Document:

EX-4.5

 Exhibit 4.5 
 BENEFITFOCUS.COM, INC. 
 WARRANT FOR THE PURCHASE OF SHARES OF

 COMMON STOCK OF BENEFITFOCUS.COM, INC. 

 

			
	No. 001	  	 Warrant to Purchase
 500,000 Shares

 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACTR OF 1933, AS AMENDED, OR ANY STATE
SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE THEREWITH. 

FOR VALUE RECEIVED, BENEFITFOCUS.COM, INC., a South Carolina corporation (the “Company”), hereby certifies that
AETNA INC., a Pennsylvania corporation (together with its successor or permitted assigns, the “Holder”), is entitled, subject to the provisions of this Warrant, to purchase from the Company, at the times specified herein, 500,000
fully paid and non-assessable shares of Common Stock of the Company, without par value per share (the “Common Stock”), at a purchase price per share equal to the Exercise Price (as hereinafter defined). The number of shares of
Common Stock to be received upon the exercise of this Warrant for the Purchase of Shares of Common Stock (this “Warrant”) and the price to be paid for a share of Common Stock are subject to adjustment from time to time as
hereinafter set forth. 
 1. Definitions. The following terms, as used herein, have the following meanings: 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or
under common control with such Person. For the purpose of this definition, the term “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under
common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person through the ownership of voting securities.

 “Board of Directors” means the board of directors of the Company. 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in the City of New York
are authorized by law to close. 
 “Closing Date” means the original date of issuance of this Warrant to the
Holder. 
 “Committee” means a committee of the Board of Directors as defined in the amended and restated
Benefitfocus.com, Inc. 2000 Stock Option Plan. 
 “Corporate Transaction” means (i) directly or
indirectly, the sale, transfer or other disposition of all or substantially all of the Company’s assets, (ii) a transaction or series of transactions (including, without limitation, by way of merger, consolidation or sale of securities)
the result of which is that any Person who is not a stockholder as of the date hereof or an 

 
Affiliate of any such stockholder or “group” (as defined for purposes of Section 13 of the Securities Exchange Act) becomes the “beneficial owner” (as such term is
defined in Rule 13d-3 and Rule 13d-5 promulgated under the Securities Exchange Act), directly or indirectly through one or more intermediaries, of more than 50% of the voting power or economic interests in the Company or (iii) the liquidation
or dissolution of the Company. 
 “Co-Sale Rights Agreement” means the Amended and Restated Right of First
Offer and Co-Sale Agreement entered to among the Holder, the Company, the Investors and certain other parties thereto, effective as of the Closing Date, that provides for the terms and conditions governing the Holder’s co-sale rights.

 “Current Market Price Per Common Share” means, on any determination date, the average of the Daily Prices
per share of Common Stock for the 20 consecutive trading days immediately prior to such date. If the Stock is not traded on an established securities market (as defined in Section 1.897-1(m) of the Treasury Regulations), the fair market value
as determined in good faith by the Board of Directors or the Committee by application of a reasonable valuation method consistently applied and taking into consideration all available information material to the value of the Company; factors to be
considered may include, as applicable, the value of tangible and intangible assets of the Company, the present value of future cash-flows of the Company, the market value of stock or equity interests in similar corporations which can be readily
determined through objective means (such as through trading prices on an established securities market or an amount paid in an arm’s length private transaction), and other relevant factors such as control premiums or discounts for lack of
marketability. For purposes of the foregoing sentence, a valuation prepared in accordance with any of the methods set forth in Section 1.409A-l(b)(5)(iv)(B)(2) of the Treasury Regulations, as the same may be modified in any successor version of
the Treasury Regulations, consistently used, shall be rebuttably presumed to result in a reasonable valuation. This paragraph is intended to comply with the definition of “fair market value” contained in Section 1.409A-1(b)(5)(iv) of
the Treasury Regulations, as the same may be modified in any successor version of the Treasury Regulations, and should be interpreted consistently therewith. The references to Treasury Regulation Section 1.409A-1 are solely for purposes of
establishing a reasonable valuation of Current Market Price Per Common Share. Notwithstanding these references, the Warrant is not a compensatory option. 
 “Daily Price” means (i) if the shares of Common Stock are then listed and traded on a national securities exchange, the closing price on the applicable day as reported by the
principal national securities exchange on which such shares are listed and traded and (ii) if such shares are not then listed and traded on a national securities exchange, the closing price on such day as quoted by any regulated quotation
service. 
 “Exercise Price” means $5.48 per Warrant Share, as the same may be adjusted from time to time as
provided in this Warrant. 
 “Expiration Time” means (i) unless terminated pursuant to clause (ii), 5:00
p.m. New York City time on the tenth anniversary of the Closing Date, or (ii) (A) on the effective date of termination of the Relationship Agreement if the Holder terminates the Relationship Agreement pursuant to Section 4(B)(i) of
the Relationship Agreement, (B) on the effective date of termination of the Relationship Agreement if the Company terminates the Relationship 

  
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Agreement pursuant to Section 3(B) of the Relationship Agreement or (C) immediately following the closing of a Corporate Transaction that results in a cancellation of the outstanding
shares of Common Stock (unless the acquiring entity or successor corporation agrees to assume the obligations of the Company under the Warrant, as amended by mutual agreement of the Holder and the acquiring entity or successor corporation, in
consideration of an agreement by the Holder to continue the Relationship Agreement). 
 “Investors” means GS
CAPITAL PARTNERS VI, L.P., GS CAPITAL PARTNERS VI OFFSHORE, L.P., GS CAPITAL PARTNERS VI GmbH & Co. KG, L.P., and GS CAPITAL PARTNERS VI PARALLEL, L.P. 
 “IPO” means the Company’s first underwritten public offering of its Common Stock under the Securities Act. 
 “Person” means individual, corporation, partnership, limited liability company, association, trust or other entity or organization, including a government or political subdivision or an
agency or instrumentality thereof. 
 “Relationship Agreement” means, collectively, Schedules 8, 9 and 10 to
the Master Business Agreement between the Company and Aetna Life Insurance Company dated November 28, 2006, as amended by Amendment No. 2 thereto, each effective as of November 1, 2009. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Securities Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Stock Option Plan” means the Company’s Amended and Restated 2000 Stock Option Plan, as amended from time to time.

 “Warrant Shares” means the shares of Common Stock deliverable upon exercise of this Warrant, as the same may
be adjusted from time to time as provided in this Warrant. 
 2. Exercise of Warrant. 

(a) The Holder is entitled to exercise this Warrant in whole or in part commencing on the earliest of: 

(i) the date which is nine years and six months after the Closing Date; 

(ii) subject to Section 16, on or after the third anniversary of the Closing Date if an IPO has occurred prior to the third
anniversary of the Closing Date; 
 (iii) subject to Section 16, on or after the occurrence of an IPO if the IPO occurs on
or after the third anniversary of the Closing Date; 

  
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 (iv) immediately prior to the closing of a Corporate Transaction if such Corporate
Transaction occurs on or after the second anniversary of the Closing Date; 
 (v) immediately prior to the closing of a
Corporate Transaction that occurs on or after the first anniversary of the Closing Date and prior to the second anniversary of the Closing Date, but only with respect to two thirds of the Warrant Shares rounded up to the nearest whole share;

 (vi) immediately prior to the closing of a Corporate Transaction that occurs prior to the first anniversary of the Closing
Date, but only with respect to one half of the Warrant Shares rounded up to the nearest whole share; 
 (vii) immediately prior
to the closing of a sale by one or more Investors that triggers a co-sale right in favor of the Holder under the Co-Sale Rights Agreement if such closing occurs on or after the third anniversary of the Closing Date; 

(viii) immediately prior to the closing of a sale by one or more Investors that triggers a co-sale right in favor of the Holder under the
Co-Sale Rights Agreement if such closing occurs prior to the third anniversary of the Closing Date, but only with respect to one half of the Warrant Shares rounded up to the nearest whole share that the Holder could sell under the Co-Sale Rights
Agreement if such closing had occurred on or after the third anniversary of the Closing Date; 
 provided, however, that
(A) if the Relationship Agreement has previously been terminated prior to the fifth anniversary of the Closing Date by the Holder pursuant to Section 4(B)(ii) of the Relationship Agreement, the aggregate exercise of the Warrant by the
Holder shall be limited to up to one half of the Warrant Shares rounded up to the nearest whole share; (B) the Holder may exercise this Warrant under clauses (iv), (v), and (vi) only if the Holder sells, transfers or exchanges the Warrant
Shares it receives upon such exercise on or promptly following the closing of the Corporate Transaction; and (C) in all such circumstances the Warrant is only exercisable prior to the Expiration Time; and 

(b) To exercise this Warrant, the Holder shall (i) deliver to the Company (A) an executed Warrant Exercise
Notice substantially in the form annexed to this Warrant and (B) the original executed Warrant together with an executed Warrant Exercise Subscription Form substantially in the form annexed to this Warrant and (ii) subject to
Section 2(f), pay to Company an amount equal to the aggregate Exercise Price. Notwithstanding the immediately preceding sentence, the Holder may provide by written notice (a “Conditional Exercise Notice”) delivered together
with items (i)(A) and (B) to the effect that the exercise of this Warrant is conditioned upon the occurrence of either the closing of a Corporate Transaction, the closing of a sale by one or more Investors that

  
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triggers a co-sale right in favor of the Holder under the Co-Sale Rights Agreement. In the event that the Holder delivers a Conditional Exercise Notice, the Holder shall make the payment referred
to in (ii) above simultaneously with the closing of the event specified in the Conditional Exercise Notice. Upon the delivery of (i)(A) and (B) and payment of (ii), the Holder shall be deemed to be the holder of record of the Warrant
Shares subject to such exercise as of the date of payment of (ii) or, in the case of the Conditional Exercise Notice, as of the date of the closing of the event specified in the Conditional Exercise Notice (subject to the Company’s receipt
of payment of the Exercise Price), notwithstanding that the stock transfer books of the Company shall then be closed or that certificates representing such Warrant Shares shall not then be actually delivered to the Holder. 

