Edgar Filing: CAMDEN PARTNERS STRATEGIC FUND III LP

Ownership Submission

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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3235-0104

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

Â BERKELEY RICHARD M

2. Date of Event Requiring Statement (Month/Day/Year)
08/04/2011

3. Issuer Name and Ticker or Trading Symbol
WAGEWORKS, INC. [WAGE]

(Last)

(First)

(Middle)

C/O CAMDEN PARTNERS STRATEGIC MGR LLC,Â 500 E. PRATT STREET, SUITE 1200

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

__X__ Director	_____ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

5. If Amendment, Date Original Filed(Month/Day/Year)

(Street)

BALTIMORE,Â MDÂ 21202

6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	59,492	I	See Footnote ⁽¹⁾
Common Stock	2,472	I	See Footnote ⁽²⁾
Common Stock	46,934	I	See Footnote ⁽³⁾
Common Stock	2,784	I	See Footnote ⁽⁴⁾

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security		6. Nature of Indirect Beneficial Ownership (Instr. 5)
Option to Buy (Common Stock)	Â ⁽⁵⁾	08/01/2015	Common Stock	5,000	$ 2	D	Â
Option to Buy (Common Stock)	Â ⁽⁵⁾	02/17/2018	Common Stock	6,500	$ 8.28	D	Â
Option to Buy (Common Stock)	Â ⁽⁵⁾	05/07/2019	Common Stock	6,500	$ 6.14	D	Â
Option to Buy (Common Stock)	Â ⁽⁵⁾	05/06/2020	Common Stock	6,500	$ 5.32	D	Â
Series A-1 Preferred Stock	Â ⁽⁶⁾	Â ⁽⁶⁾	Common Stock	525	$ ⁽⁶⁾	I	See Footnote ⁽¹⁾
Series A-1 Preferred Stock	Â ⁽⁶⁾	Â ⁽⁶⁾	Common Stock	22	$ ⁽⁶⁾	I	See Footnote ⁽²⁾
Series A-1 Preferred Stock	Â ⁽⁶⁾	Â ⁽⁶⁾	Common Stock	148	$ ⁽⁶⁾	I	See Footnote ⁽³⁾
Series A-1 Preferred Stock	Â ⁽⁶⁾	Â ⁽⁶⁾	Common Stock	9	$ ⁽⁶⁾	I	See Footnote ⁽⁴⁾
Series A-2 Preferred Stock	Â ⁽⁷⁾	Â ⁽⁷⁾	Common Stock	302	$ ⁽⁷⁾	I	See Footnote ⁽¹⁾
Series A-2 Preferred Stock	Â ⁽⁷⁾	Â ⁽⁷⁾	Common Stock	12	$ ⁽⁷⁾	I	See Footnote ⁽²⁾
Series A-2 Preferred Stock	Â ⁽⁷⁾	Â ⁽⁷⁾	Common Stock	84	$ ⁽⁷⁾	I	See Footnote ⁽³⁾
Series A-2 Preferred Stock	Â ⁽⁷⁾	Â ⁽⁷⁾	Common Stock	5	$ ⁽⁷⁾	I	See Footnote ⁽⁴⁾
Series C Preferred Stock	Â ⁽⁸⁾	Â ⁽⁸⁾	Common Stock	1,581,341	$ ⁽⁸⁾	I	See Footnote ⁽¹⁾
Series C Preferred Stock	Â ⁽⁸⁾	Â ⁽⁸⁾	Common Stock	65,718	$ ⁽⁸⁾	I	See Footnote ⁽²⁾
Series C Preferred Stock	Â ⁽⁸⁾	Â ⁽⁸⁾	Common Stock	444,235	$ ⁽⁸⁾	I	See Footnote ⁽³⁾
Series C Preferred Stock	Â ⁽⁸⁾	Â ⁽⁸⁾	Common Stock	26,353	$ ⁽⁸⁾	I	See Footnote ⁽⁴⁾
Series D Preferred Stock	Â ⁽⁸⁾	Â ⁽⁸⁾	Common Stock	134,428	$ ⁽⁸⁾	I	See Footnote ⁽¹⁾
Series D Preferred Stock	Â ⁽⁸⁾	Â ⁽⁸⁾	Common Stock	5,586	$ ⁽⁸⁾	I	See Footnote ⁽²⁾
Series D Preferred Stock	Â ⁽⁸⁾	Â ⁽⁸⁾	Common Stock	37,764	$ ⁽⁸⁾	I	See Footnote ⁽³⁾
Series D Preferred Stock	Â ⁽⁸⁾	Â ⁽⁸⁾	Common Stock	2,240	$ ⁽⁸⁾	I	See Footnote ⁽⁴⁾
Series E Preferred Stock	Â ⁽⁸⁾	Â ⁽⁸⁾	Common Stock	430,565	$ ⁽⁸⁾	I	See Footnote ⁽¹⁾
Series E Preferred Stock	Â ⁽⁸⁾	Â ⁽⁸⁾	Common Stock	17,893	$ ⁽⁸⁾	I	See Footnote ⁽²⁾
Series E-1 Warrant (Right to buy)	07/30/2010	06/30/2014	Series E-1 Preferred Stock	710,243 ⁽⁹⁾	$ 2.29 ⁽⁹⁾	I	See Footnote ⁽¹⁾
Series E-1 Warrant (Right to buy)	07/30/2010	06/30/2014	Series E-1 Preferred Stock	29,516 ⁽¹⁰⁾	$ 2.29 ⁽¹⁰⁾	I	See Footnote ⁽²⁾

