Document:

EX-10.23

 Exhibit 10.23 

SECOND AMENDMENT AGREEMENT 

This Second Amendment Agreement (this “Amendment”) is entered into this 18th day of December, 2015, by and among BENEFITFOCUS, INC., a Delaware corporation (the “Parent”), BENEFITFOCUS.COM, INC., a South Carolina
corporation (“Benefitfocus.com”), BENEFIT INFORMATICS, INC., a Delaware corporation (“Benefit Informatics”), and BENEFITSTORE, INC., a South Carolina corporation
(“BenefitStore”, and together with the Parent, Benefitfocus.com and Benefit Informatics, each individually, a “Borrower”, and collectively, the
“Borrowers”), the several banks and other financial institutions or entities party hereto (each a “Lender” and, collectively, the “Lenders”), and
SILICON VALLEY BANK, as administrative agent and collateral agent for the Lenders (in such capacity, the “Administrative Agent”). 

RECITALS 

A. The Borrowers, the Lenders and the Administrative Agent have entered into that certain Credit Agreement dated as of
February 20, 2015, as amended pursuant to that certain First Amendment Agreement dated June 16, 2015 (as amended and as the same may from time to time be further amended, modified, supplemented or restated, the “Credit
Agreement”), pursuant to which the Lenders have extended credit to the Borrowers for the purposes permitted in the Credit Agreement. 

B. The Borrowers and the Required Lenders desire to amend the Credit Agreement as set forth herein. 

C. The Required Lenders have agreed to so amend certain provisions of the Credit Agreement, but only to the extent, in accordance with
the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 
 AGREEMENT

 Now, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 
 1.
Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Credit Agreement. 

2. Amendments to Credit Agreement. 

2.1 Section 7.1 (Financial Covenants), 

(a) Section 7.1(b) of the Credit Agreement (Minimum Consolidated EBITDA) is hereby amended by deleting “($14,500,000)”
appearing in the fourth line of the grid set forth therein for the quarter ending December 31, 2015, and by substituting “($16,500,000)” in its stead. 

 (b) Section 7.7 of the Credit Agreement (Consolidated Capital Expenditures) is
hereby amended by deleting “$13,500,000” appearing in the first line of the grid set forth therein for the 2015 fiscal year, and by substituting “$16,500,000” in its stead. 

3. Limitation of Amendment. 

3.1 The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited
precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which the Administrative Agent or
the Lenders may now have or may have in the future under or in connection with any Loan Document. 
 3.2 This Amendment shall be
construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall
remain in full force and effect. 
 4. Representations and Warranties. To induce the Administrative Agent and the Required
Lenders to enter into this Amendment, the Borrowers hereby represent and warrant as follows: 
 4.1 Immediately after giving effect
to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an
earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing; 

4.2 Each Borrower have the power and authority to execute and deliver this Amendment and to perform its obligations under the Credit
Agreement, as amended by this Amendment; 
 4.3 The organizational documents of the Borrowers previously delivered remain true,
accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 
 4.4
The execution and delivery by each Borrower of this Amendment and the performance by such Borrower of its obligations under the Credit Agreement, as amended by this Amendment, have been duly authorized; 

4.5 The execution and delivery by each Borrower of this Amendment and the performance by each Borrower of its obligations under the
Credit Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting such Borrower, (b) any contractual restriction with a Person binding on such Borrower, (c) any order,
judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on such Borrower, or (d) the organizational documents of such Borrower; 

  
 2 

 4.6 The execution and delivery by each Borrower of this Amendment and the performance by
such Borrower of its obligations under the Credit Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any
governmental or public body or authority, or subdivision thereof, binding on such Borrower, except as already has been obtained or made; and 

4.7 This Amendment has been duly executed and delivered by each Borrower and is the binding obligation of such Borrower, enforceable
against such Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or
affecting creditors’ rights. 
 5. No Defenses of Borrowers. Each Borrower hereby acknowledges and agrees that such Borrower has
no offsets, defenses, claims, or counterclaims against the Administrative Agent or any Lender with respect to the Obligations, or otherwise, and that if such Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against
the Administrative Agent or any Lender, whether known or unknown, at law or in equity, all of them are hereby expressly WAIVED and such Borrower hereby RELEASES the Administrative Agent and each Lender from any liability thereunder. 

6. Integration. This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior
negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents.

 7. Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be
deemed to constitute one and the same instrument. 
 8. Effectiveness. This Amendment shall be deemed effective upon the due
execution and delivery to the Administrative Agent by each party hereto. 
 [Signature page follows.] 

