POET Technologies Announces the Grant of Stock Options

Rhea-AI Summary

POET Technologies Inc. announces the grant of 765,000 stock options to officers, employees, and consultants. The options have an exercise price of C$1.79 and vesting conditions vary based on the recipient. This move aims to incentivize key personnel and align their interests with the company's growth.

TORONTO, Feb. 20, 2024 (GLOBE NEWSWIRE) -- POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of the POET Optical Interposer™, Photonic Integrated Circuits (PICs) and light sources for the data center, tele-communication and artificial intelligence markets, today announced that the board of directors of the Company has granted 765,000 stock options to purchase common shares to officers, other employees and consultants of the Company . The stock option grant includes the award of 420,000 stock options to officers of the Company, 220,000 to other employees and 125,000 to consultants.

The stock options granted to officers and employees have an exercise price of C$1.79, being the closing price of the Company’s stock on the TSXV on February 15, 2024, are exercisable for 10 years following the grant and will fully vest on February 16, 2025. The stock options granted consultants are performance based and will vest when certain performance milestones are met.

About POET Technologies Inc.
POET is a design and development company offering integration solutions based on the POET Optical Interposer™, a novel platform that allows the seamless integration of electronic and photonic devices into a single multi-chip module using advanced wafer-level semiconductor manufacturing techniques and packaging methods. POET’s Optical Interposer eliminates costly components and labor-intensive assembly, alignment, burn-in and testing methods employed in conventional photonics. The cost-efficient integration scheme and scalability of the POET Optical Interposer brings value to any device or system that integrates electronics and photonics, including some of the highest growth areas of computing, such as Artificial Intelligence (AI), the Internet of Things (IoT), autonomous vehicles and high-speed networking for cloud service providers and data centers. POET is headquartered in Toronto, with operations in Allentown, PA, Shenzhen, China and Singapore. More information may be obtained at www.poet-technologies.com.

Contacts:

Media Relations Contact: Adrian Brijbassi adrian.brijbassi@poet-technologies.com	Company Contact: Thomas R. Mika, EVP & CFO tm@poet-technologies.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2- Tel: 416-368-9411 - Fax: 416-322-5075.

FAQ

How many stock options were granted by POET Technologies Inc.?

POET Technologies Inc. granted 765,000 stock options to officers, employees, and consultants.

What is the exercise price of the stock options?

The exercise price of the stock options is C$1.79.

When will the stock options fully vest for officers and employees?

The stock options granted to officers and employees will fully vest on February 16, 2025.

How long are the stock options exercisable for?

The stock options are exercisable for 10 years following the grant.

What are the vesting conditions for the stock options granted to consultants?

The stock options granted to consultants are performance-based and will vest when certain performance milestones are met.