Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 42

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 42
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 convertible into or evidencing the right to purchase such capital stock.

In addition, so long as any shares of Series A
Preferred Stock remain outstanding, we will not, without the affirmative vote or consent of the holders of at least two-thirds of the
outstanding shares of Series A Preferred Stock, amend, alter or repeal the provisions of our charter, or the terms of the Series A
Preferred Stock, whether by merger, consolidation, transfer or conveyance of all or substantially all of our assets or otherwise, so as
to materially and adversely affect any right, preference, privilege or voting power of the Series A Preferred Stock, except that
with respect to the occurrence of any of the events set forth above, so long as the Series A Preferred Stock remains outstanding
with the terms of the Series A Preferred Stock materially unchanged, taking into account that, upon the occurrence of an event set
forth above, we may not be the surviving entity, the occurrence of such event will not be deemed to materially and adversely affect the
rights, preferences, privileges or voting power of the Series A Preferred Stock, and in such case such holders shall not have any
voting rights with respect to the events set forth above; provided, further, that such vote or consent will not be required with respect
to any such amendment, alteration or repeal that equally affects the terms of the Series A Preferred Stock and the Voting Preferred
Stock, if such amendment, alteration or repeal is approved by the affirmative vote or consent of the holders of two-thirds of the shares
of Series A Preferred Stock and the Voting Preferred Stock (voting together as a single class). Furthermore, if holders of shares
of the Series A Preferred Stock will receive the greater of the full trading price of the Series A Preferred Stock on the date
of an event set forth above or the $25.00 per share liquidation preference pursuant to the occurrence of any of the events set forth above,
then such holders shall not have any voting rights with respect to the events set forth above.

So long as any shares of Series A Preferred
Stock remain outstanding, the holders of shares of Series A Preferred Stock also will have the exclusive right to vote on any amendment,
alteration or repeal of the provisions of our charter, or the terms of the Series A Preferred Stock on which holders of Series A
Preferred Stock are otherwise entitled to vote pursuant to the paragraph set forth immediately above that would alter only the contract
rights, as expressly set forth in our charter, of the Series A Preferred Stock,