Poet Technologies, which is based in Toronto and Storrs, said it has restructured its technology licensing agreement with UConn.
The two parties agreed to reduce royalty payments in the 2003 agreement to 3 percent, Poet said.
As a result, Poet plans to give UConn 2 million common shares of its stock, pending regulatory approval
Poet also announced that its Leon Pierhal has stepped aside as CEO, but will continue on as president and board member. Peter Copetti has been named interim CEO and executive chairman. He replaced former Chairman Mark Benadiba, who will be vice chairman of the board.
Nearly all of Poet’s leadership team is based in Canada, but its chief scientist is UConn professor Geoff Taylor.
Correction: The original version of this story incorrectly stated the royalty amount negotiated between UConn and Poet.
