Company: IIPR
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0001104659-25-041241
Chunk: 37

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 37
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’s annual base salary for 2023 was $400,000; his base salary actually earned for 2023 due to mid-year appointment was $304,615. (2) Mr. Wolfe resigned as an employee and officer of the Company effective as of January 9, 2025. The increases in annual base salaries from 2023 and 2024 for all executive officers related in part to adjustments for higher experienced inflation in the U.S. economy during this time period. In addition, the increases in annual base salaries for Messrs. Gold and Smithers from 2023 to 2024 related to individual performance in leading the Company to strong performance and providing key strategic guidance in the context of a continued challenging macroeconomic environment for the cannabis industry. The increase in annual base salary for Mr. Smith from 2023 to 2024 related to his individual performance in guiding the Company’s finance and accounting functions in executing on the business, including establishing a new credit facility for the Company. The increase in the annual base salary for Mr. Wolfe from 2023 to 2024 related to his individual performance in overseeing the Company’s legal function, including managing legal execution of capital raising, investment and disposition efforts and litigation matters. Annual Cash Incentive Awards Our executive annual incentive program is intended to reward our executive officers for individual achievement in supporting the fulfillment of corporate objectives. Our goal is to have a significant portion of the executive officers’ compensation consist of annual cash incentives awarded based on the financial and operational performance of the Company. As previously disclosed, commencing in 2024, the compensation committee, with advice from FW Cook, established a new annual cash incentive plan that more formulaically focuses opportunities and payouts on the achievement of specific, pre-established financial and strategic performance objectives.

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The compensation committee approved the following target annual incentives as percentages of base salary for our named executive officers for 2024.

| ​ | Executive     | ​ | ​ | 2024 Target Annual Incentive(As a Percentage of Base Salary) |   |      |   | ​ |
| ​ | Alan Gold     | ​ | ​ | ​                                                            | ​ | 175% | ​ | ​ |
| ​ | Paul Smithers | ​ | ​ | ​                                                            | ​ | 140% | ​ | ​ |
| ​ | David Smith   | ​ | ​ | ​                                                            | ​ | 140% | ​ | ​ |
| ​ | Brian Wolfe   | ​ | ​ | ​                                                            |