Free Membership Interest Redemption Agreement Template
Membership Interest Redemption Agreement
This Membership Interest Redemption Agreement (the "Agreement") is made and entered into as of the 1st day of December, 2050, by and between:
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[Your Company Name], a company organized and existing under the laws of the State of Ohio, with its principal office located at [Your Company Address] ("Company"), and
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GazeGuru, a company organized and existing under the laws of the State of Ohio, with its principal office located at Columbus, OH 43215 ("Redeemer").
Both parties hereby agree to the terms and conditions set forth in this Membership Interest Redemption Agreement.
I. REDEMPTION OF MEMBERSHIP INTEREST
1.1 Redemption Agreement
The Company agrees to redeem, and the Redeemer agrees to tender, the Membership Interests in [Your Company Name] as detailed below. The Company shall redeem 500 shares, representing 10% of the total ownership in the company, from the Redeemer.
1.2 Effective Date of Redemption
The Membership Interests shall be redeemed on January 1, 2050 (the "Effective Date").
II. REDEMPTION PRICE AND PAYMENT TERMS
2.1 Redemption Price
In consideration for the redemption of the Membership Interests, the Company agrees to pay the Redeemer a total of $300,000, payable in full on or before the Effective Date.
2.2 Payment Method
The Company shall remit the full redemption price of $300,000 by bank wire transfer to the Redeemer’s designated account, as provided by the Redeemer.
III. REPRESENTATIONS AND WARRANTIES
3.1 Company's Representations
The Company represents and warrants to the Redeemer that:
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The Company has full legal authority to redeem the Membership Interests as described herein.
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The Membership Interests to be redeemed are free from any encumbrances or third-party claims.
3.2 Redeemer's Representations
The Redeemer represents and warrants to the Company that:
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The Redeemer has full authority to tender the Membership Interests for redemption.
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The Redeemer understands and accepts the terms of this Agreement and has completed all necessary due diligence.
IV. CLOSING AND DELIVERY
4.1 Closing Date
The closing of the redemption shall occur on January 1, 2050, at the office of the Company or at another mutually agreed-upon location.
4.2 Delivery of Interests
Upon execution of this Agreement and payment of the Redemption Price, the Redeemer shall deliver the necessary documents to effectuate the redemption of the Membership Interests to the Company.
V. GOVERNING LAW
5.1 Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Ohio, without regard to its conflict of law principles.
VI. SIGNATORY
6.1 Company's Signatory
[Your Name], as the authorized signatory of [Your Company Name], affirms and agrees to the terms of this Membership Interest Redemption Agreement.
Date: December 13, 2050
Authorized Signatory: [Your Name]
Title: Chief Legal Officer
6.2 Redeemer's Signatory
Jean Harris, as the authorized signatory of GazeGuru, affirms and agrees to the terms of this Membership Interest Redemption Agreement.
Date: December 13, 2050
Authorized Signatory: Jean Harris
Title: Chief Executive Officer
For any questions or clarifications, please reach out to [Your Name] at [Your Email].
