Grant Conditions. The grant of the Restricted Shares is subject to the grant conditions set forth in Appendix A. The Restricted Shares will be issued only upon the satisfaction of the grant conditions set forth in Appendix A. If the grant conditions set forth in Appendix A are not satisfied as required in Appendix A, then this Award and the grant of the Restricted Shares shall lapse. Further, if the Grantee satisfies the grant conditions but prior to the end of the applicable Plan Year terminates employment with the Company this Award and the grant of the Restricted Shares shall lapse unless the Grantee:
(a) Separates from Service due to Retirement; or (b) terminates employment with the Company due to death or Disability, in which case the number of Restricted Shares issued hereunder shall equal the number of Restricted Shares otherwise issuable, multiplied by a fraction the numerator of which is the number of days the Grantee was actively employed during the Plan Year and the denominator is 365.
Grant Conditions. By accepting the Grant, Applicant specifically agrees to the following:
(a) Applicant attests that the Project has been approved by Applicant’s required officers, managers and/or employees.
(b) The Applicant shall provide the County with all final, fully signed documents outlined in paragraphs 4(a) and 4(b), above, and any agreements necessary to implement the Project.
(c) Applicant shall ensure the Project’s completion according to the terms of this Agreement including any documentation required in paragraph 4(a) and 4(b), above.
(d) Applicant shall notify the County in writing within 15 business days of (i) Applicant’s discovery of any breach of paragraph 4(a), above, (ii) any written notice by Applicant or a third party contractor of Applicant directly involved with the Project that may be responsible to implement or oversee the Project of any breach of paragraph 4(a), above; or (iii) any request for amendment of paragraph 4(a), above, by any party. Any material amendment to paragraph 4(a) shall require the County’s prior written approval, which approval shall not be unreasonably withheld, denied or delayed.
(e) Applicant shall maintain detailed files on the status of the Project, and make them available for review with reasonable advance, written notice to Applicant by the employees, representatives and/or independent contractors authorized by the County and identified by County notice to Applicant. The files will include, at least, any agreement in paragraph 4, above, and any amendments, any and all full monitoring reports, notices required by paragraph 5(d), status and resolution of compliance issues and any records of transfer of Owner’s interest.
Grant Conditions. (a) General terms and conditions of Grants shall include conformance to the plans, strategies, budgets, project specifications, architectural and engineering specifications, performance standards, and other criteria developed by the Government of the Republic of the Xxxxxxxx Islands and concurred with by the Committee.
(b) After consultation with the Government of the Republic of the Xxxxxxxx Islands, the Government of the United States may recommend that the Committee attach certain terms and conditions to an annual allocation to assist the Government of the Republic of the Xxxxxxxx Islands to achieve the goals of the Grant.
(c) Other special conditions or restrictions may be required by the Government of the United States during the course of the Grant year if it determines that the Government of the Republic of the Xxxxxxxx Islands or a Sub- Grantee has a history of unsatisfactory performance, is not financially stable, has not conformed to terms and conditions of previous awards, or is otherwise not responsible. Special conditions or restrictions may include:
(1) Payment on a reimbursement basis;
(2) Withholding authority to proceed to the next phase of the Grant until receipt of evidence of acceptable performance within a given period;
(3) Requiring additional, more frequent and/or detailed financial reports;
(4) Providing for additional project monitoring;
(5) Requiring the acquisition of technical or management assistance; and
Grant Conditions. The Administrator acting in its sole and absolute discretion may make the grant of Restricted Stock which is not Performance-Based Restricted Stock to a Grantee subject to the satisfaction of one, or more than one, objective employment, performance or other grant condition which the Administrator deems appropriate under the circumstances for Employees or Consultants generally or for a Grantee in particular, and the related Restricted Stock Agreement shall set forth each such condition and the deadline for satisfying each such grant condition.
Grant Conditions. The Administrator, acting in its sole and absolute discretion, may select from time to time Employees and Consultants to receive grants of Performance-Based Restricted Stock in such amounts as the Administrator may, in its sole and absolute discretion, determine, subject to any limitations provided in the Plan. The Administrator shall make each grant subject to the attainment of certain performance targets. The Administrator shall determine the performance targets which will be applied with respect to each grant of Performance-Based Restricted Stock at the time of grant, but in no event later than 90 days after the commencement of the period of service to which the performance targets relate. The performance criteria applicable to Performance-Based Restricted Stock grants will be one or more of the following criteria: (i) Common Stock price; (ii) average annual growth in earnings per share; (iii) increase in shareholder value; (iv) earnings per share; (v) net income; (vi) return on assets; (vii) return on shareholders’ equity; (viii) increase in cash flow; (ix) operating profit or operating margins; (x) revenue growth of the Company; and (xi) operating expenses. The related Restricted Stock Agreement shall set forth the applicable performance criteria and the deadline for satisfying the performance criteria.
Grant Conditions. (a) Subject to and upon the closing of the Acquisition of the Assets, the Company will issue to Consultant Options (the “Initial Options”) to purchase Five Hundred Thousand (500,000) restricted shares of the Company’s common stock.
(b) If the Assets as implemented by the Company are able to process at least 150,000 transactions by December 31, 2013, the Company shall thereafter promptly issue to Consultant additional Options (the “Additional Options”) to acquire Five Hundred Thousand (500,000) restricted shares of its common stock. This clause survives the termination of the Consulting Agreement such that the Company will remain obligated to issue to Consultant the Additional Options if and when the Company meets the transaction generation test set forth in the first sentence of this subsection.
