Document:

EXHIBIT 10.42

		EMPLOYEE
      STOCK PURCHASE PLAN
(Amended and Current as of April 8,
      2010)

ARTICLE I - General

	1.1	      	The purpose of
      Photronics, Inc. Employee Stock Purchase Plan is to provide eligible
      employees of the Company and its designated subsidiaries (if any) with an
      opportunity to acquire a proprietary interest in the Company by the
      purchase of shares of the Common Stock of the Company directly from the
      Company through payroll deductions. It is felt that employee participation
      in the ownership of the Company will be to the mutual benefit of both the
      employees and the Company.
	 
	1.2		The Plan is
      intended to qualify as an “employee stock purchase plan” within the
      meaning of Section 423 of the Internal Revenue Code of 1986, as amended
      (the “Code”). The provisions of the Plan shall, accordingly, be construed
      so as to extend and/or limit eligibility and participation in a manner
      consistent, and so as to otherwise comply, with the requirements of the
      Code.
	 
	1.3		Eligibility and
      participation in the Plan shall give any Employee only such rights as are
      set forth in the Plan and any amendments hereto and shall in no way affect
      or in any manner limit the Company’s right to discharge the Employee,
      which right is expressly reserved by the Company, or impair the authority
      of the Plan Committee to limit the Employee’s rights, claims or causes, as
      provided in the Plan.

ARTICLE II - Definitions

	2.1	      	The following words
      and phrases, when used in the Plan, shall have the following respective
      meanings, unless the context clearly indicates
  otherwise:

“Authorized Leave of
Absence”

Any leave of absence authorized under
the Company’s standard personnel practices, provided that all persons under
similar circumstances must be treated equally in the granting of such Authorized
Leave of Absence and provided further that the person returns to the employ of
the Company upon the expiration of an Authorized Leave of Absence. 

“Board of Directors”

The Board of Directors of Photronics,
Inc. 

“Code”

The Internal Revenue Code of 1986, as
amended from time to time, and applicable Treasury Department regulations issued
thereunder. 

“Common Stock”

The Common Stock, par value $0.01 per
share, of the Company, or the securities adjusted or substituted therefor
pursuant to Article XIV. 

“Company”

Photronics, Inc., a Connecticut
corporation, or its successor or successors or any present or future subsidiary
of Photronics, Inc., which may be designated to participate in the Plan by the
Board of Directors. 

1

“Compensation”

The Compensation of an Eligible
Employee shall be determined in accordance with procedures approved by the Plan
Committee or the Board of Directors. In the absence of the adoption of specific
procedures, Compensation of an Eligible Employee shall be the annualized salary
or wages of such Employee based on such Employee’s current rate of pay and work
schedule, but excluding any discretionary overtime, sick pay, vacation pay or
other benefits.

“Disability”

Disability shall have the same meaning
set forth in Section 22(e)(3) of the Code or any successor provision thereto. At
present, a disability is defined as a physical or mental impairment or
incapacity which, in the opinion of a physician selected by the Plan Committee,
can be expected to result in death or has lasted or can be expected to last for
a continuous period of at least twelve (12) months and renders the Participant
unable to engage in any substantial, gainful activity. 

“Effective Date of the
Plan”

The date on which the Plan shall have
become effective pursuant to Article XVII, provided, however, that if the Plan
shall not be approved by the stockholders of the Company as provided in Article
XVII, the Plan and all rights granted hereunder shall be, and be deemed to have
been, null and void. 

“Eligible Employee”

An Employee who is eligible to
participate in the Plan in accordance with provisions of Articles IV and V.

“Employee”

Any person who, on an Offering Date, is
a common law employee of the Company and whose customary employment is for more
than twenty (20) hours per week and for more than five (5) months per calendar
year, other than any highly compensated employees (within the meaning of Section
414[q] of the Code or any successor provision thereto) of the Company who are
excluded from participation hereunder by action of the Board of Directors. A
person who is or has been on an Authorized Leave of Absence, and who in the
absence of such Authorized Leave of Absence would have been classified as an
Employee, shall in the discretion of the Plan Committee be considered to be an
Employee, except to the extent that such determination is inconsistent with
Section 423 of the Code. Such determination by the Plan Committee shall be final
and conclusive. 

“Offering”

An Offering in accordance with the
provisions of Article V. 

“Offering Date”

The date of an Offering as established
by the Plan Committee pursuant to Section 5.1 hereof. 

