“Could it have anything to do with another entity that may be trying to partner or maybe buyout the company?”

Was probably brought on by our own shareholders.

 I think they have heard so much rant about ousting BG and BOD that they came up with this to protect themselves from the inside not outsiders. Like it or not they are taking steps to keep the “pitchfork” mob that’s been threatening the coup. They have no idea how many people or shares would vote them out so they’re fixing that.   But i don’t see how they can vote this in for themselves without  all of the stockholders voting on it. Doesn’t seem legal.