Common use of Settlement Payment Allocation Clause in Contracts

Settlement Payment Allocation. All Settlement Shares will be allocated as follows: 50% to settlement of wage claims, 25% to settlement of claims for interest and 25% statutory penalties. The portion allocated to settlement of wage shall be subject to all applicable withholdings and reported on an IRS Form W-2 by the Settlement Administrator and the portion allocated to interest and penalties shall be reported on an IRS Form 1099 by the Settlement Administrator. After appropriate tax withholding from each Class Member’s Settlement Share, the net payment to be received by each Class Member as required by law via an IRS Form W-2, the Settlement Administrator will pay all such withheld funds to the appropriate state and federal taxing authorities. The Settlement Administrator shall provide each Class Member with appropriate documentation setting forth the amount of any tax or other deductions in accordance with state and federal tax requirements. The Parties agree that this allocation of Settlement Shares to wages, interest, and statutory penalties is consistent with the substance of the Lawsuit.

Settlement Payment Allocation. All Settlement Shares will be allocated as follows: 50% to settlement of wage claims, 25% to settlement of claims for interest and 25% statutory penalties. The portion allocated to settlement of wage wages shall be subject to all applicable withholdings and reported on an IRS Form W-2 by the Settlement Administrator and the portion allocated to interest and penalties shall be reported on an IRS Form 1099 by the Settlement Administrator. After appropriate tax withholding from each Settlement Class Member’s Settlement Share, the net payment to be received by each Settlement Class Member as required by law via an IRS Form W-2, the Settlement Administrator will pay all such withheld funds to the appropriate state and federal taxing authorities. The Settlement Administrator shall provide each Settlement Class Member with appropriate documentation setting forth the amount of any tax or other deductions in accordance with state and federal tax requirements. The Parties agree that this allocation of Settlement Shares to wages, interest, and statutory penalties is consistent with the substance of the Lawsuit.

Settlement Payment Allocation. All Settlement Shares will be allocated as follows: 5030% to settlement of wage claims, 255% to settlement of reimbursement claims, 40% to settlement of claims for interest and 25% statutory penalties. The portion allocated to settlement of wage wages shall be subject to all applicable withholdings and reported on an IRS Form W-2 by the Settlement Administrator and the portion allocated to interest and penalties shall be reported on an IRS Form 1099 by the Settlement Administrator. After appropriate tax withholding from each Class Member’s Settlement Share, the net payment to be received by each Class Member as required by law via an IRS Form W-2, the Settlement Administrator will pay all such withheld funds to the appropriate state and federal taxing authorities. The Settlement Administrator shall provide each Class Member with appropriate documentation setting forth the amount of any tax or other deductions in accordance with state and federal tax requirements. The Parties agree that this allocation of Settlement Shares to wages, expenses, interest, and statutory penalties is consistent with the substance of the Lawsuit.