Document:

Exhibit 10.21

    

    
      

      

      

      This Agreement is entered into as of January 20, 2018 by and
        between Photronics, Inc., a Connecticut corporation (the “Company”) and DEMA Associates, LLC  (“Consultant”).

      

      

      WHEREAS, the Company believes that it will
          benefit from an ongoing consulting arrangement between Consultant and the Company, pursuant to which Consultant will provide certain services on an independent contractor basis as outlined below and Consultant has agreed to provide certain
          consulting and advisory services to the Company pursuant to the terms set forth herein.

      

      

      NOW, THEREFORE, Consultant and the Company
          hereby agree as follows:

      

      

      1)  Consulting Services

      

      

      During the term of this Agreement, Consultant agrees to make himself and or associates from DEMA Associates, LLC reasonably available
          to render at the request of the Company, such consulting services as are reasonably requested by the Company. Consultant will devote a reasonable amount of time, not to exceed forty hours (40) per month, to the provision of the Services.
          Consultant will provide an invoice to the Company to indicate the forty hours worked per month and the services provided to the Company. The form of invoice is attached hereto as Exhibit A.  The Company will provide Consultant with a paid cell
          phone and a laptop computer.

      

      

      2)  Compensation

      

      

      As compensation for Consultant’s services during the term of this Agreement, the Company agrees to provide consulting fees and
          benefits under the terms specified below:

      

      

      Fees:  In consideration for the consulting
          services, the Company will pay a consulting fee in the amount of three hundred and ninety thousand dollars ($390,000) per year (“Consulting Fees”).  The Company shall pay the Consulting Fees in equal monthly payments of thirty-two thousand five
          hundred dollars ($32,500.00) throughout the Consulting Period.  The Consulting Fees will be paid at the address set forth above.

      

      

      In the event that Consultant is required to travel in order to perform the Services under this Agreement, the Company will reimburse
          Consultant for such reasonable travel expenses incurred upon the presentation by Consultant of a detailed and itemized account of such expenses with proper documentation and such other supporting information as the Company may reasonably request.
          Except as provided above with respect to travel expenses, the Company will not be responsible for payment or reimbursement of Consultant’s expenses in his performance of the Services, unless such expense is approved in advance by the Company.

       

      
        
          

      

      3)  Term

      

      

      This Agreement will be effective as of January 20, 2018 and will continue in effect for a period of four (4) years.

      

      

      4)  Non-Competition and Non-Solicitation

      

      

      Consultant hereby agrees that during the Consulting Period, and for a period of three (3) years after the termination of this
          Agreement, he will not, without first obtaining the Company’s prior written approval, directly or indirectly engage or prepare to engage in any activities in competition with the Company or accept employment, provide services to, or establish a
          business relationship with a business or individual engaged in or preparing to engage in competition with the Company.  Consultant is free to engage in other work or business activities during the Consulting Period as long as they are not
          competitive with the Company.  For purposes of this paragraph, the holding of less than one percent (1%) of the outstanding voting securities of any firm or business organization in competition with the Company shall not constitute activities or
          services precluded by this paragraph.  Consultant also agrees that through the end of the Consulting Period and for a period of one (1) year thereafter, he will not, either directly or through others, solicit or attempt to solicit any employee or
          other personnel of the Company to terminate his or her relationship with the Company or to become an employee, consultant or independent contractor to or for any other person or entity.  Further, Consultant agrees not to disparage the Company in
          any manner likely to be harmful to the Company’s business reputation, or the personal or business reputation of the Company’s directors, shareholders or employees.  Consultant agrees that the Consulting Fees adequately compensate you for the
          restrictions of this paragraph.

      

      

      5)  Liquidated Damages/Specific Performance

      

      

      
        
          	

                	a)	
                  Consultant agrees that it would be impracticable or extremely difficult to ascertain the amount of actual damages caused by breach of Article (4), Non-Competition and
                      Non-Solicitation, of this Agreement.  Therefore, Consultant agrees that, in the event of such a breach, the Company will be entitled to withhold further payments of all Consulting Fees, recover all Consulting Fees already paid to
                      Consultant, and obtain such injunctive and other relief as appropriate. Consultant further agree that this liquidated damage provision represents reasonable compensation for the loss which would be incurred by the Company because of
                      any such breach.

