Document:

Exhibit

		
			* A PORTION OF THIS AGREEMENT HAS BEEN REDACTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IT WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.
		

		
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			SETTLEMENT AGREEMENT AND MUTUAL RELEASE OF ALL CLAIMS
		

		
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			This Settlement Agreement and Mutual Release of All Claims ("Agreement") is entered into by and between OSK VII, LLC ("Lender"), as assignee of THE NATIONAL CREDIT UNION ADMINISTRATION BOARD AS LIQUIDATING AGENT OF WESTERN CORPORATE FEDERAL CREDIT UNION (“Seller”) and MINISTRY PARTNERS INVESTMENT COMPANY,
		

		
			LLC (“Borrower”).
		

		
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			RECITALS
		

		
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				 A.
			The Note. Borrower executed a Promissory Note payable to the order of Seller dated November 4, 2011, in the original principal sum of twenty-three million five-hundred twenty-two thousand nine-hundred thirty-one dollars and forty-one cents ($23,522,931.41) (as renewed, modified and amended, the “Note”).

		
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				 B.
			The Security Agreement. As security for the repayment of the Note, Borrower executed a Loan and Security Agreement in favor of Seller dated as of November 4, 2011 (as renewed, modified and amended, the “Security Agreement”), encumbering personal property of Borrower as defined in the Security Agreement. The Note, Security Agreement and other documents related to or securing the Note and Security Agreement, are referred to herein as the “Loan Documents.” However, the Deposit Account Control Agreement entered into between Seller and Borrower on November 4, 2011 is not a part of the Loan Documents.

		
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				 C.
			The Assignment of Loan Documents to Lender. Seller assigned all of its rights, title and interest in and to the Loan Documents to Lender, pursuant to an Assignment and Assumption Agreement and UCC assignment.

		
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				 D.
			Compromise of Indebtedness. Borrower desires to satisfy its indebtedness pursuant to the Loan Documents upon the terms and conditions set forth in this Agreement, and Lender is willing to accept the sums recited in this Agreement in satisfaction of the indebtedness pursuant to the Loan Documents upon the terms and conditions set forth in this Agreement.

		
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				 E.
			Acknowledgment of Balances. Borrower acknowledges and agrees that, as of September 30, 2020, there remained due and owing to Lender by Borrower pursuant to the Note unpaid, principal of $15,003,797.38, together with unpaid, accrued interest of $30,017.90.

		
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				 F.
			Other Indebtedness Not the Subject of this Agreement. Borrower acknowledges that Lender is also the assignee of another Promissory Note and Loan and Security   Agreement   dated   November   4,   2011, but in the original principal sum of $87,325,304.24, and that said obligation is explicitly not released, waived, compromised or in any way modified as a result of this Agreement.

		
			 
		

		
			AGREEMENT
		

		
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				 1.
			Settlement Payment.  In consideration of the mutual covenants and agreements contained in this Agreement, Borrower agrees to pay to Lender the following sums:

			
					
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						Discounted principal:

					
					
						$   [***]

				
	
					
						Interest calculated through September 25, 2020:  

					
					
						$   [***]

				
	
					
						Total:

					
					
						$   [***]

				

		
			*If paid after September 25, 2020, a per diem of $[ *** ] (based on the actual unpaid principal balance) shall be added to the Total.
		

		
			    
		

		
			The foregoing sums shall be referred to herein as the “Settlement Payment.”  The Settlement Payment shall be received by Lender no later than 5:00 p.m. CST on September 28, 2020 ("Payment Deadline"), by wire transfer as instructed by Lender and Lender agrees to accept the Settlement Payment, if paid as set forth herein, in complete satisfaction of Borrower’s obligations to Lender under the Loan Documents. If the Settlement Payment is not paid to Lender in good funds on or before the Payment Deadline, Borrower shall not be entitled under this Agreement to pay less than the full amount owed under the Loan Documents in satisfaction thereof and the Loan Documents (less any payments retained by Lender), the liens arising thereunder and any other rights of Lender and obligations of Borrower under the Loan Documents shall remain at or be reinstated to the priority that existed prior to the execution of this Agreement.
		

		
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				 2.
			Satisfaction of the Note and Termination of Lien. Upon receipt of this fully executed Agreement and the Settlement Payment, subject to the other provisions contained herein, Lender agrees that (a) Borrower’s obligations pursuant to the Note and other Loan Documents, shall be deemed fully satisfied; and, (b) shall file and record, as applicable, the appropriate termination statement and release of the UCC Financing Statement filed with the Secretary of State of California on June 21, 2019 as Filing Number 19-7719011905 only. However, the Deposit Account Control Agreement    between Lender and    Borrower, with an effective date of June 28, 2019, shall not be terminated.

