Document:

EX-4.2

 Exhibit 4.2 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
			
	 1.
	 	Definitions	  	 	1	  
			
	 2.
	 	Registration Rights	  	 	5	  
				
		 	2.1.  	  	Demand Registration	  	 	5	  
				
		 	2.2.  	  	Company Registration	  	 	7	  
				
		 	2.3.  	  	Underwriting Requirements	  	 	7	  
				
		 	2.4.  	  	Obligations of the Company	  	 	8	  
				
		 	2.5.  	  	Furnish Information	  	 	10	  
				
		 	2.6.  	  	Expenses of Registration	  	 	10	  
				
		 	2.7   	  	Delay of Registration	  	 	10	  
				
		 	2.8.  	  	Indemnification	  	 	10	  
				
		 	2.9.  	  	Reports Under Exchange Act	  	 	13	  
				
		 	2.10.	  	Limitations on Subsequent Registration Rights	  	 	14	  
				
		 	2.11.	  	“Market Stand-off” Agreement	  	 	14	  
				
		 	2.12.	  	Restrictions on Transfer	  	 	14	  
			
	 3.
	 	Information and Observer Rights	  	 	16	  
				
		 	3.1.	  	Delivery of Financial Statements	  	 	16	  
				
		 	3.2.	  	Inspection	  	 	18	  
				
		 	3.3.	  	Observer Rights	  	 	18	  
				
		 	3.4.	  	Termination of Information and Observer Rights	  	 	18	  
				
		 	3.5.	  	Confidentiality	  	 	18	  
			
	 4.
	 	Rights to Future Stock Issuances	  	 	19	  
				
		 	4.1.  	  	Right of First Offer	  	 	19	  
				
		 	4.2.  	  	Termination	  	 	20	  

  
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	 5.
	 	Additional Covenants	  	 	20	  
				
		 	5.1.  	  	Insurance	  	 	20	  
				
		 	5.2.  	  	Employee Agreements	  	 	20	  
				
		 	5.3.  	  	Employee Vesting	  	 	21	  
				
		 	5.5.  	  	Meetings of the Board of Directors	  	 	21	  
				
		 	5.6.  	  	Successor Indemnification	  	 	21	  
				
		 	5.7.  	  	Board Expenses	  	 	21	  
				
		 	5.8.  	  	Termination of Covenants	  	 	22	  
			
	 6.
	 	Miscellaneous	  	 	22	  
				
		 	6.1.  	  	Successors and Assigns	  	 	22	  
				
		 	6.2.  	  	Governing Law	  	 	23	  
				
		 	6.3.  	  	Counterparts; Facsimile	  	 	23	  
				
		 	6.4.  	  	Titles and Subtitles	  	 	23	  
				
		 	6.5.  	  	Notices	  	 	23	  
				
		 	6.6.  	  	Amendments and Waivers	  	 	23	  
				
		 	6.7.  	  	Severability	  	 	24	  
				
		 	6.8.  	  	Aggregation of Stock	  	 	24	  
				
		 	6.9.  	  	Additional Investors	  	 	24	  
				
		 	6.10.	  	Entire Agreement	  	 	24	  
				
		 	6.11.	  	Delays or Omissions	  	 	25	  
				
		 	6.12.	  	Expenses	  	 	25	  
				
		 	6.13.	  	Acknowledgment	  	 	25	  

 Schedule A - Schedule of Investors 
 Exhibit A - Form of Noncompetition and Nonsolicitation Agreement 

  
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 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (“Agreement”) is made as of the
25th day of August 2010, by and among Benefitfocus.com,
Inc., a South Carolina corporation (the “Company”) and each of the investors listed on Schedule A hereto, each of which is referred to in this Agreement as an “Investor”. 

RECITALS 

WHEREAS, on February 7, 2007 the Company and certain of the Investors entered into the Series A Preferred Stock Purchase
Agreement (the “Series A Purchase Agreement”) and a previous Investor Rights Agreement (the “Prior Agreement”) the terms of which shall be superseded by this Agreement upon its becoming effective; 

WHEREAS, the undersigned, which includes the holders of 66-2/3% of the Registrable Securities under the Prior Agreement required
to amend the Prior Agreement, wish to amend and restate the Prior Agreement as set forth herein; 
 WHEREAS, the Company
and certain of the Investors (the “Series B Investors”) are parties to the Series B Preferred Stock Purchase Agreement dated as of the date hereof (the “Series B Purchase Agreement”); 

WHEREAS, the obligations in the Series B Purchase Agreement are conditioned upon the execution and delivery of this Agreement; and

 WHEREAS, in order to induce the Company to enter into the Series B Purchase Agreement and to induce the Series B
Investors to invest funds in the Company pursuant to the Series B Purchase Agreement, the Investors and the Company hereby agree that this Agreement shall govern the rights of the Investors to cause the Company to register shares of Common Stock
issuable to the Investors, to receive certain information from the Company, and to participate in future equity offerings by the Company, and shall govern certain other matters as set forth in this Agreement; 

NOW, THEREFORE, the parties hereby agree as follows: 
 1. Definitions. For purposes of this Agreement: 
 1.1.
“Affiliate” means, with respect to any specified Person, any other Person who or which, directly or indirectly, controls, is controlled by, or is under common control with such specified 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 or managing members of, or shares the same management company with, such Person.

 1.2. “Common Stock” means shares of the Company’s common stock, no par value per share. 

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

1.4. “Damages” means any loss, damage, or liability (joint or several) to which a party hereto may become subject under
the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, or liability (or any action in respect thereof) arises out of or is based upon (i) any untrue statement or alleged untrue statement of a material
fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an omission or alleged omission to state therein a material
fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its agents or Affiliates) of the Securities Act, the Exchange Act,
any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law. 
 1.5. “Derivative Securities” means any securities or rights convertible into, or exercisable or exchangeable for (in each case, directly or indirectly), Common Stock, including options
and warrants. 
 1.6. “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder. 
 1.7. “Excluded Registration” means (i) a registration relating to
the sale of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a registration on any form that does not
include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Common Stock being registered is Common Stock
issuable upon conversion of debt securities that are also being registered. 
 1.8. “Form S-1” means such form
under the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 
 1.9. “Form S-3” means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits
incorporation of substantial information by reference to other documents filed by the Company with the SEC. 
 1.10.
“GAAP” means generally accepted accounting principles in the United States. 
 1.11. “GS Fund
VI” means GS Capital Partners VI Parallel, L.P. 
 1.12. “Holder” means any holder of Registrable
Securities who is a party to this Agreement. 

  
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 1.13. “Immediate Family Member” means a child, stepchild, grandchild,
parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, of a natural person referred to herein. 

1.14. “Initiating Holders” means, collectively, Holders who properly initiate a registration request under this
Agreement. 
 1.15. “IPO” means the Company’s first underwritten public offering of its Common Stock under
the Securities Act. 
 1.16. “Key Employee” means any executive-level employee as well as any employee who,
either alone or in concert with others, develops, invents, programs, or designs any Company Intellectual Property (as defined in the Series B Purchase Agreement). 
 1.17. “Major Investor” means (i) any Investor that, individually or together with such Investor’s Affiliates, holds at least 30% of the shares of Series A Preferred Stock
originally acquired by such Investor pursuant to the Series A Purchase Agreement; provided, however, that “Major Investor”, as applied to GS Fund VI and its Affiliates, shall refer only to GS Fund VI for the purposes of
Section 3 hereof; (ii) any Investor that, individually or together with such Investor’s Affiliates, holds at least 30% of the shares of the Series B Preferred Stock originally acquired by such Investor pursuant to the Series B
Purchase Agreement; (iii) Mason Holland, individually or together with his Affiliates, for so long as he continues to hold at least 30% of the Common Stock held by him immediately after the closing of the transactions contemplated by the Series
B Purchase Agreement, including the consummation of the redemption by the Company of Common Stock using proceeds of the sale of the Series B Preferred Stock (collectively, the “Closing”), and (iv) Shawn Jenkins, individually or
together with his Affiliates, for so long as he continues to hold at least 30% of the Common Stock held by him immediately after the Closing. 
 1.18. “New Securities” means, collectively, equity securities of the Company, whether or not currently authorized, as well as rights, options, or warrants to purchase such equity
securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities. 
 1.19. “Person” means any individual, corporation, partnership, trust, limited liability company, association or other entity. 

1.20. “Preferred Directors” means the Series A Directors and the Series B Director. 

1.21. “Preferred Stock” means the Series A Preferred Stock and the Series B Preferred Stock. 

1.22. “Registrable Securities” means (i) the Common Stock issuable or issued upon conversion of the Preferred
Stock; (ii) any Common Stock issued as (or issuable upon the 

  
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conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares referenced
in clause (i) above; (iii) any Common Stock otherwise held by executive-level employees of the Company; and (iv) any Common Stock held by Mason Holland or Shawn Jenkins or their Affiliates; excluding in all cases, however, any
Registrable Securities sold by a Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to Section 6.1, and any shares of Common Stock held by a Person holding less than 1% of the outstanding
capital stock of the Company on an as-converted basis who is able to sell all of such shares of Common Stock within 90 days under SEC Rule 144 on a national stock exchange and for which it is determined that, pursuant to Section 2.12(c) herein,
each certificate representing such shares do not require a restrictive legend. 
 1.23. “Registrable Securities then
outstanding” means the number of shares determined by adding the number of shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then
exercisable and/or convertible securities that are Registrable Securities. 
 1.24. “Restricted Securities”
means the securities of the Company required to bear the legend set forth in Section 2.12(b) hereof. 
 1.25.
“SEC” means the Securities and Exchange Commission. 
 1.26. “SEC Rule 144” means Rule 144
promulgated by the SEC under the Securities Act. 
 1.27. “SEC Rule 145” means Rule 145 promulgated by the SEC
under the Securities Act. 
 1.28. “Securities Act” means the Securities Act of 1933, as amended, and the rules
and regulations promulgated thereunder. 
 1.29. “Selling Expenses” means all underwriting discounts, selling
commissions, and stock transfer taxes applicable to the sale of Registrable Securities. 
 1.30. “Series A
Director” means any director of the Company that the holders of record of the Series A Preferred Stock are entitled to elect pursuant to the Company’s Articles of Incorporation. 

