# EDGAR Filing Document

**Accession Number:** 0001723956
**File Stem:** 0000947871-23-000090
**Filing Date:** 2023-1
**Character Count:** 9518
**Document Hash:** a1fb7578aca05ae16a68b63b61633a2f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000947871-23-000090.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0000947871-23-000090

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230124

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** BuildGroup LLC
- **CENTRAL INDEX KEY:** 0001723956
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36061
- **FILM NUMBER:** 23558893

**BUSINESS ADDRESS:**
- **STREET 1:** 3500 JEFFERSON STREET
- **STREET 2:** SUITE 303
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78731
- **BUSINESS PHONE:** 512-220-4690

**MAIL ADDRESS:**
- **STREET 1:** 3500 JEFFERSON STREET
- **STREET 2:** SUITE 303
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78731
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** BuildGroup Management, LLC
- **CENTRAL INDEX KEY:** 0001814483
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36061
- **FILM NUMBER:** 23558892

**BUSINESS ADDRESS:**
- **STREET 1:** 3500 JEFFERSON ST.
- **STREET 2:** SUITE 303
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78731
- **BUSINESS PHONE:** 5129942983

**MAIL ADDRESS:**
- **STREET 1:** 3500 JEFFERSON ST.
- **STREET 2:** SUITE 303
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78731
**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>BuildGroup LLC<br><sub>(Last) (First) (Middle)</sub><br>3500 JEFFERSON STREET<br>SUITE 303<br><sub>(Street)</sub><br>AUSTIN, TX 78731<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>[ ] 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>BuildGroup Management, LLC<br><sub>(Last) (First) (Middle)</sub><br>3500 JEFFERSON ST<br>SUITE 303<br><sub>(Street)</sub><br>AUSTIN, TX 78731<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>[ ] 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 |
|  |  |  |  |  |  |  |  |  |  |  |

---

## 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 |
| Series A Convertible Preferred Stock | <sup>(1)(2)</sup> | 2023-01-24 |  | U |  |  | 1777778<sup>(1)(2)</sup> | <sup>(1)</sup> | <sup>(3)</sup> | Common Stock | 5333334<sup>(1)(2)</sup> | <sup>(5)</sup> | 0 | D<sup>(4)</sup> |  |

---

### Footnotes:

(1) Subject to the Issuer's Certificate of Designations ("COD") setting forth the terms and provisions of the Issuer's Series A Convertible Preferred Stock (the "Series A"), the Series A is convertible at any time, at the election of the holder thereof, in whole or in part, into the Issuer's common stock, par value $0.001 ("Common Stock"), at a conversion rate equal to the quotient of dividing (I) the sum of (x) the stated value then in effect with respect to such share, and (y) an amount equal to accumulated and unpaid dividend equal to 8.00% per annum ("Regular Dividends") on such share of the Series A (but only to the extent such accumulated and unpaid Regular Dividends are not included in the stated value referred to in the preceding clause (x)); by (II) $15.00, subject to customary anti-dilution adjustments, including in the event of any stock split, stock dividend, recapitalization or similar events.

(2) The 1,777,778 shares of the Series A reported on this Form 4 are convertible into 5,333,334 shares of Common Stock.

(3) The Series A has no expiration date.

(4) BuildGroup LLC is the record holder of the securities reported herein. BuildGroup Management, LLC is the investment manager of BuildGroup LLC and has voting and investment control with respect to the securities held of record by BuildGroup LLC.

(5) In connection with the consummation on January 24, 2023 of the transactions (the "Merger") contemplated pursuant to that certain Agreement and Plan of Merger (the "Merger Agreement"), dated as of November 1, 2022, as amended and restated on December 19, 2022, by and among the Issuer, Voya Financial, Inc. and Origami Squirrel Acquisition Corp, and pursuant to the terms of the COD, Series A holders received $47.25 per share of Series A in cash, plus accumulated and unpaid dividends to, but not including, the date the Merger was completed, without interest and subject to any applicable withholding taxes, for each share of Series A owned immediately prior to the effectiveness of the Merger.

**Signature:** BuildGroup LLC, By: BuildGroup Management, LLC, its investment manager, By: /s/ Lanham Napier  
**Date:** 2023-01-26

**Signature:** BuildGroup Management, LLC, By: /s/ Lanham Napier  
**Date:** 2023-01-26

### 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.**