(c) At the election of the Holder, the Exercise Price may be paid either by wire transfer of immediately available funds
to an account designated by the Company or by certified or official bank check or bank cashier’s check payable to the order of the Company. The Company shall pay any and all documentary, stamp or similar issue or transfer taxes payable in
respect of the issue or delivery of the Warrant Shares; provided that the Company shall not be required to pay any taxes that may be payable in respect of any transfer involved in the issuance and delivery of the Warrant Shares in a name
other than that of the Holder. 
 (d) If the Holder exercises this Warrant in part, this Warrant shall be
surrendered by the Holder to the Company and a new Warrant of the same tenor and for the unexercised number of Warrant Shares shall be executed by the Company as promptly as reasonably practicable. The Company shall register the new Warrant in the
name of the Holder or in such name or names of its transferee pursuant to Section 7 hereof as may be directed in writing by the Holder and deliver the new Warrant to the Person or Persons entitled to receive the same as promptly as reasonably
practicable. 
 (e) Upon surrender of this Warrant in conformity with the foregoing provisions or, in the event
of a Conditional Exercise Notice, upon the occurrence of the event specified in the Conditional Exercise Notice, the Company shall promptly transfer to the Holder of this Warrant appropriate evidence of ownership of the shares of Common Stock or
other securities or property (including any money) to which the Holder is entitled, registered or otherwise placed in, or payable to the order of, the name or names of the Holder or its transferee pursuant to Section 7 as may be directed in
writing by the Holder, and shall deliver such evidence of ownership and any other securities or property (including any money) to the Person or Persons entitled to receive the same, together with an amount in cash in lieu of any fraction of a share
as provided in Section 6 below. 

  
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 (f) In lieu of making a cash payment of the Exercise Price to exercise this
Warrant pursuant to Section 2(a) (but in all other respects in accordance with the exercise procedure set forth in Section 2(a)), the Holder may elect to convert this Warrant into shares of Common Stock without paying the Exercise Price by
reducing the number of Warrant Shares that the Holder would otherwise receive upon exercise of the Warrant, in which event the Company will issue to the Holder the number of shares of Common Stock equal to the amount resulting from the following
equation: 
 X = (A - B) x C where: 

   A 
  

					
		 	X =	  	the number of shares of Common Stock issuable upon exercise pursuant to this Section 2(f);
			
		 	A =	  	the Current Market Price Per Common Share on the date on which the Holder delivers a Warrant Exercise Notice to the Company or, in the event of a Conditional Exercise Notice on the
date of the closing of the event specified in the Conditional Exercise Notice, in each case pursuant to Section 2(a);
			
		 	B =	  	the Exercise Price; and
			
		 	C =	  	the number of shares of Common Stock as to which this Warrant is being exercised pursuant to Section 2(a).

 If the foregoing calculation results in zero or a negative number, then no shares of Common Stock shall
be issued upon exercise pursuant to this Section 2(f). Notwithstanding the forgoing, the Holder shall not have the benefit of this Section 2(f) in connection with any exercise of the Warrant pursuant to paragraph 2(a)(i). 

(g) If the Holder is exercising this Warrant pursuant to paragraph 2(a)(i) the Holder shall, as a condition of exercising
this Warrant, agree to be bound by and subject to the terms of that certain Voting Agreement dated February 21, 2007 between the Company and certain of its shareholders, as such agreement may be amended from time to time. 

3. Representation and Warranties of the Holder. 

(a) The Holder has full power and authority to acknowledge and agree to this Warrant. This Warrant, when executed and
delivered by the Holder, constitutes its valid and legally binding obligation, enforceable in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting
creditors’ rights generally and general principles of equity). 
 (b) This Warrant is issued to the Holder
in reliance upon the Holder’s representation to the Company, which by the Holder’s acknowledgement and agreement to this Warrant, the Holder hereby confirms, that this Warrant and the Warrant Shares will be acquired for investment for the
Holder’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Holder has no present intention of selling, granting any participation in, or otherwise distributing the same.
By acknowledging and agreeing to this Warrant, the Holder further represents that the Holder does not presently have any contract, undertaking, agreement or arrangement with any Person to sell, transfer or grant participations to such Person or to
any third Person, with respect to the Warrant or any of the Warrant Shares. 

  
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 (c) The Holder understands that the Warrant and the Warrant Shares have not
been, and will not be, registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the
accuracy of the Holder’s representations as expressed herein. The Holder understands that the Warrant and the Warrant Shares are “restricted securities” under applicable Federal and state securities laws and that, pursuant to these
laws, the Holder must hold the Warrant and the Warrant Shares indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification
requirements is available. The Holder acknowledges that the Company has no obligation to register or qualify the Warrant or the Warrant Shares for resale. The Holder further acknowledges that if an exemption from registration or qualification is
available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Warrant and the Warrant Shares, and on requirements relating to the Company which are outside of the
Holder’s control, and which the Company is under no obligation and may not be able to satisfy. 
 (d)
Certificates representing shares of Common Stock issued pursuant to this Warrant shall bear a legend substantially in the form of the legend set forth on the first page of this Warrant to the extent that and for so long as such legend is required
pursuant to applicable securities laws. 
 (e) The Holder has duly executed the Co-Sale Rights Agreement which
agreement is valid, binding and enforceable against the Holder. 
 4. Representation and Warranties of the Company. The
Company hereby represents and warrants to the Holder as of the Closing Date as follows: 
 (a) The Company is a
corporation duly organized, validly existing and in good standing under the laws of the State of South Carolina. The Company has all requisite corporate power and authority to execute and deliver this Warrant and to perform its obligations
hereunder. 
 (b) This Warrant has been duly authorized, executed and delivered by the Company, and constitutes
its valid and legally binding obligation, enforceable in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally and general
principles of equity). 
 (c) Except as set forth in Schedule 4(c) to this Warrant, as of the Closing Date
there are no issued, reserved for issuance or outstanding (i) shares of capital stock of or other voting securities of or ownership interests in the Company, (ii) securities of the Company convertible into or exchangeable for shares of
capital stock or other voting securities of or ownership interests in the Company, (iii) warrants, calls, options or other 

  
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rights to acquire from the Company, or other obligation of the Company to issue, any capital stock or other voting securities or ownership interests in or any securities convertible into or
exchangeable for capital stock or other voting securities or ownership interests in the Company or (iv) restricted shares, stock appreciation rights, performance units, contingent value rights, “phantom” stock or similar securities or
rights that are derivative of, or provide economic benefits based, directly or indirectly, on the value or price of, any capital stock or voting securities of the Company. 
 5. Reservation of Shares. The Company hereby agrees that at all times there shall be reserved for issuance and delivery upon exercise of this Warrant such number of its authorized but unissued
shares of Common Stock or other securities of the Company from time to time issuable upon exercise of this Warrant as will be sufficient to permit the exercise in full of this Warrant. All such shares shall be duly authorized and, when issued upon
such exercise, shall be validly issued, fully paid and non-assessable, free and clear of all liens, security interests, charges and other encumbrances or restrictions on sale and free and clear of all preemptive rights. 

6. Fractional Shares. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this
Warrant, and in lieu of delivery of any such fractional share to which the Holder may be entitled upon any exercise of this Warrant, the Company shall pay to the Holder an amount in cash equal to such fraction multiplied by the Current Market Price
Per Common Share on the Business Day immediately preceding the date on which the Holder delivers the Warrant Exercise Notice pursuant to Section 2(a). 
 7. Transfer or Assignment of Warrant. 
 (a) Each taker and
holder of this Warrant, by taking or holding the same, consents and agrees that the registered holder hereof may be treated by the Company and all other Persons dealing with this Warrant as the absolute owner hereof for any purpose and as the Person
entitled to exercise the rights represented hereby. 
 (b) This Warrant shall not be sold, pledged, or otherwise
transferred, and the Company shall not recognize any such sale, pledge, or transfer, except (i) upon compliance with the conditions specified in this Warrant, which conditions are intended to ensure compliance with the provisions of the
Securities Act and (ii) only with the prior written consent of the Company (provided, however, that no such consent shall be required (x) in any transaction in compliance with Rule 144 under the Securities Act on or after the IPO,
(y) in any transaction in which the Holder transfers this Warrant to an Affiliate of the Holder or (z) after an IPO, in any transaction in which the Holder transfers this Warrant to a transferee in a private sale exempt from registration
under the Securities Act; provided that each Affiliate transferee agrees in writing to be subject to the terms of this Section 7). A transferring Holder will cause any proposed purchaser, pledgee, or transferee of this Warrant held by
the Holder to agree to take and hold the Warrant subject to the provisions and upon the conditions specified in this Warrant. 

  
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 (c) Before any proposed sale, pledge, or transfer of this Warrant, unless
there is in effect a registration statement under the Securities Act covering the proposed transaction, the Holder shall give notice to the Company of the Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall
describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably requested by the Company, shall be accompanied at the Holder’s expense by either (i) a written opinion of legal counsel
who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no
action” letter from the U.S. Securities and Exchange Commission (the “SEC”) to the effect that the proposed sale, pledge, or transfer of such securities without registration will not result in a recommendation by the staff of
the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or transfer of the securities may be effected without registration
under the Securities Act, whereupon the Holder shall be entitled to sell, pledge, or transfer such securities in accordance with the terms of the notice given by the Holder to the Company. The Company will not require such a legal opinion or
“no action” letter (x) in any transaction in compliance with Rule 144 under the Securities Act on or after the IPO, (y) in any transaction in which the Holder transfers this Warrant to an Affiliate of the Holder or (z) after
an IPO, in any transaction in which the Holder transfers this Warrant to a transferee in a private sale exempt from registration under the Securities Act; provided that each Affiliate transferee agrees in writing to be subject to the terms of
this Section 7. Each certificate or instrument evidencing the securities transferred as above provided shall bear, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend referenced in Section 3 above,
except that such certificate shall not bear such restrictive legend if, in the opinion of counsel for the Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities Act. 

(d) Upon a valid exchange, transfer or assignment of the Warrant and surrender of this Warrant to the Company, together
with the attached Warrant Assignment Form duly executed, the Company shall, as promptly as practicable and without charge, execute and deliver a new Warrant in the name of the assignee or assignees named in such Warrant Assignment Form and, if the
Holder’s entire interest is not being assigned, in the name of the Holder and this Warrant shall promptly be canceled. 

8. Loss or Destruction of Warrant. Upon receipt by the Company of evidence satisfactory to it (in the exercise of its reasonable
discretion) of the loss, theft, destruction or mutilation of this Warrant, and (in the case of loss, theft or destruction) of reasonably satisfactory indemnification, and upon surrender and cancellation of this Warrant, if mutilated, the Company
shall execute and deliver a new Warrant of like tenor and date. 
 9. Anti-dilution Provisions. 

(a) (i) If the outstanding shares of Common Stock are changed into or exchanged for a different number of shares of Common
Stock by reason of a merger, consolidation, reorganization, recapitalization, reclassification, combination or exchange of shares, or stock split or stock dividend (other than an event covered by Section 9(c) below), 

  
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 (x) the number of Warrant Shares issuable upon exercise of this Warrant
thereafter shall be proportionately adjusted so that the exercise of this Warrant after such event shall entitle the Holder to receive the aggregate number of shares of Common Stock that such Holder would have received had such Holder exercised this
Warrant immediately prior to such event and after giving effect to such event; and 
 (y) the Exercise Price
thereafter shall be adjusted to equal the product of the Exercise Price in effect immediately prior to such event multiplied by a fraction (A) the numerator of which shall be the number of Warrant Shares issuable upon the exercise of this
Warrant immediately prior to such event and (B) the denominator of which shall be the number of Warrant Shares issuable upon the exercise of this Warrant immediately following such event. 

(ii) In case the Company shall at any time after the date hereof issue any shares of its capital stock in a
reclassification of Common Stock other than in an event covered by Section 9(c) below (including any such reclassification in connection with a consolidation or merger in which the Company is the continuing corporation), then, as a condition to
such reclassification, lawful provisions shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the Holder, so that the Holder shall have the right at any time that the Warrant is
exercisable to purchase, at a total price equal to that payable upon exercise of the Warrant, the kind and amount of capital stock receivable in connection with such recapitalization by a record holder of the same number of shares of Common Stock as
were purchasable by the Holder immediately prior to such recapitalization. 
 Any adjustment made pursuant to
this Section 9(a) shall become effective immediately after the applicable record date in the case of a dividend or distribution and immediately after the applicable effective date in the case of a subdivision, split, combination or
reclassification. For the avoidance of doubt, notwithstanding Section 9(f), any adjustment made pursuant to this Section 9(a) shall be mandatory and shall not be subject to the discretion of the Company or the Committee. 

(b) If any spin-off, spin-out or other distribution of assets materially affects the price of the Common Stock, then the
Committee may, but need not, make any or all of the adjustments specified in subsections (a)(i)(x) and (a)(i)(y) above; provided that if the Company provides for an anti-dilution adjustment to the holders of the Company’s options issued
pursuant to the Stock Option Plan or any subsequent equity plan of the Company (the “Company Stock Options”) as a result of any spin-off, spin-out or other distribution of assets that materially affects the price of the Common
Stock, then in such event the Company shall make a comparable adjustment in the Exercise Price or the number of Warrant Shares, or both. 
 (c) If the Company shall be a party to any Corporate Transaction in which it does not survive, the Committee, in its discretion, may, but shall not be required to notify the Holder that the Warrant shall
be assumed by the successor corporation or substituted on an equitable basis with options or warrants issued by such successor corporation. 

  
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 (d) The adoption of a plan of dissolution or liquidation of the Company
shall, notwithstanding other provisions hereof, cause this Warrant to terminate to the extent not exercised prior to the adoption of the plan of dissolution or liquidation by the shareholders, provided that, notwithstanding other provisions
hereof, the Company may declare this Warrant to be exercisable at any time on or before the fifth Business Day following such adoption, notwithstanding the provisions of this Warrant regarding exercisability; provided further that if the
Company declares the Company Stock Options to be exercisable at any time on or before the fifth Business Day following such adoption, the Company shall make a comparable declaration with respect to the Warrant. 

(e) If the Company (i) issues shares of Common Stock (or options, rights, warrants or other securities convertible
into or exchangeable or exercisable for shares of Common Stock (collectively, “Convertible Securities”)), other than pursuant to the Exercise of this Warrant, at a price per share less than the Current Market Price Per Common Share
or takes any other action which reduces the aggregate value of the Warrant (a “Dilution Event”), and (ii) (A) the Company provides for an anti-dilution adjustment to the holders of the Company Stock Options in connection
with the Dilution Event, then the Company shall make a comparable adjustment in the Exercise Price or the number of Warrant Shares, or both, or (B) the Company does not provide for an anti-dilution adjustment to the holders of the Company Stock
Options at the time of the Dilution Event, but conducts one or more subsequent transactions that have the effect of partially or completely compensating the holders of the Company Stock Options for the reduction in the aggregate value of the Company
Stock Options as a result of the Dilution Event (including but not limited to by issuing additional common stock or option grants or other compensation to the holders of the Company Stock Options), then the Company shall provide comparable
compensation to the Holders; provided, however, that for purposes of Section 9(e)(i), no issuance of Common Stock pursuant to the exercise or conversion of a Convertible Security shall be deemed to be a Dilution Event if at the time of
such issuance, the exercise or conversion price for such Convertible Security at the time of issuance was at least equal to the Current Market Price Per Common Share at such time of issuance, and provided further, that the granting of
additional stock options or the payment of other compensation to the holders of the Company Stock Options in the normal course of the administration of the Stock Option Plan or any subsequent equity plan of the Company or other employee compensation
plans of the Company, either consistently with the Company’s past practice or in light of the then current business considerations, shall not be deemed to be (x) an anti-dilution adjustment to the holders of the Company Stock Options in
connection with the Dilution Event under (A) or (y) a transaction that has the effect of compensating the holders of the Company Stock Options for the reduction in the aggregate value of the Company Stock Options as a result of the
Dilution Event under (B). 
 (f) The adjustments described in Section 9(a) through Section 9(e), and
the manner of their application, shall be determined solely by the Company, and any such adjustment may provide for the elimination of fractional share interests. The adjustments required under this Section 9 shall apply to any successors of
the Company and shall be made regardless of the number or type of successive events requiring such adjustments. 

  
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 (g) Upon the occurrence of each adjustment to the Exercise Price and/or the
number of Warrant Shares issuable upon exercise of this Warrant, the Company shall promptly compute such adjustment in accordance with the terms hereof and furnish to the Holder a certificate setting forth such adjustment and showing in reasonable
detail the facts upon which such adjustment is based. 
 (h) If the Company shall propose at any time to effect
any of the events described in Section 9(a) through Section 9(e) above that would result in an adjustment to the Exercise Price, the number of Warrant Shares issuable upon exercise of this Warrant or a change in the type of securities or
property to be delivered upon exercise of this Warrant, the Company shall send notice to the Holder in the manner set forth in Section 10. In the case of a dividend or other distribution, such notice shall be sent at least 10 days prior to the
applicable record date and shall specify such record date and the date on which such dividend or other distribution is to be made. In any other case, such notice shall be sent at least 15 days prior to the effective date of any such event and shall
specify such effective date. In all cases, such notice shall specify such event in reasonable detail, including the effect on the Exercise Price and the number, kind or class of securities or other property issuable upon exercise of this Warrant.
Failure to furnish any certificate pursuant to Section 9(g) or to give any notice pursuant to this Section 9(h) or any defect in any such certificate or notice, shall not affect the legality or the validity of the adjustment of the
Exercise Price and/or the number of securities, cash and/or other property issuable upon exercise of this Warrant, or any transaction giving rise thereto. 
 10. Notices. Any notice, demand or delivery authorized by this Warrant shall be in writing and shall be given to the Holder or the Company, as the case may be, at its address (or facsimile number)
set forth below, or such other address (or facsimile number) as shall have been furnished to the party giving or making such notice, demand or delivery: 
 If to the Company: 
 Benefitfocus.com, Inc. 

100 Benefitfocus Way 
 Charleston, SC 29492 
 Facsimile: 843-849-9298 

Attention: Andy Howell 
 If to the Holder: 
 Aetna Inc. 

