Document:

EX-10.2

 Exhibit 10.2 

TRANSITION AND SEPARATION AGREEMENT 

This Transition and Separation Agreement (the “Agreement”) is entered into this 4th day of August, 2014
by and between Walgreen Co. (the “Company”) and Wade D. Miquelon (“Executive”).  

WHEREAS, Executive currently serves the Company as its Executive Vice President—Chief Financial Officer and President, International; and

 WHEREAS, the Company and Executive desire to set forth herein their mutual agreement with respect to all matters relating to
Executive’s cessation of employment by the Company. 
 NOW, THEREFORE, in consideration of the mutual promises and agreements contained
herein, the adequacy and sufficiency of which are hereby acknowledged, the Company and Executive agree as follows: 
 1. Separation.
Executive shall separate from his position as Executive Vice President—Chief Financial Officer and President, International, as well as any and all other officer, director and committee positions with the Company and its subsidiaries effective
as of August 4, 2014 (the “Transition Date”), and thereafter shall transition into, and continue employment with the Company, in a non-executive position, until December 1, 2014 (the “Termination
Date”), at which time his employment with the Company and its subsidiaries shall terminate. During the period beginning on the Transition Date and ending on the Termination Date, Executive shall report to the Chief Executive Officer of
the Company and shall assist with such transitional duties and responsibilities as the Company shall request from time to time, including in connection with investor relations, transactions and other matters commensurate with his position and
experience that arise from time to time. Executive’s services after the Transition Date shall be at the time and location as requested by the Company and shall not exceed 20% of the average level of services performed by Executive over the
36-month period ending on the Transition Date. Subject to the foregoing limitation on services, Executive shall be available to the Company as needed through the Termination Date and will be subject to the same standards of conduct and performance
applicable to all officers and employees of the Company. During the period of Executive’s continued employment until the Termination Date, Executive shall continue to receive the salary and benefits that he is receiving immediately prior to the
Transition Date. The Company may, in its sole discretion, accelerate the Termination Date for any reason, in which case (i) Executive’s salary and benefits payable pursuant to this Section 1 shall cease and (ii) if the Company
accelerates the Termination Date for a reason other than Cause, as defined in the Company’s Executive Severance and Change in Control Plan (the “Severance Plan”), Executive shall continue to be entitled to the severance
benefits set forth in Section 3 below. If the Company accelerates the Termination Date for Cause or if Executive resigns from his employment prior to the Termination Date, Executive shall not be entitled to the severance benefits set forth in
Section 3 below. 

 2. Accrued Obligations and Post-Termination Benefits. As soon as administratively
practicable after the Termination Date, Executive shall receive any portion of Executive’s base salary that is accrued but unpaid as of the Termination Date, other than amounts that he has elected to defer, any accrued but unpaid vacation pay,
any unreimbursed expenses for which proper documentation is provided, and any other vested amounts and benefits that are to be paid or provided to Executive by the Company under the Company’s benefit plans (other than under the Severance Plan
(which benefits shall be payable pursuant to Section 3 hereof) and other than any deferred compensation that is subject to (and not otherwise exempt from) the requirements of Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”)), but which have not yet been paid or provided (as applicable). In addition, the Company shall provide for post-termination of employment nonqualified deferred compensation benefits and employee welfare benefits,
other than severance benefits, pursuant to the terms of the respective plans and policies under which such post-termination of employment benefits and welfare benefits, if any, are provided, except as provided in Section 3(c) below. 

3. Severance Benefits. In consideration for (i) Executive’s General Release of claims, in accordance with Section 6
below, (ii) Executive’s agreement to comply with the Restrictive Covenants referenced in Section 7 below and (iii) Executive’s compliance with his duties and responsibilities pursuant to Section 1 above and his other
obligations pursuant to the terms of this Agreement, the Company shall pay to Executive the following amounts: 
 (a) a cash severance
benefit in the gross amount of $3,200,000, which shall be paid as follows, with each monthly payment being made on the Company’s regularly scheduled pay date for such month: 

 

					
	 Time of Payment
	  	Amount	 
	 January 2015
	  	$	1,453,333.31	  
	 June 2015
	  	$	13,333.40	  
	 July 2015
	  	$	133,333.33	  
	 August 2015
	  	$	133,333.33	  
	 September 2015
	  	$	133,333.33	  
	 October 2015
	  	$	133,333.33	  
	 November 2015
	  	$	133,333.33	  
	 December 2015
	  	$	133,333.33	  
	 January 2016
	  	$	133,333.33	  
	 February 2016
	  	$	133,333.33	  
	 March 2016
	  	$	133,333.33	  
	 April 2016
	  	$	133,333.33	  
	 May 2016
	  	$	133,333.33	  
	 June 2016
	  	$	133,333.33	  
	 July 2016
	  	$	133,333.33	  
	 Total
	  	$	3,200,000	  

 (b) a cash payment in the gross amount of $1,185,000, which in part represents Executive’s
prorated 2015 target annual performance bonus, payable on the regular December 2014 monthly salaried payroll date; provided that Executive shall be entitled to such payment only if the Chief Executive Officer of the Company determines that Executive
has performed his duties and responsibilities consistently with the Company’s leadership competency model and cultural values, and in the best interests of the Company. 

(c) If Executive timely elects post-termination continuation coverage under Section 4980 of the Code (“COBRA”)
with respect to medical, vision, prescription and/or dental coverage, then the Company shall reimburse Executive (or pay the provider directly) for the premiums for such COBRA coverage for Executive and his eligible dependents for the period of such
COBRA coverage to the extent such premiums exceed the premiums payable for similar employer-provided coverage by active employees. There shall be no reimbursement (or direct payment) of such premiums by the Company for any COBRA coverage after the
24-month anniversary of the Termination Date. Notwithstanding the foregoing, such reimbursement (or direct payment) shall cease if Executive becomes eligible for medical, vision, prescription or dental coverage, respectively, from a subsequent
employer, or for Medicare. 
 (d) All outstanding awards held by Executive that are settled in or measured by reference to the common stock
of the Company (“Equity Awards”) shall terminate as of the Termination Date, except as follows: 
  

	 	(i)	Executive’s outstanding stock option granted on November 1, 2012 shall become vested and exercisable on the Termination Date with respect to 69,160 shares of Company common stock and shall remain exercisable
for a period of 90 days after the Termination Date, and the remainder of such option shall be forfeited as of the Termination Date. 

  

	 	(ii)	Executive’s outstanding stock option granted on November 1, 2013 shall become vested and exercisable on the Termination Date with respect to 29,487 shares of Company common stock and shall remain exercisable
for a period of 90 days after the Termination Date, and the remainder of such option shall be forfeited as of the Termination Date. 

	 	(iii)	Executive’s outstanding time-vested restricted stock units granted on August 15, 2011 shall become vested on the Termination Date with respect to 4,709 shares of Company common stock and the remainder of such
award shall be forfeited as of the Termination Date. 

  

	 	(iv)	Executive’s outstanding time-vested restricted stock units granted on November 1, 2012 shall become vested on the Termination Date with respect to 13,379 shares of Company common stock and the remainder of
such award shall be forfeited as of the Termination Date. 

  

	 	(v)	Executive’s outstanding time-vested restricted stock units granted on November 1, 2013 shall become vested on the Termination Date with respect to 5,006 shares of Company common stock and the remainder of such
award shall be forfeited as of the Termination Date. 

  

	 	(vi)	Executive’s outstanding performance share award granted on November 1, 2012 shall become vested on the Termination Date with respect to 6,745 shares of Company common stock and the remainder of such award
shall be forfeited as of the Termination Date. 

  

	 	(vii)	Executive’s outstanding performance share award granted on November 1, 2013 shall become vested on the Termination Date with respect to 6,599 shares of Company common stock and the remainder of such award
shall be forfeited as of the Termination Date. 

 (e) Executive’s rights under this Agreement supersede and are in full
satisfaction of any rights Executive may have had under the Severance Plan, and all of Executive’s rights under the Severance Plan are hereby terminated; provided, however, that if a Change in Control, as defined in the Severance Plan, occurs
prior to the Termination Date, then in lieu of the benefits described in Sections 3(a), 3(b) and 3(c) of the Agreement, but subject to all other terms and conditions of this Agreement, Executive shall receive severance benefits pursuant to the terms
of Article V of the Severance Plan, as in effect on the Termination Date for the benefit of Executive Vice Presidents of the Company. In addition, Executive’s rights under this Agreement supersede and are in full satisfaction of any rights
Executive may have had under the Company’s 2013 Omnibus Incentive Plan, as amended as of January 8, 2014, the Company’s Executive Stock Option Plan and the Company’s Long-Term Performance Incentive Plan (the “Equity
Plans”), or the award agreements thereunder; provided, however, that if a Change in Control, as defined in the applicable Equity Plan, occurs prior to the Termination Date, Executive’s outstanding awards under the Equity Plans
shall become vested in accordance with the terms of the applicable Equity Plan and award agreement. 
 (f) All incentive compensation paid to
Executive pursuant to this Agreement or otherwise in connection with Executive’s employment with the Company shall be subject to forfeiture, recovery by Company or other action pursuant to any clawback or recoupment policy which the Company may
adopt from time to time to the extent the Board of Directors of the Company determines in good faith that the adoption and maintenance of such policy is necessary to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act and
implementing rules and regulations thereunder, or is otherwise required by the laws of the United States. 

 4. Tax Withholding. The Company shall deduct from the amounts payable to Executive
pursuant to this Agreement the amount of all required federal, state and local taxes required to be withheld pursuant to applicable law. 

5. Section 409A. This Agreement is intended to comply with the requirements of Section 409A of the Code, and shall be
interpreted and construed consistently with such intent. The payments to Executive pursuant to this Agreement are also intended to be exempt from Section 409A of the Code to the maximum extent possible, under either the separation pay exemption
pursuant to Treasury regulation §1.409A-1(b)(9)(iii) or as short-term deferrals pursuant to Treasury regulation §1.409A-1(b)(4), and for this purpose each payment shall constitute a “separately identified” amount within the
meaning of Treasury Regulation §1.409A-2(b)(2). In the event the terms of this Agreement would subject Executive to taxes or penalties under Section 409A of the Code (“409A Penalties”), the Company and Executive
shall cooperate diligently to amend the terms of this Agreement to avoid such 409A Penalties, to the extent possible; provided that in no event shall the Company be responsible for any 409A Penalties that arise in connection with any amounts payable
under this Agreement. To the extent any amounts under this Agreement are payable by reference to Executive’s “termination of employment,” such term shall be deemed to refer to Executive’s “separation from service,”
within the meaning of Section 409A of the Code. Notwithstanding any other provision in this Agreement, if Executive is a “specified employee,” as defined in Section 409A of the Code, as of the date of Executive’s separation
from service, then to the extent any amount payable to the Executive (i) constitutes the payment of nonqualified deferred compensation, within the meaning of Section 409A of the Code, (ii) is payable upon the Executive’s
separation from service and (iii) under the terms of this Agreement would be payable prior to the six-month anniversary of the Executive’s separation from service, such payment shall be delayed until the earlier to occur of (a) the
first business day following the six-month anniversary of the separation from service and (b) the date of Executive’s death. Any reimbursement or advancement payable to Executive pursuant to this Agreement or otherwise shall be conditioned
on the submission by Executive of all expense reports reasonably required by the Company under any applicable expense reimbursement policy, and shall be paid to the Executive within 30 days following receipt of such expense reports, but in no event
later than the last day of the calendar year following the calendar year in which Executive incurred the reimbursable expense. Any amount of expenses eligible for reimbursement, or in-kind benefit provided, during a calendar year shall not affect
the amount of expenses eligible for reimbursement, or in-kind benefit to be provided, during any other calendar year. The right to any reimbursement or in-kind benefit pursuant to this Agreement or otherwise shall not be subject to liquidation or
exchange for any other benefit. 
 6. General Release. As a condition to Executive’s receipt and retention of the consideration
described in Section 3 above, he shall (a) execute the General Release and Waiver attached hereto as Exhibit A hereto (the “General Release”) not later than 21 days after the date of this Agreement, and not
revoke the General Release within the revocation period set forth in the General Release, and (b) execute the affirmation of the General Release attached hereto as Exhibit B hereto (the “Affirmation”) not later
than 21 days after the Termination Date, and not revoke the Affirmation within the revocation period set forth in the Affirmation. 

 7. Restrictive Covenants. Executive agrees that the terms of the various non-competition,
non-solicitation and confidentiality agreements entered into in connection with the Equity Awards granted to Executive under the Equity Plans (the “Restrictive Covenants”) are valid and enforceable. With respect to such
Restrictive Covenants, the Company and Executive acknowledge and agree that the businesses that shall be considered “Competing Business Lines,” as defined therein, shall be limited to the entities set forth on a list provided by the
Company to Employee concurrently with this Agreement. The Company shall have the right to discontinue all amounts payable under this Agreement, to recover all payments made under this Agreement from the date of any breach by Executive, and to obtain
injunctive relief should Executive breach any of the Restrictive Covenants. 
 8. Non-disparagement. Executive shall not, directly or
indirectly, disclose, communicate, or publish in any format any libelous, defamatory, or disparaging information concerning the Company, its executives, officers, Board of Directors, its subsidiaries, affiliates, employees, operations, technology,
proprietary or technical information, strategies or business whatsoever, or cause others to disclose, communicate, or publish any disparaging information concerning the same. The Company agrees that no member of its executive management team, human
resources department or investor relations department shall, directly or indirectly, disclose, communicate, or publish in any format any libelous, defamatory, or disparaging information concerning Executive, or cause others to do so. Notwithstanding
anything to the contrary in this Section 8, nothing shall prohibit Executive or the Company from giving truthful testimony or evidence to a governmental entity, or if properly subpoenaed or otherwise required to do so under applicable law. 

9. Company Property. As of the Transition Date, or such later date prior to the Termination Date as shall be specified by the Company,
Executive shall, to the extent not previously returned or delivered: (a) return all equipment, records, files, documents, data, programs or other materials and property in Executive’s possession, custody or control which relates or
belongs to the Company or any one or more of its affiliates, including, without limitation, all, Confidential Information (defined below), computer equipment, access codes, messaging devices, credit cards, cell phones, keys and access cards; and
(b) deliver all original and copies of confidential information, electronic data, notes, materials, records, plans, data or other documents, files or programs (whether stored in paper form, computer form, digital form, electronically or
otherwise, on Company equipment or Executive’s personal equipment) that relate or refer in any to (1) the Company or any one or more of its affiliates, its business or its employees, or (2) the Company’s Confidential Information
or similar information. By signing this Agreement, Executive represents and warrants that Executive has not retained and has or shall timely return and deliver all the items described or referenced in subsections (a) or (b) above; and,
that should Executive later discover additional items described or referenced in subsections (a) or (b) above, Executive shall promptly notify the Company and return/deliver such items to the Company. Confidential Information means
information (1) disclosed to or known by Executive as a consequence of or through his employment with the Company or one of its affiliates; and (2) which relates to any aspect of the Company’s or an affiliate’s business,
research, or development. “Confidential Information” includes, but is not limited to, the Company’s or an affiliate’s trade secrets, proprietary information, business plans, marketing plans, financial information,
employee performance, compensation and benefit information, cost and pricing information, identity and information pertaining to customers, suppliers and vendors, 

 
and their purchasing history with the Company, any business or technical information, design, process, procedure, formula, improvement, or any portion or phase thereof, that is owned by or has,
at the time of termination, been used by the Company, any information related to the development of products and production processes, any information concerning proposed new products and production processes, any information concerning marketing
processes, market feasibility studies, cost data, profit plans, capital plans and proposed or existing marketing techniques or plans, financial information, including, without limitation, information set forth in internal records, files and ledgers,
or incorporated in profit and loss statements, fiscal reports, business plans or other financial or business reports, and information provided to the Company or an affiliate by a third party under restrictions against disclosure or use by the
Company or others. Nothing in this Section shall be construed, however, to require Executive to return to the Company any publicly available information or other information Executive obtained by reason of his ownership of Company stock or debt.

 10. Cooperation. Executive agrees to cooperate with the Company in accordance with this Section 10: 

(a) Through the Termination Date, Executive hereby agrees to provide his full cooperation, at the request of the Company, with the Company and
its affiliates, subsidiaries, directors, officers, agents, representatives, employees, successors and assigns, in the transitioning of his job duties and responsibilities. 

(b) During the period ending on the third anniversary of the Termination Date, Executive also agrees to be reasonably available to the Company
or its representatives to briefly discuss matters relating to the responsibilities he held during his employment. 
 (c) At all times prior
to, on or after the Termination Date, Executive shall cooperate with any and all investigations or other legal, equitable or business matters or proceedings which involve any matters for which Executive worked on or had responsibility during his
employment with the Company. This includes but is not limited to testifying (and preparing to testify) as a witness in any proceeding or otherwise providing information or reasonable assistance to the Company in connection with any investigation,
claim or suit, and cooperating with the Company regarding any investigation, litigation, claims or other disputed items involving the Company that relate to matters within the knowledge or responsibility of Executive. Specifically, Executive agrees
(i) to meet with the Company’s representatives, its counsel or other designees at reasonable times and places with respect to any items within the scope of this provision; (ii) to provide truthful testimony regarding same to any
court, agency or other adjudicatory body; (iii) to provide the Company with immediate notice of contact or subpoena by any non-governmental adverse party, and (iv) to not voluntarily assist any such non-governmental adverse party or such
non-governmental adverse party’s representatives. Executive acknowledges and understands that his obligations of cooperation under this Section 10(c) are not limited in time and may include, but shall not be limited to, the need for or
availability for testimony. Executive shall receive no additional compensation for time spent assisting the Company pursuant to this Section 10, but shall be reimbursed for reasonable travel and other business expenses incurred by Executive at
the request of the Company. 

 (d) The Company shall indemnify and hold harmless Executive from and against any losses, claims,
demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorney’s fees and disbursements), judgments, fines, settlements, penalties and other expenses actually and reasonably incurred by Executive in
connection with any and all claims, demands, actions, suits, or proceedings, civil, criminal, administrative or investigative, in which Executive may be involved, or threatened to be involved, as a party or otherwise, by reason of the fact that
Executive was employed by the Company or arising out of or incidental to the business of the Company, to the maximum extent provided under the terms of the Company’s charter and by-laws or any other applicable documentation, in accordance with
the terms and conditions set forth therein. 
 11. Consequences of Breach. Executive agrees that the benefits provided pursuant to
Section 3 of this Agreement are conditioned on his compliance with all of his commitments set forth in this Agreement, the Restrictive Covenants and the General Release. In the event of any breach of this Agreement, the Restrictive Covenants or
the General Release by Executive, the Company shall provide notice of such breach to Executive to allow him an opportunity to cure such breach. In the event Executive fails to cure such breach within five days after notice of such breach, the
Company shall be entitled to discontinue and recover all benefits paid or otherwise payable to Executive pursuant to Section 3 of this Agreement. In addition, Executive acknowledges that the provisions in the Restrictive Covenants are
necessary to enable the Company to maintain its competitive position and any actual or threatened breach of the Restrictive Covenants will result in irreparable and continuing damage to the Company for which there will be no adequate remedy at law.
In the event of any actual or threatened breach of the Restrictive Covenants, the Company shall be entitled to injunctive relief, including the right to a temporary restraining order, and other relief, including damages, as may be proper along with
the Company’s attorney’s fees and court costs. The foregoing stipulated damages and remedies of the Company are in addition to, and not to the exclusion of, any other damages the Company may be able to prove. 

