Benefit Plans

401(k) Plan

The Company has a 401(k) plan established for substantially all full-time employees, as defined in the plan. Employee contributions are limited to the maximum established by the Internal Revenue Service on an annual basis. The Company has elected to match contributions equal to 100% of the first 1% of employee deferrals and then 50% on deferrals over 1% up to a maximum of 6% of an individual’s total eligible salary, as defined in the plan. Employer-matching contributions begin vesting after one year at a rate of 50% per year of employment and are fully vested after the completion of two years of employment. Contributions totaled approximately $0.3 million in each of the twelve months ended December 31, 2015, 2014, and 2013.

Employment Agreement

The Company has entered into an employment agreement with its Chief Executive Officer that provides for the continuation of salary and certain benefits for a specified period of time under certain conditions. Under the terms of the agreement, these payments could occur in the event of a change in control of the Company, as defined in the agreement, along with other specific conditions.

2013 Equity Incentive Plan

The 2013 Equity Incentive Plan (“2013 Plan”) authorizes the issuance of up to 750,000 shares of the Company’s common stock in the form of equity-based awards to employees, directors, and other eligible persons. Under the terms of the 2013 Plan, the pool of shares available for issuance may be used for available types of equity awards under the 2013 Plan, which includes stock options, stock appreciation rights, restricted stock awards, stock unit awards, and other share-based awards. All employees, consultants, and advisors of the Company or any subsidiary, as well as all non-employee directors of the Company, are eligible to receive awards under the 2013 Plan.

The Company recorded $0.8 million, $0.5 million, and $0.4 million of share-based compensation expense for the years ended December 31, 2015, 2014, and 2013, respectively, related to awards made under the 2013 Plan.

The following table summarizes the status of the Company’s restricted stock unit, restricted stock, and deferred stock unit awards as of December 31, 2015, and activity for the year ended December 31, 2015:



	Restricted Stock Units		Weighted-Average Grant Date Fair Value Per Share		Restricted Stock Awards		Weighted-Average Grant Date Fair Value Per Share		Deferred Stock Units		Weighted-Average Grant Date Fair Value Per Unit
Nonvested at January 1, 2015	—		$	—	20,777		$	25.09	—		$	—
Granted	31,089		18.90		46,988		16.69		10		19.72
Vested	—		—		(37,070	)	20.18		(10	)	19.72
Forfeited	(2,787	)	18.89		(3,166	)	18.02		—		—
Nonvested at December 31, 2015	28,302		$	18.90	27,529		$	18.17	—		$	—

As of December 31, 2015, the total unrecognized compensation cost related to nonvested awards was $0.6 million, with a weighted-average expense recognition period of 1.8 years.

Directors Deferred Stock Plan

Until January 1, 2014, the Company had a stock compensation plan for non-employee members of the Board of Directors (“Directors Deferred Stock Plan”). The Company reserved 180,000 shares of common stock that could have been issued pursuant to the Directors Deferred Stock Plan. The plan provided directors the option to elect to receive up to 100% of their annual retainer in either common stock or deferred stock rights. Deferred stock rights were to be settled in common stock following the end of the deferral period payable on the basis of one share of common stock for each deferred stock right.

For the year ended December 31, 2013, the Company recorded $0.2 million of expense related to awards made from the Directors Deferred Stock Plan. The Company recognized compensation expense ratably over the vesting period based upon the fair value of the stock on the grant date. The Directors Deferred Stock Plan ended on December 31, 2013.

The following table summarizes the status of deferred stock rights related to the Directors Deferred Stock Plan for the year ended December 31, 2015:



		Deferred Rights
Outstanding, beginning of year		80,528
Granted		1,165
Exercised		—
Outstanding, end of year		81,693

All deferred stock rights granted during 2015 were additional rights issued in lieu of cash dividends payable on outstanding deferred stock rights.