Smithers Paul E. 4

What Happened
Paul E. Smithers, President, CEO and Director of Innovative Industrial Properties, Inc. (IIPR), received an award of 47,643 restricted shares on 2026-01-20 (transaction code A). No purchase price or immediate cash value is reported for the grant (price: N/A). This is a compensation/retention award rather than an open-market purchase or sale.

Key Details

• Transaction date: 2026-01-20 (Form 4 filed 2026-01-21). Transaction code: A (award/grant).
• Shares granted: 47,643 restricted stock units/shares. Price: N/A (awarded).
• Shares owned after transaction: not specified in the provided filing.
• Vesting/conditions (footnotes): one-third of the shares will be released from forfeiture on each of Jan 1, 2027, Jan 1, 2028, and Jan 1, 2029, provided Smithers remains an employee or non-employee director. Each RSU represents the contingent right to one share; vesting is subject to the Company’s Nonqualified Deferred Compensation Plan.
• Timeliness: Filing appears timely (reported transaction 1/20/2026; Form 4 filed 1/21/2026).

Context
Restricted-share awards are a form of compensation/retention and do not represent an immediate cash investment by the insider. Because vesting is staged over three years and conditioned on continued service, these awards are typically intended to align executive incentives with long-term company performance rather than signal near-term buying or selling.