Removal or Replacement of a Manager. Any Manager, as selected by the Initial Member, may only be removed or replaced (i) without “Cause” at any time by a majority of the Board or (ii) for “Cause” and only upon the approval of Voting Members holdings at least two-thirds of the Voting Shares. For purposes herein, “Cause” shall mean:
Appears in 98 contracts
Samples: Limited Liability Company Operating Agreement (Masterworks 032, LLC), Limited Liability Company Operating Agreement (Masterworks 103, LLC), Limited Liability Company Operating Agreement (Masterworks 105, LLC)
Removal or Replacement of a Manager. Any Manager, as selected by the Initial Member, may only be removed or replaced (i) without “Cause” at any time by a majority of the Board of Managers or (ii) for “Cause” and only upon the approval of Voting Members holdings at least two-thirds of the Voting Shares. For purposes herein, “Cause” shall mean:
Appears in 52 contracts
Samples: Limited Liability Company Operating Agreement (Masterworks 014, LLC), Limited Liability Company Operating Agreement (Masterworks 025, LLC), Limited Liability Company Operating Agreement (Masterworks 016, LLC)
Removal or Replacement of a Manager. Any Manager, as selected by the Initial Member, may only be removed or replaced (i) without “Cause” at any time by a majority of the Board or (ii) for “Cause” and only upon the approval of Voting Members holdings at least two-thirds of the Voting SharesShares entitled to vote. For purposes herein, “Cause” shall mean:
Appears in 3 contracts
Samples: Limited Liability Company Operating Agreement (Masterworks Collection 001, LLC), Limited Liability Company Operating Agreement (Masterworks Collection 001, LLC), Limited Liability Company Operating Agreement (Masterworks Collection 001, LLC)
Removal or Replacement of a Manager. Any Manager, as selected by the Initial Member, may only be removed or replaced (i) without “Cause” at any time by a majority of the Board Manager or (ii) for “Cause” and only upon the approval of Voting Members holdings at least two-thirds of the Voting Shares. For purposes herein, “Cause” shall mean:
Appears in 1 contract
Samples: Individual Series Limited Liability Company Agreement (Freeport Holdings Series LLC)
Removal or Replacement of a Manager. Any Manager, as selected by the Initial Member, may only be removed or replaced (i) without “Cause” at any time by a majority of the Board Masterworks Gallery, LLC or (ii) for “Cause” and only upon the approval of Voting Members holdings at least two-thirds of the Voting Shares. For purposes herein, “Cause” shall mean:
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Masterworks 001, LLC)
