EX-10.2





 Exhibit 10.2 

FIRST AMENDMENT TO THE 

AMENDED AND RESTATED ESCROW AGREEMENT 

This FIRST AMENDMENT TO THE AMENDED AND RESTATED ESCROW AGREEMENT (this “First Amendment”) is dated this 20th day of
February, 2020, amends that certain AMENDED AND RESTATED ESCROW AGREEMENT (the “Original Agreement”) dated as of May 31, 2018, by and among Gladstone Land corporation (the “Company”) and UMB Bank, N.A. as
escrow agent (the “Escrow Agent”) (collectively, the “Parties”)(the “First Amendment” and the Original Escrow Agreement” together the “Agreement”). All capitalized terms not defined herein
shall have the meaning given to such term in the Original Agreement. 
 WHEREAS, the Company has previously raised cash funds from Investors
pursuant to a public offering (the “Series B Offering”) of up to 6,000,000 shares of our Series B Preferred Stock, par value $0.001 per share, having a purchase price of $25.00 per share (for an aggregate offering amount of $150,000,000)
(the “Series B Securities”), pursuant to the registration statement on Form S-3 of the Company (No. 333-217042) (as amended, the “Series B Offering
Document”);and 
 WHEREAS, upon completion of the Series B Offering, all funds held in the Escrow Account for the Series B Offering
(the “Series B Investor Funds”) will be distributed to the Company or to Investors in accordance with Section 3 of the Original Agreement; 

WHEREAS, upon completion of the Series B Offering the Company intends to raise cash funds from Investors pursuant to a public offering (the
“Series C Offering”) of up to 26,000,000 shares of certain Series C Preferred Stock, par value $0.001 per share, having a purchase price of $25.00 per share (for an aggregate offering amount of $650,000,000) (the “Series C
Securities”), pursuant to the registration statement on Form S-3 of the Company (No. 333-217042) and such additional registration statement on Form S-3 subsequently filed by the Company (as amended, the “Series C Offering Document”); 

WHEREAS, instead of closing the Escrow Account and terminating the Escrow Agreement in accordance with Section 3 of the Original
Agreement, the Company requests the Escrow Agent keep the Escrow Account open to accept funds from subscribers of the Series C Securities (the “Series C Investors” and such funds the “Series C Investor Funds”); 

WHEREAS, in order to accomplish the foregoing, the Company desires to amend the Original Agreement to allow for the deposit of the Series C
Investor’s funds into the Escrow Account and to set forth the requirements with respect to the deposit and disbursement of the such; 

WHEREAS, the Original Agreement may be amended by a written instrument executed by the parties thereto; and 

WHEREAS, the Escrow Agent agrees to act as escrow agent with respect to the Series C Investor Funds deposited into the Escrow Account in
accordance with the Agreement. 












 NOW, THEREFORE, the parties hereto, in consideration of the mutual promises herein contained
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, hereby agree to amend the Agreement as follows: 
  

	 	1.	 The Company shall not simultaneously conduct the Series B Offering and the Series C Securities offering. Upon
the completion of the Series B Offering, the Company shall provide written notice of the completion to the Escrow Agent (the “Series B Completion Notice”) and the Company shall not deposit nor permit any other person to deposit additional
amounts into the Escrow Account relating to the Series B Offering. Prior to receipt of the Series B Completion Notice, the Escrow Agent may conclusively assume that any amounts deposited into the Escrow Account are Series B Investor Funds. Upon
receipt of the Series B Completion Notice, the Escrow Agent may conclusively assume that any amounts thereafter deposited into the Escrow Account are Series C Investor Funds. 



 

	 	2.	 As of the date of the Escrow Agent’s receipt of the Series B Completion Notice, the definition of the
following terms shall be amended as follows: 


  

	 	(a)	 The term “Offering” shall mean the Series C Offering; 



 

	 	(b)	 The term “Securities” shall mean the Series C Securities. 



 

	 	(c)	 The term “Investors” shall mean the Series C Investors; 



 

	 	(d)	 The term “Investor Funds” shall be defined as the checks, wire transfers and other funds received
from Series C Investors in payment for the Series C Securities. 


  

	 	3.	 As of the date of the Escrow Agent’s receipt of the Series B Completion Notice, Section 3 is hereby
amended and restated as follows: 


 The Escrow Agent, upon receipt of Escrow Release Notice, attached hereto as Exhibit C, shall
periodically transfer any portion of the Investor Funds to the Company or such other parties as set forth in the applicable Escrow Release Notice. The Escrow Agent shall effect such transfer by the close of business on the date the Escrow Agent
receives the applicable Escrow Release Notice; provided, however, if the Escrow Agent receives the applicable Escrow Release Notice after 2pm Central Time, then the Escrow Agent shall effect such transfer by the close of business on the next
succeeding business day. If the Escrow Agent has not previously received an Escrow Release Notice by the Termination Date, the Escrow Agent shall return any Investor Funds held to the Investors. Notwithstanding the foregoing, except for a return of
Investor Funds to the applicable Investor, the Escrow Agent shall not transfer Investor Funds to any party until after it has received an executed and valid IRS Form W-9, or valid substitute thereto, from such
party. 
  

	 	4.	 The Company warrants that this First Amendment is permitted by and in compliance with the Series B Offering and
the Series C Offering. The Original Agreement, except as expressly modified by this First Amendment shall continue unmodified and in full force and effect. 















	 	5.	 No provision of this First Amendment may be changed or modified, except by an instrument in writing signed by
each of the parties hereto. 


  

	 	6.	 This First Amendment shall be governed and construed in accordance with the laws of the State of Delaware
without regard to the principles of conflicts of law. 


 IN WITNESS WHEREOF, the parties have duly executed this First
Amendment of the date first above written. 
  

			
	Gladstone Land Corporation
		
	By:	 	 /s/ Lewis Parrish

	Name: Lewis Parrish
	Title: Chief Financial Officer
	
	UMB BANK, N.A., as escrow agent
		
	By:	 	 /s/ Lara L. Stevens

	Name: Lara L. Stevens
	Title: Vice President














 Exhibit C 

FORM OF ESCROW RELEASE NOTICE 
 Date: 

UMB Bank, National Association 
 928 Grand Blvd., 12th Floor 
 Kansas City, Missouri 64106 

Attn: Corporate Trust and Escrow Services 
 Ladies and Gentlemen:

 In accordance with the terms of Section 3 of the Amended and Restated Subscription Escrow Agreement dated as of May 31, 2018 as amended by that
certain First Amendment dated as of February 20, 2020 (as the same may be amended from time to time”) among Gladstone Land Corporation (the “Company”) and UMB Bank, National Association (the “Escrow
Agent”), the Company hereby notifies the Escrow Agent that the ________ closing will be held on ___________ for gross proceeds of $_________. 

PLEASE DISTRIBUTE FUNDS BY WIRE TRANSFER (or as indicated) AS FOLLOWS 

(wire instructions attached): 
  

			
	$
	$
	
	Very truly yours,
	
	GLADSTONE LAND CORPORATION as the Company
	By:	 	
	Name:
	Title: