Those numbers don't take into account vesting. Assuming vesting 25% per year with no acceleration on change of control, the exit must be around $38M for any ye

Those numbers don't take into account vesting. Assuming vesting 25% per year with no acceleration on change of control, the exit must be around $38M for any year 1-4. Assumning 20% equity dilution every year, the number goes up to $45M by year four.