LONDON, ON--(Marketwired - February 23, 2015) - iLOOKABOUT Corp. (TSX VENTURE: ILA) ("iLOOKABOUT" or "the Company") is pleased to announce that it has entered into an employment agreement with Mr. Gary Yeoman (the "Employment Agreement"), who will maintain his title of Executive Chair. Key compensation terms of the Employment Agreement include: (i) annual base salary of $250,000; (ii) eligibility for a bonus equal to 3% of the Company's consolidated pre-tax profit, which bonus may be settled by cash, stock, deferred share units or a combination thereof; and (iii) options to acquire 2,233,000 common shares of iLOOKABOUT, of which 25% will vest on the date of grant and 25% will vest on each of the next three anniversaries of the grant date. These options have an exercise price of $0.335 per option, being the closing market price on February 20, 2015, which was the trading day immediately preceding the date of grant. All of the options expire 5 years from the date of grant, subject to earlier termination in accordance with the Company's Stock Option Plan.
On January 4, 2013, the Company executed a Contractor Agreement with Yeoman & Associates Inc. ("Y&A"), of which Mr. Gary Yeoman is the President, to provide sales and business development advisory services. To date, the Company has paid Y&A $120,000 under the Contractor Agreement. The Company and Y&A mutually agreed to terminate this Contractor Agreement upon execution of the Employment Agreement. Given the change in role of Mr. Yeoman from January 2013 to present, the Board is of the opinion that the mandate and compensation agreed upon under the recently executed Employment Agreement are more in line with Mr. Yeoman's current role and the strategic direction of the Company.
In addition to the options granted to Mr. Yeoman under his Employment Agreement, the Company also granted 100,000 options to purchase common shares of the Company to an executive officer. The exercise price of these options is also $0.335 per share. These options will vest 25% on the date of grant and 25% will vest on each of the next three anniversaries of the grant date, and will expire on February 22, 2020 unless earlier terminated in accordance with the Company's Stock Option Plan.
All of the options granted by the Company on the date hereof are subject to the terms and conditions of the Company's Stock Option Plan.
iLOOKABOUT is a data analytics and visual intelligence company focused on real property, serving primarily the property assessment, property taxation, municipal, insurance, and appraisal sectors, both public and private, in North America. iLOOKABOUT's origins are with its StreetScape imagery and web-based geographic information system ("GIS") application, GeoViewPort', which federates property related data and enables desktop review of properties. iLOOKABOUT has recently integrated powerful new data analytics and workflow management applications into its existing products to create several new service offerings uniquely customized for its clients. These new offerings include Real Property Tax Analytics ("RPTA"), Realty Tax Management ("RTM") and Confirm My Assessment. To augment the Company's technology based offerings, real estate consulting services are also now provided, with a focus on the Property Tax and Valuation sectors.
Headquartered in London, Ontario, Canada, iLOOKABOUT's common shares are traded on the TSX Venture Exchange under the symbol ILA.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
President & CEO