1.31. “Series A Preferred Stock” means shares of the Company’s Series A Preferred Stock, no par value per share.

 1.32. “Series B Director” means any director of the Company that the holders of record of the Series B
Preferred Stock are entitled to elect pursuant to the Company’s Articles of Incorporation. 

  
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 1.33. “Series B Preferred Stock” means shares of the Company’s Series
B Preferred Stock, no par value per share. 
 2. Registration Rights. The Company covenants and agrees as follows:

 2.1. Demand Registration. 
 (a) Form S-1 Demand. If at any time after the earlier of (i) February 7, 2012 or (ii) one hundred eighty (180) days after the effective date of the registration statement for
the IPO, the Company receives a request from Holders of sixty-six and two thirds percent (66 2/3%) of the Common Stock issued or issuable upon conversion of the Preferred Stock then outstanding (the “Requesting Holders”) that the
Company file a Form S-1 registration statement with respect to such number of shares as would result in an anticipated aggregate offering price, net of Selling Expenses, of at least $5 million, then the Company shall (i) within ten
(10) days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within sixty (60) days
after the date such request is given by the Initiating Holders, file a Form S-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable
Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the
limitations of Section 2.1(c) and Section 2.3. 
 (b) Form S-3 Demand. If at any time when it is
eligible to use a Form S-3 registration statement, the Company receives a request from Holders of at least ten percent (10%) of the Registrable Securities then outstanding that the Company file a Form S-3 registration statement with respect to
outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $500,000, then the Company shall (i) within ten (10) days after the date such request is given, give a
Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days after the date such request is given by the Initiating Holders, file a Form S-3 registration
statement under the Securities Act covering all Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the
Demand Notice is given, and in each case, subject to the limitations of Section 2.1(c) and Section 2.3. To the extent the Company is a well-known seasoned issuer (as defined in Rule 405 under the Securities Act) (a
“WKSI”) at the time any Demand Notice is submitted to the Company, and such Demand Notice requests that the Company file an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an
“automatic shelf registration statement”) on Form S-3, the Company shall file an automatic shelf registration statement which covers those Registrable Securities which are requested to be registered. The Company shall use its
commercially reasonable best efforts to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during which such automatic shelf registration statement is required to remain effective.
If the Company does not pay the filing fee covering the Registrable Securities at the time the automatic shelf registration 

  
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statement is filed, the Company agrees to pay such fee at such time or times as the Registrable Securities are to be sold. If the automatic shelf registration statement has been outstanding for
at least three (3) years, at the end of the third year the Company shall refile a new automatic shelf registration statement covering the Registrable Securities. If at any time when the Company is required to re-evaluate its WKSI status the
Company determines that it is not a WKSI, the Company shall use its commercially reasonable best efforts to refile the shelf registration statement on Form S-3 and, if such form is not available, Form S-1 and keep such registration statement
effective during the period during which such registration statement is required to be kept effective. 
 (c) Notwithstanding
the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this Section 2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Board
it would be materially detrimental to the Company and its stockholders for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because
such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona
fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such
filing, and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more than ninety (90) days after the request of the Initiating Holders is given; provided, however,
that the Company may not invoke this right more than once in any twelve (12) month period; and provided further that the Company shall not register any securities for its own account or that of any other stockholder during such ninety
(90) day period other than pursuant to a registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan; a registration on any form that does not include
substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or a registration in which the only Common Stock being registered is Common Stock issuable upon
conversion of debt securities that are also being registered. 
 (d) The Company shall not be obligated to effect, or to take
any action to effect, any registration pursuant to Section 2.1(a) (i) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred
eighty (180) days after the effective date of, a Company-initiated registration, provided, that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective;
(ii) after the Company has effected two registrations pursuant to Section 2.1(a) (excluding the IPO if such IPO was not requested by the Requesting Holders pursuant to Section 2.1(a)); or (iii) if the Initiating
Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Section 2.1(b). The Company shall not be obligated to effect, or to take any action to
effect, any registration pursuant to Section 2.1(b) if the Company has effected one registration pursuant to Section 2.1(b) within the six (6) month period immediately preceding the date of such request. A registration
shall not be counted as “effected” 

  
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for purposes of this Section 2.1(d) until such time as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their
request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant to Section 2.6, in which case such withdrawn registration statement shall be
counted as “effected” for purposes of this Section 2.1(d). 
 2.2. Company Registration. If the
Company proposes to register (including, for this purpose, a registration effected by the Company for stockholders other than the Holders) any of its securities under the Securities Act in connection with the public offering of such securities
solely for cash (other than in an Excluded Registration), the Company shall, at such time, promptly give each Holder notice of such registration. Upon the request of each Holder given within twenty (20) days after such notice is given by the
Company, the Company shall, subject to the provisions of Section 2.3, cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such registration. The Company shall have the right to
terminate or withdraw any registration initiated by it under this Section 2.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses
(other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with Section 2.6. 
 2.3. Underwriting Requirements. 
 (a) If, pursuant to
Section 2.1, the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to
Section 2.1, and the Company shall include such information in the Demand Notice. The underwriter(s) will be selected by the Company, subject only to the reasonable approval of the Initiating Holders. In such event, the right of any
Holder to include such Holder’s Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to
the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall (together with the Company as provided in Section 2.4(e)) enter into an underwriting agreement in customary form with the
underwriter(s) selected for such underwriting. Notwithstanding any other provision of this Section 2.3, if the managing underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number
of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting
shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be
agreed to by all such selling Holders; provided, however, that the number of Registrable Securities held by the Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded
from the underwriting. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest 100 shares. 

  
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 (b) In connection with any offering involving an underwriting of shares of the
Company’s capital stock pursuant to Section 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed
upon between the Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities, including
Registrable Securities, requested by stockholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success
of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the
success of the offering. If the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be
allocated among the selling Holders in proportion (as nearly as practicable to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate
the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest 100 shares. Notwithstanding the foregoing, in no event shall (i) the number
of Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included in
the offering be reduced below thirty percent (30%) of the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the
determination described above and no other stockholder’s securities are included in such offering. For purposes of the provision in this Section 2.3(b) concerning apportionment, for any selling Holder that is a partnership, limited
liability company, or corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired
members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of
Registrable Securities owned by all Persons included in such “selling Holder,” as defined in this sentence. 
 2.4.
Obligations of the Company. Whenever required under this Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a) prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its best efforts to cause
such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one hundred twenty
(120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty (120) day period shall be extended for a period of time equal to the
period the Holder refrains, at the 

  
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request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration, and (ii) in the case of any registration of
Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one hundred twenty (120) day period shall be extended for up to sixty (60) days, if
necessary, to keep the registration statement effective until all such Registrable Securities are sold; 
 (b) prepare and file
with the SEC such amendments and supplements to such registration statement, and the prospectus used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all
securities covered by such registration statement; 
 (c) furnish to the selling Holders such numbers of copies of a
prospectus, including a preliminary prospectus, as required by the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 

(d) use its best efforts to register and qualify the securities covered by such registration statement under such other securities or
blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company shall not be required to qualify to do business or to file a general consent to service of process in any such
states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 
 (e) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the underwriter(s) of such offering;

 (f) use its commercially reasonable efforts to cause all such Registrable Securities covered by such registration statement
to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed; 

(g) provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP
number for all such Registrable Securities, in each case not later than the effective date of such registration; 
 (h)
promptly make available for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or
selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information
reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in
connection therewith; 

  
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 (i) notify each selling Holder, promptly after the Company receives notice thereof, of the
time when such registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and 
 (j) after such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or supplement such registration statement or prospectus. 

2.5. Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this
Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of
such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities. 
 2.6.
Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’
and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and disbursements of one counsel for the selling Holders, shall be borne and paid by the Company; provided, however, that the Company shall
not be required to pay for any expenses of any registration proceeding begun pursuant to Section 2.1 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be
registered (in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities
agree to forfeit their right to one registration pursuant to Section 2.1(a) or Section 2.1(b), as the case may be; provided further that if, at the time of such withdrawal, the Holders have learned of a material
adverse change in the condition, business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information, then the Holders shall
not be required to pay any of such expenses and shall not forfeit their right to one registration pursuant to Section 2.1(a) or Section 2.1(b). All Selling Expenses relating to Registrable Securities registered pursuant to
this Section 2 shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf. 
 2.7. Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this Agreement as the result of any
controversy that might arise with respect to the interpretation or implementation of this Section 2. 
 2.8.
Indemnification . If any Registrable Securities are included in a registration statement under this Section 2: 

  
 10 

 (a) To the extent permitted by law, the Company will indemnify and hold harmless each
selling Holder, and the partners, members, officers, directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if
any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal
or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained
in this Section 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the
Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling
Person, or other aforementioned Person expressly for use in connection with such registration. 
 (b) To the extent permitted
by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within
the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such
underwriter or other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of
such selling Holder expressly for use in connection with such registration; and each such selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with
investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 2.8(b) shall not apply to amounts
paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event shall any indemnity under this
Section 2.8(b) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 

(c) Promptly after receipt by an indemnified party under this Section 2.8 of notice of the commencement of any action
(including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.8, give the
indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which
notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without
conflict by one counsel) shall have the right to retain one separate counsel, with the fees and 

  
 11 

 
expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential
differing interests between such indemnified party and any other party represented by such counsel in such action. The failure to give notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve
such indemnifying party of any liability to the indemnified party under this Section 2.8, to the extent that such failure materially prejudices the indemnifying party’s ability to defend such action. The failure to give notice to the
indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 2.8. 
 (d) Notwithstanding anything else herein to the contrary, the foregoing indemnity agreements of the Company and the selling Holders are subject to the condition that, insofar as they relate to any Damages
arising from any untrue statement or alleged untrue statement of a material fact contained in, or omission or alleged omission of a material fact from, a preliminary prospectus (or necessary to make the statements therein not misleading) that has
been corrected in the form of prospectus included in the registration statement at the time it becomes effective, or any amendment or supplement thereto filed with the SEC pursuant to Rule 424(b) under the Securities Act (the “Final
Prospectus”), such indemnity agreement shall not inure to the benefit of any Person if a copy of the Final Prospectus was furnished to the indemnified party and such indemnified party failed to deliver, at or before the confirmation of the
sale of the shares registered in such offering, a copy of the Final Prospectus to the Person asserting the loss, liability, claim, or damage in any case in which such delivery was required by the Securities Act. 

