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EXHIBIT 10.22    
    

 
 

EMPLOYMENT AGREEMENT    
    

        This
Employment Agreement (this "Agreement") is made and entered as of the last date set forth on the signature page hereto, to be
effective as of June 24, 2003 (the "Effective Date"), by and between DuPont Photomasks, Inc., a Delaware corporation (the
"Company"), and Marshall C. Turner, an individual ("Executive"). 

RECITALS

        WHEREAS,
the Company desires to hire Executive and Executive desires to become employed by the Company; and 

        WHEREAS,
the Company and Executive have determined that it is in their respective best interest to enter into this Agreement on the terms and conditions as set forth herein. 

        NOW,
THEREFORE, in consideration of the premises and the mutual covenants and promises contained herein, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows: 

AGREEMENT

1. EMPLOYMENT TERMS AND DUTIES  

        1.1    EMPLOYMENT.    The
Company hereby employs Executive, and Executive hereby accepts employment by the Company, upon the terms and
conditions set forth in this Agreement. 

        1.2    DUTIES.    Executive
shall serve as Chief Executive Officer and Chairman of the Board of Directors of the Company and shall report
solely to the Board of Directors of the Company (the "Board of Directors"). Executive shall have the authority, and perform the duties customarily
associated with, his titles and offices together with such additional duties of a senior executive nature and commensurate with his titles as may from time to time be assigned by the Board of
Directors. During the Employment Term (as defined herein), Executive shall devote substantially all of his full working time and efforts to the performance of his duties and the furtherance of the
legitimate business interests of the Company and shall not be otherwise employed. Notwithstanding the above, Executive may serve as a director or trustee of other organizations, or engage in
charitable, civic and/or governmental activities provided that such service and activities do not prevent Executive from performing the duties required of Executive under this Agreement and further
provided that Executive obtains written consent for all such activities from the Company, which consent will not be unreasonably withheld. The Company hereby consents to Executive continuing to serve
as a director of the Alliance Bernstein Technology Fund, Inc., the George Lucas Educational Foundation, Linsang Partners, LLC, and as Chairman of the Smithsonian National Museum of Natural
History. Executive may engage in personal activities, including, without limitation, personal investments, provided that such activities do not interfere with Executive's performance of his duties
hereunder and/or the provisions of Executive's written agreements with the Company. 

        1.3    TERM.    The
term of this Agreement, and Executive's employment hereunder, commenced as of the Effective Date and shall continue
for a one (1) year period from such date (the "Initial Term") and thereafter shall automatically renew for additional one (1) year periods
(each successive one (1) year period, a "Renewal Term" and together with the Initial Term, the "Employment
Term"), unless terminated by either party in accordance with the terms of Section 1.6 hereof or otherwise by mutual written agreement. 

        1.4    COMPENSATION
AND BENEFITS. 

                1.4.1    BASE
SALARY.    In consideration of the services rendered to the Company hereunder by Executive and Executive's
covenants hereunder and in the Company's Confidential Information & 

Inventions
Agreement (the "Confidentiality Agreement") in the form attached hereto as Annex A, the Company shall, during the Employment Term, pay
Executive a base salary at the annual rate of Three Hundred Ninety Five Thousand Dollars ($395,000.00) (the "Base Salary"), less statutory deductions
and withholdings, payable in equal installments in accordance with the Company's regular payroll practices, but no less frequently than monthly. The Company will review the Base Salary, for increase
or decrease, as part of the normal annual performance review after completion of the Initial Term and any Renewal Term, as applicable. The Company agrees to pay the Base Salary retroactive to the
Effective Date. 

                1.4.2    INCENTIVE
COMPENSATION.    Pursuant to the Company's standard bonus plan, Executive will be eligible to receive
incentive compensation on an annual basis, with a targeted bonus opportunity of seventy-five percent (75%) of Base Salary (the "Incentive
Compensation"). The Incentive Compensation for any fiscal year will range between zero percent (0%) and one hundred fifty percent (150%) of Base Salary, depending on
Executive's performance, as measured against certain mutually agreed upon performance goals and objectives (with fiscal year 2004 goals and objectives to be finalized as promptly as practicable after
the execution of this Agreement), and the size of the bonus pool, all as determined by the Board of Directors. The Incentive Compensation will be paid each year after the close of the applicable
fiscal year, per the normal Company schedule, provided, however, that no Incentive Compensation will be payable for fiscal year 2003, which ended on June 30, 2003. 

                1.4.3    BENEFITS
PACKAGE.    In addition to the Base Salary, during the Employment Term, Executive shall receive such
employee benefits and holidays as may be in effect from time to time as are afforded to other senior executives of the Company. A summary of the current Company benefits and programs have been
provided to Executive. 

                1.4.4    VACATION.    Executive
shall be entitled to four (4) weeks' paid vacation each year of the Employment Term.
Any vacation time not used in a particular year within the Employment Term may be rolled over to the next succeeding year or, upon termination of the Employment Term, reimbursed in cash to Executive,
up to a maximum of four (4) weeks' paid vacation in either event. 

                1.4.5    EXPENSES.    The
Company shall, upon receipt from Executive of supporting receipts to the extent required by
applicable income tax regulations and the Company's reimbursement policies, reimburse Executive for all out-of-pocket business expenses reasonably incurred by Executive in
connection with his employment hereunder, as approved by the Company's Chief Financial Officer or other officer designated by the Board of Directors. 

                1.4.6    RELOCATION
AND TEMPORARY LIVING EXPENSES.    The Company shall reimburse Executive in accordance with the
Company's Relocation Policy (the "Relocation Policy") a copy of which has been provided to Executive. The Company also will reimburse Executive
(a) for temporary living costs during the Initial Term, not to exceed Five Thousand Dollars ($5,000) per month, and (b) for up to one round-trip coach fare a week during the
Initial Term for either Executive or Executive's spouse to travel between San Francisco and Austin (collectively "Temporary Living Expenses"). In the
event that any Temporary Living Expenses to be reimbursed by the Company hereunder are considered taxable income to Executive in the year received, Company agrees to pay Executive an additional
payment (the "Gross-Up Payment") such that the net amount received by Executive for such Temporary Living Expenses pursuant to this
Section 1.4.6, after paying any applicable federal or state income tax on the Temporary Living Expenses and the Gross-up Payment, shall be equal to the amount that Executive would
have received if the Temporary Living Expenses were not taxable to the Executive. 

        1.5    STOCK
OPTIONS.    The Company has granted to Executive, effective as of August 15, 2003, and in accordance with the terms
of the Company's Amended 1997 Stock Option and Restricted Stock Plan (the "Plan"), an option to purchase one hundred and seventy thousand (170,000)
shares of the Company's common stock, par value $0.01 per share (the "Stock Option"). The terms of the Stock Option are set forth in the Stock Option
Agreement (the "Stock Option Agreement") in the form attached hereto as Annex B. 

        1.6    TERMINATION.    Either
party shall have the right to terminate this Agreement and Executive's employment hereunder at any time
during the Employment Term by providing the other party with thirty (30) days written notice of such termination, provided, however, that (i) in the event of a voluntary termination by
Executive, Company may waive all or a portion of the thirty (30) days' notice and accelerate the effective date of such termination, and (ii) in the event of a termination by the
Company, the Company may suspend, with no reduction in pay or benefits, Executive from his duties as set forth herein (including, without limitation, Executive's position as a representative and agent
of the Company) during any such thirty (30) day notice period (the effective time of any such termination referred to herein as the "Termination
Date"). 

        1.7    PAYMENTS
UPON TERMINATION 

                1.7.1    NO
SEVERANCE.    Upon termination of Executive's employment hereunder for any reason, with or without cause,
voluntary or involuntary, (i) Executive shall not be entitled to receive payment of, and the Company shall have no obligation to pay, any severance or similar compensation attributable to such
termination, other than Base Salary earned but unpaid, accrued but unused vacation pursuant to Section 1.4.4, vested benefits under any employee benefit plan, and any unreimbursed expenses
pursuant to Sections 1.4.5 and 1.4.6 hereof incurred by Executive as of the Termination Date; and (ii) the Company's other obligations under this Agreement shall immediately cease. 

                1.7.2    CONTINUATION
OF BENEFITS.    Notwithstanding the above, upon termination of Executive's employment for any reason,
with or without cause, voluntary or involuntary, Company agrees to provide continuation medical and dental coverage under the DuPont Photomasks, Inc. Welfare Benefit Plan (the
"Continuation Benefits") (i) for Executive until his 65th birthday on October 10, 2006, or, if earlier, Executive's death, and
(ii) for his spouse, Ann Turner, until her 65th birthday, or, if earlier, the date of her death or divorce to Executive. Company agrees to pay for the cost of Continuation Benefits (the
"Cost of Coverage"), and Executive agrees and understands that the amount of the Cost of Coverage will be considered taxable income to Executive for
each year (or partial year) of such coverage and satisfaction of any associated tax obligations is Executive's sole responsibility. 

2. PROTECTION OF COMPANY'S CONFIDENTIAL, PROPRIETARY INFORMATION AND INVENTIONS.  

        This
Agreement, and Executive's employment hereunder, is contingent upon Executive's execution of the Confidentiality Agreement. 

3. REPRESENTATIONS AND WARRANTIES  

        Each party hereto represents and warrants that (i) this Agreement is valid and binding upon and enforceable against such party in accordance with the terms
of this Agreement, (ii) such party is not bound by or subject to any contractual or other obligation that would be violated by such party's execution or performance of this Agreement,
including, but not limited to, any non-competition agreement presently in effect, and (iii) such party is not subject to any pending or, to such party's knowledge, threatened,
claim, action, judgment, order, or investigation that could adversely affect such party's ability to perform its obligations under this Agreement in a material respect. 

4. MISCELLANEOUS  

        4.1    INDEMNIFICATION.    The
Company shall indemnify Executive from liability arising out of his performance of his duties hereunder
pursuant to the terms and conditions of the Indemnity Agreement entered into between the Company and Executive (executed by Executive on May 22, 2003), and shall provide Executive all benefits
under any directors and officers, errors and omissions, or similar insurance policy from time to time in effect. 

        4.2    NOTICES.    All
notices, requests, and other communications hereunder must be in writing and will be deemed to have been duly
given only if delivered personally against written receipt or by facsimile transmission with answer back confirmation or mailed (postage prepaid by certified or registered mail, return receipt
requested) or by overnight courier to the parties at the following addresses or facsimile numbers: 

If
to the Executive, to:

        Marshall Turner

        131 Old Settlers Blvd.

        Round Rock, Texas 78664

        Fax: 512-310-6544 

If
to the Company, to:

        General Counsel

        DuPont Photomasks, Inc.

        131 Old Settlers Blvd.

        Round Rock, Texas 78664

        Fax: 512-310-6544 

All
such notices, requests and other communications will (i) if delivered personally to the address as provided in this Section 4.2, be deemed given upon delivery, and (ii) if
delivered by mail in the manner described above to the address as provided in this Section 4.2. be deemed given upon receipt (in each case regardless of whether such notice, request, or other
communication is received by any other Person to whom a copy of such notice, request or other communication is to be delivered pursuant to this Section). Any party from time to time may change its
address or other information for the purpose of notices to that party by giving written notice specifying such change to the other party hereto. No notice, amendment or waiver pursuant to this
Agreement will be effective if sent or delivered by electronic means other than fax. 

        4.3    AUTHORIZATION
TO BE EMPLOYED.    This Agreement, and Executive's employment hereunder, is subject to Executive providing the
Company with legally required proof of Executive's authorization to be employed in the United States of America. 

        4.4    ENTIRE
AGREEMENT.    This Agreement, including the Confidentiality Agreement and the Stock Option Agreement attached hereto as
Annexes, supersedes all prior discussions and agreements, among the parties with respect to the subject matter hereof and contains the sole and entire agreement between the parties hereto with respect
thereto. In the event of conflict between the terms of the text of this Agreement (excluding for this purpose the Annexes hereto), on the one hand, and the terms of the Confidentiality Agreement or
any company policies, on the other hand, the terms of this Agreement (excluding for this purpose the Annexes hereto) shall control. Any provision of this Agreement which by its terms obliges the
Company to make payments subsequent to termination of Executive's Employment Term shall survive any such termination. 

        4.5    WAIVER.    Any
term or condition of this Agreement may be waived at any time by the party that is entitled to the benefit thereof,
but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of the party waiving such term or condition. No waiver by any party hereto of any term or
condition of this Agreement, in any one or more instances, shall be deemed to be or construed as a waiver of the same or any other term or condition of this Agreement on any future occasion. All
remedies, either under this Agreement or by law or otherwise afforded, will be cumulative and not alternative. 

        4.6    AMENDMENT.    This
Agreement may be amended, supplemented, or modified only by a written instrument duly executed by or on behalf
of each party hereto. 

        4.7    NO
THIRD PARTY BENEFICIARY.    The terms and provisions of this Agreement are intended solely for the benefit of each party hereto
and the Company's successors or assigns, and it is not the intention of the parties to confer third-party beneficiary rights upon any other person. 

        4.8    NO
ASSIGNMENT; BINDING EFFECT.    This Agreement and the obligations undertaken herein shall be binding upon and shall inure to
the benefit of any successors or assigns of the Company. Executive shall not be entitled to assign his obligations under this Agreement. 

