Company: IIPR
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0001104659-25-041241
Chunk: 55

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 55
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2) The amount reported as aggregate earnings (losses) in 2024 represents the change in value of each executive’s vested and deferred RSUs from January 1, 2024 through December 31, 2024 and the value of dividend equivalents that were paid during 2024. The right to receive dividend equivalents was factored into the determination of the grant date fair value, which means that the value of the dividend equivalents included in “Aggregate Earnings in Last Fiscal Year” was effectively already included in the Summary Compensation Table. (3) Represents the aggregate value of dividend equivalent rights paid with respect to all vested and unvested RSUs held by each executive during 2024. (4) Based on a per share price of $66.64, which was the closing stock price on the NYSE of one share of the Company’s common stock on December 31, 2024. The grant-date fair values of these RSUs were reported as compensation to each executive in the Summary Compensation Table in 2020, 2021, 2022, and 2023. (5) Mr. Wolfe resigned as an employee and officer of the Company effective as of January 9, 2025. Severance and Change of Control Agreements We entered into severance and change of control agreements with Mr. Gold, Mr. Smithers and Mr. Wolfe that became effective on January 18, 2017. We also entered into a change of control agreement with Mr. Smith that became effective on March 29, 2023. Except as provided below, each of the severance and change of control agreements with the named executive officers contains substantially similar terms. The severance and change of control agreements each expire on December 31, 2025, but they include automatic renewal provisions under which they automatically renew for successive three-year terms unless either party gives written notice of non-renewal within 90 days before the end of the then-current term. The severance and change of control agreements provide that, if a named executive officer’s employment is terminated by the Company in a Qualifying Termination, the executive will be entitled to severance payments and certain benefits, subject to certain conditions specified below. If the named executive officer experiences a Qualifying Termination, other than within two years of a “change of control” (as defined in the applicable severance and change of control agreement), (a) the executive will receive (i) a cash payment equal to the sum of his annual base salary and