151 Farmington Avenue 
 Hartford, Connecticut 06156 
 Facsimile: 860-273-0603 

Attention: Chief Financial Officer 

  
 12 

 with a copy to: 

Aetna Inc. 
 151 Farmington Avenue 
 Hartford, Connecticut 06156 

Facsimile: 860-273-8340 
 Attention: General Counsel 
 Each such notice, demand or delivery shall be deemed
received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a Business Day. Otherwise, any such notice, demand or delivery shall be deemed not to have been received until the next
succeeding Business Day. 
 11. Rule 144 Information. Following an IPO, the Company covenants that it will use its
reasonable efforts to timely file all reports and other documents required to be filed by it under the Securities Act and the Securities Exchange Act and the rules and regulations promulgated by the SEC thereunder, and it will use reasonable efforts
to take such further action as any Holder may reasonably request, in each case to the extent required from time to time to enable the Holder to, if permitted by the terms of this Warrant, sell this Warrant or the Warrant Shares without registration
under the Securities Act within the limitation of the exemptions provided by (A) Rule 144 under the Securities Act, as such rule may be amended from time to time, or (B) any successor rule or regulation hereafter adopted by the SEC. Upon
the written request of any Holder, the Company will deliver to the Holder a written statement that it has complied with such requirements. 
 12. Rights of the Holder. 
 (a) Prior to any exercise of
this Warrant, the Holder shall not, by virtue hereof, be entitled to any rights of a shareholder of the Company, including, without limitation, the right to vote, to receive dividends or other distributions, to exercise any preemptive right or to
receive any notice of meetings of shareholders or any notice of any proceedings of the Company except as may be specifically provided for herein. 
 (b) Notwithstanding paragraph 12(a), the Holder shall be entitled to receive annual and quarterly financial information in accordance with the terms of the Relationship Agreement, as well as such other
information as the Company generally distributes to holders of Common Stock. 
 13. GOVERNING LAW.
THIS WARRANT AND ALL RIGHTS ARISING HEREUNDER SHALL BE CONSTRUED AND DETERMINED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, AND THE PERFORMANCE THEREOF SHALL BE GOVERNED AND ENFORCED IN ACCORDANCE WITH SUCH LAWS.

 14. Jurisdiction; Venue; Service of Process. Each party hereby irrevocably and unconditionally submits to the
exclusive jurisdiction of any state or federal court sitting in New York City, Borough of Manhattan, over any suit, action or proceeding arising out of or relating 

  
 13 

 
to this Warrant. Each party hereby agrees that service of any process, summons, notice or document by U.S. registered mail addressed to such party shall be effective service of process for any
such suit, action or proceeding brought against such party in any such court. Each party hereby irrevocably and unconditionally waives any objection to the laying of venue of any such suit, action or proceeding brought in any such court and any
claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Each party agrees that a final judgment in any such suit, action or proceeding brought in any such court shall be conclusive and
binding upon the party and may be enforced in any other courts to whose jurisdiction the party is or may be subject by suit upon such judgment. 
 15. Amendments; Waivers. Any provision of this Warrant may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of amendment, by the Holder and the
Company, or in the case of a waiver, by the party against whom the waiver is to be effective. No failure or delay by either party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial
exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

 16. “Market Stand-off” Agreement. The Holder hereby agrees that it will not, without the prior written
consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the IPO and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty
(180) days), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly
or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock held immediately before the effective date of the registration statement for such offering, or
(ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to
be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this Section 16 shall apply only to the IPO, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting
agreement, and shall be applicable to the Holder only if all officers, directors, and stockholders of the Company individually owning more than one percent (1%) of the Company’s outstanding Common Stock (after giving effect to conversion
into Common Stock of all outstanding Series A Preferred Stock) are subject to the same restrictions. The underwriters in connection with such registration are intended third-party beneficiaries of this Section 16 and shall have the right,
power, and authority to enforce the provisions hereof as though they were a party hereto. The Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are
consistent with this Section 16 or that are necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to the
Holder and all parties subject to such agreements, based on the number of shares subject to such agreements. 
 [Remainder of
Page Intentionally Left Blank] 

  
 14 

 IN WITNESS WHEREOF, the Company has duly caused this Warrant to be signed by its duly
authorized officer and to be dated as of November 23, 2009. 
  

			
	BENEFITFOCUS.COM, INC.
		
	By:	 	/s/ Mason R. Holland Jr.
		 	Name:     Mason R. Holland Jr.
		 	Title:       Chairman

  

			
	 Acknowledged and Agreed:
 AETNA INC.

		
	By:	 	/s/ Mark L. Klein
		 	Name:    Mark L. Klein
		 	Title:      Vice President, Corporate Development

 SCHEDULE 4(c) 
 Benefitfocus.com, Inc. 
 Equity Summary 

as of 10/31/2009 
  

					
	 Common Stock
	  	 	7,216,212	  
	 Preferred Stock (converts to common 1:1)
	  	 	14,055,851	  
		  	  
	  
	 
	 Issued and Outstanding Stock
	  	 	21,272,063	  
	 Stock Option Pool
	  	 	4,044,525	  
		  	  
	  
	 
	 Total Fully Diluted Shares
	  	 	25,316,588	  

 WARRANT EXERCISE NOTICE 

(To be delivered prior to exercise of the Warrant 
 by execution of the Warrant Exercise Subscription Form) 
  

	To:	Benefitfocus.com, Inc. 

 The
undersigned hereby notifies you of its intention to exercise the Warrant to purchase shares of Common Stock, without par value per share, of Benefitfocus.com, Inc. The undersigned intends to exercise the Warrant to purchase
             shares (the “Warrant Shares”) at $             per Share (the Exercise Price
currently in effect pursuant to the Warrant). As indicated below, the undersigned intends to pay the aggregate Exercise Price for the Warrant Shares in by wire transfer of immediately available funds or by certified or official bank or bank
cashier’s check [or by reduction in the number of Warrant Shares that would otherwise be issued upon exercise pursuant to Section [            ] or the Warrant]. 

Date:
                             

 

	
	  
	(Signature of Owner)
	
	  
	(Street Address)
	
	  
	(City)                (State)    (Zip Code)

  

					
	Payment:	  	 ̈	  	$             wire transfer of immediately available funds
			
		  	 ̈	  	$             certified or official bank or bank cashier’s check
			
		  	 ̈	  	Reduction in number of Warrant Shares

 WARRANT EXERCISE SUBSCRIPTION FORM 

(To be executed only upon exercise of the Warrant 
 after delivery of Warrant Exercise Notice) 
  

	To:	Benefitfocus.com, Inc. 

 The
undersigned irrevocably exercises the Warrant for the purchase of              shares (the “Warrant Shares”) of Common Stock, without par value per share, of
Benefitfocus.com, Inc. (the “Company”) at $             per Share (the Exercise Price currently in effect pursuant to the Warrant) and herewith makes payment of
$             (such payment being made as specified in the undersigned’s previously-delivered Warrant Exercise Notice), all on the terms and conditions specified in the within
the Warrant, surrenders this Warrant and all right, title and interest therein to the Company and directs that the Warrant Shares deliverable upon the exercise of this Warrant be registered or placed in the name and at the address specified below
and delivered thereto. 
 Date:
                             

 

	
	  
	(Signature of Owner)
	
	  
	(Street Address)
	
	  
	(City)                (State)    (Zip Code)

  

			
	Securities and/or check to be issued to:	 	 

  

			
	Please insert social security or identifying number:	 	 

  

			
	Name:	 	 

  

			
	Street Address:	 	 

  

			
	City, State and Zip Code:	 	 

  

			
	Any unexercised portion of the Warrant evidenced by the within Warrant to be issued
to:

  

			
	Please insert social security or identifying number:	 	 

  

			
	Name:	 	 

  

			
	Street Address:	 	 

  

			
	City, State and Zip Code:	 	 

 WARRANT ASSIGNMENT FORM 

Dated                     ,
         
 FOR VALUE RECEIVED,
                                         
                                         
                                         
            hereby sells, 
 assigns and transfers unto
                                         
                                         
                                         
              (the “Assignee”), 
                                   
                (please type or print in block letters) 
  

 
 (insert address) 

its right to purchase up to shares of Common Stock represented by this Warrant and does hereby irrevocably constitute and appoint
                                         
                Attorney, to transfer the same on the books of the Company with full power of substitution in the premises. 

SignatureEX-10.1

 Exhibit 10.1 
 AMENDED AND RESTATED VOTING AGREEMENT 

  

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
			
	1.	 	Voting Provisions Regarding Board of Directors.	  	 	2	  
				
		 	1.1.	 	Size of the Board.	  	 	2	  
				
		 	1.2.	 	Board Composition.	  	 	2	  
				
		 	1.3.	 	Failure to Designate a Board Member.	  	 	3	  
				
		 	1.4.	 	Removal of Board Members.	  	 	3	  
				
		 	1.5.	 	No Liability for Election of Recommended Directors.	  	 	4	  
			
	2.	 	Vote to Increase Authorized Common Stock.	  	 	4	  
			
	3.	 	Drag-Along Right.	  	 	4	  
				
		 	3.1.	 	Definitions	  	 	4	  
				
		 	3.2.	 	Actions to be Taken.	  	 	4	  
				
		 	3.3.	 	Exceptions.	  	 	5	  
				
		 	3.4.	 	Restrictions on Sales of Control of the Company	  	 	7	  
			
	4.	 	Reincorporation of the Company.	  	 	7	  
			
	5.	 	Remedies.	  	 	7	  
				
		 	5.1.	 	Covenants of the Company.	  	 	7	  
				
		 	5.2.	 	Irrevocable Proxy.	  	 	7	  
				
		 	5.3.	 	Specific Enforcement.	  	 	8	  
				
		 	5.4.	 	Remedies Cumulative.	  	 	8	  
			
	6.	 	Term.	  	 	8	  
			
	7.	 	Miscellaneous.	  	 	8	  
				
		 	7.1.	 	Additional Parties.	  	 	8	  
				
		 	7.2.	 	Transfers	  	 	9	  
				
		 	7.3.	 	Successors and Assigns.	  	 	9	  
				
		 	7.4.	 	Governing Law.	  	 	9	  
				
		 	7.5.	 	Counterparts; Facsimile.	  	 	9	  
				
		 	7.6.	 	Titles and Subtitles.	  	 	9	  
				
		 	7.7.	 	Notices.	  	 	9	  
				
		 	7.8.	 	Consent Required to Amend, Terminate or Waive	  	 	10	  

  

					
		  	  
  
 i
	  	

									
				
		 	7.9.	 	Delays or Omissions	  	 	11	  
				
		 	7.10.	 	Severability.	  	 	11	  
				
		 	7.11.	 	Entire Agreement	  	 	11	  
				
		 	7.12.	 	Legend on Share Certificates.	  	 	11	  
				
		 	7.13.	 	Stock Splits, Stock Dividends, etc.	  	 	12	  
				
		 	7.14.	 	Manner of Voting	  	 	12	  
				
		 	7.15.	 	Further Assurances.	  	 	12	  

  

					
	Schedule A	  	-	  	Investors
	Schedule B	  	-	  	Key Holders
	Exhibit A	  	-	  	Adoption Agreement

  

					
		  	  
  
 ii
	  	

 AMENDED AND RESTATED VOTING AGREEMENT 

THIS AMENDED AND RESTATED VOTING AGREEMENT (the “Agreement”) is made and entered into as of this
25th day of August 2010, by and among Benefitfocus.com,
Inc., a South Carolina corporation (the “Company”), each holder of the Company’s Series A Convertible Preferred Stock, without par value per share (“Series A Preferred Stock”) listed on Schedule A (the
“Series A Investors”), and each holder of the Company’s Series B Convertible Preferred Stock, without par value per share (“Series B Preferred Stock,” together with the Series A Preferred Stock, the
“Preferred Stock”) listed on Schedule A (the “Series B Investors,” and together with the Series A Investors and any subsequent investors, or transferees, who become parties hereto as “Investors” pursuant
to Sections 7.1(a) and 7.2 below, the “Investors”) and those certain stockholders of the Company and holders of options to acquire shares of the capital stock of the Company listed on Schedule B (together with any subsequent
stockholders or option holders, or any transferees, who become parties hereto as “Key Holders” pursuant to Sections 7.1(b) and 7.2 below, the “Key Holders”, and together with the Investors, the
“Stockholders”). 
 RECITALS 
 A. On February 7, 2007, the Company and the Series A Investors entered into a Series A Preferred Stock Purchase Agreement (the “Series A Purchase Agreement”), providing for the sale
of shares of the Company’s Series A Preferred Stock, and in connection with that agreement also entered into a Voting Agreement (the “Prior Agreement”). 
 B. The Company and the Series B Investors have entered into a Series B Preferred Stock Purchase Agreement (the “Series B Purchase Agreement,” together with the Series A Purchase
Agreement, the “Purchase Agreements”), and in connection with the Series B Purchase Agreement, the parties desire to amend and restate the Prior Agreement to provide the Investors with the right, among other rights, to elect certain
members of the board of directors of the Company (the “Board”) in accordance with the terms of this Agreement. 

C. The undersigned, which includes the requisite parties required to amend the prior agreement, wish to amend and restate the Prior
Agreement as set forth herein. 
 D. The Amended and Restated Articles of Incorporation of the Company (the “Restated
Articles”) provides that (a) the holders of record of the shares of the Company’s Series A Preferred Stock, exclusively and as a separate class, shall be entitled to elect two (2) directors of the Company (the “Series
A Directors”); (b) the holders of record of the shares of the Company’s Series B Preferred Stock, exclusively and as a separate class, shall be entitled to elect one (1) director of the Company (the “Series B
Director”); (c) the holders of record of the shares of common stock of the Company, no par value (“Common Stock”), exclusively and as a separate class, shall be entitled to elect two (2) directors of the Company
(the “Common Stock Directors,” and collectively with the Series A Directors and the Series B Director, the “Shareholder Directors”) ; and (c) the holders of record of the shares of Common Stock and of any other
class or series of voting stock (including Preferred Stock), exclusively and voting together as a single class, shall be entitled to elect the balance of the total number of directors of the Company. 

  

					
		  	  
  
 1
	  	

 E. The parties also desire to enter into this Agreement to set forth their agreements and
understandings with respect to how shares of the Company’s capital stock held by them will be voted on, or tendered in connection with, an acquisition of the Company and an increase in the number of shares of Common Stock required to provide
for the conversion of the Company’s Preferred Stock. 
 NOW, THEREFORE, the parties agree as follows: 

1. Voting Provisions Regarding Board of Directors. 
 1.1. Size of the Board. Each Stockholder agrees to vote, or cause to be voted, all Shares (as defined below) owned by such Stockholder, or over which such Stockholder has voting control, from time
to time and at all times, in whatever manner as shall be necessary to ensure that the size of the Board shall be set and remain at six (6) directors; provided that the Shareholder Directors may, in their sole respective discretion, unanimously
vote to expand the size of the Board to seven (7) directors, with such new directors being elected in accordance with Section 1.2(d) below . For purposes of this Agreement, the term “Shares” shall mean and include
any securities of the Company the holders of which are entitled to vote for members of the Board, including without limitation, all shares of Common Stock and Preferred Stock, by whatever name called, now owned or subsequently acquired by a
Stockholder, however acquired, whether through stock splits, stock dividends, reclassifications, recapitalizations, similar events or otherwise. 
 1.2. Board Composition. Each Stockholder agrees to vote, or cause to be voted, all Shares owned by such Stockholder, or over which such Stockholder has voting control, from time to time and at all
times, in whatever manner as shall be necessary to ensure that at each annual or special meeting of stockholders at which an election of directors is held or pursuant to any written consent of the stockholders, the following persons shall be elected
to the Board: 
 (a) As long as The Goldman Sachs Group, Inc. and its Affiliates (defined below) (collectively,
“Goldman Sachs”) holds not fewer than 10% of the fully diluted equity interest in the Company, two (2) individuals designated by GS Capital Partners VI Parallel, L.P. (“GS Fund VI”), which individuals shall
initially be Raheel Zia and Joseph DiSabato; 
 (b) As long as Oak Investment Partners and its Affiliates
(collectively, “Oak”) holds not fewer than 5% of the fully diluted equity interest in the Company, one (1) individual designated by Oak, which individual shall initially be Ann H. Lamont; 

(c) As long as each of Mason Holland and Shawn Jenkins, including in each case their respective Affiliates, holds Shares
equal to or in excess of the Minimum Ownership Threshold (defined below), Mason Holland and Shawn Jenkins; 
 (d)
Any additional directors in excess of the five (5) Shareholder Directors elected pursuant to Sections 1.2(a), (b) and (c), each of which director shall not otherwise be an Affiliate of the Company or of any Investor, who will be
nominated by GS Fund VI, if it satisfies the stock ownership requirement of Section 1.2(a), and Oak, if it satisfies 

  

					
		  	  
  
 2
	  	

 
the stock ownership requirement of Section 1.2(b), and reasonably approved by each of Mason Holland and Shawn Jenkins; and 

(e) To the extent that any of clauses (a) through (d) above shall not be applicable pursuant to their respective
terms, any member of the Board who would otherwise have been designated in accordance with the terms thereof shall instead be voted upon by all the stockholders of the Company entitled to vote thereon in accordance with, and pursuant to, the
Company’s Restated Articles. 
 For purposes of this Agreement, an individual, firm, corporation, partnership, association, limited
liability company, trust or any other entity (collectively, a “Person”) shall be deemed an “Affiliate” of another Person who, directly or indirectly, controls, is controlled by or is under common control with such
Person, including, without limitation, any general partner, officer, director, or manager of such Person and any venture capital fund now or hereafter existing that is controlled by one or more general partners of or shares the same management
company with such Person. 
 1.3. Failure to Designate a Board Member. In the absence of any designation from the persons
or groups with the right to designate a director as specified above, the director previously designated by them and then serving shall be reelected if still eligible to serve as provided herein. 

1.4. Removal of Board Members. Each Stockholder also agrees to vote, or cause to be voted, all Shares owned by such Stockholder,
or over which such Stockholder has voting control, from time to time and at all times, in whatever manner as shall be necessary to ensure that: 
 (a) for so long as Goldman Sachs holds at least 10% of the fully diluted equity interest in the Company, no director elected pursuant to Section 1.2(a) of this Agreement may be removed from
office unless such removal is directed or approved by GS Fund VI; 
 (b) for so long as Oak holds at least 5% of
the fully diluted equity interest in the Company, no director elected pursuant to Section 1.2(b) of this Agreement may be removed from office unless such removal is directed or approved by Oak; 

(c) for so long as each of Shawn Jenkins and Mason Holland, including in each case their respective Affiliates, continue
to hold at least 50% of the Common Stock held by them immediately after the consummation of the transactions contemplated by the Series B Purchase Agreement, including the consummation of the redemption by the Company of Common Stock held by them or
their Affiliates (the “Minimum Ownership Threshold”), neither Shawn Jenkins nor Mason Holland may be removed from office unless such removal is directed or approved by Shawn Jenkins and Mason Holland, for each of their respective
positions; and 
 (d) any vacancies created by the resignation, removal or death of a director elected pursuant
to Sections 1.2 or 1.3 shall be filled pursuant to the provisions of this Section 1. 

