CROWN GRANT Sample Clauses

CROWN GRANT. Upon the Project Completion, or at such earlier time as the Minister considers appropriate, and subject to payment to the State of $200,000.00 and of all other usual and applicable fees the State shall cause to be issued to and in the name of the Joint Venturers as tenants in common in equal shares a Crown Grant of the Johnsmith Road Reserve subject to the exceptions reservations and conditions usual in Crown Grants but otherwise free from encumbrances.
Sample 1Sample 2Sample 3See All (25)
AutoNDA by SimpleDocs
CROWN GRANT. Subject to section 5.1.2, subsisting conditions, provisos, restrictions, exceptions and reservations, including royalties, contained in the original grant or contained in any other grant or disposition from the Crown;
Sample 1
CROWN GRANT. From the early 1800s to 1865, Crown Grants were the major means of allocating Crown timber. A Crown Grant is the legal instrument by which ownership of Crown land is transferred to private ownership. TLs were implemented in 1979 under the Forest Act to replace an array of “old temporary tenures.” TLs convey exclusive rights to harvest merchantable timber (“trees that were 75 years old on Jan. 1, 1975”) from a specified area of Crown land. TLs that are part of a tree farm licence (TFL) are managed in accordance with the approved TFL management plan. For TLs not in a TFL, the licensee is responsible for protection, operational planning, road building, and reforestation. When a TL expires (after harvest and reforestation), the TL area either remains within the TFL or is added to a timber supply area (TSA). TFLs convey the nearly exclusive right to manage forests and to harvest an allowable annual cut (AAC) of Crown timber from the licence area, which may be comprised of private and Crown lands. TFLs carry the greatest management responsibilities, including protection, maintaining resource inventories, strategic and operational planning, road building, and reforestation. Most TFLs require the licensee to maintain a manufacturing facility. Licensees must use logging contractors for part of the volume harvested during a calendar year. TFLs have a term not exceeding 25 years and are replaceable every 5 years. WLs are similar to TFLs in composition (private and Crown land), exclusive rights (to manage forests and to harvest an AAC), and responsibilities (protection, management plan, reforestation). In view of their smaller size—400 ha Crown land on the coast, 600 ha in the interior—WLs have streamlined planning, cut control, and operational requirements. WLs are issued to individuals, native bands, and small corporations. WLs have a term not exceeding 20 years and are replaceable every 10 years. The “major licence” form of the TSL, with an AAC >10 000 m3, conveys the right to annually harvest timber within a TSA, under cutting permits. The licensee is responsible for protection, planning, and reforestation activities. Major TSLs have a term not exceeding 10 years and most are replaceable on expiry. A PA grants a conditional right to harvest “pulp-quality timber” if the holder is unable to obtain sufficient suitable, reasonably priced furnish for its mill. The PA holder is required to construct and maintain a manufacturing facility (e.g., pulp mill, oriented strand...
Sample 1

Related to CROWN GRANT

  • Grant of Restricted Stock Units The Corporation hereby awards to the Participant, as of the Award Date, Restricted Stock Units under the Plan. Each Restricted Stock Unit represents the right to receive one share of Common Stock on the date that unit vests in accordance with the express provisions of this Agreement. The number of shares of Common Stock subject to the awarded Restricted Stock Units, the applicable vesting schedule for those shares, the dates on which those vested shares shall become issuable to Participant and the remaining terms and conditions governing the award (the “Award”) shall be as set forth in this Agreement.

  • Equity Grant Subject to approval by the Board and your execution of the Company’s standard form of Restricted Stock Agreement for executives (the “Restricted Stock Agreement”), you will be eligible to receive shares of the Company’s common stock under the Company’s 2017 Stock Option and Grant Plan (the “Plan”) equaling 15% of the Company’s outstanding common stock on a fully-diluted basis as of the grant date and after giving effect to the grant. If the Company closes Preferred Round on or prior to December 31, 2019 (and provided that you are still employed by the Company at the time of such closing), the Company shall issue you an additional award of restricted shares of Company common stock under the Plan in an amount such that, after giving effect to such additional issuance, you have been granted shares of common stock equal to 15% of the Company’s outstanding common stock on a fully-diluted basis upon closing of (and giving effect to) the Preferred Round. If the Preferred Round closes in multiple tranches (including tranches closed in the future, if initial closings of at least $3,000,000 occur by December, 2019), you will receive an additional award upon the closing of each tranche, in accordance with the foregoing. All shares of Company common stock granted to you shall be subject to repurchase and forfeiture as set forth in Restricted Stock Agreement, which shall provide that, subject to Section 6, the granted shares shall vest as follows: (i) 25% of the granted shares will vest on the three-month anniversary of the Commencement Date and (ii) thereafter, the remaining unvested shares will vest in equal quarterly installments over a three-year period, on the last day of each calendar quarter (i.e., March 31, June 30, September 30 and December 31), commencing on September 30, 2018; provided, that upon a Sale Event (as defined in the Plan) all your then-unvested shares (to the extent not previously forfeited) shall vest. For the avoidance of doubt, the Company and the Board have reviewed and understands and accepts your academic and work experience, as the same has been provided to the Company by you. Accordingly, and assuming the accuracy of your academic and work experience, the definition of “Cause”, as applicable to any termination of your employment by the Company (whether under the Plan, your Restricted Stock Agreement or otherwise) shall not include, and shall not be triggered by, the Company’s or the Board’s assertion or belief that you lack requisite experience for your position. In addition to the foregoing equity grant, you shall be eligible for additional grants of Company common stock or options to acquire Company common stock at such time and on such terms as determined by the Company’s board of directors. You shall also receive pre-emptive rights permitting you to preserve your vested equity position in the Company in the event of any additional issuances of Company common stock (or securities convertible into common stock), at a per-share price equal to then current fair market value, as reasonably determined by the Board in good faith.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!