Settlement Payment Allocation Clause Samples
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 Individual Settlement Payments will be allocated as general damages reported on an IRS form 1099 by the Settlement Administrator.
Settlement Payment Allocation. The Settlement Payment is not an admission of liability and was paid in order to resolve the claims and obtain the releases as set forth in the Agreement. For purposes of allocating the Settlement Payment in relation to the claims asserted:
Settlement Payment Allocation. The Parties agree to the allocation of the Settlement Payment as follows:
A. $387,000 allocated towards the judgment against Titan CNG, LLC and Minn Shares Inc. (n/k/a EVO Transportation & Energy Services, Inc.), pursuant to the Court’s Order dated May 29, 2018;
B. $391,0001 allocated towards the judgment against Titan CNG, LLC, Titan El Toro, LLC, Titan Diamond Bar, LLC, Titan ▇▇▇▇▇▇, LLC, ▇▇▇▇ Honour, and ▇▇▇▇▇ Honour, pursuant to the Court’s Order dated May 29, 2018; 1 Debtors made a $50,000 good-faith payment to Creditors on or about June 20, 2018, thereby reducing the amounts owed on the judgments reflected in Sections 3(A) and 3(B) by $25,000, respectively.
C. $99,523.21 allocated towards Creditors’ attorneys’ fees, costs and disbursements;
D. $87,070.58 allocated towards the interest on the loans from Red Ocean Consulting, LLC; and
E. $57,466.04 allocated towards the interest on the loans from ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Revocable Trust Dated June 9, 1998.