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.
Executive Compensation Decisions
On January 16, 2019, the Compensation Committee of the Board of Directors (the “Board”) of Innovative Industrial Properties, Inc. (the “Company”) adjusted the annual base salaries of the Company’s executive officers for 2019, determined the executive officers’ 2018 cash bonuses and granted executive officers awards of restricted shares of common stock. These salaries, bonuses and grants of restricted stock are summarized in the following table:
| Name and Position |
Base Salary(1) |
Cash Bonus |
Restricted Stock Awards(2) |
||
| Alan Gold | |||||
| Executive Chairman | $ | 650,000 | $ | 800,000 | 17,034 |
| Paul Smithers | |||||
| President and Chief Executive Officer | 400,000 | 360,000 | 11,358 | ||
| Catherine Hastings | |||||
| Chief Financial Officer, Chief Accounting Officer and Treasurer | 235,000 | 210,000 | 7,572 | ||
| Brian Wolfe | |||||
| Vice President, General Counsel and Secretary | 230,000 | 210,000 | 7,572 |
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| (1) | Adjustments to the executive officers’ base salaries are effective as of January 1, 2019. |
| (2) | The restricted stock awards vest ratably on each of January 1, 2020, January 1, 2021 and January 1, 2022 for each of the Company’s executive officers, provided that he or she continues to be an employee of the Company or a non-employee member of the Board on each such date. The restricted stock awards were issued to each executive officer to a Restricted Stock Award Grant Notice and Restricted Stock Award Agreement (the “Award Agreement”) under the Company’s 2016 Omnibus Incentive Plan. |
A copy of the Award Agreement is filed as Exhibit 10.1 and is incorporated herein by reference. The foregoing description of the Award Agreement is qualified in its entirety by reference to the full text of the Award Agreement.
Item 5.02 Financial Statements and Exhibits.
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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. |
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.
