Common use of Settlement Formula Clause in Contracts

Settlement Formula. The total Gross Settlement Sum is Two Million Two Hundred Fifty Thousand Dollars ($2,250,000) (the “Gross Settlement Sum”). The portion of the Gross Settlement Sum that is available for payment to Class Members who do not timely and validly request exclusion from the settlement (“Participating Class Members”) is referred to as the “Net Settlement Sum.” The Net Settlement Sum will be the Gross Settlement Sum less the following payments which are subject to approval by the Court: (1) attorneys’ fees in an amount up to $787,500 and reimbursement of litigation costs and expenses in an amount of up to Fifty Thousand Dollars ($50,000) to Class Counsel; (2) service awards in an amount not to exceed Seven Thousand Dollars ($7,000) each to Plaintiffs DiStefano, Busch, and Brims (totaling $21,000) for their services (“Service Payment”); (3) Settlement Administration Costs in an amount not to exceed Twenty-Five Thousand Dollars ($25,000) to the Settlement Administrator; and (4) payment to the Labor and Workforce Development Agency of its 75% share of the amount allocated to PAGA Penalties ($30,000) under the settlement (i.e., a payment in the amount of $30,000). Participating Class Members will be entitled to receive payment under the settlement of their share of the Net Settlement Sum (“Individual Settlement Amount”) based on number of numbers of workweeks worked by the Class Members as hourly-paid or non-exempt employees for Defendants iPayment, Inc. and/or Leaders Merchant Services, LLC from October 18, 2013 to the [Preliminary Approval Date] and/or for Defendant Paysafe Partners L.P. from June 6, 2015 to the [Preliminary Approval Date], in the State of California (“Workweeks”). Workweeks were calculated based on the start and end dates of each Class Member’s employment during the Class Period and dividing by seven. Individual Settlement Amounts will be calculated using the following formula: each Participating Class Member’s individual Workweeks will be divided by the total aggregate Workweeks of all Participating Class Members to derive his or her Payment Ratio Fraction. Each Participating Class Member’s Payment Ratio Fraction will be multiplied by the Net Settlement Sum to determine the Individual Settlement Amount. Each Individual Settlement Amount will be allocated as one-third (33.33%) wages (which will be reported on an IRS Form W2), and two-thirds (66.67%) penalties and interest (which will be reported on an IRS Form 1099, if applicable). Each Individual Settlement Amount will be subject to reduction for the employee’s share of taxes and withholdings with respect to the wages portion of the Individual Settlement Amount, resulting in a net payment to the Settlement Class Member referred to as the “Individual Settlement Payment.” If the Court grants final approval of the settlement, Individual Settlement Payments will be mailed to Participating Class Members at the address that is on file with the Settlement Administrator. If the address to which this Notice was mailed is not correct, or if you move after you receive this Notice, you must provide your correct mailing address to the Settlement Administrator as soon as possible to ensure your receipt of payment that you may be entitled to.

Settlement Formula. The total Gross Settlement Sum gross settlement amount is Two Million Two Three Hundred Fifty Thousand Dollars ($2,250,000300,000) (the “Gross Settlement SumAmount”)) to be paid by Defendant in two installment payments. The portion of the Gross Settlement Sum Amount that is available for payment to Class Members who do not timely and validly request exclusion from the settlement (“Participating Class Members”) is referred to as the “Net Settlement SumAmount.” The Net Settlement Sum Amount will be the Gross Settlement Sum Amount less the following payments payments, which are subject to approval by the Court: (1) Class Counsel Fees Payment, consisting of attorneys’ fees in an amount up to 35% of the Gross Settlement Amount (i.e., $787,500 105,000), and Litigation Expenses Payment consisting of reimbursement of litigation costs and expenses in an amount of up to Fifty Thirty Thousand Dollars ($50,00030,000) to Class Counsel; (2) service awards Service Payment in an amount up to Seven Thousand Five Hundred Dollars ($7,500) to Plaintiff for his services in the Action; (3) PAGA Payment in the amount of Sixty Thousand Dollars ($60,000); and (4) Settlement Administration Expenses in an amount not to exceed Seven Eleven Thousand Dollars ($7,000) each to Plaintiffs DiStefano, Busch, and Brims (totaling $21,000) for their services (“Service Payment”); (3) Settlement Administration Costs in an amount not to exceed Twenty-Five Thousand Dollars ($25,00011,000) to the Settlement Administrator; and . Note: A total of Sixty Thousand Dollars (4$60,000.00) payment to from the Labor and Workforce Development Agency Gross Settlement Amount has been allocated toward penalties under the Private Attorneys General Act (“PAGA Payment”), of its which the LWDA will be paid 75% share of the amount allocated to PAGA Penalties ($30,000) under the settlement (i.e., $45,000) (“LWDA Payment”) and the remaining 25% (i.e., $15,000) to be distributed on a payment in pro rata basis to PAGA Group Members based on their Workweeks during the amount of $30,000PAGA Period (“PAGA Group Member Amount”). Participating Class Members will be entitled are eligible to receive payment under the settlement Class Settlement of their pro rata share of the Net Settlement Sum Amount (“Individual Settlement AmountShare”) and PAGA Group Members are eligible to receive payment under the PAGA Settlement of their pro rata share of the PAGA Group Member Amount (“Individual PAGA Payment”) based on the number of numbers of workweeks worked weeks each Class Member was employed by the Class Members Defendant as an hourly-paid or and/or non-exempt employees for Defendants iPayment, Inc. employee in California during the Class Period and the number of weeks each PAGA Group Member was employed by Defendant as a hourly-paid and/or Leaders Merchant Services, LLC from October 18, 2013 to non-exempt employee in California during the [Preliminary Approval Date] and/or for Defendant Paysafe Partners L.P. from June 6, 2015 to the [Preliminary Approval Date], in the State of California PAGA Period (“Workweeks”). The Settlement Administrator has divided the Net Settlement Amount by the Workweeks were calculated based on the start and end dates of each all Class Member’s employment Members during the Class Period to yield the “Estimated Workweek Value” and dividing by seven. Individual Settlement Amounts will be calculated using the following formula: multiplied each Participating Class Member’s individual Workweeks during the Class Period by the Estimated Workweek Value to yield his or her estimated Individual Settlement Share (which is listed in Section III.C below). Class Members who do not submit a valid and timely Request for Exclusion (“Participating Class Members”) will be issued payment of their final Individual Settlement Payment. The Settlement Administrator has divided the PAGA Group Member Amount by the total aggregate Workweeks of all Participating Class PAGA Group Members during the PAGA Period to derive yield the “PAGA Workweek Value” and multiplied each PAGA Group Member’s individual Workweeks during the PAGA Period by the PAGA Workweek Value to yield his or her Individual PAGA Payment Ratio Fraction. Each Participating Class Member’s Payment Ratio Fraction will be multiplied by the Net Settlement Sum to determine the Individual Settlement Amount(which is listed in Section III.C below). Each Individual Settlement Amount Share will be allocated as one-third (33.33%) wages (20% wages, which will be reported on an IRS Form W2), and two80% interest, penalties, and non-thirds (66.67%) penalties and interest (wage damages, which will be reported on an IRS Form 1099, 1099 (if applicable). Each Individual Settlement Amount Share will be subject to reduction for the employee’s share of taxes and withholdings with respect to the wages portion of the Individual Settlement Amount, resulting in a Shares (the net payment to the Settlement Class Member is referred to as the “Individual Settlement Payment.” ”). The employer’s share of payroll taxes and contributions with respect to the wages portion of Individual Settlement Shares shall be paid by Defendant separately and in addition to the Gross Settlement Amount. Individual PAGA Payments will be allocated as one hundred percent (100%) penalties, will not be subject to taxes or withholdings, and will be reported on an IRS Form-1099 (if applicable). If the Court grants final approval of the settlementSettlement, Individual Settlement Payments will be mailed to Participating Class Members and Individual PAGA Payments will be mailed to PAGA Group Members at the address that is on file with the Settlement Administrator. If the address to which this Notice was mailed is not correct, or if you move after you receive this Notice, you must provide your correct mailing address to the Settlement Administrator as soon as possible to ensure your receipt of you receive any payment that you may be entitled toto under the Settlement.