Tax Treatment of Settlement Awards Sample Clauses

Tax Treatment of Settlement Awards. 15132937v.1 For income tax purposes, the Parties agree that, if required by law, Settlement Class Participant settlement awards shall be allocated as non-wage income and shall not be subject to required withholdings and deductions. The Settlement Class Representative’s Service Award shall be allocated as non-wage income and shall not be subject to required withholdings and deductions and shall be reported as non-wage income as required by law. If required by IRS regulations, the Settlement Administrator shall issue to each Settlement Class Participant an IRS Form 1099. Other than the reporting requirements herein, Settlement Class Participants shall be solely responsible for the reporting and payment of their share of any federal, state and/or local income or other taxes on payments received pursuant to this Settlement Agreement.
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Tax Treatment of Settlement Awards. To receive a payment, Settlement Class Members must submit an IRS Form W‐9 with their claim form. Settlement Class Members who submit valid and timely claims and W‐9 forms will be issued IRS Forms 1099 and will be responsible for all associated taxes. HDL will pay no employment taxes on the amounts distributed to Settlement Class Members.
Sample 1
Tax Treatment of Settlement Awards. Fifty percent of each settlement award paid to a member of the Settlement Classes will be treated as wages and subject to normal tax withholding and shall be reported to the taxing authorities and the member on an IRS Form W‐2. The other fifty percent of the settlement award will be treated as non‐wages (penalties, enhancements, and prejudgment interest) on which there will be no tax withholding and for which an IRS Form 1099 (marked “Other Income”) shall be issued to the taxing authorities and the member. In addition to the money it is contributing to the Class Fund described above, Ralph’s is also paying all required employer‐side taxes incurred as part of the Settlement. Ralph’s’ payment of these employer‐side taxes will not decrease the funds available to members of the Settlement Classes.
Sample 1
Tax Treatment of Settlement Awards. For income tax purposes, the Parties agree that the Named Plaintiffs and Settlement Class Participants shall have the pro rata portion of their damages attributable to earned but unpaid wages and/or earned but unpaid overtime wages subject to deductions for income tax withholding and the employee's share of FICA and Medicare taxes on that portion of the distribution and reported on an IRS Form W2 for the tax year 2022. The liquidated/treble damages and interest payments portion of the settlement paid to Named Plaintiffs and the Settlement Class Participants shall not be subject to withholding, and Defendant shall provide Named Plaintiffs and the Settlement Class Participants an IRS Form 1099 for the tax year 2022. The Parties agree that the allocation of each payment made to Settlement Class Representatives and the Settlement Class Participants shall be designated one-third (1/3) as W-2 wages and two-thirds (2/3) as 1099 wages. The Named Plaintiffs’ Service Awards shall be allocated as non-wage income and shall not be subject to withholdings and shall be reported as non-wage income as required by law, all subject to Defendants’ timely issuance of a 2022 IRS Form 1099. Other than the reporting requirements herein, Named Plaintiffs’ and Settlement Class Participants shall be responsible for the reporting and payment of their share of any federal, state and/or local income or other taxes on payments received pursuant to this Settlement Agreement that may otherwise be due on the same.
Sample 1

Related to Tax Treatment of Settlement Awards

  • Certification of Settlement Class Promptly after execution of the Settlement Agreement, Class Counsel will ask the Court to issue an order certifying the Settlement Class for settlement purposes only. Xxxxx agrees not to object to this request without waiver of its right to contest certification or the merits of the Lawsuit if the settlement does not receive final approval or the Effective Date (defined in paragraph 14 below) does not occur.

  • Termination of Settlement If the Settlement is terminated as provided in the Stipulation, the Settlement is not approved, or the Effective Date of the Settlement otherwise fails to occur, this Order shall be vacated, rendered null and void, and be of no further force and effect, except as otherwise provided by the Stipulation, and this Order shall be without prejudice to the rights of Lead Plaintiff, the other Settlement Class Members, and Defendants, and the Parties shall revert to their respective positions in the Action immediately prior to the execution of the Stipulation.

