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Deferred Compensation Plan
6 Months Ended
Jun. 30, 2020
Postemployment Benefits [Abstract]  
Deferred Compensation Plan Deferred Compensation PlanThe Company has a non-qualified deferred compensation plan for executive officers, directors and certain eligible employees. The assets of the deferred compensation plan are held in a rabbi trust and are subject to additional risk of loss in the event of bankruptcy or insolvency of the Company. The plan allows for deferral of up to 90% of a participant’s base salary, bonus, commissions, director fees and restricted stock unit awards. A Company owned life insurance policy held in a rabbi trust is utilized as a source of funding for the plan. The cash surrender value of the life insurance policy is $1.6 million and $1.5 million as of June 30, 2020 and December 31, 2019, respectively. We reported in other (expense) income in the condensed consolidated statements of operations a loss related to the policy of approximately $92,000 and a gain of approximately $131,000 for the six months ended June 30, 2020 and 2019, respectively.
For deferrals of base salary, bonus, commissions and director fees, settlement payments are made to participants in cash, either in a lump sum or in periodic installments. The obligation to pay the deferred compensation and the deferred director fees is adjusted to reflect the positive or negative performance of investment measurement options selected by each participant. The deferred compensation liability, which is included in other long-term liabilities in the condensed consolidated balance sheet, was $1.7 million as of June 30, 2020 and December 31, 2019.

For deferrals of restricted stock units, the plan does not allow for diversification, therefore, distributions are paid in shares of common stock and the obligation is carried at grant value. As of June 30, 2020 and 2019, respectively, we had 48,601 and 62,145 unvested restricted stock units being deferred. As of June 30, 2020, we had released and issued 143,099 shares with a value of $2.2 million to the deferred compensation plan. As of June 30, 2019, we had released and issued 79,688 shares with a value of $1.7 million to the deferred compensation plan.