Rank Increment means the quotient obtained by dividing one hundred (100) by the number of companies in the Peer Group as of the Vesting Date. The “Peer Group” shall be the publicly-traded companies (which shall include the Company) set forth on Appendix 1. Companies may not be added to the Peer Group after the Grant Date. If, after the Grant Date, a company in the Peer Group (x) ceases to be publicly-traded (whether as a result of being acquired or otherwise), it shall be removed from the Peer Group, (y) merges with another company and is the surviving entity, then it will remain in the Peer Group, or (z) either: (1) files for bankruptcy, reorganization, or liquidation under any chapter of the U.S. Bankruptcy Code; (2) is the subject of an involuntary bankruptcy proceeding that is not dismissed within thirty (30) days; (3) is the subject of a stockholder approved plan of liquidation or dissolution; or (4) ceases to conduct substantial business operations, it shall continue to be included in the Peer Group with a deemed TSR of negative one hundred percent (-100%).
Examples of Rank Increment in a sentence
Promotional awards from one academic rank to the immediately succeeding academic rank granted to full-time faculty members shall be awarded as follows: Rank Increment Professor $3,500 Associate Professor, Senior $3,000 Associate Professor $2,500 Assistant Professor $1,500 Full-time faculty members promoted to the next academic rank shall be placed at the minimum of the pay range of the new academic rank or receive the assigned increment, whichever is greater.