Gold Alan D 4

What Happened Alan D. Gold, Executive Chairman and a director of Innovative Industrial Properties, Inc. (IIPR), was granted 66,702 restricted stock units (RSUs) on January 20, 2026. The award was recorded as an acquisition of a derivative (transaction code A) at $0.00 per RSU (total reported value $0), meaning no cash was paid for the grant. This is an award/compensation event rather than an open-market buy or sell.

Key Details

• Transaction date: 2026-01-20 (Period of Report); filing date: 2026-01-21 (timely).
• Security: 66,702 Restricted Stock Units (RSUs); Price: $0.00; Reported value: $0.
• Shares owned after transaction: Not specified in the filing.
• Footnotes of note:
  • F3: Each RSU represents the contingent right to receive one share upon vesting.
  • F4–F7: Vesting is subject to the Company’s Nonqualified Deferred Compensation (NQDC) Plan and, in various footnotes, provides for release of RSUs in thirds on specified Jan 1 dates (vesting contingent on continued service).
  • F1–F2: Some or all RSUs/beneficial interests are held for beneficiaries in a Spousal Lifetime Access Trust (SLAT) and an SMG Irrevocable Trust; the reporting person and spouse control the trustee entities.
• Filing timeliness: The Form 4 was filed one day after the transaction date (not marked late).

Context RSUs are a common form of equity compensation and represent a contingent right to receive company shares if vesting conditions are met; they are not an immediate purchase of stock nor an immediate sale. Vesting schedules and holding in trusts mean these awards may be intended for long-term retention or estate/benefit planning rather than short-term trading. The grant itself is informational and does not by itself indicate the insider’s intent to buy or sell shares.