Consideration to Settlement Class Members. 2.2.1. Defendants, through the Claims Administrator, and according to the terms, conditions, and procedures set forth in this Stipulation, shall pay each Settlement Class Member according to the Allocation Formula. The Allocation Formula shall calculate each Class Member’s pro rata allocation percentage by determining the Class Member’s Settlement Share and multiplying the Class Member’s Settlement Share by the Net Settlement Amount resulting in a determination of the Total Payment to Each Individual Settlement Class Member, with the Class Representative receiving an enhancement of an additional 100% of his Class Member’s Settlement Share for having brought and prosecuted this action on behalf of the other Class Members. 2.2.2. The Claims Administrator shall be responsible for distributing notice to Class Members; responding to Class Member inquiries; resolving disputes relating to Class Members’ Settlement Share amounts; calculating Class Members’ Settlement Shares; reporting on the state of the Settlement to the Settling Parties’ respective counsel; distributing settlement payments, withholding all taxes due on Class Members’ payments; coordinating with Defendants to calculate and pay the employer’s share of payroll taxes and payments related and or arising out of the payment of payroll taxes resulting from any settlement payments; remitting such withheld funds to the appropriate taxing authorities; preparing a declaration regarding its due diligence in the claims administration process; making payments to the Residuary Charities; and performing such other duties as the Settling Parties may jointly direct or as are specified herein. 2.2.3. The Claims Administrator will report each payment made to Settlement Class Members to state and federal government authorities, including the Internal Revenue Service, as required by law. 2.2.4. Any disputes regarding late claims, allocation amounts or self- identifiers that can be resolved will be resolved prior to finalizing the Class Members’ Settlement Shares, and the allocations to Class Members’ Settlement Shares shall be adjusted accordingly prior to any payments being made. For the purpose of resolving disputed claims, Defendants’ records regarding whether an individual should be a Class Member and/or the dates the Class Member worked in a Covered Position during the Class Period and the Class Member’s rate of pay are presumed accurate. If an individual disputes Defendants’ records, he or she has the burden of establishing with documents that he or she is a Class Member, the number of his or her Compensable Work Weeks, and/or his or her rate of pay during the Class Period. Applying these rules and following a conference with counsel for the Settling Parties, the Claims Administrator will determine whether the individual has a valid claim or an adjustment to the Class Member’s Settlement Share is warranted. Any resulting payment shall be made from the Net Settlement Amount. Any self-identifying individual who is determined by the above process not to be a Class Member, and whom Defendants choose not to allow to receive a payment pursuant to this Stipulation, shall not release any claims notwithstanding any other language in the Stipulation.
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Sources: Settlement Agreement
Consideration to Settlement Class Members. 2.2.1. Defendants2.2.1 Within thirty (30) days of the Effective Date, through Chase will distribute the Maximum Settlement Amount into a Qualified Settlement Fund set up by the Claims Administrator. The Qualified Settlement Fund shall be administered by the Claims Administrator. All interest accrued on amounts placed in the Qualified Settlement Fund shall remain the property of Chase.
2.2.2 The Claims Administrator shall be responsible for the Allocation of Funds, and as directed by this Joint Stipulation of Settlement, from the Qualified Settlement Fund. The Claims Administrator, according to the terms, conditions, and procedures set forth in Section 2.7 of this Stipulation, shall pay each Settlement Class Member Participating Claimant according to the Allocation Formula. The Allocation Formula shall calculate each Class Member’s pro rata following allocation percentage by determining the Class Member’s Settlement Share and multiplying the Class Member’s Settlement Share by formula: the Net Settlement Amount resulting will be distributed to Participating Claimants on a pro rata basis based on each Participating Claimant’s total number of Work Weeks worked in a determination Covered Position in relation to the Total Number of Settlement Work Weeks according to Chase’s records. The formula is designed to result in the complete distribution of the Total Payment Net Settlement Amount based on the assumption that all Class Members become Participating Claimants. To the extent that any Class Member or Members choose not to Each Individual Settlement Class Memberbecome Participating Claimants, with the Class Representative receiving an enhancement of an additional 100% of his Class Member’s Settlement Share for having brought and prosecuted this action on behalf those individuals’ shares of the other Class MembersNet Settlement shall be retained in their entirety by Chase.
2.2.2. The Claims Administrator 2.2.3 To the extent administratively convenient, the payment to each Participating Claimant shall be responsible for distributing notice to Class Members; responding to Class Member inquiries; resolving disputes relating to Class Members’ Settlement Share amounts; calculating Class Members’ Settlement Shares; reporting on the state of the Settlement to the Settling Parties’ respective counsel; distributing settlement payments, withholding all taxes due on Class Members’ payments; coordinating with Defendants to calculate and pay the employer’s share of payroll taxes and payments related and or arising out of the payment of payroll taxes resulting from any settlement payments; remitting such withheld funds to the appropriate taxing authorities; preparing a declaration regarding its due diligence in the claims administration process; making payments to the Residuary Charities; and performing such other duties made via checks as the Settling Parties may jointly direct or as are specified set forth herein.
2.2.3. 2.2.4 The payments set forth in section 2.2.2 shall be allocated for reporting reasons as set forth below: (a) fifty percent (50%) shall be deemed payment in settlement of claims for unpaid wages; and (b) fifty percent (50%) shall be deemed payment in settlement for claims of penalties, liquidated damages, interest, and all other non-wage recovery.
2.2.5 As further detailed in section 2.3, and for each payment made pursuant to sections 2.2, 2.7 and 2.9 of this section VI, the Claims Administrator will report each payment made to Settlement Class Members to state and federal government authorities, authorities including the Internal Revenue Service, Service as required by law.
2.2.4. Any disputes regarding late claims, allocation amounts or self- identifiers that can be resolved will be resolved prior to finalizing the Class Members’ Settlement Shares, and the allocations to Class Members’ Settlement Shares it shall be adjusted accordingly prior to any payments being made. For the purpose of resolving disputed claims, Defendants’ records regarding whether an individual should be a Class Member and/or the dates the Class Member worked in a Covered Position during the Class Period make all required deductions and the Class Member’s rate of pay are presumed accurate. If an individual disputes Defendants’ records, he or she has the burden of establishing with documents that he or she is a Class Member, the number of his or her Compensable Work Weeks, and/or his or her rate of pay during the Class Period. Applying these rules and following a conference with counsel for the Settling Parties, the Claims Administrator will determine whether the individual has a valid claim or an adjustment to the Class Member’s Settlement Share is warranted. Any resulting payment shall be made from the Net Settlement Amount. Any self-identifying individual who is determined by the above process not to be a Class Member, and whom Defendants choose not to allow to receive a payment pursuant to this Stipulation, shall not release any claims notwithstanding any other language in the Stipulationwithholdings.
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