Redeem (verb)

1. To buy back something that has been pledged as security, especially a pawned item.
2. To make up for past mistakes or wrongs by doing something better or more acceptable.

Origin:

Middle english: from old french redimer, from latin redimere 'buy back', from re- 'back' + emere 'buy'.

Examples:

1. He redeemed his family's honor by serving in the military.
2. She redeemed herself in the eyes of her colleagues by admitting her mistake and taking steps to correct it.
3. The company offered the chance to redeem their stock options.
4. He redeemed the voucher for a free meal at the restaurant.
5. She redeemed the prize by presenting the winning ticket at the counter.