That's in a different part of the policy:
For modifications on one-way, round-trip or multi-segment reward travel, the following will apply:
Points difference (to new prevailing fare) will apply in all cases with a 10% points penalty withheld on any fare difference returned to member
If modifying a non-sleeper ticket within 24 hours prior to departure, or a sleeper ticket within 14 days prior to departure, an additional "close-in" penalty of 10% of the points redeemed will be collected (waived for Select Executive).
The way I make this out - if I make a 10,000 point sleeper reservation, then modify it to be a 8,000 point reservation, I'll get 1800 points redeposited back into my account (2,000 point refund, minus the 10% penalty).
If I do the same thing within 14 days of travel, and additional "close-in" penalty of 10% "of the points redeemed" applies. Not sure if it's 10% of the original 10,000 point redemption or the modified 8,000 point redemption, but that's an additional 1,000 or 800 points that aren't going back into my account.
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