Catherine Hastings - 11 Jan 2022 Form 4 Insider Report for INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR)

Role: CFO AND TREASURER
Signature: /s/ Brian J. Wolfe, Attorney-in-Fact
Issuer symbol: IIPR
Transactions as of: 11 Jan 2022
Net transactions value: $0
Form type: 4
Filing time: 12 Jan 2022, 14:06:43 UTC
Previous filing: 04 Jan 2022
Next filing: 20 Jan 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	IIPR	Common Stock						10,599	11 Jan 2022	Direct

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	Performance Share Units 2022	Award	$0	+12,317		$0.000000	12,317	11 Jan 2022	Common Stock	12,317	$0.000000	Direct	F1
transaction	IIPR	Restricted Stock Units 2022	Award	$0	+4,635		$0.000000	4,635	11 Jan 2022	Common Stock	4,635	$0.000000	Direct	F2, F3
holding	IIPR	Restricted Stock Units 2020						7,323	11 Jan 2022	Common Stock	7,323	$0.000000	Direct	F2, F4
holding	IIPR	Restricted Stock Units 2021						2,607	11 Jan 2022	Common Stock	2,607	$0.000000	Direct	F5
holding	IIPR	Performance Share Units 2021						8,496	11 Jan 2022	Common Stock	8,496	$0.000000	Direct	F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	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 the performance period beginning January 11, 2022 and ending on December 31, 2024, and certification of such performance by the Compensation Committee of the Board of Directors of Innovative Industrial Properties, Inc. (the "Company") following the conclusion of the performance period.
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, 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 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, 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 NQDC Plan.
F5	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.
F6	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 the performance period beginning January 11, 2021 and ending on December 31, 2023, and certification of such performance by the Compensation Committee of the Board of Directors of the Company following the conclusion of the performance period.