Mgt options within LBO model

this is probably a quick and easy question: when calculating PE returns for a transactions, you would exclude Mgt options from the result, correct? For example, if the PE invested $100 in a company, then carved out 10% to management (assume $0 strike price for pure simplicity), and then sold the company for $200. Their IRR/MOI woudl assume investment of $100 and return of $180, correct?

additionally, what % (range) of options are you seeing carved out for deal b/brough to a PE for a consolidation strategy....where the PE is backing a mgt team who brought them the strategy? 10%? 15%? Assume a simple cap structure (i.e. no seed/A/B...start-up euqity raises).