On April 7, 2017, voxeljet AG established a share option plan that entitles key management personnel and senior employees of voxeljet AG and its subsidiaries to purchase shares of the parent company.
Total options available under the share option plan are 372,000. 279,000 options (75%, Tranche 1) were granted on April 7, 2017. 93,000 options (25%, Tranche 2) were granted on April 12, 2018.
The vesting conditions include a service condition (the options vest after a period of four years of continued service from the respective grant date) and a market condition (the options may only be exercised if the share price exceeds the exercise price over a period of 90 consecutive days by at least 20% in the period between the grant date and the respective exercise time frame) which both conditions must be met.
The fair value of the employee share option plan has been measured for Tranches 1 and 2 using a Monte Carlo simulation. The market condition has been incorporated into the fair value at grant date.
The inputs used in the measurement of the fair value at grant date are as follows:
| Tranche 1 | Tranche 2 | |||
| Parameter | ||||
| Share price at grant date | USD 13.80 | USD 16.15 | ||
| Exercise price | USD 13.90 | USD 16.15 | ||
| Expected volatility | 55.00% | 58.40% | ||
| Expected dividends | -- | -- | ||
| Risk-free interest rate | 2.49% | 2.85% | ||
| Fair value at grant date | USD 8.00 | USD 9.74 | ||