                

        

      

      

      

      
        
          	

                	b)	
                  In the event Consultant claims that the Company is in breach of this Agreement, in addition to any other remedies available to Consultant, Consultant shall be entitled to
                      obtain specific performance of this Agreement.

                

        

      

       

      
        
          

      

      6.  Independent Contractor Status of
          Consultant.

      

      

      Consultant’s legal status is as an independent contractor of Company. Nothing in this Agreement makes Consultant the agent, partner,
          joint venturer, employee or legal representative of Company for any purpose whatsoever; nor shall Consultant hold himself out as such. Consultant will have no authority to bind Company in any manner or for any purpose. Consultant will not be an employee of Company for any purpose, including for purposes of the Fair Labor Standards Act’s minimum wage and overtime provisions, nor any other
          provision of federal, state, or local law applicable to employees. Further, Consultant understands and agrees that he will not be entitled to any employment benefits that may be made available by the Company to its employees, including but not
          limited to vacation pay, sick leave, retirement benefits, social security, workers’ compensation, health or disability benefits, and unemployment insurance benefits. The parties acknowledge that Consultant was an employee of Company immediately
          prior to the commencement of this Agreement.

      

      

      Consultant understands that the Company will not be responsible for withholding or paying any federal or state income, social security or
          other taxes in connection with any compensation paid under this Agreement, and Consultant agrees that he is solely responsible for any tax obligations which may arise from the payment of compensation to Consultant pursuant to this Agreement.

      

      

      7.  Confidential Information.

      

      

      (a)    Consultant acknowledges that during
          his engagement with Company he may have access to certain confidential and proprietary information belonging to the Company or third parties who may have furnished such information under obligations of confidentiality, relating to and used in the
          Company’s business (collectively, “Confidential Information”). Consultant acknowledges that, unless otherwise available to the public, Confidential
          Information includes, but is not limited to, the following categories of information and material, including all copies, notes, or other reproductions or replicas thereof: financial statements and information; budgets, forecasts, and projections;
          business and strategic plans; marketing strategies; research and development projects; records relating to any intellectual property developed by, owned by, controlled, licensed, or maintained by the Company; information related to the Company’s
          inventions, research, products, designs, methods, know-how, formulae, techniques, systems, processes; customer lists; non-public information relating to the Company’s customers, suppliers, employees, distributors, or investors; the specific terms
          of the Company’s agreements or arrangements, whether oral or written, with any customer, supplier, vendor, or contractor with which the Company may be associated from time to time; and any and all information relating to the operation of the
          Company’s business which the Company may from time to time designate as confidential or proprietary or that Consultant reasonably knows should be, or has been, treated by the Company as confidential or proprietary. Confidential Information
          encompasses all formats in which information is preserved, whether electronic, print, or any other form, including all originals, copies, notes, or other reproductions or replicas thereof.

      

      

      (b)    Confidential Information does not include
          any information that: (i) at the time of disclosure is generally known to, or readily ascertainable by, the public; (ii) becomes known to the public through no fault of Consultant or other violation of this Agreement; or (iii) is disclosed to
          Consultant by a third party under no obligation to maintain the confidentiality of the information. 

        

      
        
          

      

      (c)    Consultant agrees that he will
          maintain the confidentiality of the Confidential Information at all times during and following his engagement by the Company and will not, directly or indirectly, use or disclose any Confidential Information for any purpose other than to the
          extent necessary to perform the Services.

      

      

      (d)    The restrictions in Section 7(c) above
          will not apply to any information that Consultant is required to disclose by law, provided that the Consultant (i) notifies the Company of the existence and terms of such obligation, (ii) gives the Company a reasonable opportunity to seek a
          protective or similar order to prevent or limit such disclosure, and (iii) only discloses that information actually required to be disclosed.

      

      

      (e)    Upon termination of Consultant’s
          engagement with the Company for any reason, or at any time upon request of the Company, Consultant will promptly deliver to the Company all Confidential Information in any form along with all personal property belonging to the Company that is in
          Consultant’s possession, custody, or control, including, without limitation, all files, memoranda, designs, correspondence, manuals, programs, data, records, notes, notebooks, reports, papers, equipment, computer software, proposals, or any other
          file, material, document or possession (whether in hard copy or any electronic format), however obtained, along with any reproductions or copies.

