This is a template for a membership interest redemption agreement that is a short form agreement that sets forth the terms and conditions by which a member of a limited liability company will sell its membership interest back to the company. This template includes practical guidance, drafting notes, and alternate clauses. In the case of a redemption where the membership units will be acquired by the company itself and no new member issue is contemplated, typically, there would be no requirement that all members approve the contemplated transfer. Notwithstanding the foregoing, counsel should always review the company's operating agreement to ascertain what, if any, approvals or thresholds must be met in order to redeem a member's interest. For more information on limited liability companies generally, see Limited Liability Companies, and for a template membership interest purchase agreement, see Membership Interest Purchase Agreement (LLC).