Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 43

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 43
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 and the holders of any other classes or series of
our capital stock will not be entitled to vote on such an amendment, alteration or repeal. With respect to any amendment, alteration or
repeal of the provisions of our charter, or the terms of the Series A Preferred Stock, that equally affects the terms of the Series A
Preferred Stock and the Voting Preferred Stock, so long as any shares of Series A Preferred Stock remain outstanding, the holders
of shares of Series A Preferred Stock and the Voting Preferred Stock (voting together as a single class), 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 and Voting Preferred
Stock, and the holders of any other classes or series of our capital stock will not be entitled to vote on such an amendment, alteration
or repeal.

Holders of shares of Series A Preferred Stock
will not be entitled to vote with respect to any increase in the total number of authorized shares of our common stock or preferred stock,
any issuance or increase in the number of authorized shares of Series A Preferred Stock or the creation or issuance of any other
class or series of capital stock, or any issuance or increase in the number of authorized shares of any class or series of capital stock,
in each case ranking on parity with or junior to the Series A Preferred Stock with respect to the payment of dividends and the
distribution of assets upon liquidation, dissolution or winding up.

Holders of shares of Series A Preferred Stock
will not have any voting rights with respect to, and the consent of the holders of shares of Series A Preferred Stock is not required
for, the taking of any corporate action, including any merger or consolidation involving us or a sale of all or substantially all of our
assets, regardless of the effect that such merger, consolidation or sale may have upon the powers, preferences, voting power or other
rights or privileges of the Series A Preferred Stock, except as set forth above.

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In addition, the voting provisions above will
not apply if, at or prior to the time when the act with respect to which the vote would otherwise be required would occur, we have redeemed
or called for redemption upon proper procedures all outstanding shares of Series A