Document:

EX-10.1

Exhibit 10.1

AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT

BETWEEN

GLADSTONE LAND CORPORATION

AND

GLADSTONE MANAGEMENT CORPORATION

Agreement made this 1st day of February 2013, by and between Gladstone Land Corporation, a
Maryland corporation (the “Company”), and Gladstone Management Corporation, a Delaware corporation
(the “Adviser”).

Whereas, the Company is a corporation organized primarily for the purpose of
investing in and owning net leased industrial farmland and properties and assets related to farming
that intends to elect to be taxed as a real estate investment trust, under applicable federal tax
laws, beginning with the year ending December 31, 2013 or 2014;

Whereas, the Adviser is an investment adviser that has registered under the
Investment Advisers Act of 1940 (the “Advisers Act”);

Whereas, the Company and the Adviser entered into that certain Investment and
Advisory Agreement, as of November 1, 2004 (the “Prior Agreement”); and

Whereas, the Company and the Adviser wish to amend and restate the Prior Agreement
hereby.

Now, Therefore, in consideration of the premises and for other good and valuable
consideration, the parties hereby agree as follows:

1. Duties of the Adviser.   

(a) The Company hereby employs the Adviser to act as the investment adviser to the Company and
to manage the investment and reinvestment of the assets of the Company, subject to the supervision
of the Board of Directors of the Company, for the period and upon the terms herein set forth, (i)
in accordance with the investment objective, policies and restrictions that are set forth in the
Company’s Registration Statement on Form S-11 with respect to the initial public offering of the
Company’s common stock (the “IPO”), filed September 18, 2012, as amended from time to time (as
amended, the “Registration Statement”) and (ii) during the term of this Agreement in accordance
with all applicable federal and state laws, rules and regulations, and the Company’s charter and
by-laws. Without limiting the generality of the foregoing, the Adviser shall, during the term and
subject to the provisions of this Agreement, (i) determine the composition of the portfolio of the
Company, the nature and timing of the changes therein and the manner of implementing such changes;
(ii) identify, evaluate and negotiate the structure of the investments made by the Company;
(iii) close and monitor the Company’s investments; (iv) determine the real property, securities and
other assets that the Company will purchase, retain, or sell; (v) perform due diligence on
prospective portfolio companies; and (vi) provide the Company with such other investment advisory,
research and related services as the Company may, from time to time, reasonably require for the
investment of its funds. The Adviser shall have the discretion, power and authority on behalf of
the Company to effectuate its investment decisions for the Company, including the execution and
delivery of all documents relating to the Company’s investments and the placing of orders for other
purchase or sale transactions on behalf of the Company. In the event that the Company determines to
acquire debt financing, the Adviser will arrange for such financing on the Company’s behalf,
subject to the oversight and approval of the Company’s Board of Directors. If it is necessary for
the Adviser to make investments on behalf of the Company through a special purpose vehicle, the
Adviser shall have authority to create or arrange for the creation of such special purpose vehicle
and to make such investments through such special purpose vehicle.      

(b) The Adviser hereby accepts such employment and agrees during the term hereof to render the
services described herein for the compensation provided herein.

(c) The Adviser is hereby authorized to enter into one or more sub-advisory agreements with
other advisers (each, a “Sub-Adviser”) pursuant to which the Adviser may obtain the services of the
Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities hereunder. Specifically,
the Adviser may retain a Sub-Adviser to recommend specific investments based upon the Company’s
investment objective and policies, and work, along with the Adviser, in structuring, negotiating,
arranging or effecting the acquisition or disposition of such investments and monitoring
investments on behalf of the Company, subject to the oversight of the Adviser and the Company. The
Adviser, and not the Company, shall be responsible for any compensation payable to any Sub-Adviser.
Any sub-advisory agreement entered into by the Adviser shall be in accordance with the requirements
of applicable federal and state law.

(d) The Adviser shall for all purposes herein provided be deemed to be an independent
contractor and, except as expressly provided or authorized herein, shall have no authority to act
for or represent the Company in any way or otherwise be deemed an agent of the Company.

(e) The Adviser shall keep and preserve for a reasonable period any books and records relevant
to the provision of its investment advisory services to the Company and shall specifically maintain
all books and records with respect to the Company’s portfolio transactions and shall render to the
Company’s Board of Directors such periodic and special reports as the Board may reasonably request.
The Adviser agrees that all records that it maintains for the Company are the property of the
Company and will surrender promptly to the Company any such records upon the Company’s request,
provided that the Adviser may retain a copy of such records.

