Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 98

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 98
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 of the Series A Preferred Stock (voting together as a class with other voting preferred stock) will be entitled
to vote for the election of two additional directors to serve on our board of directors. The Series A Preferred Stock articles supplementary
also separately provide for the election, term, removal and filling of any vacancy in the office of such directors elected by the holders
of the Series A Preferred Stock.

Removal of Directors

Our charter provides that, subject to the rights
of holders of any class or series of our preferred stock to elect or remove one or more directors, a director may be removed only with
cause and only by the affirmative vote of at least two-thirds of the votes entitled to be cast generally in the election of directors.
This provision, when coupled with the exclusive power of our board of directors to fill vacancies on our board of directors, precludes
stockholders from (i) removing incumbent directors except with cause and upon a substantial affirmative vote and (ii) filling
the vacancies created by 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