Document:

EX-10.9

 Exhibit 10.9 
 EMPLOYMENT AGREEMENT 
 This EMPLOYMENT AGREEMENT (this
“Agreement”) is made by and between BENEFITFOCUS.COM, INC, a South Carolina corporation (the “Company”), and Shawn A. Jenkins, an individual resident of Charleston, South Carolina (the “Executive”), as of the
19th day of January, 2007 (the “Effective Date”). 
 The Company presently employs the Executive as its Chief
Executive Officer. The Board of Directors of the Company (the “Board”) recognizes that the Executive’s contribution to the growth and success of the Company is substantial. The Board desires to provide for the continued employment
of the Executive to promote the best interests of the Company and its shareholders. The Executive is willing to continue to serve the Company on the terms and conditions herein provided. This Agreement is intended to be the entire agreement between
the parties hereto with respect to the subject matter hereof and hereby supersedes any prior agreements, arrangements or understandings, whether written or oral, with respect to the subject matter hereof. 

Certain capitalized terms used in this Agreement are defined in Section 19. 

In consideration of the foregoing, the mutual covenants contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree (as of the Effective Date) that: 
 1. Employment. The Company shall continue to employ the Executive, and the Executive shall continue to serve the Company, as President and Chief Executive Officer upon the terms and conditions set
forth herein. The Executive shall have such authority and responsibilities as are consistent with his position and which may be set forth in the Bylaws or assigned by the Board from time to time, including, but not limited to, devoting his full
business time, attention, skill and efforts to the performance of his duties hereunder, except during periods of illness or periods of vacation and leaves of absence consistent with Company policy. The Company and the Executive agree and understand
that the Executive may devote reasonable periods of time to serve as a director or advisor to other organizations, to perform charitable and other community activities (in Executive’s discretion), and to manage his personal investments;
provided, however, that (1) such activities do not materially interfere with the performance of the Executive’s duties hereunder and are not in conflict or competitive with, or adverse to, the interests of the Company and
(2) the Executive gives all members of the Board written notice of any new director or advisor activities in which he intends to participate or investments in which he intends to hold ten percent (10%) or more of the equity of the
investment target. 
 2. Term. Unless earlier terminated as provided herein, the Executive’s employment under this
Agreement shall be for a continuing term (the “Term”) of three (3) years, which shall be extended automatically (without further action of the Company or the Executive) each day for an additional day so that the remaining term shall
continue to be three (3) years; provided, however, that either party may at any time, by written notice to the other, fix the Term to a finite term of three (3) years, without further automatic extension, commencing with the
date of such notice. 

 3. Compensation and Benefits. 

a. Through the Term, the Company shall pay the Executive a salary at a rate of not less than $400,000 per annum in accordance with the
salary payment practices of the Company. The Board (or the Compensation Committee thereof) shall review the Executive’s salary at least annually (on or before January 1, 2008 for the first review) and shall increase the Executive’s
salary by at least 5% annually; provided, however, that any increase in excess of such amount in any given year shall require the consent of the individuals on the Board designated by GS Capital Partners VI Parallel, L.P. (the
“Goldman Board Designees”). The Company may not decrease the Executive’s base salary. 
 b. Through the Term, the
Executive shall be eligible to participate in any management incentive programs established by the Company and to receive incentive compensation based upon achievement of targeted levels of performance and such other criteria as the Board or
Compensation Committee (which in each case shall require the approval of at least one (1) of the Goldman Board Designees) may establish from time to time. In addition, the Board or the Compensation Committee shall annually consider the
Executive’s performance and determine if any additional bonus is appropriate; provided any such additional bonus is approved by at least one (1) of the Goldman Board Designees. Notwithstanding the foregoing, the Executive shall receive and
shall be entitled to receive an annual bonus at least equal to the Executive’s base salary if the Company achieves the financial targets for the calendar year approved by the Board, which approval must include at least one (1) of the
Goldman Board Designees. Executive’s bonus for 2007 will be payable based on achieving gross revenue and EBIT targets as such will be set in the budget approved by the Board, which approval must include at least one (1) of the Goldman
Board Designees. In addition, if the Company’s financial targets are exceeded by 10% for the year, the Executive will earn an additional bonus amount equal to 50% of base salary. 

c. Subject to and conditional upon the terms and provisions contained under separate agreement (the “Definitive Option
Document”), the Executive shall receive as additional compensation options to acquire 847,458 shares of the Company’s common stock with an exercise price of $7.09, and such options will, subject to the continued employment of the Executive
by the Company and his not having been terminated for Cause, vest to the Executive 25 % per year and will become fully vested on month 48 following the Effective Date. 
 d. Through the Term, or such longer period as may be required by applicable law, the Executive shall continue to participate in all retirement, welfare, deferred compensation, life and health insurance
(including health insurance for Executive’s spouse and his dependents), and other benefit plans or programs of the Company now or hereafter applicable to the Executive or applicable generally to Executives of the Company or to a class of
Executives that includes senior executives of the Company; provided, however, that during any period during the Term that the Executive is subject to a Disability, and during the 180-day period of physical or mental infirmity leading
up to the Executive’s Disability, the amount of the Executive’s compensation provided under this Section 3 shall be reduced by the sum of the amounts, if any, paid to the Executive for the same period under any disability benefit or
pension plan of the Company or any of its subsidiaries. 

  
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 e. Through the Term and consistent with the policies of the Company in effect as of the
Effective Date and past practice, the Company shall continue to reimburse the Executive for travel, seminar and other expenses related to the Executive’s duties which are incurred; provided that Company-related business expenses in
excess of $30,000 per month must first be approved by the Board in writing. Consistent with the Company’s policies in effect as of the Effective Date and past practice, said travel costs shall include the use of a Company plane or charter when
the additional cost is reasonably deemed appropriate by the Executive. 
 f. The Company shall pay for cell phone expenses,
internet access accounts and expenses related to other similar devices such as a blackberry for the Executive. 
 4.
Termination. 
 a. The Executive’s employment under this Agreement may be terminated prior to the end of the Term
only as follows: 
 (i) by the Company upon the death of the Executive; 

(ii) by the Company due to the Disability of the Executive after delivery of a Notice of Termination to the Executive;

 (iii) by the Company for Cause upon delivery of a Notice of Termination to the Executive; 

(iv) by the Company for any reason, including, but not limited to, in connection with a Change of Control, upon delivery
of a Notice of Termination to the Executive; 
 (v) by the Executive for any reason, including, but not limited
to, without Adequate Justification, upon delivery of a Notice of Termination to the Company; and 
 (vi) by the
Executive for Adequate Justification upon no less than 90 days written notice to the Company. 
 b. If the Executive’s
employment with the Company shall be terminated during the Term pursuant to Sections 4(a)(i) or 4(a)(ii), the Company shall pay to the Executive (or in the case of his death, the Executive’s estate) within 15 days after the Termination Date, a
lump sum cash payment equal to the Accrued Compensation and the Pro Rata Bonus. 
 c. If the Executive’s employment with
the Company shall be terminated without Cause pursuant to Sections 4(a)(iv) or 4(a)(vi), as the agreed upon exclusive remedy available to the Executive (in law or equity) and subject to the Executive first entering into an appropriate and mutually
acceptable release of the Company and its affiliates, the Executive shall be entitled to the following: 
 (i)
the Company shall pay the Executive in cash within 15 days of the Termination Date an amount equal to all Accrued Compensation and the Pro Rata Bonus; 

  
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 (ii) the Company shall pay to the Executive in cash at the end of each of
the 36 consecutive 30-day periods following the Termination Date, an amount equal to one-twelfth of the sum of the Base Amount and the Bonus Amount, each as calculated as of the Termination Date. 

(iii) for the period during which the Company is making payments to Executive pursuant to Section 4(c)(ii) (the
“Continuation Period”), the Company shall at its expense continue on behalf of the Executive and his dependents and beneficiaries the life insurance, disability, medical, dental and hospitalization benefits provided (x) to the
Executive immediately prior to such termination or (y) to other similarly situated executives who continue or become in the employ of the Company during the Continuation Period, if permitted, in either case, by the applicable benefit plan. The
coverage and benefits (including deductibles and costs) provided in this Section 4(c)(iii) during the Continuation Period shall be no less favorable to the Executive and his dependents and beneficiaries than the most favorable of such coverages
and benefits during any of the periods referred to in clauses (x) and (y) above. The Company’s obligation hereunder with respect to the foregoing benefits shall be limited to the extent that the Executive obtains any such benefits
pursuant to a subsequent employer’s benefit plans, in which case the Company may reduce the coverage of any benefits it is required to provide the Executive hereunder as long as the aggregate coverages and benefits of the combined benefit plans
is no less favorable to the Executive than the coverages and benefits required to be provided hereunder. This subsection (iii) shall not be interpreted so as to limit any benefits to which the Executive or his dependents or beneficiaries may be
entitled under any of the Company’s Executive benefit plans, programs or practices following the Executive’s termination of employment, including without limitation, retiree medical and life insurance benefits; and 

(iv) as to be set forth in and subject to the provisions of the Definitive Option Document, the restrictions on any
outstanding incentive awards (including stock options) granted to the Executive under the Plan or under any other incentive plan or arrangement shall lapse and such incentive award shall become 100% vested, and all stock options and stock
appreciation rights granted to the Executive shall become immediately exercisable and shall become 100% vested. 
 d. If the
Executive’s employment with the Company is terminated pursuant to Section 4(a)(iii) or 4(a)(v), the Company shall pay the Executive in cash within 15 days of the Termination Date, an amount equal to all Accrued Compensation. 

e. [Intentionally Omitted]. 
 f. The Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise; provided, however, that to the extent
that the Executive is employed by another company in a Competing Business during the 24 months following the Termination Date, the Executive will forfeit any remaining severance payments provided in this Section 4. 

  
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 g. Notwithstanding any provision contained herein to the contrary, the aggregate value of
all compensation payable to or for the benefit of the Executive which is contingent on any change in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company, as determined in
accordance with Section 280G(b)(2) of the Code, and the regulations promulgated thereunder (the “Parachute Payments”) shall not exceed an amount equal to 2.99 times the base amount as determined in accordance with Code
Section 280G(b)(3) and the regulations promulgated thereunder. The Company shall reasonably cooperate with the Executive in determining the extent of the limitation provided in the preceding sentence and in the manner in which such limitation
is applied to all payments otherwise due to the Employee hereunder. 
 h. The severance pay and benefits provided for in this
Section 4 shall be in lieu of any other severance or termination pay to which the Executive may be entitled under any Company severance or termination plan, program, practice or arrangement. 

5. Protection of Trade Secrets and Confidential Information. 

a. Through exercise of his rights and performance of his obligations under this Agreement, Executive will be exposed to “Trade
Secrets” and “Confidential Business Information” (as those terms are defined below). “Trade Secrets” shall mean information or data of or about the Company or any affiliated entity, including, but not limited to, technical
or nontechnical data, formulas, patterns, compilations, programs, devices, methods, techniques, drawings, processes, financial data, financial plans, products plans, or lists of actual or potential customers, clients, distributors, or licensees,
that: (i) derive economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from their disclosure or use; and (ii) are the
subject of efforts that are reasonable under the circumstances to maintain their secrecy. To the extent that the foregoing definition is inconsistent with a broader definition of “trade secret” under applicable law, the latter definition
shall govern for purposes of interpreting Executive’s obligations under this Agreement. Except as required to perform his obligations under this Agreement or except with Company’s prior written permission, Executive shall not use,
redistribute, market, publish, disclose or divulge to any other person or entity any Trade Secrets of the Company. The Executive’s obligations under this provision shall remain in force (during or after the Term) for so long as such information
or data shall continue to constitute a “trade secret” under applicable law. Executive agrees to cooperate with any and all confidentiality requirements of the Company and Executive shall immediately notify the Company of any unauthorized
disclosure or use of any Trade Secrets of which Executive becomes aware. 
 b. The Executive agrees to maintain in strict
confidence and, except as necessary to perform his duties for the Company, not to use or disclose any Confidential Business Information at any time, either during the term of his employment or for a period of one year after the Executive’s last
date of employment, so long as the pertinent data or information remains Confidential Business Information. “Confidential Business Information” shall mean any non-public information of a competitively sensitive or personal nature, other
than Trade Secrets, acquired by the Executive, directly or indirectly, in connection with the Executive’s employment (including his employment with the Company prior to the date of this Agreement), including (without limitation) oral and
written information concerning the Company or its affiliates relating to financial position and results of operations (revenues, margins, assets, net income, 

