Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 109

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 109
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 our bylaws obligate us, to the fullest extent permitted by Maryland law in effect from time to time, to indemnify and, without requiring
a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final
disposition of a proceeding to:

| · | any present or former director or officer who is made                                                                 
 or threatened to be made a party to or witness in the proceeding by reason of his or her service in that capacity; or |

| · | any individual who, while a director or officer of                                                                                       
 our company and at our request, serves or has served as a director, officer, partner, manager, member or trustee of another corporation, 
 REIT, partnership, limited liability company, joint venture, trust, employee benefit plan or any other enterprise and who is made        
 or threatened to be made a party to or witness in the proceeding by reason of his or her service in that capacity.                       |

Our charter and bylaws, with the approval of
our board of directors, also permit us to indemnify and advance expenses to any individual who served any predecessor of our company,
in any of the capacities described above and any employee or agent of our company or a predecessor of our company.

We have entered into indemnification agreements
with each of our executive officers and directors whereby we agree to indemnify such executive officers and directors to the maximum
extent permitted by Maryland law against all expenses and liabilities, subject to limited exceptions. The indemnification agreements
require us to indemnify the director or officer party thereto, the indemnitee, against all judgments, penalties, fines and amounts paid
in settlement and all expenses actually and reasonably incurred by the indemnitee or on his or her behalf in connection with a proceeding,
unless it is established that one of the exceptions to indemnification under Maryland law set forth above exists. The indemnification
agreements also provide that we agree to hold harmless and indemnify these persons against expenses incurred by reason of the fact that
such person is or was a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign
or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that
such person is or was serving in such capacity at our request, including, without limitation, the Delaware Registrants (as defined below).

The indemnification agreements prohibit indemnification
in connection with a proceeding that is brought by or in the right of