“Participant”

An Eligible Employee who subscribes for
Shares pursuant to Article VI. 

“Plan”

The Photronics, Inc. Employee Stock
Purchase Plan set forth herein, as amended from time to time in accordance with
the provisions of Article XV. 

“Plan Committee”

The committee provided for in Article
XII to administer the Plan. 

2

“Purchase Date”

A Purchase Date as provided in Sections
8.1 or 10.3, as appropriate. 

“Shares”

Shares of Common Stock offered under
the Plan. 

     The masculine gender, whenever used in
the Plan, shall be deemed to include the feminine gender, and whenever the
plural is used it shall include the singular, if the context so requires.

ARTICLE III - Shares Subject to the Plan 

	3.1	      	Subject to the provisions of
      Article XIV hereof, the aggregate number of shares of Common Stock which
      may be issued under the Plan shall not exceed 1,200,000. The aggregate
      number of such shares which may be issued with respect to any Offering
      shall be determined by the Plan Committee with respect to such Offering.
      Such shares may be authorized but unissued shares of Common Stock or
      issued shares of Common Stock which are held by the Company. Any shares
      subscribed for under the Plan and not purchased as a result of the
      cancellation in whole or in part of such subscription shall (unless the
      Plan shall have terminated) be again available for issuance under the
      Plan.

ARTICLE IV - Eligibility

	4.1	      	Each Employee who has been
      continuously employed by the Company for the one complete calendar month
      (or such longer period as may be determined by the Plan Committee) ending
      immediately prior to an Offering Date shall be eligible to participate in
      the Offering under the Plan made on such Offering Date.
			  
	4.2		Notwithstanding the provisions of
      Section 4.1, no Employee shall be offered Shares if, immediately after he
      would subscribe for such Shares, such Employee would own capital stock
      (including shares of Common Stock which may be purchased under such
      subscription and under any other outstanding subscriptions under the Plan
      or options to purchase shares of Common Stock of the Company held by such
      Employee, as computed in accordance with Section 423[b][3] of the Code or
      any successor provision thereto) possessing 5% or more of the total
      combined voting power or value of all classes of stock of the Company. For
      purposes of determining the stock ownership of any Employee, the
      provisions of Section 424[d] of the Code shall
apply.

ARTICLE V - Offering Under the Plan 

	5.1	      	Offerings under the Plan shall
      be made on such Offering Dates as shall be determined by the Plan
      Committee. Notwithstanding anything to the contrary, no Offering shall be
      made on any date prior to the date that a required registration statement
      with respect to such Offering filed under the Securities Act of 1933, as
      amended, has become effective. Nothing contained herein shall be deemed to
      require that an Offering be made in any year.
			 
	5.2		[a]	      	Subject to the limitations set forth in
      Sections 5.2[b] and 6.3, and to the other terms and conditions of the
      Plan, in each offering under the Plan, each Eligible Employee on an
      Offering Date shall be offered the right during the Subscription Period as
      provided in Section 6.2, to subscribe to purchase such number of Shares as
      the percentage designated by the Plan Committee for such offering (not to
      exceed 5%) of his Compensation would buy, at a price equal to the product
      of (i) the fair market value of a Share on the Offering Date, multiplied
      by (ii) the Purchase Price percentage utilized under Section 5.3
      hereof.
	 
			[b]		Notwithstanding anything to the
      contrary contained in Sub-Section [a] of this Section 5.2, no Eligible
      Employee shall be eligible to subscribe for Shares in an Offering if,
      immediately after he would subscribe for such Shares, such subscription
      would permit his rights to purchase shares of Common Stock under all
      employee stock purchase plans of the Company to accrue at a rate which
      exceeds $25,000 (or such other maximum amounts as may be prescribed from
      time to time under the Code) of the fair market value of such shares
      (determined as of the Offering Date for such Offering) for each calendar
      year in which such subscription would be outstanding at any time. For
      purposes of this limitation the provisions of Section 423[b][8] of the
      Code shall be applicable.

3

	5.3	      	The Purchase Price per share
      subscribed for all Shares in a particular Offering shall be an amount
      equal to such percentages, not greater than 100% nor less than 85%, as
      shall be determined by the Plan Committee on or prior to the Offering
      Date, of the fair market value of a share of Common Stock (determined in
      accordance with the provisions of Article XIII) on one of the following
      dates with respect to such Offering, with such date to be determined by
      the Plan Committee on or prior to the Offering Date: (i) the Offering
      Date, (ii) the Purchase Date, or (iii) the Offering Date or the Purchase
      Date (whichever would result in a lower Purchase Price for the Common
      Stock).
	 
