Company: LANDO
Filing Date: 2025-03-21
Form Type: DEF 14A
Source: 0001193125-25-059811
Chunk: 37

Company: GLADSTONE LAND Corp
Filing Date: 2025-03-21
Form: DEF 14A
Chunk 37
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 paragraph), before giving effect to any incentive fee, or pre-incentive fee FFO, exceeds 1.75%
quarterly, or 7.0% annualized, of total adjusted common equity. We refer to this as the hurdle amount. The Adviser will receive (1) 100.0% of the amount of our pre-incentive fee FFO that exceeds the hurdle
amount but is less than 2.1875% in any quarter (8.75% annually) and (2) 20.0% of the amount of our pre-incentive fee FFO that exceeds 2.1875% in any calendar quarter (8.75% annually). FFO (as defined in the
Advisory Agreement) is defined as common stockholders’ equity plus non-controlling common interests in our operating partnership, Gladstone Land Limited Partnership, if any (each as reported on our
balance sheet), adjusted to exclude unrealized gains and losses and certain other one-time events and non-cash items.

Our Adviser has the ability to issue a full or partial waiver of the base management fee or the incentive fee and may do so to maintain the
current level of distributions to our stockholders. Any such waiver is subject to the approval of our Board. During the year ended December 31, 2024, the Adviser granted any irrevocable waiver of $109,023 of the aggregate fees payable under the
Advisory Agreement. During the year ended December 31, 2023, the Adviser did not grant any irrevocable waivers of the aggregate fees payable under the Advisory Agreement.

Further, the Advisory Agreement provides for a capital gains-based incentive fee that is determined by calculating aggregate realized capital
gains and aggregate realized capital losses for the applicable time period. For this purpose, aggregate realized capital gains and losses, if any, equals the realized gain or loss calculated by the difference between the sales price of the property
(based on the all-in acquisition cost of disposed properties), less any costs to sell the property and the current gross value of the property (which is calculated as the original acquisition price plus any
subsequent non-reimbursed capital improvements). At the end of the respective fiscal year, if this number is positive, then the capital gain fee payable for such time period shall equal 15.0% of such amount.
No capital gains fee has been recognized to date.

Additionally, the Advisory Agreement includes a termination fee whereby, in the