POET Technologies amends stock options
POET Technologies, a developer of the planar opto-electronic technology (POET) platform for making monolithic chips combining electronic and optical elements, has amended its stock option plan at its latest AGM.
The company has increased the number of common shares reserved for issue to 44,352,885, representing 20 percent of the 221,764,427 issued and outstanding common shares of the company.
At the meeting of directors following the AGM, as part of the company's annual incentive stock option grant program, options were granted to certain directors, officers, key consultants and employees of the company to purchase up to an aggregate of 3,900,000 common shares, representing approximately 1.76 percent of the outstanding shares of the company.
Employees as a group were allocated 400,000; management as a group 1,550,000; directors as a group 950,000; while the CEO and chairman's discretionary pool is 1,000,000.
The options are exercisable for ten years at a price of $0.86 being the closing price of the company's shares on July 6, 2016. 25 percent of the options 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 company's stock option plan and are subject to the TSX Venture Exchange policies and applicable securities laws.