Document:

EX-10.2

 Exhibit 10.2 

GLADSTONE LAND CORPORATION 

CONTROLLED EQUITY OFFERINGSM 

AMENDMENT NO. 2 TO 

SALES AGREEMENT 

December 27, 2019 
 CANTOR
FITZGERALD & CO. 
 499 Park Avenue 
 New York, NY
10022 
 Ladies and Gentlemen: 
 Reference is
made to the Sales Agreement, dated August 7, 2015, including the Schedules thereto (as further amended, the “Sales Agreement”), by and among Cantor Fitzgerald & Co. (“CF&Co”), Gladstone Land Corporation, a
Maryland corporation (the “Company”) and Gladstone Land Limited Partnership, a Delaware limited partnership (the “Operating Partnership”), pursuant to which the Company agreed to sell through or to CF&Co, as sales agent,
shares of common stock, par value $0.001 per share, of the Company. All capitalized terms used in this Amendment No. 2 to Sales Agreement by and among CF&Co, the Company and the Operating Partnership (this “Amendment”) and not
otherwise defined herein shall have the respective meanings assigned to such terms in the Sales Agreement. CF&Co, the Company and the Operating Partnership agree as follows: 

A. Amendments to Sales Agreement. The Sales Agreement is amended as follows: 

1. On and after the Amendment Effective Date (as defined below), any reference in the Sales Agreement to the term
“Alternative Sales Agent” shall be deemed to mean both Ladenburg Thalmann & Co. Inc. (“Ladenburg”) and Virtu Americas LLC (“Virtu”), as applicable. 

2. On and after the Amendment Effective Date, any reference in the Sales Agreement to the term “Alternative Sales
Agreement” shall be deemed to mean both the Controlled Equity OfferingSM Sales Agreement by and among the Company, the Operating Partnership and Ladenburg, dated as August 7, 2015, as
further amended, and the Equity Distribution Agreement by and among the Company, the Operating Partnership and Virtu, dated December 27, 2019, as may be amended from time to time. 

3. The first sentence of Section 5(a) of the Sales Agreement is deleted in its entirety and replaced with the following
sentence: Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement Shares will occur on the second (2nd) Trading Day (or such earlier day as is industry practice for
regular-way trading) following the date on which such sales are made (each, a “Settlement Date”). 

4. The first sentence of Section 7(j) of the Sales Agreement is deleted in its entirety and replaced with the following
sentence: During each period commencing on the date on which the Company has given an instruction to CF&Co. pursuant to Section 2 and ending on the close of business of the Settlement Date of the last Placement Shares sold pursuant to such
instruction, the Company will not, without giving CF&Co. at least two business days’ prior written notice specifying the nature of the proposed sale and the date of such proposed sale, directly or indirectly offer to sell, contract or agree
to sell any shares of Common Stock or any securities convertible into or exercisable or exchangeable for shares of Common Stock, whether through any agent or otherwise. 

 5. The first sentence of Schedule 1 is deleted in its entirety and replaced
with “Pursuant to the terms and subject to the conditions contained in the Controlled Equity OfferingSM Sales Agreement among Gladstone Land Corporation (the
“Company”), Gladstone Land Limited Partnership and Cantor Fitzgerald & Co. (“CF&Co”) dated August 7, 2015 (as further amended, the “Agreement”), I hereby
request on behalf of the Company that CF&Co sell up to [                ] shares of the Company’s common stock, par value $0.001 per share, at a minimum market
price of $                per share, during the time period beginning [month, day, time] and ending [month, day, time]. 

