Document:

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                                                                    EX-10.21

             NON-EMPLOYEE DIRECTOR STOCK OPTION AGREEMENT UNDER THE

          WRIGHT ACQUISITION HOLDINGS, INC. 1999 EQUITY INCENTIVE PLAN

                  THIS AGREEMENT, made as of __________, 2000 (the "Effective
Date"), by and between Wright Medical Group, Inc., a Delaware corporation
formerly known as Wright Acquisition Holdings, Inc. (the "Company"), and
________________ (the "Participant").

                              W I T N E S S E T H:
                              - - - - - - - - - -

                  WHEREAS, the Participant currently serves as a member of the
Company's Board of Directors (the "Board"); and

                  WHEREAS, the Company desires to afford the Participant the
opportunity to acquire ownership of the Company's common stock, par value $.01
per share ("Common Stock"), so that he may have a direct proprietary interest in
the Company's success.

                  NOW, THEREFORE, in consideration of the covenants and
agreements herein contained, the parties hereby agree as follows:

         1. GRANT OF OPTIONS. Subject to the terms and conditions set forth
herein and in the Wright Acquisition Holdings, Inc. 1999 Equity Incentive Plan,
a copy of which is attached hereto as Exhibit A (the "Plan"), on the Effective
Date the Company does hereby grant to the Participant, during the period
commencing on the Effective Date and ending on the 10th anniversary of the
Effective Date (the "Expiration Date"), the right and option (the right to
purchase any one share under this Agreement being an "Option") to purchase from
the Company ____________ shares of Common Stock. The Option to purchase such
Common Stock shall have an exercise price of $______ per share (the Fair Market
Value of one share of Common Stock on the date hereof). The Options granted
pursuant to this Agreement shall constitute Nonqualified Stock Options under the
Plan.

         2. LIMITATIONS ON EXERCISE OF OPTIONS. (a) Subject to the terms and
conditions set forth herein and in the Plan, the Options shall vest and become
exercisable, on a cumulative basis, with respect to [25%] of the shares on the
first anniversary of the Effective Date and on each succeeding anniversary
thereafter so long as the Participant is a member of the Board (a "Director");
provided, however, upon the occurrence of a Change of Control, as defined below,
all of the then unvested Options shall automatically vest and be fully
exercisable and shall remain so exercisable in accordance with the terms of this
Agreement. The Committee or the Board may accelerate the vesting and
exercisability of any or all of the then-unvested Options at any time.

                  (b)  For purposes of this Agreement, a "Change of Control"
shall mean:

                  (i) The acquisition by any individual, entity or group (within
the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of
1934, as amended (the "Exchange Act")) (a "Person") of beneficial ownership
(within the meaning of Rule 13d-3 promulgated

<PAGE>

under the Exchange Act) of 50% or more (on a fully diluted basis) of either (A)
the then outstanding shares of common stock of the Company, taking into account
as outstanding for this purpose such common stock issuable upon the exercise of
options or warrants, the conversion of convertible stock or debt, and the
exercise of any similar right to acquire such common stock (the "Outstanding
Company Common Stock") or (B) the combined voting power of the then outstanding
voting securities of the Company entitled to vote generally in the election of
directors (the "Outstanding Company Voting Securities"); provided, however, that
for purposes of this subsection (i), the following acquisitions shall not
constitute a Change of Control: (w) any acquisition pursuant to an initial
public offering of shares of common stock of the Company pursuant to a
registration statement declared effective under the Securities Act of 1933, as
amended, (x) any acquisition by the Company or any "affiliate" of the Company,
within the meaning of 17 C.F.R. ss. 230.405 (an "Affiliate"), (y) any
acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any Affiliate, (z) any acquisition by any
corporation or business entity pursuant to a transaction which complies with
clauses (A), (B) and (C) of subsection (ii) of this Section 2(b) (persons and
entities described in clauses (w), (x), (y) and (z) being referred to herein as
"Permitted Holders"); or

                  (ii) The consummation of a reorganization, merger or
consolidation or sale or other disposition of all or substantially all of the
assets of the Company (a "Business Combination"), in each case, unless,
following such Business Combination, (A) all or substantially all of the
individuals and entities who were the beneficial owners, respectively, of the
Outstanding Company Common Stock and Outstanding Company Voting Securities
immediately prior to such Business Combination beneficially own, directly or
indirectly, more than 60% of, respectively, the then outstanding shares of
common stock and the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of directors, as the case
may be, of the corporation resulting from such Business Combination (including,
without limitation, a corporation which as a result of such transaction owns the
Company or all or substantially all of the Company's assets either directly or
through one or more subsidiaries) in substantially the same proportions as their
ownership, immediately prior to such Business Combination, of the Outstanding
Company Common Stock and Outstanding Company Voting Securities, as the case may
be, (B) no Person (excluding any Permitted Holder) beneficially owns, directly
or indirectly, 50% or more (on a fully diluted basis) of, respectively, the then
outstanding shares of common stock of the corporation resulting from such
Business Combination, taking into account as outstanding for this purpose such
common stock issuable upon the exercise of options or warrants, the conversion
of convertible stock or debt, and the exercise of any similar right to acquire
such common stock, or the combined voting power of the then outstanding voting
securities of such corporation except to the extent that such ownership existed
prior to the Business Combination, and (C) at least a majority of the members of
the board of directors of the corporation resulting from such Business
Combination were members of the incumbent Board at the time of the execution of
the initial agreement providing for such Business Combination; or

