Company: IIPR
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0001104659-25-041241
Chunk: 48

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 48
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 ​ |  2,900,096 | ​           | ​ | ​            | ​ | ​ | — | ​                                       | ​ |         ​ | ​ | ​ |      9,150 | ​                        | ​ |      ​ | ​ | ​ |  3,784,246 | ​     | ​ |           |   |   |

(1) Represents matching contributions made by us to each of our executive officers pursuant to a retirement savings plan that we maintain under Section 401(k) of the Internal Revenue Code of 1986, as amended, to cover our eligible employees, including our executive officers. The plan allows eligible employees to defer, within prescribed limits, up to 100% of their compensation through contributions to the plan. We currently match each eligible participant’s contributions, within prescribed limits, with an amount equal to 50% of such participant’s initial contributions up to 6% of such participant’s compensation. In addition, we reserve the right to make additional discretionary contributions on behalf of eligible participants. Dividends on unvested restricted stock are excluded from all other compensation for all periods presented, as they are factored into the determinations of the grant date fair values of the corresponding stock awards as described in the footnotes below. (2) Represents the grant date fair value of restricted stock and RSUs awarded in 2024, as determined in accordance with ASC Topic 718. Mr. Gold, Mr. Smith and Mr. Wolfe were awarded 38,124, 10,893 and 9,804 RSUs, respectively, and Mr. Smithers was awarded 27,231 shares of restricted stock. The forfeiture restrictions on the RSUs and restricted stock lapse ratably on each of January 1, 2025, January 1, 2026 and January 1, 2027. Dividends or dividend equivalents (as applicable) are paid on the entirety of the grant from the date of the grant. Each of Mr. Gold, Mr. Smith and Mr. Wolfe elected to defer settlement of the RSUs pursuant to the NQDC Plan. (3) Effective March 29, 2023, Mr. Smith was appointed as chief financial officer and treasurer. Mr. Smith’s annual base salary for 2023 was $400,000, and Mr. Smith’s 2023 bonus was calculated on the basis of his annual base salary. (4) Includes $134,580 in relocation benefits paid for or reimbursed by the Company for