	5.4		In order to participate in any
      Offering, an Eligible Employee entitled to subscribe for Shares in such
      Offering shall comply with the subscription procedures set forth in
      Article VI.

ARTICLE VI - Subscriptions for Shares 

	6.1	      	As soon as practicable after an
      Offering Date, the Company shall furnish to each Eligible Employee a
      Subscription Agreement setting forth the maximum number of Shares to which
      such Eligible Employee may subscribe in such Offering, the fair market
      value per share of Common Stock on the Offering Date, the Purchase Price
      for Shares in such Offering and such other terms and conditions consistent
      with the Plan as shall be determined by the Plan Committee.
	 
	6.2		Within fifteen (15) days after
      receipt of such Subscription Agreement, an Eligible Employee desiring to
      participate in the Offering shall notify the Plan Committee of the number
      of Shares for which he desires to subscribe. Such notification shall be
      effected by the Eligible Employee’s completing, executing and returning to
      the Secretary of the Company the Subscription Agreement. All such
      subscriptions shall be deemed to have been made as of the Offering Date.
      No subscription shall be accepted from any person who is not an Eligible
      Employee on the date his subscription is received by the
  Company.
	 
	6.3		The minimum number of Shares for
      which an Eligible Employee will be permitted to subscribe in any Offering
      is ten (10) (or the number of Shares offered to him if fewer than ten). If
      at any time the Shares available for an Offering are oversubscribed, the
      Number of Shares for which each Eligible Employee is entitled to subscribe
      pursuant to Section 5.2 shall be reduced, pro rata, to such lower number
      as may be necessary to eliminate such over-subscription.
	 
	6.4		If an Eligible Employee fails to
      subscribe to the Shares within the period and in the manner prescribed in
      Section 6.2, he shall waive all rights to purchase Shares in that
      Offering.

ARTICLE VII - Payment for Shares

	7.1	      	The aggregate Purchase Price for
      the Shares for which a Participant subscribes in any Offering in
      accordance with the provisions of Article VI of the Plan shall be paid by
      means of payroll deductions.
			 
	7.2		[a]	      	The aggregate Purchase Price for Shares
      shall be paid by payroll deductions in equal amounts over a period of 24
      months (or such shorter period as shall be determined by the Plan
      Committee in accordance with the Plan) from the Offering Date. The period
      over which such payroll deductions are to be made in hereinafter referred
      to as the “Payment Period”.
					 
			[b]	 	Such payroll deductions with respect to
      an Offering shall commence as soon as practicable after the receipt of the
      Company of the executed Subscription Agreement authorizing such payroll
      deductions, and shall cease upon the earlier of the termination of the
      Payment Period or payment in full of the Purchase Price for such Shares. A
      Participant may cancel his subscription to the extent provided for in
      Article X, but no other change in terms of his Subscription Agreement may
      be made during the Payment Period and, in particular, in no event may a
      Participant change the amount of his payroll deductions under such
      Subscription Agreement. All payroll deductions withheld from a Participant
      under a Subscription Agreement shall be credited to his account under the
      Plan. In the event that payroll deductions are simultaneously being made
      with respect to more than one Subscription Agreement, the aggregate amount
      of such payroll deductions at any payday shall be credited first toward
      the payment for Shares subscribed for in the earliest Offering. A
      Participant may not make any separate cash payment into his account,
      provided, however, that a Participant who has been deemed to be in the
      employ of the Company while on an Authorized Leave of Absence without pay
      during the Payment Period, may upon his return to the actual employ of the
      Company, make a cash payment into his account in an amount not exceeding
      the aggregate of the payroll deductions which would have been made during
      such Authorized Leave of Absence.
					 
			[c]		All funds representing payroll
      deductions for the accounts of Participants will, except as provided in
      Section 7.3, be paid into the general funds of the Company. No interest
      will be paid or accrued under any circumstances on any funds withheld by
      the Company as payroll deductions pursuant to this Section 7.2 or on any
      other funds paid to the Company for purchases of Shares under the
      Plan.

