> the company would have to go out and hire a new CEO and that new CEO would get an equity grant that would be between 2.5% and 7.5% of the Company, depending on the value of the business.

If this is true, it’s much better to come in as replacement CEO than to be a founder. After four years and multiple rounds of financing much of the risk has been mitigated. Additionally, no incoming CEO is working in their garage and mortgaging their house.