Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 

FORBEARANCE 

FORBEARANCE, dated as of November 30, 2016 (this “Agreement”), by and among Memorial Production Partners LP., a Delaware
limited partnership (the “Partnership”), Memorial Production Finance Corporation, a Delaware corporation (together with the Partnership, the “Issuers”), each of the undersigned entities listed as guarantors (the
“Guarantors” and, together with the Issuers, the “Note Parties”), and each of the undersigned beneficial owners and/or investment advisors or managers of discretionary accounts for the holders or beneficial owners
of the 2022 Notes (as defined below) (collectively, the “Holders”). 
 WHEREAS, the Issuers are the issuers under
(i) that certain Indenture, dated as of July 17, 2014, among the Issuers, the Guarantors and Wilmington Trust, National Association, as successor trustee (the “Trustee”) (as amended, modified or supplemented prior to the
date hereof, the “2022 Indenture” and, the notes issued thereunder, the “2022 Notes”) and (ii) that certain Indenture dated as of April 17, 2013, among the Issuers, the Guarantors and Wilmington Trust,
National Association, as successor trustee (as amended, modified or supplemented to the date hereof, the “2021 Indenture”, and the notes issued thereunder, the “2021 Notes”); 

WHEREAS, the Issuers failed to make the interest payment due on November 1, 2016 on the 2021 Notes as required pursuant to the 2021
Indenture (the “November Interest Payment”), and the default for 30 days in the payment when due of interest on the 2021 Notes may constitute an Event of Default under the 2022 Indenture (such default, the “Cross
Default”); 
 WHEREAS, upon the occurrence of an Event of Default and so long as such Event of Default is continuing, the Trustee
or the holders of at least twenty-five percent (25%) in aggregate principal amount of the then outstanding 2022 Notes may declare all of the 2022 Notes to be due and payable immediately, and exercise all other rights and remedies available
under the 2022 Indenture; 
 WHEREAS, the holders of a majority in aggregate principal amount of the then outstanding 2022 Notes may, by
written notice to the Trustee, rescind an acceleration if the rescission would not conflict with any judgment or decree; 
 WHEREAS, the
Holders collectively hold a majority in aggregate principal amount of the 2022 Notes outstanding, and have formed an ad hoc group (the “Ad Hoc Group”) for the purposes of entering into restructuring discussions with the Note Parties; 

WHEREAS, the Note Parties have requested that the Holders, and the Holders have agreed to, subject to the terms and conditions set forth
herein, temporarily forbear from accelerating the 2022 Notes or directing the Trustee to accelerate the 2022 Notes with respect to the Cross Default in order to permit the Note Parties to continue discussions regarding a restructuring transaction;
and 
 WHEREAS, terms used but not otherwise defined herein shall have the meanings given to them in the 2022 Indenture. 

NOW, THEREFORE, in consideration of the premises and covenants contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

 Section 1. Forbearance. 

(a) Subject to the satisfaction of the conditions precedent set forth in Section 3 below and the continued satisfaction of the conditions
set forth in Section 4 below, respectively, as of the date hereof, each Holder hereby agrees that during the period beginning on the date hereof and ending on the Forbearance Termination Date (the “Forbearance Period”), it will
not enforce, or otherwise take any action to direct enforcement of, any of the rights and remedies available to the Holders (or any registered Holders of Notes) or the Trustee under the 2022 Indenture or the 2022 Notes or otherwise, including,
without limitation, any action to accelerate, or join in any request for acceleration of, the 2022 Notes (“Remedial Action”) under the 2022 Indenture or the 2022 Notes, solely with respect to the Cross Default (such forbearance, the
“Forbearance”). As used herein, “Forbearance Termination Date” means the earliest to occur of (a) 11:59 p.m. (New York City time) on December 7, 2016, (b) the occurrence of any Event of Default other
than the Cross Default and (c) two (2) calendar days following written notice from any Holder of any breach by any Note Party of any of the conditions or agreements provided in this Agreement (which breach remains uncured during such
period). 
 (b) This Agreement shall in no way be construed to preclude any Holder from acquiring or selling 2022 Notes to the extent
permitted by applicable law. However, such Holder shall, automatically and without further action, remain subject to this Agreement with respect to any 2022 Notes so acquired. The foregoing forbearances shall not be construed to impair the ability
of the Holders or the Trustee to exercise any rights or remedies under the 2022 Indenture or take any Remedial Action (x) at any time after the Forbearance Period or (y) during the Forbearance Period, for Defaults or Events of Default
other than the Cross Default, and, except as provided herein, nothing shall restrict, impair or otherwise affect the exercise of the Holders’ or the Trustee’s rights under this Agreement, the 2022 Indenture or the 2022 Notes. 

