor shall any single or partial
waiver or exercise thereof preclude the enforcement of any other right, power or
privilege.

12

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

     11.3 Notices.
Unless otherwise provided herein, all notices, requests, instructions or
consents required or permitted under this Agreement shall be in writing and will
be deemed given: (a) when delivered personally; (b) when sent by confirmed
facsimile; (c) ten (10) Business Days after having been sent by registered or
certified mail, return receipt requested, postage prepaid; or (d) three (3)
Business Days after deposit with an internationally recognized commercial
overnight carrier specifying next-day delivery, with written verification of
receipt. All communications will be sent to the addresses listed on Exhibit A of
the Operating Agreement (or to such other address or facsimile number as may be
designated by a party giving written notice to the other parties pursuant to
this Section 11.3).

    
11.4 Independent Development. Subject to the license restrictions and
confidentiality obligations set forth in this Agreement, nothing in this
Agreement shall be construed to preclude either Micron or Photronics from
directly or indirectly designing, developing, acquiring, using, marketing,
licensing or selling any technology, prototypes, or production Reticles that is
similar, related to or competitive with those developed, designed or
manufactured by the other party or by the Company.

    
11.5 Governing Law. This Agreement will be governed by and construed in
accordance with the laws of the State of Delaware, United States of America, as
applied to agreements among Delaware residents entered into and wholly to be
performed within the State of Delaware (without reference to any choice or
conflicts of laws rules or principles that would require the application of the
laws of any other jurisdiction).

    
11.6 Construction; Interpretation.

          (a) Certain
Terms. The words "hereof," "herein," "hereunder" and similar words refer to this
Agreement as a whole and not to any particular provision of this Agreement. The
term "including" is not limited and means "including without
limitation."

          (b) Section
References; Titles and Subtitles. Unless otherwise noted, all references to
Sections and Exhibits herein are to Sections and Exhibits of this Agreement. The
titles, captions and headings of this Agreement are inserted for convenience of
reference only and are not intended to be a part of or to affect the meaning or
interpretation of this Agreement.

          (c)
Reference to Persons, Agreements, Statutes. Unless otherwise expressly provided
herein, (i) references to a Person include its successors and permitted assigns,
(ii) references to agreements (including this Agreement) and other contractual
instruments shall be deemed to include all subsequent amendments, restatements
and other modifications thereto or supplements thereof and (iii) references to
any statute or regulation are to be construed as including all statutory and
regulatory provisions consolidating, amending, replacing, supplementing or
interpreting such statute or regulation.

          (d)
Presumptions. No party, nor its counsel, shall be deemed the drafter of this
Agreement for purposes of construing the provisions of this Agreement, and all
provisions of this Agreement shall be construed in accordance with their fair
meaning, and not strictly for or against any party.

13

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

     11.7 Rights and
Remedies Cumulative. The rights and remedies provided by this Agreement are
cumulative and the use of any one right or remedy by any party shall not
preclude or waive its right to use any or all other remedies. Said rights and
remedies are given in addition to any other rights the parties may have by law,
statute, ordinance or otherwise.

    
11.8 No Assignment; Binding Effect. Except as otherwise expressly
provided in Section 9.4, no party may assign, delegate or otherwise transfer any
of its rights or obligations hereunder to any third party, whether by
assignment, transfer, Change in Control, or other means, without the prior
written consent of each other party. Any attempted assignment in violation of
the foregoing shall be null and void. Subject to the foregoing, this Agreement
shall be binding on and inure to the benefit of the parties, their heirs,
executors, administrators, and successors.

    
11.9 Severability. If any provision in this Agreement will be found or be
held to be invalid or unenforceable, then the meaning of said provision will be
construed, to the extent feasible, so as to render the provision enforceable,
and if no feasible interpretation would save such provision, it will be severed
from the remainder of this Agreement which will remain in full force and effect
unless the severed provision is essential and material to the rights or benefits
received by any party. In such event, the parties will use their respective best
efforts to negotiate, in good faith, a substitute, valid and enforceable
provision or agreement which most nearly affects the parties' intent in entering
into this Agreement.

    
11.10 Counterparts. This Agreement may be executed in counterparts, each
of which so executed will be deemed to be an original and such counterparts
together will constitute one and the same agreement. Execution and delivery of
this Agreement by exchange of facsimile copies bearing the facsimile signature
of a party shall constitute a valid and binding execution and delivery of this
Agreement by such party.

    
11.11 Dispute Resolution. The parties hereby agree that claims, disputes
or controversies of whatever nature, arising out of, in connection with, or in
relation to the interpretation, performance or breach of this Agreement (or any
other agreement contemplated by or related to this Agreement), shall be resolved
in accordance with the dispute resolution procedures set forth in the Operating
Agreement.

    
11.12 Third-Party Beneficiaries. None of the provisions of this Agreement
shall be for the benefit of or be enforceable by any creditor of the Company or
by any third-party creditor of any Member. This Agreement is not intended to
confer any rights or remedies hereunder upon, and shall not be enforceable by,
any Person other than the parties hereto, their respective successors and
permitted assigns.

    
11.13 Entire Agreement. This Agreement, together with the other
documents, exhibits and schedules referred to herein and therein, constitute the
entire agreement among the parties hereto pertaining to the subject matter
hereof, and supersede any and all prior oral and written, and all
contemporaneous oral, agreements or understandings pertaining thereto. There are
no agreements, understandings, restrictions, warranties or representations
relating to such subject matter among the parties other than those set forth
herein and in the other documents, exhibits and schedules referred to herein and
therein.

14

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

     IN WITNESS
WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written.

	MICRON TECHNOLOGY, INC.
	 	
	By:	
	Name:  	
	Title:	
	 	
	 	
	PHOTRONICS, INC.
	 	
	By:	
	Name:	
	Title:	
	 	
	 	
	MP MASK TECHNOLOGY CENTER, LLC
	 	
	By:	
	Name:	
	Title:	

	EXHIBITS:
	 
	Exhibit A:	 	Approved Technology and Licensed
      Technology
	Exhibit B:		Technology Transfer
  Protocol
	Exhibit C:		Software
	Exhibit D:		Approved Technology of
    Photronics
	Exhibit E:		Technology Steering Committee
      Charter

15

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

Exhibit A

Approved Technology and Licensed
Technology

     [****]

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

Attachment 1 to Exhibit A 

Initial Approved Technology List

[****]

17

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

Exhibit B

Technology Transfer Protocol

     [****]

18

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

Exhibit C 

Software 

[****]

19

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

Exhibit D

Approved Technology of
Photronics

[****]

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

Exhibit E

Technology Steering Committee Charter

[****]

**** Material omitted pursuant to a
request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934.
Material filed separately with the Securities and Exchange
Commission.

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