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
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On December 23, 2016, Greg Fahey, the Company’s Chief Accounting
Officer and Treasurer, notified Innovative Industrial Properties,
Inc. (the Company) of his decision to retire from the Company.
Mr. Fahey will remain with the Company until his successor is
identified and appointed, and to transition responsibilities to
that successor.
On December 23, 2016, the Compensation Committee of the Board of
Directors (the Board) of the Company granted 14,825 restricted
shares of Class A common stock (the Shares) to each of Alan Gold,
the Companys Executive Chairman, Paul Smithers, the Companys
President, Chief Executive Officer and member of the Board,
Robert Sistek, the Companys Chief Financial Officer and Executive
Vice President, Investments, and Brian Wolfe, the Companys Vice
President, General Counsel and Secretary. The Shares vest in
their entirety on May 30, 2017 for each of Messrs. Gold,
Smithers, Sistek and Wolfe, provided that he continues to be an
employee of the Company or a non-employee member of the Board on
such date.
The Shares were issued to each of Messrs. Gold, Smithers, Sistek
and Wolfe to a Restricted Stock Award Grant Notice and Restricted
Stock Award Agreement (the Award Agreement) under the Companys
2016 Omnibus Incentive Plan, which form of Award Agreement is
filed as an exhibit to this report and incorporated herein by
reference.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits. |
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Exhibit |
Description of Exhibit |
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| 10.1(1) | Form of Restricted Stock Award Agreement for Officers. |
| (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. Innovative Industrial Properties, Inc. (NYSE:IIPR) Recent Trading Information
Innovative Industrial Properties, Inc. (NYSE:IIPR) closed its last trading session up +0.29 at 18.19 with 77,659 shares trading hands.