(e) To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either (i) any
party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Section 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the
expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Section 2.8 provides for indemnification in such case, or
(ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Section 2.8, then, and in each such case, such parties will contribute to the aggregate
losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in
connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of the
indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case, (x) no Holder
will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) will 

  
 12 

 
be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this
Section 2.8(e), when combined with the amounts paid or payable by such Holder pursuant to Section 2.8(b), exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except
in the case of willful misconduct or fraud by such Holder. 
 (f) Notwithstanding the foregoing, to the extent that the
provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall
control. 
 (g) Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten
public offering, the obligations of the Company and Holders under this Section 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall survive the
termination of this Agreement. 
 2.9. Reports Under Exchange Act. With a view to making available to the Holders the
benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company shall: 

(a) make and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144, at all times
after the effective date of the registration statement filed by the Company for the IPO; 
 (b) use commercially reasonable
efforts to file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and 

(c) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent
accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement filed by the Company for the IPO), the
Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after the Company so
qualifies); (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company; and (iii) such other information as may be reasonably requested in availing any Holder of
any rule or regulation of the SEC that permits the selling of any such securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after
the Company so qualifies to use such form). 

  
 13 

 2.10. Limitations on Subsequent Registration Rights. From and after the date of this
Agreement, the Company shall not, without the prior written consent of the Holders of sixty-six and two thirds percent (66 2/3%) of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any
securities of the Company that would allow such holder or prospective holder (i) to include such securities in any registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such
registration only to the extent that the inclusion of such securities will not reduce the number of the Registrable Securities of the Holders that are included or (ii) to demand registration of any securities held by such holder or prospective
holder; provided that this limitation shall not apply to any additional Investor who becomes a party to this Agreement in accordance with Section 6.9. As of the date hereof, the Company has entered into no other agreement
with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder (i) to include such securities in any registration or (ii) to demand registration of any securities held by such
holder or prospective holder. 
 2.11. “Market Stand-off” Agreement. Each 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 2.11 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 Holders only if all officers, directors, and stockholders 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 Preferred Stock) are subject to the same restrictions. The underwriters in connection with such registration are intended third-party beneficiaries of this Section 2.11 and
shall have the right, power, and authority to enforce the provisions hereof as though they were a party hereto. Each 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 2.11 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 all Holders subject to such agreements, based on the number of shares subject to such agreements. 

2.12. Restrictions on Transfer. 

  
 14 

 (a) The Preferred Stock and the Registrable Securities shall not be sold, pledged, or
otherwise transferred, and the Company shall not recognize any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the provisions of the Securities Act. A
transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities held by such Holder to agree to take and hold such securities subject to the provisions and upon the conditions
specified in this Agreement. 
 (b) Each certificate or instrument representing (i) the Preferred Stock, (ii) the
Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event, shall (unless
otherwise permitted by the provisions of Section 2.12(c)) be stamped or otherwise imprinted with a legend substantially in the following form: 
 THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE
ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT. 
 THE
SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 

The Holders consent to the Company making a notation in its records and giving instructions to any transfer agent of the Restricted Securities in order
to implement the restrictions on transfer set forth in this Section 2.12. 
 (c) The holder of each certificate
representing Restricted Securities, by acceptance thereof, agrees to comply in all respects with the provisions of this Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a
registration statement under the Securities Act covering the proposed transaction, the Holder thereof shall give notice to the Company of such 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 such 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 SEC to the effect that the proposed sale, pledge, or transfer of such Restricted 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 Restricted Securities may be effected without registration under 

  
 15 

 
the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted 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 SEC Rule 144 or (y) in any transaction in which such Holder distributes Restricted
Securities to an Affiliate of such Holder for no consideration; provided that each transferee agrees in writing to be subject to the terms of this Section 2.12. Each certificate or instrument evidencing the Restricted Securities
transferred as above provided shall bear, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Section 2.12(b), except that such certificate shall not bear such restrictive legend if,
in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities Act. 
 2.13. The right of any Holder to request registration or inclusion in any registration statement pursuant to this Agreement shall terminate upon the expiration of four (4) years after the closing of
the IPO. 
 3. Information and Observer Rights. 
 3.1. Delivery of Financial Statements. The Company shall deliver to each Major Investor: 
 (a) as soon as practicable, but in any event within ninety (90) days after the end of each fiscal year of the Company, (i) a balance sheet as of the end of such year, (ii) statements of
income and of cash flows for such year, and a comparison between (x) the actual amounts as of and for such fiscal year and (y) the comparable amounts for the prior year and as included in the Budget (as defined in
Section 3.1(e)) for such year, with an explanation of any material differences between such amounts and a schedule as to the sources and applications of funds for such year, and (iii) a statement of stockholders’ equity as of
the end of such year, all such financial statements audited and certified by independent public accountants of nationally recognized standing selected by the Company; 
 (b) as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of each fiscal year of the Company, unaudited statements of income
and of cash flows for such fiscal quarter, and an unaudited balance sheet and a statement of stockholders’ equity as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be
subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP); 
 (c) as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of each fiscal year of the Company, a statement showing the number
of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock outstanding at the end of the period, the Common Stock issuable upon conversion or exercise of any outstanding securities
convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable thereto, and 

  
 16 

 
the number of shares of issued stock options and stock options not yet issued but reserved for issuance, if any, all in sufficient detail as to permit the Major Investors to calculate their
respective percentage equity ownership in the Company, and certified by the chief financial officer or chief executive officer of the Company (in such person’s capacity as an officer of the Company) as being true, complete, and correct;

 (d) as soon as practicable, but in any event within thirty (30) days of the end of each month, an unaudited income
statement and statement of cash flows for such month, and an unaudited balance sheet and statement of stockholders’ equity as of the end of such month, all prepared in accordance with GAAP (except that such financial statements may (i) be
subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP); 
 (e) as soon as practicable, but in any event thirty (30) days before the end of each fiscal year, a budget and business plan for the next fiscal year (collectively, the “Budget”),
approved by the Board and prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such months and, promptly after prepared, any other budgets or revised budgets prepared by the Company; 

(f) with respect to the financial statements called for in Section 3.1(a), Section 3.1(b) and
Section 3.1(d), an instrument executed by the chief financial officer and chief executive officer of the Company (in their capacity as an officer of the Company) certifying that such financial statements were prepared in accordance with
GAAP consistently applied with prior practice for earlier periods (except as otherwise set forth in Section 3.1(b) and Section 3.1(d)) and fairly present the financial condition of the Company and its results of operation for
the periods specified therein; and 
 (g) such other information relating to the financial condition, business, prospects, or
corporate affairs of the Company as any Major Investor may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Section 3.1 to provide information (i) that the
Company reasonably determines in good faith to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or (ii) the disclosure of which would adversely affect
the attorney-client privilege between the Company and its counsel. 
 If, for any period, the Company has any subsidiary whose accounts are
consolidated with those of the Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated
subsidiaries. 
 Notwithstanding anything else in this Section 3.1 to the contrary, the Company may cease providing the information
set forth in this Section 3.1 during the period starting with the date thirty (30) days before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must do so to
comply with the SEC rules applicable to such registration statement and related offering; provided that the Company’s covenants under 

  
 17 

 
this Section 3.1 shall be reinstated at such time as the Company is no longer actively employing its commercially reasonable efforts to cause such registration statement to become
effective. 
 3.2. Inspection. The Company shall permit each Major Investor, at such Major Investor’s expense, to
visit and inspect the Company’s properties; examine its books of account and records; and discuss the Company’s affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested
by the Major Investor; provided, however, that the Company shall not be obligated pursuant to this Section 3.2 to provide access to any information that it reasonably considers to be a trade secret or confidential
information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or] the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 

3.3. Observer Rights. In the event that GS Fund VI has not designated one or both of the Series A Directors it is entitled to
designate pursuant to the Amended and Restated Voting Agreement, dated as of the date hereof, between the Company and the other signatories thereto (the “Voting Agreement”), or in the event that GS Fund VI is no longer entitled to
designate any directors, and as long as GS Fund VI (together with its Affiliates) owns any of the shares of the Series A Preferred Stock it and its Affiliates have purchased under the Series A Purchase Agreement (or an equivalent amount of Common
Stock issued upon conversion thereof), the Company shall invite a representative of GS Fund VI to attend all meetings of its Board in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes,
consents, and other materials that it provides to its directors at the same time and in the same manner as provided to such directors; provided, however, that such representative shall agree to hold in confidence and trust and to act
in a fiduciary manner with respect to all information so provided; and provided further, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access
to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or if such Investor or its representative
is a competitor of the Company. 
 3.4. Termination of Information and Observer Rights. The covenants set forth in
Section 3.1, Section 3.2, and Section 3.3 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, or (ii) when the Company first becomes subject to the
periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, whichever event occurs first. 
 3.5.
Confidentiality. Each Investor agrees that such Investor will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the
Company pursuant to the terms of this Agreement (including notice of the Company’s intention to file a registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a
result of a breach of this Section 3.5 by such Investor), (b) is or has been independently developed or conceived by the 

  
 18 

 
Investor without use of the Company’s confidential information, or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation of
confidentiality such third party may have to the Company; provided, however, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to
obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser agrees to be bound by the provisions of this
Section 3.5; (iii) to any existing or prospective Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business, provided that such Investor informs such Person
that such information is confidential and directs such Person to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that the Investor promptly notifies the Company of such
disclosure and takes reasonable steps to minimize the extent of any such required disclosure. 
 4. Rights to Future Stock
Issuances. 
 4.1. Right of First Offer. Subject to the terms and conditions of this Section 4.1 and applicable
securities laws, if the Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each holder of Preferred Stock (a “Preferred Stock Investor”). A Preferred Stock Investor shall be
entitled to apportion the right of first offer hereby granted to it among itself and its Affiliates in such proportions as it deems appropriate. 
 (a) The Company shall give notice (the “Offer Notice”) to each Preferred Stock Investor, stating (i) its bona fide intention to offer such New Securities, (ii) the number of
such New Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such New Securities. 
 (b) By notification to the Company within twenty (20) days after the Offer Notice is given, each Preferred Stock Investor may elect to purchase or otherwise acquire, at the price and on the terms
specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock
and any other Derivative Securities then held by such Preferred Stock Investor bears to the total Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other
Derivative Securities then held, by all the Preferred Stock Investors. At the expiration of such twenty (20) day period, the Company shall promptly notify each Preferred Stock Investor that elects to purchase or acquire all the shares available
to it (each, a “Fully Exercising Investor”) of any other Preferred Stock Investor’s failure to do likewise. During the ten (10) day period commencing after the Company has given such notice, each Fully Exercising Investor
may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of the New Securities for which Preferred Stock Investors were entitled to subscribe but that were not
subscribed for by the Preferred Stock Investors which is equal to the proportion that the Common Stock issued and held, or issuable upon conversion and/or exercise, as 

  
 19 

 
applicable, of Preferred Stock and any other Derivative Securities then held, by such Fully Exercising Investor bears to the Common Stock issued and held, or issuable (directly or indirectly)
upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held, by all Fully Exercising Investors who wish to purchase such unsubscribed shares. The closing of any sale pursuant to this
Section 4.1(b) shall occur within the later of one hundred twenty (120) days of the date that the Offer Notice is given and the date of initial sale of New Securities pursuant to Section 4.1(c). 

(c) If all New Securities referred to in the Offer Notice are not elected to be purchased or acquired as provided in
Section 4.1(b), the Company may, during the ninety (90) day period following the expiration of the periods provided in Section 4.1(b), offer and sell the remaining unsubscribed portion of such New Securities to any
Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New Securities within such period, or if such
agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Preferred Stock Investors in
accordance with this Section 4.1. 
 (d) The right of first offer in this Section 4.1 shall not be
applicable to (i) Exempted Securities (as defined in the Company’s Articles of Incorporation); and (ii) shares of Common Stock issued in the IPO. 
 4.2. Termination . The covenants set forth in Section 4.1 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, or (ii) when
the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, whichever event occurs first. 
 5. Additional Covenants. 
 5.1. Insurance. The Company shall use its
commercially reasonable efforts to obtain, within ninety (90) days of the date hereof, from financially sound and reputable insurers, Directors and Officers Errors and Omissions insurance, in an amount and on terms satisfactory to at least
three members of the Board, and will use commercially reasonable efforts to cause such insurance policies to be maintained until such time as the Board determines that such insurance should be discontinued. Such policy shall not be cancelable by the
Company without prior approval of the Board, including the Preferred Stock Directors. 
 5.2. Employee Agreements.
Following the date of this Agreement, the Company will cause (i) each person hereafter employed by it or by any subsidiary (or engaged by the Company or any subsidiary as a consultant/independent contractor) with access to confidential
information and/or trade secrets to enter into a nondisclosure and proprietary rights assignment agreement and (ii) each Key Employee to enter into a noncompetition and nonsolicitation agreement, in substantially the form

  
 20 

 
attached hereto as Exhibit A. In addition, the Company shall not amend, modify, terminate, waive, or otherwise alter, in whole or in part, any of the above-referenced agreements or any
restricted stock agreement between the Company and any employee, without the consent of the Preferred Stock Directors. 
 5.3.
Employee Stock. Unless otherwise approved by the Board, including the Preferred Stock Directors, all future employees and consultants of the Company who purchase, receive options to purchase, or receive awards of shares of the Company’s
capital stock after the date hereof shall be required to execute restricted stock or option agreements, as applicable, providing for (i) vesting of shares over at least a four (4) year period, with the first twenty-five percent
(25%) of such shares vesting following twelve (12) months of continued employment or service, and the remaining shares vesting in equal monthly installments over the following thirty-six (36) months, and (ii) a market stand-off
provision substantially similar to that in Section 2.11. In addition, unless otherwise approved by the Board, including the Preferred Stock Directors, the Company shall retain a “right of first refusal” on employee transfers
until the Company’s IPO and shall have the right to repurchase unvested shares at cost upon termination of employment of a holder of restricted stock. 
 5.4. Meetings of the Board. Unless otherwise determined by the vote of a majority of the directors then in office, the Board shall meet at least quarterly in accordance with an agreed-upon
schedule. 
 5.5. Successor Indemnification. If the Company or any of its successors or assignees consolidates with or
merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the
obligations of the Company with respect to indemnification of members of the Board as in effect immediately before such transaction, whether such obligations are contained in the Company’s Bylaws, its Articles of Incorporation, or elsewhere, as
the case may be. 
 5.6. Board Expenses. The Company shall reimburse the directors for all reasonable out-of-pocket
travel expenses incurred (consistent with the Company’s travel policy) in connection with attending meetings of the Board. 

5.7. Termination of Covenants. The covenants set forth in this Section 5, except for Section 5.6 and 5.8, shall
terminate and be of no further force or effect (a) immediately before the consummation of the IPO, or (b) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act,
whichever event occurs first. The covenants set forth in Section 5.8 shall terminate and be of no further force or effect immediately before the consummation of the IPO if it triggers mandatory conversion of the Series B Preferred Stock into
Common Stock pursuant to the terms of the Articles of Incorporation of the Company as in effect on the date hereof. 

  
 21 

 5.8. Agreement Regarding Series B Preferred Stock. 

(a) Each of Mason R. Holland, Jr. and Shawn Jenkins, including their respective Affiliates (the “Founders”),
acknowledge and agree that the Founders and Oak Investment Partners XII, Limited Partnership (“Oak”) have agreed that if amounts received by the holders of Series B Preferred Stock in respect of a share of Series B Preferred Stock
(or Common Stock in the event of a mandatory conversion of Series B Preferred Stock pursuant to clause (b) of Section 5.1 of the Company’s Articles of Incorporation (such shares of Series B Preferred Stock and/or Common Stock, as
applicable, the “Subject Shares”)) in the event of a liquidation, dissolution or winding up of the Company, a Deemed Liquidation Event or similar transaction, is less than 1.5 times the Series B Original Issue Price (as defined in
the Company’s Articles of Incorporation), the holders of the Subject Shares shall receive, from any amounts otherwise payable to the Founders in respect of their shares of Common Stock, an amount per share equal to the difference between
(i) 1.5 times the Series B Original Issue Price and (ii) the amount received by the holders of Subject Shares in respect of such shares pursuant to the Company’s Articles of Incorporation (i.e., an amount that, together with
the amount actually received by the holders of Subject Shares described in clause (ii) above, would equal 1.5 times the Series B Original Issue Price). For the avoidance of doubt, (x) Section 2.2 of the Company’s Articles
of Incorporation is intended to give effect to the foregoing arrangement and the Founders shall not be liable to make any payment under this Section 5.8 if and to the extent that the holders of Subject Shares have otherwise actually
received payment for such amounts under Section 2.2 of the Company’s Articles of Incorporation, and (y) Section 2.2 of the Company’s Articles of Incorporation and the foregoing arrangement shall in no way affect the
Liquidation Amount payable to any Holders other than the Founders. 
 (b) The Founders acknowledge that Oak is relying on the
agreement described in this Section 5.8 in making its decision to make an investment in the Series B Preferred Stock of the Company and the Founders agree to use all reasonable efforts and take all reasonable action as may be necessary
to effect the foregoing agreement. The Founders also agree that, unless otherwise agreed to in writing by Oak, in addition to any restrictions on transfer contained in this Agreement or otherwise, any transfer of shares of Common Stock held by the
Founders shall not be effected unless the transferee of such shares agrees to be bound by this Section 5.8. The Company acknowledges the foregoing arrangement and agrees to use all reasonable efforts and take all reasonable actions as
may be necessary to effect the foregoing agreement; provided, however, for the avoidance of doubt, the Company will not be obligated to indemnify or guarantee performance of this Section 5.8 on behalf of the Founders. Notwithstanding anything
to the contrary contained in this Agreement, this Section 5.8 may not be amended or modified without the prior written consent of Oak and the Founders. 
 6. Miscellaneous. 
 6.1. Successors and Assigns. The rights under
this Agreement may be assigned (but only with all related obligations) by a Holder; provided, however, that a Preferred Stock Investor may not assign its rights hereunder unless it holds at least 1,000 shares of Registrable Securities;
and provided further, that (x) the 

  
 22 

 
Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights
are being transferred; and (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of Section 2.11. The terms and
conditions of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees 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 permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

6.2. 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. 
 6.3. Counterparts;
Facsimile. This Agreement may be executed 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. This Agreement may also 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. 
 6.4. Titles and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting this Agreement. 

