Velarion · Company Intelligence
Compensation Brief
Fiscal year 2021 · Filings through 2026-06-03

Benefitfocus (BNFT)

CEO Matthew Levin was paid $8,098,139 in fiscal year 2021, the 73rd percentile of its disclosed peer group (SEC filing 0001104659-22-057495 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$8,098,139
Matthew Levin total, FY2021
73rd
CEO pay percentile vs peers
97:1
CEO-to-median pay ratio
95.38%
Say-on-pay support, latest vote

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01

Summary Compensation Table — fiscal year 2021

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Matthew Levin$349,038$0$7,464,355$0$278,780$0$5,966$8,098,139
President, CEO and Director
Stephen Swad327,01902,808,7630180,5730650,0663,966,421
Former CEO, Director
Alpana Wegner368,26902,021,1480142,55806,9162,538,891
CFO
Mason Holland170,5950421,390000647,0791,239,064
Former Executive Chairman

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2021 totalFY2020 totalFY2019 totalΔ FY2020→2021
Matthew Levin$8,098,139———
Stephen Swad3,966,421———
Alpana Wegner2,538,891———
Mason Holland1,239,064———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against BNFT
2 companies name BNFT as a compensation peer

The list of companies that name BNFT as a peer is temporarily unavailable — recheck shortly.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2021

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Stephen SwadPSU2021-04-01—92,548—138,823$1,287,343
Matthew LevinPSU2021-05-04—19,550—19,550267,444
Alpana WegnerPSU2021-04-01—49,816—74,725692,941
Matthew LevinRSU2021-05-04——85,312—1,167,068
Matthew LevinRSU2021-05-04——248,826—3,403,940
Matthew LevinPSU2021-05-04—85,312—127,9681,167,068
Matthew LevinPSU2021-05-04—106,640—106,6401,458,835
Stephen SwadRSU2021-04-01——92,549—1,287,357
Alpana WegnerRSU2021-04-01——49,817—692,954
Alpana WegnerPSU2021-04-01—9,963—9,963138,585
Stephen SwadPSU2021-04-01—16,827—16,827234,064
Mason HollandPSU2021-04-01—12,118—12,118168,561
Alpana WegnerRSU2021-09-08——42,414—496,668
Mason HollandRSU2021-04-01——9,088—126,414
Mason HollandPSU2021-04-01—9,088—13,632126,414
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Stephen Swad$1,287,357$1,521,407$054.2%
Matthew Levin4,571,0082,893,347038.8%
Alpana Wegner1,189,622831,526041.1%
Mason Holland126,414294,975070.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2021

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Alpana WegnerRSU37,528—$400,048
Alpana WegnerPSU74,725—796,569
Alpana WegnerRSU49,817—531,049
Alpana WegnerRSU3,544—37,779
Alpana WegnerRSU14,526—154,847
Alpana WegnerRSU33,174—360,031
Alpana WegnerRSU145—1,546
Alpana WegnerRSU475—5,064
Alpana WegnerRSU33,731—359,572
Alpana WegnerRSU42,414—452,133
Alpana WegnerPSU12,620—134,529
Alpana WegnerRSU1,011—10,777
Alpana WegnerRSU23,137—246,640
Alpana WegnerRSU936—9,978
Alpana WegnerRSU2,165—23,079
Alpana WegnerRSU420—4,477
Alpana WegnerRSU40,673—433,574
Alpana WegnerRSU7,343—78,726
Alpana WegnerPSU9,963—106,206
Alpana WegnerRSU19,274—205,461
Alpana WegnerPSU34,705—369,955
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program is guided by our overarching philosophy of paying for demonstrable performance.