  
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etc.), annual and long-range business plans, marketing plans and methods, account invoices, oral or written customer information, and personnel information. Confidential Business Information also
includes information recorded in manuals, memoranda, projections, minutes, plans, computer programs, and records, whether or not legended or otherwise identified by the Company and its affiliates as Confidential Business Information, as well as
information which is the subject of meetings and discussions and not so recorded; provided, however, that Confidential Business Information shall not include information that is generally available to the public, other than as a result
of disclosure, directly or indirectly, by the Executive, or was available to the Executive on a non-confidential basis prior to its disclosure to the Executive. 
 c. Upon termination of employment, the Executive shall leave with the Company all business records relating to the Company and its affiliates including, without limitation, all contracts, calendars, and
other materials or business records concerning its business or customers, including all physical, electronic, and computer copies thereof, whether or not the Executive prepared such materials or records himself. Upon such termination, the Executive
shall retain no copies of any such materials, and, if requested, shall certify in writing to the Company that no such materials are in his possession. 
 d. As set forth above, the Executive shall not disclose Trade Secrets or Confidential Business Information. However, nothing in this provision shall prevent the Executive from disclosing Trade Secrets or
Confidential Business Information pursuant to a court order or court-issued subpoena, so long as the Executive first notifies the Company of said order or subpoena in sufficient time to allow the Company to seek an appropriate protective order. The
Executive agrees that if he receives any formal or informal discovery request, court order, or subpoena requesting that he disclose Trade Secrets or Confidential Business Information, he will immediately notify the Company and provide the Company
with a copy of said request, court order, or subpoena. 
 6. Non-Compete, Non-Solicitation and Related Matters.

 a. The Executive covenants and undertakes that, during the period of his employment hereunder and if the Executive is
terminated for Cause or if the Executive terminates his employment with the Company for any reason other than Adequate Justification, then for a period of 24 months following the date of termination, he will not, without the prior written consent of
the Company, directly or indirectly, and whether as principal, agent, officer, director, employee, consultant, or otherwise, alone or in association with any other person, firm, corporation, or other business organization, carry on, or be engaged,
or take part in, or render services to, or own, share in the earnings of, or invest in the stock, bonds, or other securities of any person, firm, corporation, or other business organization (other than the Company or its affiliates, if any) engaged
in a Competing Business; provided, however, that the Executive may invest in stock, bonds or other securities of any Competing Business if (i) such stock, bonds, or other securities are listed on any national or regional securities exchange or
have been registered under Section 12(g) of the Securities Exchange Act of 1934, as amended; and (ii) his investment does not exceed, in the case of any class of the capital stock of any one issuer, 5% of the issued and outstanding shares,
or in the case of bonds or other securities, 5% of the aggregate principal amount thereof issued and outstanding. 

  
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 b. If the Executive is terminated for Cause or if the Executive terminates his employment
with the Company for any reason other than Adequate Justification, then for a period of 24 months following the date of termination, the Executive shall not (except on behalf of or with the prior written consent of the Company) either directly or
indirectly, on the Executive’s own behalf or in the service or on behalf of others, (i) solicit, divert or appropriate to or for a Competing Business, or (ii) attempt to solicit, divert, or appropriate to or for a Competing Business,
any person or entity that was a customer or prospective customer of the Company on the date of termination and with whom the Executive had direct material contact within six months of the Executive’s last date of employment. 

c. If the Executive is terminated for Cause or if the Executive terminates his employment with the Company for any reason other than
Adequate Justification, then for a period of 24 months following the date of termination, the Executive will not, either directly or indirectly, on the Executive’s own behalf or in the service or on behalf of others, (i) solicit, divert,
or hire away, or (ii) attempt to solicit, divert, or hire away any employee of or consultant to the Company or any of its affiliates engaged or experienced in the Business, regardless of whether the employee or consultant is full-time or
temporary, the employment or engagement is pursuant to written agreement, or the employment is for a determined period or is at will. 
 d. The Executive acknowledges and agrees that great loss and irreparable damage would be suffered by the Company if the Executive should breach or violate any of the terms or provisions of the covenants
and agreements set forth in this Section 6. The Executive further acknowledges and agrees that each of these covenants and agreements is reasonably necessary to protect and preserve the interests of the Company. The parties agree that money
damages for any breach of clauses (a), (b) and (c) of this Section 6 will be insufficient to compensate for any breaches thereof, and that the Executive or any of the Executive’s affiliates, as the case may be, will, to the
extent permitted by law, waive in any proceeding initiated to enforce such provisions any claim or defense that an adequate remedy at law exists. The existence of any claim, demand, action, or cause of action against the Company, whether predicated
upon this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of any of the covenants or agreements in this Agreement; provided, however, that nothing in this Agreement shall be deemed to deny the
Executive the right to defend against this enforcement on the basis that the Company has no right to its enforcement under the terms of this Agreement. 
 e. The Executive acknowledges and agrees that: (i) the covenants and agreements contained in clauses (a) through (f) of this Section 6 are the essence of this Agreement; (ii) that
the Executive has received good, adequate and valuable consideration for each of these covenants; and (iii) each of these covenants is reasonable and necessary to protect and preserve the interests and properties of the Company. The Executive
also acknowledges and agrees that: (i) irreparable loss and damage will be suffered by the Company should the Executive breach any of these covenants and agreements; (ii) each of these covenants and agreements in clauses (a), (b) and
(c) of this Section 6 is separate, distinct and severable not only from the other covenants and agreements but also from the remaining provisions of this Agreement; and (iii) the unenforceability of any covenants or agreements shall
not affect the validity or enforceability of any of the other covenants or agreements or any other provision or provisions of this Agreement. The Executive acknowledges and agrees that if any of the provisions of clauses (a) and (b) of
this Section 6 shall ever be deemed to exceed the time, 

  
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activity, or geographic limitations permitted by applicable law, then such provisions shall be and hereby are reformed to the maximum time, activity, or geographical limitations permitted by
applicable law. 
 f. The Executive and the Company hereby acknowledge that it may be appropriate from time to time to modify
the terms of this Section 6 and the definition of the term “Business” to reflect changes in the Company’s business and affairs so that the scope of the limitations placed on the Executive’s activities by this Section 6
accomplishes the parties’ intent in relation to the then current facts and circumstances. Any such amendment shall be effective only when completed in writing and signed by the Executive and the Company. 

