Annual report pursuant to Section 13 and 15(d)

Retirement Benefit Plan

v3.22.4
Retirement Benefit Plan
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Retirement Benefit Plan Retirement Benefit PlanThe Company amended its existing 401(k) plan (the “Plan”) effective on July 1, 2018. The amended Plan covers eligible employees immediately upon employment with the Company. Participants may contribute up to a maximum percentage of their annual compensation to the Plan as determined by the Company limited to the maximum annual amount set by the Internal Revenue Service. The Plan provides for traditional tax-deferred and Roth 401(k) contribution options. Prior to the Plan amendment, the Company did not provide a matching contribution. The Company began matching fifty percent of the employee contribution up to a maximum of $200 per pay period, limited to $4,800 annually, upon adoption of the Plan. One hundred percent of the employer match vests immediately. Effective January 1, 2022, the Company removed the maximum $200 per pay period matching contribution limitation, and began matching fifty percent of the employee contribution up to a maximum of $4,800 per plan year. The Company made matching contributions totaling $1.3 million, $1.1 million and $0.8 million during the years ended December 31, 2022, 2021 and 2020, respectively.