Steve, I don’t think any of the regulars here are reading anything into this as option deadlines have been discussed. You have been away for a while so just to provide you with an update.
No insider has exercised options including Ajit so there is no perhaps about this. It has not happened and I very much doubt it is on anyones radar even if they were allowed.
Sam Peralta ceased to be an insider on November 12, Lee Shepherd ceased to be an insider on November 1. They both have 180 days to exercise their options as per the option plan. That means Lee has until the beginning of May and Sam has until mid-May to come up with the cash to pay for their options. Sam has to pay for 2.1 million options and Lee has to pay for 1.525 million options. Both of them are likely going to have to exercise a small number of options ahead of that event and sell them into the market to pay for the remaining options. Both of them are very long POET and remain loyal shareholders.
(ii) If an Optionee ceases to be either a Director or Officer of the Corporation or any of its subsidiaries for any reason other than as a result of having been dismissed for cause as provided in section 6 (n) or as a result of the Optionee’s death, such Optionee shall have the right for a period of 180 days (or until the normal expiry date of the option rights of such Optionee if earlier) from the date of ceasing to be either a Director or Officer to exercise the option under the Plan with respect to all Optioned Shares of such Optionee to the extent they were exercisable on the date of ceasing to be either a Director or Officer. Upon the expiration of such 180 day period all unexercised option rights of that Optionee shall immediately become terminated and shall lapse notwithstanding the original term of the option granted to such Optionee under the Plan.
Adam’s estate has 1 year to exercise his options. Lee P as you may recall was given a full year to exercise his options (Sept 30, 2015) to avoid any immediate overhang.
