Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 46

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 46
---
 a director; |

| · | a requirement that the number of directors be fixed 
 only by vote of the directors;                      |

<div align='center'>27</div>

| · | a requirement that a vacancy on the board of directors                                                                               
 be filled only by the remaining directors in office and (if the board of directors is classified) for the remainder of the full term 
 of the class of directors in which the vacancy occurred; and                                                                         |

| · | a majority requirement for the calling of a stockholder-requested 
 special meeting of stockholders.                                  |

Our charter provides that vacancies on our board
may be filled only by the remaining directors and for the remainder of the full term of the directorship in which the vacancy occurred.
Through provisions in our charter and bylaws unrelated to Subtitle 8, we already (i) require the affirmative vote of stockholders
entitled to cast not less than two-thirds of all of the votes entitled to be cast generally in the election of directors for the removal
of any director from the board, only with cause, (ii) vest in the board of directors the exclusive power to fix the number of directorships
and (iii) require, unless called by our chairman of the board, our chief executive officer or our board of directors, the written
request of stockholders entitled to cast not less than a majority of all votes entitled to be cast at such a meeting to call a special
meeting of our stockholders.

Meetings of Stockholders

Pursuant to our bylaws, a meeting of our stockholders
for the election of directors and the transaction of any business will be held annually on a date and at the time and place set by our
board of directors. The chairman of our board of directors, our chief executive officer or our board of directors may call a special
meeting of our stockholders. Subject to the procedural requirements specified in our bylaws, a special meeting of our stockholders to
act on any matter that may properly be brought before a meeting of our stockholders must also be called by our secretary upon the written
request of the stockholders entitled to cast a majority of all the votes entitled to be cast at the meeting on such matter and containing
the information required by our bylaws. Only the matters set forth in the notice of special meeting may be considered and acted upon
at such meeting. Additionally, the Series A Preferred Stock articles supplementary provides the holders of Series A Preferred
Stock certain rights to have a special meeting called upon their