7. Successors; Binding Agreement. 
 a. This Agreement shall be binding upon and shall inure to the benefit of the Company, its Successors and Assigns and the Company shall require any Successors and Assigns to expressly assume and agree to
perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession or assignment had taken place. 
 b. Neither this Agreement nor any right or interest hereunder shall be assignable or transferable by the Executive, his beneficiaries or legal representatives, except by will or by the laws descent and
distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal personal representative. 
 8. Fees and Expenses. The prevailing party in any dispute or other action relating to the terms or provisions of this Agreement shall be reimbursed by the non-prevailing party for all reasonable
legal fees and expenses incurred by it in connection with such matter. 
 9. Notice. For the purposes of this Agreement,
notices and all other communications provided for in this Agreement (including the Notice of Termination) shall be in writing and shall be deemed to have been duly given when personally delivered or sent by certified mail, return receipt requested,
postage prepaid, addressed to the respective addresses last given by each party to the other; provided, however, that all notices to the Company shall be directed to the attention of the Board with a copy to the Secretary of the
Company. All notices and communications shall be deemed to have been received on the date of delivery thereof. 
 10.
Settlement of Claims. The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including, without limitation, any set-off,
counterclaim, recoupment, defense or other right which the Company may have against the Executive or others. The Company may, however, withhold from any benefits payable under this Agreement all federal, state, city, or other taxes as shall be
required pursuant to any law or governmental regulation or ruling. 
 11. Modification and Waiver. No provisions of this
Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Executive and the Company. No waiver by any party hereto at any time of any breach by the other party hereto of,
or compliance with, any condition or provision 

  
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of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 

12. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of
South Carolina without giving effect to the conflict of laws principles thereof. Any action brought by any party to this Agreement shall be brought and maintained in a court of competent jurisdiction in State of South Carolina. 

13. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any
provision shall not affect the validity or enforceability of the other provisions hereof. 
 14. Entire Agreement. This
Agreement constitutes the entire agreement between the parties hereto and supersedes all prior agreements, if any, understandings and arrangements, oral or written, between the parties hereto with respect to the subject matter hereof. 

15. Headings. The headings of Sections herein are included solely for convenience of reference and shall not control the meaning
or interpretation of any of the provisions of this Agreement. 
 16. Facsimile Signatures and Counterparts. This
Agreement may be executed by facsimile and in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 

17. [Intentionally Omitted] 
 18. [Intentionally Omitted] 
 19. Definitions. For purposes of this
Agreement, the following terms shall have the following meanings: 
 a “Accrued Compensation” shall mean an amount
which shall include all amounts earned or accrued through the Termination Date but not paid as of the Termination Date including (i) earned base salary, and (ii) reimbursement for reasonable and necessary expenses permitted by this
Agreement incurred by the Executive on behalf of the Company during the period ending on the Termination Date. 
 b
“Act” shall mean the Securities Act of 1933, as amended. 
 c “Adequate Justification” shall mean any of the
following events or conditions: (i) a material failure of the Company to comply with the terms of this Agreement, following written notice by the Executive to the Board of such material failure, describing it in reasonable detail, and a 20 day
cure period; (ii) any non-voluntary, Company-imposed relocation of the Executive outside Charleston, South Carolina; (iii) a Change in Control which results in a material diminution in the Executive’s responsibilities; or
(iv) other than as provided for herein (including through the lapse of the Term), the removal of the Executive from the position of President and Chief Executive Officer. 

  
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 d. “Base Amount” shall mean the greater of the Executive’s annual base salary
at the rate in effect on the Termination Date and shall include all amounts of his base salary that are deferred under the qualified and non-qualified employee benefit plans of the Company or any other agreement or arrangement. 

e “Board” shall have the meaning set forth in the recitals. 

f “Bonus Amount” shall mean the average of the annual bonuses paid or payable during the three (3) full fiscal years ended
prior to the Termination Date (or such lesser period for which annual bonuses were actually paid or payable to the Executive). 

g “Business” shall mean internet based enrollment and products offered to the health care industry. 

h “Bylaws” shall mean the Amended and Restated Bylaws of the Company, as amended, supplemented or otherwise modified from time
to time. 
 i. “Cause” shall mean the following actions, failures and events by or affecting the Executive: (1) a
conviction of the Executive of, or the entering of a plea of nolo contendere by the Executive with respect to, having committed a felony, (2) abuse of controlled substances or alcohol or acts of dishonesty or moral turpitude by the Executive
that are detrimental to the Company, (3) acts or omissions by the Executive that the Executive knew or should reasonably have known would substantially damage the business of the Company, (4) negligence by the Executive in the performance
of, or disregard by the Executive of, his obligations under this Agreement or otherwise relating to his employment, or a breach by the Executive of this Agreement, which negligence, disregard or breach continues unremedied for a period of 20 days
after written notice thereof to the Executive, or (5) failure by the Executive to obey the reasonable and lawful orders and policies of the Board that are consistent with the provisions of this Agreement (provided that, in the case of clause
(2) or (3) above, the Employee shall have received written notice of such proposed termination and a reasonable opportunity to discuss the matter with the Board, followed by a notice that the Board adheres to its position. 

j. “Change in Control” shall mean the occurrence during the Term of any the following events: (1) the consolidation or
merger of the Company with or into any other corporation or other entity (other than a merger in which the Company is the surviving corporation and which will not result in more than 50% of the voting capital stock of the Company outstanding
immediately after the effective date of such merger being owned of record or beneficially by persons other than the holders of such voting capital stock immediately prior to such merger in the same proportions in which such shares were held
immediately prior to the merger), or (ii) the sale of all or substantially all of the properties and assets of the Company as an entirety to any other unaffiliated person. For avoidance of doubt, the consummation of the transactions
contemplated by that certain Series A Stock Purchase Agreement, dated January [19], 2007, between the Company and the other parties thereto, shall not constitute a Change of Control for purposes hereof. 

k. “Compensation Committee” shall mean the compensation committee of the Board. 