  
 3 

 IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above. 
 BORROWERS: 

 

									
	BENEFITFOCUS.COM, INC.	 		 	BENEFITFOCUS, INC.
					
	By:	 	/s/ Milton A. Alpern	 		 	By:	 	/s/ Milton A. Alpern
	Name:	 	MILTON A. ALPERN	 		 	Name:	 	MILTON A. ALPERN
	Title:	 	CHIEF FINANCIAL OFFICER	 		 	Title:	 	CHIEF FINANCIAL OFFICER

  

									
	BENEFIT INFORMATICS, INC.	 		 	BENEFITSTORE, INC.
					
	By:	 	/s/ Milton A. Alpern	 		 	By:	 	/s/ Milton A. Alpern
	Name:	 	MILTON A. ALPERN	 		 	Name:	 	MILTON A. ALPERN
	Title:	 	CHIEF FINANCIAL OFFICER	 		 	Title:	 	CHIEF FINANCIAL OFFICER

  
 4 

 SILICON VALLEY BANK, as Administrative Agent and as a Lender 

 

			
	By:	 	/s/ Steve Lyons
	Name:	 	Steve Lyons
	Title:	 	VP

 COMERICA BANK, as a Lender 
  

			
	By:	 	/s/ John Binetti
	Name:	 	John Binetti
	Title:	 	SVP

 PACIFIC WESTERN BANK, as a Lender 
  

			
	By:	 	/s/ Adam Glick
	Name:	 	Adam Glick
	Title:	 	Senior Vice President

  
 5EX-10.24

 Exhibit 10.24 

SEPARATION, RELEASE AND CONSULTING AGREEMENT 

This SEPARATION, RELEASE AND CONSULTING AGREEMENT (the “Agreement”) is made and entered into this 21st day of December, 2015 by and between Milton A. Alpern, a citizen and resident of South Carolina (hereinafter “Executive”) and Benefitfocus.com, Inc., a South Carolina corporation (the
“Company”). 
 WHEREAS, Executive has been employed by the Company as its Chief Financial Officer; and 

WHEREAS, in connection with his employment with the Company, Executive executed an Employment Agreement dated on or about November 16,
2011 (the “Employment Agreement”); and 
 WHEREAS, Executive has decided to retire from the Company, effective as of
March 31, 2016; and 
 WHEREAS, the Company has agreed to provide Executive with certain separation benefits, in exchange for which
Executive will provide temporary consulting services to the Company; and 
 WHEREAS, the parties intend that this Agreement will set out the
terms of Executive’s separation from his employment, the general release of the Company by Executive and the terms of Executive’s separation benefits and consulting arrangement with the Company; 

NOW, THEREFORE, in consideration of the promises and the mutual covenants herein contained, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1. Termination of Employment.
Effective as of March 31, 2016 (the “Retirement Date”), Executive’s employment with the Company is terminated. Executive will receive his regular base salary for his work through the Retirement Date and will remain eligible for
his annual management bonus for 2015 as well as any 2016 bonus earned, on a prorated basis, through the Retirement Date (all minus applicable federal, state and local payroll taxes, and other withholdings required by law or properly requested by
Executive). Except as expressly provided herein or required by applicable law, after the Retirement Date, Executive will be entitled to no further compensation or employee benefits from the Company. 

2. Separation Benefits. Collectively, the payments and benefits set out below are referred to in this Agreement as the “Separation
Benefits”: 
 a. Separation Pay. In consideration of Executive’s execution of this Agreement, the Company will continue to
pay Executive his regular base salary, minus applicable federal, state and local payroll taxes, and other withholdings required by law, for the period from April 1, 2016 through April 1, 2017 (the “Consulting Period”), payable in
accordance with the Company’s regular payroll procedures. 

