It's probably a lot less than even that because, having joined less than a year before exit, the strike price would be far from nothing. Having said that, you

It's probably a lot less than even that because, having joined less than a year before exit, the strike price would be far from nothing. Having said that, you can only say there's no advantage in retrospect. If it had become a $10B or $100B company, 1bp would be substantial. And if the exit was a stock swap then perhaps the potential is still there.