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 OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective June 30, 2017, Robert Sistek, Innovative Industrial Properties, Inc.’s (the “Company”) former Chief Financial Officer and Executive Vice President, Investments, ceased his employment with the Company. As previously reported in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 8, 2017, effective as of June 7, 2017, Catherine Hastings was promoted to Chief Financial Officer, in addition to continuing her role as Chief Accounting Officer and Treasurer, and Mr. Sistek's prior responsibilities as Executive Vice President, Investments were assumed by other current employees of the Company. The Company does not plan to replace Mr. Sistek at this time.
On June 30, 2017, the Company, IIP Operating Partnership, LP, the operating partnership subsidiary of the Company (the “Operating Partnership”), and Mr.Sistek entered into an Employment Transition Agreement (the “Transition Agreement”), to which Mr.Sistek will be entitled to receive a lump sum cash payment in the amount of $113,000.
The Transition Agreement contains a general release of claims against the Company and the Operating Partnership, as well as confidentiality, non-solicitation, non-disparagement and other customary provisions.
The foregoing description of the Transition Agreement is qualified in its entirety by reference to the full text of the Transition Agreement, which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.
Item 5.02 Financial Statements and Exhibits.
| Exhibit | Description of Exhibit |
| 10.1 | Employment Transition Agreement dated as of June 30, 2017 among Innovative Industrial Properties, Inc., IIP Operating Partnership, LP and Robert Sistek. |
INNOVATIVE INDUSTRIAL PROPERTIES INC ExhibitEX-10.1 2 v469973_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 EMPLOYMENT TRANSITION AGREEMENT This Employment Transition Agreement (this “Agreement”),…To view the full exhibit click here
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.
