Boyle David Gerard 4

What Happened

• David Gerard Boyle, a director of Innovative Industrial Properties, Inc. (IIPR), was granted 2,652 restricted stock units (RSUs) on June 9, 2026. The award is reported as a derivative acquisition at $0.00 per share (no cash outlay). The RSUs represent the contingent right to receive one share per RSU upon vesting.

Key Details

• Transaction date: 2026-06-09; Form 4 filed: 2026-06-10 (timely filing).
• Grant: 2,652 RSUs reported as an award/acquisition (code A), acquisition price $0.00.
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Footnotes: F1 — each RSU equals the contingent right to one share; F2 — all RSUs will be released from forfeiture on June 9, 2027 only if the reporting person remains a non-employee director or employee and satisfies the vesting conditions under the Company’s Nonqualified Deferred Compensation Plan (NQDC Plan).
• Filing status: appears timely (reported the next day); no 10b5-1 plan or tax-withholding sale reported.

Context

• These RSUs are a grant, not an open-market purchase or sale. They do not convert to actual shares until vesting (June 9, 2027) and are subject to forfeiture and plan conditions, so they are not immediate liquidity or direct market bets by the insider. Grants to directors are common as compensation and should be viewed as compensation-related awards rather than immediate insider buying/selling.