Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 61

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1A
Chunk 61
---
 the directors in each class expiring every third year.  At each annual meeting of stockholders, the successors to the class of directors whose term expires at such meeting will be elected to hold office for a term expiring at the annual meeting of stockholders held in the third year following the year of their election.  After election, a director may only be removed by our stockholders for cause.  Election of directors for staggered terms with limited rights to remove directors makes it more difficult for a hostile bidder to acquire control of us.  The existence of this provision may negatively impact the price of our securities and may discourage third-party bids to acquire our securities.  This provision may reduce any premiums paid to stockholders in a change in control transaction.

•The Control Share Acquisition Act provides that “control shares” of a Maryland corporation acquired in a “control share acquisition” have no voting rights except to the extent approved by the corporation’s disinterested stockholders by a vote of two-thirds of the votes entitled to be cast on the matter.  Shares of stock owned by interested stockholders, that is, by the acquirer, by officers or by directors who are employees of the corporation, are excluded from shares entitled to vote on the matter.  “Control shares” are voting shares of stock that would entitle the acquirer to exercise voting power in electing directors within one of three increasing ranges of voting power.  The Control Share Acquisition does not apply (a) to shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or (b) to acquisitions approved or exempted by the charter or bylaws of the corporation.  Our bylaws contain a provision exempting from the Control Share Acquisition Act any and all acquisitions of our common stock by David Gladstone or any of his affiliates.  This statute could have the effect of discouraging offers from third parties to acquire us and increasing the difficulty of successfully completing this type of offer by anyone other than Mr. Gladstone or any of his affiliates.

•Certain provisions of Maryland law applicable to us prohibit business combinations with:

◦any person who beneficially owns 10% or more of the voting power of our common stock, referred to as an “interested stockholder;”

◦an affiliate of ours who, at any time within the two-year period prior to the date in question, was an interested stockholder; or

◦an affiliate of an interested stockholder.

These prohibitions last for five years after the most