Saar's will establish a settlement fund in the amount of $475,000 in Gift Card value (the "Settlement Fund"). The Settlement Fund will be divided by the total number of Settlement Class members who submitted a valid and timely claim to determine each claiming Settlement Class member's pro-rata share (the "Pro-Rata Share"). In the event the Pro-Rata Share is equal to or exceeds $75, each Settlement Class member who submitted a valid and timely claim will be mailed a Saar's Gift Card in the amount of $75, the value of which will be paid and deducted from the Settlement Fund. In the event the Pro-Rata Share is less than $75, each Settlement Class member who submitted a valid and timely claim will be mailed a Saar's Gift Card in the amount of the Pro-Rata Share, to be paid and deducted from the Settlement Fund.
The Parties have agreed on a plan that requires at least a minimum of 4,000 Saar's Gift Cards (valued at $300,000) to be distributed and for the disposition of the anticipated residue. Thus, if a total of less than 4,000 valid claims are made by Settlement Class members, the number of valid claims shall be deducted from 4,000 and the resulting amount shall be the number of Gift Cards (at $75 value per Gift Card) that shall be distributed in an appropriate cy pres distribution, over the course of a consecutive 6 year distribution period (with equal distributions made for each of the 6 consecutive years).
The cy pres distribution will consist of the distribution to the following charities in equal shares: White Center Emergency Food Association; North Whidbey Help House; Lake Stevens Community Food Bank Association; Auburn Food Bank; Bremerton Food Line; Nourish Pierce County (Nourish Mobile Food Bank).
All administration costs (including but not limited to card issuance, printing and envelope charges) will be paid for separately by Saar's.