23. Restricted Unit Awards (“RUAs”)

The Partnership’s 2015 Equity Incentive Plan (“Plan”), as approved by the Unitholders, permits the grant of restricted units and other awards to the employees of Burlington, the Partnership, or any affiliate of either, and members of Burlington’s Board of Managers for up to 3.0 million BUCs. RUAs are generally granted with vesting conditions ranging from three months to approximately three years. RUAs currently provide for the payment of distributions during the restriction period. The RUA’s provide for accelerated vesting if there is a change in control.

The fair value of each RUA is estimated on the grant date based on the Partnership’s exchange-listed closing price of the BUCs. The Partnership recognizes compensation expense for the RUAs on a straight-line basis over the requisite vesting period. The compensation expense for RUAs totaled approximately $833,000 for the year ended December 31, 2016. No compensation expense for RUAs was recognized for the years ended December 31, 2015 and 2014.

The following table summarizes the RUA activity for the year ended December 31, 2016:

	Restricted Units Awarded			Weighted-average Grant-date Fair Value
Nonvested at January 1, 2016		-		$	-
Granted		272,307			6.03
Vested		(114,003	)		6.03
Nonvested at December 31, 2016		158,304		$	6.03

At December 31, 2016, there was approximately $808,000 of total unrecognized compensation expense related to nonvested RUAs granted under the Plan. The remaining expense is expected to be recognized over a weighted-average period of 1.5 years. The total intrinsic value of nonvested RUAs was approximately $855,000 at December 31, 2016.