Photonics, thanks for this post. I was reading the agreement to get the precise language on this in an attempt to discern this for myself, but am woefully out of my depth. I have a couple comments/questions and I would like to preface my post saying I am not well-versed in any of this and I am strictly trying to understand what I am reading. I am not making any proclomations or anything of the sort, simply curious and wanting to understand.

SO, two things, first a statement, second a question.

1. It doesn't really appear to me that POET even has the license to the 400G OE UNLESS the territory that the company purchasing the OE is from won't allow. I may be interpreting this entirely incorrectly. If I am correct, I don't think there are many companies and countries that would make this list that would be prohibitive for SPX. The US has restrictions on things going TO China not from (tarrifs are a different story). I could also be wrong on this point, but this is my understanding.

2. I found section 12.3 Profit Distribution interesting and would like some clarity.

12.3 Profits Distribution - (a) After the payment of taxes by the Company, the Board shall determine the annual allocations from after-tax net profits to the Reserve Fund and Expansion Fund of the Company and the Bonus and Welfare Fund for the workers and staff members (if applicable) in accordance with Applicable Law.  (b) The Parties agree that SAIC is entitled to receive 51.5% of distributable dividends of the Company, and POET shall receive 48.5%."

What is POET receiving profits from, if not 100/200/400G OE's? Are these dividends not profits from OE's, but something else?  If they are receiving profits, wouldn't this be reveune? I don't understand this.

Really, I have MANY more questions, but that is for another time.

Anyway, thanks for reading and thanks in advance for any clarity!