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 7 (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:
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. 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.
