There is one thing you have to remember and that is when Gagnon got his shares there was a lot more risk (in my mind) thus the shares were worth a lot less. Hind sight is 20/20 and a lot has happened since then to drive up the share price. If POET were to hire a company to do work for them and paid them in shares than the company would be paid at the share value when the deal was done. But just the way I see it.