Paul E. Smithers - Jan 18, 2023 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 18, 2023
Transactions value $: $0
Form type: 4
Date filed: 1/20/2023, 03:15 PM
Previous filing: Jan 3, 2023
Next filing: Jan 3, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	IIPR	Common Stock	Award		+22.5K	+61.61%		59.1K	Jan 18, 2023	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						10.7K	Jan 18, 2023	Common Stock	10.7K	$0.00	Direct	F2, F3
holding	IIPR	Restricted Stock Units 2021						6.65K	Jan 18, 2023	Common Stock	6.65K	$0.00	Direct	F2, F4
holding	IIPR	Performance Share Units 2021						21.2K	Jan 18, 2023	Common Stock	21.2K	$0.00	Direct	F5
holding	IIPR	Performance Share Units 2022						30.8K	Jan 18, 2023	Common Stock	30.8K	$0.00	Direct	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, 2024, January 1, 2025 and January 1, 2026, 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 restricted stock unit ("RSU") represents the contingent right to receive, upon vesting of the RSU, one share of the Company's common stock.
F3	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 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	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.