(c) With respect to the Forbearance, each Holder’s agreements, as provided herein, shall immediately terminate without requirement for
any notice, demand or presentment of any kind on the Forbearance Termination Date, and the Note Parties at that time shall be obligated to comply with and perform all terms, conditions and provisions of the 2022 Indenture and the 2022 Notes without
giving effect to the Forbearance, and the Trustee and the Holders may at any time thereafter proceed to exercise any and all of their rights and remedies, including, without limitation, their rights and remedies in connection with the Cross Default
and any other Defaults or Events of Default under the 2022 Indenture or rights under this Agreement, to the extent continuing. 
 (d) The
Holders hereby request that during the Forbearance Period Trustee not take, and direct the Trustee not to take any Remedial Action solely with respect to the Cross Default. The Parties hereto agree that this Agreement may be delivered to the Trustee
on any date during the Forbearance Period as a direction contemplated by Sections 6.05 or 6.06 of the Indenture, and that the Holders shall, upon request from the Issuers, provide such further direction to the Trustee as may be necessary to
effectuate the intent of the foregoing. In the event that any Person takes any action to declare all of the 2022 Notes immediately due and payable pursuant to Section 6.02 of the 2022 Indenture during the Forbearance Period solely due to the
Cross Default, the Holders agree to, by written notice to the Trustee, rescind and cancel such acceleration to the fullest extent permitted under the 2022 Indenture. 

  
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 Section 2. Representations and Warranties. 

By its execution of this Agreement, each Note Party hereby represents and warrants to the Holders that: 

(a) Each Note Party has duly executed and delivered this Agreement, and this Agreement constitutes the legal, valid and binding obligation of
each Note Party enforceable against it in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting
creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law); and 
 (b) Neither the
execution, delivery or performance by any Note Party of this Agreement, nor compliance by it with the terms and provisions thereof, (i) will contravene any provision of applicable law, (ii) will conflict with or result in any breach of any
of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of any Note Party or any of its
Subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, credit agreement or loan agreement, or any other material agreement, contract or instrument, in each case to which any Note Party or any of its Subsidiaries is a party or
by which it or any its property or assets is bound or to which it may be subject, or (iii) will violate any provision of the certificate or articles of incorporation, certificate of formation, limited liability company agreement, limited
partnership agreement or by-laws (or equivalent constitutional, organizational and/or formation documents), as applicable, of any Note Party. 

Section 3. Conditions Precedent. The effectiveness of this Agreement and the obligations of the Holders hereunder are
subject to the satisfaction, or waiver by the Holders, of the following conditions (the date upon which all such conditions are met, the “Forbearance Effective Date”): 

(a) Counterparts. The execution of this Agreement by each Note Party and Holders constituting 69% of the outstanding 2022 Notes as of
the date hereof. 
 (b) No Default. No Default or Event of Default other than the Cross Default shall have occurred and be continuing
as of the date the condition set forth in Section 3(a) is satisfied. 
 (c) Professional Fees. All fees and expenses incurred
and invoiced prior to the Forbearance Effective Date due and owing to Davis Polk & Wardwell LLP or Miller Buckfire & Co., LLC, as advisors to the Ad Hoc Group, shall have been paid or reimbursed by the Note Parties. 

