# EDGAR Filing Document

**Accession Number:** 0001524362
**File Stem:** 0000921895-23-000183
**Filing Date:** 2023-1
**Character Count:** 14307
**Document Hash:** c536737cdeebd7606cc02e214ef16a55
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000921895-23-000183.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0000921895-23-000183

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230124

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** SCHRIER DEREK C
- **CENTRAL INDEX KEY:** 0001250078

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36061
- **FILM NUMBER:** 23548613

**MAIL ADDRESS:**
- **STREET 1:** C/O INDABA CAPITAL MANAGEMENT, LLC
- **STREET 2:** ONE LETTERMAN DR., BLDING D, SUITE DM700
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94129
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Indaba Capital Fund, L.P.
- **CENTRAL INDEX KEY:** 0001516452
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36061
- **FILM NUMBER:** 23548612

**BUSINESS ADDRESS:**
- **STREET 1:** MAPLES CORPORATE SERVICES
- **STREET 2:** 121 SOUTH CHURCH STREET
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1104
- **BUSINESS PHONE:** 345 949 8066

**MAIL ADDRESS:**
- **STREET 1:** MAPLES CORPORATE SERVICES
- **STREET 2:** 121 SOUTH CHURCH STREET
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1104
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** IC GP, LLC
- **CENTRAL INDEX KEY:** 0001596505
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36061
- **FILM NUMBER:** 23548614

**BUSINESS ADDRESS:**
- **STREET 1:** ONE LETTERMAN DRIVE,
- **STREET 2:** BUILDING D, SUITE DM700
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94129
- **BUSINESS PHONE:** (415) 680-1180

**MAIL ADDRESS:**
- **STREET 1:** ONE LETTERMAN DRIVE,
- **STREET 2:** BUILDING D, SUITE DM700
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94129
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Indaba Capital Management, L.P.
- **CENTRAL INDEX KEY:** 0001524362
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36061
- **FILM NUMBER:** 23548615

**BUSINESS ADDRESS:**
- **STREET 1:** ONE LETTERMAN DRIVE
- **STREET 2:** BUILDING D, SUITE DM700
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94129
- **BUSINESS PHONE:** (415) 680-1180

**MAIL ADDRESS:**
- **STREET 1:** ONE LETTERMAN DRIVE
- **STREET 2:** BUILDING D, SUITE DM700
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94129

**FORMER NAME:**
- **FORMER CONFORMED NAME:** Indaba Capital Management, LLC
- **DATE OF NAME CHANGE:** 20110627
**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

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[x] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Indaba Capital Management, L.P.<br><sub>(Last) (First) (Middle)</sub><br>ONE LETTERMAN DRIVE<br>BUILDING D, SUITE DM700<br><sub>(Street)</sub><br>SAN FRANCISCO, CA 94129<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-01-24 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Benefitfocus, Inc. [ BNFT ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>IC GP, LLC<br><sub>(Last) (First) (Middle)</sub><br>ONE LETTERMAN DRIVE,<br>BUILDING D, SUITE DM700<br><sub>(Street)</sub><br>SAN FRANCISCO, CA 94129<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-01-24 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Benefitfocus, Inc. [ BNFT ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>SCHRIER DEREK C<br><sub>(Last) (First) (Middle)</sub><br>C/O INDABA CAPITAL MANAGEMENT, L.P.<br>ONE LETTERMAN DR., BLDING D, SUITE DM700<br><sub>(Street)</sub><br>SAN FRANCISCO, CA 94129<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-01-24 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Benefitfocus, Inc. [ BNFT ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Indaba Capital Fund, L.P.<br><sub>(Last) (First) (Middle)</sub><br>ONE LETTERMAN DRIVE,<br>BUILDING D, SUITE DM700<br><sub>(Street)</sub><br>SAN FRANCISCO, CA 94129<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-01-24 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Benefitfocus, Inc. [ BNFT ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2023-01-24 |  | D |  | 3963694<sup>(2)(3)</sup> | D | 10.50<sup>(3)</sup> | 0 | I | See Footnote<sup>(1)(2)</sup> |
| Common Stock | 2023-01-24 |  | D |  | 17890<sup>(1)(2)(4)</sup> | D | 10.50<sup>(3)</sup> | 0 | I | See Footnote<sup>(1)(2)</sup> |
| Common Stock | 2023-01-24 |  | D |  | 20726<sup>(1)(2)(5)</sup> | D | 10.50<sup>(3)</sup> | 0 | I | See Footnote<sup>(1)(2)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) Alexander Lerner served on the Issuer's Board of Directors (the "Board") as a representative of Indaba Capital Fund, L.P. (the "Fund") and its affiliates. Accordingly, Mr. Lerner does not have a right to any economic interest in securities of the Issuer granted to him by the Issuer in respect of his Board position. The Fund is entitled to receive all of the economic interest in securities granted to Mr. Lerner by the Issuer in respect of Mr. Lerner's Board position. Mr. Lerner disclaims beneficial ownership of the Issuer's securities to which this report relates and at no time has Mr. Lerner had any economic interest in such securities except any indirect economic interest through the Fund and its affiliates, entities for which he does not have a controlling interest and does not have investment control.

