Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 44

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 44
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whom (or with whose affiliate) the business combination is to be effected or held by an affiliate or associate of the interested stockholder,
unless, among other conditions, the corporation’s common stockholders receive a minimum price (as defined in the MGCL) for their
shares and the consideration is received in cash or in the same form as previously paid by the interested stockholder for its shares.
A person is not an interested stockholder under the statute if the board of directors approved in advance the transaction by which the
person otherwise would have become an interested stockholder. A Maryland corporation’s board of directors may provide that its
approval is subject to compliance with any terms and conditions determined by it. These provisions of the MGCL do not apply, however,
to business combinations that are approved or exempted by a Maryland corporation’s board of directors prior to the time that the
interested stockholder becomes an interested stockholder.

Control Share Acquisitions

The MGCL provides that a holder of “control
shares” of a Maryland corporation acquired in a “control share acquisition” has no voting rights with respect to the
control shares except to the extent approved by the affirmative vote of at least two-thirds of the votes entitled to be cast on the matter,
excluding shares of stock in the corporation in respect of which any of the following persons is entitled to exercise or direct the exercise
of the voting power of such shares in the election of directors: (i) a person who makes or proposes to make a control share acquisition,
(ii) an officer of the corporation or (iii) an employee of the corporation who is also a director of the corporation. “Control
shares” are voting shares of stock which, if aggregated with all other such shares of stock owned by the acquirer, or in respect
of which the acquirer is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would
entitle the acquirer to exercise voting power in electing directors within one of the following ranges of voting power: (i) one-tenth
or more but less than one-third; (ii) one-third or more but less than a majority; or (iii) a majority or more of all voting
power. Control shares do not include shares that the acquiring person is then entitled to vote as a result of having previously obtained
stockholder approval or shares acquired directly from the corporation. A “control share acquisition” means the acquisition
of issued and outstanding control shares, subject to