  
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 l. “Competing Business” shall mean any business that, in whole or in part, is the
same or substantially the same as the Business. 
 m. “Confidential Business Information” shall have the meaning
ascribed to it in Section 5(b). 
 n. “Continuation Period” shall have the meaning ascribed to it in
Section 4(c)(iii). 
 o. “Disability” shall mean the inability of the Executive to perform substantially all of
his current duties as required hereunder for a continuous period of 90 days because of mental or physical condition, illness or injury. 
 p. “Effective Date” shall have the meaning ascribed to it in the prefatory paragraph of this Agreement. 
 q. [Intentionally Omitted] 
 r. “Notice of Termination” shall mean a
written notice of termination from the Company or the Executive which specifies an effective date of termination, indicates the specific termination provision in this Agreement relied upon, and sets forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated. 

s. “Plan” shall mean any of the Company’s incentive stock plans. 

t. “Pro Rata Bonus” shall mean an amount equal to the Bonus Amount multiplied by a fraction the numerator
of which is the number of days in the fiscal year through the Termination Date and the denominator of which is 365. 
 u.
“Successors and Assigns” shall mean a corporation or other entity acquiring all or substantially all the assets and business of the Company (including this Agreement), whether by operation of law or otherwise. 

v. “Termination Date” shall mean, in the case of the Executive’s death, his date of death, and in all other cases, the
date specified in the Notice of Termination. 
 w. “Trade Secrets” shall have the meaning ascribed to it in
Section 5(a). 
 [Signatures appear on the following page.] 

  
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 IN WITNESS WHEREOF, the Company has caused this Employment Agreement to be executed by an
officer thereunto duly authorized, and the Executive has signed and sealed this Agreement, effective as of the date first above written. 
  

			
	BENEFITFOCUS.COM, INC.
		
	By:	 	/s/ Mason Holland Jr.
	Name:	 	Mason Holland Jr.
	Title:	 	Chairman of the Board
	
	EXECUTIVE
	
	 /s/ Shawn A. Jenkins

	Shawn A. JenkinsEX-10.10

 Exhibit 10. 10 
 BENEFITFOCUS.COM, INC. 
 EMPLOYMENT AGREEMENT 

THIS AGREEMENT (the “Agreement”), is made and entered into this 16th day of November, 2011, by and between: Benefitfocus.com, Inc., having its
principal place of business at: 100 Benefitfocus Way, Charleston, SC 29492, (hereinafter referred to as the “Employer”) and Milton A. Alpren whose present address is: 2 Honeysuckle Circle, Hopkinton, MA 01748, hereinafter referred to as
the “Employee”. 
  

	1.	Employment. The Employer hereby agrees to employ the Employee in the capacity of: Chief Financial Officer, upon the terms and conditions set out herein,
and the Employee accepts such employment. 

  

	2.	Term. The term of this Agreement shall begin on January 9, 2012. The Employee understands and acknowledges that employment is considered “at
will” and is terminable at any time at the will of the Employer or the Employee, not withstanding any other provisions of this Agreement, including Section 17 and Section 8 of Exhibit “B” of this 9 of this Agreement. This
Agreement shall remain in force until terminated at the will of either party or as described in Section 17 and Section 8 of Exhibit “B” of this Agreement. 

 

	3.	Duties. The Employee shall perform, for the Employer, the duties set out in the attached Exhibit “A” entitled “Job Description,” which
is incorporated herein and made a part of this Agreement. 

  

	4.	Compensation. The Employee’s compensation shall be paid in accordance with that outlined in Exhibit “B” entitled “Compensation
Program,” which is incorporated herein and made a part hereof. 

  

	5.	Extent of Services. The Employee shall devote his entire time, attention, and energies to the Employer’s business and shall not, during the term of
this Agreement, be engaged in any other business activity that conflicts with, or takes the Employee’s time or attention away from, the Employee’s work for the Employer, whether or not such business activity is pursued for gain, profit or
other pecuniary advantage. The Employee further agrees that he or she will perform all of the duties assigned to the Employee to the best of his ability and in a manner satisfactory to the Employer, that he will truthfully and accurately maintain
all records, preserve all such records, and make all such reports as the Employer may require; that he will fully account for all money and all of the property of the Employer of which the Employee may have custody and will pay over and deliver the
same whenever and however the Employee may be directed to do so. 

  

	6.	Expenses. The Employer agrees to reimburse the Employee for travel and other expenses incurred while conducting business on behalf of the Employer as long
as they are reasonable and approved by the Employer and comply with government regulations covering such expenses for business purposes. Such expenses will be stated on a Company furnished expense form, have required receipts, be signed by the
Employee, and sent to the Employer for approval and reimbursement. This procedure is to be accomplished on a weekly basis. 

  

	7.	Covenant Not to Disclose Trade Secrets and Confidential Information. 

 

	 	a.	The Employee acknowledges that the Employer has information which is confidential and information which constitutes trade secrets which the Employer uses in its
Business and which is essential to its continued ability to compete and be successful in the Business of the Employer. For purposes of this Agreement, “Business” shall mean the business of providing human resource management and benefit
administration services via a web based enrollment and communication software application. 

	 	b.	The term “Trade Secret(s)”, as used herein, shall be defined as information, including, but not limited to, a formula, pattern, compilation, program, device,
method, technique, product, system or process, design, prototype, procedure or code that: (i) derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by the
public or any other person who can obtain economic value from its disclosure or use, and (ii) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. 