(2) Securities held directly by the Fund, or, as discussed in footnote (1), securities for which the Fund has all of the economic interest. 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 Indaba Capital Management, L.P. (the "Investment Manager"). As a result, each of the Investment Manager, IC GP, LLC ("IC GP"), as the general partner of Investment Manager, and Derek Schrier, as Managing Member of IC GP, may be deemed to exercise voting and investment power over such securities.

(3) Shares of common stock disposed of in accordance with the terms of the Agreement and Plan of Merger, dated as of November 1, 2022, by and among the Company, Voya Financial, Inc. and Origami Squirrel Acquisition Corp (the "Merger Agreement"). Under the terms of the Merger Agreement, holders of the outstanding common stock received $10.50 per share in cash (the "Per Share Common Stock Merger Consideration") at the effective date and time of the merger (the "Effective Time").

(4) These restricted stock units (the "RSUs"), which provided for vesting of one third of the total number of reported RSUs on each of the first, second, and third anniversaries of April 4, 2022, were cancelled in the merger in exchange for a cash payment of $187,845, representing the number of shares of Common Stock subject to the RSU immediately prior to the Effective Time multiplied by (ii) the Per Share Common Stock Merger Consideration, less applicable taxes required to be withheld with respect to such payment.

(5) These RSUs, which provided for vesting of the total number of reported RSUs on the earlier of July 1, 2023 or the date of the Issuer's 2023 annual meeting of stockholders, were cancelled in the merger in exchange for a cash payment of $217,623, representing the number of shares of Common Stock subject to such RSUs immediately prior to the Effective Time multiplied by (ii) the Per Share Common Stock Merger Consideration, less applicable taxes required to be withheld with respect to such payment.

**Remarks:**
Alexander Lerner, an Investment Partner at Indaba Capital Management, L.P., was a director of the Issuer. For purposes of Section 16 of the Securities Exchange Act of 1934, as amended, the reporting persons are deemed directors by deputization by virtue of their representation on the Board of Directors of the Issuer.

**Signature:** Indaba Capital Management, L.P.; By: IC GP, LLC; By: /s/ Derek C. Schrier, Managing Member  
**Date:** 2023-01-24

**Signature:** IC GP, LLC; By: /s/ Derek C. Schrier, Managing Member  
**Date:** 2023-01-24

**Signature:** /s/ Derek C. Schrier  
**Date:** 2023-01-24

**Signature:** Indaba Capital Fund, L.P.; By: Indaba Partners, LLC, its general partner; By: /s/ Derek C. Schrier, Senior Managing Member  
**Date:** 2023-01-24

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**