# EDGAR Filing Document

**Accession Number:** 0001327403
**File Stem:** 0001209191-23-004916
**Filing Date:** 2023-1
**Character Count:** 7781
**Document Hash:** 01dcfac161244c175757dc40879325a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001209191-23-004916.hdr.sgml**: 20230125

**ACCESSION NUMBER**: 0001209191-23-004916

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230124

**FILED AS OF DATE**: 20230125

**DATE AS OF CHANGE**: 20230125

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Levin Matthew
- **CENTRAL INDEX KEY:** 0001327403

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36061
- **FILM NUMBER:** 23553551

**MAIL ADDRESS:**
- **STREET 1:** NEUSTAR, INC.
- **STREET 2:** 4600 CENTER OAK PLAZA
- **CITY:** STERLING
- **STATE:** VA
- **ZIP:** 20166
**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>Levin Matthew<br><sub>(Last) (First) (Middle)</sub><br>100 BENEFITFOCUS WAY<br><sub>(Street)</sub><br>CHARLESTON, SC 29492<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 [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_President and CEO_ |
| **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>[X] Form filed by One Reporting Person<br>[ ] 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 |  | M |  | 12360 | A | $0.00 | 757100 | D |  |
| Common Stock | 2023-01-24 |  | D |  | 197855 | D | <sup>(1)</sup> | 559245 | D |  |
| Common Stock | 2023-01-24 |  | D |  | 559245 | D | <sup>(2)</sup> | 0 | D |  |

---

## 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 |
| Performance Restricted Stock Units | <sup>(3)</sup> | 2023-01-24 |  | M |  |  | 12360 | <sup>(3)</sup> | 2023-04-01 | Common Stock | 12360 | $0.00 | 12512 | D |  |
| Performance Restricted Stock Units | <sup>(4)</sup> | 2023-01-24 |  | D |  |  | 12512 | <sup>(4)</sup> | 2023-04-01 | Common Stock | 12512 | $0.00 | 0 | D |  |
| Performance Restricted Stock Units | <sup>(2)</sup> | 2023-01-24 |  | D |  |  | 88532 | <sup>(2)</sup> | 2026-04-01 | Common Stock | 88532 | $0.00 | 142100 | D |  |
| Performance Restricted Stock Units | <sup>(4)</sup> | 2023-01-24 |  | D |  |  | 142100 | <sup>(4)</sup> | 2026-04-01 | Common Stock | 142100 | $0.00 | 0 | D |  |
| Performance Restricted Stock Units | <sup>(2)</sup> | 2023-01-24 |  | D |  |  | 106640 | <sup>(2)</sup> | 2026-05-04 | Common Stock | 106640 | $0.00 | 0 | D |  |

---

### Footnotes:

(1) On January 24, 2023, pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), dated November 1, 2022, by and among the Issuer, Voya Financial, Inc. ("Voya") and Origami Squirrel Acquisition Corp. (the "Merger Sub"), as amended, the Merger Sub merged with and into the Issuer (the "Merger"), with the Issuer surviving the Merger as a wholly-owned subsidiary of Voya. Pursuant to the Merger Agreement, at the effective time of the Merger each share of the Issuer's common stock was exchanged for the Per Share Common Stock Merger Consideration of $10.50, without interest.

(2) On January 24, 2023, the Merger took effect and these equity awards for the Issuer's common stock were exchanged for equity awards of Voya common stock in accordance with the Merger Agreement.

(3) Shares earned upon the vesting of a percentage of performance restricted stock units ("PRSUs") granted  to the Reporting Person on April 1, 2022.  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, 2022 through December 31, 2022 (the "Performance Period").

(4) Represents the portion of PRSUs that were forfeited to the Issuer.

**Signature:** /s/ S. Halle Vakani, Attorney-in-Fact  
**Date:** 2023-01-25

### 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.**