Document:

Ex 101 2016-10-07

		

			EXHIBIT 10.1

		

		
			PULSE BIOSCIENCES, INC.
		

		
			AMENDMENT TO EMPLOYMENT AGREEMENT
		

		
			This amendment (the “Amendment”) is entered into effective as October 5, 2016 by and between Darrin R. Uecker (“Executive”) and Pulse Biosciences, Inc. (the “Company,” and together with Executive, the “Parties”). 
		

		
			WHEREAS, the Parties entered into an employment agreement dated September 8, 2015 (the “Employment Agreement”);
		

		
			WHEREAS,  the Parties desire to amend certain provisions of the Employment Agreement related to stock option grants and provide for the payments of a cash bonus to Executive in connection with a change of control of the Company under certain conditions.
		

		
			NOW, THEREFORE, in considerations of the promises, mutual covenants, and above recitals, including Executive’s eligibility to receive a cash bonus in connection with a change of control of the Company, and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, Executive and the Company hereby agree as follows:  
		

		
			1.Section 3(g) of the Employment Agreement, titled “IPO Options,” is hereby amended and restated in its entirety as follows: 
		

		
			“g()IPO Equity.  
		

		
			(i)IPO Options. Promptly upon and subject to the approval of a new Company equity incentive plan (the “New Plan”) by the Company’s stockholders,  the Company will recommend to the Board to take appropriate action to grant to Executive an option under the New Plan, which to the greatest extent possible will be an incentive stock option under Section 422 of the Code (the “IPO Option”), to acquire 187,286 shares of common stock of the Company, which is equal to 3% of the fully diluted capital of the Company as of the consummation the exercise of the overallotment option granted in the initial public offering. Subject to the terms and conditions of the New Plan, the IPO Option will have an exercise price per share equivalent to the closing price of a share of common stock of the Company in the public market on the grant date. The IPO Option will vest upon grant equal to that number of shares that would have vested had the option been granted and vesting commenced on the Executive’s hire date and 1/48th monthly thereafter through the fourth anniversary of the Executive’s hire date, subject to Executive’s continued service to the Company through 
		

		 

 

		each vesting date, with provision for accelerated vesting in the event of a Change of Control, and exercisable through the tenth anniversary of the grant date.  This IPO Option will be subject to the option grant agreement and the Company’s standard terms and conditions under the New Plan.  Executive understands that Executive must remain a service provider of the Company through the date the IPO Option is granted in order to receive the IPO Option.  Additionally, if Executive receives a Change of Control Bonus (as defined below), Executive’s right to the IPO Option will terminate and this Section 3(g) will be of no further force or effect.
		

		
			(ii)Deferral Grant.    Promptly upon and subject to the approval of the New Plan, in consideration for the deferral of the IPO Option, Executive will receive a grant of shares of restricted stock (the “Deferral Grant”) equal to the value of the number of shares underlying the IPO Option multiplied by the difference between the IPO Option exercise price per share and $4.00 (Restricted Shares = (187,286 x (IPO Option Exercise Price - $4.00)) / IPO Option Exercise Price).    If the IPO Option exercise price is equal to or below $4.00 per share, then a Deferral Grant will not be made.  The Deferral Grant will vest upon grant equal to that number of shares that would have vested had the option been granted and vesting commenced on the Executive’s hire date and the remainder will vest semi-annually thereafter on March 1st and September 1st through September 1, 2019, subject to Executive’s continued service to the Company through each vesting date, with provision for accelerated vesting in the event of a Change of Control.  This IPO Option will be subject to the grant agreement and the Company’s standard terms and conditions under the New Plan.  Executive understands that Executive must remain a service provider of the Company through the date the IPO Option is granted in order to receive the IPO Option.  Additionally, if Executive receives a Change of Control Bonus (as defined below), Executive’s right to the IPO Option will terminate and this Section 3(g) will be of no further force or effect.” 
		

		
			a.Taxes.  Taxes associated with the vesting of the Deferral Grant shares, to the extent an IRC Sec 83(b) election has not been made, may be settled directly by the Executive or through surrender of shares back to the Plan in which case the value of the shares surrendered will be remitted by the Company on behalf of the executive.
		

		
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			2.The following paragraph will be inserted into the Employment Agreement as Section 3(h):
		

		
			“(h)Change of Control Bonus.  If the Company experiences a Change of Control prior to the date that the IPO Option is granted to Executive, and Executive remains an employee of the Company through the date of the Change of Control (the “Closing Date”), Executive will be entitled to receive a cash bonus upon the Change of Control (the “Change of Control Bonus”) equal to the following amount:
		

		
			The sum of (i) (A) the Per Share Consideration (as defined below) less (B) $4.00, multiplied by (ii) 187,286.
		

		
			The Change of Control Bonus will be distributed to Executive, less applicable withholdings, as soon as practicable on or after the Closing Date, but in no event later than thirty days following the Closing Date.  Notwithstanding the foregoing, any portion of the Change of Control Bonus related to Post-Closing Payments (as defined below) will be paid to Executive if and when paid to the Company’s common stockholders (and subject to the same terms and conditions as apply to the Company’s common stockholders generally).  If Executive is eligible to receive a Change of Control Bonus as of the Closing Date, Executive will also be entitled to Executive’s allocation of any Post-Closing Payments regardless of whether Executive is  an employee of the Company on the date any such Post-Closing Payments are made, subject to the preceding sentence.    
		

