NOTE 12—COMMITMENTS AND CONTINGENCIES

The Company is involved in certain legal proceedings arising in the ordinary course of business. Management, after review and consultation with legal counsel, believes the ultimate success of parties of the legal proceedings is remote and the ultimate aggregate liability, if any, resulting from such proceedings will not be material to the financial position of the Company.

Employee Retirement Plans

The Company sponsors a tax-qualified 401(k) plan with a profit sharing feature (the “Savings Plan”). The Savings Plan provides retirement benefits for participating employees. Participating employees can contribute a portion of their eligible salary on a pre-tax basis up to a maximum amount set by the Internal Revenue Code. For 2017, the maximum pre-tax contribution by an employee into the Savings Plan was $18,000, except for specified catch up contributions permitted by participants who are age 50 or older. The Company provides a match for those with less than 2 years of service of 50% of the first 6% that the employee contributes to the plan subject to a cap of $8,100 and for those with 2 or more years of service the company provides a match of 50% of the first 7% that the employee contributes to the plan subject to a cap of $9,450 in 2017. For the years ended December 31, 2016, 2015 and 2014, $1.5 million, $1.3 million and $1.5 million were contributed to the Savings Plan by the Company, respectively.

Leases

The Company leases its office space under long‑term operating lease agreements which expire at various dates through August 2026. Under the operating leases, the Company pays certain operating expenses relating to the leased property and monthly base rent.

Aggregate future minimum payments under noncancelable leases with initial or remaining terms of one year or more consist of the following at December 31, 2017:


	Operating
	Leases
2018	$	2,507
2019		2,656
2020		2,637
2021		1,828
2022		1,233
Thereafter		2,755
Total minimum lease payments	$	13,616

The Company’s rental expense for operating leases was $3.2 million, $2.9 million and $2.9 million, in 2017, 2016 and 2015, respectively.

Saugatuck Contingent Consideration

As of December 31, 2017, we have recorded a liability of $0.6 million representing the estimated fair value of contingent consideration related to the acquisition of Saugatuck, of which $0.3 million is classified as current and included in accrued expenses on the consolidated balance sheet.

Experton Contingent Consideration

As of December 31, 2017, the Company has recorded a liability of $0.8 million representing the estimated fair value of contingent consideration related to the acquisition of Experton, of which $0.5 million is classified as current and included in accrued expenses on the consolidated balance sheet.

TracePoint Contingent Consideration

As of December 31, 2017, the Company has recorded a liability of $2.3 million representing the estimated fair value of contingent consideration related to the acquisition of TracePoint, of which $1.6 million is classified as current and included in accrued expenses on the consolidated balance sheet.