12. Enforceability. If a court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable,
then the invalidity or unenforceability of that provision shall not affect the validity or enforceability of any other provision of this Agreement, and all other provisions shall remain in full force and effect and such invalid or unenforceable
provision shall be reformulated by such court to preserve the intent of the parties hereto. 
 13. Successors. This Agreement shall
inure to the benefit of and be enforceable by Executive and by Executive’s personal or legal representatives, executors and administrators and by the Company and its successors and assigns. In the event of the death of Executive while any
amounts are payable to Executive hereunder, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to Executive’s estate. 

14. Notices. All notices and other communications required or permitted under this Agreement shall be in writing and shall be deemed to
have been duly given by a party hereto when delivered personally or by overnight courier that guarantees next day delivery or five days after deposit in the United States mail, postage prepaid to the following address of the other party hereto (or
to such other address of such other party as shall be furnished in accordance herewith) if to the Company, to Walgreen Co., 108 Wilmot Road, Deerfield, IL 60015, Attention: General Counsel, and if to Executive, to the last known address of Executive
in the records of the Company, which Executive may update from time to time by way of the notice procedure set forth in this Section 14. 

 15. Entire Agreement. Except as otherwise specifically provided herein, this Agreement
constitutes the entire agreement and understanding of the parties with respect to the subject matter hereof and with respect to Executive’s employment with the Company, contains all the covenants, promises, representations, warranties, and
agreements between the parties with respect to Executive’s separation from the Company and its subsidiaries and all positions therewith, and supersedes all prior employment or severance or other agreements between Executive and the Company and
its subsidiaries, whether written or oral, or any of its predecessors or affiliates. Except as otherwise provided herein, Executive acknowledges that no representation, inducement, promise, or agreement, oral or written, has been made by either
party, or by anyone acting on behalf of either party, which is not embodied herein, and that no agreement, statement, or promise relating to Executive’s separation from the Company and its subsidiaries that is not contained in this Agreement
shall be valid or binding. Executive represents and acknowledges that in executing this Agreement, he does not rely, and has not relied, upon any representation(s) by the Company or its agents except as expressly contained in this Agreement. Any
modification of this Agreement will be effective only if it is in writing and signed by both parties. 
 16. Waivers. No failure by
either party hereto at any time to give notice of any breach by the other party of, or to require compliance with, any condition or provision of this Agreement shall (i) be deemed a waiver of similar or dissimilar provisions or conditions at
the same or at any prior or subsequent time or (ii) preclude insistence upon strict compliance in the future. 
 17. Applicable
Law. This Agreement is entered into under, and shall be governed for all purposes by, the laws of the State of Illinois without giving effect to any choice of law principles. 

18. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original. 

[Signature Page to Follow] 

 WHEREFORE, the Company and Executive, by their signatures below, evidence their agreement
to the provisions stated above.  
  

			
	WALGREEN CO.
		
	By:	 	 /s/ Gregory D. Wasson

	
	Date: August 4, 2014
	
	EXECUTIVE
	
	 /s/ Wade D. Miquelon

	Wade D. Miquelon
	
	Date: August 4, 2014

 EXHIBIT A 

GENERAL RELEASE AND WAIVER 

1. I, Wade D. Miquelon, in consideration of and subject to the performance by Walgreen Co. (together with its Affiliates, as defined in the
Severance Plan, the “Company Parties”), of its obligations under the Transition and Separation Agreement, dated August 4, 2014 (the “Separation Agreement”), do hereby release and forever discharge as of the
date hereof the Company Parties and their respective affiliates, subsidiaries and direct or indirect parent entities and all present, former and future shareholders, directors, officers, agents, representatives, employees, successors and assigns of
the Company and/or its respective affiliates, subsidiaries and direct or indirect parent entities (collectively, the “Released Parties”) to the extent provided below (this “General Release”). The Released
Parties are intended to be third-party beneficiaries of this General Release, and this General Release may be enforced by each of them in accordance with the terms hereof in respect of the rights granted to such Released Parties hereunder. Terms
used herein but not otherwise defined shall have the meanings given to them in the Separation Agreement. 
 2. I understand that any payments
or benefits paid or granted to me under Section 3 of the Separation Agreement represent, in part, consideration for signing this General Release and are not salary, wages or benefits to which I was already entitled. I understand and agree that
I will not receive certain of the payments and benefits specified in the Separation Agreement unless I execute this General Release and do not revoke this General Release within the time period permitted hereafter. Such payments and benefits will
not be considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established by the Company or its Affiliates. 

3. Except as provided in Sections 5, 6, and 12 below and except for the provisions of the Separation Agreement which expressly survive the
termination of my employment with the Company, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the Company and the other Released Parties from any and all claims, suits,
controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature
whatsoever in law and in equity, both past and present (through the date that this General Release becomes effective and enforceable) and whether known or unknown, suspected, or claimed against the Company or any of the Released Parties which I, my
spouse, or any of my heirs, executors, administrators or assigns, may have, and which arise out of or are connected with my employment with, or my separation or termination from, the Company, including, but not limited to, any allegation, claim or
violation, arising under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act); the Equal Pay Act of
1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order
Programs; the Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local, state, or federal law, regulation or ordinance; or under any public policy,
contract or tort, or under common law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or
other expenses, including attorneys’ fees incurred in these matters (all of the foregoing collectively referred to herein as the “Claims”). 

  
 A-1 

 4. I represent that I have made no assignment or transfer of any right, claim, demand, cause of
action, or other matter covered by Section 3 above. 
 5. I agree that this General Release does not waive or release any rights or
claims that I may have which arise after the date I execute this General Release, including Claims under the Age Discrimination in Employment Act of 1967. I acknowledge and agree that my separation from employment with the Company shall not serve as
the basis for any claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967). 
 6. I
agree that I hereby waive all rights to sue or obtain equitable, remedial or punitive relief from any or all Released Parties of any kind whatsoever in respect of any Claims, including, without limitation, reinstatement, back pay, front pay, and any
form of injunctive relief. Notwithstanding the above, I further acknowledge that I am not waiving and am not being required to waive any right that cannot be waived under law, including the right to file an administrative charge or participate in an
administrative investigation or proceeding; provided, however, that I disclaim and waive any right to share or participate in any monetary award resulting from the prosecution of such charge or investigation or proceeding.
Additionally, I am not waiving (i) any right to the Accrued Obligations, any severance benefits or other consideration to which I am entitled under the Separation Agreement, (ii) any claim relating to directors’ and officers’
liability insurance coverage or any right of indemnification under the Company’s organizational documents or otherwise, (iii) my rights as an equity or security holder in the Company or its Affiliates, (iv) my rights under any equity
awards that survive termination of employment in accordance with the terms of the Separation Agreement; or (v) my rights under any retirement plan that is “qualified” under Section 401(a) of the Internal Revenue Code of 1986.

 7. I hereby agree not to bring or participate in any class or collective action against the Company and/or the other Released Parties that
asserts, in whole or in part, any claims that arose before I signed this General Release, whether or not such claims (if brought by me individually) are released by this General Release. 

8. In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims
hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims
(notwithstanding any state or local statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied. I
acknowledge and agree that this waiver is an essential and material term of this General Release and that without such waiver I would not have become entitled to the benefits provided under the Separation Agreement. I further agree that in the event
I should bring a Claim seeking damages against the Company, or in the event I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf, this General Release shall serve as a complete defense to such
Claims to the maximum extent permitted by law. I further agree that I am not aware of any pending claim of the type described in Section 3 above as of the execution of this General Release. 

  
 A-2 

 9. I agree that neither this General Release, nor the furnishing of the consideration for this
General Release, shall be deemed or construed at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct. 

10. Any non-disclosure provision in this General Release does not prohibit or restrict me (or my attorney) from responding to any inquiry about
this General Release or its underlying facts and circumstances by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), any other insurance regulatory organization or any governmental entity. 

11. I represent that I am not aware of any claim by me other than the claims that are released by this General Release. I acknowledge that I
may hereafter discover claims or facts in addition to or different than those which I now know or believe to exist with respect to the subject matter of the release set forth in Section 3 above and which, if known or suspected at the time of
entering into this General Release, may have materially affected this General Release and my decision to enter into it. 
 12.
Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish, diminish, or in any way affect any rights or claims arising out of any breach by the Company or by any Released Party of the terms of the
Separation Agreement after the date hereof. 
 13. Whenever possible, each provision of this General Release shall be interpreted in such
manner as to be effective and valid under applicable law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other provision or any other jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been
contained herein. 
 14. BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT: 

(a) I HAVE READ IT CAREFULLY; AND I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT
NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963; THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED; 
 (b) I VOLUNTARILY CONSENT TO EVERYTHING IN IT; 

(c) I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND
CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION; 
 (d) I HAVE HAD AT LEAST 21 DAYS FROM THE DATE OF MY RECEIPT
OF THIS RELEASE TO CONSIDER IT, AND THE CHANGES MADE SINCE MY RECEIPT OF THIS RELEASE ARE NOT MATERIAL OR WERE MADE AT MY REQUEST AND WILL NOT RESTART THE REQUIRED 21-DAY PERIOD; 

  
 A-3 

 (e) I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS
RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED; 

(f) I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH
RESPECT TO IT; AND 
 (g) I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED
EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME. 
  

