secwatch.observer — SEC 8-K summary
======================================

Issuer:     PHOTRONICS INC (PLAB)
CIK:        0000810136
Form:       8-K
Filed at:   2025-04-17T23:59:59+00:00
Accession:  0001140361-25-014404
Event type: leadership
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Photronics enters employment agreement with Executive Chairman Macricostas through 2028
--------------------------------------------------------------------------------

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/810136/000114036125014404/0001140361-25-014404-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/810136/000114036125014404/ef20047534_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-25-014404

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer