A Practice Note discussing the role of management in private equity buyouts, including management rollover of existing equity and management co-investment. It describes the use of equity-based incentives for management in sponsor-backed acquisitions and describes the common categories of management promote awards such as stock options, stock appreciation rights, restricted stock, and profits interest. For a discussion of the rights and restrictions that commonly apply to management equity incentives issued in a buyout, see Practice Note, Management Equity Incentives: Rights and Restrictions.