Benefitfocus Announces Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
09 August 2022 - 10:44PM
Benefitfocus Inc. (NASDAQ: BNFT) (“Benefitfocus” or the
“Company”), a cloud-based benefits administration technology
company committed to helping customers and the people they serve
get the most out of their health care and benefit programs, today
announced that, in connection with the appointment of Ed
Rumzis as executive vice president and chief technology officer,
and in accordance with the terms of his employment agreement with
the Company, the Compensation and Talent Committee of Benefitfocus’
Board of Directors approved an initial equity grant to Mr.
Rumzis of 187,664 restricted stock units (“RSUs”) with a value
of $1,500,000 (the “Initial Grant”).
The Initial Grant will vest in four equal annual installments
beginning on the first anniversary of Mr. Rumzis’ start date of
August 8, 2022, subject to Mr. Rumzis continuing with the Company
through the applicable vesting dates and with potential
acceleration upon certain terminations of employment.
The Initial Grant was made as a material inducement to Mr.
Rumzis becoming an employee of the Company in accordance
with Nasdaq Listing Rule 5635(c)(4). The RSUs are subject to the
terms and conditions of the grant agreement covering the Initial
Grant.
About Benefitfocus
Benefitfocus (NASDAQ: BNFT) is a
cloud-based benefits administration technology company committed to
helping our customers, and the people they serve, get the most out
of their health care and benefit programs. Through exceptional
service and innovative SaaS solutions, we aim to be the safest set
of hands for our customers helping to simplify the complexity of
benefits administration while delivering an experience that engages
people and unlocks the potential for better health and improved
outcomes. Our mission is simple: to improve lives with
benefits.
Media:Maurissa Kanterpr@benefitfocus.com Investor Relations:Doug
Kuckelman843-790-7460doug.kuckelman@benefitfocus.com
Safe Harbor Statement
Except for historical information, all of the
statements, expectations, and assumptions contained in this press
release are forward-looking statements. Actual results might differ
materially from those explicit or implicit in the forward-looking
statements. Important factors that could cause actual results to
differ materially include: our ability to maintain our culture and
recruit, integrate and retain qualified personnel, including on our
Board of Directors; our ability to compete effectively and
implement our growth strategy; our reliance on channel
relationships; market developments and opportunities; the need to
innovate and provide useful products and services; risks related to
changing healthcare and other applicable regulations; the immature
and volatile nature of the market for our products and services;
privacy; security and other risks associated with our business;
management of growth; volatility and uncertainty in the global
economy and financial markets in light of the evolving COVID-19
pandemic and war in Ukraine; and the other risk factors set forth
from time to time in our SEC filings, copies of which are available
free of charge within the Investor Relations section of the
Benefitfocus website at
http://investor.benefitfocus.com/sec-filings or upon request from
our Investor Relations Department. Benefitfocus assumes no
obligation and does not intend to update these forward-looking
statements, except as required by law.
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