(f) The Adviser has adopted and implemented written policies and procedures reasonably
designed to prevent violation of the Federal Securities laws by the Adviser. The Adviser has
provided the Company, and shall provide the Company at such times in the future as the Company
shall reasonably request, with a copy of such policies and procedures.

2. Company’s Responsibilities and Expenses Payable by the Company.

All investment professionals of the Adviser and their respective staffs, when and to the
extent engaged in providing investment advisory and management services hereunder, and the
compensation and routine overhead expenses of such personnel allocable to such services, will be
provided and paid for by the Adviser and not by the Company. The Company will bear all other costs
and expenses of its operations and transactions, including (without limitation) those relating to:
organization and offering; expenses incurred by the Adviser payable to third parties, including
agents, consultants or other advisors (such as independent valuation firms, accountants and legal
counsel), in monitoring financial and legal affairs for the Company and in monitoring the Company’s
investments and performing due diligence on its real estate or prospective portfolio companies;
interest payable on debt, if any, incurred to finance the Company’s investments; offerings of the
Company’s common or preferred stock and other securities; investment advisory and management fees;
administration fees, if any, payable under the Administration Agreement between the Company and
Gladstone Administration, LLC (the “Administrator”), the Company’s administrator; fees payable to
third parties, including agents, consultants or other advisors, relating to, or associated with,
evaluating and making investments; transfer agent and custodial fees; federal and state
registration fees; all costs of registration and listing the Company’s shares on any securities
exchange; federal, state and local taxes; independent Directors’ fees and expenses; costs of
preparing and filing reports or other documents required by the Securities and Exchange Commission;
costs of any reports, proxy statements or other notices to stockholders, including printing costs;
the Company’s allocable portion of the fidelity bond, directors and officers and errors and
omissions liability insurance, and any other insurance premiums; direct costs and expenses of
administration, including printing, mailing, long distance telephone, copying, secretarial and
other staff, independent auditors and outside legal costs; and all other expenses incurred by the
Company or the Administrator in connection with administering the Company’s business, including
payments under the Administration Agreement between the Company and the Administrator based upon
the Company’s allocable portion of the Administrator’s overhead in performing its obligations under
the Administration Agreement, including rent and the allocable portion of the cost of the Company’s
chief compliance officer, treasurer and chief financial officer and their respective staffs.

3. Compensation of the Adviser.

The Company agrees to pay, and the Adviser agrees to accept, as compensation for the services
provided by the Adviser hereunder, a base management fee (“Base Management Fee”) and an incentive
fee (“Incentive Fee”) as hereinafter set forth. The Company shall make any payments due hereunder
to the Adviser or to the Adviser’s designee as the Adviser may otherwise direct.

	 	(a)	 	Base Management Fee.

The Base Management Fee shall be payable quarterly in arrears, and shall be calculated (i) for
the 2013 fiscal year at an annual rate of 1.00% (0.25% per quarter) of the quarter-end stated
amount of the Company’s Total Stockholders’ Equity as reflected on the Company’s balance sheet at
the end of each calendar quarter (less the recorded value of any preferred stock and any uninvested
proceeds of the IPO, and adjusted to exclude the effect of any unrealized gains, losses or other
items that do not affect realized net income), (ii) beginning in the 2014 fiscal year and
thereafter, at an annual rate of 2.00% (0.50% per quarter) of the quarter-end stated amount of the
Company’s Total Stockholders’ Equity as reflected on the Company’s balance sheet at the end of each
calendar quarter (less the recorded value of any preferred stock, and adjusted to exclude the
effect of any unrealized gains, losses or other items that do not affect realized net income). The
Base Management Fees payable for any partial quarter will be appropriately prorated.

	 	(b)	 	Incentive Fee.

