Membership Changes. If a member has not been a member during a full fiscal year of the company, or if the number of ownership shares held by a member changes during a fiscal year, the net profit or net loss for the year will be allocated to the members based on their pro rata shares, as defined in IRC § 1377(a). But if any member’s interest in the company is terminated during a fiscal year, the company may elect to treat the company as having two taxable years—one ending on the date the member’s interest is terminated and the other ending on the last day of the company’s fiscal year. In this case, the net profit or loss for each taxable year will be allocated only between those who were members during that taxable year. This election is available under IRC § 1377(a)(2) and requires the consent of the member whose interest is terminated as well as that of the company and other members.
Membership Changes. Members may change their membership type up to two times per twelve month agreement. A $25 change fee will be charged for this service.
Membership Changes. Each Party may replace one or more of its representatives on any Committee from time-to-time, subject only to such replacement(s) having appropriate qualifications in accordance with Section 9.3.1, in the sole discretion of such Party. A Party wishing to replace a committee member shall notify the other Party by written notice in [*****] Certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed. Redacted information is indicated by brackets. EXECUTION COPY accordance with Section 16.3 of the name of the departing member and the name and title of the replacement, together with a brief summary of such replacement’s credentials and background relevant to the applicable Committee.
Membership Changes. Membership packages can be changed or transferred to another person with terms and conditions subject to the discretion and approval of management.
