Company: LANDO
Filing Date: 2025-03-21
Form Type: DEF 14A
Source: 0001193125-25-059811
Chunk: 38

Company: GLADSTONE LAND Corp
Filing Date: 2025-03-21
Form: DEF 14A
Chunk 38
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 event of
our termination of the agreement for any reason (with 120 days’ prior written notice and the vote of at least two-thirds of our independent directors), a termination fee would be payable to the Adviser
equal to three times the sum of the average annual base management fee and incentive fee earned by the Adviser during the 24-month period prior to such termination.

Under the Administration Agreement, we pay separately for administrative services including record keeping and regulatory compliance functions.
Payments under the Advisory Agreement are generally equal to our allocable portion of our Administrator’s overhead expenses in performing its obligations under the Administration Agreement, including rent for the space occupied by our
Administrator, and our allocable portion of the salaries, bonuses, and benefits expenses of our chief financial officer, treasurer, chief compliance officer, general counsel and secretary and their respective staffs. Our allocable portion of the
Administrator’s expenses are generally derived by multiplying our Administrator’s total expenses by the approximate amount of time the Administrator’s employees perform services for us in relation to their time spent performing
services for all companies serviced by our Administrator under contractual agreements.

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David Gladstone serves as an executive officer and director of ours and of each of our
Adviser and our Administrator. Terry L. Brubaker served as an executive officer of ours and an executive officer and director of each of our Adviser and our Administrator retiring on December 2, 2024. Michael LiCalsi, our general counsel and
secretary, also has served as the president of the Administrator since July 2013 and as general counsel and secretary of each of the Adviser and Administrator since 2009 and 2012, respectively. He has also served as chief legal officer and a
managing principal of Gladstone Securities since 2010. Lewis Parrish, our chief financial officer, is an employee of the Administrator. Our treasurer, Jay Beckhorn, is an employee of our Administrator and is also the treasurer of Gladstone
Commercial and a registered representative of Gladstone Securities who assists in procuring mortgage financing for our properties as discussed below in “Mortgage Financing Arrangement Agreement.” David Gladstone is the indirect
controlling stockholder of each of our Adviser and Administrator. Although we believe that the terms of the Advisory Agreement and the Administration Agreement are no less favorable to us than those that could be obtained from unaffiliated third
parties in arms’ length transactions, our Adviser and Administrator, their officers and their directors have a material interest in the