times the target number of units, which would result in a value of $165,000, based on the closing price per share on the date of grant and (iii) 25,975 LTIP Unit Awards issued pursuant to our 2017 Long-Term Plan, which reflects the target level. The maximum number of LTIP Units that could be issued under the 2017 Long-Term Plan is two times the target number of units, which would result in a value of $400,016, based on the valuation determined by an independent consultant on the date of grant.
(5)
Consists of: (i) 70,000 LTIP Units issued in connection with the Company’s initial public offering at a price of $10.00 per unit, which represented the per share public offering price of the Company’s initial public offering, 60% of which had vested by December 1, 2017 and the remaining 40% of which will vest in equal installments on each of December 1, 2018 and 2019, and (ii) 8,688 LTIP Units issued on December 21, 2016 at a price of $9.21 per unit, which represented the average closing price of the Company’s common stock on each of the 10 trading days preceding the date of issuance, one-third of which vested on December 21, 2017 and the remaining two-thirds of which will vest in equal installments on each of December 21, 2018 and 2019.
(6)
Consists of (i) 11,904 LTIP Unit Awards issued pursuant to our 2017 Annual Plan, which reflects the target level. The maximum number of LTIP Units that could be issued under the 2017 Annual Plan is 1.5 times the target number of units , which would result in a value of $150,000, based on the closing price per share on the date of grant and (ii) 38,961 LTIP Unit Awards issued pursuant to our 2017 Long-Term Plan, which reflects the target level. The maximum number of LTIP Units that could be issued under the 2017 Long-Term Plan is two times the target number of units, which would result in a value of $600,000 based on the valuation determined by an independent consultant on the date of grant. Pursuant to Mr. Young’s severance agreement with the Company, Mr. Young forfeited all 11,904 of his 2017 Annual Awards and all 38,961 of his 2017 Long-Term Awards.
(7)
Consists of: (i) 90,000 LTIP Units issued in connection with the Company’s initial public offering at a price of $10.00 per unit, which represented the per share public offering price of the Company’s initial public offering and (ii) 5,973 LTIP Units issued on December 21, 2016 at a price of $9.21 per unit, which represented the average closing price of the Company’s common stock on each of the 10 trading days preceding the date of issuance, one-third of which vested on December 21, 2017. Pursuant to Mr. Young’s separation agreement with the Company, 60,000 LTIP Units were vested as of August 20, 2017 and his remaining LTIP Units were forfeited.
(8)
Consists of (i) 5,974 LTIP Units issued on August 23, 2017, in connection with Mr. Kiernan’s appointment as Chief Financial Officer and Treasurer of the Company, at a price of $8.37 per unit, which represented the per share closing price of the Company’s common stock on the date of issuance, one-third of which will vest on each of August 23 of 2018, 2019 and 2020, (ii) 2,994 LTIP Unit Awards issued pursuant to our 2017 Annual Plan, which reflects the target level. The maximum number of LTIP Units that could be issued under the 2017 Annual Plan is 1.5 times the target number of units, which would result in a value of $37,500, based on the closing price per share on the date of grant and (iii) 10,621 LTIP Unit Awards issued pursuant to our 2017 Long-Term Plan, which reflects the target level. The maximum number of LTIP Units that could be issued under the 2017 Long-Term Plan is two times the target number of units, which would result in a value of $160,000, based on the valuation determined by an independent consultant on the date of grant.
(9)
Consists of (i) 9,226 LTIP Unit Awards issued pursuant to our 2017 Annual Plan, which reflects the target level. The maximum number of LTIP Units that could be issued under the 2017 Annual Plan is 1.5 times the target number of units, which would result in a value of $116,250, based on the closing price per share on the date of grant and (ii) 9,740 LTIP Unit Awards issued pursuant to our 2017 Long-Term Plan, which reflects the target level. The maximum number of LTIP Units that could be issued under the 2017 Long-Term Plan is two times the target number of units, which would result in a value of $150,000 based on the valuation determined by an independent consultant on the date of grant. Pursuant to Mr. McClure’s separation agreement with the Company, Mr. McClure’s target LTIP Units under the 2017 Annual Plan was reduced to 6,420 and his target LTIP Units under the 2017 Long-Term Plan was reduced to 1,736 LTIP Units.
(10)
Consists of: (i) 25,000 LTIP Units issued in connection with the Company’s initial public offering at a price of $10.00 per unit, which represented the per share public offering price of the Company’s initial