Payout Schedule
Referenced by the Steward, Node, and Courier Terms of Service
Contents
What this document is
This schedule sets out when Enrollment Windows open and close, when each party is paid, and how each amount is calculated. It forms part of the Steward Terms of Service and the Node Terms of Service. Where it conflicts with either on a matter it specifically governs, this schedule controls.
1 Enrollment Windows
Quarter, Half, and Full Shares are sold during four month-long Enrollment Windows. Mini Shares are sold year-round and are attributed to the next Window to close.
| Window | Opens | Closes | Payment period |
|---|---|---|---|
| Spring | March 1 | March 31 | April 1–15 |
| Summer | June 1 | June 30 | July 1–15 |
| Fall | September 1 | September 30 | October 1–15 |
| Winter | December 1 | December 31 | January 1–15 |
Payment is issued at some point within the stated period. A fifteen-day period absorbs weekends and public holidays.
2 The split
The Member price includes a fee of twenty-eight percent (28%), deducted before remittance.
| Party | Share of Member price | Illustration on $100.00 |
|---|---|---|
| Steward | 72% | $72.00 |
| Node | 14% | $14.00 |
| Platform | 14% | $14.00 |
| Courier | paid by the Node | — |
The allocation between the Platform and the Node may change on sixty (60) days’ notice. It never changes the Steward’s seventy-two percent (72%).
3 The Steward
3.1 Standard schedule
Compensation attributable to a Window is paid in three installments across three consecutive payment periods.
| Installment | Share | When |
|---|---|---|
| First | 40% | the payment period following the Window |
| Second | 30% | the next payment period |
| Third | 30% | the payment period after that |
3.2 Small cohorts
Where a Steward’s total compensation for a Cohort is one thousand dollars ($1,000.00) or less, it is paid in a single installment in the first payment period rather than in three. The test is applied once, to the Cohort total, at the close of the Window.
3.3 Worked example
A Steward with $10,000 of compensation attributable to the September Window:
| Payment period | Amount | Cumulative |
|---|---|---|
| October 1–15 | $4,000 | 40% |
| January 1–15 | $3,000 | 70% |
| April 1–15 | $3,000 | 100% |
From the third Window onward, each payment period carries up to three concurrent installment layers, so each payment approximates one Window’s sales.
3.4 Overlap
| Payment period | Carries |
|---|---|
| First | 40% of Window 1 |
| Second | 30% of Window 1 + 40% of Window 2 |
| Third | 30% of Window 1 + 30% of Window 2 + 40% of Window 3 |
| Fourth onward | the same three layers, rolling forward |
4 The Node
4.1 Schedule
The Node is paid its fourteen percent (14%) in full in the payment period following the close of each Window. It is not paid in installments.
A Node performs continuously and incurs its costs monthly. The installment schedule that applies to a Steward does not apply to a Node.
4.2 What it is calculated on
Fourteen percent (14%) of the Member price of every Share sold against a listing the Node serves, including Mini Shares attributed to that Window.
4.3 No withholding
The Node’s share is not withheld on account of Member claiming behavior, unclaimed Dividends, cancellations, or a Steward’s failure to deliver.
5 The Platform
The Platform’s fourteen percent (14%) is retained at the point of collection and is not remitted. It funds the software, card processing, and Member support.
6 The Courier
A Courier is paid by the Node that offered the run, at rates the two agree, on the Node’s own schedule. The Platform does not collect or remit Courier payment, and this schedule does not govern it.
7 Method and statements
Payment is made by ACH transfer or check. Each payment is accompanied by a statement identifying the Shares sold, the amount due, and the balance outstanding.
Any installment more than ten (10) business days overdue accrues interest at one percent (1%) per month. Interest does not accrue on an installment suspended under the Steward Terms.
8 Changes to this schedule
Windows, payment periods, the installment percentages, and the small-cohort threshold may be revised only on sixty (60) days’ prior written notice. No revision applies to a Window already open.
Summary
Four Windows a year. Payment in the first fifteen days of the following month. The Steward is paid 40/30/30, or in full where a Cohort is $1,000 or less. The Node is paid in full each Window. The Platform retains its share at collection. The Courier is paid by the Node.