							
	SIGNED:	  		  	DATED:	  	
		  	 /s/ Wade D. Miquelon
	  		  	 August 4, 2014

		  	            Executive	  		  	

  
 A-4 

 EXHIBIT B 

AFFIRMATION AND ADDITIONAL RELEASE 

(“AFFIRMATION”) 
 By my
signature below, I hereby re-execute and affirm the Transition and Separation Agreement, originally signed by me on August 4, 2014 (the “Agreement”), including, but not limited to, the General Release and Waiver of claims attached as
Exhibit A to the Agreement (the “General Release”). Further, I hereby release and waive any and all claims described in the General Release that exist or may exist on or prior to the date I sign this Affirmation (including, without
limitation, claims under the ADEA). I understand that I (a) may not sign this Affirmation until on or after my Termination Date and (b) must return a signed copy of this Affirmation to the Company within 21 days after my Termination Date.

 Executive, by Executive’s free and voluntary act of signing below, (i) acknowledges that he has been given a period of at least
twenty-one (21) days to consider whether to agree to the terms contained herein, (ii) acknowledges that he has been advised in writing to consult with an attorney prior to executing this Affirmation, (iii) acknowledges that he
understands that this Agreement specifically releases and waives all rights and claims Executive may have under the ADEA on or prior to the date on which Executive signs this Affirmation, and for valuable consideration to which he otherwise would
not be entitled, and (iv) agrees to all of the terms of this Affirmation and the Agreement and intends to be legally bound thereby. 

Furthermore, Executive acknowledges that the promises and benefits provided for in Section 3 of the Agreement will be delayed until the
Agreement and this Affirmation become effective, enforceable and irrevocable. This Affirmation will become effective, enforceable and irrevocable on the eighth day after the date on which it is executed by Executive. During the seven-day period
following the date on which Executive executes this Affirmation, Executive may revoke his agreement to accept the terms of this Affirmation by indicating his revocation in writing to the General Counsel of the Company. If Executive exercises his
right to revoke this Affirmation, Executive shall not be eligible to receive and shall forfeit his right to receive any of the payments or benefits provided in the Agreement, and to the extent such payments or benefits have already been made,
Executive agrees that he will immediately reimburse the Company for the amounts of such promises and benefits. 
 Terms not defined in this
Affirmation shall have the same meaning as defined in the Agreement. 
  

	
	EXECUTIVE
	
	  

	Wade D. Miquelon
	
	Date:
                                        

  
 B-1EX-10.5

 Exhibit 10.5 

AGREEMENT OF PURCHASE AND SALE 

THIS AGREEMENT (the “Agreement”) is made as of the 31st day of
July, 2014 (the “Effective Date”), between G&D Farms, Inc., a Florida corporation (the “Seller”), and Gladstone Land Corporation, a Maryland corporation, or its designee (the “Purchaser”). 

WHEREAS, Seller has agreed to sell and Purchaser has agreed to purchase the Property (as hereinafter defined); 

NOW, THEREFORE, in consideration of the agreements contained herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties agree as follows: 
 1. Certain Definitions. For purposes of this Agreement, the following
terms shall have the following definitions: 
 “Closing Date” shall mean the date which is fifteen (15) days after expiration
of the Inspection Period. If Purchaser extends the Inspection Period by 15 days as set forth below, the Closing Date shall be extended by a corresponding number of days. 

“Contracts” shall mean, collectively, any and all service, maintenance, management or other contracts or agreements with third
parties relating to or affecting the Property. 
 “Due Diligence Materials” shall mean those materials and information more
particularly described on Exhibit B attached hereto and incorporated by reference herein to the extent in Seller’s actual possession or control. 

“Earnest Money” shall mean the sum of Two Hundred Thousand and No/100 Dollars ($200,000.00), together with all interest accrued
thereon. 
 “GAP” shall mean good agricultural practices. 

“Government Payments” shall mean all federal, state and local government payments, benefits and entitlements associated with or
applicable to the Property or any crops grown thereon, including without limitation any applicable direct payments or counter-cyclical payments under the Farm Security and Rural Investment Act of 2002, as amended. 

“Inspection Period” shall mean the period beginning on the Effective Date and ending at 5:00 p.m. local time at the Property on the
date which is sixty (60) days after the Effective Date. Purchaser may extend the Inspection Period by fifteen (15) additional days by written notice to Seller prior to expiration of the initial Inspection Period if it requires additional
time to obtain or review its third party reports. 
 “Improvements” shall mean all buildings, structures, gates, fences, roads,
levees, ditches, grain bins, silos, appurtenances or other facilities currently existing on the Property, including without limitation all Irrigation Equipment and a 47,000 sq. ft. cold storage and distribution facility. 

 “Irrigation Equipment” shall mean all below ground, surface and above ground irrigation
equipment at the Property, including without limitation water wells, pumps, casings, risers, above and below ground pipes and pipelines, culverts, overhead irrigation equipment, drip irrigation equipment, and pivot irrigation equipment, and all
related power units, as applicable. All the Irrigation Equipment shall be deemed to be part of the Improvements to be conveyed to Purchaser. 

“Land” shall mean that certain real property situated at the southwest corner of Highway 62 and Highway 39 in Manatee County, State
of Florida, comprising approximately 825 gross acres, which includes approximately 615 farmable acres, as more particularly described on Exhibit A attached hereto and incorporated herein by reference, together with all rights, easements,
hereditaments and appurtenances thereunto belonging. 
 “Lease” shall mean that certain lease to be effective as of the Closing
Date by and between Purchaser or its assignee, as landlord, and Seller and Seller’s affiliate, Wishnatzki, Inc., as joint and several co-tenants, on terms and conditions agreed to by Purchaser and Seller prior to the expiration of the
Inspection Period. 
 “Personal Property” shall mean Seller’s right, title and interest in and to any personal property used
by Seller in conducting farming operations at the Property that will be conveyed to Purchaser as part of this transaction, if any, a list of which shall be provided to Purchaser as part of the Due Diligence Materials for Purchaser’s review and
approval, in its sole and absolute discretion, prior to the expiration of the Inspection Period. 
 “Property” shall mean the
Land, Improvements, and any Personal Property, specifically including without limitation all Water Rights. 
 “Purchase Price”
shall mean the total amount of Fourteen Million Two Hundred Twenty Five Thousand and No/100 Dollars ($14,225,000.00), subject to adjustment as set forth in this Agreement. 

“Purchaser’s Address” shall mean: 

Gladstone Land Corporation 

Attention: Bill Frisbie 

1521 Westbranch Drive, Suite 200 

McLean, VA 22102 

(703) 287-5839 (T) 

(703) 287-5801 (F) 

Email: Bill.Frisbie@gladstonecompanies.com 

With copy to: 

Bass Berry & Sims PLC 

Attention: Robert P. McDaniel, Jr. 

100 Peabody Place, Suite 900 

Memphis, TN 38103 

(901) 543-5943 (T) 

(888) 765-6437 (F) 

Email: rmcdaniel@bassberry.com. 

  
 2 

 “Pursuit Costs” shall mean all of Purchaser’s reasonable third party, out of
pocket expenditures in connection with the transaction contemplated hereby, including without limitation legal, engineering, loan, appraisal, survey and title fees and expenses; provided, however, that for purposes of this Agreement, the Pursuit
Costs shall not exceed Thirty Thousand and NO/100 Dollars ($30,000.00) in the aggregate. 
 “Seller’s Address” shall mean:

 G&D Farms, Inc. 

Attn: Gary Wishnatzki 

100 Stearns Street, 

Plant City, FL 33563 

813.752.5111 (T) 

(813) 759-0955 (F) 

Email:gw@wishfarms.com 

With copy to: 

Foley & Lardner LLP 

Attn: Stephen J. Szabo, III 

100 N. Tampa Street, Suite 2700 

Tampa, FL 33602 

(813) 225-4193 (direct) 

(813) 229-2300 (main line) 

(813) 221-4210 (fax) 

e-mail: sszabo@foley.com 

“Tenant” shall mean, collectively, Seller and Wishnatzki, Inc. 

“Title Company” shall mean: Chicago Title Insurance Company, Attn: Melody Rochelle, 5516 Falmouth St., Ste. 200, Richmond, VA 23230.

 “Water Rights” shall mean all rights to use wells and other water sources that exist on the Effective Date that benefit or are
appurtenant to the Property and that may be reasonably necessary to conduct farming operations at the Property as currently conducted and in accordance with GAP. 

2. Property. Seller hereby agrees to sell and Purchaser, or its designee, hereby agrees to purchase from Seller the Property. 

  
 3 

 3. Earnest Money. Within three (3) business days after the later of (x) the
Effective Date or (y) the date of full execution of this Agreement by both Seller and Purchaser, Purchaser shall deposit the Earnest Money with the Title Company by wire transfer or certified or cashier’s check. Said Earnest Money shall be
refundable to Purchaser in accordance with this Agreement. 
 4. Purchase Price. At the Closing, defined below, all Earnest Money
shall be applied to the Purchase Price, and the balance of the Purchase Price, subject to adjustments for credits and debits as set forth in this Agreement, shall be paid in good funds by wire transfer. 

5. Inspection Period; Refund of Earnest Money; Due Diligence Materials. 

(a) Purchaser shall have until the expiration of the Inspection Period to make such determinations with respect to the Property as Purchaser
deems appropriate and to elect to either continue or terminate this Agreement, in Purchaser’s sole and absolute discretion, for any reason or no reason. Purchaser may terminate this Agreement, and receive a full refund of the Earnest Money,
less $10.00 to be retained by Seller as consideration for entering into this Agreement, by delivering written termination notice to Seller at any time prior to expiration of the Inspection Period. If Purchaser does not so terminate this Agreement,
the Earnest Money shall thereafter be refundable to Purchaser only as expressly otherwise set forth in this Agreement, and this Agreement shall remain in effect. 

