Annual report pursuant to Section 13 and 15(d)

Employee Retirement Savings Plan

v3.22.4
Employee Retirement Savings Plan
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Employee Retirement Savings Plan

15. Employee Retirement Savings Plan

In January 2011, the Company established a defined contribution 401(k)-plan to benefit certain of its employees. The 401(k)-plan sponsor is a wholly owned subsidiary of the Company. Employees are eligible to participate if they are at least 18 years of age and have worked for the Company for at least six months. The Company may make discretionary matching contributions. For the years ended December 31, 2022, 2021 and 2020, the Company made $1,153, $977, and $638, respectively, of matching contributions.

The Company maintains a nonqualified deferred compensation plan for certain management employees. Under the deferred compensation plan, a participant may elect to defer up to 90% of their base salary, 90% of their annual bonus, and/or 100% of 401(k) contributions that fail the top-heavy testing for highly compensated employees. The Company may make discretionary matching contributions. As of December 31, 2022 and 2021, the deferred compensation liability under this plan within accrued payroll and related expenses was $3,818 and $4,131, respectively.