CEO STI target (% of salary)100%
CEO LTI target (% of salary)—
Independent consultantCompensia
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20222022-06-0929,516,7071,421,22610,02295.38%Passed
20212021-06-3028,481,8794,045,94931,37287.48%Passed
20202020-06-1123,875,3101,415,884124,98593.94%Passed
20192019-05-3124,599,206288,63562,94598.59%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20222022-06-0995.38%a
20212021-06-3087.48%b
20202020-06-1193.94%c

a. Approved under the standard stated in the filing — “Abstentions will have the same effect as a vote against this Proposal No.”.

b. Approved under the standard stated in the filing — “Abstentions will have the same effect as a vote against this Proposal 4.”.

c. Approved under the standard stated in the filing — “Abstentions will have the same effect as a vote against this Proposal Three.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)97 : 1
CEO total compensation$8,098,139
Median employee compensation—
08

Director compensation — fiscal year 2021

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Coretha M. RushingIndependent · Audit · Compensation & Talent (Chair)$54,462$289,716$0$0$0$344,178
Douglas A. DennerlineIndependent · Board Chair · Compensation & Talent33,955181,064000215,019
James Bradley WilsonIndependent · Audit · Compensation & Talent · Nominating & Governance (Co-Chair)1,311204,16500—204,476
John J. ParkIndependent · Audit (Chair)7,641176,801000184,442
Zeynep YoungIndependent · Nominating & Governance000000
Matthew LevinEmployee director000—00
Stephen M. SwadEmployee director000—00
A. Lanham NapierNot independent000000
Alexander LernerIndependent · Nominating & Governance (Co-Chair) · Newly elected000000
09

Board fee structure and ownership guideline

Annual cash retainer$180,000
Annual equity retainer$180,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)25,000 / 10,000 / 7,500
Stock ownership guideline$225,000
09b

Total cost of the board

ComponentFY2021
Cash retainers and fees$97,369
Equity awards (grant-date value)$851,746
All other compensation$0
Total cost of the board$949,115

