Unforeseeable Financial Emergency

Unforeseeable Financial Emergency. A severe financial hardship to a Participant within the meaning of Treasury Regulation §1.409A-3(i)(3) resulting from: (a) an illness or accident of the Participant or the Participant's spouse, Beneficiary, or dependent (as defined in IRC section 152, without reference to IRC sections 152(b)(1), (b)(2) and (d)(1)(B)); (b) loss of the Participant's property due to casualty; or (c) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the... Participant View More

Unforeseeable Financial Emergency. Shall mean a severe financial hardship to the Grantee resulting from an illness or accident of the Grantee, the Grantee's spouse, or a dependent (as defined in Section 152(a) of the Code) of the Grantee, loss of the Grantee's property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Grantee. Whether a Grantee has an Unforeseeable Financial Emergency shall be determined in the sole discretion of the Committee.