Shoemaker Scott 4

What Happened

• Scott Shoemaker, a director of Innovative Industrial Properties, Inc. (IIPR), reported a derivative conversion/exercise on January 2, 2026 involving 911 units. The filing shows 911 derivative units acquired and 911 derivative units disposed, both at $0.00 (total value $0), reflecting conversion/settlement activity of restricted stock units (RSUs) rather than an open‑market purchase or sale.

Key Details

• Transaction date: 2026-01-02
• Transaction type/code: M — exercise or conversion of a derivative security (reported as both acquired and disposed at $0.00)
• Shares/units involved: 911 RSUs (reported as conversion/exercise)
• Price per share/unit: $0.00; total reported value $0
• Shares owned after transaction: Not specified in the filing
• Footnotes:
  • F1: Each RSU represents the contingent right to receive one share of IIPR common stock upon vesting.
  • F2/F3: Vesting is subject to the Company’s Nonqualified Deferred Compensation Plan (NQDC Plan). All RSUs are scheduled to be released from forfeiture on June 11, 2026 if Shoemaker remains a non‑employee director or employee on that date.
• Filing timeliness: No late‑filing indication in the provided data.

Context

• This was a derivative conversion of RSUs (no cash purchase or sale). Because the RSUs are contingent on future vesting conditions, the transaction does not necessarily represent immediate ownership of freely tradable shares. Such filings often reflect routine equity plan activity rather than a market sentiment trade by the insider.