 b. Benefits. If Executive properly and timely elects to continue health and vision
insurance benefits under COBRA following the Retirement Date, the Company will continue to pay the employer-paid portion of his COBRA premiums (i.e. at the same percentage and terms as paid by the Company as of the date of termination of employment)
for continuation coverage for Executive (and, if they were covered as of the Retirement Date, for Executive’s spouse and any eligible dependents) through the Consulting Period; provided, however, the Company has the right to discontinue the
payment of the premium and pay to the Executive a lump sum amount equal to the employer-paid portion of the current COBRA premium times the number of months remaining in the Consulting Period if the Company determines that continued payment of the
employer-paid portion of the COBRA premiums is discriminatory under Sections 105(h) and 9815(a)(1) of the Internal Revenue Code. To the extent such health and vision coverage is continued, the Executive shall pay Executive’s portion of any
costs of continuation consistent with the Company’s past practices. 
 c. Equity. During the Consulting Period, all unvested
equity (including, but not limited to, unvested options, shares of restricted stock, and restricted stock units) granted to Executive by the Company will continue to vest in accordance with such grants and the Company stock plan pursuant to which
they were granted. 
 3. Consulting Arrangement. In consideration of Executive’s receipt of the Separation Benefits, during the
Consulting Period, Executive agrees to make himself available to render, and to render to the Company at the request of the Chief Executive Officer and/or the President, consulting services (the “Consulting Services”). The Company will
also pay all necessary and reasonable expenses incurred by Executive directly related to the business of the Company, provided Executive complies with the Company’s policies and procedures for reimbursement or advance of business expenses
established by the Company. Otherwise, Executive hereby acknowledges and agrees that he will not receive any additional compensation for the Consulting Services other than the Separation Benefits. Executive hereby acknowledges and agrees that,
during the Consulting Period, Executive will be an independent contractor and not an employee of the Company for any purpose. Executive hereby agrees to indemnify, defend and hold harmless the Company, its officers, directors, employees, agents and
shareholders, from and against any and all claims, actions, proceedings, liabilities or losses including, without limitation, reasonable attorneys’ fees, arising from or based on the Fair Labor Standards Act, workers’ compensation laws,
the Internal Revenue Code or any other federal, state or local law in connection with Executive’s providing the Consulting Services to the Company pursuant to this Agreement. 

4. Release of Claims. In exchange for the Company’s providing Executive with the Separation Benefits and consulting arrangement
described above, by signing this Agreement, Executive releases and forever discharges the Company, as well as its parent companies, affiliates, subsidiaries, divisions, officers, directors, stockholders, employees, agents, representatives,
attorneys, lessors, lessees, licensors and licensees, and their respective successors, assigns, heirs, executors and administrators (collectively, the “Company Parties”), from any and all claims, demands, and causes of action of every kind
and nature, whether known or unknown, direct or indirect, accrued, contingent or potential, which Executive ever had or now has, including but not limited to any claims arising out of or related to his employment with

 
the Company and the termination thereof (except where and to the extent that such a release is expressly prohibited or made void by law). The release includes, without limitation,
Executive’s release of the Company and the Company Parties from any claims for lost wages or benefits, stock options, restricted stock, restricted stock units, compensatory damages, punitive damages, attorneys’ fees and costs, equitable
relief or any other form of damages or relief. In addition, this release is meant to release the Company and the Company Parties from all common law claims, including claims in contract or tort, including, without limitation, claims for breach of
contract, wrongful or constructive discharge, intentional or negligent infliction of emotional distress, misrepresentation, tortious interference with contract or prospective economic advantage, invasion of privacy, defamation, negligence or breach
of any covenant of good faith and fair dealing. Executive also specifically and forever releases the Company and the Company Parties (except where and to the extent that such a release is expressly prohibited or made void by law) from: all claims
under South Carolina laws prohibiting discrimination, harassment and retaliation, including but not limited to the South Carolina Human Affairs Law and all similar state and local laws; all claims under laws governing the payment of wages or
protection of workers seeking payment for work performed and any other federal, state or local statutory and/or common laws governing the payment of wages; and/or and all claims under federal law based on unlawful employment discrimination,
harassment or retaliation, including, but not limited to, claims for violation of Title VII of the Civil Rights Act, the Americans with Disabilities Act, the Genetic Information and Discrimination Act, and the Federal Age Discrimination In
Employment Act (29 U.S.C. § 621 et. seq.)  
 Executive hereby acknowledges that this release applies both to known
and unknown claims that may exist between Executive and the Company and the Company Parties. Executive expressly waives and relinquishes all rights and benefits which he may have under any state or federal statute or common law principle that would
otherwise limit the effect of this Agreement to claims known or suspected prior to the date he executes this Agreement, and does so understanding and acknowledging the significance and consequences of such specific waiver. Provided, however, that
nothing in this Agreement extinguishes any claims Executive may have against the Company for breach of this Agreement. 
 5. No
Admissions. Executive understands, acknowledges and agrees that the release set out above in Section 4 is a final compromise of potential claims, and is not an admission by the Company that any such claims exist or that the Company or the
Company Parties are liable for any such claims. Unless prohibited by applicable law or regulation, Executive further agrees not to hereafter, directly or indirectly, sue, assist in or be a voluntary party to any litigation against Company or any one
or more of the Company Parties for any claims relating to events occurring prior to or simultaneously with the execution of this Agreement. 

