Annual report pursuant to Section 13 and 15(d)

EMPLOYEE BENEFIT PLAN

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EMPLOYEE BENEFIT PLAN
12 Months Ended
Dec. 31, 2018
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLAN
EMPLOYEE BENEFIT PLAN
The Company has a 401(k) plan whereby all employees with six months of service may contribute up to $15,000 to the plan annually. The employees vest in the Company contributions to the 401(k) plan 25% per year, beginning in the employee’s second year of service, with full vesting occurring after five years of service. The employees are fully vested in their contributions when made. The Company matches employee contributions 20 cents on the dollar up to 10% of gross salary. During the years ended December 31, 2018, 2017 and 2016, the recorded expense under the plan was $0.3 million, $0.2 million and $0.2 million, respectively. Effectively January 1, 2019, we modified our 401(k) plan whereby all employees with sixty days of service may contribute up to $19,000 to the plan annually. The employees vest in the Company contributions to the 401(k) plan 25% per year, beginning in the employee’s first year of service, with full vesting occurring after four years of service. The employees are fully vested in their contributions when made. The Company matches 100% of the employee contributions up to 6% of gross salary.