0001209191-22-028611.txt : 20220512 0001209191-22-028611.hdr.sgml : 20220512 20220512174717 ACCESSION NUMBER: 0001209191-22-028611 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20220510 FILED AS OF DATE: 20220512 DATE AS OF CHANGE: 20220512 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Levin Matthew CENTRAL INDEX KEY: 0001327403 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-36061 FILM NUMBER: 22919310 MAIL ADDRESS: STREET 1: NEUSTAR, INC. STREET 2: 4600 CENTER OAK PLAZA CITY: STERLING STATE: VA ZIP: 20166 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: Benefitfocus, Inc. CENTRAL INDEX KEY: 0001576169 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 462346314 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 100 BENEFITFOCUS WAY CITY: CHARLESTON STATE: SC ZIP: 29492 BUSINESS PHONE: 843-849-7476 MAIL ADDRESS: STREET 1: 100 BENEFITFOCUS WAY CITY: CHARLESTON STATE: SC ZIP: 29492 FORMER COMPANY: FORMER CONFORMED NAME: Benefitfocus,Inc. DATE OF NAME CHANGE: 20130507 4 1 doc4.xml FORM 4 SUBMISSION X0306 4 2022-05-10 0 0001576169 Benefitfocus, Inc. BNFT 0001327403 Levin Matthew 100 BENEFITFOCUS WAY CHARLESTON SC 29492 1 1 0 0 President and CEO Common Stock 2022-05-10 4 M 0 19550 0.00 A 507443 D Common Stock 2022-05-10 4 M 0 41047 0.00 A 548490 D Common Stock 2022-05-10 4 S 0 37154 8.5876 D 511336 D Common Stock 2022-05-11 4 S 0 14800 7.9903 D 496536 D Performance Restricted Stock Units 2022-05-10 4 M 0 19550 0.00 D 2022-05-04 Common Stock 19550 0 D Performance Restricted Stock Units 2022-05-10 4 M 0 41047 0.00 D 2025-05-04 Common Stock 41047 86921 D Performance Restricted Stock Units 2022-05-10 4 D 0 86921 0.00 D 2025-05-04 Common Stock 86921 0 D Performance Restricted Stock Units 2023-04-01 Common Stock 24872 24872 D Performance Restricted Stock Units 2026-04-01 Common Stock 230632 230632 D Performance Restricted Stock Units 2026-05-04 Common Stock 106640 106640 D Shares earned upon the vesting of a percentage of the performance restricted stock units ("PRSUs") granted to the Reporting Person on May 4, 2021. Each PRSU represented a contingent right to receive one share of Issuer common stock upon the Issuer's achievement of a revenue goal, an adjusted EBITDA goal, and a software revenue retention goal, during the period of January 1, 2021 through December 31, 2021. Shares earned upon the attainment of a percentage of the PRSUs granted to the Reporting Person on May 4, 2021. Each PRSU represented a contingent right to receive one share of Issuer common stock upon the Issuer's achievement of a Rule of 40 goal and an annual recurring revenue subscription bookings growth goal, during the period of January 1, 2021 through December 31, 2021. One-fourth of the shares are vested, with the remaining shares to vest in three equal annual installments beginning on April 1, 2023. This sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on May 10, 2021 to satisfy the Reporting Person's tax withholding obligation upon scheduled vesting of restricted stock units and PRSUs granted on May 4, 2021. This transaction was executed in multiple trades at prices ranging from $8.23 to $9.02. The price reported in Column 4 is a weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transactions were effected. This transaction was executed in multiple trades at prices ranging from $7.70 to $8.48. The price reported in Column 4 is a weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transactions were effected. Represents the portion of PRSUs that were forfeited to the Issuer after determining the percentage of PRSUs that were earned. Each PRSU represents a contingent right to receive one share of Issuer common stock. The maximum number of PRSUs is presented in the table. A percentage of the PRSUs will vest upon the achievement of a revenue goal, an adjusted EBITDA goal, and a software revenue retention goal, during the period of January 1, 2022 through December 31, 2022. Vesting of the target level PRSUs will accelerate upon death or disability during the performance period in an amount equal to the proportion of days in the performance period worked. Vesting of the target PRSUs may also accelerate in certain circumstances if there is a change in control of the Issuer during the performance period. Each PRSU represents a contingent right to receive one share of Issuer common stock. The maximum number of PRSUs is presented in the table. The PRSUs will vest upon the achievement of an annual recurring revenue subscription bookings growth goal and adjusted EBITDA goal, during the period of January 1, 2022 through December 31, 2022, such vesting to occur in four equal annual installments beginning on April 1, 2023, if the performance metrics are met. Vesting of 25% of target level PRSUs will accelerate upon death or disability during the performance period in an amount equal to the proportion of days in the performance period worked. Vesting will also accelerate as to the next tranche of vesting units in the event of death or disability after the performance period. Vesting of the target PRSUs may also accelerate in certain circumstances if there is a change in control of the Issuer during the performance period. Each PRSU represents a contingent right to receive one share of Issuer common stock. The maximum number of PRSUs is presented in the table. The PRSUs will vest upon the achievement of the Issuer's closing stock price being at least $23.00 for a period of twenty (20) consecutive trading days (the "Performance Event"), during the period of May 10, 2023 through May 10, 2026. If the Performance Event occurs on or before May 10, 2024 then the PRSUs will vest on May 10, 2024, subject to the Reporting Person's continued employment. If the Performance Event occurs after May 10, 2024 but on or prior to May 10, 2026 then the PRSUs will vest upon the occurrence of the Performance Event, subject to the Reporting Person's continued employment. The PRSUs are subject to accelerated vesting in connection with a termination of the Reporting Person's continuous service in certain circumstances. /s/ S. Halle Vakani, Attorney-in-Fact 2022-05-12