		
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				 3.
			Borrower’s Release. For and in consideration of the agreements made herein by Lender and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by Borrower, does hereby WAIVE any notice or disclosure (or any defect in the giving of same) provided or required by the Loan Documents or by any applicable law or regulation of the United States governing, or of any state whose law may govern, the origination of or any collection or reporting activity on the Loan Documents or any security therefor, including without limitation Chapter 9 of the Uniform Commercial Code as adopted in such state and the Consumer Credit or equivalent law of such state, the Federal Truth-in- Lending Act, Fair Credit Billing Act, Fair Debt Collection Practices Act, Fair Credit Reporting Act, Real Estate Settlement Procedures Act and any corresponding or similar acts enacted by such state, which may or may not be applicable to the Loan Documents, as well as the laws of such state governing foreclosures on real and personal property (collectively, the “Statutes”), and Borrower does hereby forever RELEASE AND DISCHARGE Lender, Seller and their servicers, predecessors, successors, assigns, officers, managers, directors, shareholders, partners, members, employees, agents, attorneys, representatives, parent corporations, subsidiaries, and affiliates (Lender, the Seller and all other of said parties released hereby being sometimes collectively called "Released Lender Parties" and individually “Released Lender Party”), jointly and severally from any and all claims, counterclaims, demands, damages, debts, agreements, covenants, suits, contracts, obligations, liabilities, accounts, offsets, rights, actions and causes of action of any nature whatsoever, including, without limitation, all claims, demands, and causes of action for contribution and indemnity, whether arising at law or in equity (including without limitation, claims of fraud, duress, control, mistake, negligence, gross negligence, wrongful misconduct, tortious interference, unfair competition, restraint of trade, usury, wrongful acceleration or foreclosure, reporting of this transaction to any governmental entity or agency, damage to or loss of any collateral, disclosure of privileged, protected or confidential information, the use of any incorrect rate or method in computing interest on the Loan Documents, violations of the Statutes), breach of contract, and/or commission of any tort, whether currently possessed or possessed in the future, whether known or unknown, whether liability be direct or indirect, liquidated or unliquidated, whether presently accrued or to accrue hereafter, whether absolute or contingent, foreseen or unforeseen, and whether or not heretofore asserted, arising out of or relating to the Note, the Security Agreement, any other collateral for the Note, or the Loan Documents, which has occurred in whole or in part, at any time prior to the Effective Date and/or the Payment Deadline, but excluding Lender’s breach of its obligations under Sections 2 and 5 of this Agreement. Borrower confirms    that it has reviewed the effect of this release with competent legal counsel of its choice, or has been afforded the opportunity to do so, prior to execution of this Agreement, and acknowledge and agree that, the Released Lender Parties    are relying upon this release in extending these accommodations. Provided that the conditions of this Agreement have been fulfilled, including but not limited to, the completion of actions referenced in Section 2 hereof, upon the Payment Deadline and Lender’s receipt of the Settlement Payment, Borrower re-affirms this release of the Released Lender Parties.

		
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				 4.
			Qualified Release of Claims by Lender. Provided all of the conditions of this Agreement have been fulfilled including but not limited to the timely receipt by Lender of the entire Settlement Payment, and (i) there shall not be a bankruptcy filing by or against Borrower which results in any portion of the Settlement Payment made to Lender being disgorged for any reason, and (ii) subject to Sections 6 and 8 of this Agreement, Lender, hereby releases and discharges Borrower, its successors, heirs, assigns, and representatives (the “Released Borrower Parties”) of and from any and all claims, harm, injury, and damage of any and every kind, known or unknown, legal or equitable, which Lender may have against the Released Borrower Parties prior to the Effective Date, relating to only the Loan Documents, and excluding any breach of this Agreement by Borrower.

		
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				 5.
			Defense to Claims. The terms of the releases set forth in this Agreement may be pleaded as a full and complete defense to, and may be used as the basis for an injunction against any claim, demand, action, suit or other proceeding which may be prosecuted, instituted or attempted by any party hereto with respect to any party released under this Agreement, based upon or arising out of any claims released hereunder. To protect each party from the expense associated with defending against frivolous, meritless claims or    defenses, and to otherwise induce the parties to abide by the terms of this Agreement, the parties agree that, in the event of any dispute arising out of this Agreement, the prevailing party or parties shall be entitled to recover from the other party or parties all of their costs and expenses, including reasonable attorneys’ fees, incurred in connection with the enforcement of the terms of this Agreement.

		
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				 6.
			Effect of Bankruptcy or Disgorgement of Payments. In the event of a bankruptcy filing by or against Borrower after receipt of the Settlement Payment by Lender, or if all or any portion of the Settlement Payment made to Lender is required to be disgorged for any reason, Lender shall have an undisputed, liquidated, non-contingent allowed secured claim in an amount equal to the full unpaid amounts owed under the Loan Documents, including all accrued interest, costs and attorneys’ fees, without compromise, less credit for any payment received which was not disgorged (“Indebtedness”). Notwithstanding anything to the contrary contained in this Agreement, the release of Borrower by Lender, as set forth in Section 4 above, shall be contingent upon this Section 6. In the event of a bankruptcy filing by or against Borrower, pursuant to which all or any portion of the Settlement Payment made to Lender is required to be disgorged for any reason, Lender shall be permitted to pursue such claims pertaining to the Indebtedness against Borrower, in such manner as Lender deems appropriate and allowed by law.

