2021.01.26 City Council Packet - Laserfiche WebLink

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Minnesota. KK. Terms that are defined in the text of the Agreement, but not otherwise defined in this Section II, will have the meaning given those terms in the text. III. SETTLEMENT TERMS AND BENEFITS TO CLASS MEMBERS A. In accordance with the terms and conditions set forth below, Defendants will pay a total of $250,000 to the Class (the "Settlement Fund"), which will be distributed as follows and in accordance with the terms of this Settlement Agreement: 1. No later than 30 days after all Defendants have executed this Settlement Agreement, Defendants shall take the necessary steps in Section XI below to enable Mediator John Harens to transfer $250,000 to the Settlement Administrator (pursuant to Section V, infra) for deposit into a bank account (the "Settlement Account") maintained by the Settlement Administrator. This amount is the Settlement Fund and will be used to pay (1) Notice and Administration Costs; (2) Class Representative Awards of $2,500 per class representative; and (3) the Benefit Amount to the Class Members. The bank account will be used exclusively for the Settlement Administrator's work regarding this settlement, and will be used in accordance with this Settlement Agreement. The bank account may only hold funds for such purpose, and will not hold any funds for any other purpose. 2. Within 7 Days after the Effective Date, the Settlement Administrator will provide an overview of Notice and Administration Costs incurred to date and a proposed reserve amount for future Notice and Administrative Costs. Within 14 days after the Effective Date, Class Counsel will have the ability to object to and resolve any objections to the Settlement Administrator. 3. Within 21 days after the Effective Date, the Settlement Administrator 26