Catherine Hastings - Jan 18, 2023 Form 4 Insider Report for INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR)

Role
CFO AND TREASURER
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 12, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding IIPR Common Stock 10.6K Jan 18, 2023 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 Restricted Stock Units 2023 Award $0 +9.02K $0.00 9.02K Jan 18, 2023 Common Stock 9.02K $0.00 Direct F1, F2
holding IIPR Restricted Stock Units 2020 7.32K Jan 18, 2023 Common Stock 7.32K $0.00 Direct F1, F3
holding IIPR Restricted Stock Units 2021 2.61K Jan 18, 2023 Common Stock 2.61K $0.00 Direct F1, F4
holding IIPR Performance Share Units 2021 8.5K Jan 18, 2023 Common Stock 8.5K $0.00 Direct F5
holding IIPR Performance Share Units 2022 12.3K Jan 18, 2023 Common Stock 12.3K $0.00 Direct F6
holding IIPR Restricted Stock Units 2022 4.64K Jan 18, 2023 Common Stock 4.64K $0.00 Direct F1, F7
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each restricted stock unit ("RSU") represents the contingent right to receive, upon vesting of the RSU, one share of Innovative Industrial Properties, Inc.'s (the "Company") common stock.
F2 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 Nonqualified Deferred Compensation Plan (the "NQDC Plan").
F3 The vesting of RSUs is subject to satisfaction of the vesting conditions under the Company's 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 Innovative Industrial Properties, Inc. (the "Company") following the conclusion of the performance period.
F7 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.