=+5. A company issues 1 000 000 shares at €1 of which 200 000 are for the founders and 800 000 are for the investors. The investors grant the founders call options with an exercise price of €1 on a third of their stake, if the IRR obtained when they sell their shares is between 25% and 30%, on half of their stake if the IRR is between 30% and 35% and on two-thirds if it is higher than 35%. After five years, the investors have the opportunity to sell their shares for €3.7.