Smith David Jon 4

What Happened

• David Jon Smith, Chief Financial Officer and Treasurer of Innovative Industrial Properties, Inc. (IIPR), was granted 20,061 restricted shares on 2026-01-20. No purchase price or dollar value is reported (price listed as N/A). This is an award/grant (not a purchase or sale).

Key Details

• Transaction date: 2026-01-20; Form 4 filed 2026-01-21 (filed the next day, which is timely).
• Price: N/A (award of restricted stock).
• Shares granted: 20,061 restricted shares.
• Shares owned after transaction: Not specified in the provided filing data.
• Relevant footnote: F1 — the restricted stock vests one‑third on each of January 1, 2027, 2028 and 2029, provided Smith remains a non‑employee director or employee of the company on those dates.
• Other footnotes (F2–F5) in the filing describe RSU mechanics and vesting schedules for other awards but do not change this restricted‑stock grant.

Context

• Restricted stock awards are subject to forfeiture until vesting and do not indicate an immediate market purchase or sale. This grant vests over three years (2027–2029) contingent on continued service, so the shares are not immediately liquid. Such awards are common compensation and should be viewed as part of long‑term incentive pay rather than a near‑term trading signal.