6. Schedule 2 is deleted in its entirety and replaced with Schedule 2 as attached hereto. 

7. Schedule 5 is deleted in its entirety and replaced with Schedule 5 as attached hereto. 

8. The first sentence of the form of Officer Certificate attached as Exhibit 7(n) is deleted in its entirety and replaced with
“[NAME], the duly qualified and elected                , of GLADSTONE LAND CORPORATION, a Maryland corporation (“Company”), does
hereby certify in such capacity and on behalf of the Company and of GLADSTONE LAND LIMITED PARTNERSHIP, a Delaware limited partnership and the Company’s operating partnership (the “Operating Partnership”), as
applicable, pursuant to Section 7(n) of the Sales Agreement, dated August 7, 2015 (as further amended, the “Sales Agreement”), among the Company, the Operating Partnership and Cantor Fitzgerald & Co.
(“CF&Co”), that to the best of his or her knowledge:”. 
 B. Effectiveness. This Amendment shall
become effective as of the date hereof (the “Amendment Effective Date”). Upon the effectiveness hereof, all references in the Sales Agreement to “this Agreement” or the like shall refer to the Sales Agreement as further amended
hereby. 
 C. Representation and Warranty. Each of the Company and the Operating Partnership jointly and severally represent and
warrant to CF&Co that this Amendment has been duly authorized, executed and delivered by, and is a valid and binding agreement of, the Company and the Operating Partnership. 

D. No Other Amendments. Except as set forth in Part A above, all the terms and provisions of the Sales Agreement shall continue
in full force and effect. 
 E. Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Amendment by one party to the other may be made by facsimile or email transmission. 

F. Governing Law. This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York
without regard to the principles of conflicts of laws. 
 [Signature Page Follows] 

  
 - 2 - 

 If the foregoing correctly sets forth the understanding among the Company, the Operating
Partnership and CF&Co, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement among the Company, the Operating Partnership and CF&Co. 

 

			
	Very truly yours,
	
	GLADSTONE LAND CORPORATION
		
	By:	 	/s/ David Gladstone

 
			
	Name:	 	David Gladstone

 
			
	Title:	 	Chairman & Chief Executive Officer

  

			
	GLADSTONE LAND LIMITED PARTNERSHIP
		
		 	By: GLADSTONE LAND PARTNERS LLC, its General Partner
		
		 	By: GLADSTONE LAND CORPORATION, its Sole Member-Manager
		
	By:	 	/s/ David Gladstone

 
			
	Name:	 	David Gladstone

 
			
	Title:	 	Chairman & Chief Executive Officer

  

			
	ACCEPTED as of the date first-above written:
	
	CANTOR FITZGERALD & CO.
		
	By:	 	/s/ Sage Kelly

 
			
	Name:	 	Sage Kelly

 
			
	Title:	 	Global Head of Investment Banking

 [SIGNATURE PAGE] 

GLADSTONE LAND CORPORATION – AMENDMENT NO. 2
TO SALES AGREEMENT 

 SCHEDULE 2 

CANTOR FITZGERALD & CO. 
 CFCEO@cantor.com

 GLADSTONE LAND CORPORATION 
  

			
	 David Gladstone
	  	 david.gladstone@gladstonecompanies.com

	 Lewis Parrish
	  	 lewis.p@gladstoneland.com

 SCHEDULE 5 

SCHEDULE OF SUBSIDIARIES 
 Arizona

 East Shelton Road, LLC 
 Reagan Road Willcox, LLC 

Spot Road Dateland, LLC 
 California 

Bear Mountain Arvin, LP 
 Broadway Road Moorpark, LLC 

Calaveras Avenue Coalinga, LP 
 Cat Canyon Road Los Alamos, LP

 Central Avenue Kerman, LP 
 Dalton Lane Watsonville, LLC 

Diego Ranch Stanislaus, LP 
 Dufau Road Oxnard, LP 

Espinosa Road Salinas, LP 
 Flint Avenue Hanford, LP 

Greenhills Boulevard Chowchilla CA, LP 
 Jayne Avenue Huron, LP

 Las Posas Camarillo CA, LP 
 Natividad Road Salinas, LLC 

Naumann Road Oxnard, LP 
 Nevada Ranch Merced, LP 

Olsen Road Snelling CA, LP 
 San Andreas Road Watsonville, LLC

 San Juan Grade Road Salinas CA, LP 
 Santa Clara Avenue
Oxnard, LP 
 Spring Valley Road Watsonville, LP 
 Sunnyside
Avenue Madera, LP 
 Sutter Avenue Coalinga CA, LP 
 Sycamore
Road Arvin, LP 
 Taft Highway Bakersfield, LP 
 West Beach
Street Watsonville, LLC 
 West Gonzales Road Oxnard, LLC 

Withers Road Napa CA, LP 
 Yolo County Line Road Arbuckle CA, LP

 Colorado 
 Baca County Edler, LLC 

Country Road 18 Holyoke CO, LLC 
 Gunbarrel Road Alamosa. LLC 

Horse Creek Baca, LLC 
 JJ Road Pritchett, LLC 

Delaware 
 Gladstone California Farmland GP, LLC 

Gladstone Farmland GP, LLC 
 Gladstone Land Advisers, Inc. 

