In connection with the IPO, the Company adopted the Moelis & Company 2014 Omnibus Incentive Plan (the “Plan”) to provide additional incentives to selected officers, employees, Managing Directors, non‑employee directors, independent contractors, partners, senior advisors and consultants. The Plan provides for the issuance of incentive stock options (“ISOs”), nonqualified stock options, stock appreciation rights (“SARs”), restricted stock, RSUs, stock bonuses, other stock‑based awards (including partnership interests that are exchangeable into stock upon satisfaction of certain conditions) and cash awards.

Pursuant to the Plan and in connection with the Company’s annual compensation process and ongoing hiring process, the Company issues RSUs and other stock-based awards which generally vest over a service life of four to five years. For the years ended December 31, 2023, 2022 and 2021, the Company recognized expenses of $158,189, $128,938 and $167,938, respectively.

The following table summarizes activity related to RSUs for the years ended December 31, 2023, 2022 and 2021.


	Restricted Stock Units
	2023			2022			2021
		Weighted			Weighted			Weighted
		Average			Average			Average
	Number of	Grant Date		Number of	Grant Date		Number of	Grant Date
	Shares	Fair Value		Shares	Fair Value		Shares	Fair Value
Unvested Balance at January 1,	8,099,629	$	47.49	8,068,120	$	46.36	8,742,695	$	41.45
Granted	4,072,746		44.42	3,430,910		48.97	3,875,588		54.84
Forfeited	(421,469)		45.41	(306,906)		48.78	(432,846)		47.31
Vested	(3,900,332)		45.65	(3,092,495)		46.10	(4,117,317)		42.56
Unvested Balance at December 31,	7,850,574	$	46.82	8,099,629	$	47.49	8,068,120	$	46.36

The Company also issues partnership units that are intended to qualify as "profits interest" for U.S. federal income tax purposes ("Partnership Units") that, subject to certain terms and conditions, are exchangeable into shares of Moelis & Company Class A common stock on a one-for-one basis. These Partnership Units are recorded as noncontrolling interests in the Company's consolidated statements of financial condition. Partnership Units generally vest over a service life of two to five years, however in certain arrangements the Partnership Units are granted without a service requirement, but do not have exchange rights until the second through fifth anniversaries of the grant-date. The expense for Partnership Units is recognized over the service period and reflects the fair value determined at grant-date, which may factor in other attributes, such as post-vesting restrictions. During the years ended December 31, 2023, 2022 and 2021, the Company granted 482,941, 809,899 and 395,834 Partnership Units, respectively, with grant-date fair values of $20,037, $38,413 and $21,672, respectively.

Certain Partnership Units vest upon the achievement of both market conditions and service requirements that are generally over three to five years ("Performance Units"). These units accrue distributions in kind, which are subject to the same vesting conditions as the underlying Performance Units. The expense for Performance Units is recognized over the service period and reflects the fair value determined at grant-date, which factors in the probability of the market conditions being achieved. For the year ended December 31, 2023, the Company granted 100,722 target Performance Units (with a maximum

vesting of up to 150% of the target units if the pre-specified market conditions are achieved and service requirements are met) with a grant-date fair value of $4,594.

As of December 31, 2023, the total compensation expense related to unvested RSUs and other stock-based awards not yet recognized was $141,477, which is expected to be recognized over a weighted‑average period of 1.5 years.