Preferreds may be restrictive but have some flexiblility. They are usually convertible in to a certain percentage of the common stock, regardless of the number of shares issued and outstanding or any future R/S that may or may not ever happen. So in that case, I believe your are wrong. His percentage won't change like ours could. As Ceo he can also issue to himself more stock or options after an R/S as compensation for all his work if he chose to.
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