Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 10

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 10
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 outstanding shares of common stock are entitled
to receive dividends on such shares of common stock out of assets legally available therefor if, as and when authorized by our board
of directors and declared by us, and the holders of outstanding shares of common stock are entitled to share ratably in our assets legally
available for distribution to our stockholders in the event of our liquidation, dissolution or winding up after payment of or adequate
provision for all our known debts and liabilities.

Subject to the provisions
of our charter regarding the restrictions on ownership and transfer of our stock and except as may otherwise be specified in the terms
of any class or series of stock, each outstanding share of common stock entitles the holder to one vote on all matters submitted to a
vote of stockholders, including the election of directors, and, except as provided with respect to any other class or series of shares
of our stock (including the Series A Preferred Stock), the holders of shares of common stock will possess the exclusive voting power.
A plurality of the votes cast in the election of directors is sufficient to elect a director and there is no cumulative voting in the
election of directors, which means that the holders of a majority of the outstanding shares of common stock can elect all of the directors
then standing for election, and the holders of the remaining shares will not be able to elect any directors.

Holders of shares of
common stock have no preference, conversion, exchange, sinking fund, redemption or appraisal rights and have no preemptive rights to
subscribe for any securities of our company. Subject to the provisions of our charter regarding the restrictions on ownership and transfer
of our stock, shares of common stock will have equal dividend, liquidation and other rights.

Under Maryland law,
a Maryland corporation generally cannot dissolve, amend its charter, merge, sell all or substantially all of its assets, engage in a
share exchange or engage in similar transactions outside the ordinary course of business, unless declared advisable by the board of directors
and approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter.
However, a Maryland corporation may provide in its charter for approval of these matters by a lesser percentage, but not less than a
majority of all the votes entitled to be cast on the matter. Our charter provides for approval of these matters by the affirmative vote
of holders of shares entitled to cast a majority of all the votes entitled to be cast on the matter, except for amendments to our charter