(b) Within five (5) days after the Effective Date, Seller shall deliver to Purchaser at Seller’s sole expense the Due Diligence
Materials. For each day of Seller’s delay in delivering all of the Due Diligence Materials beyond five (5) days after the Effective Date, the Inspection Period and Closing Date shall (at Purchaser’s option) be extended by one
(1) day. Seller shall also promptly provide any other documents or information in Seller’s possession or control relating to the Property or any Contract that is reasonably requested by Purchaser. Without limiting the foregoing, Purchaser
shall be entitled to request (and upon Purchaser’s request Seller shall provide) copies of the most current and up-to-date financial statements for Tenant within five (5) days prior to Closing. 

6. Costs and Prorations. 

(a) Purchaser shall pay the cost of its title insurance premium for the Property, the costs of any Survey obtained by Purchaser pursuant to
Section 9 hereof, and the costs of any Phase I environmental report obtained by Purchaser. Seller shall pay for preparation of the deed of transfer, all transfer taxes, document stamps and recording costs applicable to the deed of
transfer, and any costs of production of the title search or abstract for the Property. Purchaser shall pay all expenses incident to any financing obtained for the purchase of the Property. All other closing costs shall be borne in accordance with
the custom in Manatee County, Florida. 
 (b) The following shall be prorated between the parties as of the Closing Date: (i) ad
valorem property taxes constituting a lien against the Property for the year in which the Closing occurs and all other unpaid assessments with respect thereto, and (ii) rents and other tenant charges, utilities, and operating expenses for the
Property for the calendar month (or other applicable period if such rents or other tenant charges are not paid monthly) in which Closing occurs, subject to Subsection 6(c) below. In the event such proration is based upon a previous

  
 4 

 
year’s taxes or assessment, after Closing, at such time as any of the taxes or assessments are capable of exact determination, the party having the information permitting the exact
determination shall send to the other party a detailed report of the exact determination so made. Within thirty (30) days after both Seller and Purchaser shall have received such report, Seller and Purchaser shall adjust the amounts apportioned
pursuant to the estimates made at Closing to reflect the exact determinations contained in the report, and Seller or Purchaser, as the case may be, shall pay to the other whatever amount shall be necessary to compensate for the difference. 

7. Conditions Precedent To Purchaser’s Obligations. Seller acknowledges that as a condition precedent to Purchaser’s
obligations hereunder, the following shall occur on or before the Closing Date (or any earlier date indicated below), any of which conditions may be waived by Purchaser in its sole discretion: 

(a) During the Inspection Period, Purchaser shall have received a current Phase I environmental assessment satisfactory to Purchaser prepared
by a competent licensed environmental engineer satisfactory to Purchaser that does not recommend a Phase II environmental assessment and reflecting that there are no hazardous wastes, hazardous materials other than above ground fuel and fertilizer
storage tanks located on or below the surface of the Property, and that the Property is in compliance with all applicable environmental laws, ordinances, rules and regulations. 

(b) At or prior to Closing, the Tenant shall have executed and delivered the Lease, to Purchaser, and such Lease shall be in full force and
effect in accordance with their respective terms and conditions. 
 (c) The Title Company shall be irrevocably committed to issue upon
Closing a 2006 ALTA Owner’s Policy of Title Insurance (the “Title Policy”), as evidenced by a “marked up” Title Commitment, defined below, insuring Purchaser as owner of fee simple title to the Property, subject only
to Permitted Exceptions (defined below), in the amount of the Purchase Price, and containing such endorsements as Purchaser shall have requested. 

(d) Subject to Sections 14 and 15 below, there shall have been no material adverse change in the condition of any of the
Property (including without limitation any Improvements) after expiration of the Inspection Period and prior to the Closing Date. 
 (e)
There shall have been no material adverse change to the financial condition of the Tenant from the Effective Date and prior to Closing. 

(f) Each and every representation and warranty of Seller set forth in Section 11 shall be true and correct in all material
respects, and Seller shall not be in default under any of its other obligations under this Agreement, as of Closing. 
 8. Closing;
Deed. 
 (a) Subject to all preconditions set forth herein, the closing or settlement (“Closing”) of the transaction
contemplated hereby, unless terminated in accordance with this Agreement or as otherwise agreed upon by Purchaser and Seller, shall be held via the mails, through the Title Company at 10:00 a.m. on the Closing Date or such other place and time as
the parties may agree in writing. 

  
 5 

 (b) At Closing, Seller shall convey to Purchaser good, marketable and insurable title to the
Property by special warranty deed acceptable to Purchaser and the Title Company (the “Deed”), subject to (i) standard exceptions for real property taxes not yet due and payable, and (ii) any other matters which are waived
by, or acceptable to, Purchaser pursuant to Section 10 below (the “Permitted Exceptions”). The Land description in the Deed shall be the property description from Seller’s vesting deed(s); provided, that if
Purchaser obtains a Survey of the Property, Seller also agrees to execute and deliver a recordable Quit Claim Deed to Purchaser at Closing using the Survey description. 

9. Survey. During the Inspection Period, Purchaser, at Purchaser’s expense, may cause a survey of the Property to be prepared by a
surveyor selected by Purchaser (“Survey”). 
 10. Title. During the Inspection Period, Purchaser shall procure a
title insurance commitment in the amount of the Purchase Price covering the Property issued by the Title Company (the “Title Commitment”) and furnish a copy thereof to Seller. Purchaser shall have until the expiration of the
Inspection Period to object to any matters shown on the Title Commitment or Survey by written notice to Seller (“Title Objection Notice”). Purchaser may also object to any new matters thereafter revealed by a title update by
subsequent Title Objection Notice to Seller. Within five (5) business days after receipt of Purchaser’s Title Objection Notice, Seller shall either (i) deliver written notice to Purchaser of any title or Survey objections which Seller
elects not to cure, or (ii) cure or satisfy such objections (or commence to cure or satisfy such objections as long as Seller reasonably believes such objections may be cured or satisfied at least two (2) business days prior to Closing).
Within five (5) business days after receipt of Seller’s written notification that Seller elects not to cure a title or Survey objection, Purchaser may terminate this Agreement and receive a full refund of the Earnest Money by delivering
written notice thereof to Seller. If Purchaser does not so terminate this Agreement, then any such title or Survey objection which Seller elects not to cure shall be deemed waived by Purchaser and shall be an additional Permitted Exception. If any
objection which Seller elects to cure is not satisfied by Seller at least two (2) business days before the scheduled date of Closing, Purchaser shall have the right to terminate this Agreement, in which case the Earnest Money shall be returned
to Purchaser and neither party shall have any further rights, obligations or duties under this Agreement. If Seller does cure or satisfy the objections at least two (2) business days prior to Closing, then this Agreement shall continue in
effect. Any exception to or defect in title which Purchaser shall elect to waive, or which is otherwise acceptable to Purchaser, shall be deemed an additional Permitted Exception to title at Closing. Seller covenants and agrees not to alter or
encumber in any way Seller’s title to the Property after the date hereof. Notwithstanding anything in this Agreement to the contrary, Seller shall cause any deed of trust, mortgage, deed to secure debt, judgment or other lien for a liquidated
sum encumbering the Property to be released at or before Closing. 
 11. Seller’s Representations and Warranties. As of the date
hereof and as of the Closing Date (as evidenced by Seller’s down date certificate to be provided at Closing), Seller represents, warrants and covenants to Purchaser that: 

  
 6 

 (a) Other than the contemplated Tenant under the Lease, there are and there will be no parties in
possession of any portion of the Property as lessees, and no other party has been granted an oral or written license, lease, option, purchase agreement or other right pertaining to the use, purchase or possession of any portion of the Property. A
true, complete and correct copy of any Contracts affecting the Property and any amendments thereto have been or will be furnished to Purchaser within five (5) days after the Effective Date as part of the Due Diligence Materials. Any Contracts
are valid and binding in accordance with their respective terms and conditions, are in full force and effect, and have no uncured breach or default by any party. No off-sets or defenses are available to any party under any Contract. All Contracts
are cancellable upon not more than thirty (30) days prior written notice. There are no leasing brokerage agreements, leasing commission agreements or other agreements providing for the payment of any amounts, and no commissions due, for leasing
activities with respect to the Property. 
 (b) The Seller has not received notice of any default (nor is there any default) under any note
or deed of trust related to or secured by the Property. The execution and delivery of this Agreement, the consummation of the transaction herein contemplated and the compliance with the terms and provisions hereof will not conflict with or (with or
without notice or the passage of time or both) result in a breach of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, loan agreement or instrument to which the Seller is a party or by which the Seller or the
Property is bound, any applicable regulation or any judgment, order or decree of any court having jurisdiction over the Seller or the Property. 

(c) The Seller has not received any notice, and to the actual knowledge of Seller it is not aware, of any violation of any ordinance,
regulation, law, statute, rule or restriction relating to the Property. 
 (d) There are no attachments, executions, assignments for the
benefit of creditors, or voluntary or involuntary proceedings in bankruptcy or under any applicable debtor relief laws or any other litigation contemplated by or pending or threatened against the Seller or the Property. 

(e) Seller has been duly organized and is validly existing under the laws of the State of Florida. Seller has the full right and authority to
enter into this Agreement and to transfer all of the Property to be conveyed by Seller pursuant hereto and to consummate or cause to be consummated the transactions contemplated herein to be made by Seller. The person signing this Agreement on
behalf of Seller is authorized to do so. This Agreement constitutes, and all agreements and documents contemplated hereby (when executed and delivered pursuant hereto) will constitute, the valid and legally binding obligations of Seller, enforceable
in accordance with their respective terms. No other signatures or approvals are required to make this Agreement fully enforceable by the Purchaser with respect to the Seller or the Property. This Agreement constitutes, and all agreements and
documents contemplated hereby (when executed and delivered pursuant hereto) will constitute, the valid and legally binding obligations of Seller, enforceable in accordance with their respective terms. 

