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Deferred Compensation Plans
12 Months Ended
Dec. 31, 2021
Compensation Related Costs [Abstract]  
Deferred Compensation Plans Deferred Compensation Plans
Effective January 1, 2016, the Company established 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 up to 90% of a participant’s base salary, bonus, commissions, director fees and restricted stock 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 $2.5 million and $2.0 million as of December 31, 2021 and 2020, respectively, with a gain related to the policy of $298,000 and $168,000 reported in other income in our consolidated statement of operations for the year ended December 31, 2021 and 2020, 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 deferred 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 and was $2.8 million and $2.2 million as of December 31, 2021 and 2020, respectively. The deferred obligation is included in other long-term liabilities in the consolidated balance sheets.

For deferrals of restricted stock units, the plan does not allow for diversification, therefore, distributions are paid in shares of our common stock and the obligation is carried at grant value. As of December 31, 2021 and 2020, respectively, we
have 17,248 and 45,998 unvested restricted stock units being deferred. As of December 31, 2021 and 2020, respectively we have released and issued 174,452 and 145,702 shares to the deferred compensation plan with a value of $2.5 million and $2.2 million, respectively.