Option Grant

At the Board Meeting, incentive stock options were granted under the Company’s stock option plan, to certain directors, officers, key consultants and employees of the Company to purchase up to an aggregate of 1,563,000 common shares, representing 0.86% of the outstanding shares of the Company.

Of these options, 9.1% were granted to key employees who are the technical staff related to the POET effort, 7.7% to the Company’s officers, 51.2% to the non-officer directors and 32% to directors who are also officers. The stock options are exercisable at a price of CA$1.54 per share and expire June 12, 2020. The options will vest and be exercisable on the basis of 25% on the 6-month anniversary of the date of grant and 25% every six months thereafter.

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