		
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			The Board will have the power to determine whether the conditions to receive the Change of Control Bonus are satisfied in its sole and absolute discretion.  For the avoidance of doubt, if the IPO Option is granted prior to the occurrence of a Change of Control, Executive’s right to the Change of Control Bonus will terminate and this Section 3(h) will be of no further force or effect.”
		

		
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			3.The following paragraph will be inserted into the Employment Agreement as Section 10(h):  
		

		
			“(h)Per Share Consideration.  For purposes of this Agreement, “Per Share Consideration” is an amount equal to (i) the sum of any cash and the fair market value of any securities or other assets or property available for distribution to the holder of one share of the Company’s common stock in connection with a Change of Control, including amounts distributed after the closing of the Change of Control pursuant to any escrow, earn-out or other similar arrangement (the “Post-Closing Payments”), minus (ii) the repayment of all Company debt outstanding and all costs and fees associated with the transaction, other than the Change of Control Bonus arising from this Agreement.  For purposes of clarity, the Change of Control Bonus arising from this Agreement will not be considered an outstanding debt or cost or fee associated with the transaction.  However, Change of Control bonus payments that do not arise under this Agreement will be considered an outstanding debt or cost or fee associated with the transaction.  The fair 
		

		 

		

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		market value of any securities or other assets or property available for distribution to the holder of one share of the Company’s common stock in connection with a Change in Control will be determined on the same basis on which such securities or other assets or property were valued in such Change of Control.  The Board will have the power to determine the amount of Per Share Consideration in its sole and absolute discretion.
		

		
			4.Full Force and Effect.  To the extent not expressly amended hereby, the Agreement shall remain in full force and effect.
		

		
			5.Entire Agreement.  This Amendment and the Agreement constitute the full and entire understanding and agreement between the Parties with regard to the subjects hereof and thereof, respectively.  This Amendment may be amended at any time only by mutual written agreement of the Parties.
		

		
			6.Counterparts.  This Amendment may be executed in counterparts, all of which together shall constitute one instrument, and each of which may be executed by less than all of the parties to this Amendment.
		

		
			7.Governing Law.  This Amendment will be governed by the laws of the State of California (with the exception of its conflict of laws provisions).
		

		
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			IN WITNESS WHEREOF, each of the Parties has executed this Amendment, in the case of the Company by its duly authorized officer, effective as of the date set forth above.
		

		
			PULSE BIOSCIENCES, INC.EXECUTIVE
		

		
			
		

		
			/S/ Brian B. Dow/s/Darrin R. Uecker
		

		
			By:Brian B.  Dow,
		

		
			Senior Vice President and 
		

		
			Chief Financial Officer
		

		
			Date:October 5, 2016_________________  Date October 5, 2016_________________  
		

		 

		

			-4-EX-10.7

 Exhibit 10.7 

FOURTH AMENDMENT TO LOAN AGREEMENT 

THIS FOURTH AMENDMENT TO LOAN AGREEMENT (this “Amendment”) is made and entered into as of October 5, 2016, by and among
GLADSTONE LAND LIMITED PARTNERSHIP, a Delaware limited partnership (“Borrower”), GLADSTONE LAND CORPORATION, a Maryland corporation (“Guarantor”), and METROPOLITAN LIFE INSURANCE COMPANY, a New York corporation (the
“Lender”). 
 R E C I T A L S: 

A. Borrower, Guarantor and Lender are parties to that certain Loan Agreement dated as of April 30, 2014, as amended by that certain First
Amendment to Loan Agreement dated as of August 26, 2014, as further amended by that certain Second Amendment to Loan Agreement dated as of October 29, 2014, and as further amended by that certain Third Amendment to Loan Agreement dated as
of September 3, 2015 (collectively, the “Loan Agreement”). The Loan Agreement was executed in connection with a loan (the “Loan”) made by Lender to Borrower evidenced by that certain Promissory Note A dated
April 30, 2014 payable to the order of Lender in the original principal amount of up to $100,000,000, as amended by that certain First Amendment to Note A dated as of September 3, 2015 (the “Original Note A”), and that
certain Promissory Note B dated April 30, 2014 payable to the order of Lender in the original principal amount of up to $25,000,000, as amended by that certain First Amendment to Note B dated as of September 3, 2015 (the “Original
Note B”). The Original Note A and the Original Note B are currently secured by the Security Instruments, as defined in the Loan Agreement (the “Existing Security Instruments”). Guarantor has guaranteed the payment and
performance of the Loan pursuant to that certain Loan Guaranty Agreement dated as of April 30, 2014 (the “Guaranty”). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Loan
Agreement. 
 B. Lender has agreed to extend Borrower an additional loan (the “2016 Loan”) in the aggregate original
principal amount of up to Seventy-five Million and 00/100 Dollars ($75,000.000) pursuant to the terms of this Amendment and to be evidenced by (i) the Promissory Note (Note C – 2016 Term Facility) dated as of even date herewith executed by
Borrower to the order of Lender in the original principal amount of up to Fifty Million and 00/100 Dollars ($50,000,000.00) (“Note C”), and (ii) the Promissory Note (Note D – 2016 RELOC) dated as of even date herewith
executed by Borrower to the order of Lender in the original principal amount of up to Twenty-five Million and 00/100 Dollars ($25,000,000.00) (“Note D”) (with Note C and Note D together defined herein as the “2016
Notes”). 

  
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 C. The 2016 Loan will be secured by certain Additional Properties defined below with the owners
thereof collectively referred to herein as the “Additional Property Owners”: 
 (i) Diego Ranch Stanislaus, LP, a Delaware
limited partnership (“Diego Ranch Stanislaus”), that owns certain real and other property situated in Stanislaus County, California (“Diego Ranch”) as more particularly described in Exhibit A-1; 

(ii) Nevada Ranch Merced, LP, a Delaware limited partnership (“Nevada Ranch Merced”), that owns certain real and other
property situated in Merced County, California (“Nevada Ranch”) as more particularly described in Exhibit A-1; and 

(iii) Baca County Edler, LLC, a Delaware limited liability company (together with Diego Ranch Stanislaus and Nevada Ranch Merced,
collectively, the “New Property Owners”) that owns certain real and other property situated in Baca County, Colorado (the “Baca Ranch”) as more particularly described in Exhibit A-1 (Diego Ranch, Nevada Ranch
property and Baca Ranch, collectively, the “Additional Properties”). 
 The 2016 Loan shall also be secured by the existing Collateral for
the Loan. 
 D. The Additional Properties shall also secure the Loan and as such, shall be “Future Properties” for purposes of
Subsequent Disbursements, and the Additional Property Owners shall also be “Future Property Owners” for such purpose. 
 E.
Borrower has requested that Lender consent to certain modifications to the terms of the Loan, including without limitation, modifications to the disbursement rate for Subsequent Disbursements, the date prior to which Subsequent Disbursements may be
requested, the maximum number of Subsequent Disbursements which may be requested and Borrower’s financial covenants. 
 F. The parties
enter into this Amendment to reflect the terms of the 2016 Loan, to confirm the addition of the Additional Property as Collateral for the Loan and the 2016 Loan, the addition of the Future Property Owners as Property Owners for the Loan and to
further amend the Loan Agreement as described above and otherwise provided for herein. 
 NOW THEREFORE, for good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, Borrower, Guarantor and Lender hereby agree as follows: 
 1.
Status of Existing Loan. Borrower and Guarantor acknowledge for the benefit of Lender that the Notes, the Loan Agreement as amended by this Amendment, the Existing Security Instruments, and any other Loan Documents (collectively, the
“Loan Documents”) are all valid and binding obligations enforceable in accordance with their terms, and that neither Borrower nor Guarantor has any offset or defense against the indebtedness evidenced by the Notes or any of the
obligations set forth in the Loan Documents. 

  
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 2. 2016 Loan. 

(a) Borrower has duly authorized the delivery of the 2016 Notes. The interest rates applicable to the balance under each 2016 Note (and the
adjustment of such interest rates), the repayment terms and other terms applicable to the indebtedness evidenced by each 2016 Note are more particularly set forth in the respective 2016 Notes. All references in the Loan Agreement and the balance of
the Loan Documents to the “Notes” shall hereafter include the 2016 Notes. 
 (b) Borrower hereby agrees to borrow from
Lender, and Lender, subject to the terms and conditions herein set forth and in the other Loan Documents, hereby agrees to lend to Borrower, the aggregate principal sum of up to Seventy-Five Million and No/100 Dollars ($75,000,000.00) to be
disbursed in accordance with the Loan Agreement, as amended by this Amendment. The date first referenced above shall be hereinafter referred to as the “Closing Date.” 

(c) Payment of the 2016 Notes and performance of the obligations arising under the 2016 Loan shall be secured by the Collateral and by the
Additional Properties. Notwithstanding anything in this Agreement or any other Loan Documents to the contrary, Borrower is not granting any lien or security interest with respect to, and references to the Additional Properties shall not include, any
agricultural operations, crops and related permanent plantings, irrigation facilities and water rights that are owned by tenants at the Property so long as such assets are not included in the Appraised Value of the related Collateral. 

(d) Borrower’s obligations under the 2016 Notes, the Loan Agreement, as amended by this Amendment and the other Loan Documents shall be
guaranteed by (i) Guarantor pursuant to a Loan Guaranty Agreement dated as of April 30, 2014; and (ii) the New Property Owners pursuant to Property Owner Guaranties dated as of even date herewith and the Security Instruments. The
Notes are also supported by separate and independent Unsecured Indemnity Agreements by the Borrower and the Property Owners in favor of Lender (each, an Unsecured Indemnity Agreement, and collectively, the “Indemnity Agreements”).

 (e) Each of the New Property Owners shall execute and deliver to Lender, as a condition to the disbursement of any proceeds of the 2016
Loan and the effectiveness of this Amendment, the following documents, each in substantially the form executed by the Existing Property Owners (the “2016 Loan Documents”): 

(i) a new Security Instrument encumbering the applicable New Property Owner’s interest in the applicable Additional Property
(collectively, the “New Security Instruments, each of which shall be a “Collateral Document”); 
 (ii) a
Property Owner Guaranty; 
 (iii) an Unsecured Indemnity Agreement; 

  
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 (iv) an amendment to the Contribution and Indemnity Agreement adding the Additional Property and
the effect of the 2016 Loan to its provisions; 
 (v) a certification as to its status, the use and other features of the Additional
Property; and 
 (vi) such other documents and certificates as required by Lender to the extent consistent with the Loan Documents. 