 

	 	c.	The Employee acknowledges and recognizes that the list of customers of the Employer, its customer information, its pricing information, policies and operating
procedures, as the same may exist from time to time, are valuable, special and unique assets of the Employer and are Trade Secrets belonging to the Employer. 

 

	 	d.	The term “Confidential Information,” as such term is used herein, shall mean any information which the Employer uses in its business and which the Employer
considers to be confidential or proprietary, but which does not rise to the level of a trade secret. 

  

	 	e.	The Employee covenants and agrees that during the Employee’s employment and at all times thereafter, the Employee shall not use any Trade Secrets of the Employer,
except as an employee of the Employer with the consent of the Employer. The Employee further covenants and agrees that during the Employee’s employment and at all times thereafter, the Employee shall not disclose any Trade Secrets of the
Company to any firm, company, corporation, association or other entity, for any reason or purpose whatsoever, except as an employee of the Company with the consent of the Company, or as may be required by law. 

 

	 	f.	The Employee further covenants and agrees that during the Employees employment and for a period of two (2) years following the termination of the Employee’s
employment relationship with the Employer, either by the Employee or the Employer, for any reason whatsoever, the Employee shall not use or disclose any Confidential Information, except as an employee of the Company with the consent of the Company,
or as may be required by law. 

  

	8.	Covenant Not to Solicit Customers. 

  

	 	a.	The Employee covenants and agrees that in the event the Employee’s employment relationship with the Employer is terminated, either by the Employee or the Employer,
for any reason whatsoever, the Employee shall not, for a period of two (2) years following the termination of the Employee’s employment with the Employer, directly or indirectly, alone or in association with or on behalf of any other
person or entity, (i) solicit, (ii) accept Business from or (iii) perform any service in competition with the Employer for, any person or entity who was a customer of the Employer at any time during Employee’s employment with the
Company and with whom the Employee had any contact at any time during the twenty four (24) months prior to the termination of his or her employment. 

  

	 	b.	The Employee recognizes and acknowledges that the Employer’s customers and the specific needs of such customers are essential to the success of its business and
its continued good will and that its customer list and customer information is a property interest of the Employer, having been developed by the Employer at great effort and expense. 

 

	9.	Covenants are Independent. The covenants on the part of the Employee contained in paragraphs 7 and 8 hereof, as well as in each subsection of
Section 8, shall each be construed as agreements independent of each other and of any other provision in this Agreement and the unenforceability of one shall not affect the remaining covenants. 

  
 2 

	10.	Consideration. The Employee acknowledges and agrees that valid consideration has been given to the Employee by the Employer in return for the promises of
the Employee set forth herein. 

  

	11.	Extension of Periods. Each of the time periods described in this Agreement shall be automatically extended by any length of time during which the Employee
is in breach of the corresponding covenant contained herein. The provisions of this Agreement shall continue in full force and effect throughout the duration of the extended periods. 

 

	12.	Reasonable Restraint. It is agreed by the parties that the foregoing covenants in this Agreement are necessary for the legitimate business interests of
the Employer and impose a reasonable restraint on the Employee in light of the activities and Business of the Employer on the date of the execution of this Agreement. 

 

	13.	Notices. Any notice required or desired to be given under this Agreement shall be given in writing, sent by certified mail, return receipt requested, to
his residence in the case of the Employee, or to its principal place of business, in the case of the Employer. 

  

	14.	Waiver of Breach. The waiver by the Employer of a breach of any provision of this Agreement by the Employee shall not operate or be construed as a waiver
of any subsequent breach by the Employee. No waiver shall be valid unless in writing and signed by the Employer. 

  

	15.	Assignment. The Employee acknowledges that the services to be rendered by the Employee are unique and personal. Accordingly, the Employee may not assign
any of his or her rights or delegate any of his or her duties or obligations under this Agreement. The rights and obligations of the Employer under this Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of
the Employer. 

  

	16.	Vacations and Sick Leave. The Employer’s vacation and sick leave policies will be detailed in its Employee Handbook the provisions of which are
subject to change on a prospective basis. 

  

	17.	Termination Without Cause. The Employee may terminate this Agreement without cause. In such event the Employer requests thirty (30) days written
notice to the Employer. In such event, no severance allowance shall be paid to the Employee unless the Employee terminates this Agreement in accordance with the provisions of Section 8 of Exhibit “B” of this Agreement; but the
Employee shall continue (if agreed to by the Employer) to render his services and shall be paid his regular compensation up to the date of termination. 

  

	18.	Entire Agreement. This Agreement contains the entire understanding of the parties. It may be changed only by an Agreement in writing, signed by the
parties hereto. 

  

	19.	Governing Law; Jurisdiction and Venue. This Agreement, and all transactions contemplated hereby, shall be governed by, construed and enforced in
accordance with the laws of the State of South Carolina. The parties agree that any action or dispute regarding this Agreement shall be filed with a court having subject matter jurisdiction located in Charleston County, State of South Carolina.

  

	20.	Work Facilities. The Employee shall be provided with such other facilities and services as are suitable to the Employee’s position and appropriate
for the performance of his or her duties. In the case of an employee performing the sales duties and located remote to the main office, it is expected that the employee will maintain some form of office at his or her residence, which contains the
necessary equipment to perform the assigned duties. 

  

	21.	 Severability. To the extent that any provision or language of this Agreement is deemed unenforceable, by virtue of the scope of the
business activity prohibited or the length of time the 

  
 3 

	 	
activity is prohibited, the Employer and Employee agree that this Agreement shall be enforced to the fullest extent permissible under the laws and public policies of the State of South Carolina.

  

	22.	Contractual Procedures. Unless specifically disallowed by law, should litigation arise hereunder, service of process therefore may be obtained through
certified mail, return receipt requested; the parties hereto waiving any and all rights they may have to object to the method by which service was perfected. 

 

	23.	Remedies for Breach. Both parties recognize and agree that a breach by either party of any covenant contained in this Agreement would cause immeasurable
and irreparable harm to the other party. In the event of a breach or threatened breach of any covenant contained herein, each party shall be entitled to temporary and permanent injunctive relief, restraining the other party from violating or
threatening to violate any covenant contained herein, as well as all costs and fees incurred by the prevailing party, including attorneys fees, as a result of the other party’s breach or threatened breach of the covenant. The parties agree that
the relief described herein is in addition to such other and further relief as may be available at equity or by law. Nothing herein shall be construed as prohibiting the parties from pursuing any other remedies available to it for such breach or
threatened breach, including the recovery of damages. 

