I’m not sure they could though. They could probably waive his ability to pledge the stock as collateral, but not sale. Ultimately, the board has a fiduciary duty to the shareholders and I’m not sure there’s a conceivable reason they could come up with that’s in the shareholders interest. Power to do it, sure, but they’re going to be defendants in a shareholder derivative suit.
I’m not sure they could though. They could probably waive his ability to pledge the stock as collateral, but not sale. Ultimately, the board has a fiduciary duty to the shareholders and I’m not sure there’s a conceivable reason they could come up with that’s in the shareholders interest. Power to do it, sure, but they’re going to be defendants in a shareholder derivative suit.