EX-10.1




 Exhibit 10.1 

BENEFITFOCUS, INC. 

THIRD AMENDED AND RESTATED 2012 STOCK PLAN 

RESTRICTED STOCK UNIT AWARD GRANT NOTICE 

Benefitfocus, Inc. (the “Company”), pursuant to its Third Amended and Restated 2012 Stock Plan (the
“Plan”), hereby grants to Participant an award of Restricted Stock Units (“Units”) as set forth below (“Award”). This Award is subject to all of the terms and conditions as
set forth herein, in the Restricted Stock Unit Award Agreement and the Plan, all of which are attached hereto and incorporated herein in their entirety. 
  

			
	Participant:	  	[●]
		
	Date of Grant:	  	[●], 202[●]
		
	Vesting Commencement Date:	  	N/A
		
	 Number of Restricted Stock Units

Subject to Award:
	  	[Number of shares equal to $[●] measured at the time of the grant utilizing a 20-day running average stock price]
	Vesting Schedule:	  	 Subject to accelerated vesting as set forth below or in the Plan, the Units subject to this Award shall vest as follows:

 
 50% of the Units will vest upon the consummation of a Change in Control (as defined
below), subject to the Participant’s Continuous Service through the date of such occurrence.
  

50% of the Units will vest on the six-month anniversary of the consummation of a Change in Control, subject to the
Participant’s Continuous Service (including for this purpose, to the Company successor, as applicable) through such anniversary date.
  

For purposes of this Award, a “Change in Control” will be deemed to have occurred if any of the following conditions have occurred:
(i) the merger or consolidation of the Company with another entity, where the Company is not the surviving entity and where immediately after the merger or consolidation (A) the Company’s stockholders immediately prior to the merger
or consolidation hold less than 50% of the voting stock of the surviving entity or (B) the Company’s directors immediately prior to the merger or consolidation are less than a majority of the directors of the surviving entity;
(ii) the sale of all or substantially all of the Company’s assets to a third party where immediately subsequent to the transaction (A) the Company’s stockholders immediately prior to the transaction hold less than 50% of the
stock of said third party or (B) the Company’s directors immediately prior to the transaction are less than a majority of the board of directors of said third party; or (iii) a transaction or series of transactions, including a merger
of the Company with another entity where the Company is the surviving entity, whereby (A) 50% or more of the voting stock of the Company immediately after the transaction is owned actually or beneficially by parties who held less than 30% of the
Company’s voting stock, actually or beneficially, immediately prior to the transaction(s) or (B) the Company’s board of directors immediately after the transaction(s) or within 60 days thereof is comprised of less than a majority of
the Company’s directors serving immediately prior to the transaction(s).














			
	Accelerated Vesting:	  	 If the Participant’s Continuous Service is terminated by the Company or its successor without Cause, or by the Participant for Good
Reason, at the time of the consummation of a Change in Control, or at any time thereafter and prior to the six-month anniversary of the consummation of a Change in Control, then all unvested Units will vest
immediately prior to the effectiveness of such termination.
  
 For purposes of this
Award, the term “Cause” means (i) if the Participant is a party to a then-effective employment agreement with the Company or a subsidiary that defines “Cause” or a like term, the meaning set forth in such
agreement at the time of the Participant’s termination of Continuous Service, or (ii) in the absence of such an agreement or definition, means the occurrence of any of the following: (A) the Participant’s violation of any
applicable material law or regulation respecting the business of the Company; (B) the Participant’s conviction of, or plea of nolo contendere to, a felony or any crime involving fraud, embezzlement or any other act of moral turpitude;
(C) the Participant’s act of dishonesty, fraud or misrepresentation made in connection with the Participant’s responsibilities as an employee; (D) the Participant’s gross misconduct that results in a reasonable probability
of material injury (whether tangible or reputational) to the Company; or (E) the Participant’s material breach of any material obligations under any written agreement with the Company or the Participant’s continued failure to
substantially perform the Participant’s material employment duties, which breach or failure is not cured to the Company’s reasonable satisfaction within five business days after notice thereof is delivered to the Participant.

 
 For purposes of this Award, the term “Good Reason” means
(i) if the Participant is a party to a then-effective employment agreement with the Company or a subsidiary that defines “Good Reason” or a like term, the meaning set forth in such agreement at the time of the Participant’s
termination of Continuous Service; or (ii) in the absence of such an agreement or definition, the occurrence of any of the following without the Participant’s written consent: (A) a material diminution in the Participant’s base
salary or targeted annual bonus, or (B) a material diminution in the Participant’s authority, duties, or responsibilities; provided, however, that the Participant may not establish “Good Reason” under this clause (ii) unless
the Participant has provided written notice of the existence of such condition to the Company within 30 days of the event constituting such Good Reason, and the Company fails to reasonably cure such condition within the 30-day period immediately following receipt of such notice and the Participant terminates his/her employment within 30 days after the end of the cure period.


 The undersigned Participant acknowledges receipt of, and understands and agrees to be bound by, the terms of the Restricted
Stock Unit Award Agreement presented and accepted in conjunction with this Award and the Plan. Participant further acknowledges that as of the Date of Grant, this Grant Notice, the Restricted Stock Unit Award Agreement and the Plan set forth
the entire understanding between Participant and the Company regarding the grant of Restricted Stock Units under the Award and supersede all prior oral and written agreements on that subject. 

 

									
	PARTICIPANT:	 		 		 		 	BENEFITFOCUS, INC.
	Electronically Accepted on:	 		 		 		 	By:
	Print Name:	 		 		 		 	Name:
	Associate Number:	 		 		 		 	Title:
	Grant Number:	 		 		 		 	

 Electronic Signatures. Each party agrees that the electronic signatures, whether digital or encrypted, of the parties
included in this Agreement are intended to authenticate this writing and to have the same force and effect as manual signatures. Electronic signature means any electronic sound, symbol, or process attached to or logically associated with a record
and executed and adopted by a party with the intent to sign such record, including facsimile, signatures on scanned documents or email electronic signatures. 











 BENEFITFOCUS, INC. 

THIRD AMENDED AND RESTATED 2012 STOCK PLAN 

RESTRICTED STOCK UNIT AWARD AGREEMENT 

Pursuant to the Restricted Stock Unit Award Grant Notice (the “Grant Notice”) and this Restricted Stock Unit Award Agreement
(“Agreement”), Benefitfocus, Inc. (the “Company”) has awarded you (“Participant”) Restricted Stock Units (“Units”) payable when
vested in shares of Common Stock from the Company pursuant to Section 5 of the Company’s Third Amended and Restated 2012 Stock Plan (the “Plan”) for the number of Units indicated in the Grant Notice
(collectively, the “Award”). Defined terms not explicitly defined in the Grant Notice or this Agreement but defined in the Plan shall have the same definitions as in the Plan. 

The details of your Award, in addition to those set forth in the Grant Notice, are as follows:

1. ACQUISITION OF UNITS. By signing the Grant Notice, you are
hereby granted the aggregate number of Units specified in your Grant Notice. Each Unit is convertible to one share of Common Stock that will be delivered to you when you become vested in the Unit in accordance with this
Agreement. 
 2. CONSIDERATION. Unless otherwise required
by law, the shares of Common Stock to be delivered to you when the Units become vested shall be deemed paid, in whole or in part, in exchange for past and future services rendered or to be rendered to the Company or a Related Corporation in the
amounts and to the extent required by law. 
 3. VESTING AND
FORFEITURES. The Units will vest as set forth in the Restricted Stock Unit Award Notice to which this Agreement is attached. Vested Units will be exchanged on a one-to-one basis for shares of Common Stock that shall be delivered to you as provided in Section 4. Except as otherwise provided in the “Accelerated Vesting” section of the Grant Notice,
all Units that have not vested shall be forfeited when your Continuous Service ends. 

4. DELIVERY OF SHARES TO SETTLE VESTED UNITS. When Units become
vested as provided in Section 3, the Units shall be settled promptly following such vesting date by delivering to you the number of shares of Company Stock equal to the number of vested Units. Notwithstanding the foregoing, if the Company elects not
to satisfy its tax withholding obligations by withholding shares from your distribution as provided in Section 9 below, then such shares of Company Stock shall not be issued and delivered until the next business day after you make such adequate
provision in cash for such withholding sums, but in no event later than the fifteenth day of the third calendar month of the calendar year following the calendar year in which the original vesting date occurs. 

5. CAPITALIZATION CHANGES. The number of Units convertible
to shares of Common Stock subject to your Award and referenced in your Grant Notice may be adjusted from time to time for changes in capitalization pursuant to Section 13 of the Plan. 

6. RIGHTS AS STOCKHOLDER. You shall not have any rights and privileges
of a stockholder of the Company with respect to the Units. If you become vested in Units as provided in Section 3, any shares of Common Stock to which you become entitled shall be delivered to you as provided in Section 4,
and you shall have full ownership of the shares of Common Stock on such delivery. 

7. NON-TRANSFERABILITY OF THE
AWARD. Your Award is not transferable by you, except by will or by the laws of descent and distribution, and it cannot be assigned by you.

8. AWARD NOT A SERVICE CONTRACT. Your Award is not an
employment or service contract, and nothing in your Award shall be deemed to create in any way whatsoever any obligation on your part to continue in the service of the Company or any Related Corporation, or on the part of the Company or any
Related Corporation to continue such service. In addition, nothing in your Award shall obligate the Company or any Related Corporation, their respective stockholders, boards of directors, officers or employees to continue any relationship that
you might have as an employee or consultant of the Company or any Related Corporation. 