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2021

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Benefitfocus names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Benefitfocus.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Workiva Inc.2025Julie Iskow$625,000$14,000,031$0$937,500$15,640,220
2Evolent Health, Inc.2025Seth Blackley867,06812,699,0860014,240,154
3SPS Commerce, Inc.2025Chad Collins609,65810,789,7040011,410,244
4Benefitfocus2021Matthew Levin349,0387,464,3550278,7808,098,139
5Phreesia, Inc.2026Chaim Indig515,0007,562,706008,077,706
6NextGen Healthcare, Inc.2023David Sides709,0096,598,1700548,7667,895,821
7Model N, Inc.2023Jason Blessing556,5006,009,6320306,6286,877,671
8Upland Software, Inc.2025John McDonald500,0004,235,000004,774,820
9Health Catalyst., Inc.2025Daniel Burton525,0003,444,040003,991,159
10Tabula Rasa HealthCare, Inc.2022Brian Adams450,0001,633,4980190,6882,301,712
11HealthStream, Inc.2025Robert Frist400,500224,97779,550158,100868,037
12NIC Inc.2025Cindy Launer167,614187,4930240,000712,516
13LivePerson, Inc.2025John Sabino00000
—Cornerstone OnDemand, Inc.——————not in coverage universe
—Castlight Health, Inc.——————not in coverage universe
—ChannelAdvisor Corporation——————not in coverage universe
—Inovalon Holdings, Inc.——————not in coverage universe
—Vocera Communications, Inc.——————not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Benefitfocus100.7%PSU 50 · RSU 50NoCompensia
Castlight Health, Inc.not disclosednot disclosednot disclosednot disclosed
ChannelAdvisor Corporationnot disclosednot disclosednot disclosednot disclosed
Cornerstone OnDemand, Inc.not disclosednot disclosednot disclosednot disclosed
Evolent Health, Inc.75%PSU 70 · RSU 30NoExequity
Health Catalyst., Inc.39%RSU 50 · PSU 50Yes — TSR AchievementAon (Human Capital Solutions practice)
HealthStream, Inc.97.6%not disclosedNonot disclosed
Inovalon Holdings, Inc.not disclosednot disclosednot disclosednot disclosed
LivePerson, Inc.not disclosednot disclosednot disclosedThird-party compensation consultant
Model N, Inc.55.1%RSU 50 · PRSU 50NoCompensia
NextGen Healthcare, Inc.not disclosedPSU 60 · RSU 40not disclosedFrederic W. Cook & Co., Inc.
NIC Inc.not disclosedRSU 100not disclosedMeridian
Phreesia, Inc.140.3%PSU 50 · RSU 50Yes — Relative TSRFW Cook, Inc.
SPS Commerce, Inc.not disclosedRSU 50 · PSU 50Yes — relative TSR performance against the Russell 2000 IndexCompensia, Inc.
Tabula Rasa HealthCare, Inc.not disclosedPSU 50 · RSU 50not disclosedPearl Meyer & Partners, LLC
Upland Software, Inc.not disclosednot disclosedYes — Absolute TSRKorn Ferry
Vocera Communications, Inc.not disclosednot disclosednot disclosednot disclosed
Workiva Inc.120%RSU 70 · PSU 30NoAlpine Rewards LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Benefitfocus in fiscal 2021?
As disclosed, Matthew Levin (President, CEO and Director) was the highest-paid executive at Benefitfocus in fiscal 2021, with total compensation of $8,098,139.
How does Benefitfocus's chief executive pay compare to its disclosed peer group?
As disclosed, Matthew Levin's total compensation ranked at the 73rd percentile of Benefitfocus's disclosed peer group.
What is Benefitfocus's CEO-to-median employee pay ratio?
As disclosed, Benefitfocus's CEO-to-median employee pay ratio was 97:1.
How did shareholders vote on Benefitfocus's executive compensation?
As disclosed, 95.38% of shareholders supported Benefitfocus's executive compensation in the latest say-on-pay vote.
How much does Benefitfocus spend in total on board compensation for fiscal 2021?
As disclosed, Benefitfocus reported total board compensation of $949,115 for fiscal 2021.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Matthew LevinDEF 14A2022-05-090001104659-22-057495Section “2021 Summary Compensation Table”. As printed: 8,098,139. Filing ↗machine: t45 · r1 · c35 · span 1150629–1150638
2Section 01, Stephen SwadDEF 14A2022-05-090001104659-22-057495Section “2021 Summary Compensation Table”. As printed: 3,966,421. Filing ↗machine: span 1173696–1173705
3Section 01, Alpana WegnerDEF 14A2022-05-090001104659-22-057495Section “2021 Summary Compensation Table”. As printed: 2,538,891. Filing ↗machine: span 1154890–1154899
4Section 01, Mason HollandDEF 14A2022-05-090001104659-22-057495Section “2021 Summary Compensation Table”. As printed: 1,239,064. Filing ↗machine: span 1162591–1162600
