Document:

Exhibit 10.19

Exhibit 10.19

AGREEMENT

     Agreement made as of April 26, 1995, by and between

Photronics, Inc., a Connecticut corporation having its principal

offices at 1061 East Indiantown Road, Jupiter, Florida 33477 (the

"Company") and ______________, _________________, ________,

________________ (the "Owner").

     WHEREAS, the ____________________ (the "Executive) serves as

an Executive Officer of the Company; and

     WHEREAS, the Company and the Owner desire to enter into an

agreement whereby the Company will provide certain insurance and

other benefits on the life of the Executive.

     NOW, THEREFORE, in consideration of the mutual covenants and

obligations set forth in this Agreement, the Company and the Owner

hereby agree as follows:

I - DEFINITION OF TERMS AND CONSTRUCTION

  A)   Definitions:

(1)  "Owner" shall mean the owner of the Policy.

(2)  "Policy" shall mean the life insurance policy on the life of

the Executive owned by the Owner which is purchased with premiums

paid by the Company.

(3)  "Board of Directors" shall mean the Board of Directors of the

Company.

(4)  "Code" shall mean the Internal Revenue Code of 1986, as

amended from time to time, or any successor statute.

(5)  "Effective Date" shall mean the date hereof.

  B)   Plurals:

     Where appearing in this Agreement, the singular shall include

the plural, and vice-versa, unless the context clearly indicates a

different meaning.

  C)   Headings:

     The headings and sub-headings in this Agreement are inserted

for the convenience of reference only and are to be ignored in any

construction of the provisions hereof.

II - PAYMENT OF PREMIUMS

     The Company agrees that provided the Executive remains in the

employ of the Company, the Company will timely pay $______ each

year for insurance premiums (the "Premiums") under the Policy for

a period of ten (10) years from the Effective Date.  If the

Executive leaves the employ of the Company (including as a result

of a discharge by the Company), the Company shall have no further

obligations to make payments pursuant to this Article II, except as

set forth in Article IV, below.  Except as provided in Article IV,

below, in the event the Executive shall only be in the employ of

the Company for a portion of any year during the ten (10) year

period referred to above, the obligation of the Company to pay

premiums for that year shall be pro-rated based on the number of

whole or partial months the Executive was employed for that year

divided by twelve (12).

III - REPAYMENT OF PREMIUMS

     The Owner shall assign to the Company, in accordance with the

form of assignment attached hereto (the "Assignment"), the right to

the proceeds and cash value of the Policy to the extent of Premiums

paid by the Company.  The Owner shall have all other rights to the

Policy except that the Owner shall not surrender or cancel the

Policy or withdraw any cash value of the Policy unless and until

the Company's right to receive a refund of Premiums paid has been

satisfied or waived; provided further, however, that nothing

contained herein shall require the Owner or the Executive to pay

any premiums under the Policy.  The Company's right to receive a

repayment of Premiums paid shall be limited to the proceeds and

cash value of the Policy and shall be non-recourse to the Owner and

the Executive.

IV - RETIREMENT

     In the event the Executive retires from the employ of the

Company, the Company agrees that it shall continue paying Premiums

for that number of years equal to the number of complete years of

service with the Company completed by the Executive since the date

of this Agreement but for not more than five (5) years or the

remaining portion of term set forth in Article II, above, whichever

is less; provided that, if the Executive shall be engaged in any

activities which are competitive with the Company, which activities

continue after written notice from the Company, the Company shall

have no further obligation to pay any Premiums under this

Agreement.  In order to retire from the Company, the Executive must

be at least 55 years of age, have been employed by the Company for

at least 20 years and have been employed by the Company for at

least three (3) years since the date of this Agreement.  In the

event the Executive retires and has been employed by the Company

for at least three (3) years since the date of this Agreement, the

Company agrees that it shall waive, upon such retirement, its right

to receive a refund of Premiums in accordance with Article III.

V - TERMINATION OF EMPLOYMENT

     In the event the Executive leaves the employ of the Company

for any reason (including discharge by the Company), except for

retirement in accordance with Article IV, above, the Company

reserves the right, and the Owner assigns to the Company, the right

to cancel the Policy in order to obtain a repayment of Premiums

paid from the cash value of the Policy.  Any cash value in excess

of the Premiums shall belong to the Owner.

VI - BENEFICIARY/DIVIDENDS

     Except as set forth in Article III above, or Article VII

below, the Owner shall have the right to designate the beneficiary

of the Policy.  The Owner agrees that so long as the Company's

right to receive a refund of Premiums paid has not been satisfied

or waived, all dividends declared on the Policy shall be applied to

purchase additional paid up insurance on the life of the Executive

unless the Company consents to another application.

VII - RIGHTS TO THE PROCEEDS AT DEATH

     Upon the death of the Executive while this Agreement is in

force, the Owner will, without delay, take whatever action is

necessary and required to collect the total death proceeds payable

under the Policy from the insurer.  Proceeds of the Policy equal to

the Premiums paid by the Company shall be paid to the Company by

the insurer unless repayment of the Premiums have been waived by

the Company.  The balance of the proceeds of the Policy shall be

paid to the beneficiary of the Policy by the insurer.

VIII - AMENDMENTS

(1)  The Company and the Executive may, by a written instrument

signed by both such parties, amend this Agreement at any time and

in any manner.

(2)  The Company reserves the right to amend, in whole or in part,

and in any manner, any or all of the provisions of this Agreement

by action of its Board of Directors for the purposes of complying

with any provision of the Code or any other technical or legal

requirements, provided that no such amendment shall reduce the

amount of the Premiums to be paid by the Company.

IX - RELEASE

     At any time, the Owner shall have the right to pay cash to the

Company in an amount equal to the Premiums paid by the Company in

exchange for the Company's interest in such Policy.  In such event,

the Company shall transfer its interest in such Policy to the

Owner.  Upon release by the Company of all of its interest in such

Policy, the Owner will thereafter own such Policy free from the

Assignment and from this Agreement.

