Stephen M. Swad - 01 Apr 2022 Form 4 Insider Report for Benefitfocus, Inc.

Role
Director
Signature
/s/ S. Halle Vakani, Attorney-in-Fact
Issuer symbol
N/A
Transactions as of
01 Apr 2022
Net transactions value
$0
Form type
4
Filing time
05 Apr 2022, 21:58:00 UTC
Previous filing
17 Sep 2021
Next filing
19 Dec 2022
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction BNFT Common Stock Options Exercise $0 +12,620 +6.5% $0.000000 205,555 01 Apr 2022 Direct F1
transaction BNFT Common Stock Options Exercise $0 +11,130 +5.4% $0.000000 216,685 01 Apr 2022 Direct F2
holding BNFT Common Stock 170,879 01 Apr 2022 By Stephen M. Swad Revocable Living Trust F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction BNFT Performance Restricted Stock Units Options Exercise $0 -12,620 -100% $0.000000* 0 01 Apr 2022 Common Stock 12,620 Direct F1
transaction BNFT Performance Restricted Stock Units Options Exercise $0 -11,130 -32% $0.000000 23,575 01 Apr 2022 Common Stock 11,130 Direct F2
transaction BNFT Performance Restricted Stock Units Disposed to Issuer $0 -23,575 -100% $0.000000* 0 01 Apr 2022 Common Stock 23,575 Direct F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 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.
F2 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.
F3 The reporting person and his wife are trustees and beneficiaries of the Stephen M. Swad Revocable Living Trust. The reporting person shares voting and investment control over these shares.
F4 Represents the portion of PRSUs that were forfeited to the Issuer after determining the percentage of PRSUs that vested.