Catherine Hastings - Jan 1, 2022 Form 4 Insider Report for INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR)

Signature
/s/ Brian J. Wolfe, Attorney-in-Fact
Stock symbol
IIPR
Transactions as of
Jan 1, 2022
Transactions value $
-$238,196
Form type
4
Date filed
1/4/2022, 01:01 PM
Previous filing
Aug 11, 2021
Next filing
Jan 12, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction IIPR Common Stock Tax liability -$238K -906 -7.87% $262.91 10.6K Jan 1, 2022 Direct 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
holding IIPR Restricted Stock Units 2020 7.32K Jan 1, 2022 Common Stock 7.32K $0.00 Direct F2, F3
holding IIPR Restricted Stock Units 2021 2.61K Jan 1, 2022 Common Stock 2.61K $0.00 Direct F2, F4
holding IIPR Performance Share Units 2021 8.5K Jan 1, 2022 Common Stock 8.5K $0.00 Direct F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents payment of tax liability by the forfeiture of shares of common stock to Innovative Industrial Properties, Inc. (the "Company") incident to the vesting of the reporting person's restricted stock.
F2 Each restricted stock unit ("RSU") represents the contingent right to receive, upon vesting of the RSU, one share of the Company's common stock.
F3 One-third of the RSUs shall be released from the forfeiture restriction on each of January 1, 2021, January 1, 2022 and January 1, 2023, 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, 2022, January 1, 2023 and January 1, 2024, 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 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, 2021 and ending on December 31, 2023, and certification of such performance by the Compensation Committee following the conclusion of the performance period.