Section 4. Forbearance Continuing Conditions. The continued satisfaction of each of the following shall be a condition to
the Forbearance: 
 (a) No voluntary petition for relief under any Bankruptcy Law is filed by any Note Party; and 

(b) No involuntary petition for relief under any Bankruptcy Law is filed against the Issuer or any Note Party that would constitute a
Significant Subsidiary. 
 Section 5. Representation of the Holders. Each Holder severally (but not jointly) represents
that, as of the date hereof, it is the beneficial owner and/or investment advisor or manager of discretionary accounts for the holders or beneficial owners of the aggregate principal amount of the 2022 Notes set forth on the signature page hereof
beneath its name, and has all necessary power and authority to enter into this Agreement, grant the Forbearance with respect to such Notes and perform its obligations hereunder. 

  
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 Section 6. Confidentiality. Each of the Note Parties shall not disclose to any
person or entity the Holders’ holdings set forth on their respective signature pages to this Agreement or otherwise disclose the Holders’ holdings information (collectively, the “Holder Information”) except: (1) in
any legal proceeding relating to this Agreement; provided that the relevant Note Party shall use its reasonable best efforts to maintain the confidentiality of such Holder Information in the context of any such proceeding; (2) to the extent
required by law; and (3) in response to a subpoena, discovery request, or a request from a government agency, regulatory authority or securities exchange for information regarding Holder Information or the information contained therein;
provided, however, that each of the Note Parties will, to the extent permitted by applicable law or regulation, provide any such Holder with prompt written notice of any such request or requirement so that such Holder may seek, at the Note
Parties’ expense, a protective order or other appropriate remedy and each Note Party will fully cooperate with such Holder’s efforts to obtain same. Notwithstanding anything to the contrary in this Section 6, the Note Parties may:
(i) disclose the aggregate principal amount of Notes held by the Holders executing this Agreement, taken as a whole; and (ii) to effectuate and evidence the direction to the Trustee contained herein, at any time, and from time to time,
during the Forbearance Period, provide the Trustee with an executed copy of this Agreement that includes the individual signature pages of each of the Holders. 

Section 7. Notice of Default. The Note Parties shall provide notice to the Holders, through Davis Polk & Wardwell
LLP, as soon as possible, but in any event within one (1) Business Day, of the occurrence of any breach of this agreement or additional Default or Event of Default, which notice shall state that such event occurred and set forth, in reasonable
detail, the facts and circumstances that gave rise to such event. Such notice shall be delivered by electronic mail to: 
 Davis
Polk & Wardwell LLP 
 450 Lexington Avenue 

New York, NY 10017 
 Attn:
Lawrence E. Wieman (lawrence.wieman@davispolk.com), Brian M. 
 Resnick (brian.resnick@davispolk.com) and  

Angela M. Libby (angela.libby@davispolk.com) 

Section 8. Effect on the 2022 Indenture. Except as expressly set forth herein, this Agreement shall not by implication or
otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Holders or the Trustee under the 2022 Indenture or the 2022 Notes, and shall not, except as expressly set forth herein, alter, modify, amend or in any
way affect any of the terms, conditions, obligations, covenants or agreements contained in the 2022 Indenture or the 2022 Notes or any other provision of the 2022 Indenture or the 2022 Notes, all of which are ratified and affirmed in all respects
and shall continue in full force and effect. 
 Section 9. Payment of Expenses. The Note Parties agree to pay all
reasonable and documented fees and expenses incurred by the Ad Hoc Group, and expenses of their respective legal and financial advisors, but no more than one legal counsel, which shall be Davis Polk & Wardwell LLP, one local counsel (if
necessary), and one financial advisor, which shall be Miller Buckfire & Co., LLC, and in each case subject to and in accordance with the terms and conditions of any separate engagement or similar letter with any such advisor. 

Section 10. Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto on
separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument. Delivery of an executed counterpart of a signature page of this
Agreement by electronic transmission shall be effective as delivery of a manually executed counterpart hereof. 

  
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 Section 11. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ITS CONFLICTS OF LAW PRINCIPLES THAT WOULD PROVIDE FOR THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION. 

Section 12. Headings. The headings of this Agreement are for purposes of reference only and shall not limit or otherwise
affect the meaning hereof. 
 Section 13. Relationship of Parties; No Third Party Beneficiaries. Nothing in this
Agreement shall be construed to alter the existing debtor-creditor relationship between the Note Parties and the Holders or the Trustee. This Agreement is not intended, nor shall it be construed, to create a partnership or joint venture relationship
between or among any of the parties hereto. No person other than a party hereto is intended to be a beneficiary hereof and no person other than a party hereto shall be authorized to rely upon or enforce the contents of this Agreement. 

Section 14. Entire Agreement; Modification of Agreement; Verbal Agreements Not Binding. This Agreement constitutes the
entire understanding of the parties with respect to the subject matter hereof, and supersedes all other discussions, promises, representations, warranties, agreements and understandings between the parties with respect thereto. This Agreement may
not be modified, altered or amended except by an agreement in writing signed by a duly authorized representative of each Note Party and Holders holding a majority of principal amount of the outstanding 2022 Notes held by Holders that are parties
hereto as of the date of any such modification, alteration or amendment to this Agreement.  
 Section 15. Non-Waiver of
Default. Neither this Agreement nor any forbearance hereunder shall be deemed a waiver of or consent to the Cross Default or to any other Default or Event of Default or any other term or provision of the 2022 Indenture. Each of the Note
Parties acknowledges that the Trustee and the Holders have made no representations as to what actions, if any, they will take after the Forbearance Period, and the Trustee and each Holder reserves any and all rights, remedies, and claims it has
(after giving effect hereto) with respect to the Interest Default and each other Default or Event of Default that may occur.  

Section 16. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns. 
 Section 17. Severability. If any provision of this Agreement is held invalid
or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement will remain in full force and effect, and any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force
and effect to the extent not held invalid or unenforceable, in each case, so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party hereto. Upon any such
determination of invalidity, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated
hereby are consummated as originally contemplated to the greatest extent possible. 
 Section 18. Release. EACH OF THE
NOTE PARTIES, ON ITS OWN BEHALF AND ON BEHALF OF ITS SUCCESSORS AND ASSIGNS (EACH OF THE FOREGOING, COLLECTIVELY, THE “RELEASING PARTIES”), HEREBY ACKNOWLEDGES AND STIPULATES THAT AS OF THE DATE OF THIS AGREEMENT, NONE OF THE
RELEASING 

  
 5 

 
PARTIES HAS ANY CLAIMS, CAUSES OF ACTION, DEMANDS OR LIABILITIES OF ANY KIND WHATSOEVER, WHETHER DIRECT OR INDIRECT, FIXED OR CONTINGENT, LIQUIDATED OR UNLIQUIDATED, DISPUTED OR UNDISPUTED, KNOWN
OR UNKNOWN, AGAINST, OR ANY GROUNDS OR CAUSE FOR REDUCTION, MODIFICATION, SET ASIDE OR SUBORDINATION OF THE INDEBTEDNESS, IN EACH CASE WHICH ARISE OUT OF OR ARE RELATED TO THE 2022 NOTES OR THE 2022 INDENTURE (BUT, FOR THE AVOIDANCE OF DOUBT,
EXCLUDING CLAIMS, CAUSES OF ACTION, DEMANDS OR LIABILITIES ARISING OUT OF, OR RELATED TO, THIS AGREEMENT) (EACH, A “RELEASED CLAIM”) AGAINST THE HOLDERS OR AGAINST ANY OF THE AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS,
ATTORNEYS, OR REPRESENTATIVES OF ANY OF THE FOREGOING, (EACH OF THE FOREGOING, COLLECTIVELY, THE “RELEASED PARTIES”). IN PARTIAL CONSIDERATION FOR THE AGREEMENT OF THE HOLDERS PARTY HERETO TO ENTER INTO THIS AGREEMENT, EACH OF THE
RELEASING PARTIES HEREBY UNCONDITIONALLY WAIVES AND FULLY AND FOREVER RELEASES, REMISES, DISCHARGES AND HOLDS HARMLESS THE RELEASED PARTIES FROM ANY AND ALL RELEASED CLAIMS, WHICH ANY OF THE RELEASING PARTIES HAS OR MAY ACQUIRE IN THE FUTURE
RELATING IN ANY WAY TO ANY EVENT, CIRCUMSTANCE, ACTION OR FAILURE TO ACT AT ANY TIME ON OR PRIOR TO THE FORBEARANCE EFFECTIVE DATE, SUCH WAIVER, RELEASE AND DISCHARGE BEING MADE WITH FULL KNOWLEDGE AND UNDERSTANDING OF THE CIRCUMSTANCES AND EFFECTS
OF SUCH WAIVER, RELEASE AND DISCHARGE, AND AFTER HAVING CONSULTED LEGAL COUNSEL OF ITS OWN CHOOSING WITH RESPECT THERETO. THIS PARAGRAPH IS IN ADDITION TO ANY OTHER RELEASE OF ANY OF THE RELEASED PARTIES BY THE RELEASING PARTIES AND SHALL NOT IN ANY
WAY LIMIT ANY OTHER RELEASE, COVENANT NOT TO SUE OR WAIVER BY THE RELEASING PARTIES IN FAVOR OF THE RELEASED PARTIES. 
 [Signature Pages
Follow] 

