Financial Hardship

Financial Hardship. An immediate and heavy financial need of the Participant (including the Participant's spouse or other dependents) as determined by the Plan Administrator, in its sole and absolute discretion, which may include, but are not limited to, the following: (i) certain medical expenses; (ii) costs relating to the purchase of a principal residence; (iii) tuition and related educational fees and expenses; (iv) payments necessary to prevent eviction from, or foreclosure on, a principal residence; (v)... burial or funeral expenses; and (vi) certain expenses for the repair of damage to the Participant's principal residence. A financial need may be immediate and heavy even if it was reasonably foreseeable or voluntarily incurred by the Participant. View More

Financial Hardship. Within the meaning of Treasury Regulation 1.409A-3(i)(3) an unforeseeable financial emergency of the Participant determined by the Committee as provided in Section 4(b)(ii) on the basis of information supplied by the Participant, arising from an illness, casualty loss, sudden financial reversal or other such unforeseeable occurrence beyond the control of the Participant, but not including foreseeable events such as the purchase of a house or education expenses for children. The Participant... shall furnish the Committee, in writing and in reasonable detail, with the relevant facts and information, and the determination of the Committee as to whether a distribution is warranted pursuant to Section 4(b)(ii) and the amount of any such distribution shall be binding and conclusive. View More