Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 50

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 50
---
 to indemnification, pay or reimburse reasonable expenses in advance of final
disposition of a proceeding to:

| · | any present or former director or officer who is made                                                                 
 or threatened to be made a party to or witness in the proceeding by reason of his or her service in that capacity; or |

| · | any individual who, while a director or officer of                                                                                       
 our company and at our request, serves or has served as a director, officer, partner, manager, member or trustee of another corporation, 
 REIT, partnership, limited liability company, joint venture, trust, employee benefit plan or any other enterprise and who is made        
 or threatened to be made a party to or witness in the proceeding by reason of his or her service in that capacity.                       |

Our charter and bylaws also permit us to indemnify
and advance expenses to any individual who served any predecessor of our company, in any of the capacities described above and any employee
or agent of our company or a predecessor of our company.

<div align='center'>29</div>

We have entered into indemnification agreements
with each of our executive officers and directors, and expect to enter into indemnification agreements with future executive officers
and directors, that provide for indemnification to the maximum extent permitted by Maryland law.

Insofar as the foregoing provisions permit indemnification
of directors, officers or persons controlling us for liability arising under the Securities Act, we have been informed that, in the opinion
of the SEC, this indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

REIT Qualification

Our charter provides that our board of directors
may authorize us to revoke or otherwise terminate our REIT election, without approval of our stockholders, if it determines that it is
no longer in our best interests to attempt to, or continue to, qualify as a REIT. Our charter also provides that our board of directors
may determine that compliance with any restriction or limitation on ownership and transfer of our stock is no longer required for us
to qualify as a REIT.

<div align='center'>30

OUR OPERATING PARTNERSHIP AND THE OPERATING PARTNERSHIP AGREEMENT</div>

We have summarized the material terms and provisions of the Agreement of Limited Partnership of IIP Operating Partnership, LP (the “Operating Partnership Agreement”). This summary is not complete. For more detail, you should refer to the partnership agreement itself, which is incorporated by reference as an exhibit to the registration statement of