"FWIW I see no connection between Swartz selling (or no longer selling) and the termination of the agreement for his M&A approval."

I agree. And I don't see where the "Swartz M&A approval" thing is even a real issue. Read that portion of the agreement again. It's only under specific circumstances that he gets a say. What's the likelihood of one of those specific circumstances occurring? Pretty slim, IMO. And if one did arise (e.g., all BoD can't agree), they'd probably scratch the plan before approaching Swartz.

JMHOs,

SGE