6.5. Notices. All notices, requests, and other communications given or made pursuant to this Agreement shall be in writing and
shall be deemed effectively given, delivered and received (i) upon personal delivery to the party to be notified; (ii) 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; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the business day of deposit with
a nationally recognized overnight courier, specifying next-day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their addresses as set forth on Schedule A hereto, or to the
principal office of the Company and to the attention of the Chief Executive Officer, in the case of the Company, or to such email address, facsimile number, or address as subsequently modified by written notice given in accordance with this
Section 6.5. 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. 

6.6. Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be
waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the holders of sixty-six and two 

  
 23 

 
thirds percent (66 2/3%) of the Registrable Securities then outstanding; provided that the Company may in its sole discretion waive compliance with Section 2.12(c) (and
the Company’s failure to object promptly in writing after notification of a proposed assignment allegedly in violation of Section 2.12(c) shall be deemed to be a waiver); and provided further that any provision hereof may be waived
by any waiving party on such party’s own behalf, without the consent of any other party; and provided further that in no event shall Section 1.17 or Section 3 be amended without the prior written consent of GS Fund VI.
Notwithstanding the foregoing, this Agreement may not be amended or terminated and the observance of any term hereof may not be waived with respect to any Investor without the written consent of such Investor, unless such amendment, termination, or
waiver applies to all Investors in the same fashion (it being agreed that a waiver of the provisions of Section 4 with respect to a particular transaction shall be deemed to apply to all Investors in the same fashion if such waiver does
so by its terms, notwithstanding the fact that certain Investors may nonetheless, by agreement with the Company, purchase securities in such transaction). The Company shall give prompt notice of any amendment or termination hereof or waiver
hereunder to any party hereto that did not consent in writing to such amendment, termination, or waiver. Any amendment, termination, or waiver effected in accordance with this Section 6.6 shall be binding on all parties hereto,
regardless of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any
such term, condition, or provision. 
 6.7. Severability. In case any one or more of the provisions contained in this
Agreement is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision
shall be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law. 
 6.8.
Aggregation of Stock. All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

6.9. Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of
the Company’s Preferred Stock after the date hereof, any purchaser of such shares of Preferred Stock may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement, and thereafter
shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as such additional Investor has agreed in writing to
be bound by all of the obligations as an “Investor” hereunder. 
 6.10. Entire Agreement. This Agreement
(including any Schedules and Exhibits hereto) constitutes the full and entire understanding and agreement among 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, including the Prior Agreement, is expressly canceled. 

  
 24 

 6.11. 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 nonbreaching or nondefaulting party, nor shall it be construed to be a
waiver of or acquiescence to any such breach or default, or to 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 theretofore or thereafter
occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 
 6.12. Expenses. The Company agrees to pay and hold the Investors harmless against liability for payment of all reasonable legal costs and expenses incurred by them in connection with any
modification, waiver, consent or amendment requested by the Company in connection with any of this Agreement or any other document entered into in connection herewith (the “Transaction Documents”); it being understood and agreed
that any modification or amendment of the Transaction Documents in connection with a new equity financing round of the Company shall not be subject to application of this Section 6.12. 

6.13. Acknowledgment. The Company acknowledges that the Investors are in the business of venture capital and private equity
investing and therefore review the business plans and related proprietary information of many enterprises, including enterprises which may have products or services which compete directly or indirectly with those of the Company. Nothing in this
Agreement shall preclude or in any way restrict the Investors from investing or participating in any particular enterprise whether or not such enterprise has products or services which compete with those of the Company. 

[Remainder of Page Intentionally Left Blank] 

  
 25 

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

 

			
	BENEFITFOCUS.COM, INC.
	
	 /s/ Mason Holland, Jr.

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

Charleston, SC 29492

 [Additional Signature Page Follows] 

Signature Page to Amended and Restated Investors’ Rights Agreement 

  
 26 

 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 Investors’ Rights Agreement 

  
 27 

 SERIES B 
 INVESTORS: 
  

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

	Name:	 	Ann H. Lamont
	Title:	 	Managing Member

 OTHER 
 INVESTORS: 
  

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

	Mason R. Holland, Jr.
	
	 /s/ Mason R. Holland, Jr.

	Mason R. Holland, Jr.
	
	 /s/ Shawn Jenkins

	Shawn Jenkins

 Signature Page to Amended and Restated Investors’ Rights Agreement 

  
 28 

 SCHEDULE A 

INVESTORS 
 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 
 Mason R. Holland, Jr. 
 Shawn JenkinsEX-4.4

 Exhibit 4.4 
 AMENDED AND RESTATED RIGHT OF FIRST OFFER AND CO-SALE AGREEMENT 

  

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
			
	1.	 	Definitions	  	 	1	  
			
	2.	 	Agreement Among the Company, the Investors and the Key Holders	  	 	3	  
		 	 2.1
	 	 Right of First Refusal
	  	 	3	  
		 	 2.2
	 	 Right of Co-Sale
	  	 	5	  
		 	 2.3
	 	 Effect of Failure to Comply
	  	 	7	  
			
	3.	 	Exempt Transfers	  	 	8	  
		 	3.1.	 	 Exempted Transfers
	  	 	8	  
		 	3.2.	 	 Exempted Offerings
	  	 	8	  
			
	4.	 	Legend	  	 	9	  
			
	5.	 	Miscellaneous	  	 	9	  
		 	5.1.	 	 Term
	  	 	9	  
		 	5.2.	 	 Stock Split
	  	 	9	  
		 	5.3.	 	 Ownership
	  	 	9	  
		 	5.4.	 	 Notices
	  	 	9	  
		 	5.5.	 	 Entire Agreement
	  	 	10	  
		 	5.6.	 	 Delays or Omissions
	  	 	10	  
		 	5.7.	 	 Amendment; Waiver and Termination
	  	 	10	  
		 	5.8	 	 Assignment of Rights
	  	 	11	  
		 	5.9	 	 Severability
	  	 	11	  
		 	5.10.	 	 Additional Investors
	  	 	11	  
		 	5.11.	 	 Governing Law
	  	 	12	  
		 	5.12.	 	 Titles and Subtitles
	  	 	12	  
		 	5.13.	 	 Counterparts; Facsimile
	  	 	12	  
		 	5.14.	 	 Aggregation of Stock
	  	 	12	  
		 	5.15.	 	 Specific Performance
	  	 	12	  
		 	5.16.	 	 Additional Key Holders
	  	 	12	  

  

					
	Schedule A	 	-	  	Investors
	Schedule B	 	-	  	Key Holders

  
 i 

 AMENDED AND RESTATED 

RIGHT OF FIRST OFFER 
 AND CO-SALE AGREEMENT 
 THIS AMENDED AND RESTATED
RIGHT OF FIRST OFFER AND CO-SALE AGREEMENT (the “Agreement”) is made as of the 25th day of August 2010 by and among Benefitfocus.com, Inc., a South Carolina corporation (the “Company”), the Investors listed on Schedule A and the Key Holders listed on
Schedule B. 
 WHEREAS, each Key Holder is the beneficial owner of the number of shares of Capital Stock, or of
options to purchase Common Stock, set forth opposite the name of such Key Holder on Schedule B; 
 WHEREAS, on
February 7, 2007 the Company and certain of the Investors (the “Series A Investors”) entered into the Series A Preferred Stock Purchase Agreement, dated January 19, 2007 (the “Series A Purchase
Agreement”), pursuant to which such Series A Investors purchased shares of the Series A Preferred Stock of the Company, no par value per share (“Series A Preferred Stock”), as well as a Right of First Offer and Co-Sale
Agreement with the Key Holders (the “Prior Agreement”); 
 WHEREAS, the undersigned, which includes the
Company, Key Holders holding a majority of the shares of Transfer Stock held by Key Holders under the Prior Agreement and holders of a majority of the shares of Common Stock issued or issuable upon conversion of the then outstanding shares of
Preferred Stock held by the Investors (voting as a single class and on an as-converted basis) required to amend the Prior Agreement, wish to amend and restate the Prior Agreement as set forth herein; 

WHEREAS, the Company and certain of the Investors (the “Series B Investors”) are parties to the Series B Preferred Stock
Purchase Agreement, dated as of the date hereof (the “Series B Purchase Agreement,” and together with the Series A Purchase Agreement, the “Purchase Agreements”), pursuant to which such Series B Investors have
agreed to purchase shares of the Series B Preferred Stock of the Company, no par value per share (“Series B Preferred Stock”); and 
 WHEREAS, the Key Holders, the Series A Investors and the Company desire to further induce the Series B Investors to purchase the Series B Preferred Stock; 

NOW, THEREFORE, the Company, the Key Holders and the Investors agree as follows: 

1. Definitions. 
 “Affiliate” means, with respect to any specified Investor, any other Investor who or which, directly or indirectly, controls, is controlled by or is under common control with such
Investor, including without limitation any general partner, officer, director or manager of such Investor, and any venture capital fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares
the same management company with, such Investor. 