4

	7.3	      	Notwithstanding anything in this
      Article VII to the contrary, with respect to any Offering which is made
      prior to the approval of the Plan by the stockholders of the Company, all
      payroll deductions withheld for the accounts of Participants shall, until
      the Plan is approved by the stockholders, be held by the Company in a
      special escrow account for the benefit of such Participants. No interest will be paid or
      accrued under any circumstances on such funds. No Shares will be issued to
      such Participants until after approval of the Plan by the stockholders. In
      the event that the Plan is not approved by the stockholders within the
      period specified in Article XVII, all such funds will thereupon be
      promptly refunded to the respective Participants.
	 
	7.4		Failure to pay for subscribed
      Shares as provided in this Article VII shall constitute the cancellation
      of such subscription to the extent that any such Shares shall not have
      been so paid for.

ARTICLE VIII - Issuance of Shares

	8.1	      	At the end of the Payment Period for an Offering, (each
      of which dates is referred to as a “Purchase Date”), the balance of all
      amounts then held in the account of a Participant representing payroll
      deductions pursuant to a Subscription Agreement shall be applied to the
      purchase by the Participant from the Company of the number of Shares equal
      to the amount of such balance divided by the Purchase Price per share for
      such Shares applicable on such Purchase Date up to the number of Shares
      provided for in the respective Subscription Agreement. Any amount
      remaining in the Participant’s account in excess of the sum required to
      purchase whole Shares on a Purchase Date shall be promptly refunded to the
      Participant. As soon as practicable after a Purchase Date, the Company
      will issue and deliver to the Participant a certificate representing the
      Shares purchased by him from the Company on such Purchase Date. No
      fractional shares will be issued at any time.
	 
	8.2		A Participant who disposes (whether by sale, exchange,
      gift or otherwise) of any of the Shares acquired by him pursuant to the
      Plan within two (2) years after the Offering Date for such Shares or
      within one (1) year after the issuance of Shares to him shall notify the
      Company in writing of such disposition within thirty (30) days after such
      disposition.
	 

ARTICLE IX - Rights of Stockholders 

	9.1	      	A Participant shall not have any
      rights to dividends or any other rights as a stockholder of the Company
      with respect to any Shares until such Shares shall have been issued to him
      as reflected by the books and records maintained by the Company’s transfer
      agent relating to stockholders of the Company.

ARTICLE X - Voluntary Withdrawal/Termination of
Employment 

	10.1	    	A Participant may discontinue his
      payroll deductions under a Subscription Agreement at any time by giving
      written notice thereof to the Plan Committee, effective for all payroll
      periods commencing five (5) days after receipt of such notice by the Plan
      Committee. The balance in the account of such Participant following such
      discontinuance shall be promptly refunded to the Participant. Withdrawal
      from an Offering pursuant to this Section 10.1 shall not affect an
      Eligible Employee’s eligibility to participate in any other Offering under
      the Plan.
	 
	10.2		If the Participant’s employment
      with the Company is terminated for any reason other than death while still
      an Employee, such Participant’s rights to purchase Shares under any
      Subscription Agreement shall immediately terminate. Any balance remaining
      in his account as of the date of such termination of employment shall be
      promptly refunded to the Participant.
	 
	10.3		In the event of the death of an
      Employee who was a Participant prior to the purchase of the Shares for
      which he subscribed pursuant to Article VI hereof, the person or persons
      who acquired by laws of descent and distribution (his “Estate”) his rights
      to purchase Shares under his Subscription Agreement(s), shall have the
      right within ninety (90) days after the death of the Participant (but in
      no event later than the termination of the Payment Period) to purchase
      from the Company that number of Shares subscribed for and not issued to
      the Participant prior to his death which the balance in the Participant’s
      payroll deduction account is sufficient to purchase. The failure of the
      person or persons so acquiring his rights to so give notice of intention
      to purchase shall constitute a forfeiture of all further rights of the
      Participant or other persons to purchase such Shares and in such event,
      the balance in the Participant’s payroll deduction account will be
      refunded, without interest. If the Participant dies more than fifty (50)
      days prior to the termination of the Payment Period and his Estate elects
      to purchase the Shares subscribed for, the Purchase Price for his Shares
      shall be the percentage, designated pursuant to Section 5.3, of the fair
      market value on the Offering Date, irrespective of the Purchase Price for
      other Participants.