X - MISCELLANEOUS

  A)   Rights of Creditors:

     Neither the Owner, the Executive nor any other persons shall

have any interest in any Premiums to be paid by the Company or in

amounts to be paid to the Company under the Policy by the insurer,

such amounts being subject to the claims of the Company's general

creditors.

  B)   Agents:

     The Company may employ agents and provide for such clerical,

legal, actuarial, accounting, advisory or other services as it

deems necessary to perform its duties under this Agreement.  The

Company shall bear the cost of such services and all other expenses

it incurs in connection with the administration of this Agreement.

  C)   Liability and Indemnification:

     Except for its own gross negligence, willful misconduct or

willful breach of the terms of this Agreement, the Company shall be

indemnified and held harmless by the Owner against liability or

losses occurring by reason of any act or omission of the Company or

any other person.

  D)   Cooperation of Parties:

     All parties to this Agreement and any person claiming any

interest hereunder agree to perform any and all acts and execute

any and all documents and papers which are necessary or desirable

for carrying out this Agreement or any of its provisions.

  E)   Governing Law:

     This Agreement is made and entered into in the State of

Florida and all matters concerning its validity, construction and

administration shall be governed by the laws of the State of

Florida.

  F)   Non-Guarantee of Employment:

     Nothing contained in this Agreement shall be construed as a

contract or guarantee of employment between the Company and the

Executive.

  G)   Counsel:

     The Company may consult with legal counsel with respect to the

meaning or construction of this Agreement, its obligations or

duties hereunder or with respect to any action or proceeding or any

question of law, and it shall be fully protected with respect to

any action taken or omitted by it in good faith pursuant to the

advice of legal counsel.

  H)   Notices:

     For purposes of this Agreement, notices and all other

communications provided for in this Agreement shall be in writing

and shall be deemed to have been duly given when delivered

personally or mailed by United States registered or certified mail,

return receipt requested, postage prepaid, or by nationally

recognized overnight delivery service providing for a signed return

receipt, addressed to the Executive at the home address set forth

in the Company's records and to the Company at the address set

forth on the first page of this Agreement, provided that all

notices to the Company shall be directed to the attention of the

Board of Directors, or, where appropriate, to the Company's

Personnel Department, or to such other address as either party may

have furnished to the other in writing in accordance herewith,

except that notice of change of address shall be effective only

upon receipt.

  I)    Entire Agreement:

     This Agreement contains the entire understanding between the

Company and the Owner with respect to the payment of Premiums or

repayment of Premiums.

  J)   Severability:

     In the event any one or more provisions of this Agreement are

held to be invalid or unenforceable, such illegality or

unenforceability shall not affect the validity or enforceability of

the other provisions hereof and such other provisions shall remain

in full force and effect unaffected by such invalidity or

unenforceability.

  K)   Execution in Counterparts:

     This Agreement may be executed in any number of counterparts,

each of which shall be deemed to be an original, but all of which

together shall constitute one and the same instrument.

     IN WITNESS WHEREOF, the parties hereto have caused this

Agreement to be executed as of the day and year first above

written.

                                       PHOTRONICS, INC.

                                   By: _________________________

                                    Name:

                                   Title:

_________________________

     The undersigned, the Executive named in the above agreement,

consents to the issuance of the Policy.

                                   ______________________________

              ASSIGNMENT OF LIFE INSURANCE DEATH BENEFIT

                           AS COLLATERAL

                     (Execute in duplicate)

A)   For value received, the undersigned hereby assigns, transfers

and sets over to PHOTRONICS, INC., its successors or assigns,

(herein called the Assignee") the death benefit under Policy No.

_________, issued by Massachusetts Mutual Life Insurance Company or

its MML affiliated Insurance Company (herein called the "Insurer";

the identity of the Insurance Company is determined by the policy

number) and any supplementary contracts issued in connection

therewith (said policy and contracts being herein called the

"Policy"); upon the life of __________________________ and the

right to surrender the Policy subject to all of the terms and

conditions of the Policy and to all superior liens, if any, which

the Insurer may have against the Policy.  The undersigned by this

instrument agrees and the Assignee by the acceptance of this

assignment agrees to the conditions and provisions herein set

forth. 

B)   It is understood and agreed that the Assignee shall have the

right to collect from the Insurer the net proceeds of the Policy

when it becomes a claim by death or maturity and the right to

surrender the Policy and that all other rights under the Policy,

including, by way of illustration and not limitation, the right to

make the Policy loans, the right to designate and change the

beneficiary, and the right to elect and to receive dividends are

reserved exclusively to the owner of the Policy and are excluded

from this assignment and do not pass by virtue hereof and may be

exercised by the owner on the sole signature of the owner;

provided, further however, that the owner of the Policy shall not

make any Policy loans or change the manner in which dividends are

received or applied without the written consent of the Assignee.

Nothing herein shall affect funds, if any, now or hereafter held by

the Insurer for the purpose of paying premiums under the Policy.

C)   The Assignee covenants and agrees with the undersigned as

follows:

     1)     That any balance of sums received hereunder from the

Insurer remaining after payment of the then existing Liabilities,

matured or unmatured, shall be paid by the Assignee to the persons

entitled thereto under the terms of the Policy had this assignment

not been executed.

     2)     That the Assignee, not having any right to obtain

policy loans from the Insurer, will not take any steps to borrow

against the Policy, except that the owner of the Policy MAY direct

the Insurer to pay the proceeds of any Policy loan to the Assignee,

in which event the Assignee shall reduce the amount of existing

Liabilities by the amount of such Policy loan and interest accrued

to the date such Policy loans are repaid by the Assignee.

