Hi - I was wondering if the problem below requires a Monte Carlo approach, or is there a nice closed form solution?Special shares are convertible to ordinary shares every year over seven years if certain performance criteria are met.The performance criteria is that the total shareholder return TSR exceeds a cumulative 10% return every year. In year 1, the target is 10%, Y2 target is 21%, Y3 target is 33.1% etc.The criteria is satisfied if over a specified test period of 4 months, the TSR for any consecutive 15 days exceeds the target.It the criteria is satisfied for any particular year, the special shares convert to ordinary shares worth 20% of the TSR in that period.Appreciate the details are sketchy but I'm really only trying to confirm that there's no closed form solution out there. Appreciate any direction given.