Annual report pursuant to Section 13 and 15(d)

EMPLOYEE BENEFIT PLAN

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EMPLOYEE BENEFIT PLAN
 12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
EMPLOYEE BENEFIT PLAN

NOTE 12 — EMPLOYEE BENEFIT PLAN

The Company maintains a defined contribution benefit plan (the “401(k) Plan”) in compliance with Section 401(k) of the Internal Revenue Code (“IRC”), which covers those employees who meet the 401(k) Plan’s eligibility requirements. During 2022, 2021, and 2020 the time periods where matching occurred, the Company’s matching contribution was 100% of each participant’s contribution up to a maximum of 6% of the participant’s eligible compensation, subject to limitations imposed by the IRC. The 401(k) Plan provides 100% vesting in Company match contributions on a pro rata basis over five years of service (20% per year). Expenses relating to the 401(k) Plan were $2.4 million, $2.0 million, and $2.3 million for 2022, 2021 and 2020, respectively.