Brian J. Wolfe - Jan 1, 2024 Form 4 Insider Report for INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR)

Role
VP, GEN. COUNSEL AND SECRETARY
Signature
/s/ Brian J. Wolfe
Stock symbol
IIPR
Transactions as of
Jan 1, 2024
Transactions value $
-$89,226
Form type
4
Date filed
1/3/2024, 04:39 PM
Previous filing
Jan 20, 2023
Next filing
Jan 18, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction IIPR Common Stock Tax liability -$89.2K -885 -9.02% $100.82 8.93K Jan 1, 2024 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 Performance Share Units 2022 10.3K Jan 1, 2024 Common Stock 10.3K $0.00 Direct F2
holding IIPR Restricted Stock Units 2023 8.12K Jan 1, 2024 Common Stock 8.12K $0.00 Direct F3, F4
* 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 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, 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.