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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13G

                    UNDER THE SECURITIES EXCHANGE ACT OF 1934

                               (Amendment No. 5)*

                                PHOTRONICS, INC.
 -------------------------------------------------------------------------------
                                (Name of Issuer)

                          COMMON STOCK, $0.01 Par Value
 -------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    719405102
 -------------------------------------------------------------------------------
                                  (CUSIP Number)

                                   May 24, 2010
 -------------------------------------------------------------------------------
             (Date of Event which Requires Filing of this Statement)

CHECK THE APPROPRIATE BOX TO DESIGNATE THE RULE PURSUANT TO WHICH THIS SCHEDULE
IS FILED:

[ ] RULE 13D-1(B)

[X] RULE 13D-1(C)

[ ] RULE 13D-1(D)

     *THE REMAINDER OF THIS COVER PAGE SHALL BE FILLED OUT FOR A REPORTING
PERSON'S INITIAL FILING ON THIS FORM WITH RESPECT TO THE SUBJECT CLASS OF
SECURITIES, AND FOR ANY SUBSEQUENT AMENDMENT CONTAINING INFORMATION WHICH
WOULD ALTER DISCLOSURES PROVIDED IN A PRIOR COVER PAGE.

     THE INFORMATION REQUIRED ON THE REMAINDER OF THIS COVER PAGE SHALL NOT
BE DEEMED TO BE "FILED" FOR THE PURPOSE OF SECTION 18 OF THE SECURITIES
EXCHANGE ACT OF 1934 (THE "ACT") OR OTHERWISE SUBJECT TO THE LIABILITIES
OF THAT SECTION OF THE ACT BUT SHALL BE SUBJECT TO ALL OTHER PROVISIONS
OF THE ACT (HOWEVER, SEE THE NOTES).


                               Page 1 of 10 Pages




CUSIP NO. 719405102
          ---------

- - --------------------------------------------------------------------------
  1      NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

         Bay Resource Partners, L.P.
- - --------------------------------------------------------------------------
  2      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [X]

(b) [ ]

- - --------------------------------------------------------------------------
  3      SEC USE ONLY

- - --------------------------------------------------------------------------
  4      CITIZENSHIP OR PLACE OF ORGANIZATION

          Delaware
- - --------------------------------------------------------------------------
                           5    SOLE VOTING POWER

           NUMBER OF                 NONE
            SHARES
          BENEFICIALLY     -------------------------------------------------
           OWNED BY        6    SHARED VOTING POWER
             EACH
           REPORTING                1,325,600
            PERSON         -------------------------------------------------
             WITH          7    SOLE DISPOSITIVE POWER

                                     NONE
                           -------------------------------------------------
                           8    SHARED DISPOSITIVE POWER

                                    1,325,600
- - --------------------------------------------------------------------------
  9     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                                    1,325,600
- - --------------------------------------------------------------------------
  10    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
        [ ] (SEE INSTRUCTIONS)

- - --------------------------------------------------------------------------
  11    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9   2.5%

- - --------------------------------------------------------------------------
  12    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
             PN
- - --------------------------------------------------------------------------

                                Page 2 of 10 Pages





CUSIP NO. 719405102
          ---------

- - --------------------------------------------------------------------------
  1      NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

         Bay II Resource Partners, L.P.
- - --------------------------------------------------------------------------
  2      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [X]

(b) [ ]


- - --------------------------------------------------------------------------
  3      SEC USE ONLY

- - --------------------------------------------------------------------------
  4      CITIZENSHIP OR PLACE OF ORGANIZATION

          Delaware
- - --------------------------------------------------------------------------
                           5    SOLE VOTING POWER

           NUMBER OF                NONE
            SHARES
          BENEFICIALLY     -------------------------------------------------
           OWNED BY        6    SHARED VOTING POWER
             EACH
           REPORTING                 1,343,000
            PERSON         -------------------------------------------------
             WITH          7    SOLE DISPOSITIVE POWER

                                     NONE
                           -------------------------------------------------
                           8    SHARED DISPOSITIVE POWER

                                     1,343,000
- - --------------------------------------------------------------------------
  9     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                                     1,343,000
- - --------------------------------------------------------------------------

  10    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
        [ ]  (SEE INSTRUCTIONS)

- - --------------------------------------------------------------------------
  11    PERCENTAGE OF CLASS REPRESENTED BY AMOUNT IN ROW 9   2.5%

