Sorry if I wasn't clear. It is basically a conditional option on realized volatility. And the condition is that the drawdown from the max stock price over the year at the end of the year is greater than 10%. Note that the condition is on stock price and the payoff is on the realized vol so its tricky. Yes it is on some index and not a single name stock. Can you explain point b)? Yea I am making a huge assumption about the volatility dynamics