FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this Amendment) is made and entered into this 25th day of August 2020, by and between: Benefitfocus.com, Inc., having its principal place of business at 100 Benefitfocus Way, Charleston, SC 29492 (hereinafter referred to as Benefitfocus), and Stephen Swad (hereinafter referred to as the Associate)
WHEREAS, Associate and Benefitfocus previously entered into an Employment Agreement dated as of July 2, 2019 (the Employment Agreement);
WHEREAS, Associate and Benefitfocus wish to alter certain terms of the Employment Agreement with regard to Associates title, responsibilities, compensation and other matters; and
WHEREAS, in light of the foregoing, Associate and Benefitfocus desire to mutually and voluntarily amend the Employment Agreement, pursuant to the terms as set forth herein, effective as of August 24, 2020 (the Amendment Effective Date).
NOW, THEREFORE, in consideration of the foregoing, the mutual promises herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows.
1. AMENDMENT TO SECTION 1 OF THE EMPLOYMENT AGREEMENT. Section 1 of the Employment Agreement is modified as of the Amendment Effective Date by replacing the existing Section 1 in its entirety with a new Section 1 as follows:
1. Employment. Benefitfocus hereby agrees to employ the Associate in the capacity of Chief Executive Officer, upon the terms and conditions set out herein, and the Associate accepts such employment.
2. AMENDMENT TO SECTION 3 OF THE EMPLOYMENT AGREEMENT. Section 3 of the Employment Agreement is modified as of the Amendment Effective Date by replacing the existing Section 3 in its entirety with a new Section 3 as follows:
3. Duties. In his role as Chief Executive Officer, Associate will perform the duties as set out in Exhibit A entitled Chief Executive Officer Job Description, which is incorporated herein and made a part of this Agreement, and shall perform such additional duties as may otherwise be assigned to Associate from time to time by Benefitfocus Board of Directors.
3. AMENDMENT TO SECTION 19 OF THE EMPLOYMENT AGREEMENT. Section 19 of the Employment Agreement is modified as of the Amendment Effective Date by adding the following sentence to the end of the Section: