Indaba Capital Management, L.P. - Mar 24, 2022 Form 4 Insider Report for Benefitfocus, Inc. (BNFT)

Role: 10%+ Owner
Signature: Indaba Capital Management, L.P.; By: IC GP, LLC; By: /s/ Derek C. Schrier, Managing Member
Stock symbol: BNFT
Transactions as of: Mar 24, 2022
Transactions value $: $1,793,400
Form type: 4
Date filed: 3/28/2022, 05:32 PM
Previous filing: Mar 23, 2022
Next filing: Apr 5, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BNFT	Common Stock	Purchase	$273K	+22K	+0.58%	$12.37	3.84M	Mar 24, 2022	See Footnotes	F1, F2, F3
transaction	BNFT	Common Stock	Purchase	$249K	+20K	+0.52%	$12.45	3.86M	Mar 25, 2022	See Footnotes	F1, F2, F4
transaction	BNFT	Common Stock	Purchase	$1.27M	+100K	+2.59%	$12.72	3.96M	Mar 28, 2022	See Footnotes	F1, F2, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	This Form 4 is filed jointly by Indaba Capital Management, L.P. (the "Investment Manager"), IC GP, LLC ("IC GP"), and Derek C. Schrier (collectively, the "Reporting Persons"). Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.
F2	Securities held directly by Indaba Capital Fund, L.P. (the "Fund"). Pursuant to an Investment Management Agreement, the Fund and its general partner have delegated all voting and investment power over the securities directly held by the Fund to the Investment Manager. As a result, each of the Investment Manager, IC GP, as the general partner of Investment Manager, and Mr. Schrier, as Managing Member of IC GP, may be deemed to exercise voting and investment power over such securities. The Fund specifically disclaims beneficial ownership of such securities by virtue of its inability to vote or dispose of such securities as a result of such delegation to the Investment Manager.
F3	Shares of common stock of Benefitfocus, Inc. (the "Issuer") acquired for the account of the Fund. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $12.245 to $12.50, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnotes (3), (4), and (5) to this Form 4.
F4	Shares of common stock of the Issuer acquired for the account of the Fund. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $12.34 to $12.67, inclusive.
F5	Shares of common stock of the Issuer acquired for the account of the Fund. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $12.37 to $12.75, inclusive.