        4.9    HEADINGS.    The
headings used in this Agreement have been inserted for convenience of reference only and do not define or limit
the provisions hereof. 

        4.10    SEVERABILITY.    The
Company and Executive intend all provisions of this Agreement to be enforced to the fullest extent permitted
by law. Accordingly, if a court of competent jurisdiction determines that the scope and/or operation of any provision of this Agreement is too broad to be enforced as written, the Company and
Executive intend that the court should reform such provision to such narrower scope and/or operation as it determines to be enforceable. If, however, any provision of this Agreement is held to be
illegal, invalid, or unenforceable under present or future law, and not subject to reformation, then (i) such provision shall be fully severable, (ii) this Agreement shall be construed
and enforced as if such provision was never a part of this Agreement, and (iii) the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by
illegal, invalid, or unenforceable provisions or by their severance. 

        4.11    GOVERNING
LAW.    This Agreement shall be governed by and construed in accordance with the laws of the State of Texas applicable
to contracts executed and performed in such State without giving effect to conflicts of laws principles. 

        4.12    ARBITRATION.    Company
and Executive expressly agree that any dispute, controversy or claim between them arising out of or
relating to this Agreement or any other aspect of Executive's relationship with Company (including contract or tort claims, or claimed violations of statute, but excluding disputes arising out of
Executive's obligations under the Confidentiality Agreement) shall be settled by mandatory binding arbitration administered by the American Arbitration Association
("AAA") under its National Rules for the Resolution of Employment Disputes, and judgment upon the award rendered by the arbitrator(s) may be entered in
any court with jurisdiction. The parties must mutually agree if a panel of three arbitrators is to be used; otherwise, the arbitration shall be conducted before a single arbitrator. 

        4.13    COUNTERPARTS.    This
Agreement may be executed in any number of counterparts and by facsimile, each of which will be deemed an
original, but all of which together will constitute one and the same instrument. 

[SIGNATURE
PAGE TO EMPLOYMENT AGREEMENT FOLLOWS] 

        IN
WITNESS WHEREOF, each of the parties hereto have caused this Agreement to be executed on the date set forth below such party's signature below. 

	 	 	DUPONT PHOTOMASKS, INC., AS THE COMPANY
	

 	
 	
By: /s/ Susan Sam
 Name: Susan Sam

Title: Board Member and Chairperson,

Compensation Committee

Date: September 10, 2003
	

 	
 	
MARSHALL C. TURNER, AS EXECUTIVE
	

 	
 	
Signature: /s/ Marshall C. Turner
 Name: Marshall C. Turner

Date: September 10, 2003

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EXHIBIT 10.22

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EXHIBIT 10.23    
    

 
 

INDEMNITY AGREEMENT    
    

        THIS INDEMNITY AGREEMENT (this "Agreement") is between DUPONT PHOTOMASKS, INC., a Delaware corporation (the "Corporation"), and the person named on the
signature page of this Agreement (the "Indemnitee"), and is effective as of the date the Indemnitee becomes or became a director or executive officer of the Corporation. 

        W
I T N E S S E T H: 

        WHEREAS,
Indemnitee is a member of the Board of Directors of the Corporation (the "Board of Directors"), or has been appointed by the Board of Directors as an executive officer of the
Corporation, and in such capacity is performing a valuable service for the Corporation; and 

        WHEREAS,
Indemnitee is willing to serve, continue to serve, and take on additional service for or on behalf of the Corporation, subject to certain conditions, including without
limitation, the execution and performance of this Agreement by the Corporation; and 

        WHEREAS,
it is intended that Indemnitee shall be paid promptly by the Corporation all amounts necessary to effectuate in full the indemnity provided herein; 

        NOW,
THEREFORE, in consideration of the premises and the covenants in this Agreement, and intending to be legally bound hereby, the parties hereto agree as follows: 

        1.     SERVICES
BY INDEMNITEE. Indemnitee agrees to serve as a director or executive officer, as the case may be, of the Corporation so long as he or she is duly appointed or
elected and qualified in accordance with the applicable provisions of the Certificate of Incorporation ("Charter") and By-Laws ("By-Laws") of the Corporation and until such
time as he or she resigns or fails to stand for election or is removed from his or her position in accordance with such Charter and By-Laws. Indemnitee may at any time and for any reason
resign or be removed from such position. The provisions of this Agreement are subject to any other obligation imposed by operation of law and subject to any applicable provisions of the Charter or
By-Laws. 

        2.     INDEMNIFICATION.
The Corporation shall indemnify the Indemnitee to the fullest extent allowed by applicable law now in effect and, if applicable law is amended to allow
for greater indemnification rights of Indemnitee, in effect in the future, against Expenses and Liabilities incurred because he or she is or was a director or executive officer of the Corporation, or
is or was serving or had agreed to serve at the request of the Corporation as a director, officer, employee or agent of another corporation, or other business entity or enterprise, or because of
anything done or not done by Indemnitee in such capacity. Without limiting the generality of the foregoing, the Corporation shall indemnify Indemnitee whenever he or she is or was a party or is
threatened to be made a party to any Proceeding, including without limitation any such Proceeding brought by or in the right of the Corporation, because he or she is or was a director or executive
officer of the Corporation, or is or was serving or had agreed to serve at the request of the Corporation as a director, officer, employee or agent of another corporation, or other business entity or
enterprise, or because of anything done or not done by Indemnitee in such capacity, against Expenses and Liabilities actually and reasonably incurred by Indemnitee or on his or her behalf in
connection with such Proceeding, including the costs of any investigation, defense, settlement or appeal; provided that, such Indemnitee acted in good faith and in a manner such person reasonably
believed to be in, or not opposed to, the best interests of the Corporation, and with respect to any criminal Proceeding, had no reasonable cause to believe that such conduct was unlawful; and except
that with respect to a Proceeding brought by or in the right of the Corporation, no indemnification shall be made with respect to any claim, issue or matter if Indemnitee was finally adjudged by a
court of competent jurisdiction to be liable to the Corporation or for amounts paid in settlement to the Corporation unless and to the extent that the court in which the suit was brought or other
court of competent jurisdiction determines that Indemnitee is entitled to indemnification for such amounts as the court deems proper. The Corporation shall also indemnify Indemnitee against Expenses
incurred in connection with any Proceeding to enforce a right to indemnification under this Agreement unless it is finally determined by a court of competent jurisdiction that Indemnitee is not
entitled to indemnification hereunder. The Corporation shall also indemnify Indemnitee to the extent that Indemnitee is a witness in any Proceeding to which Indemnitee is not a party, if Indemnitee is
a witness by reason of the fact that he or she is or was a director or executive officer of the Corporation, or is or was serving or had agreed to serve at the request of the Corporation as a
director, officer, employee or agent of another corporation, or other business entity or enterprise, or because of anything done or not done by Indemnitee in such capacity. If and to the extent
Indemnitee is at any time an employee, officer, director or trustee of a subsidiary of the Corporation, or an employee benefit plan of the Corporation or any of its subsidiaries, he or she shall be
deemed to be serving in such capacity at the request of the Corporation. The termination of any third party proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or
its equivalent, shall not of itself create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of
the Corporation, or with respect to any criminal third party proceeding, had reasonable cause to believe that such conduct was unlawful. 

        3.     REIMBURSEMENT
OR ADVANCEMENT OF EXPENSES. Expenses shall be paid on behalf of Indemnitee by the Corporation in advance of the final disposition of the applicable
Proceeding upon receipt of a written undertaking by or on behalf of Indemnitee to repay such amount if it shall ultimately be determined that Indemnitee is not entitled to be indemnified by the
Corporation as authorized in this Agreement; provided that Indemnitee shall not be entitled to have Expenses reimbursed or advanced with respect to any Proceeding that Indemnitee initiated as the
plaintiff (including to enforce rights under this Agreement) unless specifically authorized as provided in Section 5. For purposes of this Agreement, any counterclaim or cross claim by
Indemnitee against the Corporation in any Proceeding shall be treated as a Proceeding that Indemnitee initiated as the plaintiff. The financial ability of Indemnitee to make a repayment contemplated
by this Section shall not be a prerequisite to the reimbursement or advancement of Expenses, except with respect to any reimbursement or advance of Expenses with respect to any Proceeding that
Indemnitee initiated as the plaintiff and for which reimbursement or advancement of Expenses is authorized as provided in Section 5. Expenses incurred by or on behalf of Indemnitee that are
required to be reimbursed or advanced shall be reimbursed or advanced from time to time by the Corporation to Indemnitee within thirty (30) days after the Corporation's receipt of a written
request for reimbursement or advancement thereof, whether prior to or after final disposition of a Proceeding. The written request for reimbursement or advancement of any and all Expenses under this
Section shall contain reasonable detail of the Expenses incurred or to be incurred by Indemnitee. Upon payment of any amounts under this Agreement, the Corporation shall be subrogated to the rights of
the Indemnitee against any insurance carrier in respect of such amounts. The Indemnitee agrees to cooperate with the Corporation to assist it in enforcing such rights. 

        4.     INSURANCE
AND FUNDING. The Corporation may purchase and maintain directors and officers insurance in such amounts as approved by the Board of Directors to protect
Indemnitee against any Expenses and Liabilities in connection with any Proceeding to the fullest extent permitted by applicable laws. The Corporation may create a trust fund, grant a security interest
or use other means (including, without limitation, a letter of credit) to ensure the payment of such amounts as may be necessary to effect indemnification or advancement of Expenses as provided in
this Agreement. 

        5.     PROCEDURE
FOR DETERMINATION OF ENTITLEMENT TO INDEMNIFICATION. 

        (a)   Whenever
Indemnitee believes that he or she is entitled to indemnification pursuant to this Agreement, Indemnitee shall submit to the Corporation a written request for
indemnification. Any request for indemnification shall include sufficient documentation or information reasonably available to Indemnitee to support his or her claim for indemnification, including the
undertaking required by Section 3 in the case of a request for reimbursement or advancement of Expenses in advance of the final disposition of the applicable Proceeding. Indemnitee shall submit
such claim for indemnification within a reasonable time not to exceed one year after any judgment, order, settlement, dismissal, arbitration award, conviction, acceptance of a plea of nolo contendere
or its equivalent, final termination or other disposition or partial disposition of any Proceeding, whichever is the later date for which Indemnitee requests indemnification. In the case of any
request for reimbursement or advancement of Expenses incurred in advance of the final disposition of a Proceeding other than a Proceeding that Indemnitee initiated as a plaintiff, or in the case of a
request for reimbursement or advancement of Expenses as a witness as provided in Section 2, the Chairman of the Board, the President or the Secretary or other appropriate officer shall cause
the Corporation to honor such request if such officer determines that the amounts requested have been or will be actually and reasonably incurred. In the case of any other request, the Chairman of the
Board, the President or the Secretary or other appropriate officer shall, promptly upon receipt of Indemnitee's request for indemnification, advise the Board of Directors in writing that Indemnitee
has made such request. Determination of Indemnitee's entitlement to indemnification as set forth in such written request shall be made in accordance with the remaining provisions of this
Section 5. 

        (b)   If
the indemnification request relates to reimbursement or advancement of Expenses incurred or to be incurred in advance of the final disposition of a Proceeding that
Indemnitee initiated as a plaintiff, the determination whether to honor such request (unless ordered by a court) shall be made, not later than ninety (90) days after the Corporation's receipt
of the written request for indemnification, by a majority vote of the Disinterested Directors or, if there are no Disinterested Directors or if a majority of Disinterested Directors so directs, by
Independent Legal Counsel in a written opinion. The person or persons making such decision may require that the Indemnitee furnish to the Corporation evidence of financial ability of Indemnitee to
make a repayment contemplated by Section 3 or security for such repayment. 

        (c)   If
the indemnification request relates to any other matter, the determination whether to honor such request (unless ordered by a court) shall be made, not later than
ninety (90) days after the Corporation's receipt of the written request for indemnification, by a majority vote of the Disinterested Directors or, if there are no Disinterested Directors or if
a majority of Disinterested Directors so directs, by Independent Legal Counsel in a written opinion. 

        (d)   Unless
otherwise provided by applicable law, in any Proceeding to enforce a right to indemnification under this Agreement, the Corporation shall have the burden of
proving that the Indemnitee is not entitled to indemnification, and there shall be a rebuttable presumption that the Indemnitee is entitled to indemnification hereunder. 

        (e)   Notwithstanding
any other provision of this Agreement, no indemnification shall be made in respect of any claim, issue or matter as to which Indemnitee shall have been
adjudged to be liable to the Corporation unless and only to the extent that the Court of Chancery of Delaware or the court in which the applicable Proceeding was brought shall determine upon
application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for such Expenses which the Court of
Chancery or such other court shall deem proper. 

        6.     FEES
AND EXPENSES OF INDEPENDENT LEGAL COUNSEL. The Corporation agrees to pay the reasonable fees and expenses of Independent Legal Counsel should such counsel be
retained to make a determination of Indemnitee's entitlement to indemnification pursuant to Section 5 of this Agreement. 

        REMEDIES
OF INDEMNITEE. 

        (a)   In
the event that (i) a determination pursuant to Section 5 hereof is made that Indemnitee is not entitled to indemnification, (ii) payment has not
been timely made following a determination of entitlement to indemnification pursuant to this Agreement, or (iii) Indemnitee otherwise seeks enforcement of this Agreement, Indemnitee shall be
entitled to a final adjudication of his or her rights in an appropriate court of the State of Delaware. The Corporation shall not oppose Indemnitee's right to seek any such adjudication. 

