Item 1.02 Entry into Material Definitive Agreement
On May 19, 2009, the Company entered into an Operating Lease Agreement (the "Lease Agreement") with Micron Technology, Inc., as landlord ("Micron Technology"). As part of the execution of the Lease Agreement, the Build to Suit Lease Agreement between Micron and Photronics was terminated as of May 19, 2009. The Lease Agreement will terminate on December 31, 2014. Pursuant to the terms of the Lease Agreement, the Company will pay Micron $1,987,223.68 quarterly in advance.