Yup, that's it. And it is important that it works, as you can see. Try working it up and down with your finger to see if you can loosen it. Put a tiny bit of silicone or Teflon lube down around the shaft, and work it some more. It is unlikely that this will work, but it is worth a try. Fortunately it is not hard to replace, and you really ought to do so.
Bill
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