Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 97

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 97
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 and in our sole discretion, subject to any limitations described in the applicable prospectus supplement relating
to those securities, determine not to have any securities of that series represented by one or more global securities and, in that event,
will issue individual securities of that series in exchange for the global security or securities representing that series of securities.

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CERTAIN PROVISIONS OF MARYLAND LAW AND OUR CHARTER AND BYLAWS</div>

The following description of the terms of our stock and of certain provisions of Maryland law is only a summary. For a complete description, we refer you to the MGCL and to our charter and our bylaws, the forms of which are filed as exhibits to the registration statement of which this prospectus forms a part.

Our Board of Directors

Our charter and bylaws provide that the number
of directors we have may be established only by our board of directors but may not be fewer than the minimum number required under the
MGCL, which is one, and our bylaws provide that the number of our directors may not be more than 15. Because our board of directors has
the power to amend our bylaws, it could modify the bylaws to change that range. Subject to the terms of any class or series of preferred
stock, vacancies on our board of directors may be filled only by a majority of the remaining directors, even if the remaining directors
do not constitute a quorum, and any director elected to fill a vacancy will hold office for the remainder of the full term of the directorship
in which the vacancy occurred and until his or her successor is duly elected and qualifies.

Except as may be provided with respect to any
class or series of our stock, under the MGCL at each annual meeting of our stockholders, each of our directors is elected by our stockholders
to serve until the next annual meeting of our stockholders and until his or her successor is duly elected and qualifies. A plurality
of the votes cast in the election of directors is sufficient to elect a director, and holders of shares of common stock have no right
to cumulative voting in the election of directors. Consequently, at each annual meeting of stockholders, the holders of a majority of
the shares of common stock entitled to vote are able to elect all of our directors.

The Series A Preferred Stock articles supplementary
provides that if dividends on the Series A Preferred Stock are in arrears for six or more quarterly periods, whether or not consecutive,
holders of shares