Aiming to become the global leader in chip-scale photonic solutions by deploying Optical Interposer technology to enable the seamless integration of electronics and photonics for a broad range of vertical market applications

Message: AGM vote- Omnibus Plan Amendment- Item 3- Be aware

Everybody appears to be  focussing on a Yes or No on the Insider option  amendment. But you should look at this also. 

 I have only just read the Management Information Circular for the AGM which covers the "Omnibus Plan" passed in 2023 AGM.

This  covers the number of options, or share units, that can be issued as an incentive to " Eligible participants". Recipients can be  Directors, officers and employees, consultants etc.They can be issued for services to the company and " to attract and retain able persons to enter its employment or service "

The number of options (or shares) issued is based on 20% of issued and outstanding shares.Last year this the number of options was fixed @  8,056,055 which meant there were just about 40 million shares issued. This year at record date 9 May there were 57,037,202 shares to which I believe must be added the 10 May issuance of 3,448,275 to the 2 institutional investors for a total of about 61 million+shares.* 

Interestingly of the 8,056,055 options,currently authorized, Insiders own 4,933,561 about 61%, assuming to date all options have actually been issued.

This means there has been a 50% increase in issued shares. It also now means that available options will also increase by 50% or by appx 4 million from 8MN to in excess of 12 million, and are available, or should be available, to stop any brain drain, on which emphasis has been placed by Management.

All this is of course in addition to the Insiders requesting all their options be reduced to  Cdn$1.75.




*( I am assuming the 3 May financing  was included in the 57 million share count )

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