		
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				 7.
			Representations and Further Assurances. Borrower acknowledges, represents, warrants, confirms and agrees as follows:

		
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				 a.
			Borrower’s execution of this Agreement is not based upon Borrower’s reliance upon any representation, understanding or agreement not expressly setforth herein.  The Released Lender Parties have not made any representations to Borrower not expressly set forth herein;

		
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				 b.
			Borrower executes this Agreement as a free and voluntary act, without any duress, coercion or undue influence exerted by or on behalf of any Released Lender Party or any other party;

		
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				 c.
			Acceptance of this Agreement or any act related hereto is in no way an admission of any fault or liability by any party hereto;

		
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				 d.
			Borrower is the sole owner of the claims or causes of action being released herein and Borrower has not conveyed or assigned and will not convey or assign any interest in any such claims or causes of action to any person or entity not a party hereto;

		
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				 e.
			Borrower has full and complete authorization and power to execute this Agreement in the capacity herein stated and this Agreement is a valid, binding and enforceable obligation of Borrower and does not violate any law, rule, regulation, contract or agreement otherwise enforceable by or against Borrower;

		
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				 f.
			Borrower shall not commence, join in or participate as an adverse party or as a voluntary adverse witness against any Released Lender Party in any litigation which involves any Released Lender Party’s claims under the Loan Documents against any other person or entity not released hereby or any claims by Borrower or any other person or entity against any Released Lender Party relating to the Loan Documents;

		
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				 g.
			Borrower shall not disclose the Settlement Payment or the other terms, provisions or effect of this  Agreement to anyone other than as follows: (i) to Borrower’s accountants for purposes of preparing financial statements and tax returns, (ii) in response to any bona fide credit inquiry or the requirements of any regulated lending institution, (iii) to Borrower’s attorneys for purposes of review and advice and for use in any litigation against Borrower, (iv) in response to any subpoena or other legal process requiring the production or disclosure hereof; however, Borrower shall give Lender prompt written notice of such subpoena or other legal process, (v) otherwise as required of Borrower by legal, statutory, accounting or regulatory authorities beyond the reasonable control of Borrower; (vi) was in the public domain at or subsequent to the time such portion was communicated to a recipient by Borrower through no fault of the recipient; or (vii) was rightfully in the recipient’s possession free of any obligation of confidence at the time such information was communicated to recipient by Borrower.

		
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				 h.
			Borrower has provided or shall provide to Lender prior to the Payment Deadline such Borrower’s correct Federal Taxpayer Identification Number, as applicable and correct address for Federal Income Tax purposes.

		
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				 i.
			Borrower agrees, confirms, represents and warrants that the Loan Documents are a true debt and binding obligation of  Borrower and that Borrower has no defense, counterclaim or offset to Borrower's obligation to pay the Loan Documents and does hereby waive and relinquish any right it would have, had, has presently or may have in the future to assert any defense, counterclaim setoff, or other defense for such action by Lender, or its predecessors as mortgagee under the Loan Documents. The recitals above are true and correct, are integral to this Agreement, and are incorporated herein by reference.

		
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				 j.
			A  violation of the representations set forth in this Section 7 shall constitute a default under this Agreement.

		
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				 8.
			Default. If a default shall occur under this Agreement, Lender shall be entitled to exercise all rights and remedies allowed by applicable law and shall be entitled to recover reasonable attorney's fees. In addition, if a default occurs, Lender shall be entitled at its option to declare the release of Borrower contained in Section 4 null and void, and the Loan Documents (less any payments retained by Lender), together with liens and any other rights of Lender and obligations of Borrower under the Loan Documents, shall be reinstated to the priority that existed prior to the entering into of this Agreement. The termination, pursuant to this Section, of the release of Borrower by Lender in Section 4 shall not (i) terminate any release of the Released Lender Parties by Borrower contained in Section 3 herein or in any other document or (ii) result in the termination or limitation of any other rights granted to Lender and/or to any Released Lender Party under or pursuant to this Agreement, the agreements of Borrower set forth in Sections 5 and 7 through 18 and/or the Loan Documents.

		
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				 9.
			Waiver of Defenses, Counterclaims and Setoffs. Borrower expressly waives any notices, notices of intent to accelerate, defenses, counter-claims, or setoffs which may be asserted against any of the Released Lender Parties, and agrees, represents and warrants that none of the Released Lender Parties have violated any of the terms or conditions of any Loan Documents, nor made any representations or promises which are not contained in this Agreement or in any other agreement between the parties.

		
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				 10.
			Severability. If any term, provision, covenant or condition of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the provisions shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

		
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				 11.
			Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MINNESOTA AND THE LAWS OF THE UNITED STATES OF AMERICA APPLICABLE TO TRANSACTIONS WITHIN THE STATE OF MINNESOTA WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. The provisions contained in this Agreement shall govern over any inconsistent provisions contained in any correspondence or other agreement between Lender and Borrower.

		
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				 12.
			Binding Agreement. This Agreement is binding upon the undersigned parties, their heirs, representatives, executors, administrators, assigns, successors in interest, predecessors in interest, owners, shareholders, partners, members, employees, officers, directors and anyone claiming by, through or under any one of the undersigned parties.

		
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				 13.
			Counterparts; Multiple Parties. This Agreement may be executed in multiple identical counterparts, each of which when executed shall be deemed an original. If Borrower is more than one person, all agreements, representations, warranties and other undertakings of Borrower are made by each such person, jointly and severally.

