The fact that something is not clearly illegal, never stopped shareholders and their lawyers to file lawsuits. The company has to avoid any shade of suspicion for "rip off" to avoid lawsuits. There is a battery of law firms just waiting for any appearance of a slip up.
I do not think that Mr. Z wants to push the envelope and find out the hard way where the boundary is.

The $57M was for his selling the patent portfolio to VSH. Separate from that he is working for the company and drawing a handsome salary for that work. I agree that a Technical Director in his 80s sounds ridiculous. However a law firm would be scared to sue him for that since this would smack of age discrimination and nobody wants to appear to discriminate over anything.
PS: VSH technologically is sound. Maybe despite Mr. Z or maybe he is not such a bad technology guy. sic!