Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 47

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 47
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 request in connection with the election of the preferred stock directors.

Amendment to Our Charter and Bylaws

Except for amendments to the provisions of our
charter relating to the removal of directors, and the vote required to amend this provision (which must be advised by our board of directors
and approved by the affirmative vote of stockholders entitled to cast not less than two-thirds of all the votes entitled to be cast on
the election), our charter generally may be amended only if advised by our board of directors and approved by the affirmative vote of
stockholders entitled to cast a majority of all of the votes entitled to be cast on the matter. As permitted by the MGCL, our charter
contains a provision permitting our directors, without any action by our stockholders, to amend the charter to increase or decrease the
aggregate number of shares of stock of any class or series that we have authority to issue.

Our bylaws may be adopted, altered or repealed
by the board of directors or by our stockholders, by the affirmative vote of a majority of the outstanding shares entitled to vote on
the matter.

Additionally, the Series A Preferred Stock
articles supplementary provides the holders of Series A Preferred Stock with voting rights with respect to certain amendments to
our charter.

Advance Notice of Director Nominations and New Business

Our bylaws provide that, with respect to an annual
meeting of stockholders, nominations of individuals for election to our board of directors and the proposal of other business to be considered
by stockholders may be 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