Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Approval of Form of Restricted Stock Unit Award Agreement
OnJanuary 3, 2020 , the Compensation Committee (the "Committee") of the Board of Directors (the "Board") ofInnovative Industrial Properties, Inc. (the "Company") adopted a form of Restricted Stock Unit Award Agreement (the "RSU Agreement") under the Company's 2016 Omnibus Incentive Plan (the "Incentive Plan"). The RSU Agreement provides for the grant of restricted stock unit awards ("RSUs") consisting of the right to receive, upon the vesting date of such RSUs, one share of common stock of the Company for each vested RSU. RSUs generally will vest in equal annual installments over the period specified for each award by the Board or a committee of theBoard for the Company's named executive officers, and one year from the date of grant for the Company's non-employee Board members. The vesting of the RSUs is further subject to the executive officer's or Board member's continued employment or service through the vesting date. A copy of the RSU Agreement is filed as Exhibit 10.1 and is incorporated herein by reference. The foregoing description of the RSU Agreement is qualified in its entirety by reference to the full text of the RSU Agreement.
Executive Compensation Decisions
On
2019 Year- Restricted 2020 Base End Cash RSU Stock Name and Position Salary(1) Bonus Awards(2) Awards(3)Alan Gold Executive Chairman$ 682,500 $ 650,000 15,978 -Paul Smithers
President and Chief Executive Officer 420,000 200,000 10,653 - Catherine Hastings Chief Financial Officer, Chief Accounting Officer and Treasurer 246,750 117,500 7,323 - Brian Wolfe Vice President, General Counsel and Secretary 241,500 115,000 - 6,657 ______________
(1) Adjustments to the executive officers' base salaries are effective as of
(2) The RSUs vest ratably on each of
1, 2023 for each of Messrs. Gold and Smithers and
he or she continues to be an employee of the Company or a non-employee member
of the Board on each such date. The RSUs were issued to each of Messrs. Gold
and Smithers and
Company's Incentive Plan.
(3) The restricted stock award vests ratably on each of
1, 2022 and
an employee of the Company or a non-employee member of the Board on each such
date. The restricted stock award was issued to
Restricted Stock Award
"Restricted Stock Award Agreement") under the Company's Incentive Plan.
A copy of the Restricted Stock Award Agreement is filed as Exhibit 10.2 and is incorporated herein by reference. The foregoing description of the Restricted Stock Award Agreement is qualified in its entirety by reference to the full text of the Restricted Stock Award Agreement.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. Exhibit Description of Exhibit 10.1 Form of Restricted Stock Unit Award Agreement. 10.2(1) Form of Restricted Stock Award Agreement for Officers. ______________
(1) Incorporated by reference to Exhibit 10.2 to
filed with the
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