Performance Options. “Performance Option(s)” shall mean the portion of the Option designated as Performance Options in the Grant Notice.
Performance Options. (A) Notwithstanding Section 3(b) and 3(d)(i), (x) in the event that (a) the Participant’s Employment is terminated (1) by the Company without Cause or (2) by the Participant with Good Reason and (b) the annual performance targets are achieved with respect to the Operating Performance Option for the year of such termination of Employment, to the extent not previously cancelled or expired, the Operating Performance Option shall become vested and exercisable with respect to the Shares subject to the Operating Performance Option that would have vested and become exercisable upon the achievement of such annual performance targets as if the Participant’s Employment continued through the February 15 following the end of such year and (y) in the event that (a) the Participant’s Employment is terminated (1) by the Company without Cause or (2) by the Participant with Good Reason and (b) Liquidity Events (other than a Distribution Event) occurs during the twelve (12) months following such termination of Employment, then the Performance Options shall vest and become exercisable as to the Shares that would have vested and become exercisable had the Participant remained employed through such Liquidity Events.
(B) Notwithstanding Section 3(b) and 3(d)(i), in the event that the Participant’s Employment is terminated due to the Participant’s death or Disability, (x) if the annual performance targets are achieved with respect to the Operating Performance Option for the year of such termination of Employment, the Operating Performance Option shall become vested and exercisable with respect to the Shares subject to the Operating Performance Option that would have vested and become exercisable upon the achievement of such annual performance targets as if the Participant’s Employment continued through the February 15 following such calendar year and (y) the Exit Performance Option shall be deemed to be vested and exercisable with respect to a number of Shares equal to the number of Shares subject to the Exit Performance Option multiplied by a fraction (not to exceed one), the numerator of which is the number of full calendar years that have lapsed since the Date of Grant and the denominator of which is seven (7).
Performance Options. Each Performance Option entitles the holder to subscribe for 1 fully paid ordinary share in the Company.
Performance Options. Collectively, the EBITDA Performance Option and the NWC Performance Option.
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:
(i) The performance requirement with respect to the first tranche, covering 1/3rd of the Performance Options, shall be based upon the Company's achieving a target level of earnings per share to be established by the Committee, which target must be attained by the Company for any four consecutive fiscal quarters of the Company ending on or before January 31, 2004;
(ii) The performance requirement with respect to the second tranche, covering 1/3rd of the Performance Options, shall be based upon the Company's achieving the "Inventory Turnover" target established and administered by the Committee for purposes of the Company's Long-Term ELT Performance Share Plan for the performance period ending as of January 31, 2004; and
(iii) The performance requirement with respect to the third tranche, covering 1/3rd of the Performance Options, shall be based upon the Company's achieving the "Customer Super Service Index" target established and administered by the Committee for purposes of the Company's Long-Term ELT Performance Share Plan for the performance period ending as of January 31, 2004. In the event of any merger, reorganization, consolidation, recapitalization, stock dividend, stock split, reverse stock split, spin-off or similar transaction or other change in corporate structure affecting the calculation of earnings per share, or any other performance objective established hereunder, such adjustments and other substitutions shall be made to the performance requirements established hereunder as the Committee in its sole discretion deems equitable or appropriate. Any tranche of the Performance Option for which the applicable performance requirement shall have been satisfied shall become vested and exercisable in three equal installments, each relating to one third of the number of shares covered by such tranche,...
Performance Options. With regard to Performance Options granted under Section 4(b)(v), such options shall vest as follows:
(1) 50% shall vest immediately if at anytime after the occurrence of a Change-in-Control or the announcement of a Change-in-Control the price per share of the Company’s common stock equals or exceeds $1.80; and
(2) 100% shall vest immediately if at anytime after the occurrence of a Change-in-Control or the announcement of a Change-in-Control the price per share of the Company’s common stock equals or exceeds $2.35. Upon the completion of a Change-in-Control, any such Performance Options that remain unvested after the application of provisions (1) and (2) of this Section 6(g)(ii) shall expire.
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. 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 five hundred thirty three thousand three hundred and thirty three Dollars and No Cents ($533,333.00) 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 165,205 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. 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:
