Common use of Performance Options Clause in Contracts

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. 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 Executive 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 EXECUTIVE 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.