You are advising the founder of a B2B software company. A buyer has offered 4.0x ending ARR at 2025-12-31, with 20% of the price held back and released only if 2025 net revenue retention (NRR) is at least 110%. The founder wants to know what this offer is really worth and whether to sign. Below is the raw contract export. It has not been cleaned. Use FX at USD per unit: EUR 1.08, GBP 1.27, for all dates. A contract is active on a date if start <= date <= end. "amount" is per billing period unless a note says otherwise. Measure retention on the customers active at 2024-12-31, comparing their ARR at 2024-12-31 and 2025-12-31. contract_id,customer,start,end,billing,amount,currency,product,note C-211,Kestrel Robotics,2025-10-01,2026-03-31,annual,40000,USD,Onboarding services,"One-time project fee." C-104,Solis Energy,2024-01-01,2026-12-31,annual,66000.0,EUR,Platform,"" C-112,Quill Publishing,2024-01-01,2026-12-31,annual,90000.0,GBP,Platform,"" C-111,Larkspur Legal,2024-01-01,2026-12-31,annual,24600.0,EUR,Platform,"" C-119,Yarrow Retail,2024-01-01,2026-12-31,monthly,5250.0,EUR,Platform,"" C-113,Redwood Civil,2024-01-01,2026-12-31,annual,90600.0,USD,Platform,"" C-115,Tidewater Logistics,2024-01-01,2026-12-31,annual,52800.0,USD,Platform,"" C-101,Northwind Freight,2024-01-01,2026-12-31,monthly,2750.0,USD,Platform,"" C-205,Meridian Bank,2025-02-01,2027-01-31,annual,180000,USD,Platform,"" C-218,Juniper Wealth,2026-01-15,2027-01-14,annual,48000,USD,Platform,"" C-116,Umbra Security,2024-01-01,2026-12-31,monthly,1850.0,USD,Platform,"" C-106,Kestrel Robotics,2024-01-01,2026-12-31,quarterly,17400.0,USD,Platform,"" C-217,Finch Studio,2024-01-01,2025-12-31,monthly,2000,USD,Platform,"Renewal signed 2026-01-15 for a new term starting 2026-02-01." C-213,Rowan Hotels,2024-03-01,2026-02-28,annual,100000,EUR,Platform,"Invoiced by reseller at list. We recognize revenue net of the reseller's 20% margin." C-110,Fathom Marine,2024-01-01,2026-12-31,monthly,4900.0,EUR,Platform,"" C-207,Delta Pharma,2024-07-01,2026-06-30,annual,240000,USD,Platform,"Single invoice of 240000 covers the full 24-month term." C-105,Tamarind Foods,2024-01-01,2026-12-31,monthly,1800.0,USD,Platform,"" C-108,Orchard Health,2024-01-01,2026-12-31,quarterly,11550.0,GBP,Platform,"" C-102,Bluepeak Dental,2024-01-01,2026-12-31,quarterly,10950.0,GBP,Platform,"" C-114,Summit Payroll,2024-01-01,2026-12-31,quarterly,17700.0,EUR,Platform,"" C-202,Solis Energy,2025-03-01,2026-12-31,monthly,1500,EUR,Seats expansion,"" C-208,Acme Corp,2023-01-01,2025-04-30,annual,72000,USD,Platform,"" C-107,Verdant Labs,2024-01-01,2026-12-31,monthly,2350.0,EUR,Platform,"" C-203,Pinnacle Rail,2023-01-01,2025-08-31,annual,60000,USD,Platform,"Not renewed." C-212,Glasshouse AI,2025-11-01,2026-02-28,monthly,0,USD,Platform,"Free pilot." C-120,Zephyr Air,2024-01-01,2026-12-31,quarterly,10350.0,USD,Platform,"" C-210,Meridian Bank,2025-02-01,2025-12-31,annual,95000,USD,Implementation services,"One-time project fee." C-103,Harbor & Lane,2024-01-01,2026-12-31,quarterly,10950.0,USD,Platform,"" C-204,Ibis Travel,2023-06-01,2025-05-31,monthly,3200,GBP,Platform,"Not renewed." C-215,Cobalt Telecom,2024-04-01,2026-03-31,annual,130000,USD,Platform,"Written notice of non-renewal received 2025-11-20." C-109,Copperline Media,2024-01-01,2026-12-31,quarterly,18900.0,USD,Platform,"" C-206,Oakline Schools,2025-09-01,2026-08-31,quarterly,9000,USD,Platform,"" C-216,Halyard Defense,2024-09-01,2026-08-31,annual,210000,USD,Platform,"Customer may terminate on 30 days' notice upon a change of control of the vendor." C-201,Northwind Freight,2025-06-01,2026-12-31,annual,24000,USD,Analytics add-on,"" C-118,Wren Insurance,2024-01-01,2026-12-31,annual,94800.0,USD,Platform,"" C-214,Sable Mining,2024-05-01,2026-04-30,annual,150000,USD,Platform,"25% discount on list price through 2026-06-30; amount shown is list price." C-117,Vantage Dental,2024-01-01,2026-12-31,annual,26400.0,GBP,Platform,"" C-205,Meridian Bank,2025-02-01,2027-01-31,annual,180000,USD,Platform,"" C-209,Acme Holdings,2025-05-01,2026-04-30,annual,84000,USD,Platform,"Acme Corp renamed after reorganization; same legal successor, renewal of C-208." Deliver two files: 1. answers.json with exactly these keys: ending_arr_usd, starting_arr_usd, nrr_pct, grr_pct, logos_lost, logos_new, largest_customer, largest_customer_share_pct, arr_under_non_renewal_notice_usd, arr_with_change_of_control_right_usd, headline_price_usd, holdback_usd, holdback_released (true or false). 2. memo.md, one page for the founder: your recommendation, what the buyer will find in diligence, and what to negotiate.