In connection with the New Security Instruments, Lender shall be provided with mortgagee’s title insurance policies insuring the
Lender’s first priority lien in the Additional Properties subject only to such encumbrances, and containing such endorsements, as Lender may approve in its sole and absolute discretion. 

(f) Borrower shall pay to Lender an unused commitment fee in connection with the 2016 Loan payable in arrears with each interest payment
payable on an Interest Payment Date as more particularly provided in each of the 2016 Notes. 
 3. Cross Default and
Cross-Collateralization. Borrower and Guarantor acknowledge that the Existing Security Instruments and the New Security Instruments are Collateral for the Loan and for the 2016 Loan, and the occurrence of a default under any of the Existing
Security Instruments, the New Security Instruments or any of the Loan Documents will comprise a default under all of the Existing Security Instruments, the New Security Instruments and other Loan Documents. As a result of the cross-collateralization
feature, the Additional Properties shall be included as part of the Collateral for purposes of the availability of Subsequent Disbursements requested under any of the Notes. 

4. Addition of New Land. The definition of “Land” set forth in the Loan Agreement is hereby amended to include the Additional
Properties. Exhibit A of the Loan Agreement is hereby amended to include the Additional Properties as set forth in Exhibit A-1 hereof. The Appraised Value of the Collateral for purposes of Subsequent Disbursements shall be increased as of the date
of this Amendment as set forth in the Fourth Amendment to Disclosure and Valuation Agreement dated as of even date herewith between Borrower and Lender (the “Fourth Amendment to Disclosure and Valuation Agreement”). All references
in the Loan Agreement to the Disclosure and Valuation Agreement shall hereafter mean the Disclosure and Valuation Agreement as amended by the First Amendment to Disclosure and Valuation Agreement dated August 26, 2014, as further amended by the
Second Amendment to Disclosure and Valuation Agreement dated October 29, 2014, as further amended by the Third Amendment to Disclosure and Valuation Agreement dated September 3, 2015, and as further amended by the Fourth Amendment to
Disclosure and Valuation Agreement. 

  
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 5. Addition of New Property Owners. The definition of “Property Owners” set
forth in the Loan Agreement is hereby amended to include the New Property Owners. Accordingly, Exhibit B of the Loan Agreement is hereby amended to include the New Property Owners as set forth in Exhibit B-1 hereof. 

6. Consent of Guarantor. Guarantor hereby consents to the 2016 Loan and the addition of the Additional Properties as Collateral, and
the New Property Owners, as Property Owners, under the terms of the Loan Agreement, as amended hereby, and further consents to the execution by all relevant parties of this Amendment, the 2016 Notes, the New Security Instruments and any other
documents or modifications to documents contemplated hereby. Guarantor agrees that the Guaranty remains in full force and effect with regard to all disbursements of the Loan and the Loan Documents as so modified, and further agrees that the Guaranty
is hereby expanded to include the 2016 Loan as part of the Indebtedness guaranteed thereunder. 
 7. Note A Disbursements. As of the
Effective Date, the Loan Agreement is hereby amended as follows: 
 (a) The date stated in the first paragraph of Section 3.1(b) prior
to which an Authorized Person may request Subsequent Disbursements is hereby revised to be December 31, 2018. 
 (b)
Section 3.1(b)(1) is hereby amended in its entirety and restated as follows: 
 “The amount of each Subsequent Disbursement will
be based on and limited such that the amount disbursed under the Loan and the 2016 Loan collectively shall not exceed sixty percent (60%) of the aggregate Appraised Value of the Real Property and any new agricultural property accepted by Lender
as Collateral for Subsequent Disbursements (the “Future Property”), as established by appraisals in form and substance acceptable to Lender in all respects, and otherwise limited as provided in this Section 3.1(b). In no event
shall the total aggregate Note A Disbursements plus the aggregate Note C Disbursements collectively exceed the lesser of One Hundred Fifty Million and No/100 Dollars ($150,000,000.00) or sixty percent (60%) of the Appraised Value of the
Collateral.” 
 (c) The date stated in Section 3.1(b)(6) after which Lender may, at its option, be relieved of any obligation to
make any Subsequent Disbursements or other disbursements under Note A is hereby revised to be December 31, 2018. 
 (d) The number of
Subsequent Disbursements is hereby revised to be no more than six (6) Subsequent Disbursements in any calendar year. 

  
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 8. Note B Disbursements. As of the Effective Date, the following modifications are made to
the Loan Agreement: 
 (a) the first sentence of Section 3.2(a) is hereby deleted in its entirety and replaced with the following: 

“Borrower shall have the right from time to time, to request additional advances under Note B (a “Note B Advance”), up
to the face amount of Note B (i.e., $25,000,000.00), under the following conditions: (i) no Event of Default has occurred and is continuing and no event has occurred and is continuing which with the passing of time or giving of notice or both
would become an Event of Default, and (ii) Note B Advances shall be available so long as the combined outstanding principal balances of Note A and Note B plus the amount of the requested Note B Advance do not exceed the lesser of (a) the
combined face principal amounts of Note A ($100,000,000), Note B ($25,000,000), Note C ($50,000,000) and Note D ($25,000,000), and (b) the amount equal to 60% of the Appraised Value.” 

(b) Section 3.2(b) is hereby deleted in its entirety and replaced with the following: 

“Balance in Excess of Original Principal Amount. Notwithstanding anything contained herein to the contrary, in the event that
(i) the aggregate outstanding unpaid principal amount of Note B at any time exceeds the amount of $25,000,000.00 or (ii) the aggregate outstanding principal balance of Note A, Note B, Note C and Note D exceed the lesser of $200,000,000.00,
or the amount equal to sixty percent (60%) of the Appraised Value of the Collateral, all Subsequent Disbursements shall be suspended and Borrower shall immediately, without the requirement of any oral or written notice by Lender, prepay the
principal of one or more of the Notes in an aggregate amount at least equal to such excess.” 
 (c) Section 3.2(c) is hereby
deleted in its entirety and replaced with the following: 
 “Minimum Outstanding Balance. If the outstanding principal balance
under Note B shall be an amount less than Fifty Thousand and No/100 Dollars ($50,000.00) at any time, then the entire outstanding principal amount of Note B, together with accrued interest thereon at the Default Interest Rate, shall, ten (10)
Business Days after receipt of written notice from Lender, immediately become due and payable without demand, and Borrower’s right to draw upon Note B shall terminate and Lender’s obligation to fund future disbursement requests shall
cease.” 

  
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 9. Note C Disbursements. As of the Effective Date, the following Section 3.3 is
hereby added to the Loan Agreement: 
 “3.3 Note C Disbursement. Note C will be disbursed in multiple disbursements (each, a
“Note C Disbursement”) subject to the satisfaction of each of the disbursement conditions as follows: 
 (a) Initial
Disbursement. Lender shall make the first Note C Disbursement (the “Initial Disbursement”), in the amount of $21,550,000 on the Closing Date, subject to the satisfaction of each of the conditions precedent to closing. 

(b) Subsequent Disbursements. Following the Initial Disbursement, Borrower may request additional disbursements in connection with the
acquisition of additional agricultural properties (herein, the “Subsequent Disbursements”) in an aggregate amount not to exceed Twenty-Eight Million Four Hundred Fifty Thousand One and 00/100 Dollars ($28,450,000) at any time after
the Initial Disbursement but no later than December 31, 2018, provided that each of the following conditions has been satisfied on or before the date of disbursement: 

(1) The amount of each Subsequent Disbursement will be based on and limited such that the amount disbursed under the Loan and the 2016 Loan
collectively shall not exceed sixty percent (60%) of the aggregate Appraised Value of the Real Property and any new agricultural property accepted by Lender as Collateral for Subsequent Disbursements (the “Future Property”), as
established by appraisals in form and substance acceptable to Lender in all respects, and otherwise limited as provided in this Section 3.1(b). In no event shall the total aggregate Note A Advances and the aggregate Note C Advances exceed the
lesser of One Hundred Fifty Million and No/100 Dollars ($150,000,000.00) or sixty percent (60%) of the Appraised Value of the Collateral. 

(2) Note C Disbursements shall be subject to all of the conditions to subsequent Disbursements applicable to Note A Advances as provided in
Section 3.1 of the Loan Agreement.” 
 10. Note D Disbursements. As of the Effective Date, the following Section 3.4
is hereby added to the Loan Agreement: 
 “3.4 Revolver Advances Under Note D. 

(a) Advances. Borrower shall have the right from time to time, to request additional advances under Note D (a “Note D
Advance”), up to the face amount of Note D (i.e., $25,000,000.00), under the following conditions: (i) no Event of Default has occurred and is continuing and no event has occurred and is continuing which with the passing of time or
giving of notice or both would become an Event of Default, and (ii) Note D Advances shall be available so long as the combined outstanding principal balances of Note A, Note B, Note C and Note D plus the amount of the requested Note B Advance
do not exceed the lesser of (a) the face 

  
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principal amounts of Note A ($100,000,000), Note B ($25,000,000), Note C ($50,000,000) and Note D ($25,000,000) and (b) the amount equal to 60% of the Appraised Value. Borrower may repay and
reborrow such amounts as a revolving credit. Revolver draws and repayments shall be made not more than twice per calendar month per each type of transaction and written request for a Note D Advance must be received by Lender no later than 12:00
p.m., Pacific Time, on the Business Day prior to the Business Day on which funds are desired. All draws and repayments will be by wire transfer and any draws shall be in amounts not less than One Hundred Thousand and No/100 Dollars ($100,000.00) and
in even increments of One Thousand and No/100 Dollars ($1,000.00). Notwithstanding the foregoing, Lender will make the first Note D Advance in the amount of $50,000 on the Closing Date, subject to the satisfaction of each of the conditions precedent
to closing. 
 (b) Balance in Excess of Original Principal Amount. Notwithstanding anything contained herein to the contrary, in the
event that (i) the aggregate outstanding unpaid principal amount of Note D at any time exceeds the amount of $25,000,000.00 or (ii) the aggregate outstanding principal balance of Note A, Note B, Note C and Note D exceed the lesser of
$200,000,000.00, or the amount equal to sixty percent (60%) of the Appraised Value of the Collateral, all Subsequent Disbursements shall be suspended and Borrower shall immediately, without the requirement of any oral or written notice by
Lender, prepay the principal of one or more of the Notes an aggregate amount at least equal to such excess. 
 (c) Minimum Outstanding
Balance. If the outstanding principal balance under Note D shall be an amount less than Fifty Thousand and No/100 Dollars ($50,000.00) at any time, then the entire outstanding principal amount of Note D, together with accrued interest thereon at
the Default Interest Rate, shall, ten (10) Business Days after receipt of written notice from Lender, immediately become due and payable without demand, and Borrower’s right to draw upon Note D shall terminate and Lender’s obligation
to fund future disbursement requests shall cease. 
 (d) Authorized Persons. An Authorized Person for a request for a disbursement
under Note D shall be the Authorized Persons designated in the Loan Agreement. 
 (e) Use of Funds for Acquisition. Subject to
availability as set forth above, Note D Advances may be used for working capital purposes and to fund the acquisition of Future Properties in the same manner and subject to the same conditions as applicable to Note B Advances.” 