 9. WITHHOLDING
OBLIGATIONS. At the time your Award is granted, or at any time thereafter as requested by the Company, you hereby agree to make adequate provision in cash for any sums required to satisfy the federal, state, local and foreign tax
withholding obligations of the Company or any Related Corporation, if any, which arise in connection with your Award. In furtherance of the foregoing, if the Common Stock is publicly traded at the time a tax withholding obligation hereunder arises,
you hereby irrevocably authorize and direct the Company to withhold and cause to be sold, at the market price of the Common Stock on the Nasdaq Global Market when sold, a sufficient number of shares that are due to be delivered hereunder as the
Company determines are necessary to satisfy your obligation pursuant to the preceding sentence. Unless the tax withholding obligations of the Company and/or any Related Corporation are satisfied, the Company shall have no obligation to issue such
shares, and shall have no liability to you for any such delay in the issuance of such shares. 

10. TAX CONSEQUENCES. You agree to review with your own tax
advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement. You shall rely solely on such advisors and not on any statements or representations of the Company or any of
its agents. You understand that you (and not the Company) shall be responsible for your own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement.

11. NOTICES. Any notice or request required or permitted
hereunder shall be given in writing to each of the other parties hereto and shall be deemed effectively given on the earlier of (a) the date of personal delivery, including delivery by express courier,
(b) e-mail or facsimile with confirmation of receipt or (c) the date that is five days after deposit in the United States mail (whether or not actually received by the addressee), by registered or
certified mail with postage and fees prepaid, addressed at the following addresses, or at such other address(es) as a party may designate by ten days’ advance written notice to each of the other parties hereto: 

 

			
	COMPANY:	  	Benefitfocus, Inc.
		  	Attn: General Counsel & Chief Legal Officer
		  	100 Benefitfocus Way
		  	Charleston, SC 29492
		
	YOU:	  	Your address as on file with the Company at the time notice is given

 12. MISCELLANEOUS. 

(a) The headings of the Sections in this Agreement are inserted for convenience only and shall not be deemed to constitute
a part of this Agreement or to affect the meaning of this Agreement. 
 (b) The rights and obligations of the Company under your
Award shall be transferable by the Company to any one or more persons or entities, and all covenants and agreements hereunder shall inure to the benefit of, and be enforceable by, the Company’s successors and assigns. Your rights and
obligations under your Award may only be assigned with the prior written consent of the Company. 
 (c) You agree upon
request to execute any further documents or instruments necessary or desirable in the sole determination of the Company to carry out the purposes or intent of your Award. 

(d) You acknowledge and agree that you have reviewed your Award in its entirety, have had an opportunity to obtain the advice of
counsel prior to executing and accepting your Award and fully understand all provisions of your Award. 
 (e) This Agreement shall
be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 

(f) All obligations of the Company under the Plan and this Agreement shall be binding on any successor to the Company, whether the
existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company. 











 13.
CONFIDENTIALITY. The terms of your Award are confidential. You agree that you will not disclose the terms of your Award to any third party, other than your spouse/partner, your attorneys, your accountants, in connection with a
government investigation or proceeding, or as required by law. 
 14.
GOVERNING PLAN DOCUMENT. Your Award is subject to all the provisions of the Plan, the provisions of which are hereby made a part of your Award, and is further subject to all interpretations, amendments, rules and
regulations which may from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of your Award and those of the Plan, the provisions of the Plan shall control. 

15. CHOICE OF LAW. The interpretation, performance and
enforcement of this Agreement shall be governed by the law of the state of South Carolina without regard to such state’s conflicts of laws rules. 

16. SEVERABILITY. If all or any part of this Agreement or
the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid. Any Section of this
Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while
remaining lawful and valid. 
 17. OTHER DOCUMENTS. You
hereby acknowledge receipt or the right to receive a document providing the information required by Rule 428(b) (1) promulgated under the Securities Act. 

18. APPLICATION OF SECTION 409A. This
Award is intended to be exempt from the application of Section 409A of the Code (“Section 409A”) pursuant to Treasury Regulation
1.409A-1(b)(4) (or any other applicable exemption). This Award Agreement shall be interpreted in a manner consistent with that intent. Notwithstanding the foregoing or any other provision
of this Agreement to the contrary, to the extent that (a) one or more of the payments or benefits received or to be received by you pursuant to this Agreement would constitute deferred compensation subject to the requirements of
Section 409A, and (b) you are a “specified employee” within the meaning of Section 409A, then such payment or benefit (or portion thereof) will be delayed until the earliest date following your “separation from
service” with the Company within the meaning of Section 409A on which the Company can provide such payment or benefit to you without your incurrence of any additional tax or interest pursuant to Section 409A, with all payments or
benefits due thereafter occurring in accordance with the original schedule.