      

      

      8.    Governing Law; Venue. This Agreement will be governed by and construed in accordance
          with the laws of the State of Connecticut, without regard to that body of law known as choice of law. Each party (a) consents to the personal jurisdiction of said courts, (b) waives any venue or inconvenient forum defense to any proceeding
          maintained in such courts, and (c) agrees not to bring any proceeding arising out of or relating to this Agreement in any other court.

      

      

      	
              PHOTRONICS, INC.

            	 	
              DEMA Associates, LLC

            
	 	 	 	 	 
	
              By:

            	
              /s/ Richelle E. Burr

            	 	
              By:

            	
              /s/ Constantine S. Macricostas

            
	
              Title:

            	
              Vice President

            	 	
              Title:

            	
              PresidentExhibit 10.23

    

    

    EXECUTION VERSION

    

    

    AMENDMENT NO. 4

    

    

    Dated as of August 17, 2018

    

    

    to

    

    

    THIRD AMENDED AND RESTATED CREDIT AGREEMENT

    

    

    Dated as of December 5, 2013

    

    

    THIS AMENDMENT NO. 4 (“Amendment”) is made as of August 17,
        2018 by and among Photronics, Inc. (the “Company”), the financial institutions listed on the signature pages hereof and JPMorgan Chase Bank, N.A., as Administrative Agent
        (in such capacity, the “Administrative Agent”) and as Collateral Agent (in such capacity, the “Collateral
            Agent”), under that certain Third Amended and Restated Credit Agreement dated as of December 5, 2013 by and among the Company, the Foreign Subsidiary Borrowers party thereto from time to time, the Lenders party thereto from time to
        time, the Collateral Agent and the Administrative Agent (as may be further amended, supplemented or otherwise modified from time to time, the “Credit Agreement”). 
        Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement.

    

    

    WHEREAS, the Company has requested that the Lenders and the Administrative Agent agree to certain amendments to the Credit Agreement;

    

    

    WHEREAS, the Lenders party hereto and the Administrative Agent have agreed to such amendments on the terms and conditions set forth
        herein;

    

    

    NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable
        consideration, the receipt and sufficiency of which are hereby acknowledged, the Company, the Lenders party hereto and the Administrative Agent have agreed to enter into this Amendment.

    

    

    1.          Amendments to Credit Agreement.  Effective as of the date of satisfaction of the conditions precedent set forth in Section 2 below, the Credit
        Agreement is hereby amended as follows:

    

    

    (a)          Section 6.03(a)(iii)  of the Credit Agreement is amended and restated in its entirety as follows:

    

    

    “ (iii) (A) any Loan Party (other than the Company) or any Subsidiary may sell, transfer, lease or otherwise dispose
        of its assets to, or otherwise dissolve into, a Loan Party and (B) the Company may sell, transfer, lease or otherwise dispose of its assets to, a Subsidiary Guarantor,”;

    

    

    2.          Conditions of Effectiveness.  The effectiveness of this Amendment is subject to the conditions precedent that (a) the Administrative Agent shall have received counterparts of (i) this Amendment duly executed by the Company,
        the Required Lenders and the Administrative Agent and (ii) the Consent and Reaffirmation attached hereto duly executed by the Subsidiary Guarantors and (b) the Company shall have paid, to the extent invoiced, reasonable attorneys’ fees and expenses
        of the Administrative Agent in connection with this Amendment and the other Loan Documents.

    

    

    
      
        

    

    
    

    

    3.          Representations and Warranties of the Company and Acknowledgements and Confirmations.  The Company hereby represents and warrants as follows:

    

    

    (a)          This Amendment and the Credit Agreement, as amended
        hereby, constitute legal, valid and binding obligations of the Company and are enforceable against the Company in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting
        creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

    

    

    (b)          As of the date hereof and giving effect to the terms
        of this Amendment, (i) no Default shall have occurred and be continuing and (ii) the representations and warranties of the Company set forth in the Credit Agreement, as amended hereby, are true and correct as of the date hereof.

    

    

    4.          Reference to and Effect on the Credit Agreement.

    

    

    (a)          Upon the effectiveness hereof, each reference to the
        Credit Agreement in the Credit Agreement or any other Loan Document shall mean and be a reference to the Credit Agreement as amended hereby.