(f) The Seller has and will convey to the Purchaser good, marketable and indefeasible title in fee simple to the Property, subject only to the
Permitted Exceptions. 

  
 7 

 (g) There is no pending or threatened condemnation or similar proceeding or assessment affecting
the Property or any part thereof, nor to the knowledge of the Seller is any such proceeding or assessment contemplated by any governmental authority. There will be no claim against the Property or Purchaser for or on account of work done, materials
furnished, and utilities supplied to the Property prior to the Closing Date. To Seller’s knowledge, there are no public plans or proposals for changes in road grade, access, or other municipal improvements which would adversely affect the
Property or result in any assessment; and no ordinance authorizing improvements, the cost of which might be assessed against Purchaser or the Property, is pending. 

(h) Except as disclosed in the Due Diligence Materials, to Seller’s knowledge, no Improvements on the Land are located is within the area
determined to be within any flood hazard areas, including the 100-year flood plain on the Flood Insurance Rate Map published by the Federal Emergency Management Agency and/or by the United States Army Corps of Engineers and/or Manatee County and/or
the State of Florida. 
 (i) Seller has not entered into any agreement to dispose of its interest in the Property or any part thereof,
except for this Agreement. 
 (j) Seller is not a party to any litigation which is still pending, and knows of no threatened litigation,
affecting or relating to the Property. 
 (k) Neither the Seller, nor to Seller’s knowledge, any other party has ever caused or
permitted any “hazardous material” (as hereinafter defined) to be placed, held, located, or disposed of on, under, or at the Property or any part thereof in forms or concentrations which violate applicable laws and regulations, and, to
Seller’s knowledge, neither the Property nor any part thereof has ever been used as a dump or storage site (whether permanent or temporary) for any hazardous material. As used herein, “hazardous material” means and includes any
hazardous, toxic, or dangerous waste, substance, or material defined as such in, or for purposes of, the Comprehensive Environmental Response, Compensation Liability Act (42 U.S.C. Section 9601, et seq., as amended) or any other “super
fund” or “super lien” law or any other Federal, State, or local statute, or law, ordinance, code, rule, regulation, order or decree regulating, relating to, or imposing liability for standards of conduct concerning any substance or
material, as presently in effect. The Property does not currently contain any underground storage tanks and any storage tanks previously removed from the Property, if any, (whether above ground or below ground) have been removed in accordance with
the requirements of all applicable laws with “clean closure” or “no further action” letter(s), or comparable letters, issued by the State of Florida in connection therewith. Without limiting the other provisions of this
Section 11(k), there has never been any release or spill of oil, fuel or any other substance stored in storage tanks of any kind on the Property. 

Whenever the phrase “to Seller’s knowledge” or words of similar import are used in this Agreement, those words will be deemed
to refer exclusively to matters within the current actual (as opposed to constructive) knowledge of Gary Wishnatzki, JC Clinard, and/or Philip Stanaland (collectively, “Seller’s Representative”). No duty of inquiry or investigation on
the part of Seller or Seller’s Representative will be required or implied by the making of any representation or covenant which is so limited to matters within Seller’s actual knowledge or knowledge, and in no

  
 8 

 
event shall Seller’s Representative have any personal liability therefor. Purchaser shall not name Seller’s Representative personally in any action or complaint brought in connection
with this Agreement or the Property. The representations and warranties of Seller set forth in paragraph 11 shall survive Closing for a period of one (1) year only (the “Warranties Survival Period”). No claim for a breach of any
representation or warranty of Seller shall be actionable or payable if the breach in question results from or is based on a condition, state of facts or other matter of which Purchaser had actual knowledge prior to Closing, if Purchaser elects to
consummate the transactions described herein with such knowledge. Purchaser and Seller agree that if subsequent to the Closing Purchaser first becomes aware that any representation or warranty of Seller is inaccurate, incomplete, incorrect or
misleading, Purchaser shall have no claim against Seller in connection with a breach of such representation or warranty and shall not look to Seller for any redress or relief thereof unless (i) Purchaser commences a lawsuit or other legal
proceeding against Seller for breach of such representation or warranty before the expiration of the one (1) year survival period, and (ii) Purchaser’s actual damages as a result of such breach are reasonably estimated to aggregate at
least $50,000.00 (if a claim or aggregate claims exceed $50,000.00, then Purchaser may pursue recovery of the full claim, including the first dollar). 

EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, SELLER IS NOT MAKING AND HAS NOT AT ANY TIME MADE ANY WARRANTIES OR REPRESENTATIONS OF ANY
KIND OR CHARACTER, EXPRESS OR IMPLIED, WITH RESPECT TO THE PROPERTY, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OR REPRESENTATIONS AS TO HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. 

UPON CLOSING, EXCEPT TO THE EXTENT EXPRESSLY PROVIDED OTHERWISE IN THIS AGREEMENT, SELLER SHALL SELL AND CONVEY TO PURCHASER AND PURCHASER
SHALL ACCEPT THE PROPERTY ON AN “AS IS, WHERE IS, WITH ALL FAULTS, LIABILITIES, AND DEFECTS, LATENT OR OTHERWISE, KNOWN OR UNKNOWN” BASIS. NO PATENT OR LATENT DEFECT OR DEFICIENCY IN THE CONDITION OF THE PROPERTY WHETHER OR NOT KNOWN OR
DISCOVERED, SHALL AFFECT THE RIGHTS OF EITHER SELLER OR PURCHASER HEREUNDER NOR SHALL THE PURCHASE PRICE BE REDUCED AS A CONSEQUENCE THEREOF. PURCHASER HAS NOT RELIED AND WILL NOT RELY ON, AND SELLER IS NOT LIABLE FOR OR BOUND BY, ANY EXPRESS OR
IMPLIED WARRANTIES, GUARANTIES, STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE PROPERTY OR RELATING THERETO (INCLUDING SPECIFICALLY, WITHOUT LIMITATION, OFFERING PACKAGES DISTRIBUTED WITH RESPECT TO THE PROPERTY) MADE OR FURNISHED BY
SELLER, ANY SELLER PARTY, THE MANAGERS OF THE PROPERTY, OR ANY REAL ESTATE BROKER OR AGENT REPRESENTING OR PURPORTING TO REPRESENT SELLER, TO WHOMEVER MADE OR GIVEN, DIRECTLY OR INDIRECTLY, ORALLY OR IN WRITING, UNLESS SPECIFICALLY SET FORTH IN THIS
AGREEMENT. PURCHASER ACKNOWLEDGES THAT THE PURCHASE PRICE REFLECTS AND TAKES INTO ACCOUNT THAT THE PROPERTY IS BEING SOLD “AS IS.” 

PURCHASER REPRESENTS AND COVENANTS TO SELLER THAT PURCHASER HAS CONDUCTED, OR WILL CONDUCT PRIOR TO CLOSING, SUCH

  
 9 

 
INVESTIGATIONS OF THE PROPERTY, INCLUDING BUT NOT LIMITED TO, THE PHYSICAL AND ENVIRONMENTAL CONDITIONS THEREOF, AS PURCHASER DEEMS NECESSARY OR DESIRABLE TO SATISFY ITSELF AS TO THE CONDITION OF
THE PROPERTY AND THE EXISTENCE OR NONEXISTENCE OR CURATIVE ACTION TO BE TAKEN WITH RESPECT TO ANY HAZARDOUS MATERIALS OR TOXIC SUBSTANCES ON OR DISCHARGED FROM THE PROPERTY, AND WILL RELY SOLELY UPON SAME AND NOT UPON ANY INFORMATION PROVIDED BY OR
ON BEHALF OF SELLER OR ANY SELLER PARTY WITH RESPECT THERETO, OTHER THAN SUCH REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER AS ARE EXPRESSLY SET FORTH IN THIS AGREEMENT. UPON CLOSING, PURCHASER SHALL ASSUME THE RISK THAT ADVERSE MATTERS,
INCLUDING, WITHOUT LIMITATION, CONSTRUCTION DEFECTS AND ADVERSE PHYSICAL AND ENVIRONMENTAL CONDITIONS, MAY NOT HAVE BEEN REVEALED BY PURCHASER’S INVESTIGATIONS, AND PURCHASER, UPON CLOSING, SHALL BE DEEMED TO HAVE WAIVED, RELINQUISHED AND
RELEASED SELLER AND SELLER PARTIES FROM AND AGAINST ANY AND ALL CLAIMS OF ANY AND EVERY KIND OR CHARACTER, KNOWN OR UNKNOWN, WHICH PURCHASER MIGHT HAVE ASSERTED OR ALLEGED AGAINST SELLER AND/OR SELLER PARTIES AT ANY TIME BY REASON OF OR ARISING OUT
OF ANY LATENT OR PATENT CONSTRUCTION DEFECTS OR PHYSICAL CONDITIONS, VIOLATIONS OF ANY APPLICABLE LAWS AND ANY AND ALL OTHER ACTS, OMISSIONS, EVENTS, CIRCUMSTANCES OR MATTERS REGARDING THE PROPERTY, EXCEPT AS EXPRESSLY SET FORTH OTHERWISE IN THIS
AGREEMENT. 
 12. Broker and Broker’s Commission; Consulting Fee. 