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
BERKELEY RICHARD M C/O CAMDEN PARTNERS STRATEGIC MGR LLC 500 E. PRATT STREET, SUITE 1200 BALTIMORE,Â MDÂ 21202	Â X	Â	Â	Â
WARNOCK DAVID L C/O CAMDEN PARTNERS STRATEGIC MGR LLC 500 E. PRATT STREET, SUITE 1200 BALTIMORE,Â MDÂ 21202	Â X	Â	Â	Â
CAMDEN PARTNERS STRATEGIC FUND III LP C/O CAMDEN PARTNERS STRATEGIC MGR LLC 500 E. PRATT STREET, SUITE 1200 BALTIMORE,Â MDÂ 21202	Â X	Â	Â	Â
CAMDEN PARTNERS STRATEGIC FUND III-A LP C/O CAMDEN PARTNERS STRATEGIC MGR LLC 500 E. PRATT STREET, SUITE 1200 BALTIMORE,Â MDÂ 21202	Â X	Â	Â	Â
Camden Partners Strategic III, LLC C/O CAMDEN PARTNERS STRATEGIC MGR LLC 500 E. PRATT STREET, SUITE 1200 BALTIMORE,Â MDÂ 21202	Â X	Â	Â	Â
CAMDEN PARTNERS STRATEGIC FUND II A LP C/O CAMDEN PARTNERS STRATEGIC MGR LLC 500 E. PRATT STREET, SUITE 1200 BALTIMORE,Â MDÂ 21202	Â X	Â	Â	Â
CAMDEN PARTNERS STRATEGIC FUND II B LP C/O CAMDEN PARTNERS STRATEGIC MGR LLC 500 E. PRATT STREET, SUITE 1200 BALTIMORE,Â MDÂ 21202	Â X	Â	Â	Â
CAMDEN PARTNERS STRATEGIC II LLC C/O CAMDEN PARTNERS STRATEGIC MGR LLC 500 E. PRATT STREET, SUITE 1200 BALTIMORE,Â MDÂ 21202	Â X	Â	Â	Â
Camden Partners Strategic Manager, LLC C/O CAMDEN PARTNERS STRATEGIC MGR LLC 500 E. PRATT STREET, SUITE 1200 BALTIMORE,Â MDÂ 21202	Â X	Â	Â	Â
HUGHES DONALD W C/O CAMDEN PARTNERS STRATEGIC MGR LLC 500 E. PRATT STREET, SUITE 1200 BALTIMORE,Â MDÂ 21202	Â X	Â	Â	Â

