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
Amendments to Director Compensation Policy
On May 22, 2019, the Board of Directors (the “Board”) of Innovative Industrial Properties, Inc. (the “Company”) approved revisions to the Company’s Director Compensation Policy effective as of May 21, 2019 (the “Director Compensation Policy”). Under the revised Director Compensation Policy, each of the Company’s non-employee directors receives an annual fee of $50,000 in cash (except in the case of Mr. Kreitzer, who serves as vice chairman of the Board and receives an annual retainer of $100,000 in cash) and an annual retainer of $80,000 payable in restricted shares of common stock under the Company’s 2016 Omnibus Incentive Plan (the “Plan”) (except in the case of Mr. Kreitzer, who receives an annual retainer of $100,000 payable in restricted shares of common stock under the Plan), which vest in their entirety one year from the date of grant. The audit committee chair receives an additional annual retainer of $10,000 in cash and any other committee chair receives an additional annual retainer of $5,000 in cash. All members of the Board continue to be reimbursed for their costs and expenses in attending Board meetings.
The Company also will grant $80,000 in restricted shares of common stock under the Plan to each non-employee director who is initially elected or appointed to the Board on the date of such initial election or appointment, which vest in their entirety one year from the date of grant.
Directors who are employees of the Company or its subsidiaries do not receive compensation for their service as directors.
A copy of the Director Compensation Policy is filed as Exhibit 10.1 hereto and is incorporated herein by reference. The foregoing description of the Director Compensation Policy is qualified in its entirety by reference to the full text of the Director Compensation Policy.
On May 22, 2019, the Company held its Annual Meeting of Stockholders, at which the stockholders voted on proposals as follows:
Proposal 1: Election of five directors, each to serve until the 2020 annual meeting of stockholders and until his successor is duly elected and qualified.
On May 23, 2019, the Company posted an investor presentation to its website located at http://investors.innovativeindustrialproperties.com/. A copy of the investor presentation is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
The information contained in this Item 7.01, including Exhibit 99.1 referenced herein, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
| 10.1 | Director Compensation Policy. |
| 99.1 | Innovative Industrial Properties, Inc. Investor Presentation, dated May 23, 2019. |
INNOVATIVE INDUSTRIAL PROPERTIES INC Exhibit
EX-10.1 2 tv522269_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 Director Compensation Policy Members of the board of directors (the “Board”) of 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.