Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 110

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 110
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 our company if the director or officer is adjudged liable to us.

In addition, the indemnification agreements require
us to advance all reasonable expenses incurred by the indemnitee within ten days of the receipt by us of a statement from the indemnitee
requesting the advance, provided the statement evidences the expenses and is accompanied by:

| · | a written affirmation of the indemnitee’s good                                                             
 faith belief that he or she has met the applicable standards of conduct necessary for indemnification, and |

| · | a written undertaking by or on behalf of the Indemnitee                                      
 to repay the amount if it is ultimately determined that the standard of conduct was not met. |

The indemnification agreements provide for procedures
for the determination of entitlement to indemnification, including requiring such determination be made by independent counsel after
a change of control of us.

In addition, we have purchased directors’
and officers’ liability insurance for the benefit of our directors and officers.

Insofar as the foregoing provisions permit indemnification
of directors, officers or persons controlling us for liability arising under the Securities Act, we have been informed that, in the opinion
of the SEC, this indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

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Delaware Registrants

IIP Operating Partnership, LP is a limited partnership
organized under the laws of the State of Delaware (the “Delaware Registrant”).

Section 17-108 of the Delaware Revised Uniform
Limited Partnership Act provides that a limited partnership may, and shall have the power to, indemnify and hold harmless any partner
or other person from and against any and all claims and demands whatsoever, subject to such standards and restrictions set forth in the
partnership agreement.

In addition, our directors and officers are indemnified
for specified liabilities and expenses pursuant to the partnership agreement of IIP Operating Partnership, LP, the partnership in which
IIP serves as sole general partner.

The description of the indemnification agreements
in this Item 15 under the caption “Maryland Registrant” is incorporated herein by reference.

Insofar as the foregoing provisions permit indemnification
of directors, officers or persons controlling us for liability arising under the Securities Act, we have been informed that, in the opinion
of the SEC, this indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

Item 16.

Exhibits. See
Exhibit Index