Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 103

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 103
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 made only (i) pursuant to our notice of the meeting, (ii) by or at the direction of our board of directors
or (iii) by a stockholder who was a stockholder of record both at the time of giving the notice required by our bylaws and at the
time of the meeting, who is entitled to vote at the meeting on such business or 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.

With respect to special meetings of stockholders,
only the business specified in our notice of meeting may be brought before the meeting. Nominations of individuals for election to our
board of directors may be made only (i) by or at the direction of our board of directors or (ii) provided that the meeting
has been called for the purpose of electing directors, by a stockholder who was a stockholder of record both 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