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
Item5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On June 7, 2017, the Board of Directors (the Board) of Innovative
Industrial Properties, Inc. (the Company) promoted Catherine
Hastings to Chief Financial Officer (principal financial
officer). Ms. Hastings will continue to serve as the Company’s
Chief Accounting Officer and Treasurer, a position she has held
since joining the Company in January 2017. Prior to joining the
Company, Ms. Hastings, age 46, served as vice president,internal
audituntil December 2016 of BioMed Realty Trust, Inc. (formerly
NYSE: BMR) (BioMed Realty), a REIT specializing in acquiring,
leasing, developing and managing laboratory and office space for
the life science industry, having joined BioMed Realty in 2009.
Prior to BioMed Realty, Ms.Hastings was director of financial
accounting and audit for The Corky McMillin Companies, a
privately held real estate land developer and homebuilder, from
2004 to 2009. From 1997 to 2004, Ms. Hastings served as a senior
manager with KPMG LLP, where sheaudited the financial statements
forpublic and private companies in a broad range of industries,
with a focus on real estate.
Also effective June 7, 2017, in connection with Ms. Hastings’
promotion, the Board approved an increase to the annual base
salary for Ms. Hastings from $170,000 to $200,000. In addition,
the Company entered into a severance and change of control
agreement with Ms. Hastings (the Severance and Change of Control
Agreement), with substantially similar terms as the severance and
change of control agreement entered into with Robert Sistek, the
Company’s former Chief Financial Officer and Executive Vice
President, Investments, as described in Item 5.02 of the Current
Report on Form 8-K filed by the Company with the Securities and
Exchange Commission on January 24, 2017 and incorporated herein
by reference.
A copy of the Severance and Change of Control Agreement is filed
as Exhibit 10.1 hereto and is incorporated herein by reference.
The foregoing description of the Severance and Change of Control
Agreement is qualified in its entirety by reference to the full
text of the Severance and Change of Control Agreement.
On June 2, 2017, it was determined that Robert Sistek would step
down from his position as Chief Financial Officer and Executive
Vice President, Investments of the Company, effective June 7,
2017. The Company expects Mr. Sistek’s responsibilities as
Executive Vice President, Investments to be assumed by other
current employees of the Company, and the Company does not
currently expect to replace Mr. Sistek. It is expected that Mr.
Sistek will remain an employee of IIP Operating Partnership, LP,
the operating partnership subsidiary of the Company, until June
30, 2017 to ensure an orderly transition. The terms of Mr.
Sistek’s transition are still being discussed.
| Item9.01 | Financial Statements and Exhibits. |
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Exhibit |
Description of Exhibit |
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| 10.1 |
Severance and Change of Control Agreement dated as of June 7, 2017 among Innovative Industrial Properties, Inc., IIP Operating Partnership, LP and Catherine Hastings. |
Forward-Looking Statements
This report contains statements that the Company believes to be
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995. All statements other than historical facts are forward
looking statements. When used in this press release, words such
as the Company expects, intends, plans, estimates, anticipates,
believes or should or the negative thereof or similar terminology
are generally intended to identify forward-looking statements.
Such forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ
materially from those expressed in, or implied by, such
statements. Investors should not place undue reliance upon
forward-looking statements.
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.