11. Removal of Restrictive Covenant. As of the Closing Date, Section 9.3 of the Loan Agreement providing for a restrictive
covenant related to the ratio of Consolidated Total Debt to Consolidated Net Worth is hereby deleted in its entirety. 

  
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 12. Limitation on Representations and Warranties. Section 4.24 of the Loan Agreement
is deleted and the following hereby substituted in lieu thereof: 
 “4.24 Limitation on Representations and Warranties.
Notwithstanding anything herein to the contrary, none of the representations or warranties in Section 4.21 shall apply to any shareholder of Guarantor holding less than 25% of the total outstanding stock of Guarantor or any owner or holder of a
limited partnership interest in Borrower holding less than 25% of the total outstanding partnership interests of Borrower, and no other representation or warranty in this Section 4 shall apply to any shareholder of Guarantor or limited partner
of Borrower.” 
 13. Lender’s Notice Address. As of the Effective Date, the second listed notice address for Lender is
hereby revised to: 
 Metropolitan Life Insurance Company 

Agricultural Investments 
 205 E
River Park Circle, Suite 430 
 Fresno, California 93720 

Attn.: Director, WRO 
 14.
Reaffirmation of Guaranty. Guarantor hereby confirms and reaffirms all of the representations, warranties, covenants and obligations of the Guaranty and the other Loan Documents, and further confirms and agrees that Guarantor is and shall
continue to be liable for all obligations arising under and in connection with the Loan and the 2016 Loan. 
 15. Reaffirmation by
Borrower. Except as specifically amended by this Amendment, the Loan Agreement shall remain unmodified and in full force and effect. Borrower hereby reaffirms for the benefit of Lender, each and every of the terms and provisions of the Notes and
the Loan Agreement, as amended and as originally set forth therein. 
 16. Representations and Warranties of Borrower. Borrower
hereby restates and reaffirms all of the covenants, representations and warranties set forth in the Loan Agreement, as if made as of the date of this Amendment and with regard to the Loan and the Additional Properties. In particular, all of the
representations and warranties set forth in Section 4 of the Loan Agreement, as applied to Borrower and all of the Property, remain true, accurate and complete. Borrower hereby represents and warrants that each of the conditions precedent to
the addition of the Additional Properties set forth in the Loan Agreement have been satisfied, as of the date hereof. 
 17.
Miscellaneous. Borrower and Lender hereby agree that all references in the Loan Agreement to Loan Documents shall include this Amendment and the New Security Instruments. Furthermore, the New Security Instruments shall be interpreted in
accordance with the provisions of this Amendment and any related terms set forth in such documents are hereby 

  
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modified accordingly. All references in the Loan Agreement to the “Security Instrument” or the “Security Instruments” are hereby amended to mean
collectively the Existing Security Instruments and the New Security Instruments. All references in the Loan Agreement to the “Land,” “Collateral” or “Real Property” are hereby amended to include the
Additional Properties. All references to the “Loan Documents” are hereby amended to include this Amendment, the 2016 Notes and the 2016 Loan Documents, and all references to the “Loan” shall mean the Loan and the
2016 Loan collectively unless the context otherwise requires. 
 18. Counterparts. This Amendment may be executed in multiple
counterparts, each of which shall be an original and all of which, when combined, shall constitute one and the same instrument. 

(Signatures follow on next page) 

  
 10 

 IN WITNESS WHEREOF, Borrower and Guarantor have executed this Amendment, or have caused this
Amendment to be executed by its duly authorized representative(s) as of the day and year first written above. 
  

							
	BORROWER:
	
	 GLADSTONE LAND LIMITED PARTNERSHIP,

a Delaware limited partnership

		
	By:	 	Gladstone Land Partners, LLC,
		 	a Delaware limited liability company
		 	Its General Partner
			
		 	By:	 	Gladstone Land Corporation,
		 		 	a Maryland corporation
		 		 	Its Manager
				
		 		 	By:	 	 /s/ David Gladstone

		 		 		 	David Gladstone
		 		 		 	Its Chief Executive Officer
	
	GUARANTOR:
	
	 GLADSTONE LAND CORPORATION,
 a
Maryland corporation

		
	By:	 	 /s/ David Gladstone

		 	David Gladstone
		 	Its Chief Executive Officer

 (Signatures continue on next page) 

  
 11 

 
							
	LENDER:
	
	METROPOLITAN LIFE INSURANCE COMPANY
			
		 	By:	 	 /s/ Leon A. Moreno

		 		 	Its:	 	 Director

  
 12 

 EXHIBIT A-1 

DESCRIPTION OF NEW LAND 
 Diego
Ranch: 
 THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE UNINCORPORATED AREA IN COUNTY OF STANISLAUS, STATE OF CALIFORNIA AND IS DESCRIBED AS
FOLLOWS: 
 PARCEL ONE: 
 SECTION 11, TOWNSHIP 4 SOUTH,
RANGE 13 EAST, MOUNT DIABLO BASE AND MERIDIAN. 
 EXCEPT ANY AND ALL AMENITIES, BETTERMENTS, BUILDINGS, FIXTURES AND OTHER IMPROVEMENTS THEREON, WHETHER
ABOVE OR BELOW GROUND, IF ANY, INCLUDING, WITHOUT LIMITATION, ALMOND TREES, WELLS, PUMPS, MOTORS, ELECTRICAL PANELS, ELECTRICAL HOOKUPS, WATER, CONVEYANCE AND DISCHARGE FACILITIES, PIPELINES AND IRRIGATION SYSTEMS, WHICH ARE OWNED OR LEASED BY OLAM
FARMING, INC., A DELAWARE CORPORATION. 
 Stanislaus County Assessor’s Parcel No. 020-008-012 

PARCEL TWO: 
 ALL THAT PORTION OF THE SOUTHEAST QUARTER OF
SECTION 3, AND THAT PORTION OF THE EAST HALF OF SECTION 10, TOWNSHIP 4 SOUTH, RANGE 13 EAST, MOUNT DIABLO BASE AND MERIDIAN, LYING SOUTHERLY OF LA GRANGE ROAD. (LAKE ROAD). 

EXCEPT ANY AND ALL AMENITIES, BETTERMENTS, BUILDINGS, FIXTURES AND OTHER IMPROVEMENTS THEREON, WHETHER ABOVE OR BELOW GROUND, IF ANY, INCLUDING, WITHOUT
LIMITATION, ALMOND TREES, WELLS, PUMPS, MOTORS, ELECTRICAL PANELS, ELECTRICAL HOOKUPS, WATER, CONVEYANCE AND DISCHARGE FACILITIES, PIPELINES AND IRRIGATION SYSTEMS, WHICH ARE OWNED OR LEASED BY OLAM FARMING, INC., A DELAWARE CORPORATION. 

Stanislaus County Assessor’s Parcel No.: 020-008-013 

Stanislaus County Assessor’s Parcel Nos. 020-008-012 and -013 

  

Exhibit A - 1 

 Nevada Ranch: 

THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN AN UNINCORPORATED AREA, COUNTY OF MERCED, STATE OF CALIFORNIA AND IS DESCRIBED AS FOLLOWS: 

PARCEL A: 
 Parcel 1, as shown on that certain parcel map
for First Harvest, filed for record on December 16, 1976 in Volume 31 of Parcel Maps, Page 42, Merced County Records, and being portions of Section 35 and Section 36, Township 8 South, Range 16 East, M.D.B.&M. 

Merced County Assessor’s Parcel No. 068-130-029 

PARCEL B: 
 ADJUSTED PARCEL 2 of Property Line Adjustment
No,. 02034 for Albert Gedrimas described in Certificate of Compliance recorded February 21, 2003 as Instrument No. 2003-010215 described as follows: 

All that certain real property situate in a portion of Section 36, Township 8 South, Range 16 East, Mount Diablo Base and Meridian, in the County of
Merced, State of California, also being a portion of Parcel 2 and all of Parcel 3 as shown on that certain Parcel Map for “FIRST HARVEST” filed for record in Volume 31 of Parcel Maps at page 42, Merced County Records, described as follows:

 Excepting the following described portion of said Parcel 2: 

Commencing at the northwest corner of said Parcel 2, said northwest corner being a point on the south line of a 60.00 foot wide County Road now known as
“BUCHANAN HOLLOW ROAD”; thence N.89°01’09”E. along the north line of said Parcel 2 and the south line of said road a distance of 612.96 feet, more or less to the point of intersection with the centerline of an existing creek
and the TRUE POINT OF BEGINNING of this description; thence along the centerline of said creek the following eleven (11) courses: 
  

	 	1.	S.27°45’41”E. 332.56 feet, more or less 

  

	 	2.	S.38°36’15”E. 255.04 feet, more or less 

  

Exhibit A - 2 

	 	3.	S.03°52’22”E. 101.54 feet, more or less 

  

	 	4.	S.61°56’12”E. 90.67 feet, more or less 

  

	 	5.	N.49°13’11”E. 124.78 feet, more or less 

  

	 	6.	N.71°13’29”E. 263.05 feet, more or less 

  

	 	7.	N.12°13’24”E. 111.58 feet, more or less 

  

	 	8.	N.59°58’59”W. 113.05 feet, more or less 

  

	 	9.	N.23°50’49”W. 134.24 feet, more or less 

  

	 	10.	N.41°01’12”E. 87.04 feet, more or less 

  

	 	11.	S.82°34’17”E. 210.29 feet, more or less 

 to a point on the most westerly, east line, of said
Parcel 2; thence N.00°31’14”W. along said line a distance of 159.59 feet to a point on said south line of Buchanan Hollow Road; thence S.89°01’09”W. along said south line a distance of 880.24 feet to the point of
beginning. 
 Merced County Assessor’s Parcel Nos. 068-130-044 and 068-130-031 

PARCEL C: 
 Parcel 4, as shown on that certain parcel map
for First Harvest, filed for record on December 16, 1976 in Volume 31 of Parcel Maps, Page 42, Merced County Records, and being portions of Section 35 and Section 36, Township 8 South, Range 16 East, M.D.B.&M. 

Merced County Assessor’s Parcel No. 068-130-032 

PARCEL D: 
 Parcel 5, as shown on that certain parcel map
for First Harvest, filed for record on December 16, 1976 in Volume 31 of Parcel Maps, Page 42, Merced County Records, and being portions of Section 35 and Section 36, Township 8 South, Range 16 East, M.D.B.&M. 

Merced County Assessor’s Parcel No. 068-130-033. 

  

Exhibit A - 3 

 PARCEL E: 

Parcel 6, as shown on that certain parcel map for First Harvest, filed for record on December 16, 1976 in Volume 31 of Parcel Maps, Page 42, Merced County
Records, and being portions of Section 35 and Section 36, Township 8 South, Range 16 East, M.D.B.&M. 
 Merced County Assessor’s Parcel
No. 068-130-034. 
 PARCEL F: 
 The Northwest
quarter of Section 35, Township 8 South, Range 16 East, M.D.B.&M., in the County of Merced, State of California, according to the Official Plat thereof. 

Excepting and reserving unto Hazel Ellen Mathews an undivided one-half interest in all minerals, oil, gas and other hydrocarbons therein and thereunder by
deed recorded December 29, 1976 as Instrument No. 28439 in Volume 2057 of Official Records, Page 1, Merced County Records. 
 Merced County
Assessor’s Parcel No. 068-130-028 
 Merced County Assessor’s Parcel Nos. 068-130-028, -029, -031, -032, -033, -034 and -044 

Baca Ranch: 
 TOWNSHIP 31 SOUTH, RANGE 47 WEST OF THE
SIXTH PRINCIPAL MERIDIAN 
 SECTION 29: SE 1⁄4; S 1⁄2S 1⁄2NE 1⁄4; SE 1⁄4SW 1⁄4; SOUTH 25 ACRES
OF THE NE 1⁄4SW 1⁄4 

TOWNSHIP 31 SOUTH, RANGE 48 WEST OF THE SIXTH PRINCIPAL MERIDIAN 

SECTION 12: N 1⁄2 

TOWNSHIP 32 SOUTH, RANGE 46 WEST OF THE SIXTH PRINCIPAL MERIDIAN 

SECTION 8: N 1⁄2, LESS 6.234 ACRES IN THE E 1⁄2NE 1⁄4 

TOWNSHIP 32 SOUTH, RANGE 48 WEST OF THE SIXTH PRINCIPAL MERIDIAN 

SECTION 25: S 1⁄2 

SECTION 27: N 1⁄2 

SECTION 28:
E 1⁄2NE 1⁄4; W 1⁄2NE 1⁄4; NW 1⁄4; N 1⁄2SW 1⁄4; SE 1⁄4SW 1⁄4; SE 1⁄4 

SECTION 30: LOTS 5 AND 6;
E 1⁄2NW 1⁄4; NE 1⁄4 
 SECTION 32: N 1⁄2 

  

Exhibit A - 4 

 SECTION 33: ALL 

SECTION 34: NW 1⁄4 

TOWNSHIP 33 SOUTH, RANGE 46 WEST OF THE SIXTH PRINCIPAL MERIDIAN 

SECTION 31: E 1⁄2 

TOWNSHIP 33 SOUTH, RANGE 47 WEST OF THE SIXTH PRINCIPAL MERIDIAN 

SECTION 1: LOTS 7 AND 8;
S 1⁄2NW 1⁄4; SW 1⁄4 
 SECTION 8: ALL 

SECTION 18: E 1⁄2 

SECTION 27: S 1⁄2 

TOWNSHIP 33 SOUTH, RANGE 48 WEST OF THE SIXTH PRINCIPAL MERIDIAN 

SECTION 3: SW 1⁄4 

SECTION 4: LOTS 5 AND 6;
S 1⁄2NE 1⁄4; SE 1⁄4 
 SECTION 9: N 1⁄2N 1⁄2 
 SECTION 11:
E 1⁄2, LESS A TRACT OF LAND MORE PARTICULARLY DESCRIBED IN RECEPTION NO. 

423807 
 SECTION 13:
E 1⁄2NW 1⁄4NW 1⁄4; NE 1⁄4NW 1⁄4; S 1⁄2NW 1⁄4; NE 1⁄4; S 1⁄2 
 TOWNSHIP 33 SOUTH,
RANGE 49 WEST OF THE SIXTH PRINCIPAL MERIDIAN 
 SECTION 24: N 1⁄2,

 COUNTY OF BACA, 
 STATE OF COLORADO. 

  

Exhibit A - 5 

 EXHIBIT B-1 

NEW PROPERTY OWNER 
 Diego Ranch
Stanislaus, LP, a Delaware limited partnership 
 Nevada Ranch Merced, LP, a Delaware limited partnership 

Baca County Edler, LLC, a Delaware limited liability company 

  

Exhibit B - 1

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