                  (iii)  The approval by the shareholders of the Company of a
complete liquidation or dissolution of the Company; or

                  (iv) The sale of at least 80% of the assets of the Company to
an unrelated party, or completion of a transaction having a similar effect; or

                                       2

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                  (v) The individuals who on the date of this Agreement
constitute the Board thereafter cease to constitute at least a majority thereof;
provided that any person becoming a member of the Board subsequent to the date
of this Agreement and whose election or nomination was approved by a vote of at
least two-thirds of the directors who then comprised the Board immediately prior
to such vote shall be considered a member of the Board on the date of this
Agreement.

         3. NON-TRANSFERABLE. Except as specifically authorized by the
Committee, the Participant may not transfer the Options except by will or the
laws of descent and distribution and the Options shall be exercisable during the
Participant's lifetime only by the Participant or, in the event of his
incapacity, his guardian or legal representative. Except as so authorized, no
purported assignment or transfer of the Options, or of the rights represented
thereby, whether voluntary or involuntary, by operation of law or otherwise
(except by will or the laws of descent and distribution), shall vest in the
assignee or transferee any interest or right herein whatsoever.

         4. TERMINATION OF STATUS AS A DIRECTOR. (a) DISABILITY OR CONSENT. If,
prior to the Expiration Date, the Participant shall cease to be a Director by
reason of a Disability, as defined in the Plan, or the Participant's status as a
Director shall terminate with the written consent of the Committee, then the
Options shall remain exercisable until the earlier of the Expiration Date or the
date that is [thirty (30)] days after the date of such termination as a
Director, but only to the extent the Options were vested and exercisable at the
time of such termination.

                  (b) WITHOUT CAUSE. If the Participant's status as a Director
shall be terminated by the Company without Cause, as defined in the Plan, then
the Options shall remain exercisable until the earlier of the Expiration Date or
the date that is [ninety (90)] days after the date of such termination as a
Director, but only to the extent the Options were vested and exercisable at the
time of such termination.

                  (c) VOLUNTARY; FOR CAUSE TERMINATION. If the Participant
voluntarily terminates his services as a Director for reasons other than
Disability and without the written consent of the Committee or the Participant's
status as a Director is terminated for Cause, then all of the Options, to the
extent not exercised prior to such termination, whether exercisable or not,
shall lapse and be canceled immediately upon the Participant's ceasing to be a
Director.

                  (d) DEATH. If the Participant shall cease to be a Director
prior to the Expiration Date by reason of death, or the Participant shall die
while entitled to exercise any of the Options pursuant to Section 4(a) or 4(b),
the executor or administrator of the estate of the Participant or the person or
persons to whom the Options shall have been validly transferred by the executor
or administrator pursuant to a will or the laws of descent and distribution
shall have the right, until the earlier of the Expiration Date or [one (1) year]
after the date of death, to exercise the Options, but only to the extent that
the Participant was entitled to exercise them on the date of death and subject
to any other limitation contained herein on the exercise of the Options in
effect on the date of exercise.

                  (e) Whether the Participant's status as a Director has been or
could have been terminated for the purposes of this Agreement, and the reasons
therefor, shall be determined by the Committee, whose determination shall be
final, binding and conclusive.

                                       3

<PAGE>
                  (f) Options that have not yet vested at the time of
termination of the Participant's status as a Director shall expire, and no
further vesting shall occur with respect thereto. After the expiration of any
exercise period described in this Section 4, the Options shall terminate
together with all of the Participant's rights hereunder, to the extent not
previously exercised.