  
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 EXECUTION VERSION 

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

 

			
	NOTE PARTIES
	
	MEMORIAL PRODUCTION PARTNERS GP LLC
		
	By:	 	 /s/ Robert L. Stillwell, Jr.

	Name:	 	Robert L. Stillwell, Jr.
	Title:	 	Chief Financial Officer
	
	MEMORIAL PRODUCTION PARTNERS LP
		
	By:	 	Memorial Production Partners GP LLC
		 	its general partner
		
	By:	 	 /s/ Robert L. Stillwell, Jr.

	Name:	 	Robert L. Stillwell, Jr.
	Title:	 	Chief Financial Officer
	
	MEMORIAL PRODUCTION FINANCE CORPORATION
		
	By:	 	 /s/ Robert L. Stillwell, Jr.

	Name:	 	Robert L. Stillwell, Jr.
	Title:	 	Chief Financial Officer
	
	MEMP SERVICES LLC
	MEMORIAL PRODUCTION OPERATING LLC
		
	By:	 	Memorial Production Partners LP,
		 	its sole member
		
	By:	 	Memorial Production Partners GP LLC,
		 	its general partner
		
	By:	 	 /s/ Robert L. Stillwell, Jr.

	Name:	 	Robert L. Stillwell, Jr.
	Title:	 	Chief Financial Officer

 [Signature Page to the 2022 Notes Forbearance] 

 EXECUTION VERSION 

 

			
	MEMORIAL ENERGY SERVICES LLC
	MEMORIAL MIDSTREAM LLC
	BETA OPERATING COMPANY, LLC
	COLUMBUS ENERGY, LLC
	RISE ENERGY OPERATING, LLC
	WHT ENERGY PARTNERS LLC
		
	By:	 	Memorial Production Operating LLC,
		 	its sole member
		
	By:	 	Memorial Production Partners LP,
		 	its sole member
		
	By:	 	Memorial Production Partners GP LLC,
		 	its general partner
		
	By:	 	 /s/ Robert L. Stillwell, Jr.

	Name:	 	Robert L. Stillwell, Jr.
	Title:	 	Chief Financial Officer
	
	RISE ENERGY MINERALS, LLC
	RISE ENERGY BETA, LLC
		
	By:	 	Rise Energy Operating, LLC,
		 	its sole member
		
	By:	 	Memorial Production Operating LLC,
		 	its sole member
		
	By:	 	Memorial Production Partners LP,
		 	its sole member
		
	By:	 	Memorial Production Partners GP LLC,
		 	its general partner
		
	By:	 	 /s/ Robert L. Stillwell, Jr.