Gladstone Land Limited Partnership 
 Gladstone Land Partners, LLC

 Gladstone Lending Company, LLC 

 Florida 

Citrus Boulevard Stuart, LLC 
 Corbitt Road Immokalee, LLC 

Immokalee Exchange, LLC 
 Keysville Road Plant City, LLC 

Lithia Road Plant City, LLC 
 McIntosh Road Dover, LLC 

Orange Avenue Fort Pierce, LLC 
 Owl Hammock Immokalee, LLC 

Parrish Road Duette, LLC 
 Parrot Avenue Okeechobee, LLC 

Plantation Road Marianna, LLC 
 Trapnell Road Plant City, LLC 

Wauchula Road Duette, LLC 
 West Citrus Boulevard Stuart FL, LLC

 Michigan 
 20th Avenue South Haven, LLC 

38th Avenue Covert, LLC 
 Blue Star Highway Fennville MI, LLC 

Cemetery Road Bangor, LLC 
 Van Buren Trail Covert MI, LLC 

Nebraska 
 Highway 17 Wauneta NE, LLC 

Holt County Stuart, LLC 
 Indian Highway Palisade NE, LLC 

Rock County Bassett, LLC 
 Somerset Road Grant NE, LLC 

North Carolina 
 Poplar Street Bladenboro, LLC 

Oregon 
 Collins Road Clatskanie, LLC 

Sequoia Street Brooks, LLC 
 Texas 

Bunker Hill Road Dalhart TX, LP 
 North Bunker Hill Road Dalhart
TX, LP 
 Washington 
 Oasis Road Walla Walla, LLCEX-10.3

 Exhibit 10.3 

GLADSTONE LAND CORPORATION 

CONTROLLED EQUITY OFFERINGSM 

AMENDMENT NO. 2 TO 

SALES AGREEMENT 

December 27, 2019 
 LADENBURG
THALMANN & CO. INC. 
 570 Lexington Avenue 
 New York,
NY 10022 
 Ladies and Gentlemen: 
 Reference
is made to the Sales Agreement, dated August 7, 2015, including the Schedules thereto (as further amended, the “Sales Agreement”), by and among Ladenburg Thalmann & Co. Inc. (“Ladenburg”), Gladstone Land
Corporation, a Maryland corporation (the “Company”) and Gladstone Land Limited Partnership, a Delaware limited partnership (the “Operating Partnership”), pursuant to which the Company agreed to sell through or to Ladenburg, as
sales agent, shares of common stock, par value $0.001 per share, of the Company. All capitalized terms used in this Amendment No. 2 to Sales Agreement by and among Ladenburg, the Company and the Operating Partnership (this
“Amendment”) and not otherwise defined herein shall have the respective meanings assigned to such terms in the Sales Agreement. Ladenburg, the Company and the Operating Partnership agree as follows: 

A. Amendments to Sales Agreement. The Sales Agreement is amended as follows: 

1. On and after the Amendment Effective Date (as defined below), any reference in the Sales Agreement to the term
“Alternative Sales Agent” shall be deemed to mean both Cantor Fitzgerald & Co. (“CF&Co”) and Virtu Americas LLC (“Virtu”), as applicable. 

2. On and after the Amendment Effective Date, any reference in the Sales Agreement to the term “Alternative Sales
Agreement” shall be deemed to mean both the Controlled Equity OfferingSM Sales Agreement by and among the Company, the Operating Partnership and CF&Co, dated as August 7, 2015, as
further amended, and the Equity Distribution Agreement by and among the Company, the Operating Partnership and Virtu, dated December 27, 2019, as may be amended from time to time. 

3. The first sentence of Section 5(a) of the Sales Agreement is deleted in its entirety and replaced with the following
sentence: Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement Shares will occur on the second (2nd) Trading Day (or such earlier day as is industry practice for
regular-way trading) following the date on which such sales are made (each, a “Settlement Date”). 

