Performance Options. “Performance Option(s)” shall mean the portion of the Option designated as Performance Options in the Grant Notice.
Performance Options. Collectively, the EBITDA Performance Option and the NWC Performance Option.
Performance Options. 1. Each Performance Option entitles the holder to subscribe for 1 fully paid ordinary share in the Company.
Performance Options. The remaining 50% of the total number of shares subject to the Initial Grant shall vest if the net Internal Rate of Return ("IRR") realized by PlayCore Holdings, L.L.C. ("Holdings L.L.C.") on its total investment in Holdings (after dilution from options on shares held by management) is 25% or more ("Target IRR") as of the "Determination Date," ("Performance Options") and the Employee is still in the employ of PlayCore Wisconsin on the Determination Date. The Determination Date regarding the attainment of the IRR shall be the closing date or such other time as Holdings L.L.C. receives cash payments for its interests in Holdings. TERMINATION OF EMPLOYMENT: BY PLAYCORE WISCONSIN WITHOUT CAUSE OR BY THE EMPLOYEE FOR GOOD REASON OR UPON DEATH OR DISABILITY: TIME OPTIONS: All vested Time Options remain outstanding and exercisable for a period of 90 days and if not exercised by end of business on the 90th day shall terminate. All unvested Time Options shall be immediately terminate on the Termination Date.
Performance Options. As of January 7, 2002, the Company shall grant the Executive a 10-year option to purchase an aggregate of 525,000 shares of Stock (the "Performance Option"), which may be granted under the terms of the Company's stock option plans, or outside the terms of such plans, with terms and conditions consistent in all respects with the provisions of this Agreement and otherwise substantially the same as those granted under the Company's stock option plans. The Performance Option shall be divided into three tranches, with each tranche consisting of 1/3 of the Performance Option shares and each tranche being subject to the performance requirements described below:
Performance Options. Except as otherwise provided in this ------------------- Agreement and subject to the continuous employment of the Grantee with the Company or one or more of the Subsidiaries until the applicable vesting date as follows:
Performance Options. Except as may otherwise be provided herein, subject to the Participant's continued employment with the Company or an Affiliate, all of the $12.50 Performance Options shall become vested and exercisable upon the Fair Market Value of the Common Stock equaling or exceeding $12.50 per share of Common Stock on at least ten (10) trading days (which need not be consecutive) following the Effective Date.
Performance Options. In addition to the Time-Vested Options, Executive shall also be entitled to receive a grant of stock options (“Performance Options” and collectively with the Time Vested Options and any previously issued options to the Executive, the “Options”) to purchase Shares under the Plan. For calendar year 2019, the Performance Options shall have an Option Value equal to four hundred thousand Dollars and No Cents ($400,000.00) per annum and thereafter shall be in such amount as shall be determined by Holdings Compensation Committee, in its sole discretion, but in an amount not less than the Option Value of the Performance Options granted during calendar year 2019. Executive acknowledges that the options to purchase 123,906 Common Shares on August 6th, 2019 reflect the Performance Option grants for calendar year 2019. The Company shall have reasonable discretion to cancel all, some, or none of the Performance Options depending on whether the Company or Executive has met the annual performance objectives (the “Performance Objectives”) as established annually by the Company and provided in writing to Executive. The exercise price of the Performance Options shall be equal to the Fair Market Value (as defined in the Plan), shall expire ten years after the Grant Date and shall vest in 12 equal quarterly installments commencing on the last day of the calendar quarter following the Grant Date and otherwise pursuant to the terms and conditions of the Company’s form of Award Agreement. The Company shall notify Executive within 30 days of the end of the calendar year regarding the amount, if any, of Executive’s Performance Options for that year that have been earned and no Performance Options, whether vested or not, shall be exercisable until the Company has determined whether the Performance Objectives have been met.
Performance Options. Except as otherwise provided in this Agreement, the remaining 50% of the Initial Value Options and the remaining 50% of the Premium Options (such remaining Initial Value Options and Premium Options, the "Performance Options") shall become exercisable based on the financial performance of the Company and the Subsidiaries during the period from the Grant Date to the Target Date as follows. Except as otherwise provided in this Agreement, the Applicable Portion of the Performance Options shall become exercisable as of the Target Date, if and only if (i) the Company shall have achieved at least the Minimum EBITDA Target as of such Target Date and (ii) the Grantee shall have been continuously employed by the Company or one of the Subsidiaries from the Grant Date until the Target Date; provided that, if the Grantee's employment is sooner terminated by reason of a Special Termination, then a proportionate share of the Applicable Portion of the Performance Options (such proportionate share to be determined by multiplying (x) the Applicable Portion, if any, determined as of the last day of the calendar quarter ending prior to the date of the Special Termination for which the applicable financial information is available, on the basis of the cumulative EBITDA achieved as of such date, by (y) the product of (A) the number of Performance Options multiplied by (B) a fraction, the numerator of which is equal to the number of days in the period commencing on the Grant Date and ending on the date of the Special Termination and the denominator of which is equal to 1,095) shall become exercisable as of the date of such Special Termination. In the event of the acceleration of the exercisability of any Performance Options by reason of a Special Termination of the Grantee's employment prior to the Target Date, one-half of such accelerated Performance Options shall be Initial Value Options and the remaining one-half of such accelerated Performance Options shall be Premium Options. Notwithstanding the foregoing provisions of this paragraph (b), subject to the continuous employment of the Grantee with the Company or one of the Subsidiaries, Performance Options shall become exercisable nine years following the Grant Date, regardless of whether the EBITDA Target has been achieved.
Performance Options. Subject to the approval of the Company's Board of Directors, the Executive shall be granted 25,000 non-qualified performance options (the "Performance Options") to purchase shares of the Company's Common Stock, par value $.10 per share (the "Stock"), under a Company stock option plan. The Options shall be subject to the terms of the applicable Company stock option plan and the Executive's Stock Option Agreement (the "Option Agreement 2"), attached hereto as Exhibit "B". In addition to the terms set forth in the Option Agreement 2 (provided that this Agreement shall govern the Options in the event of any conflict between this Agreement and the Option Agreement), the Company and the Executive agree as follows:
