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This is an intelligent backup plan from our smart and wiley CEO who is thinking ahead. I have heard, but cannot confirm, that these extra shares would possibly be of use in some way in thwarting a hostile takeover.

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In the case of a hostile takeover shares have been bought up by the opposition so they can swing anything coming to a vote, board seats, a buyout. You sell your remaining shares to allies, the Board or CEO at a nominal price with an absolute company buyback position at that price. Those shares controlled by allies can then nullify the votes of the opposition for any proposal.