  

					
		  	  
  
 3
	  	

 All Stockholders agree to execute any written consents required to perform the obligations of this
Agreement, and the Company agrees at the request of any party entitled to designate directors to call a special meeting of stockholders for the purpose of electing directors. 
 1.5. No Liability for Election of Recommended Directors. No party, nor any Affiliate of any such party, shall have any liability as a result of designating a person for election as a director for
any act or omission by such designated person in his or her capacity as a director of the Company, nor shall any party have any liability as a result of voting for any such designee in accordance with the provisions of this Agreement. 

2. Vote to Increase Authorized Common Stock. Each Stockholder agrees to vote or cause to be voted all Shares owned by such
Stockholder, or over which such Stockholder has voting control, from time to time and at all times, in whatever manner as shall be necessary to increase the number of authorized shares of Common Stock from time to time to ensure that there will be
sufficient shares of Common Stock available for conversion of all of the shares of Preferred Stock outstanding at any given time. 
 3. Drag-Along Right. 
 3.1. Definitions. A “Sale of the
Company” shall mean either: (a) a transaction or series of related transactions in which a Person, or a group of related Persons, acquires from stockholders of the Company shares representing more than fifty percent (50%) of the
outstanding voting power of the Company (a “Stock Sale”); or (b) a transaction that qualifies as a “Deemed Liquidation Event” as defined in the Restated Articles. 

3.2. Actions to be Taken. In the event that (i) at least a majority of the holders of Preferred Stock, voting together as a
single class on an as-converted basis, and (ii) Key Holders representing two-thirds of the fully diluted equity of all Key Holders (the “Selling Stockholders”) approve a Sale of the Company in writing, specifying that this
Section 3 shall apply to such transaction, then each Stockholder hereby agrees: 
 (a) if such
transaction requires stockholder approval, with respect to all Shares that such Stockholder owns or over which such Stockholder otherwise exercises voting power, to vote (in person, by proxy or by action by written consent, as applicable) all Shares
in favor of, and adopt, such Sale of the Company (together with any related amendment to the Restated Articles required in order to implement such Sale of the Company) and to vote in opposition to any and all other proposals that could delay or
impair the ability of the Company to consummate such Sale of the Company; 
 (b) if such transaction is a Stock
Sale, to sell the same proportion of shares of capital stock of the Company beneficially held by such Stockholder as is being sold by the Selling Stockholders to the Person to whom the Selling Stockholders propose to sell their Shares, and, except
as permitted in Section 3.3 below, on the same terms and conditions as the Selling Stockholders; 

(c) to execute and deliver all related documentation and take such other action in support of the Sale of the Company as
shall reasonably be requested by the Company or the Selling Stockholders in order to carry out the terms and provision of this Section 3, 

  

					
		  	  
  
 4
	  	

 
including without limitation executing and delivering instruments of conveyance and transfer, and any purchase agreement, merger agreement, indemnity agreement, escrow agreement, consent, waiver,
governmental filing, share certificates duly endorsed for transfer (free and clear of impermissible liens, claims and encumbrances) and any similar or related documents; 

(d) not to deposit, and to cause their Affiliates not to deposit, except as provided in this Agreement, any Shares of the
Company owned by such party or Affiliate in a voting trust or subject any Shares to any arrangement or agreement with respect to the voting of such Shares, unless specifically requested to do so by the acquiror in connection with the Sale of the
Company; 
 (e) to refrain from exercising any dissenters’ rights or rights of appraisal under applicable
law at any time with respect to such Sale of the Company; and 
 (f) if the consideration to be paid in exchange
for the Shares pursuant to this Section 3 includes any securities and due receipt thereof by any Stockholder would require under applicable law (x) the registration or qualification of such securities or of any person as a broker or
dealer or agent with respect to such securities or (y) the provision to any Stockholder of any information other than such information as a prudent issuer would generally furnish in an offering made solely to “accredited investors” as
defined in Regulation D promulgated under the Securities Act of 1933, as amended, the Company may cause to be paid to any such Stockholder in lieu thereof, against surrender of the Shares which would have otherwise been sold by such Stockholder, an
amount in cash equal to the fair value (as determined in good faith by the Company) of the securities which such Stockholder would otherwise receive as of the date of the issuance of such securities in exchange for the Shares. 

3.3. Exceptions. Notwithstanding the forgoing, a Stockholder will not be required to comply with Section 3.2 above in
connection with any proposed Sale of the Company (the “Proposed Sale”) unless: 
 (a) any
representations and warranties to be made by such Stockholder in connection with the Proposed Sale are limited to representations and warranties related to authority, ownership and the ability to convey title to such Shares, including but not
limited to representations and warranties that (i) the Stockholder holds all right, title and interest in and to the Shares such Stockholder purports to hold, free and clear of all liens and encumbrances, (ii) the obligations of the
Stockholder in connection with the transaction have been duly authorized, if applicable, (iii) the documents to be entered into by the Stockholder have been duly executed by the Stockholder and delivered to the acquirer and are enforceable
against the Stockholder in accordance with their respective terms and (iv) neither the execution and delivery of documents to be entered into in connection with the transaction, nor the performance of the Stockholder’s obligations
thereunder, will cause a breach or violation of the terms of any agreement, law or judgment, order or decree of any court or governmental agency; 

  

					
		  	  
  
 5
	  	

 (b) the Stockholder shall not be liable for the inaccuracy of any
representation or warranty made by any other Person in connection with the Proposed Sale, other than the Company; 
 (c) the liability for indemnification, if any, of such Stockholder in the Proposed Sale and for the inaccuracy of any representations and warranties made by the Company in connection with such Proposed
Sale, is several and not joint with any other Person, and is pro rata in proportion to the amount of consideration paid to such Stockholder in connection with such Proposed Sale (in accordance with the provisions of the Restated Articles);

 (d) liability shall be limited to such Stockholder’s pro rata share (determined in proportion to proceeds
received by such Stockholder in connection with such Proposed Sale in accordance with the provisions of the Restated Articles) of a negotiated aggregate indemnification amount that applies equally to all Stockholders but that in no event exceeds the
amount of consideration actually paid to such Stockholder in connection with such Proposed Sale, except with respect to claims related to fraud by such Stockholder, the liability for which need not be limited as to such Stockholder; 

(e) upon the consummation of the Proposed Sale, (i) each holder of each series of the Company’s Preferred Stock
and each holder of Common Stock will receive the same form of consideration for their shares of Common and Preferred Stock, (ii) each holder of a series of Preferred Stock will receive the same amount of consideration per share of such series
of Preferred Stock, (iii) each holder of Common Stock will receive the same amount of consideration per share of Common Stock except to the extent provided otherwise in the Articles of Incorporation of the Company then in effect, and
(iv) unless the holders of at least a majority of the Series A Preferred Stock and the holders of at least a majority of the Series B Preferred Stock, each voting as a separate class, elect otherwise by written notice given to the Company at
least two (2) days prior to the effective date of any such Proposed Sale, the aggregate consideration receivable by all holders of the Preferred Stock and Common Stock shall be allocated among the holders of Preferred Stock and Common Stock on
the basis of the relative liquidation preferences to which the holders of each respective series of Preferred Stock and the holders of Common Stock are entitled in a Deemed Liquidation Event (assuming for this purpose that the Proposed Sale is a
Deemed Liquidation Event) in accordance with the Company’s Articles of Incorporation in effect immediately prior to the Proposed Sale; provided, however, that the vote required under this subsection 3.3(e)(iv) shall be that of the holders of a
majority of the Preferred Stock voting as a single class on an as-converted to Common Stock basis for any change to the liquidation preferences of the Preferred Stock that does not have a disproportionately adverse impact on the holders of one
series of Preferred Stock relative to the others; and 
 (f) subject to clause (e) above, requiring the same
form of consideration to be received by the holders of the Company’s Common and Preferred Stock, if any holders of any capital stock of the Company are given an option as to the form and amount of consideration to be received as a result of the
Proposed Sale, all holders of such capital stock will be given the same option. 

  

					
		  	  
  
 6
	  	

 3.4. Restrictions on Sales of Control of the Company. No Stockholder shall be a party
to any Stock Sale unless (i) such Stock Sale has been approved by the Board in the manner specified in the Company’s Articles of Incorporation and (ii) all holders of Preferred Stock are allowed to participate in such transaction and
the consideration received pursuant to such transaction is allocated among the parties thereto in the manner specified in the Company’s Articles of Incorporation in effect immediately prior to the Stock Sale (as if such transaction were a
Deemed Liquidation Event), unless the holders of at least a majority of the Preferred Stock, voting together as a single class on an as-converted basis, elect otherwise by written notice given to the Company at least two (2) days prior to the
effective date of any such transaction or series of related transactions. 
 4. Reincorporation of the Company. The
Company agrees to reincorporate itself under the laws of the State of Delaware as soon as reasonably practicable, and unless approved by the directors appointed pursuant to Section 1.2(a) and (b), in no event any later than the date that
is the six (6) month anniversary of the closing date of the transactions contemplated by the Series B Purchase Agreement, and each Stockholder agrees to vote, or cause to be voted, all Shares owned by such Stockholder, or over which such
Stockholder has voting control, in whatever manner as shall be necessary to approve such reincorporation. 
 5. Remedies.

 5.1. Covenants of the Company. The Company agrees to use its best efforts, within the requirements of applicable law,
to ensure that the rights granted under this Agreement are effective and that the parties enjoy the benefits of this Agreement. Such actions include, without limitation, the use of the Company’s best efforts to cause the nomination and election
of the directors as provided in this Agreement. 
 5.2. Irrevocable Proxy. Each party to this Agreement hereby
constitutes and appoints the President and Treasurer of the Company, and a designee of the Selling Stockholders, and each of them, with full power of substitution, as the proxies of the party with respect to the matters set forth herein, including
without limitation, election of persons as members of the Board in accordance with Section 1 hereto, votes to increase authorized shares pursuant to Section 2 hereof and votes regarding any Sale of the Company pursuant to
Section 3 hereof, and hereby authorizes each of them to represent and to vote, if and only if the party (i) fails to vote or (ii) attempts to vote (whether by proxy, in person or by written consent), in a manner which is
inconsistent with the terms of this Agreement, all of such party’s Shares in favor of the election of persons as members of the Board determined pursuant to and in accordance with the terms and provisions of this Agreement or the increase of
authorized shares or approval of any Sale of the Company pursuant to and in accordance with the terms and provisions of Sections 2 and 3, respectively, of this Agreement. The proxy granted pursuant to the immediately preceding sentence is
given in consideration of the agreements and covenants of the Company and the parties in connection with the transactions contemplated by this Agreement and, as such, is coupled with an interest and shall be irrevocable unless and until this
Agreement terminates or expires pursuant to Section 6 hereof. Each party hereto hereby revokes any and all previous proxies with respect to the Shares and shall not hereafter, unless and until this Agreement terminates or expires
pursuant to Section 6 hereof, purport to grant any other proxy or power of attorney with respect to any of the Shares, deposit any of the Shares into a voting trust or enter into any agreement (other than this Agreement), arrangement or
understanding with 

  

					
		  	  
  
 7
	  	

 
any person, directly or indirectly, to vote, grant any proxy or give instructions with respect to the voting of any of the Shares, in each case, with respect to any of the matters set forth
herein. 
 5.3. Specific Enforcement. Each party acknowledges and agrees that each party hereto will be irreparably
damaged in the event any of the provisions of this Agreement are not performed by the parties in accordance with their specific terms or are otherwise breached. Accordingly, it is agreed that each of the Company and the Stockholders shall be
entitled to an injunction to prevent breaches of this Agreement, and to specific enforcement of this Agreement and its terms and provisions in any action instituted in any court of the United States or any state having subject matter jurisdiction.

 5.4. Remedies Cumulative. All remedies, either under this Agreement or by law or otherwise afforded to any party,
shall be cumulative and not alternative. 
 6. Term. This Agreement shall be effective as of the date hereof and shall
continue in effect until and shall terminate upon the earliest to occur of (a) the consummation of a registered firm commitment underwritten public offering of the Company’s Common Stock at a price per share of at least $15.04 for a total
offering size of not less than $30,000,000 (other than a registration statement relating either to the sale of securities to employees of the Company pursuant to its stock option, stock purchase or similar plan or an SEC Rule 145 transaction);
(b) the consummation of a Sale of the Company and distribution of proceeds to or escrow for the benefit of the Stockholders in accordance with the Restated Articles, provided that the provisions of Section 3 hereof will continue
after the closing of any Sale of the Company to the extent necessary to enforce the provisions of Section 3 with respect to such Sale of the Company; and (c) termination of this Agreement in accordance with Section 7.8
below. 
 7. Miscellaneous. 
 7.1. Additional Parties. 
 (a) Notwithstanding anything to
the contrary contained herein, if the Company issues additional shares of Preferred Stock after the date hereof, as a condition to the issuance of such shares the Company shall require that any purchaser of shares of Preferred Stock become a party
to this Agreement by executing and delivering (i) the Adoption Agreement attached to this Agreement as Exhibit A, or (ii) a counterpart signature page hereto agreeing to be bound by and subject to the terms of this Agreement as an
Investor and Stockholder hereunder. In either event, each such person shall thereafter shall be deemed an Investor and Stockholder for all purposes under this Agreement. 

(b) In the event that after the date of this Agreement, the Company enters into an agreement with any Person to issue
shares of capital stock to such Person (other than to a purchaser of Preferred Stock described in Section 7.1(a) above), following which such Person shall hold Shares constituting one percent (1%) or more of the Company’s then
outstanding capital stock (treating for this purpose all shares of Common Stock issuable upon exercise of or conversion of outstanding options, warrants or convertible securities, as if exercised and/or converted or exchanged), then, the Company
shall cause such Person, as a condition precedent to entering into such agreement, to become a party 

  

					
		  	  
  
 8
	  	

 
to this Agreement by executing an Adoption Agreement in the form attached hereto as Exhibit A, agreeing to be bound by and subject to the terms of this Agreement as a Stockholder and
thereafter such person shall be deemed a Stockholder for all purposes under this Agreement. Notwithstanding the foregoing, the Company shall use its best efforts to cause any Person holding options as of the date hereof that could constitute more
than one percent (1%) or more of the Company’s then outstanding capital stock if all such options were exercised to become a party to this Agreement pursuant to this Section 7.1(b) upon exercise of such options. 

7.2. Transfers. Each transferee or assignee of any Shares subject to this Agreement shall continue to be subject to the terms
hereof, and, as a condition precedent to the Company’s recognizing such transfer, each transferee or assignee shall agree in writing to be subject to each of the terms of this Agreement by executing and delivering an Adoption Agreement
substantially in the form attached hereto as Exhibit A. Upon the execution and delivery of an Adoption Agreement by any transferee, such transferee shall be deemed to be a party hereto as if such transferee were the transferor and such
transferee’s signature appeared on the signature pages of this Agreement and shall be deemed to be an Investor and Stockholder, or Key Holder and Stockholder, as applicable. The Company shall not permit the transfer of the Shares subject to
this Agreement on its books or issue a new certificate representing any such Shares unless and until such transferee shall have complied with the terms of this Section 7.2. Each certificate representing the Shares subject to this
Agreement if issued on or after the date of this Agreement shall be endorsed by the Company with the legend set forth in Section 7.12. 
 7.3. Successors and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this
Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly
provided in this Agreement. 
 7.4. Governing Law. This Agreement shall be governed by, and construed in accordance with,
the laws of the State of New York, regardless of the laws that might otherwise govern under applicable principles of conflicts of law. 
 7.5. Counterparts; Facsimile. This Agreement may be executed and delivered by facsimile signature and in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. 
 7.6. Titles and Subtitles. The titles and subtitles used in
this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 
 7.7.
Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed
electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested,
postage prepaid, or (d) one (1) business day after the business day of deposit with a nationally recognized overnight courier, specifying next business day delivery, with 

  

					
		  	  
  
 9
	  	

 
written verification of receipt. All communications shall be sent to the respective parties at their address as set forth on Schedule A or Schedule B hereto, or to such email
address, facsimile number or address as subsequently modified by written notice given in accordance with this Section 7.7. If notice is given to the Company, a copy shall also be sent to Wyrick Robbins Yates & Ponton LLP, 4101
Lake Boone Trail, Suite 300, Raleigh, NC 27607, Attn: Donald R. Reynolds, and if notice is given to Stockholders, a copy shall also be given to Ropes & Gray LLP, 1211 Avenue of the Americas, New York, NY 10036, Attn: Kristopher D. Brown and
to Finn Dixon & Herling LLP, 177 Broad Street, Stamford, CT 06901, Attn: Michael J. Herling.  
 7.8. Consent
Required to Amend, Terminate or Waive. This Agreement may be amended or modified and the observance of any term hereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only by a written
instrument executed by (a) the Key Holders holding a majority of the Shares then held by the Key Holders, and in all circumstances, each of Shawn Jenkins and Mason Holland so long as they respectively hold Shares in excess of the Minimum
Ownership Threshold, and (b) the holders of a majority of the shares of Common Stock issued or issuable upon conversion of the shares of Preferred Stock held by the Investors (voting as a single class and on an as-converted basis).
Notwithstanding the foregoing: 
 (i) this Agreement may not be amended or terminated and the observance of any
term of this Agreement may not be waived with respect to any Investor or Key Holder without the written consent of such Investor or Key Holder unless such amendment, termination or waiver applies to all Investors or Key Holders, as the case may be,
in the same fashion; 
 (ii) the consent of the Key Holders shall not be required for any amendment or waiver if
such amendment or waiver does not apply to or affect the Key Holders; 
 (iii) Schedules A and B hereto may be
amended by the Company from time to time in accordance with Section 1.3 of the Purchase Agreement to add information regarding additional Investors (as defined in the Purchase Agreement) without the consent of the other parties hereto;

 (iv) any provision hereof may be waived by the waiving party on such party’s own behalf, without the
consent of any other party; and 
 (v) Section 1.1, 1.2(a) and (d), Section 3, Section 5.1 and
Section 7.8(v) of this Agreement shall not be amended or waived without the written consent of GS Fund VI, Section 1.1, 1.2(b) and (d), Section 3, Section 5.1 and Section 7.8(v) of this Agreement shall not be
amended or waived without the written consent of Oak, and Section 1.2(c) and (d) of this Agreement shall not be amended or waived without the written consent of the holders of a majority of shares of Common Stock and each of Shawn
Jenkins and Mason Holland, so long as they respectively hold Shares in excess of the Minimum Ownership Threshold. 
 The Company shall give
prompt written notice of any amendment, termination or waiver hereunder to any party that did not consent in writing thereto. Any amendment, termination or waiver effected in accordance with this Section 7.8 shall be binding on each
party and all of such 

  

					
		  	  
  
 10
	  	

 
party’s successors and permitted assigns, whether or not any such party, successor or assignee entered into or approved such amendment, termination or waiver. 