5

ARTICLE XI - Non-Transferability of Subscription
Rights 

	11.1	    	During the lifetime of a Participant, the Shares for
      which he subscribes may be purchased only by him. No Subscription
      Agreement of a Participant and no right under or interest in the Plan or
      any such Subscription Agreement (hereinafter collectively referred to as
      “Subscription Rights”) may be assigned, transferred, pledged, hypothecated
      or disposed of in any way (whether by operation of law or otherwise),
      except by the Participant’s will or by the applicable laws of descent and
      distribution, or may be subject to execution, attachment or similar
      process. Any assignment, transfer, pledge, hypothecation or other
      disposition of Subscription Rights, or any levy of execution, attachment
      or other process attempted upon Subscription Rights, shall be null and
      void and without effect, and in any such event all Subscription Rights
      shall, in the sole discretion of the Plan Committee (exercised by written
      notice to the Participant or to the person then entitled to purchase the
      Shares under the provisions of Sections 10.3 hereof), terminate as of the
      occurrence of any such event.

ARTICLE XII - Administration of the Plan 

	12.1	    	The Plan shall be administered by a Plan Committee which
      shall consist of two (2) or more members of the Board of Directors, none
      of whom shall be eligible to participate in the Plan. The members of the
      Plan Committee shall be appointed, and may be removed, by the Board of
      Directors. The Board of Directors shall have the power to remove and
      substitute for members of the Plan Committee and to fill any vacancy which
      may occur in the Plan Committee.
	 
	12.2	    	Unless otherwise determined by the Board of Directors,
      the members of the Plan Committee shall serve without additional
      compensation for their services. All expenses in connection with the
      administration of the Plan, including, but not limited to, clerical, legal
      and accounting fees, and other costs of administration, shall be paid by
      the Company.
	 
	12.3		The Chairman of the Plan Committee shall be designated
      by the Board of Directors. The Plan Committee shall select a Secretary who
      need not be a member of the Plan Committee. The Secretary, or in his
      absence, any member of the Plan Committee designated by the Chairman,
      shall keep the minutes of the proceedings of the Plan Committee and all
      data, records and documents relating to the administration of the Plan by
      the Plan Committee.
	 
	12.4		A quorum of the Plan Committee shall be such number as
      the Committee shall from time to time determine, but shall not be less
      than a majority of the entire Plan Committee. The acts of a majority of
      the members of the Plan Committee present at any meeting at which a quorum
      is present shall be the act of the Plan Committee. Members of the Plan
      Committee may participate in a meeting by means of telephone conference or
      similar communications procedure pursuant to which all persons
      participating in the meeting can hear each other. The Plan Committee may
      take action without a meeting if such action is evidenced by a writing
      signed by at least a majority of the entire Plan Committee.
	 
	12.5		The Plan Committee may, by an instrument in writing,
      delegate to one or more of its members or to an officer or officers of the
      Company any of its powers and its authority under the Plan, including the
      execution and delivery on its behalf of instruments, instructions and
      other documents.
	 
	12.6		It shall be the sole and exclusive duty and authority of
      the Plan Committee to interpret and construe the provisions of the Plan,
      to decide any disputes which may arise with regard to the status,
      eligibility and rights of Employees under the terms of the Plan, and any
      other persons claiming an interest under the terms of the Plan, and, in
      general, to direct the administration of the Plan.
	 
	12.7		The Plan Committee may adopt, and from time to time
      amend, such rules and regulations consistent with the purposes and
      provisions of the Plan, as it deems necessary or advisable to administer
      and effectuate the Plan.
	 
	12.8		The Plan Committee may shorten, lengthen (but not beyond
      thirty (30) days) or waive the time required by the Plan for the filing of
      any notice or other form under the Plan.
	 
	12.9		The discretionary powers granted hereunder to the Plan
      Committee shall in no event be exercised in any manner that will
      discriminate against individual employees or a class of employees or
      discriminate in favor of employees who are shareholders, officers,
      supervisors or highly compensated employees of the
  Company.

6

ARTICLE XIII - Valuation of Shares of Common Stock 

	13.1	    	For purposes of the Plan, the “fair
      market value” of a share of Common Stock as of any date shall be
      determined as follows:
	 
			[a]	      	If the Common Stock is then listed on a national
      securities exchange, the “fair market value” shall be the closing price of
      a share of Common Stock on such exchange on such date, or, if there has
      been no sale of shares of Common Stock on that date, the closing price of
      a share of Common Stock on such exchange on the last preceding business
      day on which shares of Common Stock were traded.
	 
			[b]		If the Common Stock is then listed on the National
      Association of Securities Dealers Automatic Quotation System National
      Market System, the “fair market value” shall be the average of the high
      and low sales prices of a share of Common Stock on that date, or if there
      has been no sale of shares of Common Stock on that date, the average of
      the high and low sales prices of Common Stock on the last preceding
      business day on which shares of Common Stock were
  traded.

ARTICLE XIV - Adjustments in Certain Events 

	14.1	    	If (i) the Company shall at any time be involved in a
      transaction to which sub-section [a] of Section 424 of the Code is
      applicable, (ii) the Company shall declare a dividend payable in, or shall
      sub-divide or combine, its Common Stock, or (iii) any other event shall
      occur which in the judgment of the Board of Directors necessitates action
      by way of adjusting the terms of the outstanding Subscription Agreements,
      the Board of Directors shall take any such action as in its judgment shall
      be appropriate to preserve Participant rights substantially proportionate
      to the rights existing prior to such event. To the extent that such action
      shall include an increase or decrease in the number of shares of Common
      Stock subject to outstanding Subscription Agreements, the aggregate number
      of shares available under Article III hereof for issuance under the Plan
      pursuant to outstanding Subscription Agreements and Subscription
      Agreements which may be entered into, and the aggregate number of shares
      available for issuance in any Offering and the number which may be
      subscribed for, shall be proportionately increased or decreased, as the
      case may be. No action shall be taken by the Board of Directors under the
      provisions of this Article XIV which, in its judgment, would constitute a
      modification, extension or renewal of the Subscription Agreement (within
      the meaning of Section 424[h] of the Code), or would prevent the Plan from
      qualifying as an “employee stock purchase plan” (within the meaning of
      Section 423 of the Code). The determination of the Board of Directors with
      respect to any matter referred to in this Article XIV shall be conclusive
      and binding upon each Participant.

ARTICLE XV - Termination and Amendment of the Plan 

	15.1	    	The Board of Directors may, without further approval by
      the stockholders of the Company, at any time terminate or amend the Plan
      without notice, or make such modifications of the Plan as it shall deem
      advisable; provided that the Board of Directors may not, without prior
      approval by the holders of a majority of the outstanding shares of Common
      Stock of the Company, amend or modify the Plan so as to (i) increase the
      maximum number of shares of Common Stock which may be issued under the
      Plan (except as contemplated in Article XIV hereof), (ii) extend the term
      during which Offerings may be made under the Plan or (iii) increase the
      maximum number of Shares which an Eligible Employee is entitled to
      purchase (except as contemplated in Article XIV hereof); and provided
      further that the Board of Directors may not amend or modify the Plan in
      any manner which would prevent the Plan from qualifying as an “employee
      stock purchase plan” (within the meaning of Section 423 of the Code). No
      termination, amendment or modification of the Plan may, without the
      consent of a Participant, adversely affect the rights of such Participant
      under an outstanding Subscription Agreement.

ARTICLE XVI - Miscellaneous

	16.1	    	Unless otherwise expressly provided in the Plan, all
      notices or other communications by a Participant to the Company under or
      in connection with the Plan shall be deemed to have been duly given when
      received by the Secretary of the Company or when received in the form
      specified by the Company at the location and by the persons, designated by
      the Company for the receipt thereof.
	 
	16.2		Notwithstanding anything hereunder to the contrary, the
      offer, sale and delivery by the Company of Shares under the Plan to any
      Eligible Employee is subject to compliance with all applicable securities
      regulation and other federal and state laws. The terms of this Plan shall
      be construed under the laws of the State of
  Connecticut.

7

ARTICLE XVII - Effective Date

	17.1	    	The Plan shall become effective at such time as the Plan
      has been adopted by the Board of Directors or such later date as shall be
      designated by the Board of Directors upon its adoption of the Plan;
      provided, however, that the Plan and all Subscription Agreements entered
      into thereunder shall be, and be deemed to have been, null and void if the
      Plan is not approved by the holders of a majority of the outstanding
      shares of Common Stock of the Company within twelve (12) months after the
      date on which the Plan is adopted by the Board of
  Directors.

8

	
	
      
PHOTRONICS,
      INC.
ATTN: RICHELLE BURR
15 SECOR ROAD
BROOKFIELD, CT
      06804

	
      
 
VOTE BY INTERNET
      - www.proxyvote.com

	
      Use the Internet to transmit your voting instructions and
      for electronic delivery of information up until 11:59 P.M. Eastern Time
      the day before the cut-off date or meeting date. Have your proxy card in
      hand when you access the web site and follow the instructions to obtain
      your records and to create an electronic voting instruction
  form.

