[underyx]

This also applies for options exercised before the company reaches $50M in assets. And then the gain from a valuation from $50M to say $1B is all excluded.

[jusob]

Not just exercised, but bought before the company reaches $50M in assets.

[intuitionist]

IANAL but I believe the option has to be exercised before the company reaches $50M in assets—that’s when you buy the stock.

[jiveturkey]

just exercised