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401(k) Plan
12 Months Ended
Dec. 31, 2011
401(k) Plan  
401(k) Plan

(12) 401(k) Plan

 

The Company has a defined contribution plan, entitled the Hemispherx Biopharma Employees 401(k) Plan and Trust Agreement (the "401(k) Plan"). Full time employees of the Company are eligible to participate in the 401(k) Plan following one year of employment. Subject to certain limitations imposed by federal tax laws, participants are eligible to contribute up to 15% of their salary (including bonuses and/or commissions) per annum. Participants' contributions to the 401(k) Plan may be matched by the Company at a rate determined annually by the Board of Directors.

 

Each participant immediately vests in his or her deferred salary contributions, while Company contributions will vest over one year. The 6% Company matching contribution was terminated as of March 15, 2008 and then was reinstated effective January 1, 2010. For 2011, 2010 and 2009, the Company contributions towards the 401(k) Plan were $148,000, $122,000 and $-0- respectively.