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Filing Details

Accession Number:: 0000921895-22-001004
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2022-03-28 17:32:42
Reporting Period:: 2022-03-24

Accepted Time:: 2022-03-28 17:32:42
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1576169	Benefitfocus Inc.	BNFT	()	4

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
1250078	C Derek Schrier	C/O Indaba Capital Management, L.p. One Letterman Dr., Blding D, Suite Dm700 San Francisco CA 94129	No	No	Yes	No
1524362	Indaba Capital Management, L.p.	One Letterman Drive Building D, Suite Dm700 San Francisco CA 94129	No	No	Yes	No
1596505	Ic Gp, Llc	One Letterman Drive, Building D, Suite Dm700 San Francisco CA 94129	No	No	Yes	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Acquisiton	2022-03-24	22,047	$12.37	3,843,694	No	4	P	Indirect	See Footnotes
Common Stock	Acquisiton	2022-03-25	20,000	$12.45	3,863,694	No	4	P	Indirect	See Footnotes
Common Stock	Acquisiton	2022-03-28	100,000	$12.72	3,963,694	No	4	P	Indirect	See Footnotes

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	See Footnotes
No	4	P	Indirect	See Footnotes
No	4	P	Indirect	See Footnotes

Footnotes

This Form 4 is filed jointly by Indaba Capital Management, L.P. (the "Investment Manager"), IC GP, LLC ("IC GP"), and Derek C. Schrier (collectively, the "Reporting Persons"). Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.
Securities held directly by Indaba Capital Fund, L.P. (the "Fund"). Pursuant to an Investment Management Agreement, the Fund and its general partner have delegated all voting and investment power over the securities directly held by the Fund to the Investment Manager. As a result, each of the Investment Manager, IC GP, as the general partner of Investment Manager, and Mr. Schrier, as Managing Member of IC GP, may be deemed to exercise voting and investment power over such securities. The Fund specifically disclaims beneficial ownership of such securities by virtue of its inability to vote or dispose of such securities as a result of such delegation to the Investment Manager.
Shares of common stock of Benefitfocus, Inc. (the "Issuer") acquired for the account of the Fund. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $12.245 to $12.50, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnotes (3), (4), and (5) to this Form 4.
Shares of common stock of the Issuer acquired for the account of the Fund. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $12.34 to $12.67, inclusive.
Shares of common stock of the Issuer acquired for the account of the Fund. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $12.37 to $12.75, inclusive.