         5. ADJUSTMENTS AND CORPORATE REORGANIZATIONS. In accordance with and
subject to the applicable terms of the Plan, the Options shall be subject to
adjustment or substitution, as determined by the Committee, as to the number,
price or kind of Stock or other consideration subject to such Options or as
otherwise determined by the Committee to be equitable (i) in the event of
changes in the outstanding Stock or in the capital structure of the Company by
reason of stock dividends, stock splits, reverse stock splits,
recapitalizations, reorganizations, mergers, consolidations, combinations,
exchanges, or other relevant changes in capitalization occurring after the date
hereof or (ii) in the event of any change in applicable laws or any change in
circumstances which results in or would result in any substantial dilution or
enlargement of the rights granted to, or available for, the Participant. The
Company shall give the Participant written notice of an adjustment hereunder.
Notwithstanding anything herein to the contrary, in the event of any of the
following:

                  (a)   The Company is merged or consolidated with another
                        corporation or entity and, in connection therewith,
                        consideration is received by shareholders of the
                        Company in a form other than stock or other equity
                        interests of the surviving entity;

                  (b)   All or substantially all of the assets of the Company
                        are acquired by another person;

                  (c)   The Company's reorganization or liquidation; or

                  (d)   The Company shall enter into a written agreement to
                        undergo an event described in clauses (a), (b) or
                        (c) above,

then the Committee may, in its discretion and upon at least 10 days advance
notice to the affected persons, cancel any outstanding Options and pay to the
Participant, in cash, the value of such Options based upon the price per share
of Stock received or to be received by other shareholders of the Company in such
event and the per share exercise price of the Options.

         6. EXERCISE: PAYMENT FOR AND DELIVERY OF COMMON STOCK. The Options
shall be exercised by delivering written notice to the Committee stating the
number of shares of Common Stock to be purchased, the person or persons in whose
name the shares of Common Stock are to be registered and each such person's
address and social security number. Such notice shall not be effective unless
accompanied by the full purchase price for all shares to be purchased, and any
applicable withholding (as described below). The purchase price shall be payable
in cash, in shares of Common Stock, any combination of cash or shares of Common
Stock or any other method authorized by the Plan and consented to by the
Committee; PROVIDED, HOWEVER, that the Participant may use Common Stock in
payment of the exercise price only if the shares so used are considered "mature"
for purposes of generally accepted accounting principles (I.E., (i) been held by
the Participant free and clear for at least six (6) months prior to the use
thereof to pay

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<PAGE>

part of an Option exercise price, (ii) been purchased by the Participant in
other than a compensatory transaction, or (iii) meet any other requirements for
"mature" shares as may exist on the date of the use thereof to pay part of an
Option exercise price). In the event that all or part of the purchase price is
paid in shares of Common Stock, the shares used in payment shall be valued at
their Fair Market Value on the date of exercise of the Options. At the time of
exercise, the Participant shall pay to the Company, in cash, or by having the
Company withhold upon exercise of the Option a sufficient number of shares of
Common Stock otherwise deliverable to the Participant based on the Fair Market
Value of the Common Stock on the date of exercise, at the election of the
Participant, such minimum amount as the Company deems necessary to satisfy its
obligation to withhold Federal, state or local income or other taxes incurred by
reason of the exercise or the transfer of shares thereupon. Payment in currency
or by certified or cashier's check shall be considered payment in cash.

         7. ISSUANCE OF SHARES. As promptly as practical after receipt of such
written notification and full payment of such aggregate exercise price for the
Options and any required tax withholding amount has been satisfied, the Company
shall issue or transfer to the Participant the number of shares with respect to
which Options have been so exercised, and shall deliver to the Participant a
certificate or certificates therefor, registered in the Participant's name.

         8. RIGHTS AS STOCKHOLDER. (a) The Participant or a transferee of the
Options shall have no rights as a stockholder with respect to any shares covered
by the Options until he shall have become the holder of record of such shares
(and the Company shall use its reasonable best efforts to cause the Participant
promptly to become the holder of record of such shares), and, except as provided
in Section 5 hereof, no adjustment shall be made for dividends or distributions
or other rights in respect of such shares for which the record date is prior to
the date upon which he shall become the holder or record thereof.

                  (b) The Participant acknowledges and agrees that any Common
Stock acquired in respect of the Options granted under Section 2 shall be
"Shares" as such term is used in the Stockholders Agreement, dated as of
December 7, 1999, among the Company and certain "Investors" listed in Schedule I
thereto, and, as such, will be subject to certain restrictions, including
restrictions on resale and such other transfers. In the event of any conflict or
inconsistency between the terms and provisions of this Agreement and the
Stockholders Agreement, the Stockholders Agreement shall govern and control.

         9. COMPANY; PARTICIPANT.  (a)  Except with respect to Section 2 and as
otherwise indicated by the context, the term "Company" as used in this
Agreement shall include the Company and its Related Entities.

                  (b) Whenever the word "Participant" is used in any provision
of this Agreement under circumstances where the provision should logically be
construed to apply to the executors, the administrators, legal representatives,
the person or persons to whom the Options may be transferred by will or by the
laws of descent and distribution or any other transferee to whom the Options may
be transferred with the consent of the Committee, the word "Participant" shall
be deemed to include such person or persons.