     3)     That the Assignee will upon request forward without

unreasonable delay to the Insurer the Policy for endorsement of any

designation or change of beneficiary or any election of an optional

mode of settlement; provided, however, that any such designation,

change or election shall be made subject to this assignment and to

the rights of the Assignee hereunder.

     4)     That, upon surrender of the Policy or any portion

thereof or upon the surrender of any or all of the paid-up

additions standing to the credit of the Policy, if any, by the

undersigned at any time before any death benefit is payable under

the Policy, the Assignee shall have the right to collect such

surrender proceeds of the Policy or any such surrender value of

such paid-up additions up to the amount of the Liabilities and any

balance shall be paid to the owner of the Policy.

D)   This assignment of the life insurance death benefit under the

Policy is made as collateral security for all liabilities of the

undersigned, or any of them, to the Assignee, either now existing

or that may hereafter arise with respect to premiums advanced for

or paid on the Policy by the Assignee (all of which liabilities

secured or to become secured are herein called "Liabilities"). 

E)   The Insurer is hereby authorized to recognize the Assignee's

claim hereunder.  In the event any death benefit, surrender value,

cash value or other proceeds of the Policy are to be paid, the

Insurer shall request a joint statement from the Assignee and the

undersigned of the allocation of such proceeds.  Separate checks in

accordance with such joint statement shall be issued by the Insurer

and shall constitute full disclosure and release therefor to the

Insurer.  In the event the Assignee and the undersigned do not

agree to a joint schedule, the Insurer shall have the right to

place such proceeds in an escrow account for the benefit of

Assignee and the undersigned, as their interests may appear, and

the Escrow Agent shall hold such proceeds until the matter is

settled, either by mutual consent or a final binding judgment which

is no longer appealable.

F)   The Assignee may take or release other security, may release

any party primarily or secondarily liable for any of the

Liabilities, may grant extensions, renewals or indulgences with

respect to the Liabilities, or may apply to the Liabilities in such

order as the Assignee shall determine, the insurance death benefit

payable under the Policy hereby assigned without resorting or

regard to other security.

G)   In the event of any conflict between the provisions of this

assignment and provisions of the note or other evidence of any

Liability, with respect to the Policy or rights of collateral

security therein, the provisions of this assignment shall prevail.

H)   The undersigned declares no proceedings in bankruptcy are

pending against him and that his property is not subject to any

assignment for the benefit of creditors.

Signed and sealed this _________________ day of ___________, 19__.

____________________________            __________________________

   Witness                                      Owner

____________________________            ___________________________

   Address                                      Address

ACCEPTANCE OF ASSIGNMENT                ___________________________

                                                Date

ATTEST                                (TYPE/PRINT NAME OF ASSIGNEE)

(SEAL)                                  ___________________________

BY:__________________________           BY:________________________

    Signature and Title                      Signature and Title

                      RELEASE OF ASSIGNMENT

     For Value Received, the Policy and all claims thereunder

conveyed by the within assignment are hereby released.

                                        PHOTRONICS, INC.

                                     By:___________________________

                                     Title:________________________

                                      Date:_________________________Exhibit 10.22

Exhibit 10.22

EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (this "Agreement") is entered into as of January 4, 2005 by and
between Photronics, Inc., a Connecticut corporation (the "Company"), having a principal place of business at 15 Secor Road,
Brookfield, CT 06804 and Edwin L. Lewis ("Executive") residing at 59 Delafield Island Road, Darien, CT 06820.

WITNESSETH:

     WHEREAS, the Company and Executive desire to enter into this Agreement to assure the Company of
the continuing service of Executive and to set forth the terms and conditions of Executive's employment with the Company.

     NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, the
parties agree as follows:

1.  Term.  The Company agrees to employ Executive and Executive hereby accepts such employment, in
accordance with the terms of this Agreement.  Subject to Section 5, the term of Executive's employment shall commence
on the date hereof and continue for three (3) years thereafter unless this Agreement is earlier terminated as provided herein (the
"Term"); provided, however, that unless the Company gives written notice to Executive at least thirty (30) days prior
to the end of the Term of this Agreement (as the Term may be extended pursuant to this Section 1), on each anniversary of
the date hereof, the Term of this Agreement shall automatically be extended for an additional one (1) year period.

2.  Services.  So long as this Agreement shall continue in effect, Executive shall devote
Executive's full business time, energy and ability to the business, affairs and interests of the Company and its subsidiaries and
matters related thereto. Executive shall use his best efforts and abilities to promote the Company's interests and shall perform
faithfully the services contemplated by this Agreement in accordance with the Company's policies as established by the Board of
Directors of the Company.

3.  Duties and Responsibilities. 

     (a)  Executive shall serve as the Vice President, General Counsel and Secretary of the
Company.  In the performance of Executive's duties, Executive shall report directly to the CEO or as otherwise directed
by the CEO or the Company's Board of Directors, and shall have such duties, responsibilities and authority as may from time
to time be assigned to the Executive by the CEO or the Company's Board of Directors.

     (b)  In addition, Executive agrees to observe and comply with the policies, rules and
regulations of the Company.  The Company agrees that the duties which may be assigned to Executive shall be the customary
duties of the office of Vice President, General Counsel and Secretary and shall not be inconsistent with the provisions of the
charter documents of the Company or applicable law.

4.  Compensation.

     (a)  Base Compensation.   During the Term, the Company agrees to pay
Executive a base salary at the rate of $210,000 per year payable in accordance with the Company's customary payroll practices
generally applicable to similarly situated employees as may be in effect from time to time (the "Base Salary").  All
payments required hereunder, including the payments required by this Section 4(a), may be allocated by the Company to one or
more of its subsidiaries to which Executive renders services but the Company shall remain responsible for all payments hereunder
and Executive shall have no obligation to seek payment from such subsidiaries.

     (b)  Periodic Review.  The Compensation Committee or the Board of
Directors of the Company shall review Executive's Base Salary and Benefits (as defined below) from time to time in accordance with
the normal business practices of the Company. The Company may in its sole discretion increase the Base Salary during the
Term.  The amount of any increase combined with the previous year's Base Salary shall then constitute Executive's Base Salary
for purposes of this Agreement.

     (c)  Additional Benefits.  During the Term, the Executive shall be
entitled to participate in the employee benefit plans and arrangements as the Company may establish from time to time in which
other employees similarly situated are entitled to participate (which may include, without limitation, bonus plan(s), medical plan,
dental plan, disability plan, basic life insurance and business travel accident insurance plan, 401(k) plan, stock option or stock
purchase plans or any successor plans thereto (the "Benefits")).  The Company shall have the right to terminate or
change any such plans or programs at any time.

     (d)  Automobile Allowance.  During the Term of this Agreement, the
Company shall provide the Executive with an automobile allowance or company car consistent with the Company's policies and
provisions applicable to other similarly situated executives of the Company.

     (e)  Vacation.  During the Term of this Agreement, Executive shall be
entitled to four (4) weeks' paid vacation per calendar year, which shall not be transferable to any subsequent year.

5.  Termination.  This Agreement and all rights and obligations hereunder, except the rights and
obligations contained in this Section 5, Section 7 (Confidential Information), Section 8 (Non-Competition),
Section 9 (Intellectual Property) and Section 10 (Remedies), which shall survive any termination hereunder, shall
terminate upon the earliest to occur of any of the following:

     (a)  Resignation without Good Reason; Retirement.  Upon the resignation by
Executive without Good Reason (as defined below) following at least thirty (30) days written notice to the Company or retirement
from the Company in accordance with the normal retirement policies of the Company, Executive shall be entitled to receive a payment
in the amount of the sum of (A) Executive's Base Salary through the date of termination to the extent not theretofore paid,
(B) any compensation previously deferred by Executive (together with any accrued interest or earnings thereon), and (C) any accrued
vacation pay, in each case to the extent not theretofore paid (the sum of the amounts described in clauses (A), (B) and (C) shall
be hereinafter referred to as the "Accrued Obligations"), in a lump sum, subject to statutory deductions and withholdings,
in cash within ten (10) business days after the date of termination or any earlier time required by applicable law.

     (b)  Death or Disability of Executive.

           (i)  If Executive's employment is terminated by
reason of Executive's death or disability, this Agreement shall terminate without further obligations to Executive (or Executive's
heirs or legal representatives) under this Agreement, other than for:

                (1)  Payment of any
Accrued Obligations, which shall be paid to Executive or Executive's estate or beneficiary, as applicable, in a lump sum, subject
to statutory deductions and withholdings, in cash within ten (10) business days after the date of termination or any earlier time
required by applicable law.

                (2)  Payment to
Executive or Executive's estate or beneficiary, as applicable, of any amount accrued pursuant to the terms of any other applicable
benefit plan.

          (ii)  If Executive shall become disabled, Executive's
employment may be terminated only by written notice from the Company to Executive.

          (iii)  For the purposes of this Agreement,
"disability" or "disabled" shall mean a mental or physical incapacity which prevents Executive from performing
Executive's duties with the Company for a period of three hundred sixty (360) consecutive calendar days, as certified by a
physician selected by the Company or its insurers.

     (c)  Termination for Cause.

           (i)  The Company may terminate Executive's
employment and all of Executive's rights to receive Base Salary, and any Benefits hereunder for Cause.

           (ii)  Upon such termination for Cause, Executive
shall be entitled to receive any Accrued Obligations, which shall be paid to Executive in a lump sum, subject to statutory
deductions and withholdings, in cash within ten (10) business days after the date of termination or any earlier time required by
applicable law.

          (iii)  For purposes of this Agreement, the term
"Cause" shall be defined as any of the following:

                (1)  Executive's
material breach of any of any obligations under this Agreement (other than by reason of physical or mental illness, injury, or
condition);

                (2)  Executive's
conviction by, or entry of a plea of "guilty" or "nolo contendere" in a court of competent and final jurisdiction for any felony
that impairs his ability to perform his duties to the Company or any crime of moral turpitude;

               (3)  Executive's commission
of an act of fraud upon the Company;

               (4)  Executive's engaging in
willful or reckless misconduct or gross negligence in connection with any property or activity of the Company or its
Affiliates;

               (5)  Executive's repeated
and intemperate use of alcohol or illegal drugs after written notice from the Board or Directors;

              (6)  Executive's material breach
of any other material obligation to the Company (other than by reason of physical or mental illness, injury, or condition) that is
or could reasonably be expected to result in material harm to the Company;

              (7)  Executive's becoming
insolvent or filing for bankruptcy;

              (8)  Executive's becoming barred
or prohibited by the SEC from holding my position with the Company; or

              (9)  Executive's violation of any
duty of loyalty (i.e., engaging in self-interested transactions, misappropriation of business opportunities that belong to the
Company, or a breach of Executive's fiduciary duties to the Company).

     (d)  Termination Without Cause; Resignation For Good Reason.

          (i)  Notwithstanding any other provision of this
Section 5, (i) the Company, upon thirty (30) days advance notice to Executive, shall have the right to terminate Executive's
employment with the Company without Cause at any time, including, without limitation, in connection expiration of the Term and (ii)
Executive, upon thirty (30) days advance notice to the Company, shall have the right to resign for Good Reason.

          (ii)  If Executive is so terminated without Cause or
resigns for Good Reason, Executive shall receive from the Company:

                (1)  Any Accrued
Obligations through the date of termination, which shall be paid to Executive in a lump sum, subject to statutory deductions and
withholdings, in cash within ten (10) business days after the date of termination or any earlier time required by applicable
law.

