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

15. Defined Contribution Plan

 

The Company adopted a 401(k) defined contribution plan in November 2018, effective as of January 1, 2019, for all employees over age 21. Employees can defer up to 90% of their compensation through payroll withholdings into the plan subject to federal law limits. Discretionary employer matches vest over a six-year period beginning on the second anniversary of an employee’s date of hire. Employee contributions and any employer matching contributions made to satisfy certain non-discrimination tests required by the Internal Revenue Code are 100% vested upon contribution.

No matching contributions were made during the years ended December 31, 2019 and 2018.