It's worth noting that advertising is not free: 5% equity or 2% royalty goes to Shark Tank just for appearing. See the last page of http://a.abc.com/media/primetime/sharktank/SharkTank3OpenCal...
That said, I think if you were really going to go through with that plan you'd probably want to try to find out how often the option has actually been exercised. It may not even be entirely enforceable.