		
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				 14.
			Acknowledgements. The parties hereto acknowledge that Borrower may have loans with the Released Lender Parties other than the Loan Documents.    The parties hereto agree that this Agreement pertains only to the described Loan Documents and shall not affect the parties' rights one against the other as to claims or rights not arising out of, connected with or related to the Loan Documents.

		
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				 15.
			Construction/Validity. Because each of the parties to this Agreement has contributed to the preparation and drafting hereof, has read it, and has had the option and sufficient time to reviewed it with each’s respective counsel and understands its terms and contents, the terms and provisions of this Agreement shall be interpreted and construed without any presumption or inference based upon the party drafting this Agreement.    This Agreement is  entered into without force or duress, in the free will of the parties, and in consideration of the receipt of substantial consideration. All parties acknowledge that they have not entered into this Agreement in reliance upon any inducement or promise not otherwise contained herein. The parties have had the opportunity and sufficient time to consult extensively with counsel regarding the terms of this Agreement and have resolved any questions they may have had as to the meaning, effect or interpretation of this Agreement. The decision of the parties to enter into this Agreement is a fully-informed decision, and the parties are aware of all legal and other ramifications of such decision.

		
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				 16.
			Effective Date. This Agreement is effective on the date ("Effective Date") that it is signed by Lender.

		
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				 17.
			Waiver of Jury Trial. BORROWER AND RELEASED LENDER PARTY HEREBY: (I) WAIVES TRIAL BY JURY IN ANY COURT AND IN ANY SUIT, ACTION OR PROCEEDING ON ANY MATTER ARISING IN CONNECTION WITH OR IN ANY WAY RELATED TO THE FINANCING TRANSACTIONS OF WHICH THIS AGREEMENT IS A PART AND/OR THE ENFORCEMENT OF ANY OF LENDER’S RIGHTS AND REMEDIES, INCLUDING WITHOUT LIMITATION, TORT CLAIMS; AND (II) ACKNOWLEDGES THAT THE TRANSACTIONS OF WHICH THIS AGREEMENT IS A PART ARE COMMERCIAL TRANSACTIONS AND WAIVES ANY RIGHTS TO (i) NOTICE AND HEARING AS ALLOWED BY ANY STATE OR FEDERAL LAW WITH RESPECT TO ANY PREJUDGMENT REMEDY WHICH INVESTOR MAY DESIRE TO USE, AND (ii) REQUEST THAT INVESTOR POST A BOND, WITH OR WITHOUT SURETY, TO PROTECT BORROWER AGAINST DAMAGES THAT MAY BE CAUSED BY ANY PREJUDGMENT REMEDY WHICH LENDER MAY DESIRE TO USE. BORROWER AND RELEASED LENDER PARTY ACKNOWLEDGES THAT IT MAKES THE WAIVERS SET FORTH IN THIS PARAGRAPH KNOWINGLY, VOLUNTARILY, WITHOUT DURESS AND ONLY AFTER CONSIDERATION OF THE RAMIFICATIONS OF THIS WAIVER WITH ITS ATTORNEYS. BORROWER AND RELEASED LENDER PARTY FURTHER ACKNOWLEDGES THAT NO PARTY TO THIS AGREEMENT HAS AGREED WITH OR REPRESENTED TO BORROWER, RELEASED LENDER PARTIES OR ANY OTHER PARTY HERETO THAT THE PROVISIONS OF THIS PARAGRAPH WILL NOT BE FULLY ENFORCED IN ALL INSTANCES.

		
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				 18.
			Final Acknowledgement. THIS WRITTEN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR WRITTEN OR ANY PRIOR, CONTEMPORANEOUS  OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

		
			 
		

		
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			EXECUTED by the parties on the dates set forth below, but effective as of the Effective Date hereinabove defined.
		

		
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			Borrower:
		

		
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			Borrower's Address:
		

		
			915 W. Imperial Highway, Suite 120MINISTRY PARTNERS INVESTMENT COMPANY, Brea, CA 92821LLC
		

		
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						Date: September 23, 2020

					
					
						By:

					
					
						/s/ Joseph Turner

				
	
					
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						Name:

					
					
						Joseph Turner

				
	
					
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						Title:

					
					
						President / CEO

				

		
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			EXECUTED by the parties on the dates set forth below, but effective as of the Effective Date hereinabove defined.
		

		
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			Lender:
		

		
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			OSK VII, LLC
		

		
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						Date: September 24, 2020

					
					
						By:

					
					
						/s/ Adam Bernier

				
	
					
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						Name:

					
					
						Adam Bernier

				
	
					
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						Title:

					
					
						Secretary / CFO

				

		
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			Page 1EX-10.1

 Exhibit 10.1 

SEPARATION AND RELEASE AGREEMENT 

This SEPARATION AND RELEASE AGREEMENT (the “Agreement”) is made and entered into this 29th day of September, 2020 (the
“Effective Date”) by and between James Restivo, a citizen and resident of South Carolina (hereinafter “Executive”), and Benefitfocus, Inc., a Delaware corporation, together with its subsidiaries and affiliates,
including, without limitation, Benefitfocus.com, Inc., a South Carolina corporation (collectively, the “Company”). 

