Owner's Units become cash in Founder-declared windows.
There is no immediate-cash election. Vested Owner's Units are converted to cash only during redemption windows the Founder opens, at the recorded unit value, and within a stated aggregate cash cap.
Declare, request, decide, pay.
The Founder opens an annual redemption window with a stated cash cap, current unit value, and window open/close dates.
During the window, participants request redemption against their vested Owner's Units. Only vested units are eligible.
The Founder approves, partially approves, or declines requests, subject to the window's cash cap and program rules.
On payment, cash is disbursed and the corresponding units are debited from the participant's balance oldest-grant-first, with matching ledger entries.
One participant, one window.
Vested Owner's Units.
Recorded unit value at window declaration: $1.10. Maximum notional redeemable: $44,000.
Participant submits.
Requested amount at $1.10 = $22,000. The request is queued for the Founder's decision within the window.
Approved and paid.
20,000 units are debited oldest-grant-first. Ledger entries for the cash payout and unit debit are posted in one transaction.
Every window runs through the same controls.
- Only vested Owner's Units are eligible. Unvested units are ineligible.
- Windows are declared by the Founder with a stated aggregate cash cap.
- Approved requests are constrained by the window's remaining cap.
- On payment, units are debited from the participant's oldest grant first.
- All requests, decisions, and payments post to the immutable ledger.
- Outside of declared windows, there is no path to convert units to cash.
Redemption windows, unit values, and cash caps are illustrative descriptions of current Owner's Circle 2.0 mechanics.
Owner's Units are a contractual participation instrument. They are not stock, equity, RSUs, or stock options.
All redemption requests, decisions, and payments are governed by the applicable program documents.