4. The first sentence of Section 7(j) of the Sales Agreement is deleted in its entirety and replaced with the following
sentence: During each period commencing on the date on which the Company has given an instruction to Ladenburg pursuant to Section 2 and ending on the close of business of the Settlement Date of the last Placement Shares sold pursuant to such
instruction, the Company will not, without giving Ladenburg at least two business days’ prior written notice specifying the nature of the proposed sale and the date of such proposed sale, directly or indirectly offer to sell, contract or agree
to sell any shares of Common Stock or any securities convertible into or exercisable or exchangeable for shares of Common Stock, whether through any agent or otherwise. 

 5. The first sentence of Schedule 1 is deleted in its entirety and replaced
with “Pursuant to the terms and subject to the conditions contained in the Controlled Equity OfferingSM Sales Agreement among Gladstone Land Corporation (the
“Company”), Gladstone Land Limited Partnership and Ladenburg Thalmann & Co. Inc. (“Ladenburg”) dated August 7, 2015 (as further amended, the “Agreement”), I hereby
request on behalf of the Company that Ladenburg sell up to [                 ] shares of the Company’s common stock, par value $0.001 per share, at a minimum market
price of $ per share, during the time period beginning [month, day, time] and ending [month, day, time]. 
 6. Schedule 2 is
deleted in its entirety and replaced with Schedule 2 as attached hereto. 
 7. Schedule 5 is deleted in its entirety and
replaced with Schedule 5 as attached hereto. 
 8. The first sentence of the form of Officer Certificate attached as Exhibit
7(n) is deleted in its entirety and replaced with “[NAME], the duly qualified and elected             , of GLADSTONE LAND CORPORATION, a Maryland corporation
(“Company”), does hereby certify in such capacity and on behalf of the Company and of GLADSTONE LAND LIMITED PARTNERSHIP, a Delaware limited partnership and the Company’s operating partnership (the
“Operating Partnership”), as applicable, pursuant to Section 7(n) of the Sales Agreement, dated August 7, 2015 (as further amended, the “Sales Agreement”), among the Company, the Operating
Partnership and Ladenburg Thalmann & Co. Inc. (“Ladenburg”), that to the best of his or her knowledge:”. 

B. Effectiveness. This Amendment shall become effective as of the date hereof (the “Amendment Effective Date”). Upon the
effectiveness hereof, all references in the Sales Agreement to “this Agreement” or the like shall refer to the Sales Agreement as further amended hereby. 

C. Representation and Warranty. Each of the Company and the Operating Partnership jointly and severally represent and warrant to
Ladenburg that this Amendment has been duly authorized, executed and delivered by, and is a valid and binding agreement of, the Company and the Operating Partnership. 

D. No Other Amendments. Except as set forth in Part A above, all the terms and provisions of the Sales Agreement shall continue
in full force and effect. 
 E. Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Amendment by one party to the other may be made by facsimile or email transmission. 

F. Governing Law. This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York
without regard to the principles of conflicts of laws. 
 [Signature Page Follows] 

  
 - 2 - 

 If the foregoing correctly sets forth the understanding among the Company, the Operating
Partnership and Ladenburg, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement among the Company, the Operating Partnership and Ladenburg. 

 

			
	Very truly yours,
	
	GLADSTONE LAND CORPORATION
		
	By:	 	/s/ David Gladstone

 
			
	Name:	 	David Gladstone
	Title:	 	Chairman & Chief Executive Officer

  

			
	GLADSTONE LAND LIMITED PARTNERSHIP
		
		 	By: GLADSTONE LAND PARTNERS LLC, its General Partner
		
		 	By: GLADSTONE LAND CORPORATION, its Sole Member-Manager

  

			
	By:	 	/s/ David Gladstone

 
			
	Name:	 	David Gladstone
	Title:	 	Chairman & Chief Executive Officer

  

			
	ACCEPTED as of the date first-above written:
	
	LADENBURG THALMANN & CO. INC.
		