(a) Purchaser and Seller each represent and warrant to the other that neither party has incurred an obligation to any other broker or agent in
connection with the transaction contemplated hereby. Each party hereby covenants and agrees to defend, indemnify and hold harmless the other party against and from any and all loss, expense, liability, cost, claim, demand, damage, action, cause of
action and suit arising out of or in any manner relating to the alleged employment or use by such party of any real estate broker or agent in connection with this transaction. The provisions of this Subsection shall survive the Closing of this
transaction. 
 (b) Without limiting the foregoing, the parties acknowledge that Purchaser has engaged Fischbach Land Company
(“Consultant”) to provide certain consulting services in connection with this Agreement and the Property, and Purchaser shall pay a consulting fee to Consultant, outside of Closing, as set forth in a separate agreement by and
between Purchaser and Consultant. The provisions of this Subsection shall survive the Closing of this transaction. 
 13. Survey and
Inspection. Purchaser and Purchaser’s agents, employees and independent contractors shall have the right and privilege to enter upon the Property during the Inspection Period to survey and inspect the Property and to conduct soil borings,
environmental assessment and toxic waste studies and other geological, engineering, water or landscaping tests or studies or building inspections, all at Purchaser’s sole cost and expense. Purchaser hereby covenants and agrees to indemnify and
hold harmless Seller from any and all loss, liability, cost, claim, demand, damage, action, cause of action and suit arising out of or in any manner related to the exercise by Purchaser of Purchaser’s rights under this Section (but not the
existence of any condition discovered in the course of Purchaser’s inspections and testing). 

  
 10 

 14. Eminent Domain. If, after the Effective Date and prior to Closing, Seller shall
receive notice of the commencement or threatened commencement of eminent domain or other like proceedings against the Property or any portion thereof, Seller shall immediately notify Purchaser in writing, and Purchaser shall elect within thirty
(30) days from and after such notice, by written notice to Seller, one of the following: (a) not to close the transaction contemplated hereby, in which event all Earnest Money shall be refunded to Purchaser and this Agreement shall be void
and of no further force and effect; or (b) to close the purchase of the Property contemplated hereby in accordance with its terms but subject to such proceedings, in which event the Purchase Price shall remain the same and Seller shall transfer
and assign to Purchaser at Closing all condemnation proceeds and rights to additional condemnation proceeds, if any. If Purchaser elects to purchase after receipt of such a notice, all actions taken by Seller with regard to such eminent domain
proceedings, including but not limited to, negotiations, litigation, settlement, appraisals and appeals, shall be subject to the approval of Purchaser, which approval shall not be unreasonably withheld. If Purchaser does not make such election
within the aforesaid time period, Purchaser shall be deemed to have elected to close the transactions contemplated hereby in accordance with clause (b) above. 

15. Property Damage. If, after the Effective Date and prior to Closing, the Property shall suffer significant damage as the result of
fire or other casualty, Seller shall immediately notify Purchaser in writing. In the event said damage results in damage of the improvements situated on the Property in the amount of Ten Thousand and No/100 Dollars ($10,000.00) or greater, Purchaser
shall have the right to elect within fifteen (15) days from and after such notice, by written notice, one of the following: (a) not to close the transaction contemplated hereby, in which event all Earnest Money shall be refunded to
Purchaser and this Agreement shall be void and of no further force and effect; or (b) to close the purchase of the Property contemplated hereby in accordance with its terms but subject to such damage, in which event the Purchase Price shall
remain the same and Seller shall transfer and assign to Purchaser at Closing all insurance proceeds received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for any insurance deductible
or uninsured loss. If Purchaser does not make such election within the aforesaid time period, Purchaser shall be deemed to have elected to close the transactions contemplated hereby in accordance with clause (b) above. In the event less than
Ten Thousand and No/100 Dollars ($10,000.00) of damage to the improvements situated on the Property exists, this Agreement shall remain in full force and effect, but, at Closing, Seller shall transfer and assign to Purchaser all insurance proceeds
received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for any insurance deductible or uninsured loss. 

16. Condition of Property. Subsequent to the Effective Date and prior to Closing, Seller shall maintain the Property in accordance with
its past practices and ordinary maintenance, but shall not be required to provide any extraordinary maintenance. 
 17. Operations.
After the Effective Date and prior to the Closing Date, Seller shall neither enter into any new, nor terminate, modify, extend, amend or renew any existing, lease or service, management, maintenance, repair, employment, union, construction, leasing
or other 

  
 11 

 
contract or agreement affecting the Property (each, a “New Agreement”) without providing at least five (5) business days prior notice (and opportunity to review and approve
the New Agreement) to Purchaser. Purchaser shall have five (5) business days after Purchaser’s actual receipt (notwithstanding the notice provisions in Section 18 below) of a true, correct and complete copy of a New Agreement
to approve the same. If Purchaser does not approve any such New Agreement that Seller will enter into prior to expiration of the Inspection Period, then Purchaser’s sole and exclusive remedy will be to terminate this Agreement by delivering
written notice to Seller no later than five (5) business days after receiving the New Agreement, and in such event Purchaser shall receive a full refund of the Earnest Money. If Purchaser fails to terminate this Agreement as set forth in the
preceding sentence, it shall be deemed to have approved the New Agreement that Seller will enter into prior to expiration of the Inspection Period in the form provided. Seller may not enter into New Agreement after expiration of the Inspection
Period unless Purchaser has approved the same in writing. Seller shall cause any Contracts which Purchaser elects in its discretion not to assume to be cancelled at or before Closing. 

18. Notice. Notices provided for in this Agreement must be (i) delivered personally, (ii) sent by registered or certified
mail, postage prepaid, return receipt requested, (iii) sent via a reputable express courier, (iv) sent by facsimile during normal business hours with a confirmation copy delivered by another method permitted by this Section other than
electronic mail, or (v) sent by electronic mail during normal business hours with a confirmation copy delivered by another method permitted by this Section other than facsimile, addressed as set forth below. Notice sent by U.S. mail is deemed
delivered three days after deposit with the U.S. Postal Service. Notice sent by a reputable express carrier is deemed received on the day receipted for by the express carrier or its agent. Notice sent via facsimile is deemed delivered upon the
transmission to the phone number designated as the recipient’s facsimile phone number below. Notice sent via electronic mail is deemed delivered upon the entrance of such electronic mail into the information processing system designated by the
recipient’s electronic mail address set forth below. The addresses of the parties to which notices are to be sent shall be Purchaser’s Address or Seller’s Address, as applicable, as set forth in Section 1 above. Any party
shall have the right from time to time to change the address to which notices to it shall be sent to another address, and to specify two additional addresses to which copies of notices to it shall be mailed, by giving to the other party at least ten
(10) days prior notice of the changed address or additional addresses. 
 19. Remedies. If this transaction fails to close by
reason of Purchaser’s wrongful failure to perform its obligations under this Agreement, the Earnest Money shall be retained by Seller as liquidated damages the parties hereby acknowledging that Seller’s actual damages in such circumstances
would be difficult, if not impossible, to determine. Seller expressly acknowledges and agrees that retention of the Earnest Money as provided for herein shall be Seller’s sole and exclusive remedy in the event of Purchaser’s failure to
perform its obligations hereunder. If this transaction fails to close for any reason other than Purchaser’s wrongful failure to perform his obligations hereunder, including without limitation the failure of any condition precedent to
Purchaser’s obligations herein, the Earnest Money shall promptly be refunded to Purchaser. In the event Seller fails or refuses to convey the Property in accordance with the terms hereof or otherwise fails to perform its obligations hereunder,
then five (5) days after receipt of written notice of such alleged breach from Purchaser to Seller, if the breach is then not 

  
 12 

 
cured (or if the matter cannot be cured within five (5) days, if the cure has not then been commenced and thereafter diligently completed), Purchaser’s sole and exclusive remedies for
Seller’s breach shall be either to (i) terminate this Agreement by written notice to Seller and Escrow Agent and receive a full refund of the Earnest Money by the party in possession thereof and reimbursement from Seller of
Purchaser’s Pursuit Costs (in which case Seller shall be obligated to pay for all title and escrow cancellation charges, if any), all within ten (10) days after Purchaser’s termination of this Agreement, or (ii) obtain specific
performance of this Agreement. Seller waives the right to assert the defense of the lack of mutuality in any suit for specific performance instituted by Purchaser. Notwithstanding the foregoing, Purchaser shall also be entitled to obtain its
attorneys’ fees and costs in connection with enforcing its rights and remedies under this Agreement. 
 20. Time of Essence.
Time is of the essence of this Agreement. 
 21. Closing Documents. At or prior to Closing, each party shall deliver to the other
party appropriate evidence to establish the authority of such party to enter into and close the transaction contemplated hereby. Seller also shall execute and deliver to the Title Company at Closing, for it to hold in escrow pending Purchaser’s
payment of the Purchase Price: (i) the Deed; (ii) a certificate with respect to Section 1445 of the Internal Revenue Code stating, among other things, that Seller is not a foreign corporation as defined in the Internal Revenue Code
and I.R.S. Regulations; (iii) the General Assignment substantially in the form attached hereto as Exhibit C; (iv) Seller’s representation and warranty down date certificate under Section 11; and (v) such other
documents reasonably necessary or appropriate to complete and evidence the transaction contemplated hereby, as reasonably requested by the Purchaser or Title Company, including without limitation a standard title company owner’s affidavit. 

22. Entire Agreement. This Agreement constitutes the entire agreement of the parties and may not be amended except by written
instrument executed by Purchaser and Seller. All prior understandings and agreements between the parties are deemed merged herein. 
 23.
Headings. The section headings are inserted for convenience only and are in no way intended to describe, interpret, define or limit the scope or content of this Agreement or any provision hereof. 

24. Possession. Seller shall deliver actual possession of the Property at Closing. 

25. Applicable Law. This Agreement shall be construed and interpreted in accordance with the laws of the State of Florida. 

26. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
heirs, successors and permitted assigns as the case may be, and Purchaser shall have the right to assign its rights hereunder and thereafter be released from any further liability hereunder. 

27. Surviving Clauses. The provisions of this Agreement relating to tax prorations after Closing, Purchaser’s indemnification with
respect to its entering upon the Property prior to Closing, Seller’s representations, covenants, warranties and indemnity agreement in Section 11, Seller’s agreement to cooperate with a Rule 3-14 audit, Seller’s covenant
not to encumber the 

  
 13 

 
Property subsequent to the date hereof, the mutual covenants of Seller and Purchaser to indemnify each other, as the case may be, as set forth in Section 12, shall not merge into the
Deed but instead shall survive any Closing pursuant to this Agreement. Except as set forth in the preceding sentence or as otherwise expressly set forth herein, no other provision of this Agreement shall survive the Closing of this transaction. 

28. Tax Deferred Exchange. Purchaser may structure the sale of the Property as a like kind exchange under Internal Revenue Code
Section 1031, at Purchaser’s sole cost and expense. Seller shall reasonably cooperate therein, provided that Seller shall incur no material costs, expenses or liabilities in connection with Purchaser’s exchange and Seller shall not be
required to take title to or contract for purchase of any other property. If Purchaser uses a qualified intermediary to effectuate the exchange, any assignment of the rights or obligations of Purchaser hereunder shall not relieve, release or absolve
Purchaser of its obligations to Seller hereunder. Purchaser shall reimburse Seller for all reasonable out-of-pocket expenses, if any, incurred by Seller in effectuating Purchaser’s exchange. 

29. Non-Solicitation. From and after the Effective Date, Seller shall not market the Property for sale, or solicit or accept any
back-up offers with respect to the sale of the Property. 
 30. Rule 3-14 Audit. Seller agrees to reasonably cooperate, at no cost or
expense to Seller, with Purchaser in connection with any Rule 3-14 audit that Purchaser may conduct with respect to the Property within one year after the Closing Date. 

31. Calculation of Time Periods. Unless otherwise specified, in computing any period of time described herein, the day of the act or
event after which the designated period of time begins to run is not to be included and the last day of the period so computed is to be included, unless such last day is a Saturday, Sunday or legal holiday for national banks in the location where
the Property is located, in which event the period shall run until the end of the next day which is neither a Saturday, Sunday, or legal holiday. Unless otherwise specified, the last day of any period of time described herein shall be deemed to end
at 5:00 p.m. local time in the state in which the Property is located. 
 32. Offer and Acceptance. This Agreement, as executed by
the party first executing it, shall constitute an offer to the other party. The offeree shall accept the same, if at all, by delivering a fully executed copy of this Agreement to the offeror on or before 5:00 p.m. Eastern Time on July 25, 2014.
The notice provisions hereof hereinabove notwithstanding, acceptance of this offer shall be effective only upon the actual receipt by the offeror of a faxed or emailed copy of the fully executed Agreement by such date and time, followed by the
offeror’s receipt on the next business day of the fully executed original. The offer, if not timely accepted as aforesaid, shall expire and be of no further force and effect at the time and date set forth in this Section. 

  
 14 

 IN WITNESS WHEREOF, this Agreement has been duly executed on the day and year first above
written. 
  

			
	 PURCHASER:

	
	GLADSTONE LAND CORPORATION, a Maryland corporation
		
	By:	 	/s/ David Gladstone
		
	Name:	 	David Gladstone
		
	Title:	 	Chairman
		
	 SELLER:
	 	
	
	 G&D FARMS, INC., a Florida corporation

		
	By:	 	/s/ Gary Wishnatzki
		
	Name:	 	Gary Wishnatzki
		
	Title:	 	President

  
 15 

 EXHIBIT A 

LAND 
 Manatee
County, Florida 
 Parcel Identification Numbers 

140300054 
 140700006 

146800008 

  
 16 

 EXHIBIT B 

DUE DILIGENCE MATERIALS 

(a) A detailed list of all Personal Property to be conveyed to Purchaser at Closing; 

(b) Plans, drawings, specifications and engineering and architectural studies and work (including “as built” plans and drawings, if
any) with regard to the Property that are in Seller’s possession; 
 (c) Any appraisals and surveys of the Property obtained during the
period during which Seller has owned the Property or otherwise in Seller’s possession; 
 (d) Copies of all correspondence in
Seller’s possession relating to any Government Payments; 
 (e) Real estate tax bills and statements for the current year and the
previous two (2) years with respect to the Property; 
 (f) Utility bills for the Property for the two (2) most recent complete
calendar years and the current year-to-date; 
 (g) Copies of insurance certificates with respect to the Property; 

(h) Copies of all of the Contracts and any amendments or proposed amendments thereto; 

(i) Copies of any soil boring or other similar engineering reports with respect to the Property obtained during the period during which Seller
has owned the Property; 
 (j) Any environmental assessment report or study with respect to the Property in Seller’s possession; 

(k) Copies of any warranties relating to any Improvements or Personal Property (including without limitation Irrigation Equipment) included in
the Property; 
 (l) Any information in Seller’s possession or control from any governmental agency or authority regarding the Property
or adjacent properties; 
 (m) Copies of all notices and correspondence received from any governmental agency of authority regarding the
Property or adjacent properties; 
 (n) Copies of all notices and correspondence received from third-parties claiming an interest or right in
and to the Property, or any portion thereof; 
 (o) Copies of all certificates, applications, permits or other documents related to or
evidencing Water Rights associated with the Property or any portion thereof; and 
 (p) Copies of draft financial statements for Seller and
for Wishnatzki, Inc. for 2014. 

  
 17 

 EXHIBIT C 

GENERAL ASSIGNMENT 

THIS GENERAL ASSIGNMENT (this “Assignment”) is entered into as of the
             of                     , 2014, between
                                        
(“Assignor”), whose address is
                                        ,
and
                                        
(“Assignee”), a
                                        
whose address is
                                         
       . 
 1. Purchase Agreement; Defined Terms. This Assignment is being executed and delivered
pursuant to that certain Agreement of Purchase and Sale between                     , as Purchaser, and
                            , as Seller, dated as of
                    , 2014 (the “Purchase Agreement”). Any capitalized term used but not otherwise defined herein shall have the
meaning set forth in the Purchase Agreement. 
 2. Assignment and Conveyance. For good and valuable consideration received by
Assignor, the receipt and sufficiency of which are hereby acknowledged, Assignor hereby bargains, sells, conveys, grants, transfers and assigns to Assignee the entire right, title and interest of Assignor in and to the following in accordance with
the terms and conditions of the Purchase Agreement: 
  

	 	i.	[All Contracts not previously terminated at Assignee’s request;] 

  

	 	ii.	All [Personal Property]; 

  

	 	iii.	All warranties, guarantees, bonds, licenses, building permits, certificates of occupancy, zoning certificates, and other governmental permits and licenses to and in connection with the construction, development,
ownership, use, operation or maintenance of the Property or any part thereof, to the extent the same are assignable; and 

  

	 	iv.	All Water Rights. 

 5. Assumption. Assignee hereby assumes the obligations of Assignor
[under the Contracts], in each and every case only to the extent first arising from and after the date hereof. Assignor shall promptly notify Assignee in writing if any claim is made against Assignor with respect to any matter which Assignee
has agreed to assume in this Assignment, specifying the nature and details of such claim. Assignor shall cooperate fully with Assignee and its counsel and attorneys in the defense against such claim in accordance with their judgment and discretion,
and Assignor shall not pay or settle any such claim without Assignee’s prior written consent. No person or entity, other than Assignor, shall be deemed a beneficiary of the provisions of this Section. 

6. Indemnity. Assignee agrees to indemnify, defend and hold Assignor harmless from and against any and all claims, damages, demands,
causes of action, liabilities, judgments, losses, costs and expenses (including but not limited to reasonable attorneys’ fees) asserted against or incurred by Assignor caused by the failure of Assignee to perform any obligation

  
 18 

 
under the [Contracts] which obligation was assumed by Assignee hereunder. Assignor agrees to indemnify, defend and hold Assignee harmless from and against any and all claims, damages,
demands, causes of action, liabilities, judgments, losses, costs and expenses (including but not limited to reasonable attorneys’ fees) asserted against or incurred by Assignee caused by the failure of Assignor to perform any obligation under
any of the Contracts first arising prior to the date hereof. 
 7. Power and Authority. Assignor represents and warrants to Assignee
that it is fully empowered and authorized to execute and deliver this Assignment, and the individual signing this Assignment on behalf of Assignor represents and warrants to Assignee that he or she is fully empowered and authorized to do so. 

8. Attorneys’ Fees. If either Assignee or Assignor or their respective successors or assigns file suit to enforce the obligations
of the other party under this Assignment, the prevailing party shall be entitled to recover the reasonable fees and expenses of its attorneys. 

9. Successors and Assigns. This Assignment shall be binding upon and inure to the benefit of Assignor and Assignee and their respective
successors and assigns. 
 10. Counterparts. This Agreement may be executed in any number of identical counterparts, any or all of
which may contain the signatures of fewer than all of the parties but all of which shall be taken together as a single instrument. 
 11.
Governing Law. This Agreement shall be governed and interpreted in accordance with the laws of the State of Florida. 
 IN WITNESS
WHEREOF, Assignor and Assignee have executed and delivered this Assignment the day and year first above written. 
  

			
	 ASSIGNOR

	
	 G&D Farms, Inc.

	 
		
	 By:
	 	/s/ Gary Wishnatzki
	 Title:
	 	President
	
	 ASSIGNEE

	 
	 

  
 19

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