                (2)  A payment
("Severance Payment") equal to twelve (12) months of Executive's current Base Salary.  The Severance Payment shall be
paid by the Company to Executive in equal installments in accordance with the Company's customary payroll practices generally
applicable to similarly situated employees as may be in effect from time and shall be subject to statutory deductions and
withholdings.

               (3)  To the extent permitted
by applicable law and the terms of the plans, the continuation of medical and dental plan benefits for a period of three hundred
sixty (360) days ("Benefit Period"), provided that Executive shall be required to make all required contributions to such
plans as Executive did prior to the date of termination date.  Subsequent to the Benefit Period, Executive will be eligible to
continue medical insurance coverage for any remaining period required under COBRA.

          (iii)  As used in this Agreement, the term "Good Reason"
shall mean (i) (except as set forth in Section 5(e)) the relocation of the Company's principal executive offices to a
location outside the contiguous 48 United States without the consent of Executive or (ii) any reduction in salary or benefits
contrary to this Agreement, without the consent of Executive.

          (iv)  As a condition to receiving the payment and benefits
extension contemplated by this Section 5(d), Executive agrees to execute and deliver to the Company the Release
substantially in the form attached to this Agreement as Exhibit A.

     (e)  Change of Control.

           (i)  For purposes of the Agreement, a "change of
control" means, and shall be deemed to have taken place, if;

                (1)  any individual,
partnership, firm, corporation, association, trust, unincorporated organization or other entity or person, or any syndicate or
group deemed to be a person under Section 14 (d) (2) of the Exchange Act, is or becomes the "beneficial owner" (as defined in Rule
13d-3 of the General Rules and Regulations under the Exchange Act), directly or indirectly, of securities of the Company
representing 50% or more of the combined voting power of the Company's then outstanding securities entitled to vote in the election
of directors of the Company;

                (2)  during any period
of two (2) consecutive years (not including any period prior to the execution of this Agreement) individuals who at the beginning
of such period constituted the Board and any new directors, whose election by the Board or nomination for election by the Company's
shareholders was approved by a vote of at least three-fourths (3/4ths) of the directors then still in office who either were
directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any
reason to constitute a majority of the Board;

                (3)  there occurs a
reorganization, merger, consolidation or other corporate transaction involving the Company (a "Transaction"), and
shareholders of the Company immediately prior to such Transaction do not, immediately after the Transaction, own more than 50% of
the combined voting power of the Company or other corporation resulting from such Transaction; or

                (4)  there is a
"change in control" of the Company within the meaning of Section 280G of the U.S. Federal internal revenue code of 1986.

            (ii)  For the purposes of this Section
5(e), the term "Good Reason" shall mean the relocation of the Company's principal executive offices to a location which is more
than fifty (50) miles from its then-current location without the consent of Executive.

            (iii)  In the event Executive is terminated by
the Company for any reason (other than for Cause as defined in Section 5(c) thereof, but including a resignation for Good
Reason as defined in Section 5(e)(ii)), during the period three (3) months before or two (2) years following a "change in
control" of the Company (or any successor), Executive shall be entitled to receive a cash payment equal to eighteen (18) months of
Executive's current Base Salary and the benefits described in Section 5(d)(ii) of the Agreement.  Upon such "change of
control" during the Term, the Term of this Agreement shall automatically be the period equal to the longer of (i) two (2) years
from the date of the "change of control" or (ii) the remaining period of the initial three (3) year Term after the "change of
control".  In no event shall Executive be entitled to receive both the Severance Payment described in Section 5(d)
hereof and the "change of control" payment described in this Section 5(e).

           (iv)  Any payments to be made to Executive in
connection with this Section 5(e) shall be made in a lump sum, subject to statutory deductions and withholdings, in cash
within ten (10) business days after the date of termination or any earlier time required by applicable law.

     (f)  Tax Consideration.

          (i)  In the event that the aggregate of all payments or
benefits made or provided to the Executive under this Agreement and under all other plans and programs of the Company (the
"Aggregate Payment") is determined to constitute a Parachute Payment, as such term is defined in Section 280G(b)(2) of the
Internal Revenue Code of 1986, as amended (the "Code"), the Company shall pay to the Executive an additional amount (the
"Gross-Up Amount"), prior to the time any excise tax ("Excise Tax") is imposed by Section 4999 of the Code is payable
with respect to such Aggregate Payment, which, after the imposition of all excise, federal, state and local income taxes, enables
the Executive to retain a total amount equal to the Aggregate Payment prior to the payment of the Gross-Up Amount. 
Notwithstanding the foregoing, if it shall be determined that the Executive is entitled to receive the Gross-Up Amount, but the
portion of the Aggregate Payment that would be treated as a Parachute Payment does not exceed 125% of the greatest amount that
could be paid to the Executive such that the receipt of the Aggregate Payment would not give rise to any Excise Tax (the "Safe
Harbor Amount"), then no Gross-Up Amount shall be paid to the Executive and the Aggregate Payment shall be reduced to the Safe
Harbor Amount.

          (ii)  All determinations required to be made under this
Section 5(f), including whether the Aggregate Payment constitutes a Parachute Payment, the amount of the Gross-Up Amount to
be paid to the Executive, if any, and the determination of the Safe Harbor Amount, if applicable, shall be made in good faith by
the by the Company's regular outside auditors (the "Accounting Firm"); provided, however, that such Accounting Firm
presents its rationale and supporting calculations to the Executive upon his request and shall in good faith work to resolve any
discrepancies raised by accountants or lawyers chosen by the Executive who present reasonable critiques of the determination. 
If a dispute over the methodology or conclusions of the Accounting Firm cannot be resolved between the parties, an impartial
accounting firm shall be consulted to resolve the dispute.  All fees and expenses of the Accounting Firm incurred in
connection with the retention of the Accounting Firm pursuant to this Section 5(f) shall be borne by the Company. All fees and
expenses of the accountants and lawyers chosen by the Executive and, if retained, the additional accounting firm, incurred in
connection with the resolution of any disputes pursuant to this Section 5(f) shall be borne by the non-prevailing party.

