Document:

EX-10.10

 Exhibit 10.10 

FIFTH AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT 

BETWEEN 
 GLADSTONE LAND
CORPORATION 
 AND 

GLADSTONE MANAGEMENT CORPORATION 

Agreement is made this 13th day of July, 2021, 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 real estate investment trust organized primarily for the purpose of investing in and owning net leased industrial
farmland and properties and assets related to farming; 
 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 Amended and Restated Investment and Advisory Agreement, as of February 1, 2013, that certain Second Amended and Restated Investment and Advisory Agreement, as of July 11, 2017, that certain Third Amended and Restated Investment
Advisory Agreement, dated July 9, 2019 and that certain Fourth Amended and Restated Investment Advisory Agreement, dated January 14, 2020 (collectively, 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 Annual Reports on Form 10-K or the Company’s
Registration Statement on Form S-3, as amended or refiled from time to time (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. 

  
  

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 Fifth Amended and Restated Investment
Advisory Agreement 

 (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 (the “Base Management Fee”), an incentive fee (the “Incentive
Fee”), and a capital gains fee (the “Capital Gains 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. 

  
  

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 Fifth Amended and Restated Investment
Advisory Agreement 

 (a) Base Management Fee. 

The Base Management Fee shall be payable quarterly in arrears and shall be calculated at an annual rate of 0.60% (0.15% per quarter) of the
prior calendar quarter’s “Gross Tangible Real Estate,” defined as the gross cost of tangible real estate owned by the Company (including land and land improvements, irrigation and drainage
systems, horticulture, farm-related facilities, and other tangible site improvements), prior to any accumulated depreciation, and as shown on the Company’s balance sheet or the notes thereto for the applicable quarter. For purposes of
clarification, Gross Tangible Real Estate shall include tenant-funded improvements owned by the Company but shall exclude any related intangible assets, such as lease intangibles, recorded on the Company’s books. 

(b) Incentive Fee. 
 The
Incentive Fee will be calculated and payable quarterly in arrears based on the current calendar quarter’s Pre-Incentive Fee FFO (as defined below) exceeding a “hurdle rate”
of 1.75% per quarter (7% annualized) of the prior calendar quarter’s “Total Adjusted Common Equity” (defined as common stockholders’ equity plus common equity interests in the Company’s
operating partnership not held by the Company, each as reported on the Company’s balance sheet (“Total Common Equity”), adjusted to exclude: (i) the effect of any unrealized gains and losses and (ii) certain
other one-time events and non-cash items). With respect to subsections (i) and (ii), such adjustments shall be limited to those events or items that have impacted
Total Common Equity but did not affect net income (as computed in accordance with U.S. generally accepted accounting principles (“GAAP”)). The Base Management Fee payable for any partial quarter will be
appropriately prorated. 
 For purposes of this calculation, “Funds From Operations” (“FFO”)
means net income (computed in accordance with GAAP), excluding gains (or losses) from debt restructurings and sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.
“Pre-Incentive Fee FFO” shall mean FFO accrued by the Company during the current calendar quarter (prior to any incentive fee calculation for the current calendar quarter), less any
dividends paid on preferred stock securities that are not treated as a liability for GAAP purposes. For purposes of calculating the Incentive Fee, Pre-Incentive Fee FFO may be adjusted by a unanimous
vote of the independent directors to exclude certain one-time events pursuant to changes in GAAP or other non-cash items recorded in net income. 

Pre-Incentive Fee FFO for the current calendar quarter shall be expressed as a rate of return on Total
Adjusted Common Equity at the end of the prior calendar quarter. The Company will pay the Adviser an Incentive Fee with respect to the Pre-Incentive Fee FFO in each calendar quarter as follows: (1) no
Incentive Fee in any calendar quarter in which the Pre-Incentive Fee FFO does not exceed the hurdle rate; (2) 100% of the Pre-Incentive Fee FFO with respect to that
portion of such Pre-Incentive Fee FFO, 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 Pre-Incentive Fee FFO, 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) Capital Gains Fee. 
 The
Capital Gains Fee is a capital gains-based incentive fee that shall be determined and payable in arrears as of the end of each fiscal year (or for an abbreviated time period as of the effective date of any termination of this Agreement). The Capital
Gains Fee for any applicable time period shall equal: (1) 15% of the cumulative aggregate realized capital gains minus the cumulative aggregate realized capital losses, minus (2) the aggregate Capital Gains Fees paid in prior periods. Realized
capital gains and realized capital losses are calculated by subtracting from the sales price of a property: (a) any costs incurred to sell such property, and (b) the current gross value of the property (meaning the property’s original
acquisition price plus any subsequent, non-reimbursed capital improvements thereon paid for by the Company). A Capital Gains Fee shall only be paid for an applicable time period to the extent that doing so
would not violate any distribution payment covenant in a then-existing line of credit to the Company. For avoidance of doubt, the Capital Gains Fee shall only be payable for applicable time periods when the cumulative aggregate realized capital
gains exceed the cumulative aggregate realized capital losses. 

  
  

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 Fifth Amended and Restated Investment
Advisory Agreement 

 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 and 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 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. All fees and calculations contemplated hereunder for the quarter ending September 30, 2021, shall
be calculated as if this Agreement was effective as of July 1, 2021. 

  
  

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 Fifth Amended and Restated Investment
Advisory Agreement 

 This Agreement may be terminated by the Company at any time upon providing the Adviser
120 days’ prior written notice, after the vote of at least two-thirds of the independent directors of the Company, for any reason. In the event of such termination or
non-renewal, the Company shall pay to the Adviser a termination fee 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 the effective date of such termination. 
 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. 

  
  

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 Fifth Amended and Restated Investment
Advisory Agreement 

 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, Chief Executive Officer and
President

 Gladstone Management Corporation 
  

			
	 By:
	 	/s/ David Gladstone
		 	  

	 	 	David Gladstone
	 	 	Chairman and Chief Executive Officer

  
  

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 Fifth Amended and Restated Investment
Advisory AgreementEX-10.11

 Exhibit 10.11 

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. 

 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

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