Appointment to succession committee

(1) Subject to the provisions of an operating agreement, a manager may, in the exercise of his sole and exclusive discretion, elect to appoint one or more members of the limited liability company to a succession committee for the purpose of preparing members who are not managers of the company to succeed the manager at some date in the future upon the occurrence of certain events. (2) The rights and obligations imposed upon a member of the succession committee are personal to such members. Unless otherwise provided in the operating agreement of the company, the transferee or assignee of an interest held by a member acquires no rights in the member’s status as a member of the succession committee. Unless otherwise provided in the operating agreement or the rules promulgated by the Committee, the obligation of a member to serve on the succession committee shall survive the voluntary or involuntary transfer of the member’s interest. (3) A member shall decline or accept to serve on a succession committee in writing. (4) Once a member accepts, in writing, the obligation to serve on a membership committee, such member may not withdraw from the succession committee except as provided in the operating agreement.