Common use of WHAT DOES THE SETTLEMENT PROVIDE Clause in Contracts

WHAT DOES THE SETTLEMENT PROVIDE. The Settlement was reached on September 12, 2019. Class Counsel filed this action on August 9, 2016. Since the filing of the case and for a period of over three years, the parties engaged in substantial litigation. Class Counsel devoted substantial time and effort to review and analyze approximately 149,000 pages of documents produced by Defendants and many other documents, including U.S. Department of Labor Forms 5500 and other publicly available documents, and conducted over 15 depositions to support their underlying claims. The Settling Parties participated in a mediation with a nationally recognized mediator who has extensive experience in resolving complex class action claims. The Settling Parties also engaged in substantial settlement discussions without a mediator. Only after extensive arm’s length negotiation over a period of approximately four months were the Settling Parties able to agree to the terms of the Settlement. Under the Settlement, a Qualified Settlement Fund of $18,100,000 will be established to resolve the Class Action. The Net Settlement Amount is $18,100,000 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. Under the proposed Plan of Allocation, 25% of the Net Settlement Amount will be allocated to Class Members based simply on the number of quarters during the Class Period in which they participated in the Plan in any amount (the “Per Capita Component”), and 75% of the Net Settlement Amount will be allocated to Class Members based on the actual amount of their investments in Plan funds over the Class Period, taking into account quarterly balances in all Plan funds except for those in the Bond Oriented Balanced Fund and the Diversified Stock Fund (the “Pro Rata Component”). The method by which Class Members receive their settlement allocations will depend on whether they are characterized as Current Participants or Former Participants. Allocations to Current Participants who are entitled to a distribution under the Plan of Allocation will have their distribution deposited into their existing Plan accounts. Former Participants who are entitled to a distribution will receive their distribution as a check mailed to their last known address or, if they elect, as a rollover to a qualified retirement account.

WHAT DOES THE SETTLEMENT PROVIDE. The Settlement was reached on September 1224, 2019. Class Counsel filed this action on August 9March 4, 20162015. Since the filing of the case and for a period of over three four years, the parties engaged in substantial litigation. Class Counsel devoted substantial time and effort to review and analyze approximately 149,000 hundreds of thousands of pages of documents produced by Defendants Defendant and many other documents, including U.S. Department of Labor Forms 5500 and other publicly available documents, and conducted over 15 depositions to support their underlying claims. The Settling Parties participated in two different mediations, one with a mediation court-appointed mediator and the second with a nationally recognized mediator who has extensive experience in resolving complex class action claims. The Settling Parties also engaged in substantial settlement discussions without a mediator. Only after extensive arm’s length negotiation over a period of approximately four three months were the Settling Parties able to agree to the terms of the Settlement. Under the Settlement, a Qualified Settlement Fund of $18,100,000 11,000,000 will be established to resolve the Class Action. The Net Settlement Amount is $18,100,000 11,000,000 minus any Administrative Expenses, taxes, tax expenses, Court-approved Attorneys’ Fees and Costs, Class Representatives’ and Individual Plaintiff’s 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. Under the proposed Plan of Allocation, 25% of the Net Settlement Amount will be allocated to Class Members based simply on the number of quarters during the Class Period in which they participated in the Plan in any amount (the “Per Capita Component”), and 75% of the Net Settlement Amount will be allocated to Class Members based on the actual amount of their investments in Plan funds over the Class Period, taking fall into account quarterly balances in all Plan funds except for those in the Bond Oriented Balanced Fund and the Diversified Stock Fund (the “Pro Rata Component”). The method by which Class Members receive their settlement allocations will depend on whether they are characterized as two categories: Current Participants or and Former Participants. Allocations to Current Participants who are entitled to a distribution under the Plan of Allocation will have their distribution deposited be made into their existing Plan accounts. Former Participants who are entitled to a distribution will receive their distribution as a check mailed to their last known address or, if they elect, as a rollover to a qualified retirement account.

