Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 43

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 43
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 such removal with their own nominees.

No Appraisal Rights

As permitted by the MGCL, our charter provides
that stockholders will not be entitled to exercise appraisal rights unless a majority of our board of directors determines that appraisal
rights apply, with respect to all or any classes or series of stock, to one or more transactions occurring after the date of such determination
in connection with which stockholders would otherwise be entitled to exercise appraisal rights.

Dissolution

Our dissolution must be declared advisable by
a majority of our board of directors and approved by the affirmative vote of stockholders entitled to cast not less than a majority of
the votes entitled to be cast on such matter.

Exclusive Forum for Certain Litigation

Our bylaws provide that, unless we consent in
writing to an alternative forum, the state and federal courts in Baltimore, Maryland are the exclusive forum for certain litigation,
including (i) derivative actions on our behalf, (ii) actions asserting claims of breach of any duty owed by any of our directors,
officers or employees, (iii) actions asserting a claim against us or any of our directors, officers or other employees arising under
the MGCL, our bylaws or our charter and (iv) actions governed by the internal affairs doctrine.

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Business Combinations

Under the MGCL, certain “business combinations”
(including a merger, consolidation, statutory share exchange or, in certain circumstances, an asset transfer or issuance or reclassification
of equity securities) between a Maryland corporation and an interested stockholder (defined generally as any person who beneficially
owns, directly or indirectly, 10% or more of the voting power of the corporation’s outstanding voting stock or an affiliate or
associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner of 10%
or more of the voting power of the then outstanding voting stock of the corporation) or an affiliate of such an interested stockholder
are prohibited for five years after the most recent date on which the interested stockholder becomes an interested stockholder. Thereafter,
any such business combination must generally be recommended by the board of directors of such corporation and approved by the affirmative
vote of at least (1) 80% of the votes entitled to be cast by holders of outstanding voting stock of the corporation and (2) two-thirds
of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder