EBV is considering a $5M Series A investment in Newco. \ The founders and employees of Newco have claims on 10M shares of common (including the stock pool). \ EBV is considering PCP with participation as if 5M shares of common.\ This structure has mandatory conversion upon a QPO, where a QPO is any offering of at least $5 per common share and $15M of proceeds. \ For the purpose of solving this problem, assume that any exit above $5 per share will qualify as a QPO (i.e., acquisitions for at least $5 per common share would also be considered to be QPOs).