  

	24.	At-Will Employment. The Employee understands and agrees that this Agreement shall in no way impose upon the Employer any obligation to employ the Employee
or to continue the Employee’s employment for any length of time, notwithstanding any other provisions of this Agreement, including Section 17 and Section 8 of Exhibit “B” of this Agreement. The employment or continuation of
employment by the Employer is, and at all times shall remain, in the absolute discretion of the Employer, which employment may be terminated by the Employee or the Employer at will, notwithstanding any other provisions of this Agreement, including
Section 17 and Section 8 of Exhibit “B” of this Agreement. 

 IN WITNESS WHEREOF, the parties hereto have
executed this Agreement on the date above written. 
 Signed, sealed and delivered in the presence of: 

 

					
		
		 	          “EMPLOYER”
			
	  
	 		 	 /s/ Shawn Jenkins

	Witness	 		 	Benefitfocus.com, Inc.
			
		 	By:	 	 Shawn Jenkins

	  
	 	Its:	 	CEO
	Witness name printed	 		 	
		
		 	          “EMPLOYEE”
			
	  
	 		 	 /s/ Milton A. Alpern

	Witness	 		 	Employee signature
			
	  
	 		 	 Milton A. Alpern

	Witness name printed	 		 	Employee name printed

  
 4 

 Exhibit “A” to Alpern Employment Agreement dated November 2011. 

Job Description for the Position of: Chief Financial Officer 
 The Chief Financial Officer’s primary responsibility it to achieve the Company gross revenue and expense goals on an annual basis. This position reports directly to the Chief Executive Officer and
duties will be those customary for a private and/or public company CFO and as further defined below. 
 PLANNING 

 

	 	1.	Assist in formulating the company’s future direction and supporting tactical initiatives 

 

	 	2.	Monitor and direct the implementation of strategic business plans 

  

	 	3.	Develop financial and tax strategies 

  

	 	4.	Manage the capital request and budgeting processes 

  

	 	5.	Develop performance measures that support the company’s strategic direction 

 

	 	6.	Strategic planning with regard to new products and services including pricing and expense models 

 

	 	7.	Product and technology strategic planning against a multi-year expense plan by key project 

 

	 	8.	Develop key metric scorecard for both internal and external reporting 

 OPERATIONS 
  

	 	1.	Participate in key decisions as a member of the executive management team 

  

	 	2.	Maintain in-depth relations with all members of the management team 

  

	 	3.	Manage the accounting, human resources, investor relations, legal, tax, finance and treasury departments 

 

	 	4.	Oversee the financial operations of subsidiary companies 

  

	 	5.	Manage any third parties to which functions have been outsourced 

  

	 	6.	Implement operational best practices 

  

	 	7.	Oversee employee benefit plans 

  

	 	8.	Model overseas offices headcount 

  

	 	9.	Establish a top-notch engineering recruiting team and on-boarding process inside of HR 

 

	 	10.	Evolve the HR department to meet the growing demands of our company 

  

	 	11.	Define a multi-tier compensation plan for key 25, 50, 75 and 100 associates 

 

	 	12.	Management of facilities 

  

	 	13.	Negotiate contracts and contract management 

FINANCIAL INFORMATION 
  

	 	1.	Oversee the issuance of financial information 

  

	 	2.	Personally review and approve all filings with the Securities and Exchange Commission 

 

	 	3.	Report financial results, with CEO, to the board of directors 

  

	 	4.	 In-depth analysis of cost of revenue categories and logical changes in the allocation of budgeted

	 	
spend 

  

	 	5.	Corporate Governance to SOX 

 RISK MANAGEMENT

  

	 	1.	Understand and mitigate key elements of the company’s risk profile 

  

	 	2.	Monitor all open legal issues involving the company, and legal issues affecting the industry 

 

	 	3.	Construct and monitor reliable control systems 

  

	 	4.	Maintain appropriate insurance coverage 

  

	 	5.	Ensure that the company complies with all legal and regulatory requirements 

 

	 	6.	Ensure that record keeping meets the requirements of auditors and government agencies 

 

	 	7.	Report risk issues to the audit committee of the board of directors 

  

	 	8.	Maintain relations with external auditors and investigate their findings and recommendations 

 FUNDING, M&A, CAPITAL EXPENDITURES 
  

	 	1.	Monitor cash balances and cash forecasts. Invest funds. 

  

	 	2.	Arrange for debt and equity financing 

  

	 	3.	Lead IPO deal team, preparations and banker relationships 

  

	 	4.	Capital spending ROI analysis and associated controls 

  

	 	5.	Supervise acquisition due diligence and negotiate acquisitions 

  

	 	6.	Maintain current and ongoing analysis of comparable company metrics, i.e. revenue growth, EBITDA %, sales and marketing spend, R&D, etc. 

THIRD PARTIES 
  

	 	1.	Participate in conference calls with the investment community 

  

	 	2.	Maintain banking relationships 

  

	 	3.	Represent the company with investment bankers and investors 

  

	 	4.	Select large customer relationships 

 Benefitfocus.com, Inc. 
 Compensation Program 
 For 

Milton A. Alpern 

Exhibit “B” to Employment Agreement dated November 2011. 

 

	1.	 Salary: The Company shall pay the Employee, as compensation for services rendered by the Employee, a salary of Two Hundred and Sixty Seven
Thousand ($267,000.00) dollars per year, payable twice per month (on the 1st and 15th).
The scheduled start date is January 9, 2012. The first payment for the scheduled start date shall be February 1, 2012. All wages shall be subject to withholding and other applicable taxes. 

 

	2.	Annual Review: Annual salary reviews will occur on or around the annual budget process for the company. 

 

	3.	Annual Bonus Opportunity: The Company will pay you a bonus of 50% of your base pay when Company annual targets are met. The Bonus can in some cases be over 50%
if a certain over percentage of the Company targets are met. The targets for achieving the Bonus will be the same Company targets set for the entire Executive Management Team as adjusted at the beginning of each year.