- - --------------------------------------------------------------------------
  12    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
             PN
- - --------------------------------------------------------------------------
                                Page 3 of 10 Pages





CUSIP NO. 719405102
          ---------

- - --------------------------------------------------------------------------
  1      NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

           Bay Resource Partners Offshore Master Fund, L.P.
- - --------------------------------------------------------------------------
  2      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [X]

(b) [ ]

- - --------------------------------------------------------------------------
  3      SEC USE ONLY

- - --------------------------------------------------------------------------
  4      CITIZENSHIP OR PLACE OF ORGANIZATION

          Cayman Islands
- - --------------------------------------------------------------------------
                           5    SOLE VOTING POWER

           NUMBER OF                NONE
            SHARES
          BENEFICIALLY     -------------------------------------------------
           OWNED BY        6    SHARED VOTING POWER
             EACH
           REPORTING               2,366,685
            PERSON         -------------------------------------------------
             WITH          7    SOLE DISPOSITIVE POWER

                                    NONE
                           -------------------------------------------------
                           8    SHARED DISPOSITIVE POWER

                                   2,366,685
- - --------------------------------------------------------------------------
  9     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                                   2,366,685
- - --------------------------------------------------------------------------
  10    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
        [ ] (SEE INSTRUCTIONS)

- - --------------------------------------------------------------------------
  11    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9    4.4%

- - --------------------------------------------------------------------------
  12    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
             PN
- - --------------------------------------------------------------------------

                                Page 4 of 10 Pages






CUSIP NO. 719405102
          ---------

- - --------------------------------------------------------------------------
  1      NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

         GMT Capital Corp.
- - --------------------------------------------------------------------------
  2      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [X]

(b) [ ]

- - --------------------------------------------------------------------------
  3      SEC USE ONLY

- - --------------------------------------------------------------------------
  4      CITIZENSHIP OR PLACE OF ORGANIZATION

          State of Georgia
- - --------------------------------------------------------------------------
                           5    SOLE VOTING POWER

           NUMBER OF                NONE
            SHARES
          BENEFICIALLY     -------------------------------------------------
           OWNED BY        6    SHARED VOTING POWER
             EACH
           REPORTING                 5,226,585
            PERSON         -------------------------------------------------
             WITH          7    SOLE DISPOSITIVE POWER

                                    NONE
                           -------------------------------------------------
                           8    SHARED DISPOSITIVE POWER

                                     5,226,585
- - --------------------------------------------------------------------------
  9     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                                     5,226,585
- - --------------------------------------------------------------------------
  10    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
        [ ] (SEE INSTRUCTIONS)

- - --------------------------------------------------------------------------
  11    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9   9.8%

- - --------------------------------------------------------------------------
  12    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
             CO

- - --------------------------------------------------------------------------

                                Page 5 of 10 Pages






CUSIP NO. 719405102
          ---------

- - --------------------------------------------------------------------------
  1      NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

         Thomas E. Claugus
- - --------------------------------------------------------------------------
  2      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [X]

(b) [ ]

- - --------------------------------------------------------------------------
  3      SEC USE ONLY

- - --------------------------------------------------------------------------
  4      CITIZENSHIP OR PLACE OF ORGANIZATION

          United States
- - --------------------------------------------------------------------------
                           5    SOLE VOTING POWER

           NUMBER OF                 186,700
            SHARES
          BENEFICIALLY     -------------------------------------------------
           OWNED BY        6    SHARED VOTING POWER
             EACH
           REPORTING                 5,226,585
            PERSON         -------------------------------------------------
             WITH          7    SOLE DISPOSITIVE POWER

                                     186,700
                           -------------------------------------------------
                           8    SHARED DISPOSITIVE POWER

                                    5,226,585
- - --------------------------------------------------------------------------
  9     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                                    5,413,285
- - --------------------------------------------------------------------------
  10    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
        [ ] (SEE INSTRUCTIONS)
- - --------------------------------------------------------------------------
  11    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9   10.1%

- - --------------------------------------------------------------------------
  12    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

             IN
- - --------------------------------------------------------------------------

                                Page 6 of 10 Pages



ITEM 1(A)         NAME OF ISSUER:

                  PHOTRONICS, INC.

