Define: Unforeseeable Financial Emergency
What does "Unforeseeable Financial Emergency" mean? The meaning differs based on the contract. We found 2 definitions across 2 companies in SEC filings.
Definition 1 (VISA INC., seen in 1 filing)
Unforeseeable Financial Emergency means a severe financial hardship to the Participant resulting from illness or accident of the Participant, the Participant's spouse or a dependent (as defined in section 152(a) of the Code without regard to sections 152(b)(1), (b)(2) and (d)(1)(B) of the Code) of the Participant, loss of the Participant's property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance) or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.
Source: VISA INC. 10-K
Definition 2 (Constellation Energy Corp, seen in 1 filing)
Unforeseeable Financial Emergency means (i) a severe financial hardship to a Participant resulting from an illness or accident of the Participant, or the spouse or a dependent (as defined in section 152(a) of the Code) of the Participant, (ii) the loss of a Participant s property due to casualty or (iii) such other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, within the meaning of section 409A of the Code.
Source: Constellation Energy Corp 10-K
Data extracted from 2 SEC EDGAR filings across 2 companies. Source: Material contracts (Exhibit 10) filed under Regulation S-K.
This page presents definitions found in actual SEC filings for informational purposes. The specific definition appropriate for your contract may vary based on jurisdiction, industry, and specific circumstances. Consult with a qualified attorney for legal advice.