approves the extent to which we achieved each of our corporate and individual goals, as applicable, and, for each named executive officer, the amount of the bonus awarded.
For 2019, bonuses were awarded based on our achievement of specified corporate goals, including our clinical development and commercialization activities, and individual goals, as applicable. Based on the level of achievement, our Compensation Committee awarded Dr. Walker, Dr. Gordon and Mr. Ruffo 60%, 70% and 70% of their target bonuses, respectively, for the year ended December 31, 2019. The actual bonus amounts paid are reflected in the “Non-Equity Incentive Plan Compensation” column of the Summary Compensation Table above.
Long-Term Incentives
Our 2012 equity compensation plan (the “2012 Plan”) authorized us to make grants to eligible recipients of non-qualified stock options, incentive stock options and restricted stock awards. All of our awards under this plan were in the form of stock options. Following our initial public offering in October 2015, no further awards may be granted under our 2012 Plan, but all outstanding option awards under that plan will continue to be governed by their existing terms.
In connection with our initial public offering, our Board adopted, and our stockholders approved, the 2015 Plan. The 2015 Plan provides for the grant of incentive stock options within the meaning of Section 422 of the Internal Revenue Code (the “Code”) to our employees and our subsidiaries’ employees, and for the grant of nonstatutory stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, performance stock awards and other forms of stock compensation to our employees, including our officers, as well as our consultants and directors. Our 2015 Plan also provides for the grant of performance cash awards to our employees, consultants and directors. We have issued stock options and restricted stock units from the 2015 Plan.
In July 2017, the Board adopted the 2017 Inducement Plan. The 2017 Inducement Plan was a non-stockholder approved stock plan adopted pursuant to the “inducement exception” provided under Nasdaq listing rules. The only employees eligible to receive grants of awards under the 2017 Inducement Plan were individuals who satisfied the standards for inducement grants under Nasdaq rules, generally including individuals who were not previously an employee or director of the Company. Under the terms of the 2017 Inducement Plan, we were permitted to grant up to 1,000,000 shares of common stock pursuant to nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other stock awards. All shares of common stock that were eligible for issuance under the 2017 Inducement Plan after October 1, 2018, including any shares underlying any awards that expire or are otherwise terminated, reacquired to satisfy tax withholding obligations, settled in cash or repurchased by us in the future that would have been eligible for re-issuance under the 2017 Inducement Plan, were retired.
We generally issue equity awards on the grant date determined by our Compensation Committee or, in the case of certain awards, on the grant date determined by our Chief Executive Officer pursuant to authority delegated to him by the Compensation Committee in accordance with the 2015 Plan. In the case of stock options, we set the option exercise price and grant date fair value based on the closing price of our common stock on the Nasdaq Global Select Market on the date of grant.
In accordance with historical practices, in March 2019 Dr. Walker, Dr. Gordon and Mr. Ruffo were granted an annual equity grant consisting of 384,600, 82,400 and 103,000 restricted stock units, respectively, which vest in four equal installments on March 1, 2020, March 1, 2021, March 1, 2022 and March 1, 2023, subject to the officer’s continuous service as of the applicable vesting date. In March 2020, Dr. Walker, Dr. Gordon and Mr. Ruffo were granted an annual equity grant consisting of 73,015, 33,189 and 33,189 restricted stock units, respectively, and 255,552, 116,160 and 116,160 stock options, respectively, in each case which vest in four equal installments on March 2, 2021, March 2, 2022, March 2, 2023 and March 2, 2024, subject to the officer’s continuous service as of the applicable vesting date.
As part of the Company’s employee retention initiative, in October 2019 Dr. Gordon was granted 175,000 restricted stock units, which vest in two equal installments on June 1, 2020 and June 1, 2021, subject to his continuous service as of the applicable vesting date. In March 2020, Dr. Walker and Mr. Ruffo also received a retention equity grant of 146,029 and 66,377 restricted stock units, respectively, with the same vesting schedule.