secwatch.observer — SEC 8-K summary
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Issuer:     PHOTRONICS INC (PLAB)
CIK:        0000810136
Form:       8-K
Filed at:   2025-05-02T23:59:59+00:00
Accession:  0001140361-25-017153
Event type: leadership
Sentiment:  neutral
Materiality: 0.30
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Photronics signs employment pact with CFO Rivera; $425K base, 3-year term
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- Base salary $425,261, subject to annual review by Compensation Committee for increase only.
- Initial term ends April 30, 2028; auto-renewed for 2-year terms unless 180-day non-renewal notice.
- Termination without cause or for good reason: 1 year salary, 12 months benefits continuation.
- Change-of-control termination: 1.5x (salary + highest annual bonus), plus stub bonus, 18 months benefits.
- Non-compete during employment and 18 months after termination in photomask business.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/810136/000114036125017153/0001140361-25-017153-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/810136/000114036125017153/ef20048414_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-25-017153

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