Employee Benefit Plan
|12 Months Ended|
Dec. 31, 2017
|Employee Benefit Plan||
12. Employee Benefit Plan
The Company adopted the AxoGen 401(k) plan (the “401(k) Plan”) in December 2015 with contributions starting in January 2016. All full-time employees who have attained the age of 18 are eligible to participate in the 401(k) Plan. Eligibility is immediate upon employment and enrollment is available any time during employment. Participating employees may make annual pretax contributions to their accounts up to a maximum amount as limited by law. The 401(k) Plan requires the Company to make matching contributions of 3% on the first 3% of the employee’s annual salary and 1% of the next 2% of the employee’s annual salary as long as the employee participates in the 401(k) Plan. Both employee contributions and Company contributions vest immediately. The Company contributed $439,000 and $334,000 in matching funds during the years ended December 31, 2017 and 2016, respectively. During the year ended December 31, 2015, the Company contributed matching funds of $172,000 to the AxoGen Simple IRA plan which was replaced by The 401(k) Plan in December 2015.
The entire disclosure for pension and other postretirement benefits.
Reference 1: http://www.xbrl.org/2003/role/presentationRef