WHAT DOES THE SETTLEMENT PROVIDE. The Settlement was reached on September 12, 2019. Class Counsel filed this action on August 9, 2016. Since the filing of the case and for a period of over three years, the parties engaged in substantial litigation. Class Counsel devoted substantial time and effort to review and analyze approximately 149,000 pages of documents produced by Defendants and many other documents, including U.S. Department of Labor Forms 5500 and other publicly available documents, and conducted over 15 depositions to support their underlying claims. The Settling Parties participated in a mediation with a nationally recognized mediator who has extensive experience in resolving complex class action claims. The Settling Parties also engaged in substantial settlement discussions without a mediator. Only after extensive arm’s length negotiation over a period of approximately four months were the Settling Parties able to agree to the terms of the Settlement. Under the Settlement, a Qualified Settlement Fund of $18,100,000 will be established to resolve the Class Action. The Net Settlement Amount is $18,100,000 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. Under the proposed Plan of Allocation, 25% of the Net Settlement Amount will be allocated to Class Members based simply on the number of quarters during the Class Period in which they participated in the Plan in any amount (the “Per Capita Component”), and 75% of the Net Settlement Amount will be allocated to Class Members based on the actual amount of their investments in Plan funds over the Class Period, taking fall into account quarterly balances in all Plan funds except for those in the Bond Oriented Balanced Fund and the Diversified Stock Fund (the “Pro Rata Component”). The method by which Class Members receive their settlement allocations will depend on whether they are characterized as two categories: Current Participants or and Former Participants. Allocations to Current Participants who are entitled to a distribution under the Plan of Allocation will have their distribution deposited be made into their existing Plan accounts. . Former Participants who are entitled to a distribution will receive their distribution as a check mailed to their last known address or, if they elect, as a rollover to a qualified retirement account. As discussed above, the Settlement Agreement also provides for non-monetary benefits to the Plans. Defendants have agreed, during the three-year Settlement Period: (1) to publicly file with the Court the annual Department of Labor filing that discloses fees paid by the Plans (known as Schedule C to Form 5500) as well as information about the assets held in, and performance of, the Stable Value Fund and the Company Stock Funds; (2) to confirm current limitations on the amount of cash equivalents held in the Company Stock Funds and the amount of money market equivalent assets held in the Stable Value Fund, and to file a notice with the Court if those limitations are changed; (3) to initiate a competitive bidding process for the Plans’ recordkeeping services for the Plans, and to publicly file with the Court a notice identifying the entities that submitted bids and the selected recordkeeper; and (4) to offer participants the share class of investments that has the lowest expense ratio, provided that the share class is available and consistent with the needs and obligations of the Plans. The terms of the Settlement will be reviewed by an Independent Fiduciary. All Class Members and anyone claiming through them will fully release the Plans as well as Defendants and their “Released Parties” from “Released Claims.” The Released Parties include Defendants and any past, present, and future related entities, and all of their past, present, and future officers, directors, employees, attorneys, and agents. The Released Claims include all claims that were asserted or that could have been asserted in the Class Action, including all claims made in the Class Action or that relate to the allegations raised in the Class Action; all claims related to the Plans’ investment options, fees, disclosures, and expenses, and conduct by the Plan Fiduciary; and all claims relating to the implementation of the Settlement. This is only a summary of the Released Claims and not a binding description of the Released Claims. The actual governing release is found within the Settlement Agreement at xxx.xx000xxxxxxxxxxx.xxx. Generally, the release means that Class Members will not have the right to xxx the Defendants, the Plans, or the Related Parties for conduct during the Class Period arising out of or relating to the allegations in the Class Action. This is only a summary of the Settlement. The entire Settlement Agreement is at xxx.xx000xxxxxxxxxxx.xxx.

WHAT DOES THE SETTLEMENT PROVIDE. The Settlement was reached on September 12, 2019. Class Counsel filed this action on August 9, 2016. Since the filing of the case and for a period of over three years, the parties engaged in substantial litigation. Class Counsel devoted substantial time and effort to review and analyze approximately 149,000 pages of documents produced by Defendants and many other documents, including U.S. Department of Labor Forms 5500 and other publicly available documents, and conducted over 15 depositions to support their underlying claims. The Settling Parties participated in a mediation with a nationally recognized mediator who has extensive experience in resolving complex class action claims. The Settling Parties also engaged in substantial settlement discussions without a mediator. Only after extensive arm’s 's length negotiation over a period of approximately four months were the Settling Parties able to agree to the terms of the Settlement. Under the Settlement, a Qualified Settlement Fund of $18,100,000 will be established to resolve the Class Action. The Net Settlement Amount is $18,100,000 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. Under the proposed Plan of Allocation, 25% of the Net Settlement Amount will be allocated to Class Members based simply on the number of quarters during the Class Period in which they participated in the Plan in any amount (the “Per Capita Component”), and 75% of the Net Settlement Amount will be allocated to Class Members based on the actual amount of their investments in Plan funds over the Class Period, taking into account quarterly balances in all Plan funds except for those in the Bond Oriented Balanced Fund and the Diversified Stock Fund (the “Pro Rata Component”). The method by which Class Members receive their settlement allocations will depend on whether they are characterized as Current Participants or Former Participants. Allocations to Current Participants who are entitled to a distribution under the Plan of Allocation will have their distribution deposited into their existing Plan accounts. Former Participants who are entitled to a distribution will receive their distribution as a check mailed to their last known address or, if they elect, as a rollover to a qualified retirement account.

WHAT DOES THE SETTLEMENT PROVIDE. The Settlement was reached on September 12, 2019. Class Counsel filed this action on August 9, 2016. Since the filing of the case and for a period of over three years, the parties engaged in substantial litigation. Class Counsel devoted substantial time and effort to review and analyze approximately 149,000 pages of documents produced by Defendants and many other documents, including U.S. Department of Labor Forms 5500 and other publicly available documents, and conducted over 15 depositions to support their underlying claims. The Settling Parties participated in a mediation with a nationally recognized mediator who has extensive experience in resolving complex class action claims. The Settling Parties also engaged in substantial settlement discussions without a mediator. Only after extensive arm’s length negotiation over a period of approximately four months were the Settling Parties able to agree to the terms of the Settlement. Under the Settlement, a Qualified Settlement Fund of $18,100,000 will be established to resolve the Class Action. The Net Settlement Amount is $18,100,000 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. Under the proposed Plan of Allocation, 25% of the Net Settlement Amount will be allocated to Class Members based simply on the number of quarters during the Class Period in which they participated in the Plan in any amount (the “Per Capita Component”), and 75% of the Net Settlement Amount will be allocated to Class Members based on the actual amount of their investments in Plan funds over the Class Period, taking fall into account quarterly balances in all Plan funds except for those in the Bond Oriented Balanced Fund and the Diversified Stock Fund (the “Pro Rata Component”). The method by which Class Members receive their settlement allocations will depend on whether they are characterized as two categories: Current Participants or and Former Participants. Allocations to Current Participants who are entitled to a distribution under the Plan of Allocation will have their distribution deposited be made into their existing Plan accounts. . Former Participants who are entitled to a distribution will receive their distribution as a check mailed to their last known address or, if they elect, as a rollover to a qualified retirement account. As discussed above, the Settlement Agreement also provides for non-monetary benefits to the Plans. Defendants have agreed, during the three-year Settlement Period: (1) to publicly file with the Court the annual Department of Labor filing that discloses fees paid by the Plans (known as Schedule C to Form 5500) as well as information about the assets held in, and performance of, the Stable Value Fund and the Company Stock Funds; (2) to confirm current limitations on the amount of cash equivalents held in the Company Stock Funds and the amount of money market equivalent assets held in the Stable Value Fund, and to file a notice with the Court if those limitations are changed; (3) to initiate a competitive bidding process for the Plans’ recordkeeping services for the Plans, and to publicly file with the Court a notice identifying the entities that submitted bids and the selected recordkeeper; and (4) to offer participants the share class of investments that has the lowest expense ratio, provided that the share class is available and consistent with the needs and obligations of the Plans. The terms of the Settlement will be reviewed by an Independent Fiduciary. All Class Members and anyone claiming through them will fully release the Plans as well as Defendants and their “Released Parties” from “Released Claims.” The Released Parties include Defendants and any past, present, and future related entities, and all of their past, present, and future officers, directors, employees, attorneys, and agents. The Released Claims include all claims that were asserted or that could have been asserted in the Class Action, including all claims made in the Class Action or that relate to the allegations raised in the Class Action; all claims related to the Plans’ investment options, fees, disclosures, and expenses, and conduct by the Plan Fiduciary; and all claims relating to the implementation of the Settlement. This is only a summary of the Released Claims and not a binding description of the Released Claims. The actual governing release is found within the Settlement Agreement at xxx.xx000xxxxxxxxxxx.xxx. Generally, the release means that Class Members will not have the right to sue the Defendants, the Plans, or the Related Parties for conduct during the Class Period arising out of or relating to the allegations in the Class Action. This is only a summary of the Settlement. The entire Settlement Agreement is at xxx.xx000xxxxxxxxxxx.xxx.