Redemption Program Sample Clauses
A Redemption Program clause outlines the terms under which participants can exchange or redeem accumulated points, credits, or rewards for goods, services, or other benefits. Typically, it specifies eligibility requirements, the process for redemption, and any limitations such as expiration dates or excluded items. This clause ensures that both parties understand how and when rewards can be claimed, thereby providing transparency and managing expectations regarding the use of the program.
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Redemption Program. Beginning on July 1, 2006, if a bargaining unit member has a level of corrective action for attendance as their most recent corrective action AND who goes a full 180 calendar days starting with the day after the last sick day equivalent without any lates, early outs, or sick days, misconduct or poor job performance that resulted in corrective action according to Article 8 (e.g., the employee works all assigned shifts without incident), will be eligible to remove the last two sick day equivalents and have the last formal corrective action for attendance removed. The redemption period (180 calendar days) will start over with the next sick day, lateness, early out or formal corrective action of any kind. Any approved non-FMLA leave of absence or any approved full time FMLA will extend the 180 calendar day timeframe equal to the amount of time on an approved non-FMLA leave / Full time FMLA. The request for redemption must be executed by the employee. Management is NOT responsible for tracking this program. Employees themselves are accountable. Any request to management will be reviewed 180 calendar days back from the date of the request. Examples but not to be considered an all-inclusive listing:
(1) An employee receives a coaching for five (5) sick day equivalents. They go 180 calendar days without any lates, early outs, sick days, misconduct or poor job performance. They do not take any full time leave of absence including full time FMLA. They can request from their manager that the last two sick day equivalents be removed AND the coaching be removed.
(2) An employee receives a ▇▇▇▇▇ ▇ ▇▇▇▇/▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ for code of conduct. They then receive a ▇▇▇▇▇ ▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ for five (5) sick day equivalents. They also receive a ▇▇▇▇▇ ▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ for code of conduct. They are deemed ineligible for the redemption program since their last corrective action is for code of conduct, not attendance.
(3) An employee receives a ▇▇▇▇▇ ▇ ▇▇▇▇/▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ for seven (7) sick day equivalents on January 1st. They then take an approved full time FMLA from March 1st through March 31st. Their 180 calendar day period begins on the first day after the sick day equivalent which triggered the discipline and is frozen as of the last day in February and then begins again on April 1st until August 1st.
Redemption Program. The Company has established a Redemption Program whereby any Class A or Class A-1 Member having owned its Class A or Class A-1 Membership Interests for at least one year may submit a request to the Company to redeem all or a portion of its Membership Interests. Any request for redemption of Membership Interests must be received by the Company no later than March 1st of the year in which redemption is sought. If the Company accepts such request, it will then have until September 1st of that year to redeem the Membership Interests at a redemption price not less than the proportionate share of 90% of the annual valuation of the Company based on a Member's Adjusted Capital Contribution. The Company will not redeem more than 3% of the Company's total Membership Interests under this program during any given year and has the right to limit any single Member to redemption equaling 1% of the Membership Interests in any one year. If requests for more than 3% are received in a given year, the Board will determine the order of any acceptance of requests. Furthermore, the Board shall be entitled to reject any one or more redemption requests received in order to comply with securities regulations and tax laws, retain the Company's taxable status as a partnership, and for any other reason in the discretion of the Board. The Redemption Program may be amended or suspended at any time by the Board.
Redemption Program. Unitholders may request that the Fund redeem Units through their financial advisor or directly with the Fund’s transfer agent, The Bank of New York Mellon. The procedures relating to the redemption of the Units are as follows: • The Redemption Program is expected to commence in the second quarter of 2026. • Certain broker-dealers require that their clients process redemptions through their broker-dealer, which may impact the time necessary to process such redemption request (a “Redemption Request”), impose more restrictive deadlines than described under the Redemption Program, impact the timing of a Unitholder receiving redemption proceeds or require different paperwork and/or a different process than described in this Redemption Program. Unitholders who hold their Units through a broker-dealer should contact their broker-dealer first if they want to request the redemption of their Units. • Under this Redemption Program, to the extent the General Partner opts to redeem Units in any particular calendar quarter, the General Partner will cause the Fund to redeem Units at the Redemption Price, subject to the Early Redemption Deduction (as defined below). o For each calendar quarter, a Unitholder may submit a Redemption Request and any required documentation beginning as of the opening of business on the first Business Day of the applicable calendar quarter and no later than 5:00 p.m. (Eastern Time) on the date which is 60 days prior to the applicable Redemption Date (the “Redemption Deadline” and such submission period, the “Redemption Window”). o Any redemption proceeds that are distributed to a Unitholder in connection with a redemption may be reduced by any tax withholding. o Each Unitholder whose Units (or portion thereof) have been accepted for redemption would continue to be a Unitholder of the Fund for such Units until the Redemption Date. o For the avoidance of doubt, a redeeming Unitholder will not be eligible to receive distributions declared after the Redemption Date. Additionally, all Units timely submitted for redemption and not withdrawn as of the Redemption Deadline shall be excluded as of the Redemption Date from the Fund’s NAV and such redeemed Units will not bear fees or expenses, including but not limited to the Management Fee, Incentive Allocation and Servicing Fees. • Redemption Requests timely received and processed by the Fund’s transfer agent will be effected at the Redemption Price, subject to any Early Redemption Deduction. o Settleme...
Redemption Program. Between the date of this Agreement and the earlier of the termination of this Agreement or the Effective Time, the Company shall continue the suspension of its Unit Redemption Program.