Notwithstanding the foregoing, nothing in this Agreement prohibits Executive from filing a charge with, or participating in any investigation
or proceeding conducted by, the U.S. Equal Employment Opportunity Commission or a comparable state or federal fair employment practices agency; provided, however, that this Agreement fully and finally resolves all monetary matters between Executive
and the Company and the Company Parties, and by signing this Agreement, Executive acknowledges that he is waiving any right to monetary damages, attorneys’ fees and/or costs related to or arising from any such charge, complaint or lawsuit filed
by Executive or on Executive’s behalf, individually or collectively. 

 6. Cooperation. By signing this Agreement, Executive promises and agrees, at all times
after the Retirement Date, to cooperate fully with the Company and its officers, directors, employees, agents and legal counsel in connection with any claim, complaint, charge, suit or action previously or hereafter asserted or filed by or against
the Company or any of the Company Parties which relates to, arises out of or is connected directly or indirectly with (i) Executive’s employment with the Company, (ii) any other relationship or dealings between Executive and the
Company or any of the Company Parties, or (iii) any other matter relating to the Company or any of the Company Parties. Executive’s cooperation with the Company shall continue throughout the pendency of any such claim, complaint, charge,
suit or action. Further, Executive promises and agrees that, in the event he is subject to a valid and enforceable subpoena or court order which compels his testimony at a trial, hearing or deposition concerning his relationship with the Company or
any other matter relating to the Company or any of the Company Parties, he will provide reasonable and prompt notice to the Company of this fact and cooperate fully with the Company prior to and during his testimony, to the maximum extent possible,
consistent with his obligation to provide truthful testimony. Executive further agrees that, in the event he is named as a defendant in a legal proceeding resulting from, arising out of, or connected directly or indirectly with Executive’s
employment with the Company, or any act, omission or conduct occurring during Executive’s employment with the Company, he will provide reasonable and prompt notice of this fact to the Company. The Company agrees to reimburse Executive for
reasonable out-of-pocket expenses as reasonably required for such cooperation and consultation. The Company agrees that it will take no adverse action against Executive for truthful statements and testimony and that it will not seek to obtain any
testimony or evidence that is not truthful and that it will not improperly seek to influence or modify any testimony of Executive. 
 7.
Return of Property. Following the Consulting Period, or earlier as deemed by the Company, Executive shall return all property of the Company in his possession, including, without limitation, any Company credit cards, Company-owned equipment,
and all originals and any copies of all disks, tapes, files, correspondence, data, notes and other documents pertaining to the Company’s proprietary products, customers and business and Confidential Information as defined in the Employment
Agreement. Such property shall be in the same condition as when provided to Executive, reasonable wear and tear excepted. 
 8.
Confidentiality and Restrictive Covenants. Executive hereby acknowledges and agrees that his post-employment duties and obligations under the Employment Agreement will remain in full force and effect in accordance with such terms, and that a
breach of the Employment Agreement will also constitute a breach of this present Agreement. 
 9. No Disparagement. Executive agrees
that he will not denigrate, defame, disparage or cast aspersions upon the Company, its management, products, services, business and manner of doing business, and that he will use his reasonable best efforts to prevent any member of his immediate
family from engaging in any such activity. 

 10. SECTION 409A. 

a. The Parties hereby acknowledge and agree that all benefits or payments provided by the Company to Executive pursuant to this Agreement are
intended either to be exempt from Section 409A of the Code, or to be in compliance with Section 409A, and the Agreement shall be interpreted to the greatest extent possible to be so exempt or in compliance. If there is an ambiguity in the
language of the Agreement, or if Section 409A guidance indicates that a change to the Agreement is required or desirable to achieve exemption or compliance with Section 409A, Company and Executive agree to attempt to renegotiate in good
faith to clarify the ambiguity or make such change. 
 b. If any severance or other payments that are required by the Agreement are to be
paid in a series of installment payments, each individual payment in the series shall be considered a separate payment for purposes of Section 409A. 

c. If any severance compensation or other benefit provided to Executive pursuant to this Agreement that constitutes “nonqualified
deferred compensation” within the meaning of Section 409A is considered to be paid on account of “separation from service” within the meaning of Section 409A, and Executive is a “specified employee” within the
meaning of Section 409A, no payments of any of such severance or other benefit shall made for six (6) months plus one (1) day after the “separation from service” (the “New Payment Date”). The aggregate of
any such payments that would have otherwise been paid during the period between the “separation from service” and the New Payment Date shall be paid to the Executive in a lump sum on the New Payment Date. 

