Common use of Settlement Formula Clause in Contracts

Settlement Formula. The Total Settlement Amount is Two Million Nine Hundred Thousand Dollars ($2,900,000.00) (the “Total Settlement Amount”). The portion of the Total Settlement Amount that is available for payment to Class Members who do not opt out of this Settlement (“Settlement Class Members”) is referred to as the “Net Settlement Amount.” The Net Settlement Amount will be the Total Settlement Amount less the following payments which are subject to approval by the Court: (1) attorneys’ fees in an amount of up to thirty-five percent (35%) of the Total Settlement Amount (i.e., up to $1,015,000.00) and reimbursement of litigation costs and expenses in an amount of up to Forty Thousand Dollars ($40,000.00) to Class Counsel (collectively, “Class Counsel Award”); (2) enhancement payment in an amount not to exceed Twelve Thousand Five Hundred Dollars ($12,500) to Plaintiff ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ for his services (“Enhancement Payment”); (3) settlement administration costs in an amount not to exceed Twelve Thousand Dollars ($12,000.00) to the Settlement Administrator (“Settlement Administration Costs”); and (4) the allocation of Five Hundred Thousand Dollars ($500,000.00) to settle all claims under PAGA (“PAGA Payment”), of which 75%, or $375,000.00, will be paid to the Labor and Workforce Development Agency (“LWDA”) and the remaining 25%, or $125,000.00, (“PAGA Employee Amount”) will be distributed pro rata to PAGA Employees. Class Members are eligible to receive a pro rata share of the Net Settlement Amount (“Individual Settlement Share”) based on the number of workweeks during which they worked for Defendant as an hourly-paid or non-exempt employee in California during the Class Period (“Workweeks”). Specifically, the Settlement Administrator shall determine the number of calendar weeks that the Class Member worked during the Class Period, using their start and end dates worked as an hourly-paid or non-exempt employees of Defendant in California during the Class Period. Each PAGA Employee’s pro rata share of the PAGA Employee Amount (“Individual PAGA Payment”) will be based on the number of Workweeks during which they worked for Defendant during the PAGA Period (“PAGA Workweeks”). Each Individual Settlement Share will be allocated as twenty percent (20%) to wages (which will be reported on an IRS Form W2), and eighty percent (80%) to interest, penalties, and other non-wage damages (which will be reported on an IRS Form 1099, if applicable). Each Individual Settlement Share will be subject to reduction for the employee’s share of taxes and withholdings with respect to the wage portion of the Individual Settlement Share. The net payment of each Settlement Class Member’s Individual Settlement Share (after reduction for the employee’s share of taxes on the wage portion) is referred to as their “Individual Settlement Payment.” Each Individual PAGA Payment will be allocated as one hundred percent (100%) penalties and wil be reported on IRS Form-1099 (if applicable) by the Settlement Administrator. If the Court grants final approval of the Settlement, Defendants will deposit of fifty percent (50%) of the Total Settlement Amount (i.e., $1,450,000) thirty days after the Settlement is granted final approval and will deposit the remaining fifty percent (50%) eight months after funding the first installment. If the Court grants final approval of the Settlement, Individual Settlement Payments will be mailed to Settlement Class Members at the address that is on file with the Settlement Administrator by way of check following the first deposit of fifty percent (50%) of the Total Settlement Amount and Individual PAGA Payments will be mailed to PAGA Group Members at the address that is on file with the Settlement Administrator by way of check following the second deposit of the remaining fifty percent (50%) of the Total Settlement Amount. 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 Settlement Amount total gross settlement amount is Two Million Nine Eight Hundred Twenty-Five Thousand Dollars ($2,900,000.00825,000.00) (the “Total Gross Settlement Amount”). The portion of the Total Gross Settlement Amount that is available for payment to Class Members who do not opt out of this Settlement (“Settlement Class Members”) is referred to as the “Net Settlement Amount.” The Net Settlement Amount will be the Total Gross Settlement Amount less the following payments payments, which are subject to approval by the Court: : (1) attorneys’ fees in an amount of up not to thirty-five percent (exceed 35%) % of the Total Gross Settlement Amount (i.e., up to $1,015,000.00288,750.00) and reimbursement of litigation costs and expenses in an amount of up not to Forty exceed Sixty-Five Thousand Dollars ($40,000.0065,000.00), (together, “Attorneys’ Fees and Costs”) to Class Counsel (collectively, “Class Counsel Award”)Counsel; (2) enhancement payment Incentive Awards in an amount up to Twelve Thousand Dollars ($12,000) to Plaintiff for her services in the Action; (3) Ninety Thousand Dollars ($90,000.00) (“PAGA Settlement Amount”), with Seventy- Five Percent (75%) or Sixty-Seven Thousand Five Hundred Dollars ($67,500.00) of the PAGA Settlement Amount to be paid to the LWDA (“LWDA Payment”) and Twenty-Two Thousand Five Hundred Dollars ($22,500.00) (“PAGA Fund”) to be paid to Aggrieved Employees; (4) Settlement Administration Costs in an amount not to exceed Twelve Thousand Five Hundred Dollars ($12,500) to Plaintiff ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ for his services (“Enhancement Payment”); (3) settlement administration costs in an amount not to exceed Twelve Sixteen Thousand Dollars ($12,000.00) 16,000.00), to the Settlement Administrator Administrator, and (5) Defendant’s employer share of payroll taxes and contributions (“Settlement Administration Costs”); and (4) the allocation of Five Hundred Thousand Dollars ($500,000.00) to settle all claims under PAGA (“PAGA PaymentEmployer Taxes”), of which 75%, or currently estimated to be Twenty Thousand Eight Hundred and One Dollars and Seventy-Two Cents ($375,000.00, will be paid to the Labor and Workforce Development Agency (“LWDA”) and the remaining 25%, or $125,000.00, (“PAGA Employee Amount”) will be distributed pro rata to PAGA Employees20,801.72). Class Members are eligible entitled to receive a payment under the Settlement of their pro rata share of the Net Settlement Amount (“Individual Settlement Share”) based on the number of workweeks during which they weeks each Class Member worked for Defendant as an hourly-paid or non-exempt employee within California during the Class Period (“Workweeks”). Workweeks are to be calculated by the Settlement Administrator using the information to be provided by Defendant by way of the Class List. The Settlement Administrator has divided the Net Settlement Amount by the total number of Workweeks of all Class Members during the Class Period to yield the “Estimated Workweek Value,” and then multiplied each Class Member’s individual Workweeks during the Class Period by the Estimated Workweek Value to yield the estimated Individual Settlement Share he or she may be eligible to receive under the Settlement (which is listed in Section III.C below). Class Members who do not submit a timely and valid Request for Exclusion (“Participating Class Members”) will be issued their payment of their final Individual Settlement Share. Similarly, ▇▇▇▇▇▇▇▇▇ Employees are entitled to receive payment under the Settlement of their pro rata share of the PAGA Fund (“Individual PAGA Shares”) based on the number of weeks each Aggrieved Employee worked as an hourly-paid or non-exempt employee in California during the Class Period (“Workweeks”)PAGA Period. Specifically, the The Settlement Administrator shall determine the number of calendar weeks that the Class Member worked during the Class Period, using their start and end dates worked as an hourly-paid or non-exempt employees of Defendant in California during the Class Period. Each PAGA Employee’s pro rata share of has divided the PAGA Employee Amount (“Individual PAGA Payment”) will be based on Fund by the number Workweeks of Workweeks during which they worked for Defendant all Aggrieved Employees during the PAGA Period (to yield the “PAGA Workweeks”). Each Individual Settlement Share will be allocated as twenty percent (20%) Workweek Value,” and then multiplied each Aggrieved Employee’s individual Workweeks during the PAGA Period by the PAGA Workweek Value to wages (which will be reported on an IRS Form W2), and eighty percent (80%) to interest, penalties, and other non-wage damages (which will be reported on an IRS Form 1099, if applicable). Each Individual Settlement Share will be subject to reduction for yield the employee’s share of taxes and withholdings with respect to the wage portion of the Individual Settlement Share. The net payment of each Settlement Class Member’s Individual Settlement Share (after reduction for the employee’s share of taxes on the wage portion) is referred to as their “Individual Settlement Payment.” Each Individual PAGA Payment will be allocated as one hundred percent (100%) penalties and wil be reported on IRS Form-1099 (if applicable) by the Settlement Administrator. If the Court grants final approval of he or she is eligible to receive under the Settlement, Defendants will deposit of fifty percent (50%) of the Total Settlement Amount (i.e., $1,450,000) thirty days after the Settlement is granted final approval and will deposit the remaining fifty percent (50%) eight months after funding the first installment. If the Court grants final approval of the Settlement, Individual Settlement Payments will be mailed to Settlement Class Members at the address that is on file with the Settlement Administrator by way of check following the first deposit of fifty percent (50%) of the Total Settlement Amount and Individual PAGA Payments will be mailed to PAGA Group Members at the address that is on file with the Settlement Administrator by way of check following the second deposit of the remaining fifty percent (50%) of the Total Settlement AmountAdministrator. If the address to which this Class Notice was mailed is not correct, or if you move after you receive this Class 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 toto under the Settlement.