5Section 03, Stephen Swad PSUDEF 14A1900-01-010001104659-22-057495Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1391647–1391656
6Section 03, Matthew Levin PSUDEF 14A1900-01-010001104659-22-057495Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1316713–1316720
7Section 03, Alpana Wegner PSUDEF 14A1900-01-010001104659-22-057495Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1349069–1349076
8Section 03, Matthew Levin RSUDEF 14A1900-01-010001104659-22-057495Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1325691–1325700
9Section 03, Matthew Levin RSUDEF 14A1900-01-010001104659-22-057495Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1330178–1330187
10Section 03, Matthew Levin PSUDEF 14A1900-01-010001104659-22-057495Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1321205–1321214
11Section 03, Matthew Levin PSUDEF 14A1900-01-010001104659-22-057495Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1334685–1334694
12Section 03, Stephen Swad RSUDEF 14A1900-01-010001104659-22-057495Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1396122–1396131
13Section 03, Alpana Wegner RSUDEF 14A1900-01-010001104659-22-057495Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1353542–1353549
14Section 03, Alpana Wegner PSUDEF 14A1900-01-010001104659-22-057495Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1344589–1344596
15Section 03, Stephen Swad PSUDEF 14A1900-01-010001104659-22-057495Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1387166–1387173
16Section 03, Mason Holland PSUDEF 14A1900-01-010001104659-22-057495Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1368134–1368141
17Section 03, Alpana Wegner RSUDEF 14A1900-01-010001104659-22-057495Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1362429–1362436
18Section 03, Mason Holland RSUDEF 14A1900-01-010001104659-22-057495Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1377137–1377144
19Section 03, Mason Holland PSUDEF 14A1900-01-010001104659-22-057495Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1372639–1372646
20Section 07, pay ratioDEF 14A—0001104659-22-057495Section “CEO Pay Ratio”. As printed: 97 : 1.machine: span 1535324–1535331
21Section 08, Coretha M. RushingDEF 14A2022-05-090001104659-22-057495Section “Director Compensation”. As printed: 344,178. Filing ↗machine: t51 · r7 · c17 · span 1560968–1560975
22Section 08, Douglas A. DennerlineDEF 14A2022-05-090001104659-22-057495Section “Director Compensation”. As printed: 215,019. Filing ↗machine: t51 · r1 · c17 · span 1547824–1547831
23Section 08, James Bradley WilsonDEF 14A2022-05-090001104659-22-057495Section “Director Compensation”. As printed: 204,476. Filing ↗machine: t51 · r10 · c17 · span 1567542–1567549
24Section 08, John J. ParkDEF 14A2022-05-090001104659-22-057495Section “Director Compensation”. As printed: 184,442. Filing ↗machine: t51 · r5 · c17 · span 1556483–1556490
25Section 08, Zeynep YoungDEF 14A2022-05-090001104659-22-057495Section “Director Compensation”. As printed: 0. Filing ↗machine: t51 · r11 · c17 · span 1569644–1569651
26Section 08, Matthew LevinDEF 14A2022-05-090001104659-22-057495Section “Director Compensation”. As printed: 0. Filing ↗
27Section 08, Stephen M. SwadDEF 14A2022-05-090001104659-22-057495Section “Director Compensation”. As printed: 0. Filing ↗
28Section 08, A. Lanham NapierDEF 14A2022-05-090001104659-22-057495Section “Director Compensation”. As printed: 0. Filing ↗machine: t51 · r4 · c17 · span 1554285–1554292
29Section 08, Alexander LernerDEF 14A2022-05-090001104659-22-057495Section “Director Compensation”. As printed: 0. Filing ↗
30Section 06, 2022 voteForm 8-K2022-06-130001193125-22-172999Item 5.07 · say-on-pay result. As reported: 95.38%. Filing ↗
31Section 06, 2021 voteForm 8-K2021-07-010001193125-21-206476Item 5.07 · say-on-pay result. As reported: 87.48%. Filing ↗
32Section 06, 2020 voteForm 8-K2020-06-120001193125-20-167695Item 5.07 · say-on-pay result. As reported: 93.94%. Filing ↗
33Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
34Section 09b board cost (computed)Computed——Cash 97,369 + equity 851,746 + all other 0 = 949,115, summed across the director compensation table rows.machine: formula: Σ = 949,115
35Workiva Inc., Section 10b CEO totalDEF 14A2026-04-170001445305-26-000030CEO total compensation as printed in Workiva Inc.'s own proxy. As printed: 15,640,220. Filing ↗machine: span 1433486–1433496