	By:	 	/s/ Steve Kaplan

 
			
	Name:	 	Steve Kaplan
	Title:	 	Head of Capital Markets

 [SIGNATURE PAGE] 

GLADSTONE LAND CORPORATION – AMENDMENT NO. 2
TO SALES AGREEMENT 

 SCHEDULE 2 

LADENBURG THALMANN & CO. INC. 
  

			
	 Peter H. Blum
	  	 phblum@ladenburg.com

	 Steve Kaplan
	  	 skaplan@ladenburg.com

 GLADSTONE LAND CORPORATION 
  

			
	 David Gladstone
	  	 david.gladstone@gladstonecompanies.com

	 Lewis Parrish
	  	 lewis.p@gladstoneland.com

 SCHEDULE 5 

SCHEDULE OF SUBSIDIARIES 
 Arizona

 East Shelton Road, LLC 
 Reagan Road Willcox, LLC 

Spot Road Dateland, LLC 
 California 

Bear Mountain Arvin, LP 
 Broadway Road Moorpark, LLC 

Calaveras Avenue Coalinga, LP 
 Cat Canyon Road Los Alamos, LP

 Central Avenue Kerman, LP 
 Dalton Lane Watsonville, LLC 

Diego Ranch Stanislaus, LP 
 Dufau Road Oxnard, LP 

Espinosa Road Salinas, LP 
 Flint Avenue Hanford, LP 

Greenhills Boulevard Chowchilla CA, LP 
 Jayne Avenue Huron, LP

 Las Posas Camarillo CA, LP 
 Natividad Road Salinas, LLC 

Naumann Road Oxnard, LP 
 Nevada Ranch Merced, LP 

Olsen Road Snelling CA, LP 
 San Andreas Road Watsonville, LLC

 San Juan Grade Road Salinas CA, LP 
 Santa Clara Avenue
Oxnard, LP 
 Spring Valley Road Watsonville, LP 
 Sunnyside
Avenue Madera, LP 
 Sutter Avenue Coalinga CA, LP 
 Sycamore
Road Arvin, LP 
 Taft Highway Bakersfield, LP 
 West Beach
Street Watsonville, LLC 
 West Gonzales Road Oxnard, LLC 

Withers Road Napa CA, LP 
 Yolo County Line Road Arbuckle CA, LP

 Colorado 
 Baca County Edler, LLC 

Country Road 18 Holyoke CO, LLC 
 Gunbarrel Road Alamosa. LLC 

Horse Creek Baca, LLC 
 JJ Road Pritchett, LLC 

Delaware 
 Gladstone California Farmland GP, LLC 

Gladstone Farmland GP, LLC 
 Gladstone Land Advisers, Inc. 

Gladstone Land Limited Partnership 
 Gladstone Land Partners, LLC

 Gladstone Lending Company, LLC 

 Florida 

Citrus Boulevard Stuart, LLC 
 Corbitt Road Immokalee, LLC 

Immokalee Exchange, LLC 
 Keysville Road Plant City, LLC 

Lithia Road Plant City, LLC 
 McIntosh Road Dover, LLC 

Orange Avenue Fort Pierce, LLC 
 Owl Hammock Immokalee, LLC 

Parrish Road Duette, LLC 
 Parrot Avenue Okeechobee, LLC 

Plantation Road Marianna, LLC 
 Trapnell Road Plant City, LLC 

Wauchula Road Duette, LLC 
 West Citrus Boulevard Stuart FL, LLC

 Michigan 
 20th Avenue South Haven, LLC 

38th Avenue Covert, LLC 
 Blue Star Highway Fennville MI, LLC 

Cemetery Road Bangor, LLC 
 Van Buren Trail Covert MI, LLC 

Nebraska 
 Highway 17 Wauneta NE, LLC 

Holt County Stuart, LLC 
 Indian Highway Palisade NE, LLC 

Rock County Bassett, LLC 
 Somerset Road Grant NE, LLC 

North Carolina 
 Poplar Street Bladenboro, LLC 

Oregon 
 Collins Road Clatskanie, LLC 

Sequoia Street Brooks, LLC 
 Texas 

Bunker Hill Road Dalhart TX, LP 
 North Bunker Hill Road Dalhart
TX, LP 
 Washington 
 Oasis Road Walla Walla, LLC

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