11 July 2016

POET increases number of shares reserved for issue under stock option plan

POET Technologies Inc of San Jose, CA, USA — which has developed the proprietary planar optoelectronic technology (POET) platform for monolithic fabrication of integrated III-V-based electronic and optical devices on a single semiconductor wafer — says that at its annual general meeting (AGM) of shareholders on 7 July the following items were approved:

• the number of directors was set at seven;
• all seven directors were re-elected as proposed (with each director receiving over 95% of the votes cast);
• certified public accountant Marcum LLP of New Haven, CT, USA was reappointed as auditors for the ensuing year; and
• the firm's stock option plan (with all officers, directors and insiders abstaining from voting) was amended to increase the number of common shares reserved for issue to 44,352,885 (representing 20% of the 221,764,427 issued and outstanding common shares).

At the meeting of directors following the AGM, as part of the firm's annual incentive stock option grant program, options were granted to the following groups of people to purchase up to a total of 3,900,000 common shares (representing about 1.76% of the outstanding shares): employees (400,000), management (1,550,000), directors (950,000), and CEO and chairman's discretionary pool (1,000,000).

The options are exercisable for 10 years at a price of $0.86 (the closing price of shares on 6 July). Of the options, 25% will vest on the first anniversary of the grant, and the balance will vest quarterly over a further three-year period thereafter.

The options were granted subject to provisions of the stock option plan and are subject to the TSX Venture Exchange policies and applicable securities laws.

Tags: POET

Visit: www.poet-technologies.com