	 
	
      ELECTRONIC DELIVERY OF FUTURE PROXY
      MATERIALS

	
      If you would like to reduce the costs incurred by our
      company in mailing proxy materials, you can consent to receiving all
      future proxy statements, proxy cards and annual reports electronically via
      e-mail or the Internet. To sign up for electronic delivery, please follow
      the instructions above to vote using the Internet and, when prompted,
      indicate that you agree to receive or access proxy materials
      electronically in future years.

	 
	
      VOTE BY
      PHONE - 1-800-690-6903

	
      Use any touch-tone telephone to transmit your voting
      instructions up until 11:59 P.M. Eastern Time the day before the cut-off
      date or meeting date. Have your proxy card in hand when you call and then
      follow the instructions.

	 
	
      VOTE BY
      MAIL

	
      Mark,
      sign and date your proxy card and return it in the postage-paid envelope
      we have provided or return it to Vote Processing, c/o Broadridge, 51
      Mercedes Way, Edgewood, NY 11717.

       

	TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:	KEEP THIS PORTION FOR YOUR RECORDS
	 	DETACH AND RETURN THIS PORTION
  ONLY
	THIS PROXY CARD IS VALID ONLY
      WHEN SIGNED AND DATED.

	 	 	For	Withhold	For All
	 	 	 	All	All	Except
	    	The Board of Directors
      recommends you vote FOR the following:	 	
      

    	
      

    	
      

    
	 	 	 	o	o	o
	    	1   	Election of
Directors	 	 	 	 
	 	 	Nominees
	 	 	 

	To withhold
      authority to vote for any individual nominee(s), mark “For All Except” and
      write the number(s) of the nominee(s) on the line
    below.

 	 	 	    
	 	
        

 

 

	   	01   	Walter
      M. Fiederowicz	02   	Joseph
      A. Fiorita, Jr.	03   	Liang-Choo Hsia	04   	Constantine Macricostas	05    	George Macricostas
	 	06	Mitchell G. Tyson	 	 	 	 	 	 	 	 

	    	The Board of Directors
      recommends you vote FOR proposals 2, 3, 4 and 5.	    	 	For	Against	Abstain
	 	   	 	 	 	 	 	 
	 	2   	To ratify the selection of Deloitte & Touche LLP as independent
      registered public accounting firm for the fiscal year ending October 28,
      2012.	 	 	o	o	o
	 	 	 	 	 	 	 	 
	 	3	To approve an amendment to the Photronics, Inc.
    Employee Stock        Purchase Plan to increase the number of authorized shares, of common stock        available for
    issuance from 1,200,000 to 1,500,000.	 	 	o	o	o
	 	 	 	 	 	 	 	 
	 	4	To approve, by non-binding vote, executive compensation.	 	 	o	o	o
	 	 	 	 	 	 	 
	 	5	To transact such other business as may properly come before the
      meeting or any adjournment thereof.	 		o	o	o
	 	 	 	 	 	 	 

	 	 	    	
      

    	
      

    	
      

    
	    	
      For
      address change/comments, mark here.
	 	o
	 	(see reverse for
      instructions)	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	Please sign exactly as your
      name(s) appear(s) hereon. When signing as attorney, executor,
      administrator, or other fiduciary, please give full title as such. Joint
      owners should each sign personally. All holders must sign. If a
      corporation or partnership, please sign in full corporate or partnership
      name, by authorized officer.	 

	 	  	 	 
	    	
	 	 	 	 	 	 
	 	Signature
      [PLEASE SIGN WITHIN BOX]	Date	 	 	Signature
      (Joint Owners)	Date	 

 

 

 

 

 

 

 

 

 

 

 

 

 

	
      Important Notice Regarding the Availability of Proxy
      Materials for the Annual Meeting: The
      Notice of Proxy Statement/10 K Report is/are available at www.proxyvote.com.

	 
	  

PHOTRONICS, INC.
Annual Meeting of Shareholders
March
28, 2012 10:30 AM

The undersigned hereby appoints
Richelle E. Burr and Sean T. Smith, or either one of them acting in the absence
of the other, with full power of substitution, as proxies of the undersigned,
and hereby authorizes each or either of them to vote, as designated on the other
side, all shares of Common Stock of Photronics, Inc., which the undersigned is
entitled to vote if personally present at the 2012 Annual Meeting of
Shareholders of Photronics, Inc. to be held at 10:30 a.m. Eastern Time on March
28, 2012 at NASDAQ OMX, 4 Times Square, Second Floor, New York, New York 10036,
and at any adjournments or postponements thereof.