                                       5

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         10. REQUIREMENTS OF LAW. (a) By accepting the Options, the Participant
represents and agrees for himself and his transferees (whether by will or the
laws of descent and distribution) that, unless a registration statement under
the Securities Act of 1933, as amended (the "Act"), is in effect as to shares
purchased upon any exercise of the Options, (i) any and all shares so purchased
shall be acquired for his personal account and not with a view to or for sale in
connection with any distribution, and (ii) each notice of the exercise of any
portion of this Option shall be accompanied by a representation and warranty in
writing, signed by the person entitled to exercise the same, that the shares are
being so acquired in good faith for his personal account and not with a view to
or for sale in connection with any distribution.

                  (b) No certificate or certificates for shares of Common Stock
may be purchased, issued or transferred if the exercise hereof or the issuance
or transfer of such shares shall constitute a violation by the Company or the
Participant of any (i) provision of any Federal, state or other securities law,
(ii) requirement of any securities exchange listing agreement to which the
Company may be a party, or (iii) other requirement of law or of any regulatory
body having jurisdiction over the Company. Any reasonable determination in this
connection by the Board, upon notice given to the Participant, shall be final,
binding and conclusive.

                  (c) The certificates representing shares of Common Stock
acquired pursuant to the exercise of Options shall carry such appropriate
legend, and such written instructions shall be given to the Company's transfer
agent, as may be deemed necessary or advisable by counsel to the Company in
order to comply with the requirements of the Act or any state securities laws.

         11. NOTICES. Any notice to be given to either party shall be in writing
and shall be given by hand delivery to such party or by registered or certified
mail, return receipt requested, postage prepaid, addressed to the Company in
care of its Secretary at its principal office, and to the Participant at the
address given beneath his signature hereto, or at such other address as either
party shall have furnished to the other in writing in accordance herewith.
Notice and communications shall be effective when actually received by the
addressee.

         12. BINDING EFFECT.  This Agreement shall be binding upon the heirs,
executors, administrators, successors and permitted assigns of the
parties hereto.

         13. THE PLAN. The terms and provisions of the Plan are incorporated
herein by reference and made a part hereof as though fully set forth herein. In
the event of any conflict or inconsistency between discretionary terms and
provisions of this Agreement, this Agreement shall govern and control. In all
other instances of conflicts or inconsistencies or omissions, the terms and
provisions of the Plan shall govern and control. All capitalized terms not
otherwise expressly defined in this Agreement shall have the meaning ascribed to
them in the Plan.

         14. GOVERNING LAW.  This Agreement shall be construed and interpreted
in accordance with the laws of the State of Delaware, without regard to the
principles of conflicts of law thereof.

         15. ENTIRE AGREEMENT.  This Agreement, together with the Plan,
contains the entire agreement and understanding between the parties with
respect to the subject matter hereof and supersedes all prior agreements,
written or oral, with respect thereto.

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<PAGE>
         IN WITNESS WHEREOF, the Company has granted this Option on the date of
grant specified above. This instrument may be executed in any number of
counterparts, each of which shall be deemed to be an original, and such
counterparts together shall constitute one and the same instrument.

                                         WRIGHT MEDICAL GROUP, INC.

                                         By:
                                            -----------------------------------
                                         Name:

                                         Title:

ACCEPTED:

-----------------------

[Participant Name]
[Participant Address]

                                       7<PAGE>

                                                                    Exhibit 10.1

                           THIRD AMENDMENT AGREEMENT

                            Dated as of June 12, 2001

                                      among

                                PHOTRONICS, INC.

                            The Lenders Party Hereto

                            THE CHASE MANHATTAN BANK,
                             as Administrative Agent

                                       and

                              THE BANK OF NEW YORK,
                             as Documentation Agent

<PAGE>

      THIRD AMENDMENT AGREEMENT, dated as of June 12, 2001, among PHOTRONICS,
INC., a Connecticut corporation (the "Company"), the LENDERS party hereto, THE
CHASE MANHATTAN BANK, as Administrative Agent, and THE BANK OF NEW YORK, as
Documentation Agent.

      WHEREAS, the Company, the Borrowing Subsidiaries, the Lenders, the
Administrative Agent and the Documentation Agent have entered into that certain
Credit Agreement dated as of November 19, 1998 (as amended as of September 13,
1999, as further amended as of April 28, 2000 and as in effect prior to the
effectiveness of this Agreement, the "Existing Credit Agreement," and, as
amended by this Agreement, the "Amended Credit Agreement"), pursuant to which
the Lenders have agreed, subject to the terms and conditions therein set forth,
to make or participate in Loans to, and to issue or participate in Letters of
Credit for the account of, the Borrowers;

      WHEREAS, the Company has announced a realignment of its global photomask
manufacturing network by consolidating facilities in California, Florida and
Germany resulting in an approximate charge of $38,100,000 (the "Align-Rite
Realignment");

