Box CEO and founder Aaron Levie

FORTUNE — When Box filed its IPO registration papers yesterday, there were several stories about how company co-founder and CEO Aaron Levie only owns 4.1% of the company. But they’re all off by around 36%.

Here’s why people think Levie holds a 4.1% stake (click to enlarge):


Seems pretty straightforward. The only problem is that the 4.1% does not include all of the 2.6 million unexercised stock options Levie currently holds. Instead, it only includes around 1.16 million that are exercisable within 60 days of Feb. 28.

If you add in the other shares, Levie’s stake actually would rise to just under 5.7%. It may not look like much, but it likely will translate into tens of millions of extra dollars for Levie.

It also is worth noting that Levie sold some stock as part of the company’s Series D-1 (Sept. 2011) and Series E (Oct. 2012) rounds of private funding, as did company president Dan Levin and CFO Dylan Smith. No breakdown was provided, but the two secondary sales netted a total of $11.01 million.

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