  

	4.	Stock Incentive: Employee will participate in a Benefitfocus stock plan under separate agreement. Said Stock Option grant will include:

 Grant: .80% of all outstanding stock on a fully diluted basis as of July 1, 2011 

Vesting: 25% after 1 year followed by 1/36 per month vesting of the remaining unvested options over the next thirty-six
(36) months. 
 Grant Price: Price of Options as valued on July 1, 2011 

The Company agrees to accelerate your stock option vesting to 100% in the event of a Change in Control of the Company, as defined herein,
only if you are terminated within 12 months after the Change in Control without Cause, including a change in your position from Chief Financial Officer or a change in your duties and responsibilities. 

 

	5.	Relocation Reimbursement: The Company will reimburse the Employee up to a maximum of $50,000 for moving expenses. The Employer follows IRS accountable plan
moving reimbursement guidelines (refer to IRS Publication 521). The Employee will need to submit receipts for any direct moving expenses incurred, the balance will be paid to the Employee as ordinary wages. Should Employee terminate employment with
Benefitfocus by resignation within Twenty Four (24) months of hire, Employee will be obligated to repay this moving expense to Benefitfocus. 

  

	6.	Normal Hours of Work: Full time executive positions and the Chief Financial Officer are expected to work the amount of time needed to meet or exceed all metrics
as assigned by the CEO. 

  

	7.	Company Benefits, Annual Leave and Paid Holidays: As outlined in the benefit summary and reviewed at the time of the employment offer.

  

	8.	 Severance: In the event the Company terminates your employment without “Cause,” as defined herein, at any time prior to a Change of
Control, as defined herein, then upon execution of a general release of claims satisfactory to the Company, the Company will provide you with the following severance benefits: (i) salary continuation for a period of twelve (12) months at
your then current rate of base salary; (ii) a portion of your targeted annual bonus determined in accordance with the applicable paragraph below; (iii) if you are eligible for,

	 	
elect and remain eligible for COBRA continuation coverage, the Company will pay the share of the premium it was paying prior to termination during the period you are receiving severance; and,
(iv) six months continued vesting of the stock options that you have been granted at the time of such termination. Except as may be provided under this Agreement following termination of your employment, any benefits to which you may be
entitled pursuant to the Company’s plans, policies and arrangements referred to herein shall be determined and paid in accordance with the terms of such plans, policies and arrangements. 

In the event the Company or its acquirer terminates your employment without “Cause,” as defined herein, at the time of or within
twelve (12) months following a Change of Control, as defined herein, then upon execution of a general release of claims satisfactory to the Company, the Company or its acquirer will provide you with the following severance benefits:
(i) salary continuation for a period of twelve (12) months at your then current rate of base salary; (ii) a portion of your targeted annual bonus determined in accordance with the applicable paragraph below; and, (iii) if you are
eligible for, elect and remain eligible for COBRA continuation coverage, the Company or its acquirer will pay the share of the premium it was paying prior to termination during the period you are receiving severance. Except as may be provided under
this Agreement following termination of your employment, any benefits to which you may be entitled pursuant to the Company’s plans, policies and arrangements referred to herein shall be determined and paid in accordance with the terms of such
plans, policies and arrangements. 
 For purposes of this document, you will receive the same severance benefits as upon a
termination without Cause if you notify the Company of your decision to terminate your employment with the Company within three (3) months of the occurrence of either of the following: (i) a decrease to your base salary or targeted annual
bonus without your consent and approval to an amount less than the then current amount immediately preceding the decrease, or (ii) a change in your position from Chief Financial Officer or your duties and responsibilities without your consent
and approval. 
 If the Company terminates your employment with or without Cause, after completion of any period (whether a
calendar year or any other period) during which your eligibility for a bonus is to be determined (a “Bonus Period”) but prior to the date when such bonus is to be paid, you will be entitled to receive such bonus at the time it would have
been paid. In addition, if the company terminates your employment without cause prior to the completion of a Bonus Period, you will be entitled to receive a prorated portion of such bonus at the time it would have been paid, based on the portion of
the Bonus Period that you were employed by the Company. 
 “Cause” shall mean a determination by the Company’s
board of directors of any of the following: (i) your violation of any applicable material law or regulation respecting the business of the Company; (ii) your commission of a felony or a crime involving moral turpitude, (iii) any act
of dishonesty, fraud or misrepresentation in relation to your duties to the Company, (iv) failure to perform in any material respect your duties hereunder after twenty (20) days’ written notice and an opportunity to cure such failure
and a reasonable opportunity to present to the Company’s board of directors your position regarding any dispute relating to the existence of such failure; (v) your failure to attempt in good faith to implement a clear and reasonable
directive from the Company’s board of directors or to comply with any of the Company’s policies and procedures which failure is material and occurs after written notice from the Company’s board of directors; (vi) any act of gross
misconduct which is materially and demonstrably injurious to the Company; or, (vii) your breach of fiduciary responsibility. 
 A “Change of Control” shall 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 after the merger or consolidation (A) its stockholders prior to the merger or consolidation hold less than 50% of the voting stock of the surviving entity and (B) its directors 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 subsequent to the transaction (A) its stockholders
hold less than 50% of the stock of said third party and (B) its directors 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 after the transaction is owned actually or beneficially by parties who held less than 30% of the voting stock, actually or beneficially, prior to the
transaction(s) and (B) its board of directors after the transaction(s) or within 60 days thereof is comprised of less than a majority of the Company’s directors serving prior to the transaction(s). 

Signed and delivered on this 16th day of November, 2011 in the presence of: 

 

							
		 	BENEFITFOCUS.COM, INC.	 		  	EMPLOYEE
				
		 	 /s/ Shawn Jenkins
	 		  	 /s/ Milton Alpern

		 	Executive Signature	 		  	Employee Signature
				
		 	 Shawn Jenkins
	 		  	 Milton Alpern

		 	Executive Name Printed	 		  	Employee Name Printed

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