secwatch.observer — SEC 8-K summary
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Issuer:     PHOTRONICS INC (PLAB)
CIK:        0000810136
Form:       8-K
Filed at:   2025-07-02T23:59:59+00:00
Accession:  0001140361-25-024672
Event type: leadership
Sentiment:  neutral
Materiality: 0.35
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Photronics amends CEO Macricostas employment agreement with $675K salary, 3-year term
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- CEO George C. Macricostas gets $675,000 base salary under amended employment agreement effective May 28, 2025.
- Term ends May 28, 2028 with automatic two-year renewals; 180-day non-renewal notice required.
- Severance without Cause/for Good Reason: one year salary continuation plus 12 months benefits.
- Change of Control severance: 1.5x (salary + highest annual bonus) plus 18 months benefits in lump sum.
- Non-compete covenant for 18 months after termination.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/810136/000114036125024672/0001140361-25-024672-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/810136/000114036125024672/ef20051532_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-25-024672

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