      WHEREAS, the Company has purchased approximately 24% of the common stock
of PKL Co., Ltd., a Korean corporation ("PKL"), from certain shareholders of PKL
for the approximate purchase price of $23,000,000 in cash and intends to
purchase at least another 26% of the common stock of PKL from certain
shareholders of PKL (collectively, the "PKL Acquisition");

      WHEREAS, the Company, the Lenders, the Administrative Agent and the
Documentation Agent have agreed to enter into this Agreement to provide for,
among other things, the modification of certain covenants and definitions and
the consent to the PKL Acquisition; and

      WHEREAS, the Loan Documents (including, without limitation, this Agreement
and the Amended Credit Agreement), as amended and supplemented by this Agreement
and as each may be amended or supplemented from time to time, are referred to
herein as the "Amended Loan Documents";

      NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

                                   ARTICLE I

                    AMENDMENTS TO EXISTING CREDIT AGREEMENT.

      Each of the Company and, subject to the satisfaction of the conditions set
forth in Article III, the Lenders hereby consents and agrees to the amendments
to the Existing Credit Agreement set forth below:

      (a) The first paragraph of the definition of "Applicable Rate" contained
in Section 1.01 of the Existing Credit Agreement is hereby amended and restated
to read as follows:

<PAGE>

      "APPLICABLE RATE" means, for any day, with respect to any Eurocurrency
Revolving Loan or Swingline Loan, or with respect to the facility fees payable
hereunder, as the case may be, the applicable rate per annum set forth below
under the caption "Eurocurrency Spread", "Swingline Spread" or "Facility Fee
Rate", as the case may be, based upon the Leverage Ratio applicable on such
date:

<TABLE>
<CAPTION>
==========================================================================================================
                                                     EUROCURRENCY        SWINGLINE          FACILITY FEE
                       LEVERAGE RATIO                   SPREAD             SPREAD               RATE
----------------------------------------------------------------------------------------------------------
<S>                <C>                                  <C>                <C>                <C>
CATEGORY 1         Greater than or equal to             1.500%             1.750%             .375%
                         2.50 to 1
----------------------------------------------------------------------------------------------------------
CATEGORY 2         Greater than or equal to             1.250%             1.500%             .350%
                   2.00 to 1 but less than
                          2.50 to 1
----------------------------------------------------------------------------------------------------------
CATEGORY 3         Greater than or equal to             1.000%             1.250%             .300%
                   1.50 to 1 but less than
                          2.00 to 1
----------------------------------------------------------------------------------------------------------
CATEGORY 4         Greater than or equal to              .750%             1.000%             .275%
                   1.00 to 1 but less than
                          1.50 to 1
----------------------------------------------------------------------------------------------------------
CATEGORY 5           Less than 1.00 to 1                 .625%              .875%             .250%

==========================================================================================================
</TABLE>

      (b) The definition of "Consolidated EBIT" contained in Section 1.01 of the
Existing Credit Agreement is hereby amended and restated to read as follows:

            "CONSOLIDATED EBIT" means, for any period, Consolidated Net Income
      for such period, minus the aggregate amount of extraordinary or
      nonrecurring gains for such period, plus, without duplication and to the
      extent deducted from revenues in determining Consolidated Net Income for
      such period, the sum of (a) the aggregate amount of Consolidated Interest
      Expense for such period, plus (b) the aggregate amount of income tax
      expense for such period, plus (c) the aggregate amount of noncash charges
      taken during the fiscal quarter ended on April 30, 2001 in connection with
      the closure of the Palm Bay, Florida, Burbank, California, and Heilbronn,
      Germany operations up to $29,600,000, plus (d) the aggregate amount of
      extraordinary or nonrecurring noncash charges taken during the period for
      which Consolidated EBIT is calculated to the extent that the aggregate
      amount of extraordinary or nonrecurring noncash charges (other than
      charges set forth in clause (c)) from August 2, 1998 to the end of such
      period does not exceed 5% of Consolidated Net Worth as determined as of
      the end of such period, all as determined on a consolidated basis with
      respect to the Company and its consolidated Subsidiaries in accordance
      with GAAP.

                                       2
<PAGE>

      (c) The definition of "Consolidated Subordinated Indebtedness" contained
in Section 1.01 of the Existing Credit Agreement is hereby amended to insert
"acceptable to the Required Lenders" in place of "acceptable to the Lenders".

      (d) The definition of "Joint Venture" contained in Section 1.01 of the
Existing Credit Agreement is hereby amended to exclude PKL and its subsidiaries
from the operation thereof.

      (e) Section 1.01 of the Existing Credit Agreement is hereby amended to add
the following definition in appropriate alphabetical order:

            "PKL" means PKL Co., Ltd., a Korean corporation.

      (f) The definition of "Subsidiary" contained in Section 1.01 of the
Existing Credit Agreement is hereby amended to exclude PKL and its subsidiaries
from the operation thereof.

      (g) Section 5.01(a) and Section 5.01(b) of the Existing Credit Agreement
are hereby amended to insert "PSMC, PKL and their respective subsidiaries" in
place of "PSMC and its subsidiaries" throughout such Sections.

      (h) Section 6.01 of the Existing Credit Agreement is hereby amended (i) to
delete "and" at the end of paragraph (d); (ii) to insert ";" in place of "." at
the end of paragraph (e); and (iii) to add the following paragraphs (f) and (g)
at the end of such Section:

            (f) Consolidated Subordinated Indebtedness so long as, after giving
      effect to the incurrence thereof, no Default shall have occurred and be
      continuing and the Company shall be in compliance, on a pro forma basis
      after giving effect to such incurrence, with the covenants contained in
      Sections 6.13, 6.14, 6.15 and 6.16 recomputed as if such incurrence had
      occurred on the first day of the period for testing such compliance; and

            (g) (i) Indebtedness of the Company or any Subsidiary under any
      Hedging Agreement otherwise permitted under Section 6.05, (ii) the
      Guarantee of any Loan Party of any such Indebtedness and (iii) the
      Guarantee of any Loan Party of the obligations of PSMC, PKL or any of
      their respective subsidiaries under any Hedging Agreement entered into in
      the ordinary course of business.

      (i) Section 6.04(h) of the Existing Credit Agreement is amended to insert
"and approximately 51% of PKL" immediately subsequent to "approximately 51% of
PSMC".

      (j) Section 6.13 of the Existing Credit Agreement is hereby amended and
restated to read as follows:

            SECTION 6.13. INTEREST COVERAGE RATIO. The Company will not permit
      the Interest Coverage Ratio as determined as of the end of each fiscal
      quarter of the Company to be less than (a) if such fiscal quarter ends on
      April 30, 2001 and July 31, 2001, 3.50 to 1.00, (b) if such fiscal quarter
      ends on October 31, 2001, 3.75 to 1.00 or (c) if such fiscal quarter ends
      thereafter, 4.00 to 1.00.

                                       3
<PAGE>

                                   ARTICLE II

                         REPRESENTATIONS AND WARRANTIES

      The Company hereby represents and warrants that as of the Effective Date
(as defined in Article III of this Agreement):

      Section 2.01. EXISTING REPRESENTATIONS AND WARRANTIES. Each of the
representations and warranties contained in Article III of the Existing Credit
Agreement and in each of the other Loan Documents is true and correct, except
that any representation or warranty limited by its terms to a specific date
shall be true and correct as of such specific date.

      Section 2.02. NO DEFAULTS. After giving effect to the consents granted
under Article IV of this Agreement and the amendments to the Existing Credit
Agreement pursuant to Article I of this Agreement, no event has occurred and no
condition exists which would constitute a Default as defined in the Existing
Credit Agreement, and no event has occurred and no condition exists which would
constitute a Default as defined in the Amended Credit Agreement.

      Section 2.03. POWER AND AUTHORITY; NO CONFLICTS. The execution, delivery
and performance by each of the Loan Parties of the Amended Loan Documents to
which it is a party are within such Loan Party's corporate, partnership or
limited liability company powers and have been duly authorized by all necessary
corporate, partnership or limited liability company and, if required,
stockholder, partner or member action. Each Amended Loan Document to which any
Loan Party is a party has been duly executed and delivered by such Loan Party
and constitutes a legal, valid and binding obligation of such Loan Party,
enforceable in accordance with its 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.

      Section 2.04. GOVERNMENTAL APPROVALS; NO CONFLICTS. The execution,
delivery and performance by each of the Loan Parties of the Amended Loan
Documents to which it is a party (a) do not require the Company or any
Subsidiary to obtain or make any consent or approval of, registration or filing
with, or other action by, any Governmental Authority, except such as have been
obtained or made and are in full force and effect or that could not reasonably
be expected, individually or in the aggregate, to result in a Material Adverse
Effect, (b) will not violate any law or regulation applicable to the Company or
any Subsidiary, or the charter, by-laws or other organizational documents of the
Company or any Subsidiary, or any order of any Governmental Authority applicable
to the Company or any Subsidiary, except as to any law, regulation or order the
violation of which could not reasonably be expected, individually or in the
aggregate, to result in a Material Adverse Effect, (c) will not violate or
result in a default under any indenture, agreement or other instrument binding
upon the Company or any Subsidiary or their respective assets, or give rise to a
right thereunder to require any payment to be made by the Company or any of its
Subsidiaries, except for any such violations, defaults or rights to require
payment that could not reasonably be expected, individually or in the aggregate,
to result in a Material Adverse Effect, and (d) will not result in the creation
or imposition of any Lien on any asset of the Company or any of its
Subsidiaries.

