SEC Contract Filing

Filing Date: 2017-12-20

Document Content:
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<TYPE>EX-10.31
<SEQUENCE>3
<FILENAME>ex10_31.htm
<DESCRIPTION>EXHIBIT 10.31
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<div style="TEXT-ALIGN: right; FONT-WEIGHT: bold">Exhibit 10.31</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EMPLOYMENT AGREEMENT</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">THIS EMPLOYMENT AGREEMENT (this &#8220;<font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>Agreement</u></font>&#8221;) is entered into as o</font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">f</font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#160; today, August 4, 2017, to be effective as of September 5</font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">,</font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"> 2017 by and between Photronics, Inc., a Connecticut corporation (the &#8220;<font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>Company</u></font>&#8221;), having a principal place of business at&#160;1</font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">5 Secor Road, Brookfield, CT 06804 and John P. Jordan (&#8220;<font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>Executive</u></font>&#8221;) residing at 5 Lake Wind Road, New Canaan, CT 06890.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">WHEREAS, the Company and Executive desire to enter into this Agreement to assure the Company of the continuing service of Executive and to set forth the terms and conditions of Executive&#8217;s employment with the Company.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">NOW, THEREFORE, </font>in<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"> consideration of the mutual promises and covenants set forth herein, the parties agree as follows:</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-WEIGHT: bold">1. </font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Term.</u></font> The Company agrees to employ Executive and Executive hereby accepts such employment, in accor</font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">dance </font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">with the terms of this Agreement. Subject to <font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>Section 5,</u></font> the term of Executive&#8217;s employment shall cornmence as of September 5, 2017&#160;and </font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">continue for three (3) years thereafter unless this Agreement is earlier terminated as provided herein </font>(the &#8220;<font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>Term</u></font>&#8221;); <font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>provided</u></font>, however, that unless the Company gives written notice to Executive at least thirty (30) days prior to the end of the Term of this Agreement (as the Term may be extended pursuant to this <font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>Section I</u></font>), on each anniversary of the date hereof, the Term of this Agreement shall automatically be extended <font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">for</font> an additional one <font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(1)</font> year period.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-WEIGHT: bold">2. <font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Services</u></font>.</font> So long as this Agreement shall continue in effect, Executive shall devote Executive&#8217;s full business time, energy a