Companies

Significant, widespread policy reforms across Europe are achieved, leading to a highly favorable environment for employee stock options. However, this does not translate to direct equity upside in 'Not Optional' itself, as it is an advocacy initiative.

Continued incremental reforms in several key European countries improve employee stock option conditions, maintaining 'Not Optional's' influence. No direct equity upside in 'Not Optional' is expected.

Policy advocacy efforts face stagnation or significant political pushback, limiting the initiative's impact. This scenario does not imply a financial 'downside' to equity in 'Not Optional' as it lacks a traditional commercial valuation.