	Name:	 	Robert L. Stillwell, Jr.
	Title:	 	Chief Financial Officer
	
	WHT CARTHAGE LLC
		
	By:	 	WHT Energy Partners LLC,
		 	its sole member
		
	By:	 	Memorial Production Operating LLC,
		 	its sole member
		
	By:	 	Memorial Production Partners LP,
		 	its sole member
		
	By:	 	Memorial Production Partners GP LLC,
		 	its general partner
		
	By:	 	 /s/ Robert L. Stillwell, Jr.

	Name:	 	Robert L. Stillwell, Jr.
	Title:	 	Chief Financial Officer

 [Signature Page to the 2022 Notes Forbearance] 

 
			
	SAN PEDRO BAY PIPELINE COMPANY
		
	By:	 	 /s/ Robert L. Stillwell, Jr.

	Name:	 	Robert L. Stillwell, Jr.
	Title:	 	Chief Financial Officer

 [Signature Page to the 2022 Notes Forbearance] 

 
			
	HOLDERS
	
	BRIGADE CAPITAL MANAGEMENT LP, on behalf of funds and accounts managed by it
		
	By:	 	 /s/ Scott Hoffman

	Name:	 	Scott Hoffman
	Title:	 	Senior Analyst
	
	Principal Amount of 2022 Notes held: $            
	
	CITADEL EQUITY FUND LTD
	
	By: Citadel Advisors LLC, its Portfolio Manager
		
	By:	 	 /s/ Christopher L. Ramsay

	Name:	 	Christopher L. Ramsay
	Title:	 	Authorized Signatory
	
	Principal Amount of 2022 Notes held: $            
	
	FIR TREE INC (on behalf of certain investment Funds under management)
		
	By:	 	 /s/ Evan Lederman

	Name:	 	Evan Lederman
	Title:	 	Authorized Signatory
	
	Principal Amount of 2022 Notes held: $            
	
	FRANKLIN ADVISERS, INC., as investment manager on behalf of certain funds and accounts
		
	By:	 	 /s/ Glenn Voyles

	Name:	 	Glenn Voyles
	Title:	 	VP – Director of Portfolio Management
	
	Principal Amount of 2022 Notes held: $            
	
	NNIP GLOBAL HIGH YIELD
		
	By:	 	 /s/ Timothy Dowling

	Name:	 	Timothy Dowling
	Title:	 	Lead PM, Global High Yield
	
	Principal Amount of 2022 Notes held: $            

 [Signature Page to the 2022 Notes Forbearance]EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 FORM OF
PURCHASE AGREEMENT 
 This Purchase Agreement (this “Agreement”), dated as of November 30, 2016, is by and between
Gladstone Commercial Corporation, a Maryland corporation (the “Company” or “GOOD”) and each Broker-Dealer listed on Schedule A (each, a “Broker-Dealer”) which is entering into this Agreement on behalf of
itself (as to paragraph 11 of this Agreement) and those Purchasers which are customers for which it has power of attorney to sign listed under its respective name on Schedule C (each, a “Customer”). Each of the Customers is
referred to herein individually as a “Purchaser” and collectively, the “Purchasers”.
 WHEREAS, the Purchasers
desire to purchase from the Company, and the Company desires to issue and sell to the Purchasers an aggregate of 774,400 shares (the “Shares”) of the Company’s common stock, par value $0.001 per share (the “Common
Stock”). 
 NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties hereto agree as follows: 

1. Purchase and Sale. Subject to the terms and conditions hereof, the Broker-Dealer (on behalf of Purchasers which are Customers)
agrees to purchase from the Company, and the Company agrees to issue and sell to the several Purchasers, the number of Securities set forth next to such Purchaser’s name on Schedule A, for a total of 774,400 Shares (“Total
Shares”), at a price per share equal to $18.35, for an aggregate purchase price equal to the product of the Total Shares and the Price per Share (the “Purchase Price”) at the Closing (as defined below). 

2. Representations, Warranties and Agreement of the Company.

The Company represents and warrants that the issued and outstanding shares of Common Stock of the Company have been duly authorized and validly issued and are
fully paid and non-assessable; the Shares have been duly authorized, and when issued in accordance with the terms of the Company’s charter and delivered as contemplated hereby, will be validly issued, fully paid and non-assessable and will be
listed, subject to notice of issuance, on the NASDAQ Global Select Market, will be registered pursuant to the Securities Act of 1933, as amended (the “1933 Act”), and as of the Closing will not be subject to any limitations on resale under
the 1933 Act by holders that are not affiliates of the Company, effective as of the Closing; the issuance of the Shares is not subject to preemptive or other similar rights under Maryland law; and the Company has full power and authority under the
laws of the State of Maryland to enter into this Agreement, and this Agreement has been duly authorized, executed and delivered by the Company and constitutes a legal, valid and binding agreement of the Company, enforceable against the Company in
accordance with its terms except as may be limited by (i) the effect of bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights or remedies of creditors or (ii) the effect of general principles of
equity, whether enforcement is considered in a proceeding in equity or at law and the discretion of the court before which any proceeding therefor may be brought. 

  
 1 

 3. Representations and Warranties of each Purchaser. Each Purchaser represents and
warrants that (a) this Agreement has been duly authorized by such Purchaser and duly executed and delivered by or on behalf of such Purchaser; (b) this Agreement constitutes a legal, valid and binding agreement of such Purchaser, enforceable against
such Purchaser in accordance with its terms except as may be limited by (i) the effect of bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights or remedies of creditors or (ii) the effect of
general principles of equity, whether enforcement is considered in a proceeding in equity or at law and the discretion of the court before which any proceeding therefor may be brought; (c) such Purchaser has received a copy of the Company’s
prospectus dated February 1, 2016 included in the Company’s shelf registration statement on Form S-3 (File No. 333-208953), including exhibits, financial statements, schedules and documents incorporated by reference therein, as amended, and the
prospectus supplement dated November 30, 2016 specifically relating to the Shares (collectively, the “Prospectus”), and (d) such Purchaser has made its investment decision independently, based on the information in the Prospectus,
and not based on any other information provided by the Company or CSCA Capital Advisors LLC (the “Placement Agent”), or any recommendation of the Placement Agent. Further, as of the date hereof and after giving effect to the
transaction contemplated hereby, such Purchaser, together with any persons that would be deemed with the Purchaser to be a “group” for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, do not own directly or
indirectly more than 9.8% of the issued and outstanding capital stock of the Company. Each Purchaser expressly acknowledges that the provisions of the Company’s Articles of Incorporation, as amended or supplemented (the
“Charter”), contain limitations on such Purchaser’s ownership of the Company’s capital stock, which, among other things, prohibit the direct or indirect ownership of more than 9.8% of the Company’s outstanding capital
stock and, in the event the shares of capital stock acquired by a Purchaser pursuant to this Agreement or otherwise exceed such limits, give the Company certain repurchase rights on the terms set forth in the Charter and result in the conversion of
certain shares of capital stock held by such Purchaser into excess stock which will be held for the benefit of a charitable beneficiary on the terms set forth in the Charter. 

4. Conditions to Obligations of the Parties. 

(a) Each Purchaser’s obligations to purchase the Shares shall be subject to the accuracy of the representations and warranties set forth
in Section 2 of this Agreement on the date hereof and on the Closing. 
 (b) The Company’s obligation to issue and sell the Shares
shall be subject to (i) the accuracy of the representations and warranties of each Purchaser set forth in Section 3 of this Agreement on the date hereof and on the Closing and (ii) receipt by the Settlement Agent (as defined below) of payment in
full of the Purchase Price for the Shares by federal wire of immediately available funds. 
 5. Closing. Provided that the
conditions set forth in Section 4 hereto and the last sentence of this Section 5 have been met or waived at such time, the transactions contemplated hereby shall be consummated on December 5, 2016, or at such other time and date as the parties
hereto shall agree (each such time and date of payment and delivery being herein called the “Closing”). At the Closing, settlement shall occur through Weeden & Co. LP (the “Settlement Agent”), or an
affiliate thereof, on a delivery versus payment basis through the DTC ID System.