          (iii)  As a result of uncertainty in the application of
Sections 280G and 4999 of the Code at the time of the determination by the Accounting Firm, the parties hereto acknowledge and
agree that it is possible that the Company will have paid a Gross-Up Amount that exceeds the amount that the Company should have
paid pursuant to this Section 5(f) (the "Overpayment") or that the Company will have paid a Gross-Up Amount that is less
than the amount that the Company should have paid pursuant to this Section 5(f) (the "Underpayment").  In the event the
Accounting Firm, in a written opinion delivered to the Company and to the Executive, determines that, based upon the assertion of a
deficiency by the Internal Revenue Service against the Executive, which the Accounting Firm believes has a high probability of
success, an Overpayment has been made, then any such Overpayment shall, to the extent permitted under applicable law (including
Section 402 of the Sarbanes-Oxley Act of 2002), be treated for all purposes as a loan to the Executive which the Executive shall
promptly repay to the Company together with interest at the Applicable Federal Rate provided for in Section 7872(f)(2) of the Code;
provided, however, the Executive may contest any such determination by the Accounting Firm at his own expense.  In the event
the Accounting Firm, based upon controlling precedent or other substantial authority, determines that an Underpayment has occurred,
any such Underpayment shall be promptly paid by the Company to or for the benefit of the Executive together with interest at the
Applicable Federal Rate provided for in Section 7872(f)(2) of the Code.

     (g)  Treatment of Stock Options Upon a Termination.

            (i)  If this Agreement is terminated pursuant
to clause (e) of this Section 5,  all stock options or similar rights granted to Executive pursuant to the
Company's stock option plans shall immediately vest as of the date of termination and Executive may exercise any such vested stock
options for a period of 390 days following such termination, but in no event later than ten (10) years after grant.

            (ii)  If this Agreement is terminated pursuant
to clause (c) of this Section 5, all stock options granted to Executive pursuant to the Company's stock plans shall
terminate immediately.

                  To the extent that
the Executive has been granted stock options intended to be incentive stock options under Section 422 of the Internal Revenue Code,
such stock options shall cease to be incentive stock options and shall be treated as nonqualified stock options if the options are
exercised by the Employee more than three (3) months (one year in case of death or disability as defined in Section 422 of the
Internal Revenue Code) following termination of employment.

                Except as expressly modified by
this clause (g) of this Section 5, all stock options and similar rights granted under the Company's stock plans shall
remain subject to all of the terms and conditions of the applicable stock plans and agreements evidencing the grants thereof.

     (h)  Status of Executive During Exclusivity Period.  If this Agreement is
terminated pursuant to clauses (b) or (d) of this Section 5, during Executive's Exclusivity Period the Executive
shall be deemed and treated as an employee of the Company for the purposes of all payroll, benefits, welfare and stock option
plans; provided, however, that Executive shall not be entitled to payment of Base Salary or any other monetary compensation for the
same period as, and in addition to, any Severance Payment, nor shall any stock options held by the Executive vest after the
effective date of termination.

     (i)  Exclusive Remedy.  Executive agrees that the payments other benefits
provided and contemplated by this Agreement shall constitute the sole and exclusive obligation of the Company in respect of
Executive's employment with and relationship to the Company and that the full payment thereof shall be the sole and exclusive
remedy for any termination of Executive's employment.  Executive covenants not to assert or pursue any other remedies, at law
or in equity, with respect to any termination of employment.

6.  Business Expenses.   During the Term of this Agreement, to the extent that such
expenditures satisfy the criteria under the Internal Revenue Code or other applicable laws for deductibility by the Company
(whether or not fully deductible by the Company) for federal income tax purposes as ordinary and necessary business expenses, the
Company shall provide the Executive with reimbursement of reasonable business expenses incurred by the Executive while conducting
Company business in a manner consistent with the Company's policies and provisions applicable to the Executives of the Company.

7.  Confidential Information. 

     (a)  Executive acknowledges that the nature of Executive's employment by the Company is
such that Executive shall have access to information of a confidential and/or trade secret nature which has great value to the
Company and which constitutes a substantial basis and foundation upon which the business of the Company is based.  Such
information includes (A) trade secrets, inventions, mask works, ideas, processes, manufacturing, formulas, source and object codes,
data, programs, other works of authorship, know-how, improvements, discoveries, developments or experimental work, designs, and
techniques; (B) information regarding plans for research, development, new products, marketing and selling, business plans,
budgets and unpublished financial statements, licenses, prices and costs, suppliers and customers; (C) information regarding
the skills and compensation of other employees the Company or its affiliates, including but not limited to, their respective
business plans or clients (including, without limitation, customer lists and lists of customer sources), or information relating to
the products, services, customers, sales or business affairs of the Company or its Affiliates (the "Confidential
Information").

     (b)  Executive shall keep all such Confidential Information in confidence during the
Term of this Agreement and at any time thereafter and shall not disclose any of such Confidential Information to any other person,
except to the extent such disclosure is (i) necessary to the performance of this Agreement and in furtherance of the Company's
best interests, (ii) required by applicable law, (iii) lawfully obtainable from other sources, or (iv) authorized in
writing by the Board.  Upon termination of Executive's employment with the Company, Executive shall deliver to the Company all
documents, records, notebooks, work papers, and all similar material containing any of the foregoing information, whether prepared
by Executive, the Company or anyone else.

8.  Non-Competition.  Executive covenants and agrees that commencing on the date hereof and
continuing for the entire Term of Executive's employment and for period of twelve (12) months thereafter (the "Exclusivity
Period"), Executive shall not, and shall cause each of its affiliates (if applicable) not to:

     (a)  Acquire any controlling ownership interest in or engage, directly or indirectly,
for themselves or as agent, consultant, employee or otherwise, in any business which is competitive with or damaging to the
business of the Company or any subsidiary of the Company, whether such business is now owned or hereafter organized or
acquired;

     (b)  Undertake the planning for or organization of, directly or indirectly, alone or in
combination with any person or entity any business activity which is competitive with or damaging to the business of the Company or
any subsidiary of the Company;

     (c)  Solicit, attempt to solicit, or assist others in soliciting or attempting to
solicit, directly or indirectly, any business related to the business of the Company from any customers or prospective customers of
the Company; for the purposes of this Section 8, the term "customer" means any entity or person who is or has been a
client or customer of the Company during the time which Executive was employed with the Company, and the term "prospective
customer" means a person or entity who became known to the Company during the time which Executive was employed with the
Company as a result of that person's or entity's interest in obtaining the services or products of the Company; and

     (d)  Solicit, attempt to solicit, or assist others in soliciting or attempting to
solicit, directly or indirectly, for employment or similar capacity, any person who is an employee of, or an independent contractor
for, the Company or its direct or indirect subsidiaries, parents or Affiliates or who was such an employee within twelve (12)
months prior to the date of such solicitation or attempted solicitation.

     (e)  Executive acknowledges that in the event of his employment with the Company
terminates for any reason, Executive will be able to earn a livelihood without violating the foregoing restrictions.

     (f)  If any provision or clause, or portion thereof, within this Section 8 shall
be held by any court or other tribunal of competent jurisdiction to be illegal, invalid, or unenforceable in such jurisdiction, the
remainder of such provision shall not be thereby affected and shall be given full effect, without regard to the invalid
portion.  It is the intention of the parties that, if any court construes any provision or clause within this Section
8, or any portion thereof, to be illegal, void or unenforceable because of the duration of such provision or the geographic
area or matter covered thereby, such court shall reduce the duration, area, or matter of such provision, and, in its reduced form,
such provision shall then be enforceable and shall be enforced.

9.  Intellectual Property.

     (a)  Executive has no interest (except as disclosed to the Company) in any inventions,
designs, improvements, patents, copyrights and discoveries which are useful in or directly or indirectly related to the business of
the Company or to any experimental work carried on by the Company.  Except as may be limited by applicable law, all
inventions, designs, improvements, patents, copyrights and discoveries conceived by Executive during the Term of this Agreement
which are useful in or directly or indirectly related to the business of the Company or to any experimental work carried on by the
Company, shall be the property of the Company.  Executive will promptly and fully disclose to the Company all such inventions,
designs, improvements, patents, copyrights and discoveries (whether developed individually or with other persons) and will take all
steps necessary and reasonably required to assure the Company's ownership thereof and to assist the Company in protecting or
defending the Company's proprietary rights therein.

     (b)  Executive also agrees to assist the Company in obtaining United States or foreign
letters patent and copyright registrations covering inventions assigned hereunder to the Company and that Executive's obligation to
assist the Company shall continue beyond the termination of Executive's employment but the Company shall compensate Executive at a
reasonable rate for time actually spent by Executive at the Company's request with respect to such assistance.  If the Company
is unable because of Executive's mental or physical incapacity or for any other reason to secure Executive's signature to apply for
or to pursue any application for any United States or foreign letters patent or copyright registrations covering inventions
assigned to the Company, then Executive hereby irrevocably designates and appoints the Company, each of its duly authorized
officers and agents as Executive's agent and attorney-in-fact to act for and in Executive's behalf and stead to execute and file
any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of letters patent or
copyright registrations thereon with the same legal force and effect as if executed by Executive.  Executive will further
assist the Company in every way to enforce any copyrights or patents obtained including, without limitation, testifying in any suit
or proceeding involving any of the copyrights or patents or executing any documents deemed necessary by the Company, all without
further consideration but at the expense of the Company.  If Executive is called upon to render such assistance after the
termination of Executive's employment, then Executive shall be entitled to a fair and reasonable per diem fee in addition to
reimbursement of any expenses incurred at the request of the Company.

10.  Remedies.   The parties hereto agree that the services to be rendered by Executive
pursuant to this Agreement, and the rights and privileges granted to the Company pursuant to this Agreement, are of a special,
unique, extraordinary and intellectual character, which gives them a peculiar value, the loss of which cannot be reasonably or
adequately compensated in damages in any action at law, and that a breach by Executive of any of the terms of this Agreement will
cause the Company great and irreparable injury and damage.  Executive hereby expressly agrees that the Company shall be
entitled to the remedies of injunction, specific performance and other equitable relief to prevent a breach of this Agreement by
Executive.  This Section 10 shall not be construed as a waiver of any other rights or remedies which the Company may
have for damages or otherwise.

11.  Return of Property.  Executive agrees to return, on or before the termination date, all
property belonging to the Company, including but not limited to computers, PDA, telephone and other credit cards, Company business
records, Company automobile (if applicable), etc.

12.  Severability.  If any provision of this Agreement is held to be unenforceable for any
reason, it shall be adjusted rather than voided, if possible, to achieve the intent of the parties to the extent possible.  In
any event, all other provisions of this Agreement shall be deemed valid and enforceable to the extent possible.

13.  Succession.  This Agreement shall inure to the benefit of and be binding upon the Company
and its successors and assigns and any such successor or assignee shall be deemed substituted for the Company under the terms of
this Agreement for all purposes.  As used herein, "successor" and "assignee" shall include any person, firm, corporation or
other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires the stock of the
Company or to which the Company assigns this Agreement by operation of law or otherwise.  The obligations and duties of
Executive hereunder are personal and otherwise not assignable.  Executive's obligations and representations under this
Agreement will survive the termination of Executive's employment, regardless of the manner of such termination.