Signatures

/s/ Donald W. Hughes, Attorney-in-Fact for David L. Warnock		08/04/2011
^**Signature of Reporting Person		Date
/s/ By Camden Partners Strategic Fund III, LP, By Camden Partners Strategic III, LLC, By Camden Partners Strategic Manager, LLC, By Donald W. Hughes, Managing Member		08/04/2011
^**Signature of Reporting Person		Date
/s/ By Camden Partners Strategic Fund III-A, LP, By Camden Partners Strategic III, LLC, By Camden Partners Strategic Manager, LLC, By Donald W. Hughes, Managing Member		08/04/2011
^**Signature of Reporting Person		Date
/s/ By Camden Partners Strategic III, LLC, By Camden Partners Strategic Manager, LLC, By Donald W. Hughes, Managing Member		08/04/2011
^**Signature of Reporting Person		Date
/s/ By Camden Partners Strategic Fund II-A, LP, By Camden Partners Strategic II, LLC, By Camden Partners Strategic Manager, LLC, By Donald W. Hughes, Managing Member		08/04/2011
^**Signature of Reporting Person		Date
/s/ By Camden Partners Strategic Fund II-B, LP, By Camden Partners Strategic II, LLC, By Camden Partners Strategic Manager, LLC, By Donald W. Hughes, Managing Member		08/04/2011
^**Signature of Reporting Person		Date
/s/ By Camden Partners Strategic II, LLC, By Camden Partners Strategic Manager, LLC, By Donald W. Hughes, Managing Member		08/04/2011
^**Signature of Reporting Person		Date
/s/ By Camden Partners Strategic Manager, LLC, By Donald W. Hughes, Managing Member		08/04/2011
^**Signature of Reporting Person		Date
/s/ Donald W. Hughes		08/04/2011
^**Signature of Reporting Person		Date
/s/ Donald W. Hughes, Attorney-in-Fact for Richard M. Berkeley		08/04/2011
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	These securities are owned directly by Fund III. CPSM, CPS III, CPS II, Fund III-A, Fund II-A, Fund II-B and the Managing Members may be deemed indirect beneficial owners of the securities held directly by Fund III as a result of their relationships described in the Remarks. CPSM, CPS III, CPS II, Fund III-A, Fund II-A and Fund II-B and each of the Managing Members disclaims beneficial ownership of the securities held directly by Fund III, except to the extent of its or his pecuniary interest therein.
(2)	These securities are owned directly by Fund III-A. CPSM, CPS III, CPS II, Fund III, Fund II-A, Fund II-B and the Managing Members may be deemed indirect beneficial owners of the securities held directly by Fund III-A as a result of their relationships described in the Remarks. CPSM, CPS III, CPS II, Fund III, Fund II-A and Fund II-B and each of the Managing Members disclaims beneficial ownership of the securities held directly by Fund III-A, except to the extent of its or his pecuniary interest therein.
(3)	These securities are owned directly by Fund II-A. CPSM, CPS III, CPS II, Fund III, Fund III-A, Fund II-B and the Managing Members may be deemed indirect beneficial owners of the securities held directly by Fund II-A as a result of their relationships described in the Remarks. CPSM, CPS III, CPS II, Fund III, Fund III-A, and Fund II-B and each of the Managing Members disclaims beneficial ownership of the securities held directly by Fund II-A, except to the extent of its or his pecuniary interest therein.
(4)	These securities are owned directly by Fund II-B. CPSM, CPS III, CPS II, Fund III, Fund III-A, Fund II-A and the Managing Members may be deemed indirect beneficial owners of the securities held directly by Fund II-B as a result of their relationships described in the Remarks. CPSM, CPS III, CPS II, Fund III, Fund III-A, and Fund II-A and each of the Managing Members disclaims beneficial ownership of the securities held directly by Fund II-B, except to the extent of its or his pecuniary interest therein.
(5)	All of the shares subject to these options are currently vested.
(6)	Each share of the Issuer's Series A-1 preferred stock will automatically convert into 1.47059 shares of common stock upon the closing of the Issuer's initial public offering.
(7)	Each share of the Issuer's Series A-2 preferred stock will automatically convert into 0.85208 shares of common stock upon the closing of the Issuer's initial public offering.
(8)	Each share of the Issuer's Series C preferred stock, Series D preferred stock and Series E preferred stock will automatically convert into 0.50000 shares of common stock upon the closing of the Issuer's initial public offering.
(9)	Upon the closing of the Issuer's initial public offering, this Series E-1 Warrant to purchase 710,243 shares of Series E-1 preferred stock will become exercisable to purchase 355,121 shares of common stock at an exercise price of $4.58 per share.
(10)	Upon the closing of the Issuer's initial public offering, this Series E-1 Warrant to purchase 29,516 shares of Series E-1 preferred stock will become exercisable to purchase 14,758 shares of common stock at an exercise price of $4.58 per share.
Â Remarks: TheÂ anticipatedÂ effectiveÂ dateÂ ofÂ theÂ Issuer'sÂ initialÂ publicÂ offeringÂ isÂ Thursday,Â AugustÂ 4,Â 2011. ThisÂ FormÂ 3Â isÂ beingÂ filedÂ jointlyÂ byÂ CamdenÂ PartnersÂ StrategicÂ Manager,Â LLCÂ ("CPSM"),Â CamdenÂ PartnersÂ StrategicÂ III,Â LLC ("CPSÂ III"),Â CamdenÂ PartnersÂ StrategicÂ II,Â LLCÂ ("CPSÂ II"),Â CamdenÂ StrategicÂ FundÂ III,Â LPÂ ("FundÂ III"), CamdenÂ StrategicÂ FundÂ III-A,Â LPÂ ("FundÂ III-A"),Â CamdenÂ StrategicÂ FundÂ II-A,Â LPÂ ("FundÂ II-A")Â andÂ CamdenÂ Strategic FundÂ II-B,Â LPÂ ("FundÂ II-B")Â andÂ Messrs.Â DavidÂ L.Â Warnock,Â DonaldÂ W.Â HughesÂ andÂ RichardÂ M.Â BerkeleyÂ (collectively,Â theÂ "Managing Members"Â andÂ togetherÂ withÂ CPSM,Â CPSÂ III,Â CPSÂ II,Â FundÂ III,Â FundÂ III-A,Â FundÂ II-AÂ andÂ FundÂ II-B,Â theÂ "Reporting Persons").Â Â TheÂ ManagingÂ MembersÂ areÂ theÂ managingÂ membersÂ ofÂ CPSM,Â whichÂ isÂ theÂ managingÂ memberÂ ofÂ CPSÂ IIIÂ andÂ CPSÂ II.Â Â CPS IIIÂ isÂ theÂ generalÂ partnerÂ ofÂ FundÂ IIIÂ andÂ FundÂ III-A.Â Â CPSÂ IIÂ isÂ theÂ generalÂ partnerÂ ofÂ FundÂ II-AÂ andÂ FundÂ II-B.Â Â Mr.Â BerkeleyÂ is aÂ directorÂ ofÂ theÂ Issuer.

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