receive annual cash bonuses, at the discretion of our Board of Directors, which promote and reward our executives for the achievement of key strategic and business goals. We establish bonus
targets based on a percentage of base salary for each of our employee executive officers and at the discretion of the board for our chief financial officer. Each year we approve a set of specified corporate and individual goals for our executive
officers and conduct an annual performance review to determine the attainment of such goals. Executive officer bonuses are based on the achievement of these corporate and individual goals. Our Compensation Committee and Board of Directors make the
final determination of the extent to which such goals were achieved and the final amount of such bonus awards.
In Q1 2021, our
Compensation Committee increased base salaries for our named employee executive officers, Dr. Forster, Dr. Brewis and Dr. Kayitalire. For the 2020 bonus plan period covering the 12-month period
beginning on January 1, 2020 and ending on December 31, 2020, our corporate goals were generally related to clinical, preclinical, operational and financing objectives and Dr. Forster, Dr. Brewis and Dr. Kayitalire were
eligible for performance bonuses of 50%, 40% and 40%, respectively, of their respective base salaries. Ms. Deptula-Hicks bonus is at the discretion of the Board of Directors. Based on the Compensation Committee certifying the achievement of 65%
of our 2020 goals, in Q1 2021, we awarded bonuses to Dr. Forster, Ms. Deptula-Hicks, Dr. Brewis and Dr. Kayitalire of £142,269 ($195,848), $98,000, £78,000 ($107,375) and $117,000, respectively.
In January 2020, the Spring Bank Compensation Committee determined to not increase any base salaries for the Spring Bank named executive
officers. Accordingly, the annual base salaries for Mr. Driscoll, Dr. Iyer and Mr. Freve remained at $495,000, $378,000 and $363,000, respectively.
Equity incentive grants. Our Compensation Committee believes that equity grants provide our executives with a strong link
to our long-term performance, create a positive ownership culture and help to align the interests of our executives and our stockholders. In addition, we believe that equity grants with time-based vesting promote executive retention because this
feature incentivizes our executive officers to remain in our employment during the vesting period. As noted above, in late 2020, Pearl Meyer advised our Compensation Committee that as a result of the Transaction and Exchange Ratio the then
outstanding long-term incentive awards held by our executive officers offered little retentive value. As a result, when making 2021 equity awards, our Compensation Committee considered the lack of long-term incentive value held by our executive
officers under existing awards, and determined that driving retention of key employees should be a significant factor in the Companys overall compensation program, particularly in light of the transition to four programs now in the clinic.
In Q1 2021, we granted restricted stock units (RSUs) to our named executive officers and granted Dr. Forster,
Ms. Deptula-Hicks, Dr. Brewis and Dr. Kayitalire RSUs to purchase 142,000, 30,000, 18,000 and 29,000 shares of our common stock, respectively. Additionally, in Q1 2021 we granted options to Dr. Forster,
Ms. Deptula-Hicks, Dr. Brewis and Dr. Kayitalire to purchase 127,924, 25,894, 12,880 and 22,561 shares of our common stock, respectively. All of these options have an exercise price of $7.24 per share.
In July 2020, we granted options under the F-star 2019 Equity Incentive Plan (the 2019
Plan) to purchase 228,375 and 70,312 shares, respectively, to each of Drs. Forster and Brewis. The options were granted with exercise prices equal to approximately £0.01, and vest as to 25% of the total shares underlying shares on the
first anniversary of the grant date, with the remainder vesting in equal monthly installments over the ensuing 36 months, subject to the holders continued service through the applicable vesting date. In July 2020, F-star also granted a restricted stock unit award under the 2019 Plan representing 26,437 shares to Ms. Deptula-Hicks and 26,437 shares to Dr. Kayitalire. The RSUs vest as to 25% of the total shares
underlying shares on the first anniversary of the grant date, with the remainder vesting in equal monthly installments over the ensuing 36 months, subject to the holders continued service through the applicable vesting date.
In March 2020, in light of the fact that all outstanding equity awards held by the Spring Bank executive officers were significantly out-of-the-money and did not offer meaningful long-term incentive to executive
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