Yeah, but their investment is a lump sum, while you can get out at any time. I do get what you mean, I'm just setting a sort of baseline standard, that you're off by 15% on way or the other doesn't really matter, it's about that you're getting an offer that's in the ballpark of being fair.

I don't think that the option greeks are very relevant, especially not in public companies as they have very different dynamics.