GlobeNewswire Inc | May 17, 2021 04:20PM EDT

May 17, 2021

CHARLESTON, S.C., May 17, 2021 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ: BNFT), an industry-leading benefits technology platform that simplifies benefits administration for employers, health plans and brokers, announces that it has filed definitive proxy materials with the U.S. Securities and Exchange Commission in connection with its upcoming 2021 annual meeting of stockholders. Benefitfocus also commenced mailing the proxy materials to stockholders today.

The Benefitfocus 2021 annual meeting of stockholders is scheduled to take place on June 30, 2021 at 10:00 am EDT at the companys headquarters in Charleston, South Carolina. Stockholders of record as of the close of business on May 10, 2021 will be entitled to vote at the annual meeting.

We believe Benefitfocus is a strong company, with the right leadership, team and strategy for growth and value creation, said Doug Dennerline, incoming independent chairman of the Benefitfocus board. We have engaged with many Benefitfocus stockholders over the past year and value the feedback we have received. Importantly, we have taken steps to significantly enhance the companys governance profile, diversify the Board, and strengthen the management team. We are confident that Benefitfocus is poised for sustainable growth and success.

Dennerline added, We have spent considerable time engaging with Indaba, a Benefitfocus debtholder and stockholder. We are pleased that Indaba has withdrawn its director nominations, and we will continue our efforts to constructively engage with Indaba and our other shareholders.

The Benefitfocus board of directors unanimously recommends that Benefitfocus stockholders vote FOR the incumbent directors, and FOR all proposals submitted at the annual meeting, including the proposal to declassify the board and provide for the annual election of directors.

Benefitfocus stockholders who need assistance in completing the proxy card or voting instruction form or have questions regarding the Benefitfocus annual meeting may contact the companys proxy solicitors:

If you have any questions or need assistance voting your white proxy card, please contact: Okapi Partners 1212 Avenue of the Americas, 24th Floor New York, NY 10036 Telephone for Banks, Brokers and International Shareholders: +1 212-297-0720 Shareholders may call toll-free (from the U.S. and Canada): 877-629-6355 Email: info@okapipartners.com

Additional information about the annual meeting and the meeting materials can be found on the investor relations section of the companys website.

AboutBenefitfocusBenefitfocus(NASDAQ: BNFT) unifies the entire benefits industry through innovative technology solutions that bring efficiency, cost savings and simplicity to employee benefits administration. Our powerful cloud-based software, data-driven insights and thoughtfullydesigned services help employers, insurance brokers, health plansand suppliersaddress the complexity of benefits enrollment and engagement, while bringing easier access to health, wealth and lifestyle products througha world-class benefits experience.Our mission is simple: to improve lives with benefits.Learn more atwww.benefitfocus.com,LinkedInandTwitter.

DISCLAIMER REGARDING FORWARD LOOKING STATEMENTSExcept 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;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 the other risk factors set forth from time to time in ourSECfilings, copies of which are available free of charge within the Investor Relations section of theBenefitfocuswebsite at http://investor.benefitfocus.com/sec-filingsor upon request from our Investor Relations Department.Benefitfocusassumes no obligation and does not intend to update these forward-looking statements, except as required by law.

Important Additional Information and Where to Find ItThe company has filed with the SEC a definitive proxy statement (the Proxy Statement) and associated white proxy card in connection with the solicitation of proxies from the companys stockholders for the companys 2021 annual meeting of stockholders (the Annual Meeting). Details concerning the nominees of the Companys board of directors for election at the Annual Meeting are included in the Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY FILES WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors and stockholders may obtain a copy of the Proxy Statement, an accompanying white proxy card, any amendments or supplements to the Proxy Statement and other documents filed by the company with the SEC at no charge from the SECs website at www.sec.gov. Copies will also be available at no charge in the Investor Relations section of the Benefitfocus website at http://investor.benefitfocus.com/sec-filings or by contacting the companys Investor Relations Department at ir@benefitfocus.com, as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC.

Benefitfocus, Inc.843-981-8898pr@benefitfocus.com

Investor Relations:Patti Leahy843-981-8899ir@benefitfocus.com