  • THE SETTLEMENT BENEFITS What You Get

  • Rollovers of Exxon Xxxxxx Settlement Payments If you receive a qualified settlement payment from Exxon Xxxxxx litigation, you may roll over the amount of the settlement, up to $100,000, reduced by the amount of any qualified Exxon Xxxxxx settlement income previously contributed to a Traditional or Xxxx XXX or eligible retirement plan in prior taxable years. You will have until your tax return due date (not including extensions) for the year in which the qualified settlement income is received to make the rollover contribution. To obtain more information on this type of rollover, you may wish to visit the IRS website at xxx.xxx.xxx.

  • Effect of Settlement Neither the Grantee nor any of the Grantee’s successors, heirs, assigns or personal representatives shall have any further rights or interests in any Restricted Stock Units that have been paid and settled. Although a settlement date or range of dates for settlement are specified above in order to comply with Code Section 409A, the Company retains discretion to determine the settlement date, and no Grantee or beneficiary of a Grantee shall have any claim for damages or loss by virtue of the fact that the market price of Common Stock was higher on a given date upon which settlement could have been made as compared to the market price on or after the actual settlement date (any claim relating to settlement will be limited to a claim for delivery of Shares and related dividend equivalents).

  • Payment of Settlement Amount (1) Within thirty (30) days of the Date of Execution, the Settling Defendants shall pay the Settlement Amount to Siskinds LLP, for deposit into the Trust Account.

  • Application of Settlement Agreement 10.1 This Settlement Agreement shall apply to, be binding upon, and inure to the benefit of, CAG and the Releasees and Downstream Releasees identified in Section 2 above.

  • The Settlement The Settlement was reached on May 11, 2018. Class Counsel filed this action on May 10, 2018. Over two years prior to the filing of this action, Class Counsel and Defendant’s Counsel conducted an adversarial informal discovery process. Class Counsel reviewed and analyzed thousands of pages of documents provided by Defendant and also reviewed many other documents, including U.S. Department of Labor Forms 5500 and other publicly available documents. The Parties participated in mediation before a nationally recognized mediator who has extensive experience in resolving similar claims involving other 401(k) plans. Only after six months of extensive arm’s length negotiation following the mediation were the parties able to agree to the terms of the Settlement. As part of the Settlement, a Qualified Settlement Fund of $17,000,000 will be established to resolve the Class Action. The Net Settlement Amount is $17,000,000 minus any Administrative Expenses, taxes, tax expenses, Court-approved Attorneys’ Fees and Costs, Class Representatives’ Compensation, and other approved expenses of the litigation. The Net Settlement Amount will be allocated to Class Members according to a Plan of Allocation to be approved by the Court. In addition to the monetary component of the Settlement, the Parties to the Settlement have agreed to certain additional terms: (1) During the first eighteen months (18) following the final approval of the Settlement, Defendant has agreed that the Plan’s fiduciaries will conduct a Request for Proposal (“RFP”) process for recordkeeping services to the Plan; (2) Within the first year following final approval of the Settlement, Defendant has agreed to publish a communication to then current Plan participants explaining the risks and benefits of the Plan’s money market fund investment option; (3) Defendant also will use an independent consultant familiar with fixed income investment options in defined contribution plans who will review the investment lineup and make recommendations to the Plan’s fiduciaries regarding whether to retain the money market fund and whether to add a stable value or comparable fund; (4) In addition, during the three- year Settlement period, Defendant has agreed to provide Class Counsel a list of the Plan’s investment options and fees; and (5) In considering investment options for the Plan, Defendant has agreed that the Plan’s fiduciaries will consider: (a) the lowest-cost share class available for any particular mutual fund considered for inclusion in the Plan as well as other criteria applicable to different share classes; (b) the availability of revenue sharing rebates on any share class available for any particular mutual fund considered for inclusion in the Plan; and (c) the availability of collective trusts, to the extent such investments are permissible and are otherwise identical to a particular mutual fund considered for inclusion in the Plan.

  • PROCEDURE FOR APPROVAL OF SETTLEMENT 28. Acceptance of this Settlement Agreement shall be sought at a hearing of the Central Regional Council of the MFDA on a date agreed to by counsel for Staff and the Respondent.

  • Effective Date of Settlements ‌ Settlements reached at any step of the grievance procedure in this article, other than Clause 8.11, shall be applied retroactively to the date of the occurrence of the action or situation which gave rise to the grievance, but not prior to the effective date of the agreement in effect at the time of the occurrence or the date set by a board of arbitration.

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