Market ratio definition

Market ratio means an employee's base salary divided by the market salary for the employee's
Market ratio means the average of the closing prices of IAC common stock on the twenty trading days immediately preceding the applicable vesting date (subject to a maximum of $45.00 and a minimum of $15.00) divided by $29.97.
Market ratio means the average of the closing prices of IAC common stock on the twenty trading days immediately preceding the applicable vesting date (subject to a maximum average closing price of $45 and a minimum average closing price of $15) divided by the closing price of IAC common stock on the grant date of the IAC RSUs.