Estimate the value of the ESOPs offered by the start-up to Venu under the following assumptions:

a. The probability that Venu will remain employed with the start-up after one, to, three, and four years to be eligible for the ESOP vesting would be 80%, 60%, 40%, and 20%, respectively.

b. There would be opportunities to liquidate the ESOPs after two years and after four years. Venu would utilise them by exercising the ESOPs shortly ahead of the liquidity event.

c. The current value of the start-up was Rs 1,080 per share on a fully diluted basis.