  

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

“Capital Stock” means (a) shares of Common Stock and Preferred Stock (whether now outstanding or hereafter issued
in any context), (b) shares of Common Stock issued or issuable upon conversion of Preferred Stock and (c) shares of Common Stock issued or issuable upon exercise or conversion, as applicable, of stock options, warrants or other convertible
securities of the Company, in each case now owned or subsequently acquired by any Key Holder, any Investor, or their respective successors or permitted transferees or assigns. For purposes of the number of shares of Capital Stock held by an Investor
or Key Holder (or any other calculation based thereon), all shares of Preferred Stock shall be deemed to have been converted into Common Stock at the then-applicable conversion ratio. 

“Common Stock” means shares of common stock of the Company, no par value per share. 

“Company Notice” means written notice from the Company notifying the selling Key Holders or selling Investors, as
applicable, that the Company intends to exercise its Right of First Offer as to some or all of the Transfer Stock with respect to any Proposed Transfer. 
 “Investor Notice” means written notice from an Investor or a Key Holder notifying the Company and the selling Investor or selling Key Holder, as the case may be, that such non-selling
Investor or non-selling Key Holder intends to exercise its Secondary Offer Right as to a portion of the Transfer Stock with respect to any Proposed Transfer. 
 “Investors” means the persons named on Schedule A hereto as Series A Investors and Series B Investors, each person to whom the rights of an Investor are assigned pursuant to
Section 5.8, each person who hereafter becomes a signatory to this Agreement pursuant to Section 5.10 and any one of them, as the context may require; provided, however, that any such person listed as a Series A
Investor shall cease to be considered an Investor for purposes of this Agreement at any time such person and his, her or its Affiliates collectively hold shares representing less than 10% of the fully diluted equity of the Company, and that any such
person listed as a Series B Investor shall cease to be considered an Investor for purposes of this Agreement at any time such person and his, her or its Affiliates collectively hold shares representing less than 5% of the fully diluted equity of the
Company. 
 “Key Holders” means the persons named on Schedule B hereto, each person to whom the
rights of a Key Holder are assigned pursuant to Section 3.1, each person who hereafter becomes a signatory to this Agreement pursuant to Section 5.8 or 5.16 and any one of them, as the context may require; provided,
however, that any such person shall cease to be considered a Key Holder for purposes of this Agreement at any time such person and his, her or its Affiliates collectively hold shares representing less than 0.5% of the fully diluted equity of
the Company. 
 “Preferred Stock” means shares of preferred stock of the Company, no par value per share.

  
 2 

 “Proposed Transfer” means any assignment, sale, offer to sell, pledge,
mortgage, hypothecation, encumbrance, disposition of or any other like transfer or encumbering of any Transfer Stock (or any interest therein) proposed by any of the Key Holders or Investors. 

“Proposed Transfer Notice” means written notice from a Key Holder or Investor setting forth the terms and conditions of
a Proposed Transfer. 
 “Prospective Transferee” means any person to whom a Key Holder or Investor proposes to
make a Proposed Transfer. 
 “Right of Co-Sale” means the right, but not an obligation, of an Investor and Key
Holder to participate in a Proposed Transfer on the terms and conditions specified in the Proposed Transfer Notice. 

“Right of First Offer” means the right, but not an obligation, of the Company, or its permitted transferees or assigns,
to purchase some or all of the Transfer Stock with respect to a Proposed Transfer, on the terms and conditions specified in the Proposed Transfer Notice. 
 “Secondary Notice” means written notice from the Company notifying the Investors and the selling Key Holder that the Company does not intend to exercise its Right of First Offer as to all
shares of Transfer Stock with respect to any Proposed Transfer. 
 “Secondary Offer Right” means the right, but
not an obligation, of each Investor to purchase up to its pro rata portion (based upon the total number of shares of Capital Stock then held by all Investors) of any Transfer Stock not purchased pursuant to the Right of First Offer, on the terms and
conditions specified in the Proposed Transfer Notice. 
 “Transfer Stock” means shares of Capital Stock owned
by a Key Holder or Investor, or issued to a Key Holder or Investor after the date hereof (including, without limitation, in connection with any stock split, stock dividend, recapitalization, reorganization, or the like). 

“Undersubscription Notice” means written notice from an Investor or Key Holder notifying the Company and the selling
Investor or selling Key Holder, as applicable, that such non-selling Investor or non-selling Key Holder intends to exercise its option to purchase all or any portion of the Transfer Stock not purchased pursuant to the Right of First Offer or the
Secondary Offer Right. 
 2. Agreement Among the Company, the Investors and the Key Holders. 

2.1. Right of First Offer. 
 (a) Grant. Subject to the terms of Section 3 below, each Key Holder and Investor hereby unconditionally and irrevocably grants to the Company a Right of First Offer to purchase all or
any portion of Transfer Stock that such Key Holder or Investor may propose to transfer in a Proposed Transfer, at the same price and on the same terms and conditions as those contained in the Proposed Transfer Notice. 

  
 3 

 (b) Notice. Each Key Holder or Investor proposing to make a Proposed Transfer must
deliver a Proposed Transfer Notice to the Company and each other Investor and each other Key Holder not later than forty-five (45) days prior to the consummation of such Proposed Transfer. Such Proposed Transfer Notice shall contain the
material terms and conditions (including price and form of consideration) of the Proposed Transfer. To exercise its Right of First Offer under this Section 2, the Company must deliver a Company Notice to the selling Key Holder or
Investor within fifteen (15) days after delivery of the Proposed Transfer Notice. In the event of a conflict between this Agreement and any other agreement that may have been entered into by a Key Holder or Investor with the Company that
contains a preexisting right of first refusal or right of first offer, the Company, the Key Holder and the Investor acknowledge and agree that the terms of this Agreement shall control and the preexisting right of first refusal or right of first
offer shall be deemed satisfied by compliance with Section 2.1(a) and this Section 2.1 (b). In the event of a conflict between this Agreement and the Company’s Bylaws containing a preexisting right of first refusal or
right of first offer, the terms of the Bylaws will control and compliance with the Bylaws shall be deemed compliance with this Section 2.1(a) and (b) in full. 

(c) Grant of Secondary Offer Right to Investors. Subject to the terms of Section 3 below, each Key Holder and
Investor hereby unconditionally and irrevocably grants to the other Investors and Key Holders a Secondary Offer Right to purchase all or any portion of the Transfer Stock not purchased by the Company pursuant to the Right of First Offer, as provided
in this Section 2.1(c). If the Company does not intend to exercise its Right of First Offer with respect to all Transfer Stock subject to a Proposed Transfer, the Company must deliver a Secondary Notice to the selling Key Holder or
Investor, as the case may be, and to each non-selling Investor and non-selling Key Holder to that effect no later than fifteen (15) days after the selling Key Holder or Investor, as the case may be, delivers the Proposed Transfer Notice to the
Company. To exercise its Secondary Offer Right, a non-selling Investor or a non-selling Key Holder must deliver an Investor Notice to the selling Key Holder or selling Investor, as appropriate, and the Company within ten (10) days after the
Company’s deadline for its delivery of the Secondary Notice as provided in the preceding sentence. 
 (d)
Undersubscription of Transfer Stock. If options to purchase have been exercised by the Company and the non-selling Investors and non-selling Key Holders with respect to some but not all of the Transfer Stock by the end of the 10-day period
specified in the last sentence of Section 2.1(c) (the “Notice Period”), then the Company shall, immediately after the expiration of the Notice Period, send written notice (the “Company Undersubscription
Notice”) to those Investors and Key Holders who fully exercised their Secondary Offer Right within the Notice Period (the “Exercising Purchasers”). Each Exercising Purchaser shall, subject to the provisions of this
Section 2.1(d), have an additional option to purchase all or any part of the balance of any such remaining unsubscribed shares of Transfer Stock on the terms and conditions set forth in the Proposed Transfer Notice. To exercise such
option, an Exercising Purchaser must deliver an Undersubscription Notice to the selling Key Holder or selling Investor, as appropriate, and the Company within ten (10) days after the expiration of the Notice Period. In the event there are two
or more such Exercising Purchasers that choose to exercise the last-mentioned option for a total number of remaining shares in excess of the number available, the remaining shares available for purchase under this Section 2.1(d) shall be
allocated to such Exercising Purchasers pro rata based on the number of shares of Transfer Stock such Exercising 

  
 4 

 
Purchasers have elected to purchase pursuant to the Secondary Offer Right (without giving effect to any shares of Transfer Stock that any such Exercising Purchaser has elected to purchase
pursuant to the Company Undersubscription Notice). If the options to purchase the remaining shares are exercised in full by the Exercising Purchasers, the Company shall immediately notify all of the Exercising Purchasers and the selling Key Holder
or selling Investor, as the case may be, of that fact. 
 (e) Forfeiture of Rights. Notwithstanding the foregoing, if
the total number of shares of Transfer Stock that the Company and the Investors and/or Key Holders have agreed to purchase in the Company Notice, Investor Notices and Undersubscription Notices is less than the total number of shares of Transfer
Stock, then the Company and the Investors and the Key Holders shall be deemed to have forfeited any right to purchase such Transfer Stock, and the selling Key Holder or selling Investor shall be free to sell all, but not less than all, of the
Transfer Stock on terms and conditions substantially similar to (and in no event more favorable than) the terms and conditions set forth in the Proposed Transfer Notice, it being understood and agreed that (i) any such sale or transfer shall be
subject to the other terms and restrictions of this Agreement, including without limitation the terms and restrictions set forth in Sections 2.2 and 5.8(b); (ii) any future Proposed Transfer shall remain subject to the terms and
conditions of this Agreement, including this Section 2; and (iii) such sale shall be consummated within forty-five (45) days after receipt of the Proposed Transfer Notice by the Company and, if such sale is not consummated
within such forty-five (45) day period, such sale shall again become subject to the Right of First Offer and Secondary Offer Right on the terms set forth herein. 
 (f) Consideration; Closing. If the consideration proposed to be paid for the Transfer Stock is in property, services or other non-cash consideration, the fair market value of the consideration
shall be as determined in good faith by the Board and as set forth in the Company Notice. If the Company or any Investor cannot for any reason pay for the Transfer Stock in the same form of non-cash consideration, the Company or such Investor may
pay the cash value equivalent thereof, as determined in good faith by the Board and as set forth in the Company Notice. The closing of the purchase of Transfer Stock by the Company and the Investors shall take place, and all payments from the
Company and the Investors shall have been delivered to the selling Key Holder or selling Investor, as the case may be, by the later of (i) the date specified in the Proposed Transfer Notice as the intended date of the Proposed Transfer and
(ii) forty-five (45) days after delivery of the Proposed Transfer Notice. 
 2.2. Right of
Co-Sale. 
 (a) Exercise of Right. If any Transfer Stock subject to a Proposed Transfer is not purchased pursuant to
Section 2.1 above and thereafter is to be sold to a Prospective Transferee, each respective Investor and Key Holder may elect to exercise its Right of Co-Sale and participate on a pro rata basis in the Proposed Transfer as set forth in
Section 2.2(b) below and otherwise on the same terms and conditions specified in the Proposed Transfer Notice (provided that if an Investor wishes to sell Preferred Stock, such Preferred Stock shall first be converted into Common Stock
at the applicable conversion ratio). Each Investor and Key Holder who desires to exercise its or his Right of Co-Sale must give the selling Key Holder or selling Investor, as the case may be, written notice to that effect within fifteen
(15) days after the deadline for delivery of the Secondary Notice described above, and upon giving such notice 

  
 5 

 
such Investor or Key Holder, as applicable, shall be deemed to have effectively exercised the Right of Co-Sale. 
 (b) Shares Includable. Each Investor and Key Holder who timely exercises its or his Right of Co-Sale by delivering the written notice provided for above in Section 2.2(a) may include in
the Proposed Transfer all or any part of such Investor’s or Key Holder’s Capital Stock equal to the product obtained by multiplying (i) the aggregate number of shares of Transfer Stock subject to the Proposed Transfer (excluding
shares purchased by the Company or the Investors pursuant to the Right of First Offer or the Secondary Offer Right) by (ii) a fraction, the numerator of which is the number of shares of Capital Stock owned by such Investor immediately before
consummation of the Proposed Transfer (including any shares that such Investor has agreed to purchase pursuant to the Secondary Offer Right) and the denominator of which is the total number of shares of Capital Stock owned, in the aggregate, by all
Investors immediately prior to the consummation of the Proposed Transfer (including any shares that all Investors have collectively agreed to purchase pursuant to the Secondary Offer Right), plus the number of shares of Transfer Stock held by the
Key Holders. To the extent one or more of the Investors or Key Holders exercise such right of participation in accordance with the terms and conditions set forth herein, the number of shares of Transfer Stock that the selling Key Holder or selling
Investor may sell in the Proposed Transfer shall be correspondingly reduced. 
 (c) Delivery of Certificates. Each
Investor or Key Holder shall effect its participation in the Proposed Transfer by delivering to the transferring Key Holder or Investor, no later than fifteen (15) days after such non-transferring Investor’s and non-transferring Key
Holder’s exercise of the Right of Co-Sale, one or more stock certificates, properly endorsed for transfer to the Prospective Transferee, representing: 
 (i) the number of shares of Common Stock that such Investor Key Holder elects to include in the Proposed Transfer; or 
 (ii) the number of shares of Preferred Stock that is at such time convertible into the number of shares of Common Stock that such Investor elects to include in the Proposed Transfer; provided,
however, that if the Prospective Transferee objects to the delivery of convertible Preferred Stock in lieu of Common Stock, such Investor shall first convert the Preferred Stock into Common Stock and deliver Common Stock as provided above.
The Company agrees to make any such conversion concurrent with and contingent upon the actual transfer of such shares to the Prospective Transferee. 
 (d) Purchase Agreement. The parties hereby agree that the terms and conditions of any sale pursuant to this Section 2.2 will be memorialized in, and governed by, a written purchase and
sale agreement with customary terms and provisions for such a transaction and the parties further covenant and agree to enter into such an agreement as a condition precedent to any sale or other transfer pursuant to this Section 2.2.

 (e) Deliveries. Each stock certificate an Investor or Key Holder delivers to the selling Key Holder or selling
Investor pursuant to Section 2.2(c) above will be transferred to the Prospective Transferee against payment therefor in consummation of the sale 

  
 6 

 
of the Transfer Stock pursuant to the terms and conditions specified in the Proposed Transfer Notice and the purchase and sale agreement, and the selling Key Holder or selling Investor, as the
case may be, shall concurrently therewith remit or direct payment to each other Investor or Key Holder the portion of the sale proceeds to which such Investor or Key Holder is entitled by reason of its participation in such sale. If any Prospective
Transferee or Prospective Transferees refuse(s) to purchase securities subject to the Right of Co-Sale from any Investor or Key Holder exercising its Right of Co-Sale hereunder, no Key Holder or Investor may sell any Transfer Stock to such
Prospective Transferee or Transferees unless and until, simultaneously with such sale, such Key Holder or Investor purchases all securities subject to the Right of Co-Sale from such other Investor or Key Holder on the same terms and conditions
(including the proposed purchase price) as set forth in the Proposed Transfer Notice. 
 (f) Additional Compliance. If
any Proposed Transfer is not consummated within sixty (60) days after receipt of the Proposed Transfer Notice by the Company, the Key Holders or Investors proposing the Proposed Transfer may not sell any Transfer Stock unless they first comply
in full with each provision of this Section 2. The exercise or election not to exercise any right by any Investor or Key Holder hereunder shall not adversely affect its right to participate in any other sales of Transfer Stock subject to
this Section 2.2. 
 2.3. Effect of Failure to Comply. 

(a) Transfer Void; Equitable Relief. Any Proposed Transfer not made in compliance with the requirements of this Agreement shall
be null and void ab initio, shall not be recorded on the books of the Company or its transfer agent and shall not be recognized by the Company. Each party hereto acknowledges and agrees that any breach of this Agreement would result in substantial
harm to the other parties hereto for which monetary damages alone could not adequately compensate. Therefore, the parties hereto unconditionally and irrevocably agree that any non-breaching party hereto shall be entitled to seek protective orders,
injunctive relief and other remedies available at law or in equity (including, without limitation, seeking specific performance or the rescission of purchases, sales and other transfers of Transfer Stock not made in strict compliance with this
Agreement). 
 (b) Violation of First Offer Right. If any Key Holder or Investor becomes obligated to sell any Transfer
Stock to the Company or any other Investor or Key Holder under this Agreement and fails to deliver such Transfer Stock in accordance with the terms of this Agreement, the Company and/or such Investor and/or such Key Holder, may, at its or his
option, in addition to all other remedies it may have, send to such Key Holder or selling Investor the purchase price for such Transfer Stock as is herein specified and transfer to the name of the Company or such Investor or Key Holder (or request
that the Company effect such transfer in the name of an Investor or Key Holder) on the Company’s books the certificate or certificates representing the Transfer Stock to be sold. 

(c) Violation of Co-Sale Right. If any Key Holder or Investor purports to sell any Transfer Stock in contravention of the Right
of Co-Sale (a “Prohibited Transfer”), each other Investor or Key Holder who desires to exercise its Right of Co-Sale 

  
 7 

 
under Section 2.2 may, in addition to such remedies as may be available by law, in equity or hereunder, require such Key Holder or selling Investor to purchase from such other
Investor and Key Holder the type and number of shares of Capital Stock that such other Investor and Key Holder would have been entitled to sell to the Prospective Transferee under Section 2.2 had the Prohibited Transfer been effected
pursuant to and in compliance with the terms of Section 2.2. The sale will be made on the same terms and subject to the same conditions as would have applied had the Key Holder or Investor not made the Prohibited Transfer, except that
the sale (including, without limitation, the delivery of the purchase price) must be made within ninety (90) days after the other Investor or Key Holder learns of the Prohibited Transfer, as opposed to the timeframe proscribed in
Section 2.2. Such Key Holder or Investor shall also reimburse each other Investor and Key Holder for any and all reasonable and documented out-of-pocket fees and expenses, including reasonable legal fees and expenses, incurred pursuant
to the exercise or the attempted exercise of such other Investor’s or Key Holder’s rights under Section 2.2. 
 3. Exempt Transfers. 
 3.1. Exempted Transfers. Notwithstanding the
foregoing or anything to the contrary herein, the provisions of Sections 2.1 and 2.2 shall not apply: (a) in the case of a Key Holder or Investor that is an entity, upon a transfer by such Key Holder or Investor to its
stockholders, members, partners or other equity holders, (b) to a repurchase of Transfer Stock from a Key Holder by the Company at a price no greater than that originally paid by such Key Holder for such Transfer Stock and pursuant to an
agreement containing vesting and/or repurchase provisions approved by a majority of the Board, (c) to a pledge of Transfer Stock that creates a mere security interest in the pledged Transfer Stock, provided that the pledgee thereof
agrees in writing in advance to be bound by and comply with all applicable provisions of this Agreement to the same extent as if it were the Key Holder or Investor making such pledge, or (d) in the case of a Key Holder or Investor that is a
natural person, upon a transfer of Transfer Stock by such Key Holder or Investor made for bona fide estate planning purposes, either during his or her lifetime or on death by will or intestacy to his or her spouse, child (natural or adopted), or any
other direct lineal descendant of such Key Holder or Investor (or his or her spouse) (all of the foregoing collectively referred to as “family members”), or any other relative/person approved by unanimous consent of the Board, or any
custodian or trustee of any trust, partnership or limited liability company for the benefit of, or the ownership interests of which are owned wholly by, such Key Holder, Investor or any such family members; provided that in the case of
clause(s) (a), (c) or (d), the Key Holder or Investor, as applicable, shall deliver prior written notice to the other Investors of such pledge, gift or transfer and such shares of Transfer Stock shall at all times remain subject to the terms
and restrictions set forth in this Agreement and such transferee shall, as a condition to such issuance, deliver a counterpart signature page to this Agreement as confirmation that such transferee shall be bound by all the terms and conditions of
this Agreement as a Key Holder or Investor, as applicable (but only with respect to the securities so transferred to the transferee), including the obligations of a Key Holder or Investor with respect to Proposed Transfers of such Transfer Stock
pursuant to Section 2; and provided, further, in the case of any transfer pursuant to clause (a) or (d) above, that such transfer is made pursuant to a transaction in which there is no consideration actually paid
for such transfer. 

