POET Technologies Inc., 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 the expansion of the Company’s Board of Directors to six members with the appointment of Bob Tirva as director and member of the Audit Committee. Mr. Tirva’s appointment will be effective December 5, 2024 and, along with the incumbent five directors of the Company, he will serve until the next annual meeting of shareholders of the Company or until his successor is duly elected or appointed.
Mr. Tirva brings over 30-years of executive experience in the technology industry and several years of advisory experience as a director of companies advancing semiconductor technology. Throughout his career, Mr. Tirva held various management positions at IBM, Broadcom Corporation, Dropbox and Intermedia Cloud Communications Inc. before assuming the role of President, Chief Operating Officer and Chief Financial Officer of Sonim Technologies, Inc. until it was acquired by AJP Holding Company in 2022. Mr. Tirva currently serves on the board of Skyworks Aeronautics and was recently on the boards of Costar Technologies and Resonant, Inc.
POET’s Chairman & CEO, Dr. Suresh Venkatesan commented: “It is a pleasure to welcome Bob to our Board. His experience at Broadcom and Resonant is directly relevant to POET and his strong financial background will be an asset to our Audit Committee and management team overall.”
Following the appointment of Mr. Tirva, the Board will consist of six members, being Dr. Suresh Venkatesan (Chair), Jean-Louis Malinge (Lead Independent Director), Theresa Lan Ende, Glen Riley, Chris Tsiofas, and Bob Tirva.
Option Grant
For services as a member of the Board for the period December 5, 2024 through the date of the next Annual General Meeting, the Board of Directors has approved a combination of option grants and cash payments equivalent to the compensation of other members of the Board who hold no Committee chair positions. Specifically, a grant of 18,823 options to purchase common shares of the Corporation will be made to Bob Tirva, which will vest quarterly in arrears over 7 months. The options are exercisable for 10 years at a price of CAD$7.19, that being the closing price of the Company’s shares on TSX Venture Exchange on December 4, 2024. In addition, Mr. Tirva will receive a cash payment of US$17,500 in two quarterly payments. The options are granted in accordance with the Corporation’s Board Compensation Program, and are subject to provisions of the Corporation’s 2024 Stock Option Plan and to the TSX Venture Exchange policies and applicable securities laws. For further details on the Company’s share capital, refer to the Company’s Financial Statements and MD&A for the three-months ended September 30, 2024, which may be found on SEDAR+ and EDGAR.