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EXHIBIT 2.1
AMENDMENT NO. 3 TO AGREEMENT AND PLAN OF MERGER
This Amendment No. 3 (the "Amendment"), dated as of May 26, 2000, is entered
into by and among Photronics, Inc., a Connecticut corporation ("Parent"), AL
Acquisition Corp., a California corporation and a wholly owned subsidiary of
Parent ("Merger Sub"), and Align-Rite International, Inc., a California
corporation (the "Company").
WHEREAS, Parent, Merger Sub and the Company have previously executed and
delivered that certain Agreement and Plan of Merger, dated as of September 15,
1999, by and among Parent, Merger Sub and the Company, as amended by Amendment
No. 1, dated as of January 10, 2000 and Amendment No. 2, dated as of March 27,
2000, by and among Parent, Merger Sub and the Company (the "Merger Agreement");
and
WHEREAS, Parent, Merger Sub and the Company desire to further amend the Merger
Agreement as set forth herein and pursuant to Section 7.3 of the Merger
Agreement.
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and
agreements herein contained, and intending to be legally bound hereby, Parent,
Merger Sub and Company hereby agree as follows:
1. Definitions. Capitalized terms used herein but not expressly defined shall
have the meanings accorded such terms in the Merger Agreement.
2. Amendment of Section 5.17 of the Merger Agreement. Section 5.17 of the
Merger Agreement is hereby amended and restated to read, in its entirety, as
follows:
"Section 5.17. Sale of Shares by Parent. Parent, prior to the Effective Date,
will sell shares of Parent Common Stock acquired by it within the two years
preceding the Effective Date so that the accounting by the Parent of the
business combination to be effected by the Merger as a "pooling of interests"
will not be adversely affected; provided that Parent shall have until June 15,
2000 to effect such sale."
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3. Amendments of Section 7.1 of the Merger Agreement. All references in
subsections (b), (c) and (e) of Section 7.1 of the Merger Agreement to "May 31,
2000" are hereby amended to read "June 15, 2000."
4. Authority.
Each of Parent and Merger Sub has full corporate power and authority to enter
into this Amendment. The execution and delivery of this Amendment and the
consummation by each of Parent and Merger Sub of the transactions contemplated
by the Merger Agreement, as amended hereby, have been duly and validly
authorized by the Boards of Directors of Parent and Merger Sub. This Amendment
has been duly and validly executed and delivered by each of Parent and Merger
Sub and constitutes the valid and binding obligation of each of Parent and
Merger Sub, enforceable against each of Parent and Merger Sub in accordance
with its terms (except insofar as enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors'
rights generally, or by principles governing the availability of equitable
remedies).
The Company has full corporate power and authority to enter into this Amendment.
The execution and delivery of this Amendment and the consummation by the Company
of the transactions contemplated by the Merger Agreement, as amended hereby,
have been duly and validly authorized by the Board of Directors of the Company.
This Amendment has been duly and validly executed and delivered by the Company
and constitutes the valid and binding obligations of the Company, enforceable
against the Company in accordance with its terms (except insofar as
enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium, or similar laws affecting creditors' rights generally, or by
principles governing the availability of equitable remedies).
5. Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of California, without regard to any
applicable conflicts of law.
6. Counterparts; Effect. This Amendment may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all of which
shall constitute one and the same agreement.
7. Merger Agreement Confirmed. Except as amended hereby, the Merger Agreement
is ratified and confirmed in all respects. Each reference in the Merger
Agreement or any other related document to the Merger Agreement, the Agreement
or this Amendment shall be deemed to a reference to the Merger Agreement as
amended hereby.
IN WITNESS WHEREOF, Parent, Merger Sub and the Company have caused this
Amendment to be signed by their respective officers thereunto duly authorized,
all as of the date first written above.
PHOTRONICS, INC.
By: /s/ XXXXXXX X. XXXXXXX
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Name: Xxxxxxx X. Xxxxxxx
Title: Vice Chairman
By: /s/ XXXXXXX X. XXXXXX
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Name: Xxxxxxx X. Xxxxxx
Title: Executive Vice President
Finance and Administration
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AL ACQUISITION CORP.
By: /s/ XXXXXXX X. XXXXXXX
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Name: Xxxxxxx X. Xxxxxxx
Title: President
By: /s/ XXXXXXX X. XXXXXX
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Name: Xxxxxxx X. Xxxxxx
Title: Vice President
ALIGN-RITE INTERNATIONAL, INC.
By: /s/ XXXXX X. XXXXXXXXX
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Name: Xxxxx X. XxxXxxxxx
Title: Chairman of the Board,
Chief Executive Officer
and President
By: /s/ XXXXX X. XXXXXXXX
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Name: Xxxxx X. Xxxxxxxx
Title: Vice President of
Finance, Chief
Financial Officer