  
 8 

 3.2. Exempted Offerings. Notwithstanding the foregoing or anything to the contrary
herein, the provisions of Section 2 shall not apply to the sale of any Transfer Stock (a) to the public in an offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, or
(b) pursuant to a Deemed Liquidation Event (as defined in the Company’s Articles of Incorporation). 
 4.
Legend. Each certificate representing shares of Transfer Stock held by the Key Holders or Investors or issued to any permitted transferee in connection with a transfer permitted by Section 3(a) hereof shall be endorsed with the
following legend: 
 THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO,
AND IN CERTAIN CASES PROHIBITED BY, THE TERMS AND CONDITIONS OF A CERTAIN RIGHT OF FIRST OFFER AND CO-SALE AGREEMENT BY AND AMONG THE STOCKHOLDER, THE CORPORATION AND CERTAIN OTHER HOLDERS OF STOCK OF THE CORPORATION. COPIES OF SUCH AGREEMENT MAY BE
OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE CORPORATION. 
 Each Key Holder and Investor agrees that the Company may instruct its
transfer agent to impose transfer restrictions on the shares represented by certificates bearing the legend referred to in this Section 4 above to enforce the provisions of this Agreement, and the Company agrees to promptly do so. The
legend shall be removed upon termination of this Agreement at the request of the holder. 
 5. Miscellaneous. 

5.1. Term. This Agreement shall automatically terminate upon the earlier of (a) immediately prior to the consummation of the
Company’s qualified IPO and (b) the consummation of a Deemed Liquidation Event (as defined in the Company’s Articles of Incorporation). 
 5.2. Stock Split. All references to numbers of shares in this Agreement shall be appropriately adjusted to reflect any stock dividend, split, combination or other recapitalization affecting the
Capital Stock occurring after the date of this Agreement. 
 5.3. Ownership. Each Key Holder and Investor represents and
warrants that such Key Holder or Investor is the sole legal and beneficial owner of the shares of Transfer Stock subject to this Agreement and that no other person or entity has any interest in such shares (other than a community property interest
as to which the holder thereof has acknowledged and agreed in writing to the restrictions and obligations hereunder). 

  
 9 

 5.4. Notices. All notices and other communications given or made pursuant to this
Agreement shall be in writing and shall be deemed effectively given and received: (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 deposit
with a nationally recognized overnight courier, specifying next business day delivery, with 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 hereof, as the case may be, or to such email address, facsimile number or address as subsequently modified by written notice given in accordance with this Section 5.4. If notice is given to the Company, it shall be sent to
Benefitfocus.com, Inc., 100 Benefitfocus Way, Charleston, SC 29492, Attention: Mason Holland and a copy (which shall not constitute notice) shall also be sent to Wyrick Robbins Yates & Ponton LLP, 4101 Lake Boone Trail, Raleigh, NC 27607,
Attn: Donald R. Reynolds; and if notice is given to the Investors, a copy (which shall not constitute notice) 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 Herling. 
 5.5. Entire Agreement.
This Agreement (including the Exhibits and Schedules hereto) constitutes 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. 
 5.6. 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 theretofore 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. 
 5.7. Amendment; Waiver and Termination. This Agreement may be amended, modified or terminated (in
addition to pursuant to Section 5.1 above) 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
Company, (b) the Key Holders holding a majority of the shares of Transfer Stock then held by all of the Key Holders and (c) the holders of a majority of the shares of Common Stock issued or issuable upon conversion of the then outstanding
shares of Preferred Stock held by the Investors (voting as a single class and on an as-converted basis). Any amendment, modification, termination or waiver so effected shall be binding upon the

  
 10 

 
Company, the Investors, the Key Holders and all of their respective successors and permitted assigns whether or not such party, assignee or other shareholder entered into or approved such
amendment, modification, termination or waiver. Notwithstanding the foregoing, (i) this Agreement may not be amended, modified or terminated and the observance of any term hereunder 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, modification, termination or waiver applies to all Investors and Key Holders, respectively, in the same fashion and (ii) the consent of the Key Holders shall not
be required for any amendment, modification, termination or waiver if such amendment, modification, termination or waiver does not apply to the Key Holders, and (iii) Schedule A hereto may be amended by the Company from time to time in
accordance with the Purchase Agreements to add information regarding Additional Purchasers (as defined in the Purchase Agreements) without the consent of the other parties hereto. The Company shall give prompt written notice of any amendment,
modification or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, modification, termination or waiver. No waivers of or exceptions to any term, condition or provision of this Agreement, in
any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision. 
 5.8. Assignment of Rights. 
 (a) The terms and conditions of this
Agreement shall inure to the benefit of and be binding upon the respective successors and permitted 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 permitted assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

(b) Any successor or permitted assignee of any Key Holder, including any Prospective Transferee who purchases shares of Transfer Stock
in accordance with the terms hereof, shall deliver to the Company and the Investors, as a condition to any transfer or assignment, a counterpart signature page hereto pursuant to which such successor or permitted assignee shall confirm their
agreement to be subject to and bound by all of the provisions set forth in this Agreement that were applicable to the predecessor or assignor of such successor or permitted assignee. 

(c) The rights of the Investors hereunder are not assignable without the Company’s written consent (which shall not be unreasonably
withheld, delayed or conditioned), except by an Investor to any Affiliate, it being acknowledged and agreed that any such assignment shall be subject to and conditioned upon any such assignee’s delivery to the Company and the other Investors of
a counterpart signature page hereto pursuant to which such assignee shall confirm their agreement to be subject to and bound by all of the provisions set forth in this Agreement that were applicable to the assignor of such assignee. 

(d) Except in connection with an assignment by the Company by operation of law to the acquirer of the Company, the rights and
obligations of the Company hereunder may not be assigned under any circumstances. 

  
 11 

 5.9. Severability. The invalidity or unenforceability of any provision hereof shall
in no way affect the validity or enforceability of any other provision. 
 5.10. Additional Investors. Notwithstanding
anything to the contrary contained herein, if the Company issues additional shares of the Company’s Preferred Stock after the date hereof, any purchaser of such shares of Preferred Stock may become a party to this Agreement by executing and
delivering an additional counterpart signature page to this Agreement and thereafter shall be deemed an “Investor” for all purposes hereunder. 
 5.11. 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. 
 5.12. 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. 
 5.13. Counterparts;
Facsimile. This Agreement may be executed 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. This Agreement may also 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. 
 5.14. Aggregation of Stock. All shares of Capital Stock held or acquired by Affiliated entities or persons shall be aggregated together for the purpose of determining the availability of any rights
under this Agreement and the exercise of any such rights may be allocated among such Affiliated entities in such manner as such Affiliated entities may determine in their discretion. 

5.15. Specific Performance. In addition to any and all other remedies that may be available at law in the event of any breach of
this Agreement, each Investor shall be entitled to specific performance of the agreements and obligations of the Company and the Key Holders hereunder and to such other injunction or other equitable relief as may be granted by a court of competent
jurisdiction. 
 5.16. Additional Key Holders. In the event that after the date of this Agreement, the Company issues
shares of Common Stock, or options to purchase Common Stock, to any employee or consultant, which shares or options would collectively constitute with respect to such employee or consultant (taking into account all shares of Common Stock, options
and other purchase rights held by such employee or consultant) one half of one percent (0.5%) or more of the Company’s then outstanding Common 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 or 

  
 12 

 
converted), the Company shall, as a condition to such issuance, cause such employee or consultant to execute a counterpart signature page hereto as a Key Holder, and such person shall thereby be
bound by, and subject to, all the terms and provisions of this Agreement applicable to a Key Holder. 
 [Remainder of Page
Intentionally Left Blank] 

  
 13 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Right of First Offer
and Co-Sale Agreement as of the date first written above. 
  

			
	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 Right of First Offer and Co-Sale 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

	
	 /s/ Shawn Jenkins

	Name:	 	Shawn Jenkins
	Address:	 	 313 W. Civitas Street

		 	 Mt. Pleasant, SC 29464

 [Additional Signature Pages Follow] 

  
 Signature
Page to Amended and Restated Right of First Offer and Co-Sale 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
		 	Address:
		
		 	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
		 	Address:
		
		 	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
		 	Address:
		
		 	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
		 	Address:

  
 Signature
Page to Amended and Restated Right of First Offer and Co-Sale 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 Right of First Offer and Co-Sale Agreement 
 16 

 SCHEDULE A 

INVESTORS 
 Name

 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 
 Names
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

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