14.  Notices.  Any notice or other communication provided for in this Agreement shall be in
writing and sent if to the Company to its principal office at:

Photronics, Inc.

15 Secor Road, PO Box 5226

Brookfield, Connecticut 06804

Attention: Chief Executive Officer

With a copy to the Vice President, Chief Financial Officer of Photronics, Inc.

or at such other address as the Company may from time to time in writing designate, and if to Executive at the address set forth
above or at such address as Executive may from time to time in writing designate.  Each such notice or other communication
shall be effective (I) if given by written telecommunication, three (3) days after its transmission to the applicable number
so specified in (or pursuant to) this Section 14 and a verification of receipt is received, (ii) if given by certified
mail, once verification of receipt is received, or (iii) if given by any other means, when actually delivered to the addressee
at such address and verification of receipt is received.

15.  Adequate Consideration.  Executive acknowledges that the cash severance and other
benefits to be provided by the Company to Executive are not available under any current plan or policies of the Company. 
Accordingly, Executive further acknowledges that the payments and benefits under this Agreement provide adequate consideration for
Executive's obligations to the Company contained in Section 7 (Confidential Information), Section 8
(Non-Competition), Section 10 (Remedies) and Exhibit A (Release).

16.  Entire Agreement.  This Agreement contains the entire agreement of the parties relating
to the subject matter hereof and supersedes any prior agreements, undertakings, commitments and practices relating to Executive's
employment by the Company.

17.  Amendments.  No amendment or modification of the terms of this Agreement shall be valid
unless made in writing, duly executed by both parties.

18.  Waiver.  No failure on the part of any party to exercise or delay in exercising any right
hereunder shall be deemed a waiver thereof or of any other right, nor shall any single or partial exercise preclude any further or
other exercise of such right or any other right.

19.  Governing Law.  This Agreement, and the legal relations between the parties, shall be
governed by and construed in accordance with the laws of the State of Connecticut without regard to conflicts of law doctrines and
any court action arising out of this Agreement shall be brought in any court of competent jurisdiction within the State of
Connecticut.

20.  Attorneys' Fees.   If any litigation shall occur between Executive and the Company which
litigation arises out of or as a result of this Agreement or the acts of the parties hereto pursuant to this Agreement, or which
seeks an interpretation of this Agreement, the prevailing party shall be entitled to recover all costs and expenses of such
litigation, including reasonable attorneys' fees and costs.

21.  Withholding.  All compensation payable hereunder, including salary and other benefits,
shall be subject to applicable taxes, withholding and other required, normal or elected employee deductions.

22.  Counterparts.  This Agreement and any amendment hereto may be executed in one or more
counterparts.  All of such counterparts shall constitute one and the same agreement and shall become effective when a copy
signed by each party has been delivered to the other party.

23.  Headings.  Section and other headings contained in this Agreement are for convenience of
reference only and shall not affect in any way the meaning or interpretation of this Agreement.

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

THE COMPANY

PHOTRONICS, INC.

By:     /s/ Constantine S. Macricostas

          Name:  Constantine S. Macricostas

          Title:  Chief Executive Officer

EXECUTIVE

/s/ Edwin L. Lewis________________

Name:  Edwin L. Lewis

Address:  59 Delafield Island Road

Darien, Connecticut, 06820

EXHIBIT A

RELEASE

1.  I signed an Employment Agreement with Photronics, Inc. (the "Company"), dated ________________(the "Agreement"),
wherein I agreed to the terms applicable to certain terminations of employment with the Company.  Pursuant to the terms of the
Agreement, I am entitled to certain severance payments and benefits, described in the Agreement, provided that I sign this
Release.

2.  In consideration of the severance payments described in the Agreement, I, on behalf of myself, my heirs, agents,
representatives, predecessors, successors and assigns, hereby irrevocably release, acquit and forever discharge the Company and
each of its respective agents, employees, representatives, parents, subsidiaries, divisions, affiliates, officers, directors,
shareholders, investors, employees, attorneys, transferors, transferees, predecessors, successors and assigns, jointly and
severally (the "Released Parties") of and from any and all debts, suits, claims, actions, causes of action, controversies,
demands, rights, damages, losses, expenses, costs, attorneys' fees, compensation, liabilities and obligations whatsoever, suspected
or unsuspected, known or unknown, foreseen or unforeseen, arising at any time up to and including the date of this Release, save
and except for the parties' obligations and rights under the Agreement.  In recognition of the consideration set forth in the
Agreement, I hereby release and forever discharge the Released Parties from any and all claims, actions and causes of action, I
have or may have as of the date of this Release arising under any state or federal civil rights or human rights law, or
under the Federal Age Discrimination in Employment Act of 1967, as amended, and the applicable rules and regulations promulgated
thereunder ("ADEA").  By signing this Release, I hereby acknowledge and confirm the following: (a) I was advised in writing by
the Company in connection with my termination to consult with an attorney of my choice prior to signing this Agreement, including
without limitation, the terms relating to my release of claims arising under ADEA and any other law, rule or regulation referred to
above; (b) I was given a period of not fewer than 21 days to consider the terms of this Agreement and to consult with an attorney
of my choosing with respect hereto; and (c) I am providing the release and discharge set forth in this paragraph only in exchange
for consideration in addition to anything of value to which I was already entitled. 

3.  The Agreement and this Release may be revoked by me within the 7-day period commencing on the date I sign this
Release (the "Revocation Period").  In the event of any such revocation, all obligations of the Company under the Agreement
will terminate and be of no further force and effect as of the date of such revocation and both the Company and I will have and be
entitled to exercise all rights that would have existed had the Agreement and Release not been entered into.  No such
revocation will be effective unless it is in writing and signed by me and received by the Company prior to the expiration of the
Revocation Period.

_________________________                          ______________

                  Name                                                             Date

_________________________                          ______________

                 Witness                                                           Date

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