Understanding Your Equity: Owning Our Shared Success

At Camunda, we have built a place for ambitious, thoughtful people to make great things happen, together. Our Virtual Employee Stock Option Plan (VSOP) is a direct reflection of this philosophy. The VSOP is the mechanism we use to ensure that when we create value and drive real outcomes, it benefits all of us. 

This guide gives you a clear sense of direction for understanding your equity, how it connects to the meaningful work you do every day, and how you can track our collective progress.

Your Impact, Our Shared Success

The work at Camunda is complex, the bar is high, and we move fast. We do this because our work matters. The intensity and ambition you bring every day directly contribute to our growth, and your equity is how you share in the value you help create.

The value of your virtual shares is tied to Camunda's company valuation, which is largely driven by our Annual Recurring Revenue (ARR). Every Camundi has the ability to impact this by owning your work, thinking critically, and delivering impact.

We recently updated our internal estimated valuation in Ledgy to €1 billion (Aug 2025). This represents a thoughtful, conservative estimate of our value today and marks a milestone we have achieved together. We are still evolving, and we will continue to update this valuation every six months to reflect our progress. This practice ensures the value you see in Ledgy is a clear, current reflection of our shared success.

Decoding Your Equity: The Key Terms

To help you understand the mechanics, here are a few key terms from our VSOP, explained simply.

  • Virtual Stock Option Plan (VSOP): A plan designed to provide you with an incentive that lets you participate in Camunda's increased equity value. You can think of the VSOP as an Exit-triggered variable bonus payment.

  • Virtual Shares: These are used as a basis to determine how you might participate in an Exit or IPO success. They economically emulate a fraction of an actual share in Camunda.

  • Vesting: The process of earning your allotted shares over time. Our standard schedule is monthly over four years with a one-year "cliff". After the first year, your shares begin to vest, reflecting your ongoing contribution.

  • Base Price/Strike Price: This is the value assigned to your virtual shares when they are granted. It is set to ensure you benefit from the future growth that you help create from that point forward.

More detail can be found in our VSOP FAQ

 A Window into Your Equity: Navigating Ledgy

Ledgy, our equity management platform, is a tool that provides you with the carity you need to understand the value of your current vested shares, as well as the potential value of your allotment. Your personal dashboard is for seeing and understanding your stake in Camunda. For a deep dive into Ledgy, have a look at the Ledgy-specific guide to VSOP! (here)

Here’s a quick guide to what you're seeing on your dashboard:

  1. Today's Value: This top-left card shows the net value of your vested shares only, based on the current estimated valuation. This number grows as more of your grant vests over time.
  2. Your Equity: This section lists all of your individual grants ("Phantoms"). You can see the total number of shares in each grant and track its specific vesting schedule.
  3. Vesting Breakdown: This chart gives you a clear visual of your entire vesting journey, showing what has already accumulated and what's to come.
  4. Equity Value Growth & Calculator: This is where you can see the big picture. The bar chart shows how your grant's Total Potential Value (the value of your entire grant) has grown with each company valuation. Use the slider to model your own scenarios and see how the total value can grow based on a future estimated valuation as Camunda succeeds.
  5. Documents & Signatures: Find and sign all your equity-related documents, like your Allotment Letter, in one place.
  6. A Quick Note on Terms: Our documents use the term "Base Price," while Ledgy sometimes uses "Strike Price." They mean the same thing.

Note: You will receive an invitation from Ledgy to set up your account. Afterward, you can access the platform anytime through your Okta dashboard.

Setting up your account

  • Sign up using the invitation link emailed to you by Ledgy
  • Accept the invitation as you login using your new account
  • Two-factor authentication is required to access Ledgy
    • You can quickly set up Two-factor authentication via downloading an authenticator app on your smartphone and scanning Ledgy's QR code.
    • Once this is complete, you can use an authenticator app to a generate a code every time you log in (we recommend Okta) 

Important Disclaimer on the valuation

We operate with trust and integrity, and in that spirit, we want to be clear that the company valuation in Ledgy is an internal estimate for illustrative purposes. It is not based on a formal, third-party valuation unless a specific market transaction has occurred. The value shown is not a guarantee of future value or the final amount you might receive in an Exit event. For full details, please refer to the Virtual Employee Stock Option Plan (VSOP) and your individual Allotment Letter. We encourage you to seek your own legal and tax advice regarding your participation in the VSOP.

Exit Process

What happens to my grants?

  1. Any unvested grants remaining on your last day of active work will be returned to the pool.

  2. You will receive a Ledgy Termination Letter via DocuSign outlining the specifics of your vested and unvested grants.

  3. Note: You will not receive this letter if you have 0 vested grants.

How do I log in after my last day?

  1. Your email for Ledgy will be updated from your Camunda email to your personal email by the People Ops team.

  2. You will receive a registration link to your personal email address to set up your new login and view your vested grants.

  3. Note: You will not receive this email if you have 0 vested grants.



DRI

Wesley Hattingh