7.9. Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement,
upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence
therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default previously or thereafter occurring. Any waiver, permit, consent or
approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the
extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 
 7.10. Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision. 

7.11. Entire Agreement. This Agreement (including the Exhibits hereto), the Restated Articles and the other Transaction Agreements
(as defined in the Purchase Agreement) constitute the full and entire understanding and agreement between the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing
between the parties are expressly canceled. 
 7.12. Legend on Share Certificates. Each certificate representing any
Shares issued after the date hereof shall be endorsed by the Company with a legend reading substantially as follows: 
 “THE
SHARES EVIDENCED HEREBY ARE SUBJECT TO A VOTING AGREEMENT, AS MAY BE AMENDED FROM TIME TO TIME, (A COPY OF WHICH MAY BE OBTAINED UPON WRITTEN REQUEST FROM THE COMPANY), AND BY ACCEPTING ANY INTEREST IN SUCH SHARES THE PERSON ACCEPTING SUCH INTEREST
SHALL BE DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS OF THAT VOTING AGREEMENT, INCLUDING CERTAIN RESTRICTIONS ON TRANSFER AND OWNERSHIP SET FORTH THEREIN.” 
 The Company, by its execution of this Agreement, agrees that it will cause the certificates evidencing the Shares issued after the date hereof to bear the legend required by this Section 7.12
of this Agreement, and it shall supply, free of charge, a copy of this Agreement to any holder of a certificate evidencing Shares upon written request from such holder to the Company at its principal office. The parties to this Agreement do hereby
agree that the failure to cause the certificates evidencing the Shares to bear the legend required by this Section 7.12 herein and/or the failure of the Company to supply, free of charge, a copy of this Agreement as provided hereunder
shall not affect the validity or enforcement of this Agreement. 

  

					
		  	  
  
 11
	  	

 7.13. Stock Splits, Stock Dividends, etc. In the event of any issuance of Shares of
the Company’s voting securities hereafter to any of the Stockholders (including, without limitation, in connection with any stock split, stock dividend, recapitalization, reorganization, or the like), such Shares shall become subject to this
Agreement and shall be endorsed with the legend set forth in Section 7.12. 
 7.14. Manner of Voting. The
voting of Shares pursuant to this Agreement may be effected in person, by proxy, by written consent or in any other manner permitted by applicable law. 
 7.15. Further Assurances. At any time or from time to time after the date hereof, the parties agree to cooperate with each other, and at the request of any other party, to execute and deliver any
further instruments or documents and to take all such further action as the other party may reasonably request in order to evidence or effectuate the consummation of the transactions contemplated hereby and to otherwise carry out the intent of the
parties hereunder. 
 [Signature Page Follows] 

  

					
		  	  
  
 12
	  	

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Voting Agreement as
of the date first written above. 
 THE COMPANY: 

 

					
	BENEFITFOCUS.COM, INC.
		
	By:	 	 /s/ Mason R. Holland, Jr.

		 	Name:	 	Mason R. Holland, Jr.
		 	Title:	 	Chairman of the Board
		 	Address:	 	100 Benefitfocus Way
		 		 	Charleston, SC 29492

 [Additional Signature Pages Follow] 

  
 Signature
Page to Amended and Restated Voting Agreement 
 13 

 KEY HOLDERS: 

 

							
		 	THE HOLLAND FAMILY TRUST
		
	By:	 	 /s/ Mason R. Holland, Jr.

		 	Name:	 	Mason R. Holland, Jr.
		 	Address:	 	 301 Hammock Lane

		 		 	 Charleston, SC 29492

		
	By:	 	 /s/ Shawn Jenkins

		 	Name:	 	Shawn Jenkins
		 	Address:	 	 313 W. Civitas Street

		 		 	 Mount Pleasant, SC 29464

 [Additional Signature Pages Follow] 

  
 Signature
Page to Amended and Restated Voting Agreement 
 14 

 SERIES A 
 INVESTORS: 
  

					
	GS CAPITAL PARTNERS VI, L.P.
	By:	 	 GS Advisors VI, L.L.C.
 its General Partner

	
	 /s/ Peter J. Perrone

	Name:	 		 	Peter J. Perrone
	Title:	 		 	Vice President
	
	GS CAPITAL PARTNERS VI OFFSHORE, L.P.
	By:	 	 GS Advisors VI, L.L.C.
 its General Partner

	
	 /s/ Peter J. Perrone

	Name:	 		 	Peter J. Perrone
	Title:	 		 	Vice President
	
	GS CAPITAL PARTNERS VI GmbH & Co. KG, L.P.
	By:	 	 GS Advisors VI, L.L.C.
 its Managing Limited Partner

	
	 /s/ Peter J. Perrone

	Name:	 		 	Peter J. Perrone
	Title:	 		 	Vice President
	
	GS CAPITAL PARTNERS VI PARALLEL, L.P.
	By:	 	 GS Advisors VI, L.L.C.
 its General Partner

	
	 /s/ Peter J. Perrone

	Name:	 		 	Peter J. Perrone
	Title:	 		 	Vice President

  
 Signature
Page to Amended and Restated Voting Agreement 
 15 

 SERIES B 
 INVESTORS: 
  

					
	OAK INVESTMENT PARTNERS XII, LIMITED PARTNERSHIP
	By:	 	Oak Associates XII, LLC, its General Partner
	
	 /s/ Ann H. Lamont

	Name:	 	Ann H. Lamont
	Title:	 	Managing Member

  
 Signature
Page to Amended and Restated Voting Agreement 
 16 

 SCHEDULE A 

INVESTORS 
 Name
and Address 
 GS CAPITAL PARTNERS VI PARALLEL, L.P. 
 85 Broad St., 10th Floor 
 New York, NY 10004 
 GS CAPITAL PARTNERS VI GmbH & Co. KG 
 85 Broad St., 10th Floor 
 New York, NY 10004 
 GS CAPITAL PARTNERS VI FUND, L.P. 

85 Broad St., 10th Floor 
 New
York, NY 10004 
 GS CAPITAL PARTNERS VI OFFSHORE FUND, L.P. 
 85 Broad St., 10th Floor 
 New York, NY 10004 
 OAK INVESTMENT PARTNERS XII, LIMITED PARTNERSHIP 
 One Gorham Road 

Westport, CT 06880 

  

					
		  		  	

 SCHEDULE B 

KEY HOLDERS 
 Name
and Address 
 The Holland Family Trust 
 c/o Mason R. Holland, Jr. 
 301 Hammock Lane 

Charleston, South Carolina 29492 
 Shawn Jenkins

 313 W. Civitas Street 
 Mount
Pleasant, South Carolina 29464 

  

					
		  		  	

 EXHIBIT A 

ADOPTION AGREEMENT 
 This Adoption Agreement (“Adoption Agreement”) is executed on                     ,
20    , by the undersigned (the “Holder”) pursuant to the terms of that certain Amended and Restated Voting Agreement dated as of August 25, 2010 (the “Agreement”), by and among
Benefitfocus.com, Inc. the (“Company”) and certain of its stockholders, as such Agreement may be amended or amended and restated hereafter. Capitalized terms used but not defined in this Adoption Agreement shall have the respective
meanings ascribed to such terms in the Agreement. By the execution of this Adoption Agreement, the Holder agrees as follows. 

1.1 Acknowledgement. Holder acknowledges that Holder is acquiring certain shares of the capital stock of the Company (the
“Stock”) or options, warrants or other rights to purchase such Stock (the “Options”), for one of the following reasons (Check the correct box): 

 

	 	 ̈	as a transferee of Shares from a party in such party’s capacity as an “Investor” bound by the Agreement, and after such transfer, Holder shall be
considered an “Investor” and a “Stockholder” for all purposes of the Agreement. 

  

	 	 ̈	as a transferee of Shares from a party in such party’s capacity as a “Key Holder” bound by the Agreement, and after such transfer, Holder shall be
considered a “Key Holder” and a “Stockholder” for all purposes of the Agreement. 

  

	 	 ̈	as a new Investor in accordance with Section 7.1(a) of the Agreement, in which case Holder will be an “Investor” and a “Stockholder” for
all purposes of the Agreement. 

  

	 	 ̈	in accordance with Section 7.1(b) of the Agreement, as a new party who is not a new Investor, in which case Holder will be a “Stockholder” for all
purposes of the Agreement. 

 1.2 Agreement. Holder hereby (a) agrees that the Stock, Options and any
other shares of capital stock or securities required by the Agreement to be bound thereby, shall be bound by and subject to the terms of the Agreement and (b) adopts the Agreement with the same force and effect as if Holder were originally a
party thereto. 
 1.3 Notice. Any notice required or permitted by the Agreement shall be given to Holder at the address
or facsimile number listed below Holder’s signature hereto. 
  

									
	HOLDER:	 	  
	 		 	ACCEPTED AND AGREED:
				
	By:	 	  
	 		 	BENEFITFOCUS.COM, INC.
	Name and Title of Signatory	 		 		 	
					
	Address:	 	  
	 		 	By:	 	  

				
	  
	 		 	Title:	 	  

		 		 		 		 	
	Facsimile Number:

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