0001209191-22-023397.txt : 20220405
0001209191-22-023397.hdr.sgml : 20220405
20220405215844
ACCESSION NUMBER: 0001209191-22-023397
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20220401
FILED AS OF DATE: 20220405
DATE AS OF CHANGE: 20220405
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Wegner Alpana
CENTRAL INDEX KEY: 0001822516
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-36061
FILM NUMBER: 22809284
MAIL ADDRESS:
STREET 1: C/O BENEFITFOCUS, INC.
STREET 2: 100 BENEFITFOCUS WAY
CITY: CHARLESTON
STATE: SC
ZIP: 29492
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
2022-04-01
0
0001576169
Benefitfocus, Inc.
BNFT
0001822516
Wegner Alpana
100 BENEFITFOCUS WAY
CHARLESTON
SC
29492
0
1
0
0
Chief Financial Officer
Common Stock
2022-04-01
4
M
0
9963
0.00
A
151892
D
Common Stock
2022-04-01
4
M
0
23966
0.00
A
175858
D
Common Stock
2022-04-01
4
A
0
63593
0.00
A
239451
D
Common Stock
2022-04-01
4
S
0
2375
12.47
D
237076
D
Common Stock
2022-04-04
4
S
0
5811
12.61
D
231265
D
Common Stock
2022-04-05
4
S
0
1697
12.44
D
229568
D
Performance Restricted Stock Units
2022-04-01
4
M
0
9963
0.00
D
2022-04-01
Common Stock
9963
0
D
Performance Restricted Stock Units
2022-04-01
4
M
0
23966
0.00
D
2025-04-01
Common Stock
23966
50759
D
Performance Restricted Stock Units
2022-04-01
4
D
0
50759
0.00
D
2025-04-01
Common Stock
50759
0
D
Performance Restricted Stock Units
2022-04-01
4
A
0
12718
0.00
A
2023-04-01
Common Stock
12718
12718
D
Performance Restricted Stock Units
2022-04-01
4
A
0
95389
0.00
A
2026-04-01
Common Stock
95389
95389
D
Shares earned upon the vesting of a percentage of the performance restricted stock units ("PRSUs") granted to the Reporting Person on April 1, 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 vesting of a percentage of the PRSUs granted to the Reporting Person on April 1, 2021. Each PRSU represented a contingent right to receive one share of Issuer common stock upon the Issuer's achievement of 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.
Represents restricted stock units which vest in four equal annual installments beginning on April 1, 2023, subject to continued employment.
This sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on May 5, 2021 to satisfy the Reporting Person's tax withholding obligation upon scheduled vesting of restricted stock units and PRSUs granted on April 1, 2018, 2019 and 2021.
This transaction was executed in multiple trades at prices ranging from $12.33 to $12.60. 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 $12.45 to $12.75. 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 $12.26 to $12.60. 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 vested.
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.
/s/ S. Halle Vakani, Attorney-in-Fact
2022-04-05