 

 

 

 

 

 

           Address
change/comments:

 

	 
	 
	 

(If you
noted any Address Changes and/or Comments above, please mark corresponding box
on the reverse side.)

Continued
and to be signed on reverse sideJuly 18, 2011

 

Mr. Tim DeHerrera

6302 Mesedge Drive

Colorado Springs, CO 80919

 

RE: President/CEO, Force Energy Corp.

ADDENDUM

 

Dear Mr. DeHerrera:

 

Pursuant to previous agreement with the company dated August
10, 2010 below are listed addendums to the original agreement

 

Compensation: The company will pay you an annual salary
for the next calendar year of

$140,000 US payable as follows;

 

As compensation for services Force Energy shall issue to
DeHerrera common stock in the company equal up to an amount of 2,500,000 shares upon signing this agreement and issue the same
amount of shares on the anniversary date each of the remaining years. This stock will be valued at $.02 so therefore equal to a
value of $50,000. For months 13-24 compensation will be $7,500 per month in cash and shall increase $2,500 monthly in each year
thereafter. The parties agree that if Force Energy does not have the capital available to compensate the cash portion of this agreement
DeHerrera shall accumulate any unpaid balance as insider debt and have the option of converting into common stock at $ .025 per
share.

 

Term: The agreement term based on this addendum shall
continue for an additional term of 2 years from the date of this addendum. Unless notice is given by the Company or DeHerrera 45
days prior to expiration the agreement shall automatically renew annually.

 

Agreed to on this day by both parties July 18, 2011

 

 

	/s/ Tim DeHerrera
	Signed: Tim DeHerrera on behalf of Force Energy Corp.
	President/CEO and Sole Director

 

	/s/ Tim DeHerrera
	Signed: Tim DeHerrera, individual

    	 

    	 

    

 

August 10, 2010

 

Mr. Tim DeHerrera

6302 Mesedge Drive

Colorado Springs, CO 80919

 

RE: President/CEO, Force Energy Corp.

 

Dear Mr. DeHerrera:

 

I am pleased to inform you that our organization has approved
us entering into an employment agreement with you subject to the following terms and conditions:

 

Position: The position will be President/CEO and a
member of the Board of Directors.

 

Reports To: You will report directly to the Board
of Directors of Force Energy Corp.

 

Responsibilities: Your responsibilities will include
the following:

 

·        
Development of Management Strategy and Corporate Vision

·        
Review and Development of Business Strategies

·        
Organizational and Personnel Development

·        
General Review and Development of Corporate Material

·        
Corporate and Client Company Restructuring

·        
Review and assisting in preparation of corporate filings

 

Compensation: We will pay you an annual salary of
$99,500 US payable as follows; As compensation for services Force Energy shall issue to DeHerrera common stock in the company equal
up to an amount of 2,500,000 shares upon signing this agreement. This stock will be valued at $ .02 so therefore equal to a value
of $50,000. For months 1 - 3 compensation will also include $2,500 per month, for months 3-6, $4,000 per month and for months 6-12
$5,000 per month. The parties agree that if Force Energy does not have the capital available to compensate the cash portion of
this agreement DeHerrera shall accumulate any unpaid balance as insider debt and have the option of converting into common stock
at $ .10 per share. If this agreement is terminate by either party pursuant to the paragraph below DeHerrera shall return common
stock to the treasury at the rate of 100,000 shares for each unfulfilled month of work.

 

Term: This agreement may be cancelled by either party
with 30-days notice.

 

Agreement Begins: We would like to start this agreement
on July 23rd, to continue for one year.

    	 

    	 

    

On behalf of Force Energy Corp, we are very excited
for the opportunity to work with you.

 

Yours Truly,

 

Michael Mathot

Vice President/Director

Force Energy Corp

 

Agreed to on this day: August 10 2010

 

 

	/s/ Michael Mathot
	Signed: Michael Mathot on behalf of Force Energy Corp.

 

August 10, 2010

 

	/s/ Tim DeHerrera
	Signed: Tim DeHerrera
	August 10.2010

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}]]