        (b)   In
the event that a determination that Indemnitee is not entitled to indemnification, in whole or in part, has been made pursuant to Section 5 hereof, the
decision in the judicial proceeding provided in paragraph (a) of this Section 7 shall be made de novo and Indemnitee shall not be prejudiced by reason of a determination that he or she
is not entitled to indemnification. 

        (c)   If
a determination that Indemnitee is entitled to indemnification has been made pursuant to Section 5 hereof or otherwise pursuant to the terms of this Agreement,
the Corporation shall be bound by such determination in the absence of (i) a misrepresentation of a material fact by Indemnitee or (ii) a specific finding (which has become final) by an
appropriate court of the State of Delaware that all or any part of such indemnification is expressly prohibited by law. 

        (d)   In
any court proceeding pursuant to this Section 7, the Corporation shall be precluded from asserting that the procedures and presumptions of this Agreement are
not valid, binding and enforceable. The Corporation shall stipulate in any such court that the Corporation is bound by all the provisions of this Agreement and is precluded from making any assertion
to the contrary. 

        8.     MODIFICATION,
WAIVER, TERMINATION AND CANCELLATION. No supplement, modification, termination, cancellation or amendment of this Agreement shall be binding unless executed
in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar), nor
shall such waiver constitute a continuing waiver. 

        9.     NOTICE
BY INDEMNITEE AND DEFENSE OF CLAIM. Indemnitee shall promptly notify the Corporation in writing upon being served with any summons, citation, subpoena, complaint,
indictment, information or other document relating to any matter, whether civil, criminal, administrative or investigative, but the omission to so notify the Corporation will not relieve it from any
liability for Expenses or Liabilities which it may have to Indemnitee under the terms of this Agreement except to the extent such omission prejudices the Corporation's rights, in which case the
Corporation will be relieved from liability for Expenses or Liabilities only to the extent of such prejudice; provided, however, no such omission will relieve the Corporation from any liability which
it may have to Indemnitee otherwise than under this Agreement. With respect to any Proceeding as to which Indemnitee notifies the Corporation of the commencement thereof: 

        (a)   The
Corporation will be entitled to participate therein at its own expense; and 

        (b)   The
Corporation jointly with any other indemnifying party will be entitled to assume the defense thereof, with counsel reasonably satisfactory to Indemnitee, unless
there may be a conflict of interest between the Corporation and Indemnitee with respect to such Proceeding. After notice from the Corporation to Indemnitee of its election to assume the defense
thereof, the Corporation will not be liable to Indemnitee under this Agreement for any Expenses subsequently incurred by Indemnitee in connection with the defense thereof, other than reasonable costs
of investigation or as otherwise provided below. Indemnitee shall have the right to employ his or her own counsel in such Proceeding, but the fees and expenses of such counsel incurred after notice
from the Corporation of its assumption of the defense thereof shall be at the expense of Indemnitee unless: 

        (i)
The employment of counsel by Indemnitee has been authorized by the Corporation; 

        (ii)
The Corporation shall not in fact have employed counsel to assume the defense in such Proceeding or shall not in fact have assumed such defense and be acting in connection therewith
with reasonable diligence; in each of which cases the fees and expenses of such counsel shall be at the expense of the Corporation. 

        (c)   The
Corporation shall not settle any Proceeding in any manner which would impose any Liability or limitation on Indemnitee without Indemnitee's written consent. 

        10.   NOTICES.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by
hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third
business day after the date on which it is so mailed: 

        (a)   If
to Indemnitee, to the address set forth below his or her signature. 

        (b)   If
to the Corporation, to: 

DuPont
Photomasks, Inc.

131 Old Settlers Blvd.

Round Rock, Texas 78664

Attn: General Counsel 

        or
such other address as may have been furnished to Indemnitee by the Corporation or to the Corporation by Indemnitee, as the case may be. 

        11.   NONEXCLUSIVITY.
The rights of Indemnitee hereunder shall not be deemed exclusive of any other rights to which Indemnitee may now or in the future be entitled under the
General Corporation Law of the State of Delaware, the Articles or By-Laws, or any agreements, vote of stockholders, resolution of the Board of Directors or otherwise. 

        CERTAIN
DEFINITIONS. 

        "Disinterested
Director" shall mean a director of the Corporation who is not or was not a party to the Proceeding in respect of which indemnification is being sought by Indemnitee. 

        "Expenses"
shall include all direct and indirect costs (including, without limitation, attorneys' fees, retainers, court costs, transcripts, fees of experts, witness fees, travel
expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, all other disbursements or out-of-pocket expenses and reasonable
compensation for time spent by Indemnitee for which he or she is otherwise not compensated by the Corporation) actually and reasonably incurred in connection with a Proceeding or establishing or
enforcing a right to indemnification under this Agreement, the Corporation's Charter and By-Laws applicable law or otherwise; provided, however, that "Expenses" shall not include any
Liabilities. 

        "Indemnification
Period" shall mean the period of time during which Indemnitee shall continue to serve as a director or as an officer of the Corporation, and thereafter so long as
Indemnitee shall be subject to any possible Proceeding arising out of acts or omissions of Indemnitee as a director or as an officer of the Corporation. 

        "Independent
Legal Counsel" shall mean any person or firm who is licensed to practice law within the jurisdiction of the United States or any state thereof (including the District of
Columbia) and who is in good standing of all applicable bar associations of which he is a member and who, under the applicable standards of professional conduct then prevailing, would not have a
conflict in representing either the Corporation or the Indemnitee in an action to determine Indemnitee's rights under this Agreement. 

        "Liabilities"
shall mean liabilities of any type whatsoever including, but not limited to, any judgments, convictions, fines, ERISA or Internal Revenue Code excise taxes and penalties,
penalties and any other amounts paid in settlement (including all interest assessments and other charges paid or payable in connection with or in respect of such judgments, fines, penalties or amounts
paid in settlement) of any Proceeding. 

        "Proceeding"
shall mean any threatened, pending or completed action, claim, suit, order, arbitration, settlement, alternate dispute resolution mechanism, investigation, administrative
hearing or any other proceeding whether civil, criminal, administrative or investigative, including any appeal therefrom. 

        13.   BINDING
EFFECT, DURATION AND SCOPE OF AGREEMENT. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their
respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Corporation),
spouses, heirs and personal and legal representatives. This Agreement shall continue in effect during the Indemnification Period, regardless of whether Indemnitee continues to serve as a director or
as an officer. This Agreement supersedes and replaces any and all Indemnity Agreements previously executed by the Corporation and Indemnitee (the "Prior Indemnity Agreements") and is retroactive to
the earliest effective date of any Prior Indemnity Agreement. All Expenses, Liabilities and Proceedings incurred or arising during the term of any Prior Indemnity Agreement shall be subject to the
terms and conditions of this Agreement rather than any Prior Indemnity Agreement. 

        14.   SEVERABILITY.
If any provision or provisions of this Agreement (or any portion thereof) shall be held to be invalid, illegal or unenforceable for any reason whatsoever: 

        (a)   the
validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby; and 

        (b)   to
the fullest extent legally possible, the provisions of this Agreement shall be construed so as to give effect to the intent of any provision held invalid, illegal or
unenforceable. 

        15.   GOVERNING
LAW AND INTERPRETATION OF AGREEMENT. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware, as
applied to contracts between Delaware residents entered into and to be performed entirely within Delaware. If the laws of the State of Delaware are hereafter amended to permit the Corporation to
provide broader indemnification rights than said laws permitted the Corporation to provide prior to such amendment, the rights of indemnification and advancement of Expenses conferred by this
Agreement shall automatically be broadened to the fullest extent permitted by the laws of the State of Delaware, as so amended. The Corporation shall not be liable under this Agreement to make any
payment that is prohibited by law, including reimbursement of Indemnitee for his or her liability to the Corporation under Section 15(b) of the Securities Exchange Act of 1934. 

        16.   CONSENT
TO JURISDICTION. The Corporation and Indemnitee each irrevocably consent to the jurisdiction of the courts of the State of Delaware for all purposes in
connection with any action or proceeding which arises out of or relates to this Agreement and agree that any action instituted under this Agreement shall be brought only in the state courts of the
State of Delaware. 

        17.   ENTIRE
AGREEMENT. This Agreement represents the entire agreement between the parties hereto, and there are no other agreements, contracts or understanding between the
parties hereto with respect to the subject matter of this Agreement, except as specifically referred to herein or as provided in Section 11 hereof. 

        18.   COUNTERPARTS.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together
shall constitute one and the same Agreement. 

	DUPONT PHOTOMASKS, INC.	 	INDEMNITEE
	

By:	
 	

Signature of Director or Executive Officer
	

Name:	
 	

Printed Name:
	

 	
 	

Address:
	

Title:	
 	

 

QuickLinks

EXHIBIT 10.23

INDEMNITY AGREEMENT

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