  
 -2- 

 6. Termination. This Agreement may be terminated, and the transactions contemplated
hereby may be abandoned, by written notice promptly given to the other parties hereto, at any time prior to the Closing by the Company, on the one hand, or if the Closing shall not have occurred on or prior to December 5, 2016 by the Purchaser on
the other; provided that the Company or the Purchaser, as the case may be, shall not be entitled to terminate this Agreement pursuant to this Section 6 if the failure of Closing to occur on or prior to such dates results primarily from such
party itself having materially breached any representation, warranty or covenant contained in this Agreement. 
 7.
Notices. Except as otherwise herein provided, all statements, requests, notices and agreements shall be in writing and, if to the Purchasers, shall be sufficient in all respects if delivered or sent by facsimile to (212) 446-9181 or by
certified mail to CSCA Capital Advisors, LLC, 800 Third Avenue, 25th Floor, New York, NY, 10022, Attention: Bradley Razook, and, if to the Company, shall be sufficient in all respects if delivered or sent to the Company by facsimile to 703-287-5899
or by certified mail to the Company at 1521 Westbranch Drive, Suite 100, McLean, Virginia 22102, Attention: Michael B. LiCalsi, General Counsel and Secretary. 

8. Governing Law. This Agreement shall be construed in accordance with and governed by the substantive laws of the State of New
York, without regard to conflict of laws principles. 
 9. Entire Agreement. This Agreement constitutes the entire agreement
between the parties hereto with respect to the subject matter hereof and may be amended only in a writing that is executed by each of the parties hereto. 

10. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original
and all of which together shall be deemed to be the same Agreement. Executed counterparts may be delivered by facsimile. 
 11.
Representations and Warranties of the Broker-Dealer. To induce the Company to enter into this Agreement, the Broker-Dealer represents and warrants as to itself only that: 

(a) It is duly registered and in good standing as a broker-dealer under the Exchange Act and is licensed or otherwise qualified to do business
as a broker-dealer with the Financial Industry Regulatory Authority, Inc. and in all States in which it will offer any Securities pursuant to this Agreement. 

(b) Assuming the Prospectus complies with all relevant provisions of the Act in connection with the offer and sales of the Shares, each
Broker-Dealer will conduct all offers and sales of Shares in compliance with the Act, the Exchange Act and all rules and regulations promulgated thereunder. 

  
 -3- 

 (c) It has delivered a copy of the Prospectus to each Purchaser set forth under its name on
Schedule A hereto. 
 (d) It is authorized to execute and deliver this Agreement on behalf of each Customer on whose behalf it is signing
this Agreement (as identified under the name of such Broker-Dealer on Schedule A hereto) and such power has not been revoked. 
 (e) This
Agreement has been duly authorized, executed and delivered by it and, assuming it has been duly authorized, executed and delivered by the Company, con-stitutes a legal, valid and binding agreement of such Broker-Dealer, enforceable against it in
accordance with its terms except as may be limited by (i) the effect of bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights or remedies of creditors or (ii) the effect of general principles of
equity, whether enforcement is considered in a proceeding in equity or at law and the discretion of the court before which any proceeding therefor may be brought. 

[SIGNATURE PAGES FOLLOW] 

  
 -4- 

 IN WITNESS WHEREOF, the parties hereto have caused this Purchase Agreement to be executed
and delivered as of the date first above written. 
  

					
	GLADSTONE COMMERCIAL CORPORATION
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 [Signature Page -
Purchase Agreement] 

 
					
	CUSTOMERS
	
	Each of the several persons or entities listed under the heading “Account Name” on Attachment 1 to Schedule A hereto
	
	By: 
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	                                    
     on behalf of itself and solely with respect to Section 11
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 [Signature Page -
Purchase Agreement] 

 SCHEDULE A 
  

			
	NAME OF BROKER DEALER:	  	NUMBER OF SHARES

  

			
	Customers for whom it is signing this Agreement as agent and attorney-in-fact:	  	

  
 Schedule A - Page 1

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