Settlement Consideration Clause Samples

Settlement Consideration. In consideration of the full settlement, satisfaction, compromise and release of the Released Plaintiffs’ Claims, an aggregate $115 million in cash (the “Escrow Amount”) shall be paid on behalf of the Settling Defendants to Freeport by the D&O Carriers. The Settling Defendants shall cause the Escrow Amount to be deposited by the D&O Carriers into an interest-bearing escrow account controlled by an agreed upon representative of Plaintiffs and of the Settling Defendants (the “Escrow Account”) within fifteen (15) business days after the Stipulation is submitted to the Court. Upon the Effective Date, the Escrow Amount, together with any and all interest thereon, shall be paid to Freeport from the Escrow Account. For the avoidance of doubt, the Settling Defendants shall have no obligation to deposit any portion of the Escrow Amount into the Escrow Account but shall have an obligation to take all reasonably available steps to seek to cause the D&O Carriers to deposit the Escrow Amount into the Escrow Account.

Settlement Consideration. 19. As a settlement and compromise of this Lawsuit in exchange for the terms described herein, and without admitting the merits of any claim or defense, the Parties have agreed to a settlement of this matter under which Defendant will fund a settlement amount of $2,500,000 (the “Gross Settlement Amount”). The Gross Settlement Amount shall be allocated as follows: a. $750,000 (“Class Fund”) will be allocated to resolve claims in this lawsuit with all Putative Class Members who do not opt out of the Washington Settlement Class, who will be entitled to a pro rata portion of the Class Fund based on each Putative Class Members’ proportionate share of alleged damages for hours each Putative Class Member worked in Washington state. A Putative Class Member’s proportionate share for the Class Fund shall be determined by Plaintiffs’ Counsel, who will calculate alleged damages using the hours and payroll data produced by Defendant, which provide the actual hours worked, location of the hours worked, per diem payments, and rates of pay for each Putative Class Member during the Covered Weeks. Any amount of the Class Fund that is remaining based on Putative Class Members who do not cash checks or for any other reason within 90 days of the date checks are mailed will be paid to the Legal Foundation of Washington, except that, should the Residual Funds after the initial distribution be greater than $50,000, at the sole discretion of Class Counsel, a second distribution of the funds may be made to those Settlement Class Members who cashed their Settlement Award Check(s) received in the initial distribution. Any checks mailed out as part of the second distribution that have not been negotiated within one hundred eighty (180) days after second distribution of the Settlement. Award checks shall be considered Residual Funds and paid to the Legal Foundation of Washington who do not opt out of the settlement. There will be reversion of these funds to Defendant b. Up to $1,000,000 will be allocated to resolve claims in this lawsuit with all Opt-in Plaintiffs who submit valid Claim Forms (“FLSA Claims Made Fund”) for work performed during the Covered Weeks. Putative Collective Members and Opt-in Plaintiffs who submit a valid Claim Form will be entitled to an award equivalent to their proportionate share of the FLSA Claims Made Fund based on Plaintiffs’ Counsel’s calculations of alleged individual damages using the hours and payroll data produced by Defendant for all Putative Colle...

Settlement Consideration. 77. When submitting a Claim for a Cash Payment, Settlement Class Members must choose either Cash Payment A or Cash Payment B. Additionally, Settlement Class Members may elect to receive Credit Monitoring. If a Settlement Class Member does not submit a Valid Claim or opt-out, the Settlement Class Member will release his or her claims against Defendants without receiving a Settlement Class Member Benefit.

Settlement Consideration. In consideration for the full and complete Release of all Released Claims against all Released Parties, and the dismissal of the Action with prejudice, Defendant agrees to provide the following consideration to the Settlement Class:

Settlement Consideration. In consideration for the foregoing releases, the Parties agree to the following:

Settlement Consideration. In consideration for the Release provided for herein and the dismissal of the Litigation with prejudice, under the terms of this Settlement Agreement, Defendant agrees to provide consideration to the Settlement Class Members as follows.

Settlement Consideration. Virpax will pay Sorrento and Scilex a total of $6 million. Virpax will pay that amount as follows: No later than two business days after the Effective Date, Virpax will wire $3.5 million to Scilex (the “Initial Payment”). By or on July 1, 2024, Virpax will wire the remaining $2.5 million to Scilex.

Settlement Consideration. In consideration for the settlement, entry of judgment, and dismissal, and for the mutual release provided herein, Defendants agree to provide the following consideration to the Class:

Settlement Consideration. 2.1 The Defendants shall pay the Settlement Amount into Charney’s trust account no less than thirty (30) days before the Approval Hearing. 2.2 The Defendants will not be required to pay more than the Settlement Amount, all in, under this Agreement and the Settlement Amount is the sole monetary payment that the Defendants will make under this Agreement. 2.3 Within ten (10) days after the Approval Order becomes final, ▇▇▇▇▇▇▇ shall transfer to the Claims Administrator the Net Settlement Fund. 2.4 The Settlement Amount shall be the sole source of monetary funds under this Agreement. 2.5 The Settlement Amount shall not be released from Charney’s trust account until the Approval Order becomes final. 2.6 The Claims Administrator, subject to supervision and direction of the court, shall administer and/or oversee distribution of the Settlement Trust pursuant to this Agreement and the Approval Order. 2.7 The Claims Administrator is responsible for communicating with the Class Members regarding the distribution of the Settlement Trust. 2.8 All funds held in Charney’s trust account shall be deemed to be in the custody of the court until such time as the funds are distributed pursuant to Approval Order or further order of the court. 2.9 Each Class Member shall be solely responsible for the tax consequences, if any, to him, her, or it of the receipt of funds from the Approval Order. 2.10 Defendants and their counsel shall not have any responsibility for or liability whatsoever with respect to: (i) any act, omission, or determination of Class Counsel, the Claims Administrator, or any of their respective designees or agents, in connection with the administration of the Agreement or otherwise; (ii) the management, investment, or distribution of the Settlement Amount; (iii) the formulation, design, or terms of the disbursement of the Settlement Amount; (iv) the determination, administration, calculation, or payment of any claims asserted against the Settlement Amount; (v) any losses suffered by, or fluctuations in the value of the Settlement Amount; or (vi) the payment or withholding of any taxes and tax-related expenses incurred in connection with the taxation of the Settlement Amount or the filing of any returns. Defendants also shall have no obligation to communicate with Class Members other than set out in this Agreement. 2.11 The Plaintiffs and Class Counsel shall not have any liability whatsoever with respect to: (i) any act, omission or determination of the Claims A...