STOCK INCENTIVE PLANS

The Company has one active equity compensation plan from which new grants may be made, the Graphic Packaging Holding Company 2014 Omnibus Stock and Incentive Compensation Plan (the “2014 Plan”). Under the 2014 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units (“RSU’s”) and other types of stock-based and cash awards. Awards under the 2014 Plan generally vest and expire in accordance with terms established at the time of grant. Shares issued pursuant to awards under the 2014 Plan are from the Company’s authorized but unissued shares. Compensation costs are recognized on a straight-line basis over the requisite service period of the award.

Stock Awards, Restricted Stock and Restricted Stock Units

Under the 2014 Plan, all RSUs generally vest and become payable in three years from date of grant. RSUs granted to employees generally contain performance conditions based on various financial targets or service requirements that must be met for the shares to vest. Stock awards granted to non-employee directors as part of their compensation for service on the Board are unrestricted on the grant date.

Data concerning RSUs and stock awards granted in the years ended December 31:



	2017		2016		2015
RSUs — Employees	1,547,049		1,891,335		1,751,823
Weighted-average grant date fair value	$	13.35	$	11.20	$	13.28
Stock Awards — Board of Directors	65,520		59,880		54,120
Weighted-average grant date fair value	$	13.43	$	13.36	$	14.78

A summary of the changes in the number of unvested RSUs from December 31, 2014 to December 31, 2017 is presented below:



	Shares		Weighted Average Grant Date Fair Value
Outstanding — December 31, 2014	7,613,698		$	7.20
Granted	1,751,823		13.28
Released	(3,657,373	)	5.45
Forfeited	(268,560	)	9.32
Outstanding — December 31, 2015	5,439,588		$	10.22
Granted	1,891,335		11.20
Released	(2,596,292	)	7.29
Forfeited	(66,956	)	12.74
Outstanding — December 31, 2016	4,667,675		$	12.21
Granted	1,547,049		13.35
Released	(1,720,327	)	10.05
Forfeited	(622,463	)	13.13
Outstanding — December 31, 2017	3,871,934		$	13.10

The initial value of the RSUs is based on the market value of the Company’s common stock on the date of grant. RSUs are recorded in Stockholders' Equity. The unrecognized expense at December 31, 2017 is approximately $22 million and is expected to be recognized over a weighted average period of 2 years.

The value of stock awards granted to the Company's directors are based on the market value of the Company’s common stock on the date of grant. These awards are unrestricted on the date of grant.

During 2017, 2016, and 2015, $8.9 million, $20.2 million and $20.4 million, respectively, were charged to compensation expense for stock incentive plans.

During 2017, 2016, and 2015, RSUs with an aggregate fair value of $23.2 million, $32.0 million and $56.1 million, respectively, vested and were paid out. The RSUs vested and paid out in 2017 were granted primarily during 2014.