WHEREAS, Executive has been employed by the Company as its Chief Technology Officer; and 

WHEREAS, in connection with his employment with the Company, Executive executed an Employment Agreement dated on or about December 1,
2015, (the “Employment Agreement”); and 
 WHEREAS, Executive’s employment will be terminated, effective as of
December 31, 2020 (the “Termination Date”); and 
 WHEREAS, pursuant to the Employment Agreement, upon the separation
of his employment under certain circumstances, Executive would receive certain severance benefits upon his execution of a general release in a form satisfactory to the Company; and 

WHEREAS, the parties intend that this Agreement will set out the terms of Executive’s employment from the Effective Date through the
Termination Date and the terms of Executive’s severance benefits, and provide for the general release of the Company by Executive notwithstanding anything to the contrary contemplated by the Employment Agreement; 

NOW, THEREFORE, in consideration of the promises and the mutual covenants herein contained, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1.    Termination
of Employment and Transition. 
 a.    Effective as of September 25, 2020, Executive will no longer serve as
Chief Technology Officer of the Company. During the period from September 25, 2020 through the Termination Date (the “Transition Period”), Executive shall serve the Company as “Special Advisor to the CEO,” and
Executive shall otherwise continue to receive his compensation and benefits as provided by the Employment Agreement. As Special Advisor to the CEO, Executive will be expected to perform duties as requested by the Company’s Chief Executive
Officer, and in support of ensuring that Company’s continuity of business operations, goodwill and reputation is maintained through: 

(i)     Communications regarding Executive’s separation; 

(ii)     the operation of Company software and information systems, whether for internal use or client facing; 

(iii)     the transition of customer, vendor and strategic partner relationships to the EVP, Product and
Engineering or his designee; and 

  
 Page 1 of 10 

 (iv)     The transition of leadership responsibilities
to the EVP, Product and Engineering is completed in a professional and thorough manner. 
 Executive hereby acknowledges and agrees that
this appointment during the Transition Period is by mutual consent of the parties, and shall not constitute “Good Reason” as defined by the Employment Agreement. 

b.    Effective as of the Termination Date, Executive’s employment with the Company will be terminated. Except as
expressly provided herein, as required by applicable law, or as may be vested under the Company’s plans, policies and arrangements, after the Termination Date, Executive will be entitled to no further compensation or employee benefits from the
Company. 
 2.    Separation Benefits. If Executive signs this Agreement, and if, on the Termination Date,
Executive signs and does not thereafter revoke the Release Agreement that is attached to this Agreement as Attachment A (the “Release”), the Company will provide Executive with the following payments and benefits (collectively the
“Separation Benefits”): 
 a. Separation Pay. In consideration of Executive’s execution of this Agreement and
the Release, the Company will pay Executive an amount equal to six (6) months of his regular base salary, minus applicable federal, state and local payroll taxes, and other withholdings required by law, paid out in accordance with the
Company’s regular payroll schedule (the “Separation Pay”). The first installment of the Separation Pay will be paid in on the Company’s first regular pay day following the expiration of the Revocation Period described in
Section 4 of the Release, and will include Separation Pay for the period from the Termination Date through the payroll date. The remaining installments will be paid over time in accordance with the Company’s normal payroll schedule for its
employees. 
 b. Annual Bonus. Executive will be eligible to receive his 2020 annual bonus (STI and LTI). The 2020 Annual Bonus, if
earned, will be paid in accordance with the Company’s plans, policies and practices in place for the award of incentive pay or vesting of PSUs to current Company employees. The 2020 Annual Bonus, if earned, will be paid, minus applicable
federal, state and local payroll taxes, at the time 2020 incentive payments are paid to existing Company personnel. Any vesting of PSUs as part of the annual bonus shall be limited to those that would vest on the date that performance is certified
and paid. For the avoidance of doubt, any PSUs from the 2020 Bonus Plan that did not convert to shares upon certification and that would vest in subsequent years shall be forfeit. 

c. Benefits. If Executive properly and timely elects continuation coverage under COBRA following the Termination Date, the Company will
continue to pay the employer-paid portion of his COBRA premiums (i.e. at the same percentage and terms as paid by the Company as of the Termination Date) for continuation coverage for Executive (and, if they were covered as of the Termination Date,
for Executive’s spouse and any eligible dependents) during the period in which Executive is receiving Separation Pay; provided, however, the Company has the right to discontinue the payment of the premium and pay to the Executive a lump sum
amount equal to the employer-paid portion of the current COBRA premium times the number of 

  
 Page 2 of 10 

 
months remaining in the Separation Pay period if the Company determines that continued payment of the employer-paid portion of the COBRA premiums is discriminatory under Sections 105(h) and
9815(a)(1) of the Internal Revenue Code. To the extent such coverage is continued, the Executive shall pay Executive’s portion of any costs of continuation consistent with the Company’s past practices. 

