Severe Financial Hardship definition

Severe Financial Hardship means a severe financial hardship as defined in subsection 15(h) of this Plan.

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Severe Financial Hardship means that the Relevant Person is unable to provide themselves, their family or other dependents with basic necessities such as food, accommodation and clothing, including as a result of family tragedy, financial misfortune, serious illness, impacts of natural disaster and other serious or difficult circumstances. Share means a fully paid ordinary share in the capital of the Company. Shareholder means a holder of Shares.

Severe Financial Hardship means an unforeseeable emergency causing severe financial hardship to the Participant resulting from one or more of the following:

Examples of Severe Financial Hardship in a sentence

A Severe Financial Hardship will be considered a hardship to the Participant resulting from an illness or accident of the Participant, the Participant's spouse or a dependent (as defined in Internal Revenue Code Section 152(a)) of the Participant, loss of the Participant's property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of the events beyond the control of the Participant, all as determined in the sole discretion of the Committee.
Notwithstanding any provision to the contrary, the Employee shall, after petitioning the Committee, receive a distribution of his or her Restricted Stock Units (in the manner provided in Section 6(i)) in a lump sum within 60 days after the occurrence of a severe financial hardship that is considered an unforeseeable emergency under Section 409A (a "Severe Financial Hardship").
The Restricted Stock Units distributed as result of a Severe Financial Hardship will be limited to the extent the Committee deems necessary to satisfy the Employee's Severe Financial Hardship plus any taxes reasonably anticipated because of the distribution.
For purposes of this section, Severe Financial Hardship will result if the distribution is necessary in light of immediate and heavy financial needs of the Participant, where such Participant lacks other available resources.

More Definitions of Severe Financial Hardship

Severe Financial Hardship means demonstrated financial hardship directly resulting from the alleged improper activity of the university.

Severe Financial Hardship means the Participant is unable to provide themselves, their family or other dependents with basic necessities such as food, accommodation and clothing, including as a result of family tragedy, financial misfortune, impacts of natural disaster and other serious or difficult circumstances;

Severe Financial Hardship means a severe financial hardship as

Severe Financial Hardship means the Eligible Person is unable to provide themselves, their family or other dependents with basic necessities such as food, accommodation and clothing, including as a result of family

Severe Financial Hardship means an unanticipated emergency that is caused by an event beyond the control of the Participant that would result in severe hardship thereto if early withdrawal of funds allocated to his Account were not permitted.

Severe Financial Hardship means shall mean an unforeseeable emergency which constitutes a severe financial hardship of the Participant or beneficiary resulting from an illness or accident of the Participant or beneficiary, the Participant’s or beneficiary’s spouse, or the Participant’s or beneficiary’s “dependent” (as defined in Section 152(a) of the Code); loss of the Participant’s or beneficiary’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance, for example, not as a result of a natural disaster); or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant or beneficiary. In any event, payment may not be made to the extent such emergency is or may be relieved: (i) through reimbursement or compensation by insurance or otherwise; (ii) by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship; and (iii) by cessation of deferrals under the Plan. Withdrawals of amounts because of a severe financial hardship may only be permitted to the extent reasonably necessary to satisfy the hardship, plus to pay taxes on the withdrawal. Examples of what are not considered to be severe financial hardships include the need to send a Participant’s child to college or the desire to purchase a home. The Participant’s account will be credited with earnings in accordance with the Plan up to the date of distribution. The severity of the financial hardship shall be judged by the Committee. The Committee’s decision with respect to the severity of financial hardship and the manner in which, if at all, the Participant’s future deferral opportunities shall be ceased, and/or the manner in which, if at all, the payment of deferred amounts to the Participant shall be altered or modified, shall be final and conclusive.