Photronics amends CEO George Macricostas employment agreement, base salary $675,000
Photronics entered into an amended employment agreement with CEO George C. Macricostas, effective May 28, 2025, the date of his appointment as CEO. The agreement sets a $675,000 annual base salary, a term ending May 28, 2028 with automatic two-year renewals, and severance terms including a change-of-control provision.
Key points
- Annual base salary of $675,000, reviewed at least annually for increase only
- Initial term ends May 28, 2028, with automatic two-year renewals unless 180 days' notice is given
- Termination without Cause or for Good Reason pays one year of base salary; after a change of control, payments include 1.5 times base salary plus highest annual bonus
- Non-compete and non-solicit covenants run 18 months after employment ends
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 6:57 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 02, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.