advance the Trust's phase-in
Where the Long-Term Benefit Trust binds the board but not the CEO inner circle Formal design: a ladder of rising board-facing barriers (PBC latitude, Class T power, phase-in, protective notice, rising supermajority failsafe) next to an ungated CEO inner-counsel conduit. Formal design only; enforcement unproven. Long-Term Benefit Trust — Class T stock Delaware PBC weighs public benefit vs returns PBC status alone creates no accountability Class T stock elects & removes board seats phase-in time & funding milestones board majority failsafe amendments supermajority to alter the Trust rises with phase-in protective provisions trust notified of material actions net effect concentrated control diluted over time the board bound by elect & removal CEO's inner circle personal counsel no election no notice no supermajority personal counsel lands ungoverned ladder supervises the board — the inner-counsel pipe supervises no one engineered around, never for — formal design, enforcement unproven