Alan D. Gold - Jan 17, 2024 Form 4 Insider Report for INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR)

Role
EXECUTIVE CHAIRMAN, Director
Signature
/s/ Brian J. Wolfe, Attorney-in-Fact
Stock symbol
IIPR
Transactions as of
Jan 17, 2024
Transactions value $
$0
Form type
4
Date filed
1/18/2024, 10:27 AM
Previous filing
Jan 20, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding IIPR Common Stock 213K Jan 17, 2024 Direct
holding IIPR Common Stock 56.5K Jan 17, 2024 By SLAT F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction IIPR Restricted Stock Units 2024 Award $0 +38.1K $0.00 38.1K Jan 17, 2024 Common Stock 38.1K $0.00 Direct F2, F3
holding IIPR Restricted Stock Units 2023 31.6K Jan 17, 2024 Common Stock 31.6K $0.00 Direct F2, F4
holding IIPR Restricted Stock Units 2022 16.2K Jan 17, 2024 Common Stock 16.2K $0.00 Direct F2, F5
holding IIPR Restricted Stock Units 2021 12.6K Jan 17, 2024 Common Stock 12.6K $0.00 Direct F2, F6
holding IIPR Restricted Stock Units 2020 16K Jan 17, 2024 Common Stock 16K $0.00 Direct F2, F6
holding IIPR Performance Share Units 2022 46.2K Jan 17, 2024 Common Stock 46.2K $0.00 Direct F7
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 A Spousal Lifetime Access Trust ("SLAT") for the benefit of the reporting person's spouse and adult child. The reporting person and the reporting person's spouse control the entity that serves as trustee of the SLAT.
F2 Each restricted stock unit ("RSU") represents the contingent right to receive, upon vesting of the RSU, one share of the Innovative Industrial Properties, Inc.'s (the "Company") common stock.
F3 One-third of the RSUs shall be released from the forfeiture restriction on each of January 1, 2025, January 1, 2026 and January 1, 2027, provided that the reporting person continues to be a non-employee director or employee of the Company on such date. The vesting of RSUs is subject to satisfaction of the vesting conditions under the Company's Nonqualified Deferred Compensation Plan (the "NQDC Plan").
F4 One-third of the RSUs shall be released from the forfeiture restriction on each of January 1, 2024, January 1, 2025 and January 1, 2026, provided that the reporting person continues to be a non-employee director or employee of the Company on such date. The vesting of RSUs is subject to satisfaction of the vesting conditions under the Company's NQDC Plan.
F5 One-third of the RSUs shall be released from the forfeiture restriction on each of January 1, 2023, January 1, 2024 and January 1, 2025, provided that the reporting person continues to be a non-employee director or employee of the Company on such date. The vesting of RSUs is subject to satisfaction of the vesting conditions under the Company's NQDC Plan.
F6 The vesting of RSUs is subject to satisfaction of the vesting conditions under the Company's NQDC Plan.
F7 Each performance share unit represents the right to receive, following vesting, between 0% and 150% of one share of common stock based upon the achievement of pre-established performance metrics related to relative total stockholder return over performance period beginning January 11, 2022 and ending on December 31, 2024, and certification of such performance by the Compensation Committee following the conclusion of the performance period.