11. Relief and Enforcement. Executive understands and agrees that, in addition to any other remedies that the Company (or the Company
Parties) has at law or in equity, upon any breach of this Agreement by Executive, Executive agrees that the Company may immediately terminate the consulting arrangement provided for in Section 3 of this Agreement and cease providing any or all
of the Separation Benefits and/or seek recovery of Separation Benefits that have been paid to him pursuant to Section 2, above. Executive also understands and agrees that if he violates the terms of Sections 6, 7, 8 or 9 of this Agreement,
Executive will cause injury to the Company and/or one or more of the Company Parties) that will be difficult to quantify or repair, so that the Company (and/or the Company Parties) will have no adequate remedy at law. Accordingly, Executive agree
that if he violates Sections 6, 7, 8 or 9 of this Agreement, the Company (or the Company Parties) will be entitled as a matter of right to obtain an injunction from a court of law, restraining Executive from any further violation of this Agreement.
The right to an injunction is in addition to any other remedies that the Company (or the Company Parties) has at law or in equity. 
 12.
Assignment. This Agreement may not be assigned by Executive without the prior written consent of the Company. The Company shall have the right to assign this Agreement to its successors and assigns in connection with a change in control or
business transaction requiring a general assignment, and all covenants and agreements hereunder shall inure to the benefit of and be enforceable by said successors or assigns. The term “Company” shall include any of the Company’s
subsidiaries, subdivisions or affiliates. 

 13. No Modifications; Governing Law; Entire Agreement. This Agreement cannot be changed or
terminated orally, and no modification or waiver of any of the provisions of this Agreement is effective unless in writing and signed by all of the parties hereto. The parties agree that this Agreement is to be governed by and construed in
accordance with the laws of the State of South Carolina. This Agreement, and the surviving provisions of the Employment Agreement, set forth the entire and fully integrated understanding between the parties, and there are no representations,
warranties, covenants or understandings, oral or otherwise, that are not expressly set out therein. 
 14. Right to Revoke. ONCE
SIGNED BY EXECUTIVE, THIS AGREEMENT IS REVOCABLE IN WRITING FOR A PERIOD OF SEVEN (7) DAYS (THE “REVOCATION PERIOD”). IN ORDER TO REVOKE HIS ACCEPTANCE OF THIS AGREEMENT, EXECUTIVE MUST DELIVER WRITTEN NOTICE TO PARIS CAVIC, VICE
PRESIDENT AND GENERAL COUNSEL OF THE COMPANY, AND SUCH WRITTEN NOTICE MUST ACTUALLY BE RECEIVED WITH THE SEVEN (7) DAY REVOCATION PERIOD. 

15. Voluntary Execution. By signing below, Executive acknowledges that he has read this Agreement, that he understands its contents and
that he has relied upon or had the opportunity to seek the legal advice of his attorney, who is the attorney of his own choosing. 
 EXECUTIVE HEREBY
ACKNOWLEDGES THAT HE HAS BEEN GIVEN A PERIOD OF AT LEAST TWENTY-ONE (21) DAYS TO CONSIDER WHETHER TO EXECUTE THIS AGREEMENT. EXECUTIVE ALSO ACKNOWLEDGES THAT HE IS HEREBY ADVISED BY THE COMPANY IN WRITING TO CONSULT WITH AN ATTORNEY BEFORE
SIGNING THIS AGREEMENT. 
 [Signature page follows.] 

 IN WITNESS WHEREOF, each of the parties hereto acknowledges having read and understood the
contents and effect of this Agreement and has executed this Agreement freely and with full authority duly given, all as of the date first above written. 
  

					
	THE COMPANY:	 	
		
	BENEFITFOCUS.COM, INC.	 	
			
	By:	 	/s/ Mason R. Holland	 	(SEAL)

 
			
		
	Name:	 	Mason R. Holland Jr.
	Title:	 	Executive Chairman

  

			
	EXECUTIVE:	 	
		
	/s/ Milton A. Alpern	 	(SEAL)
	Milton A. Alpern

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