The Delaware Court of Chancery, in Harley V. Franco v. Avalon Freight Services, LLC, et al., C.A. No. 2020-0608-MTZ, order (Del. Ch. Dec. 8, 2020), rules that an LLC Agreement provision stating that a tie-breaking board member be “be mutually agreed upon and appointed” by LLC co-owners does not require both owners’ continuing agreement to that board member’s service.
Farrell Fritz discusses the decision in It Takes Two to Remove a Tiebreaker.