Defined Contribution Plan

12 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Defined Contribution Plan

Defined Contribution Plan

The Company has a defined contribution plan (401k Plan) covering substantially all of the Company’s employees. The 401k Plan was established to provide retirement benefits for employees and is employee funded up to the elective annual deferral limits.

Effective January 1, 2015, the 401k Plan was amended. As a result, all employees are eligible to participate with no minimum service requirement, the 401k Plan is no longer subject to the “safe harbor” provisions of IRS Notice 98-52 and the Company made matching contributions of $372,000 and $176,000 for the years December 31, 2016 and 2015, respectively.

Prior to January 1, 2015, the 401k Plan was available for all employees who had completed one year of service with the Company. Following guidance in IRS Notice 98-52 related to the “safe harbor” 401k Plan method, non-highly compensated employees received a non-elective contribution from the Company equal to 3% of their annual salaries, as defined in the Code. Such contributions vested immediately and were paid annually following each year end. This “safe harbor” contribution by the Company was $28,000 for the year ended December 31, 2014.