The Incentive Fee will be calculated and payable quarterly in arrears based on the Company’s
Funds From Operations (“FFO”). For this purpose, “Funds From Operations” means Net Income excluding
gains (or losses) from debt restructuring and the sale of real property plus depreciation and
amortization on real estate assets, and after adjustments for unconsolidated partnerships and joint
ventures. “Pre-Incentive Fee Funds From Operations” means FFO accrued by the Company during the
calendar quarter, which is after the Company’s operating expenses for the quarter. Operating
expenses include the Base Management Fee (less any rebate of fees received from the Adviser),
expenses payable under the Administration Agreement and any interest expense but excluding the
Incentive Fee) and operating expenses. Pre-Incentive Fee Funds From Operations includes, in the
case of investments with a deferred interest feature (such as original issue discount, debt
instruments with payment in kind interest and zero coupon securities), accrued income and rents
that the Company has not yet received in cash. Pre-Incentive Fee Funds From Operations also
includes realized capital gains, realized capital losses less dividends paid on any issued and
outstanding preferred stock but does not include any unrealized capital appreciation or
depreciation. For purposes of calculating the Incentive Fee, FFO may be adjusted by a unanimous
vote of the independent directors to exclude special one-time events such as changes in Generally
Accepted Accounting Principles in the United States (“GAAP”) pronouncements or other significant
non-cash items. Pre-Incentive Fee Funds From Operations, expressed as a rate of return on the
Company’s Total Stockholders’ Equity (less the recorded value of any preferred stock, and adjusted
to exclude the effect of any unrealized gains, losses or other items that do not affect realized
net income) as reflected on the Company’s financial statements at the end of the immediately
preceding calendar quarter, will be compared to a “hurdle rate” of 1.75% per quarter (7%
annualized). The Company will pay the Adviser an Incentive Fee with respect to the Company’s
Pre-Incentive Fee Funds From Operations in each calendar quarter as follows: (1) no Incentive Fee
in any calendar quarter in which the Company’s Pre-Incentive Fee Funds From Operations does not
exceed the hurdle rate; (2) 100% of the Company’s Pre-Incentive Fee Funds From Operations with
respect to that portion of such Pre-Incentive Fee Funds From Operations, if any, that exceeds the
hurdle rate but is less than 2.1875% in any calendar quarter (8.75% annualized); and (3) 20% of the
amount of the Company’s Pre-Incentive Fee Funds From Operations, if any, that exceeds 2.1875% in
any calendar quarter (8.75% annualized). Incentive Fees payable for any partial quarter will be
appropriately prorated.

(c) The Base Management Fee and Total Stockholders’ Equity will be computed using GAAP and FFO
will use the definition established by the National Association of Real Estate Investment Trusts
(“NAREIT”).

4. Limitations on the Employment of the Adviser.

The services of the Adviser to the Company are not exclusive, and the Adviser may engage in
any other business or render similar or different services to others including, without limitation,
the direct or indirect sponsorship or management of other investment based accounts or commingled
pools of capital, however structured, having investment objectives similar to those of the Company,
so long as its services to the Company hereunder are not impaired thereby, and nothing in this
Agreement shall limit or restrict the right of any manager, partner, officer or employee of the
Adviser to engage in any other business or to devote his or her time and attention in part to any
other business, whether of a similar or dissimilar nature, or to receive any fees or compensation
in connection therewith (including fees for serving as a director of, or providing consulting
services to, one or more of the Company’s portfolio companies, subject to applicable law). So long
as this Agreement or any extension, renewal or amendment remains in effect, the Adviser shall be
the only investment adviser for the Company, subject to the Adviser’s right to enter into
sub-advisory agreements. The Adviser assumes no responsibility under this Agreement other than to
render the services called for hereunder. It is understood that directors, officers, employees and
stockholders of the Company are or may become interested in the Adviser and its affiliates, as
directors, officers, employees, partners, stockholders, members, managers or otherwise, and that
the Adviser and directors, officers, employees, partners, stockholders, members and managers of the
Adviser and its affiliates are or may become similarly interested in the Company as stockholders or
otherwise.

5. Responsibility of Dual Directors, Officers or Employees.

If any person who is a manager, partner, officer or employee of the Adviser or the
Administrator is or becomes a director, officer or employee of the Company and acts as such in any
business of the Company, then such manager, partner, officer or employee of the Adviser or the
Administrator shall be deemed to be acting in such capacity solely for the Company, and not as a
manager, partner, officer or employee of the Adviser or the Administrator or under the control or
direction of the Adviser or the Administrator, even if paid by the Adviser or the Administrator.

6. Limitation of Liability of the Adviser: Indemnification.

The Adviser (and its officers, managers, partners, agents, employees, controlling persons,
members and any other person or entity affiliated with the Adviser, including without limitation
the Administrator) shall not be liable to the Company for any action taken or omitted to be taken
by the Adviser in connection with the performance of any of its duties or obligations under this
Agreement or otherwise as an investment adviser of the Company, and the Company shall indemnify,
defend and protect the Adviser (and its officers, managers, partners, agents, employees,
controlling persons, members and any other person or entity affiliated with the Adviser, including
without limitation its general partner and the Administrator, each of whom shall be deemed a third
party beneficiary hereof) (collectively, the “Indemnified Parties”) and hold them harmless from and
against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and
amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any
pending, threatened or completed action, suit, investigation or other proceeding (including an
action or suit by or in the right of the Company or its security holders) arising out of or
otherwise based upon the performance of any of the Adviser’s duties or obligations under this
Agreement or otherwise as an investment adviser of the Company. Notwithstanding the preceding
sentence of this Section 6 to the contrary, nothing contained herein shall protect or be deemed to
protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties
to indemnification in respect of, any liability to the Company or its security holders to which the
Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross
negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of the
Adviser’s duties and obligations under this Agreement.