                                       4
<PAGE>

      Section 2.05. FINANCIAL CONDITION; NO MATERIAL ADVERSE CHANGE. (a) The
Company has heretofore furnished to the Lenders the consolidated and
consolidating balance sheets of the Company and its consolidated Subsidiaries
and the related statements of income, stockholders equity and cash flows (i) as
of and for the fiscal years ended November 1, 1998, October 31, 1999 and October
31, 2000, such consolidated financial statements being reported on by Deloitte &
Touche LLP, independent public accountants, and (ii) as of and for the fiscal
quarter and the portion of the fiscal year ended January 31, 2001. Such
financial statements present fairly, in all material respects, the financial
condition and results of operations and cash flows of the Company and its
consolidated Subsidiaries as of such dates and for such periods in accordance
with GAAP, subject to year-end audit adjustments and the absence of footnotes in
the case of the statements referred to in clause (ii) above.

      (b) The Company has heretofore furnished to the Lenders the consolidated
condensed balance sheets of PKL and its consolidated subsidiaries and the
related condensed statements of income as of and for the fiscal year ended
December 31, 2000. To the best of the Company's knowledge (after due inquiry),
such financial statements present fairly, in all material respects, the
financial condition and results of operations of PKL and its consolidated
subsidiaries as of such dates and for such periods in accordance with generally
accepted accounting principles in the Republic of Korea.

      (c) The projections and pro forma financial information provided by the
Company giving effect to the Align-Rite Realignment are based on good faith
estimates and assumptions by the management of the Company, it being recognized
by the Lenders, however, that projections as to future events are not to be
viewed as fact and that actual results during the period or periods covered by
any such projections may differ from the projected results and that the
differences may be material. After considering the pro forma condition of the
Company and its consolidated subsidiaries subsequent to the Align-Rite
Realignment, the Company believes in good faith that the Company and its
consolidated subsidiaries will continue to be in compliance with the financial
covenants contained in Article VI of the Existing Credit Agreement.

      (d) Since January 31, 2001, there has been no material adverse change in
the business, assets, operations, prospects or condition, financial or
otherwise, of the Company and the Subsidiaries, taken as a whole. With respect
to the financial period commencing on January 1, 2001 and ending on the
Effective Date, to the best of the Company's knowledge (after due inquiry),
there has been no material adverse change in the business, assets, operations,
prospects or condition, financial or otherwise, of PKL and its consolidated
subsidiaries, taken as a whole.

                                  ARTICLE III

                              CONDITIONS PRECEDENT

      The effectiveness of this Agreement is subject to the condition precedent
that the Administrative Agent, the Documentation Agent and the Lenders shall
have received on or before June 12, 2001 (the "Effective Date") each of the
following, in form and substance satisfactory to the Administrative Agent, the
Documentation Agent and the Lenders:

                                       5
<PAGE>

            (a) counterparts of this Agreement executed by each of the Company,
the Required Lenders, the Administrative Agent and the Documentation Agent;

            (b) certified complete and correct copies of each of the financial
statements referred to in Section 2.05;

            (c) evidence that all actions necessary or appropriate (or, in any
event, as may be requested by the Administrative Agent or the Documentation
Agent) to create, perfect or protect the Liens created by the Security Documents
have been taken; and

            (d) an amendment fee for the account of each Lender equal to .05% of
such Lender's Commitment together with all fees and disbursements required to be
paid pursuant to Section 5.04.

                                   ARTICLE IV

                                    CONSENTS

      Section 4.01. PKL ACQUISITION. Notwithstanding Section 6.04 of the
Existing Credit Agreement, each of the Lenders hereby consents to the PKL
Acquisition so long as (a) the aggregate purchase price paid for the shares of
capital stock of PKL acquired after January 1, 2001 does not exceed $60,000,000,
(b) the completion of the PKL Acquisition occurs no later than April 30, 2002,
(c) no Default shall have occurred and be continuing and (d) not later than 90
days after the date hereof, the Company shall cause all of the capital stock of
PKL owned or thereafter acquired by the Company, directly or indirectly, to be
pledged and delivered to the Administrative Agent and shall deliver such
resolutions, opinions and other documents as required under Section 5.09(b) of
the Amended Credit Agreement. For purposes of Section 6.04(h)(ii) of the Amended
Credit Agreement, the PKL Acquisition shall be treated as a "Permitted Business
Acquisition."

      Section 4.02. RELEASE OF PSMC PLEDGED STOCK. So long as no Default shall
have occurred and be continuing and to the extent and for only so long as
required under Taiwanese law or by the applicable Taiwanese securities exchange,
each of the Lenders hereby consents, upon (or, if so required in connection
therewith, prior to) the public offering of common stock of PSMC, to the release
of the Lien of the Administrative Agent for the benefit of the Lenders on up to
100% of the shares of common stock of PSMC pledged to the Administrative Agent
for the benefit of the Lenders; provided that the Lien of the Administrative
Agent for the benefit of the Lenders shall be reinstated on any released shares
to the extent such shares become no longer subject to such restrictions. To the
extent that the terms of the Pledge Agreement relating to the pledge of the PSMC
shares conflict with the terms of this Section 4.02, the terms of this Section
4.02 shall govern.

