Photronics enters employment agreement with Executive Chairman Macricostas through 2028

PHOTRONICS INC

Base salary $500K/year; eligible for discretionary annual bonuses.
Initial term ends Jan 6, 2028; auto-renews for consecutive 2-year periods unless 180-day non-renewal notice.
Termination without cause or for good reason: 1 year salary (installments) + 12 months benefits continuation.
Change of control severance: 1.5x (salary + highest annual bonus) + 18 months benefits, lump sum.
Non-compete in photomask business for 18 months post-employment; no solicitation of executives/consultants.

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