"Other times, companies do this to provide a "bonus" to incentive compensation plans for employees"

"Another motive for stock repurchase is to protect the company against a takeover threat."

These are quotes from your link. I can see how the board could still help themselves with a buy back of shares. And I can see how they can keep someone else from taking over their gravy train. I wouldn't have a problem with the board rewarding themselves if the share price was higher (make their pay subject to stock appreciation). I wouldn't have a problem with protecting shareholders from a takeover if the takeover was going to rob the shareholders of the shareholders gravy train. Currently their is no gravy train for shareholders. Perhaps a takeover at a premium would have shareholders flying high!