                                   ARTICLE V

                                  MISCELLANEOUS

      Section 5.01. DEFINED TERMS. The terms used herein and not defined herein
shall have the meanings assigned to such terms in the Existing Credit Agreement.

                                       6
<PAGE>

      Section 5.02. NONWAIVER. The terms of this Agreement shall not operate as
a waiver by the Administrative Agent, the Issuing Bank or any Lender or
otherwise prejudice the rights, remedies or powers of the Administrative Agent,
the Issuing Bank or any Lender under the Amended Credit Agreement, under any
other Amended Loan Document or under applicable law. Except as set forth in
Article I: (x) no terms and provisions of the Loan Documents are modified or
changed by this Agreement; and (y) the terms and provisions of the Loan
Documents shall continue in full force and effect.

      Section 5.03. WAIVERS; AMENDMENTS. Any provision of this Agreement may be
amended or modified only by an agreement or agreements in writing signed by the
Company and the Required Lenders, or by the Company and the Administrative Agent
acting with the consent of the Required Lenders; provided that the consent of
each Lender shall be required with respect to any matters as to which such
Lender's consent is required under Section 10.02(b) of the Amended Credit
Agreement.

      Section 5.04. EXPENSES. The Company shall pay all reasonable out-of-pocket
expenses incurred by the Administrative Agent and its Affiliates, including the
reasonable fees, charges and disbursements of counsel for the Administrative
Agent, in connection with the preparation and administration of this Agreement,
the other Amended Loan Documents or any amendments, modifications or waivers of
the provisions hereof or thereof (whether or not the transactions contemplated
hereby or thereby shall be consummated).

      Section 5.05. NOTICES. All notices and other communications provided for
herein shall be in writing and shall be delivered by hand or overnight courier
service, mailed by certified or registered mail or sent by telecopy in
accordance with the terms of the Amended Credit Agreement.

      Section 5.06. HEADINGS. Article and Section headings and the Table of
Contents used herein are for convenience of reference only, are not part of this
Agreement and shall not affect the construction of, or be taken into
consideration in interpreting, this Agreement.

      Section 5.07. SEVERABILITY. Any provision of this Agreement held to be
invalid, illegal or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity, illegality or
unenforceability without affecting the validity, legality and enforceability of
the remaining provisions hereof; and the invalidity of a particular provision in
a particular jurisdiction shall not invalidate such provision in any other
jurisdiction.

      Section 5.08. COUNTERPARTS; INTEGRATION; EFFECTIVENESS. This Agreement may
be executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original, but all of which when
taken together shall constitute a single contract. The Amended Loan Documents
and the separate letter agreements with respect to fees payable to the
Administrative Agent and the Documentation Agent constitute the entire contract
among the parties relating to the subject matter thereof and supersede any and
all previous agreements and understandings, oral or written, relating to the
subject matter hereof. Subject to the satisfaction of the conditions set forth
in Article III of this Agreement, this Agreement shall become effective when it
shall have been executed by the Administrative Agent and when the Administrative
Agent shall have received counterparts hereof which, when taken together, bear

                                       7
<PAGE>

the signatures of each of the other parties hereto, and thereafter shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns. Delivery of an executed counterpart of a signature page
of this Agreement by telecopy shall be effective as delivery of a manually
executed counterpart of this Agreement.

      Section 5.09. GOVERNING LAW. This Agreement shall be construed in
accordance with and governed by the law of the State of New York.

                                       8
<PAGE>

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

                                   PHOTRONICS, INC., a Connecticut corporation

                                   By __________________________________
                                      Name:
                                      Title:

                                   THE CHASE MANHATTAN BANK, individually
                                   and as Administrative Agent,

                                   By _________________________________
                                      Name:
                                      Title:

                                   THE BANK OF NEW YORK, individually
                                   and as Documentation Agent

                                   By _________________________________
                                      Name:
                                      Title:

                                   FIRST UNION NATIONAL BANK

                                   By _________________________________
                                      Name:
                                      Title:

                                   FLEET NATIONAL BANK

                                   By _________________________________
                                      Name:
                                      Title:

                  [SIGNATURE PAGE TO THIRD AMENDMENT AGREEMENT[

<PAGE>

                                   HSBC BANK USA

                                   By _________________________________
                                      Name:
                                      Title:

                                   PEOPLE'S BANK

                                   By _________________________________
                                      Name:
                                      Title:

                                   CITIZENS BANK OF MASSACHUSETTS

                                   By _________________________________
                                      Name:
                                      Title:

                  [SIGNATURE PAGE TO THIRD AMENDMENT AGREEMENT[

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