7. Effectiveness, Duration and Termination of Agreement.

This Agreement shall become effective as of the first date above written. This Agreement shall
remain in effect for five years, and thereafter shall continue automatically for successive annual
periods unless the Company, by vote of a majority of the Company’s “independent directors” (as such
term is defined under the rules of the NASDAQ Stock Market or such other securities market on which
the securities of the Company are then traded) provides at least written notice of non-renewal at
least 60 days prior to the scheduled expiration date. This Agreement may be terminated at any time,
without the payment of any penalty, upon the mutual agreement of (i) the Company, by the vote of a
majority of the Company’s “independent directors,” and (ii) the Adviser. The provisions of Section
6 of this Agreement shall remain in full force and effect, and the Adviser and its representatives
shall remain entitled to the benefits thereof, notwithstanding any termination or expiration of
this Agreement. Further, notwithstanding the termination or expiration of this Agreement as
aforesaid, the Adviser shall be entitled to any amounts owed under Section 3 through the date of
termination or expiration.

8. Assignment.

This agreement is not assignable or transferable by either party hereto without the prior
written consent of the other party.

9. Amendments.

This Agreement may be amended by mutual consent.

10. Notices.

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed,
postage prepaid, to the other party at its principal office.

 

11. Entire Agreement; Governing Law.

This Agreement contains the entire agreement of the parties and supersedes all prior
agreements, understandings and arrangements with respect to the subject matter hereof. This
Agreement shall be construed in accordance with the laws of the State of Delaware.

[signature page follows]

1

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the
date above written.

Gladstone Land Corporation

By: /s/ David Gladstone 

David Gladstone

Chairman and Chief Executive Officer and President

Gladstone Management Corporation

By: /s/ David Gladstone 

David Gladstone

Chairman and Chief Executive Officer

 

2EX-10.2

Exhibit 10.2

SECOND AMENDED AND RESTATED ADMINISTRATION AGREEMENT

BETWEEN

GLADSTONE LAND CORPORATION

AND

GLADSTONE ADMINISTRATION, LLC

This Second Amended and Restated Administration Agreement (this “Agreement”) is made as of
February 1, 2013 by and between Gladstone Land Corporation, a Maryland corporation (hereinafter
referred to as the “Company”), and Gladstone Administration, LLC, a Delaware limited liability
company (hereinafter referred to as the “Administrator”).

PREAMBLE

Whereas, the Company and the Administrator entered into that certain Administration
Agreement, as of January 1, 2010 and that First Amended and Restated Administration Agreement as of
June 1, 2011 (the “Prior Agreement”); and

Whereas, the Company and the Administrator wish to amend and restate the Prior
Agreement hereby.

AGREEMENT

Now, Therefore, in consideration of the premises and the covenants hereinafter contained and
for other good and valuable consideration, the receipt and adequacy of which is hereby
acknowledged, the Company and the Administrator hereby agree as set forth below:

1. Duties of the Administrator.

(a) Engagement of Administrator. The Company hereby engages the Administrator to act as
administrator of the Company, and to furnish, or arrange for others to furnish, the administrative
services, personnel and facilities described below, subject to review by and the overall control of
the Board of Directors of the Company, for the period and on the terms and conditions set forth in
this Agreement. The Administrator hereby accepts such employment and agrees during such period to
render, or arrange for the rendering of, such services and to assume the obligations herein set
forth subject to the reimbursement of costs and expenses provided for below. The Administrator and
such others shall for all purposes herein be deemed to be independent contractors and shall, unless
otherwise expressly provided or authorized herein, have no authority to act for or represent the
Company in any way or otherwise be deemed agents of the Company.

