Key facts
- This page summarizes Matthew Levin's Form 4 filing for Benefitfocus, Inc..
- 3 reported transactions and 5 derivative rows are listed below.
- Accepted by SEC: 05 Apr 2022, 21:48.
Matthew Levin - 01 Apr 2022 Form 4 Insider Report for Benefitfocus, Inc.
- Reporting relationship
- President and CEO, Director
- Issuer ticker
- N/A
- Reported as of
- 01 Apr 2022
- Net transaction value
- $0
- SEC form
- 4
- Accepted by SEC
- 05 Apr 2022, 21:48:03 UTC
- Prior SEC filing
- 11 May 2021
- Next SEC filing
- 12 May 2022
- Source filing
- View source filing
- Reporting owner signature
- /s/ S. Halle Vakani, Attorney-in-Fact
Source evidence
Original filing metadata and source links for verification.
5 source fields
Reporting owner
1 detail
Filing notes and source
Key filing fact
Matthew Levin filed Form 4 for Benefitfocus, Inc. on 05 Apr 2022.
Change
- Previous filing in this sequence was filed on 11 May 2021.
- Current net transaction value: $0.
Research use
- This tells you what this filing adds before you inspect full transaction and derivative tables.
- You can trace every row back to the original SEC filing document.
Evidence
Filed on Form 4
View source filing
Ownership activity is grounded in SEC Form 4 disclosures.
Reported non-derivative transactions
Shares, units, or other non-derivative securities reported in this filing.
BNFT
transaction
Common Stock
Award
- Transaction value
- $0
- Shares
- +153,755
- Change %
- +46%
- Price
- $0.000000
- Shares after
- 487,893
- Date
- 01 Apr 2022
- Ownership
- Direct
- Footnotes
- F1
Reported derivative securities
Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.
BNFT
transaction
Derivative
Performance Restricted Stock Units
Award
- Transaction value
- $0
- Shares
- +24,872
- Change %
- Price
- $0.000000
- Shares after
- 24,872
- Date
- 01 Apr 2022
- Ownership
- Direct
- Underlying class
- Common Stock
- Underlying amount
- 24,872
- Exercise price
- Footnotes
- F2
BNFT
transaction
Derivative
Performance Restricted Stock Units
Award
- Transaction value
- $0
- Shares
- +230,632
- Change %
- Price
- $0.000000
- Shares after
- 230,632
- Date
- 01 Apr 2022
- Ownership
- Direct
- Underlying class
- Common Stock
- Underlying amount
- 230,632
- Exercise price
- Footnotes
- F3
BNFT
holding
Derivative
Performance Restricted Stock Units
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 19,550
- Date
- 01 Apr 2022
- Ownership
- Direct
- Underlying class
- Common Stock
- Underlying amount
- 19,550
- Exercise price
- Footnotes
- F4
BNFT
holding
Derivative
Performance Restricted Stock Units
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 127,968
- Date
- 01 Apr 2022
- Ownership
- Direct
- Underlying class
- Common Stock
- Underlying amount
- 127,968
- Exercise price
- Footnotes
- F5
BNFT
holding
Derivative
Performance Restricted Stock Units
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 106,640
- Date
- 01 Apr 2022
- Ownership
- Direct
- Underlying class
- Common Stock
- Underlying amount
- 106,640
- Exercise price
- Footnotes
- F6
* marks a reported price that did not pass the local price check.
Additional SEC filing notes
Filing notes and footnotes
Explanation of responses 6 footnotes
Footnote F1
Represents restricted stock units which vest in four equal annual installments beginning on April 1, 2023, subject to continued employment.
Footnote F2
Each performance restricted stock unit ("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.
Footnote F3
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.
Footnote F4
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, 2021 through December 31, 2021. The target PRSUs are also subject to accelerated vesting in connection with a termination of the Reporting Person's continuous service in certain circumstances, including death and disability, and may also accelerate in certain circumstances if there is a change in control of the Issuer during the performance period.
Footnote F5
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 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. Such vesting to occur 1/4 on May 10, 2022, and then 1/4 on each of April 1, 2023, 2024, and 2025, if the performance metrics are met. The target PRSUs are also subject to accelerated vesting in connection with a termination of the Reporting Person's continuous service in certain circumstances, including death and disability, and may also accelerate in certain circumstances if there is a change in control of the Issuer during the performance period.
Footnote F6
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.