PAYMENTS FROM THE QUALIFIED SETTLEMENT FUND. 5.1. Disbursements from Qualified Settlement Fund prior to Settlement Effective Date. Class Counsel, subject to the approval of Defendants, which approval shall not be unreasonably withheld, shall direct the Escrow Agent to disburse money from the Qualified Settlement Fund as follows:
PAYMENTS FROM THE QUALIFIED SETTLEMENT FUND. 5.1. Plan of Allocation. For each Settlement Class Member identified by the Settlement Administrator, the Settlement Administrator shall calculate a Settlement Credit Amount. Each Settlement Class Member’s Settlement Credit Amount shall be equal to the Net Settlement Amount multiplied by the percentage of all Prior Distributions distributed to that Settlement Class Member (or to the Participant on whom the Settlement Class Member’s membership in the Class is based).1 In accordance with the procedures set forth in this Article, as approved or modified by the Court, the Settlement Administrator will distribute to each Class Member their Settlement Credit Amount. Any Settlement Credit Amounts distributed but not claimed (as contemplated by Section 5.5) shall revert to the Qualified Settlement Fund and be re-distributed pro rata to Settlement Class Members who claimed their Settlement Credit Amounts.
1 For illustrative purposes, if it is assumed that (i) the Net Settlement Amount equals $12 million, (ii) the sum of all Prior Distributions equals $10.5 million, and (iii) Class Member A received $10,500 of the Prior Distributions, then Class Member A’s Settlement Credit Amount equals $12,000. This is because Class Member A’s percentage of Prior Distributions equals 0.1% ($10,500/$10,500,000=0.001), and the Net Settlement Amount multiplied by 0.1% equals $12,000 ($12,000,000*0.001=$12,000). The Plan of Allocation shall be submitted to the Court for preliminary and final approval in connection with the preliminary and final approval motions contemplated by the Settlement Agreement. If the Court rejects this Plan of Allocation, Plaintiffs shall provide their revised plan of allocation for review and comment by Defendants before submission to the Court. The Class Representatives, Class Counsel, Defendants, and Defense Counsel shall have no responsibility or liability for the calculations and distributions of the Net Settlement Amount to Settlement Class Members. In the event of an error by the Settlement Administrator in the calculations or distributions of the Net Settlement Amount to Settlement Class Members, the Settlement Administrator shall correct the error within a reasonable amount of time. The aggregate of all Settlement Credit Amounts may not exceed the Net Settlement Amount. In the event that the Settlement Administrator determines that aggregate monetary payment pursuant to the Plan of Allocation would exceed the Net Settlement Amount, the Settlement Adm...
