Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 48

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 48
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 at the time of giving notice
and at the time of the special meeting, who is entitled to vote at the meeting in the election of such nominee and who has provided notice
to us within the time period, and containing the information and other materials, specified by the advance notice provisions set forth
in our bylaws.

Action by Stockholders

Our charter provides that stockholder action
can be taken at an annual or special meeting of stockholders and by consent in lieu of a meeting if such consent is approved unanimously.
These provisions, combined with the requirements of our bylaws regarding advance notice of nominations and other business to be considered
at a meeting of stockholders and the calling of a stockholder-requested special meeting of stockholders, may have the effect of delaying
consideration of a stockholder proposal.

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Anti-Takeover Effect of Certain Provisions of Maryland Law and of Our Charter and Bylaws

The provisions of the MGCL, our charter and our
bylaws described above including, among others, the restrictions on ownership and transfer of our stock, the exclusive power of our board
of directors to fill vacancies on the board and the advance notice provisions of our bylaws could delay, defer or prevent a change in
control or other transaction that might involve a premium price for shares of our common stock or otherwise be in the best interests
of our stockholders. Likewise, if our board of directors were to opt in to the classified board or other provisions of Subtitle 8 or
if our board of directors were to opt in to the control share acquisition of the MGCL, these provisions of the MGCL could have similar
anti-takeover effects.

Indemnification and Limitation of Directors’ and Officers’ Liability

Maryland law permits a Maryland corporation to
include in its charter a provision eliminating the liability of its directors and officers to the corporation and its stockholders for
money damages except for liability resulting from actual receipt of an improper benefit or profit in money, property or services or active
and deliberate dishonesty that was established by a final judgment and was material to the cause of action. Our charter contains a provision
that eliminates the liability of our directors and officers to the maximum extent permitted by Maryland law.

The MGCL requires us (unless our charter provides
otherwise, which our charter does not) to indemnify a director or officer who has been successful, on the merits or otherwise, in the
defense of any proceeding to which he or she is