36Evolent Health, Inc., Section 10b CEO totalDEF 14A2026-04-240001193125-26-177267CEO total compensation as printed in Evolent Health, Inc.'s own proxy. As printed: 14,240,154. Filing ↗machine: r3 · c20 · span 908544–908555
37SPS Commerce, Inc., Section 10b CEO totalDEF 14A2026-04-140001092699-26-000029CEO total compensation as printed in SPS Commerce, Inc.'s own proxy. As printed: 11,410,244. Filing ↗machine: r2 · c42 · span 913548–913558
38Benefitfocus (subject), Section 10b CEO totalDEF 14A2022-05-090001104659-22-057495CEO total compensation as printed in Benefitfocus's own proxy. As printed: 8,098,139. Filing ↗machine: t45 · r1 · c35 · span 1150629–1150638
39Phreesia, Inc., Section 10b CEO totalDEF 14A2026-05-140001412408-26-000155CEO total compensation as printed in Phreesia, Inc.'s own proxy. As printed: 8,077,706. Filing ↗machine: span 634967–634976
40NextGen Healthcare, Inc., Section 10b CEO totalDEF 14A2023-07-270000950170-23-034847CEO total compensation as printed in NextGen Healthcare, Inc.'s own proxy. As printed: 7,895,821. Filing ↗machine: span 1013737–1013746
41Model N, Inc., Section 10b CEO totalDEF 14A2024-01-050001118417-24-000010CEO total compensation as printed in Model N, Inc.'s own proxy. As printed: 6,877,671. Filing ↗machine: span 545217–545226
42Upland Software, Inc., Section 10b CEO totalDEF 14A2026-04-200001505155-26-000022CEO total compensation as printed in Upland Software, Inc.'s own proxy. As printed: 4,774,820. Filing ↗machine: span 341914–341923
43Health Catalyst., Inc., Section 10b CEO totalDEF 14A2026-06-030001636422-26-000075CEO total compensation as printed in Health Catalyst., Inc.'s own proxy. As printed: 3,991,159. Filing ↗machine: span 702084–702093
44Tabula Rasa HealthCare, Inc., Section 10b CEO totalDEF 14A2023-04-280001104659-23-052070CEO total compensation as printed in Tabula Rasa HealthCare, Inc.'s own proxy. As printed: 2,301,712. Filing ↗machine: r1 · c42 · span 1278656–1278665
45HealthStream, Inc., Section 10b CEO totalDEF 14A2026-04-100001437749-26-012017CEO total compensation as printed in HealthStream, Inc.'s own proxy. As printed: 868,037. Filing ↗machine: span 501227–501234
46NIC Inc., Section 10b CEO totalDEF 14A2026-04-080002077096-26-000051CEO total compensation as printed in NIC Inc.'s own proxy. As printed: 712,516. Filing ↗machine: r1 · c14 · span 896293–896300
47LivePerson, Inc., Section 10b CEO totalDEF 14A2025-05-220001102993-25-000068CEO total compensation as printed in LivePerson, Inc.'s own proxy. As printed: 0. Filing ↗
48Section 10a, NextGen Healthcare, Inc. reciprocityDEF 14A—0000950170-23-034847NextGen Healthcare, Inc. names Benefitfocus in its own disclosed peer group (read from its most recent proxy). Filing ↗
49Section 10a, Model N, Inc. reciprocityDEF 14A—0001118417-24-000010Model N, Inc. names Benefitfocus in its own disclosed peer group (read from its most recent proxy). Filing ↗
50Section 10a, NIC Inc. reciprocityDEF 14A—0002077096-26-000051NIC Inc.'s most recent proxy was read; its disclosed peer group does not include Benefitfocus. Filing ↗
51Section 10a, Health Catalyst., Inc. reciprocityDEF 14A—0001636422-26-000075Health Catalyst., Inc.'s most recent proxy was read; its disclosed peer group does not include Benefitfocus. Filing ↗
52Section 10a, SPS Commerce, Inc. reciprocityDEF 14A—0001092699-26-000029SPS Commerce, Inc.'s most recent proxy was read; its disclosed peer group does not include Benefitfocus. Filing ↗
53Section 10a, LivePerson, Inc. reciprocityDEF 14A—0001102993-25-000068LivePerson, Inc.'s most recent proxy was read; its disclosed peer group does not include Benefitfocus. Filing ↗
54Section 10a, Phreesia, Inc. reciprocityDEF 14A—0001412408-26-000155Phreesia, Inc.'s most recent proxy was read; its disclosed peer group does not include Benefitfocus. Filing ↗
55Section 10a, Evolent Health, Inc. reciprocityDEF 14A—0001193125-26-177267Evolent Health, Inc.'s most recent proxy was read; its disclosed peer group does not include Benefitfocus. Filing ↗
56Section 10a, Tabula Rasa HealthCare, Inc. reciprocityDEF 14A—0001104659-23-052070Tabula Rasa HealthCare, Inc. names Benefitfocus in its own disclosed peer group (read from its most recent proxy). Filing ↗

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