Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 102

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 102
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 to our bylaws, a meeting of our stockholders
for the election of directors and the transaction of any business will be held annually on a date and at the time and place set by our
board of directors. The chairman of our board of directors, our chief executive officer or our board of directors may call a special
meeting of our stockholders. Subject to the procedural requirements specified in our bylaws, a special meeting of our stockholders to
act on any matter that may properly be brought before a meeting of our stockholders must also be called by our secretary upon the written
request of the stockholders entitled to cast a majority of all the votes entitled to be cast at the meeting on such matter and containing
the information required by our bylaws. Only the matters set forth in the notice of special meeting may be considered and acted upon
at such meeting. Additionally, the Series A Preferred Stock articles supplementary provides the holders of Series A Preferred
Stock certain rights to have a special meeting called upon their request in connection with the election of the preferred stock directors.

Amendment to Our Charter and Bylaws

Except for amendments to the provisions of our
charter relating to the removal of directors, and the vote required to amend this provision (which must be advised by our board of directors
and approved by the affirmative vote of stockholders entitled to cast not less than two-thirds of all the votes entitled to be cast on
the election), our charter generally may be amended only if advised by our board of directors and approved by the affirmative vote of
stockholders entitled to cast a majority of all of the votes entitled to be cast on the matter. As permitted by the MGCL, our charter
contains a provision permitting our directors, without any action by our stockholders, to amend the charter to increase or decrease the
aggregate number of shares of stock of any class or series that we have authority to issue.

Our bylaws may be adopted, altered or repealed
by the board of directors or by our stockholders, by the affirmative vote of a majority of the outstanding shares entitled to vote on
the matter.

Additionally, the Series A Preferred Stock
articles supplementary provides the holders of Series A Preferred Stock with voting rights with respect to certain amendments to
our charter.

Advance Notice of Director Nominations and New Business

Our bylaws provide that, with respect to an annual
meeting of stockholders, nominations of individuals for election to our board of directors and the proposal of other business to be considered
by stockholders may be