The CEO of a large corporation holds a position of 25 million shares in her company's stock, which is currently priced at $20 and pays no dividends. She is concerned that, because of her large shareholdings and the fact that her compensation is tied to the performance of the stock, she is very poorly diversified. She does not think it is wise to sell a significant amount of stock, because she knows that she needs to be heavily invested in the stock to satisfy the shareholders, and she values the voting rights she has from owning so many shares.

Nonetheless, she would be interested in synthetically selling about five million shares using an equity swap.

Assume the role of a swap dealer and present three possible equity swap proposals, which are based on the three different types of cash flows that could be paid against payment of the return on the stock.