    

    

    (b)          Except as specifically amended above, the Credit
        Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.

    

    

    (c)          The execution, delivery and effectiveness of this
        Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement or any other documents, instruments and agreements executed and/or
        delivered in connection therewith.

    

    

    (d)          This Amendment shall constitute a Loan Document.

    

    

    5.          Governing Law.  This Amendment shall be construed in accordance with and governed by the law of the State of New York.

    

    

    6.          Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

    

    

    7.          Counterparts.  This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same
        instrument.  Signatures delivered by facsimile or PDF shall have the same force and effect as manual signatures delivered in person.

    

    

    [Signature Pages Follow]

    

    

    
      2

      
        

    

    

    

    IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written.

    

    

    	 	
            PHOTRONICS, INC.,

          
	 	
            as the Company

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 
	 	 	 

    

    

    

    

    

    

    Signature Page to Amendment No. 4

    Photronics, Inc.

    Third Amended and Restated Credit Agreement dated as of December 5, 2013

    
      
        

    

    

    

    

    

    	 	
            JPMORGAN CHASE BANK, N.A., individually as a Lender and as Administrative Agent

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 
	 	 	 

    

    

    

    

    

    

    Signature Page to Amendment No. 4

    Photronics, Inc.

    Third Amended and Restated Credit Agreement dated as of December 5, 2013

    
      
        

    

    

    

    

    

    	 	
            RBS CITIZENS, NATIONAL ASSOCIATION,

          
	 	
            as a Lender

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 
	 	 	 

    

    

    

    

    

    

    Signature Page to Amendment No. 4

    Photronics, Inc.

    Third Amended and Restated Credit Agreement dated as of December 5, 2013

    
      
        

    

    

    

    

    

    	 	
            TD BANK, N.A.,

          
	 	
            as a Lender

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    
      
        

    

    

    

    CONSENT AND REAFFIRMATION

    

    

    Each of the undersigned hereby acknowledges receipt of a copy of the foregoing Amendment No. 4 to the Third Amended and Restated Credit
        Agreement dated as of December 5, 2013 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among Photronics, Inc. (the “Company”), the Foreign Subsidiary Borrowers from time to time party thereto (together with the Company, the “Borrowers”),

        the financial institutions from time to time party thereto (the “Lenders”) and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”) and Collateral Agent, which Amendment No. 4 is dated as of August 17, 2018 (the “Amendment”). 
        Capitalized terms used in this Consent and Reaffirmation and not defined herein shall have the meanings given to them in the Credit Agreement.   Without in any way establishing a course of dealing by the Administrative Agent or any Lender, each of
        the undersigned consents to the Amendment and reaffirms the terms and conditions of the Subsidiary Guaranty and any other Loan Document executed by it and acknowledges and agrees that such agreements and each and every such Loan Document executed
        by the undersigned in connection with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed.  All references to the Credit Agreement contained in the above‐referenced documents shall be a reference
        to the Credit Agreement as so modified by the Amendment and as the same may from time to time hereafter be amended, modified or restated.

    

    

    Dated:  August 17, 2018

    

    

    [Signature Page Follows]

    

    

    
      
        

    

    

    

    	
            PHOTRONICS IDAHO, INC.

          	 
	 	 	 
	
            By:

          	 	 
	
            Name:

          	 	 
	
            Title:

          	 	 
	 	 	 
	 	 	 
	
            TRIANJA TECHNOLOGIES, INC.

          	 
	 	 	 
	
            By:

          	 	 
	
            Name:

          	 	 
	
            Title:

          	 	 
	 	 	 
	 	 	 
	
            PHOTRONICS TEXAS ALLEN, INC.

          	 
	 	 	 
	
            By:

          	 	 
	
            Name:

          	 	 
	
            Title:

          	 	 
	 	 	 
	 	 	 
	
            PHOTRONICS CALIFORNIA, INC.

          	 
	 	 	 
	
            By:

          	 	 
	
            Name:

          	 	 
	
            Title:

          	 	 

    

    

    
      

    

    

    

    

    Signature Page to Consent and Reaffirmation to Signature Page to Amendment No. 4

    Photronics, Inc.

    Third Amended and Restated Credit Agreement dated as of December 5, 2013

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