Company: IIPR
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0001104659-25-041241
Chunk: 43

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 43
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-term growth in our business, grow the value of our common stock and maintain or increase our dividends. The executive officers personally benefit from these efforts through their restricted stock awards and RSUs, which receive dividends (or dividend equivalents with respect to RSUs) at the same rate as common stock and increase in value as the value of our common stock increases. Our compensation committee determines the restrictions for each award granted pursuant to the Incentive Plan. Vesting of restricted stock or RSUs will generally be subject to annual vesting periods of three years and will be conditioned upon the participant’s continued employment, among other restrictions that may apply. In January 2024, Messrs. Gold, Smithers, Wolfe and Smith were granted the following shares of restricted stock or RSUs:

| ​ | Executive      | ​ | ​ | 2024 RestrictedStock(1) |   |        |   | ​ | ​ | 2024 RSUs(1) |   |        |   | ​ |
| ​ | Alan Gold      | ​ | ​ | ​                       | ​ |      — | ​ | ​ | ​ | ​            | ​ | 38,124 | ​ | ​ |
| ​ | Paul Smithers  | ​ | ​ | ​                       | ​ | 27,231 | ​ | ​ | ​ | ​            | ​ |      — | ​ | ​ |
| ​ | David Smith    | ​ | ​ | ​                       | ​ |      — | ​ | ​ | ​ | ​            | ​ | 10,893 | ​ | ​ |
| ​ | Brian Wolfe(2) | ​ | ​ | ​                       | ​ |      — | ​ | ​ | ​ | ​            | ​ |  9,804 | ​ | ​ |

(1) These shares and RSUs are released from forfeiture restrictions ratably on January 1, 2025, January 1, 2026 and January 1, 2027 for each of named executive officers, provided that he continues to be an employee of the Company or a non-employee member of the Board on each such date. Mr. Gold, Mr. Smith and Mr. Wolfe elected to defer settlement of the RSUs pursuant to the Company’s NQDC Plan. (2) Mr. Wolfe resigned as an employee and officer of the Company effective as of January 9, 2025. 9,242 unvested RSUs were forfeited as a result of his resignation. The committee determined the number