Innovative Industrial Properties, Inc. (NYSE:IIPR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Approval of Form of Restricted Stock Unit Award Agreement
On January 3, 2020, the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of Innovative Industrial Properties, Inc. (the “Company”) adopted a form of Restricted Stock Unit Award Agreement (the “RSU Agreement”) under the Company’s 2016 Omnibus Incentive Plan (the “Incentive Plan”).
The RSU Agreement provides for the grant of restricted stock unit awards (“RSUs”) consisting of the right to receive, upon the vesting date of such RSUs, one share of common stock of the Company for each vested RSU. RSUs generally will vest in equal annual installments over the period specified for each award by the Board or a committee of the Board for the Company’s named executive officers, and one year from the date of grant for the Company’s non-employee Board members. The vesting of the RSUs is further subject to the executive officer’s or Board member’s continued employment or service through the vesting date.
A copy of the RSU Agreement is filed as Exhibit 10.1 and is incorporated herein by reference. The foregoing description of the RSU Agreement is qualified in its entirety by reference to the full text of the RSU Agreement.
Executive Compensation Decisions
On January 3, 2020, the Committee adjusted the annual base salaries of the Company’s executive officers for 2020, determined the executive officers’ year-end 2019 cash bonuses and granted executive officers awards of restricted shares of common stock and RSUs. These salaries, bonuses and grants of restricted stock and RSUs are summarized in the following table:
| 10.1 | Form of Restricted Stock Unit Award Agreement. |
| 10.2(1) | Form of Restricted Stock Award Agreement for Officers. |
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| (1) | Incorporated by reference to Exhibit 10.2 to Innovative Industrial Properties, Inc.’s Registration Statement on Form S-8 (File No. 333-214919), filed with the Securities and Exchange Commission on December 6, 2016. |
INNOVATIVE INDUSTRIAL PROPERTIES INC Exhibit
EX-10.1 2 tm201261d1_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 INNOVATIVE INDUSTRIAL PROPERTIES,…
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About Innovative Industrial Properties, Inc. (NYSE:IIPR)
Innovative Industrial Properties, Inc. is focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators for their regulated medical-use cannabis facilities. The Company intends to acquire its properties through sale-leaseback transactions and third-party purchases. It is focused on leasing its properties on a triple-net lease basis, where the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term, including maintenance, taxes and insurance. The Company intends to conduct business in an umbrella partnership real estate investment trust (UPREIT), structure through its operating partnership. The Company’s real estate investments will consist of primarily properties suitable for cultivation and production of medical-use cannabis.