d. Equity. Effective as of the Termination Date, all equity awards granted to Executive by the Company (including, but not limited to,
unvested options, shares of restricted stock, and any and restricted stock units) that are subject to time-based vesting (but not equity subject to unmet performance-based vesting) that would have vested in the twelve (12) month period
following the Termination Date shall immediately vest and become exercisable. 
 3.    Release of Claims. In
exchange for the Company’s agreement to provide Executive with the Separation Benefits described above, by signing this Agreement, Executive releases and forever discharges the Company, as well as its parent companies, affiliates, subsidiaries,
divisions, officers, directors, stockholders, employees, agents, representatives, attorneys, lessors, lessees, licensors and licensees, and their respective successors, assigns, heirs, executors and administrators (collectively, the “Company
Parties”), from any and all claims, demands, and causes of action of every kind and nature, whether known or unknown, direct or indirect, accrued, contingent or potential, which Executive ever had or now has, including but not limited to
any claims arising out of or related to his employment with the Company and the termination thereof (except where and to the extent that such a release is expressly prohibited or made void by law). The release includes, without limitation,
Executive’s release of the Company and the Company Parties from any claims for lost wages or benefits, stock options, restricted stock, restricted stock units, compensatory damages, punitive damages, attorneys’ fees and costs, equitable
relief or any other form of damages or relief. In addition, this release is meant to release the Company and the Company Parties from all common law claims, including claims in contract or tort, including, without limitation, claims for breach of
contract, wrongful or constructive discharge, intentional or negligent infliction of emotional distress, misrepresentation, tortious interference with contract or prospective economic advantage, invasion of privacy, defamation, negligence or breach
of any covenant of good faith and fair dealing. Executive also specifically and forever releases the Company and the Company Parties (except where and to the extent that such a release is expressly prohibited or made void by law) from: all claims
under South Carolina laws prohibiting discrimination, harassment and retaliation, including but not limited to the South Carolina Human Affairs Law and all similar state and local laws; all claims under laws governing the payment of wages or
protection of workers seeking payment for work performed and any other federal, state or local statutory and/or common laws governing the payment of wages; and/or and all claims under federal law based on unlawful employment discrimination,
harassment or retaliation, including, but not limited to, claims for violation of Title VII of the Civil Rights Act, the Americans with Disabilities Act, the Genetic Information and Discrimination Act, and the Federal Age Discrimination In
Employment Act (29 U.S.C. § 621 et. seq.)  
 Executive hereby acknowledges
that this release applies both to known and unknown claims that may exist between Executive and the Company and the Company Parties. Executive expressly waives and relinquishes all rights and benefits which he may have under any state or

  
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federal statute or common law principle that would otherwise limit the effect of this Agreement to claims known or suspected prior to the date he executes this Agreement, and does so
understanding and acknowledging the significance and consequences of such specific waiver. Provided, however, that nothing in this Agreement extinguishes any claims Executive may have against the Company for breach of this Agreement. 

4.    No Admissions. Executive understands, acknowledges and agrees that the release set out above in
Section 3 is a final compromise of potential claims, and is not an admission by the Company that any such claims exist or that the Company or the Company Parties are liable for any such claims. Unless prohibited by applicable law or regulation,
Executive further agrees not to hereafter, directly or indirectly, sue, assist in or be a voluntary party to any litigation against Company or any one or more of the Company Parties for any claims relating to events occurring prior to or
simultaneously with the execution of this Agreement. 
 Notwithstanding the foregoing, nothing in this Agreement prohibits Executive from
filing a charge with, or participating in any investigation or proceeding conducted by, the U.S. Equal Employment Opportunity Commission or a comparable state or federal fair employment practices agency; provided, however, that this Agreement fully
and finally resolves all monetary matters between Executive and the Company and the Company Parties, and by signing this Agreement, Executive acknowledges that he is waiving any right to monetary damages, attorneys’ fees and/or costs related to
or arising from any such charge, complaint or lawsuit filed by Executive or on Executive’s behalf, individually or collectively. 

5.    Cooperation. By signing this Agreement, Executive promises and agrees, at all times during the Transition
Period and after the Termination Date, to cooperate fully with the Company and its officers, directors, employees, agents and legal counsel in connection with any claim, complaint, charge, suit or action previously or hereafter asserted or filed by
or against the Company or any of the Company Parties which relates to, arises out of or is connected directly or indirectly with (i) Executive’s employment with the Company, (ii) any other relationship or dealings between Executive
and the Company or any of the Company Parties, or (iii) any other matter relating to the Company or any of the Company Parties. Executive’s cooperation with the Company shall continue throughout the pendency of any such claim, complaint,
charge, suit or action. Further, Executive promises and agrees that, in the event he is subject to a valid and enforceable subpoena or court order which compels his testimony at a trial, hearing or deposition concerning his relationship with the
Company or any other matter relating to the Company or any of the Company Parties, he will provide reasonable and prompt notice to the Company of this fact and cooperate fully with the Company prior to and during his testimony, to the maximum extent
possible, consistent with his obligation to provide truthful testimony. Executive further agrees that, in the event he is named as a defendant in a legal proceeding resulting from, arising out of, or connected directly or indirectly with
Executive’s employment with the Company, or any act, omission or conduct occurring during Executive’s employment with the Company, he will provide reasonable and prompt notice of this fact to the Company. The Company agrees to reimburse
Executive for reasonable out-of-pocket expenses as reasonably required for such cooperation and consultation. 

  
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 Notwithstanding the foregoing, nothing in this Agreement prohibits Executive from reporting possible
violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures
that are protected under the whistleblower provisions of federal law or regulation. Executive does not need the prior authorization of the Company to make any such reports or disclosures, and Executive is not required to notify the Company that he
has made such reports or disclosures. The Company agrees that it will take no adverse action against Executive for truthful statements and testimony and that it will not seek to obtain any testimony or evidence that is not truthful and that it will
not improperly seek to influence or modify any testimony of Executive. 
 6.    Return of Property. On or before
the Termination Date, Executive shall return all property of the Company in his possession, including, without limitation, any Company credit cards, Company-owned equipment, and all originals and any copies of all disks, tapes, files,
correspondence, data, notes and other documents pertaining to the Company’s proprietary products, customers and business and Confidential Business Information as defined in the Employment Agreement. Such property shall be in the same condition
as when provided to Executive, reasonable wear and tear excepted. 
 7.    Confidentiality and Restrictive
Covenants. Executive hereby acknowledges and agrees that his post-employment duties and obligations under the Employment Agreement will remain in full force and effect in accordance with such terms, and that a breach of the Employment Agreement
will also constitute a breach of this present Agreement. The receipt of any severance payments or benefits pursuant to this Section will be subject to Associate not violating the covenants contained within Sections 7, 8, 9 and 10 of Associate’s
Employment Agreement. In the event Associate breaches such covenants, Benefitfocus shall, in addition to all other legal and equitable remedies, have the right to terminate or suspend all continuing payments and benefits which Associate may
otherwise be entitled without affecting the release or any other obligations under the release agreement. 
 8.    No
Disparagement. Executive agrees that he will not falsely denigrate, defame, disparage or cast aspersions upon the Company, its management, products, services, business and manner of doing business, and that he will use his reasonable best
efforts to prevent any member of his immediate family from engaging in any such activity. 
 9.    SECTION 409A.

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

  
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 b. If any severance or other payments that are required by the Agreement are to be paid in a
series of installment payments, each individual payment in the series shall be considered a separate payment for purposes of Section 409A. 

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

10.    Relief and Enforcement. Executive understands and agrees that, in addition to any other remedies that the
Company (or the Company Parties) has at law or in equity, upon any breach of this Agreement by Executive, the Company may immediately cease providing any or all of the Separation Benefits and/or seek recovery of Separation Benefits that have been
paid to him pursuant to Section 2, above. Executive also understands and agrees that if he violates the terms of Sections 5, 6, 7 or 8 of this Agreement, Executive will cause injury to the Company and/or one or more of the Company Parties) that
will be difficult to quantify or repair, so that the Company (and/or the Company Parties) will have no adequate remedy at law. Accordingly, Executive agree that if he violates Sections 5, 6, 7 or 8 of this Agreement, the Company (or the Company
Parties) will be entitled as a matter of right to obtain an injunction from a court of law, restraining Executive from any further violation of this Agreement. The right to an injunction is in addition to any other remedies that the Company (or the
Company Parties) has at law or in equity. 
 11.    Assignment. This Agreement may not be assigned by Executive
without the prior written consent of the Company. The Company shall have the right to assign this Agreement to its successors and assigns in connection with a change in control or business transaction requiring a general assignment, and all
covenants and agreements hereunder shall inure to the benefit of and be enforceable by said successors or assigns. The term “Company” shall include any of the Company’s subsidiaries, subdivisions or affiliates. 

12.    No Modifications; Governing Law; Entire Agreement. This Agreement cannot be changed or terminated orally,
and no modification or waiver of any of the provisions of this Agreement is effective unless in writing and signed by all of the parties hereto. The parties agree that this Agreement is to be governed by and construed in accordance with the laws of
the State of South Carolina. This Agreement, and the surviving provisions of the Employment Agreement, set forth the entire and fully integrated understanding between the parties, and there are no representations, warranties, covenants or
understandings, oral or otherwise, that are not expressly set out therein. 
 13.    Right to Revoke. ONCE SIGNED
BY EXECUTIVE, THIS AGREEMENT IS REVOCABLE IN WRITING FOR A PERIOD OF SEVEN (7) DAYS (THE “REVOCATION  

  
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PERIOD”). IN ORDER TO REVOKE HIS ACCEPTANCE OF THIS AGREEMENT, EXECUTIVE MUST DELIVER WRITTEN NOTICE TO GENERAL COUNSEL, AND SUCH WRITTEN NOTICE MUST ACTUALLY BE RECEIVED WITH THE
SEVEN (7) DAY REVOCATION PERIOD. 
 14.    Voluntary Execution. By signing below, Executive acknowledges
that he has read this Agreement, that he understands its contents and that he has relied upon or had the opportunity to seek the legal advice of his attorney, who is the attorney of his own choosing. 

EXECUTIVE HEREBY ACKNOWLEDGES THAT HE HAS BEEN GIVEN A PERIOD OF AT LEAST TWENTY-ONE (21) DAYS TO CONSIDER
WHETHER TO EXECUTE THIS AGREEMENT. EXECUTIVE ALSO ACKNOWLEDGES THAT HE IS HEREBY ADVISED BY THE COMPANY IN WRITING TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS AGREEMENT. 

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

			
	THE COMPANY:
	
	BENEFITFOCUS.COM, INC.
		
