Paul E. Smithers - Jan 11, 2022 Form 4 Insider Report for INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR)

Role
PRESIDENT, CEO AND DIRECTOR, Director
Signature
/s/ Brian J. Wolfe, Attorney-in-Fact
Stock symbol
IIPR
Transactions as of
Jan 11, 2022
Transactions value $
$0
Form type
4
Date filed
1/12/2022, 02:12 PM
Previous filing
Jan 4, 2022
Next filing
Jan 3, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction IIPR Common Stock Award +11.6K +43.8% 38K Jan 11, 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
transaction IIPR Performance Share Units 2022 Award $0 +30.8K $0.00 30.8K Jan 11, 2022 Common Stock 30.8K $0.00 Direct F2
holding IIPR Restricted Stock Units 2021 6.65K Jan 11, 2022 Common Stock 6.65K $0.00 Direct F3, F4
holding IIPR Performance Share Units 2021 21.2K Jan 11, 2022 Common Stock 21.2K $0.00 Direct F5
holding IIPR Restricted Stock Units 2020 10.7K Jan 11, 2022 Common Stock 10.7K $0.00 Direct F3, F6
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents grant of restricted stock. One-third of the shares 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 Innovative Industrial Properties, Inc. (the "Company") on such date.
F2 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 the Company following the conclusion of the performance period.
F3 Each restricted stock unit ("RSU") represents the contingent right to receive, upon vesting of the RSU, one share of the Company's common stock.
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 Nonqualified Deferred Compensation Plan (the "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 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.
F6 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.