Grant Conditions a. The obligation of PFDR to make the Equity Grant pursuant to this Equity Grant Agreement is subject to the following conditions:
(i) PFDR’s listing application with The Nasdaq Stock Market (“Nasdaq”) in connection with the transactions contemplated by this Equity Grant Agreement shall have been conditionally approved and, immediately following the consummation of the Transaction, PFDR’s common stock shall have been approved for issuance on Nasdaq, subject only to official notice of issuance thereof and no suspension of the qualification of the Shares for offering or trading in any jurisdiction, or initiation or written threat of any proceedings for any of such purposes, shall have occurred and be continuing;
(ii) the Grantee shall have fully funded the VLN Commitment, subject to the terms of the Note Purchase Agreement;
(iii) the Grantee or its affiliates shall have acquired $75 million of (i) PFDR’s Class A ordinary shares pursuant to the Tender Offer, (ii) common stock of PFDR (after the Domestication) pursuant to the Private Placement or (iii) a combination thereof; and
(iv) the Closing shall have been consummated.
Grant Conditions. (a) General terms and conditions of Grants shall include conformance to the plans, strategies, budgets, project specifications, architectural and engineering specifications, performance standards, and other criteria developed by the Government of the Federated States of Micronesia and concurred with by the Committee.
(b) After consultation with the Government of the Federated States of Micronesia, the Government of the United States may recommend that the Committee attach certain terms and conditions to an annual allocation to assist the Government of the Federated States of Micronesia to achieve the goals of the Grant.
(c) Other special conditions or restrictions may be required by the Government of the United States during the course of the Grant year if it determines that the Government of the Federated States of Micronesia or a Sub-Grantee has a history of unsatisfactory performance, is not financially stable, has not conformed to terms and conditions of previous awards, or is otherwise not responsible. Special conditions or restrictions may include:
(1) Payment on a reimbursement basis;
(2) Withholding authority to proceed to the next phase of the Grant until receipt of evidence of acceptable performance within a given period;
(3) Requiring additional, more frequent and/or detailed financial reports;
(4) Providing for additional project monitoring;
(5) Requiring the acquisition of technical or management assistance; and
Grant Conditions. 3.1 Upon being so requested by DET at any time, CHPC shall supply to DET without delay written evidence that all approvals, permissions, consents and funding for the Project as referred to in Clause 2 have been obtained.
3.2 CHPC shall at least 7 days in advance inform DET of the date upon which it is proposed that any works comprised in the Project will be commenced and the anticipated period of those works and shall permit DET by its authorised representatives at all reasonable times to inspect the works during their continuance and at their completion.
3.3 CHPC shall not commence any works comprised in the Project unless it shall be satisfied that sufficient funding and other resources are available to it and will remain available to enable those works to be completed in their entirety within a reasonable period and without undue disruption in the progress of the works.
3.4 DET shall be relieved of any obligation to make payment of the Grant at any time the Project ceases to be compliant expenditure within the approved objects under the Regulations (as the same may be amended from time to time).
3.5 The Grant will only be paid in respect of any works undertaken after the date of this Agreement. In relation to works carried out by third parties the Grant will only be paid if those works are undertaken:
(a) In accordance with contractual arrangements confirmed as acceptable to DET by it, or
(b) Following orders from CHPC after considering at least three written quotations for all items of £500 or above or competitive tenders for any items above £10,000, and placed with the third party submitting the lowest quotation or estimate, unless there is a particular and relevant reason why another quotation or estimate should be preferred.
3.6 The claim for payment of the Grant in respect of the Project Works shall be made in arrears, on the submission of invoices by CHPC, and shall be made in respect of expenditure incurred by CHPC in procuring the Project Works. The Grant does not cover any element of VAT charged to CHPC and recoverable by it.
3.7 The Project costs shall be certified to be true and correct in all material aspects by an authorised officer of CHPC within 21 days of completion of the Project.
3.8 Subject to DET being satisfied (i) that the third party contribution of £3,344.05 has been received by Tarmac Limited (Note – the third party contribution is 10 % of the net grant (£30,000), plus the DET admin fee (£2,250) and ENTRUST levy (£1,190.48) paid...
Grant Conditions. 3.1. The DfE grant (Appendix 3) invokes a clawback ‘where an asset funded wholly/partially by the DfE is disposed of or the asset is no longer used to meet the aims and objectives consistent with the Early Years Capital Grant Programme. Where the asset is valued at the same level or less than the initial grant contributed, DfE would expect the clawback amount to be the full market value obtained from the disposal of the asset, proportionate to the level of DfE’s contribution to the original costs of the asset concerned. The only exception is where specific consent is obtained from DfE for the clawback to be waived or deferred prior to the disposal. .
3.2. As the building is leased to the Trust they could become liable for repayment of the grant in these circumstances. The trustees feel that this risk should be borne by the Playgroup but if the Playgroup cease to exist, then DCC are relying on the value of the works to recoup the grant. This means that they could pursue the Trust as the tenants of the building for the value of the improvements. The trustees of the Playgroup are all volunteers and concerned about their individual liability, so are not prepared to take this risk. Ultimately, DCC could also pursue the Council as the owner of the building.
3.3. DCC has said that should the preschool fail during the next 20 years, they would work with the Trustees of the Mudeford Wood Community Trust to find an alternative operator and in those circumstances the grant would not need to be repaid. They cannot, however, guarantee that they would be able to find an alternative provider.
3.4. As the building and the new extension would ultimately benefit the Council at the end of the current lease, it is suggested that the Council could take on the risk associated with the potential failure to find an alternative provider of early years’ activities on the site.
3.5. The grant was originally awarded on the condition that the new places would be provided from September 2017 but the delay in resolving the above requirements has meant that the new target date is early November 2017. Any further delay could jeopardise the grant meaning that the new facilities will not be built at all.
