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Defined Contribution Retirement Plan
12 Months Ended
Dec. 31, 2019
Defined Contribution Retirement Plan  
Defined Contribution Retirement Plan

(10) Defined Contribution Retirement Plan

 

The Company offers a tax-qualified defined contribution retirement plan, which we refer to as our 401(k) plan, to eligible employees, including our current named executive officers. Our 401(k) plan permits eligible employees to defer their annual eligible compensation subject to the limitations imposed by the Internal Revenue Service. The Company may, but is not required to, make discretionary employer matching contributions on behalf of eligible employees under this plan. On January 1, 2018, the Company commenced making an employer match of 33% for the first 6% of employee contributions. Employer matching contributions vest immediately. During the years ended December 31, 2019 and 2018, the Company’s contributions to the plan was $107,419 and $84,276,  respectively, and no contributions were made during the year ended December 31, 2017.