BENEFITFOCUS, INC. (NASDAQ:BNFT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.Entry into a Material Definitive Agreement.
On March 13, 2020, Benefitfocus.com, Inc., a wholly owned subsidiary of Benefitfocus, Inc. (the “Company”), executed an Amendment to Leases amending: (i) the Lease Agreement dated January 1, 2009, as amended, between the Company and Daniel Island Executive Center, LLC (“DIEC”); (ii) the Lease Agreement dated May 31, 2005, as amended, between the Company and DIEC; and (iii) the Commercial Lease Agreement dated December 13, 2013, as amended, between the Company and DIEC II, LLC (“DIEC II” and, together with “DIEC”, the “Lessors”). to the Amendment to Leases, the Company paid the Lessors $3,993,352 for rent due to the Lessors from January 1, 2021 to June 1, 2021, representing an approximately 17% discount on rent due for those periods.
The Lessors are South Carolina limited liability companies. The Holland Family Trust is part owner of each of the Lessors. Mason R. Holland, Jr., Executive Chairman of the Company’s Board of Directors (the “Board”), is affiliated with the Holland Family Trust. In accordance with the Company’s policies and procedures with respect to related-party transactions, after being apprised of Mr. Holland’s relationship with the Lessors, the Audit Committee of the Board and the disinterested directors carefully considered and then unanimously approved the Amendment to Leases as being in the best interests of the Company and its stockholders, other than Mr. Holland.
The description of Amendment to Leases provided above is qualified in its entirety by reference to the full and complete terms of the Amendment to Leases, which is filed as exhibit 10.26 to this Current Report on Form 8-K and is incorporated herein by reference.
The information set forth above in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
Benefitfocus,Inc. Exhibit
EX-10.26 2 bnft-ex1026_6.htm EX-10.26 bnft-ex1026_6.htm Exhibit 10.26 AMENDMENT TO LEASES This Amendment to Leases (the “Amendment”) is made and entered into as of March 13,…
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About BENEFITFOCUS, INC. (NASDAQ:BNFT)
Benefitfocus, Inc. (Benefitfocus) provides cloud-based benefits software solutions for consumers, employers, insurance carriers and brokers. The Benefitfocus Platform allows how organizations and individuals shop for, enroll in, manage and exchange benefits. It operates through two business segments: Employer, which derives its revenue from customers that use the Company’s services for the provision of benefits to their employees, and administrators acting on behalf of employers, Carrier, which derives its revenue from insurance companies that provide coverage at their own risk. Its products and services for Insurance Carriers include Marketplaces; eEnrollment; eExchange; Core & Advanced Analytics; Integrations; Implementation Services, and Benefits Service Center. Its products and services for employers include Benefitfocus Marketplace, Communication Portal, Benefitstore, Video, ACA Compliance & Reporting, eBilling & Payment, Implementation Services and Benefits Service Center.
