I've had a left M540 pedal seize up earlier this year. First one for me. I dismantled it and attempted to service it, but it wouldn't run smooth again. There was too much damage at one end of the spindle/axle/shaft, ( delete as necessary).
m-540s are an almost perfect pedal for me, just depending on having nice stiff shoes so that you don't feel the pedal through the sole, like all SPDs. Also, they're only 40 odd quid most of the time online if you comparison shop a bit.
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