Amendment No. 1 to Consulting Agreement between Photronics, Inc. and Constantine S. Macricostas
This amendment updates the consulting agreement between Constantine S. Macricostas and Photronics, Inc. It suspends the consulting agreement while Mr. Macricostas is employed by Photronics, with the agreement to be reinstated if he is no longer an employee. The term of the consulting agreement will be extended by the length of his employment as Interim CEO and employee. All other terms remain unchanged. Both parties have agreed to these modifications by signing the letter.
Exhibit 10.11
November 10, 2008
Mr. Constantine S. Macricostas
5509 Pennock Point Road
Jupiter, Florida 33458
Dear Mr. Macricostas:
Reference is made to the Consulting Agreement between you and Photronics, Inc. (“Photronics”) dated July 11, 2005 (the “Consulting Agreement”). When you became an employee of Photronics on November 10, 2008, it was agreed that your Consulting Agreement would be suspended for the period of time that you are an employee of Photronics. The Consulting Agreement will re-instate in the event you are no longer an employee of Photronics. Furthermore, the term of your Consulting Agreement will be extended for the period of time that were Interim Chief Executive Officer and an employee of Photronics. Except as set forth above, all other terms of the Consulting Agreement will be the same once the Consulting Agreement is re-instated.
If the foregoing accurately sets forth your understanding, please so indicate by signing in the space provided below.
| Very truly yours, | |
| Photronics, Inc. | |
| By: /s/ Richelle Burr | |
| Title: Vice President, Associate General Counsel |
Agreed to and accepted by:
/s/ Constantine Macricostas
