Company: IIPR
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0001104659-25-041241
Chunk: 44

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 44
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 of shares of restricted stock and/or RSUs to grant to each of our named executive officers in 2024 based on each named executive officer’s contributions to date and expected role in executing on the Company’s strategy over the next three years. Performance Shares Units Granted in 2022 In January 2022, our compensation committee granted PSUs (the “2022 PSUs”) to our named executive officers, pursuant to which each PSU represented the right to receive one share of our common stock if the applicable performance goals were achieved. The number of 2022 PSUs earned was based on the Company’s TSR over a period commencing January 11, 2022 and ending on December 31, 2024. At the end of this performance period, any earned 2022 PSUs would vest and be settled in shares of common stock at a rate depending on the Company’s TSR over this performance period as compared to two different comparator groups: (1) 26 real estate companies; and (2) the companies in the FTSE NAREIT All Equity REIT Index. The grant date fair values of the 2022 PSUs granted to Messrs. Gold, Smithers and Wolfe were $9,000,194, $6,000,129, and $2,000,043, respectively. At December 31, 2024, the performance thresholds for the vesting of the 2022 PSUs were not met for any of the applicable awards, and the 2022 PSUs were forfeited in their entirety pursuant to the terms of the agreements. Overview of Executive Compensation Program Changes for 2025 and Future Considerations The compensation committee continues to evaluate the long-term incentive program, and is still considering re-introducing a program under which a substantial portion of the long-term incentive awards

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TABLE OF CONTENTS granted are in the form of performance share units, the number of which, if any, will be earned based on pre-established performance objectives measured over a multi-year, specified performance period. The Company believes that the foregoing changes to its executive compensation program will further enhance the nexus between corporate and individual performance and executive compensation levels by providing a stronger formulaic link between executive compensation and the achievement of specific, objectively measurable goals. Other Compensation Policies Other Benefits We provide benefits such as a 401(k) plan, medical, dental and life insurance and disability coverage for all of our employees, including our executive officers. We also provide personal paid time off and other paid holidays to all employees, including the executive