	By:	 	 /s/ Alpana Wegner

	Name:	 	Alpana Wegner
	Title:	 	Chief Financial Officer
	
	EXECUTIVE:
	
	 /s/ James Restivo

	James Restivo

 (Signature Page to Separation and Release Agreement) 

  
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 ATTACHMENT A 

RELEASE AGREEMENT 
 This
RELEASE AGREEMENT (the “Release”) is hereby made and entered into this 1st day of January, 2021, by and between James Restivo, a citizen and resident of South Carolina (hereinafter “Executive”) and Benefitfocus,
Inc., a Delaware corporation, together with its subsidiaries and affiliates, including, without limitation, Benefitfocus.com, Inc., a South Carolina corporation (collectively, the “Company”). 

1.    Release of Claims. In exchange for the Company’s providing Executive with the Separation Benefits as
defined and described in Section 2 of the Separation and Release Agreement signed by Executive and the Company (hereinafter the “Agreement”), by signing this Release, Executive hereby releases and forever discharges the
Company, as well as its parent companies, affiliates, subsidiaries, divisions, officers, directors, stockholders, employees, agents, representatives, attorneys, lessors, lessees, licensors and licensees, and their respective successors, assigns,
heirs, executors and administrators (collectively, the “Company Parties”), from any and all claims, demands, and causes of action of every kind and nature, whether known or unknown, direct or indirect, accrued, contingent or
potential, which Executive ever had or now has, including but not limited to any claims arising out of or related to his employment with the Company and the termination thereof (except where and to the extent that such a release is expressly
prohibited or made void by law). The release includes, without limitation, Executive’s release of the Company and the Company Parties from any claims for lost wages or benefits, stock options, restricted stock, restricted stock units,
compensatory damages, punitive damages, attorneys’ fees and costs, equitable relief or any other form of damages or relief. In addition, this release is meant to release the Company and the Company Parties from all common law claims, including
claims in contract or tort, including, without limitation, claims for breach of contract, wrongful or constructive discharge, intentional or negligent infliction of emotional distress, misrepresentation, tortious interference with contract or
prospective economic advantage, invasion of privacy, defamation, negligence or breach of any covenant of good faith and fair dealing. Executive also specifically and forever releases the Company and the Company Parties (except where and to the
extent that such a release is expressly prohibited or made void by law) from: all claims under South Carolina laws prohibiting discrimination, harassment and retaliation, including but not limited to the South Carolina Human Affairs Law and all
similar state and local laws; all claims under laws governing the payment of wages or protection of workers seeking payment for work performed and any other federal, state or local statutory and/or common laws governing the payment of wages; and/or
and all claims under federal law based on unlawful employment discrimination, harassment or retaliation, including, but not limited to, claims for violation of Title VII of the Civil Rights Act, the Americans with Disabilities Act, the Genetic
Information and Discrimination Act, and the Federal Age Discrimination In Employment Act (29 U.S.C. § 621 et. seq.)  

Executive hereby acknowledges that this release applies both to known and unknown claims that may exist between Executive and the Company and
the Company Parties. Executive expressly waives and relinquishes all rights and benefits which he may have under any state or federal statute or common law principle that would otherwise limit the effect of this Release to

  
 Page 8 of 10 

 
claims known or suspected prior to the date he executes this Release, and does so understanding and acknowledging the significance and consequences of such specific waiver. Provided, however,
that nothing in this Release extinguishes any claims Executive may have against the Company for breach of the Agreement. 

2.    No Admissions. Executive understands, acknowledges and agrees that the release set out above in
Section 1 is a final compromise of potential claims, and is not an admission by the Company that any such claims exist or that the Company or the Company Parties are liable for any such claims. Unless prohibited by applicable law or regulation,
Executive further agrees not to hereafter, directly or indirectly, sue, assist in or be a voluntary party to any litigation against Company or any one or more of the Company Parties for any claims relating to events occurring prior to or
simultaneously with the execution of this Release. 
 Notwithstanding the foregoing, nothing in this Release prohibits Executive from filing
a charge with, or participating in any investigation or proceeding conducted by, the U.S. Equal Employment Opportunity Commission or a comparable state or federal fair employment practices agency; provided, however, that this Release fully and
finally resolves all monetary matters between Executive and the Company and the Company Parties, and by signing this Release, Executive acknowledges that he is waiving any right to monetary damages, attorneys’ fees and/or costs related to or
arising from any such charge, complaint or lawsuit filed by Executive or on Executive’s behalf, individually or collectively. 

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

5.    Voluntary Execution. By signing below, Executive acknowledges that he has read this Release, that he
understands its contents and that he has relied upon or had the opportunity to seek the legal advice of his attorney, who is the attorney of his own choosing. 

EXECUTIVE HEREBY ACKNOWLEDGES THAT HE HAS BEEN GIVEN A PERIOD OF AT LEAST TWENTY-ONE (21) DAYS TO CONSIDER
WHETHER TO EXECUTE THIS RELEASE. EXECUTIVE ALSO ACKNOWLEDGES THAT HE IS HEREBY ADVISED BY THE COMPANY IN WRITING TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS RELEASE. 

  
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 IN WITNESS WHEREOF, Executive acknowledges he has read and understood the contents and
effect of this Release, and has executed this Release freely and with full authority duly given, all as of the date first above written.     

 

					
	EXECUTIVE:	 	
		
	  
	 	(SEAL)
	James Restivo	 	

 (Signature Page to Release Agreement) 

  
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