David Jon Smith - Jan 17, 2024 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 17, 2024
Transactions value $
$0
Form type
4
Date filed
1/18/2024, 10:19 AM
Previous filing
Mar 29, 2023

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 2024 Award $0 +10.9K $0.00 10.9K Jan 17, 2024 Common Stock 10.9K $0.00 Direct F1, F2
holding IIPR Restricted Stock Units 2023 13.1K Jan 17, 2024 Common Stock 13.1K $0.00 Direct F1, F3
* 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. (the "Company") common stock.
F2 One-third of the RSUs shall be released from the forfeiture restriction on each of January 1, 2025, January 1, 2026 and January 1, 2027, 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 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 NQDC Plan.