(b) Services. The Administrator shall perform (or oversee, or arrange for, the performance of)
the administrative services necessary for the operation of the Company. Without limiting the
generality of the foregoing, the Administrator shall provide the Company with office facilities,
equipment, clerical, bookkeeping, compliance, treasury and record keeping services at such
facilities and such other services as the Administrator, subject to review by the Board of
Directors of the Company, shall from time to time determine to be necessary or useful to perform
its obligations under this Agreement. The Administrator shall also, on behalf of the Company,
conduct relations with custodians, depositories, transfer agents, dividend disbursing agents, other
stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate
fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be
necessary or desirable. The Administrator shall make reports to the Company’s Board of Directors of
its performance of obligations hereunder and furnish advice and recommendations with respect to
such other aspects of the business and affairs of the Company as it shall determine to be
desirable; provided that nothing herein shall be construed to require the Administrator to, and the
Administrator shall not, provide any advice or recommendation relating to the securities and other
assets that the Company should purchase, retain or sell or any other investment advisory services
to the Company. The Administrator shall be responsible for the financial and other records that the
Company is required to maintain and shall prepare reports to stockholders, and reports and other
materials filed with the Securities and Exchange Commission (the “SEC”). In addition, the
Administrator will assist the Company in determining and publishing the Company’s Total
Stockholders’ Equity, overseeing the preparation and filing of the Company’s tax returns, and the
printing and dissemination of reports to stockholders of the Company, and generally overseeing the
payment of the Company’s expenses and the performance of administrative and professional services
rendered to the Company by others.

(c) The Administrator is hereby authorized to enter into one or more sub-administration
agreements with other service providers (each a “Sub-Administrator”) pursuant to which the
Administrator may obtain the services of the service providers in fulfilling its responsibilities
hereunder. Any such sub-administration agreements shall be in accordance with the requirements of
applicable federal and state law and shall contain a provision requiring the Sub-Administrator to
comply with Sections 2 and 3 below as if it were the Administrator.

2. Records.

The Administrator agrees to maintain and keep all books, accounts and other records of the
Company that relate to activities performed by the administrator hereunder. The Administrator
agrees that all records which it maintains for the Company shall at all times remain the property
of the Company, shall be readily accessible during normal business hours, and shall be promptly
surrendered upon the termination of the Agreement or otherwise on written request. Records shall be
surrendered in usable machine-readable form. The Administrator shall have the right to retain
copies of such records subject to observance of its confidentiality obligations under this
Agreement.

3. Policies and Procedures.

The Administrator has adopted and implemented written policies and procedures reasonably
designed to prevent violation of the Federal Securities laws by the Administrator. The
Administrator shall provide the Company, at such times as the Company shall reasonably request,
with a copy of such policies and procedures and a report of such policies and procedures.

4. Confidentiality.

The parties hereto agree that each shall treat confidentially the terms and conditions of this
Agreement and all information provided by each party to the other regarding its business and
operations. All confidential information provided by a party hereto, including nonpublic personal
information pursuant to Regulation S-P of the SEC, shall be used by any other party hereto solely
for the purpose of rendering services pursuant to this Agreement and, except as may be required in
carrying out this Agreement, shall not be disclosed to any third party, without the prior consent
of such providing party. The foregoing shall not be applicable to any information that is publicly
available when provided or thereafter becomes publicly available other than through a breach of
this Agreement, or that is required to be disclosed by any regulatory authority, any authority or
legal counsel of the parties hereto, by judicial or administrative process or otherwise by
applicable law or regulation.

5. Compensation: Allocation of Costs and Expenses.

In full consideration of the provision of the services of the Administrator, the Company shall
reimburse the Administrator for the costs and expenses incurred by the Administrator in performing
its obligations and providing personnel and facilities hereunder.

The Company will bear all costs and expenses that are incurred in its operation and
transactions that are not specifically assumed by the Company’s investment adviser, Gladstone
Management Corporation (the “Adviser”), pursuant to that certain Amended and Restated Investment
Advisory Agreement, dated the same date hereof by and between the Company and the Adviser. Costs
and expenses to be borne by the Company include, but are not limited to, those relating to:
organization and offering; expenses incurred by the Adviser payable to third parties, including
agents, consultants or other advisors (such as independent valuation firms, accountants and legal
counsel), in monitoring financial and legal affairs for the Company and in monitoring the Company’s
investments and performing due diligence on its prospective portfolio companies; interest and fees
payable on debt, if any, incurred to finance the Company’s investments; offerings of the Company’s
common stock, preferred stock and other securities; investment advisory and management fees;
administration fees, if any, payable under this Agreement; fees payable to third parties, including
agents, consultants or other advisors, relating to, or associated with, evaluating and making
investments; transfer agent and custodial fees; federal and state registration fees; all costs of
registration and listing the Company’s shares on any securities exchange; federal, state and local
taxes; independent directors’ fees and expenses; costs of preparing and filing reports or other
documents required by the SEC; costs of any reports, proxy statements or other notices to
stockholders, including printing costs; the Company’s allocable portion of the fidelity bond,
directors and officers and errors and omissions liability insurance, and any other insurance
premiums; direct costs and expenses of administration, including printing, mailing, long distance
telephone, copying, secretarial and other staff, independent auditors and outside legal costs; and
all other expenses incurred by the Company or the Administrator in connection with administering
the Company’s business, including payments under this Agreement based upon the Company’s allocable
portion of the Administrator’s overhead in performing its obligations under this Agreement,
including rent, and the allocable portion of the salaries and benefits expenses of the Company’s
chief compliance officer, treasurer, chief financial officer and controller and their respective
staffs.

6. Limitation of Liability of the Administrator: Indemnification.

The Administrator (and its officers, managers, partners, agents, employees, controlling
persons, members, and any other person or entity affiliated with the Administrator, including
without limitation, the Adviser) shall not be liable to the Company for any action taken or omitted
to be taken by the Administrator in connection with the performance of any of its duties or
obligations under this Agreement or otherwise as administrator for the Company, and the Company
shall indemnify, defend and protect the Administrator (and its officers, managers, partners,
agents, employees, controlling persons, members, and any other person or entity affiliated with the
Administrator, including without limitation the Adviser, each of whom shall be deemed a third party
beneficiary hereof) (collectively, the “Indemnified Parties”) and hold them harmless from and
against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and
amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any
pending, threatened or completed action, suit, investigation or other proceeding (including an
action or suit by or in the right of the Company or its security holders) arising out of or
otherwise based upon the performance of any of the Administrator’s duties or obligations under this
Agreement or otherwise as administrator for the Company. Notwithstanding the preceding sentence of
this Section 6 to the contrary, nothing contained herein shall protect or be deemed to protect the
Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to
indemnification in respect of, any liability to the Company or its security holders to which the
Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or
negligence in the performance of the Administrator’s duties or by reason of the reckless disregard
of the Administrator’s duties and obligations under this Agreement.

7. Activities of the Administrator.

The services of the Administrator to the Company are not to be deemed to be exclusive and the
Administrator and each affiliate is free to render services to others. It is understood that
directors, officers, employees and stockholders of the Company are or may become interested in the
Administrator and its affiliates, as directors, officers, members, managers, employees, partners,
stockholders or otherwise, and that the Administrator and directors, officers, members, managers,
employees, partners and stockholders of the Administrator and its affiliates are or may become
similarly interested in the Company as stockholders or otherwise.

8. Duration and Termination of this Agreement.

This Agreement shall become effective as of the date hereof, and shall remain in force with
respect to the Company for five years, and thereafter shall continue automatically for successive
annual periods unless the Company, by vote of a majority of the Company’s “independent directors”
(as such term is defined under the rules of the NASDAQ Stock Market or such other securities market
on which the securities of the Company are then traded) provides at least written notice of
non-renewal at least 60 days prior to the scheduled expiration date. This Agreement may be
terminated at any time, without the payment of any penalty, upon the mutual agreement of (i) the
Company, by the vote of a majority of the Company’s “independent directors,” and (ii) the
Administrator. The provisions of Section 6 of this Agreement shall remain in full force and
effect, and the Administrator and its representatives shall remain entitled to the benefits
thereof, notwithstanding any termination or expiration of this Agreement. Further, notwithstanding
the termination or expiration of this Agreement as aforesaid, the Administrator shall be entitled
to any amounts owed under Section 5 through the date of termination or expiration.

9. Amendments of this Agreement.

This Agreement may be amended pursuant to a written instrument by mutual consent of the
parties.

10. Governing Law.

This Agreement shall be construed in accordance with laws of the State of Delaware.

11. Entire Agreement.

This Agreement contains the entire agreement of the parties and supersedes all prior
agreements, understandings and arrangements with respect to the subject matter hereof.

12. Notices.

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed,
postage prepaid, to the other party at its principal office.

1

In Witness Whereof, the parties hereto have executed and delivered this Agreement as of the
date first above written.

Gladstone Land Corporation

By: /s/ David Gladstone 

David Gladstone

Chairman and Chief Executive Officer and President

Gladstone Administration, LLC

By: /s/ David Gladstone 

David Gladstone

Chairman, Chief Executive Officer and President

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00212-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00212-of-00352.parquet"}]]