ITEM 1(B)         ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:

                  15 Secor Road
                  PO Box 5226
                  Brookfield, CT 06804

ITEM 2(a)         NAME OF PERSON FILING:

                  (i) Bay Resource Partners, L.P. (Bay), with respect to
                      shares of Common Stock directly owned by it.

                 (ii) Bay II Resource Partners, L.P. (Bay II), with
                      respect to shares of Common Stock directly owned by it.

                (iii) Bay Resource Partners Offshore Master Fund, L.P. (Offshore
                      Fund) with respect to shares of Common Stock directly
                      owned by it, as the successor to Bay Resource Partners
                      Offshore Fund, Ltd.

                 (iv) GMT Capital Corp. (GMT Capital) with respect to
                      shares of Common Stock beneficially owned by it.

                  (v) Thomas E. Claugus, (Mr. Claugus), with respect to the
                      shares of Common Stock directly owned by him and
                      directly owned by each of Bay, Bay II, and the
                      Offshore Fund and GMT Capital separate account
                      clients.

                      The foregoing persons are hereinafter sometimes
                 collectively referred to as the Reporting Persons. Any
                 disclosures herein with respect to persons other than the
                 Reporting Persons are made on information and believe after
                 making inquiry to the appropriate party.


ITEM 2(b)        ADDRESS OF PRINCIPAL BUSINESS OFFICE, OR IF NONE, RESIDENCE:

                 The address of the business office of each of the Reporting
                 Persons is 2100 RiverEdge Parkway, Ste. 840, Atlanta, GA 30328

ITEM 2(c)        CITIZENSHIP:

                 Bay and Bay II are limited partnerships organized under the
                 laws of the State of Delaware. The Offshore Fund is an
                 exempted limited partnership organized under the laws of the
                 Cayman Islands. GMT Capital is a Georgia corporation. Mr.
                 Claugus is a United States citizen.

ITEM 2(d)         TITLE OF CLASS OF SECURITIES:

                  Common Stock, $0.01 par value

                                Page 7 of 10 Pages

ITEM 2(e)         CUSIP NUMBER: 719405102

ITEM 3.           IF THIS STATEMENT IS FILED PURSUANT TO SS.240.13D-1(B) OR SS.
                  240.13d-2(B) or (C), CHECK WHETHER THE PERSON FILING IS A:

        (a) [ ] Broker or dealer registered under section 15 of the Act (15
                U.S.C. 78o).

        (b) [ ] Bank as defined in section 3(a)(6) of the Act
                (15 U.S.C. 78c).

        (c) [ ] Insurance company as defined in section 3(a)(19) of the Act
                (15 U.S.C. 78c).

        (d) [ ] Investment company registered under section 8 of the
                Investment Company Act of 1940 (15 U.S.C. 80a-8).

        (e) [ ] An investment adviser in accordance with
                ss.240.13d-1(b)(1)(ii)(E);

        (f) [ ] An employee benefit plan or endowment fund in accordance with
                ss.240.13d-1(b)(1)(ii)(F);

        (g) [ ] A parent holding company or control person in accordance with
                ss.240.13d-1(b)(1)(ii)(G);

        (h) [ ] A savings associations as defined in Section 3(b) of the
                Federal Deposit Insurance Act (12 U.S.C. 1813);

        (i) [ ] A church plan that is excluded from the definition of an
                investment company under section 3(c)(14) of the Investment
                Company Act of 1940 (15 U.S.C. 80a-3);

        (j) [ ] Group, in accordance with ss.240.13d-1(b)(1)(ii)(J).

ITEM 4. OWNERSHIP:

        This Amendment No. 5 (Amendment No. 5) amends and supplements
        Amendment No. 4 to Schedule 13G filed with the Securities and
        Exchange Commission (SEC) on December 23, 2009, which amended
        and supplemented Amendment No. 3 to Schedule 13G filed with the
        SEC on December 2, 2009, which amended and supplemented Amendment
        No. 2 to Schedule 13G filed with the SEC on November 12, 2009,
        which amended and supplemented Amendment No. 1 to Schedule 13G
        filed with the SEC on October 30, 2009, which amended and
        supplemented the Schedule 13G originally filed with the SEC on
        October 14, 2009 by the Reporting Persons. This Statement is being
        filed with respect to an aggregate of 5,413,285 shares of Common
        Stock, resulting in beneficial ownership of Common Stock as follows:

        1. Bay Resource Partners, L.P.,
           (a) Amount Beneficially owned: 1,325,600
           (b) Percent of Class: 2.5%
               The percentages used herein and in the rest of Item 4 are
               calculated based on 53,437,603 shares of Common Stock
               outstanding as of March 4, 2010, as disclosed in the
               Issuer's Quarterly Report (10-Q) for the quarterly period

                               Page 8 of 10 Pages

               ended January 31, 2010 filed with the Securities and
               Exchange Commission ("SEC") on March 11, 2010.

          (c) (i)  Sole power to vote or direct the vote: -0-
              (ii) Shared power to vote or direct the vote: 1,325,600
             (iii) Sole power to dispose or direct the disposition: -0-
              (iv) Shared power to dispose or direct the disposition: 1,325,600


        2. Bay II Resource Partners, L.P.
           (a) Amount Beneficially owned: 1,343,000
           (b) Percent of Class: 2.5%
           (c) (i) Sole power to vote or direct the vote: -0-
              (ii) Shared power to vote or direct the vote: 1,343,000
             (iii) Sole power to dispose or direct the disposition: -0-
              (iv) Shared power to dispose or direct the disposition: 1,343,000

        3. Bay Resource Partners Offshore Master Fund, L.P.
           (a) Amount Beneficially owned: 2,366,685
           (b) Percent of Class: 4.4%
           (c) (i) Sole power to vote or direct the vote: -0-
              (ii) Shared power to vote or direct the vote: 2,366,685
             (iii) Sole power to dispose or direct the disposition: -0-
              (iv) Shared power to dispose or direct the disposition:
                   2,366,685

        4. GMT Capital Corp.
           (a) Amount Beneficially owned: 5,226,585
           (b) Percent of Class: 9.8%
           (c) (i) Sole power to vote or direct the vote: -0-
              (ii) Shared power to vote or direct the vote: 5,226,585
             (iii) Sole power to dispose or direct the disposition: -0-
              (iv) Shared power to dispose or direct the disposition:
                   5,226,585

        5. Thomas E. Claugus
           (a) Amount Beneficially owned: 5,413,285
           (b) Percent of Class: 10.1%
           (c) (i) Sole power to vote or direct the vote: 186,700
              (ii) Shared power to vote or direct the vote: 5,226,585
             (iii) Sole power to dispose or direct the disposition: 186,700
              (iv) Shared power to dispose or direct the disposition:
                   5,226,585


ITEM 5.         OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.

                N/A


ITEM 6.         OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
                PERSON.

                GMT Capital, the general partner of Bay and Bay II, has the
                power to direct the affairs of Bay and Bay II, including
                the voting and disposition of shares. As the discretionary
                investment manager of the Offshore Fund and certain other

                               Page 9 of 10 Pages


                accounts, GMT Capital has power to direct the voting and
                disposition of shares held by the Offshore Fund and such
                accounts. Mr. Claugus is the President of GMT Capital and
                in that capacity directs the operations of each of Bay
                and Bay II and the voting and disposition of shares held
                by the Offshore Fund and separate client accounts managed
                by GMT Capital.

ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
        THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY OR
        CONTROL PERSON.

                  N/A

ITEM 8.           IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.


                  See Item 2.

ITEM 9.           NOTICE OF DISSOLUTION OF GROUP.

                  N/A


ITEM 10.          CERTIFICATION.

                  By signing below I certify that, to the best of my
knowledge and belief, the securities referred to above were not acquired and
are not held for the purpose of or with the effect of changing or influencing
the control of the issuer of the securities and were not acquired and are not
held in connection with or as a participant in any transaction having that
purpose or effect.

                                    SIGNATURE

                  After reasonable inquiry and to the best of my knowledge
and belief, I hereby certify that the information set forth in this statement
is true, complete and correct.

May 25, 2010

                                              /s/ Thomas E. Claugus
                                              ----------------------------------
                                              Thomas E. Claugus, for himself
                                              and as President of GMT Capital
                                              Corp., for itself and as the
                                              general partner of (i) Bay
                                              Resource Partners, L.P. and (ii)
                                              Bay II Resource Partners, L.P.,
                                              and as the investment manager
                                              of (iii) Bay Resource Partners
                                              Offshore Master Fund, L.P. and
                                              (iv) certain other accounts.


                               Page 10 of 10 Pages