Document:

EX-10.16

 Exhibit 10.16 

AIMMUNE THERAPEUTICS, INC. 

NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM 

Non-employee members of the board of directors (the “Board”) of Aimmune Therapeutics, Inc. (the
“Company”) shall be eligible to receive cash and equity compensation as set forth in this Non-Employee Director Compensation Program (this “Program”), which is being adopted pursuant to the
Board’s resolutions on July 24, 2015. The cash and equity compensation described in this Program shall be paid or be made, as applicable, automatically and without further action of the Board, to each member of the Board who is not an
employee of the Company or any parent or subsidiary of the Company (each, a “Non-Employee Director”) who may be eligible to receive such cash or equity compensation, unless such Non-Employee Director declines the receipt
of such cash or equity compensation by written notice to the Company. This Program shall remain in effect until it is revised or rescinded by further action of the Board. This Program may be amended, modified or terminated by the Board at any time,
without advance notice, in its sole discretion. The terms and conditions of this Program shall supersede any prior cash and/or equity compensation arrangements for service as a member of the Board between the Company and any of its Non-Employee
Directors. This Program shall become effective on the date of the pricing of the initial public offering of Company common stock (the “Effective Date”). 

1. Cash Compensation. 

(a) Annual Retainers. Each Non-Employee Director shall be eligible to receive an annual retainer of $35,000 for service on the Board.

 (b) Additional Annual Retainers. In addition, a Non-Employee Director shall receive the following annual retainers: 

(i) Chairman of the Board. A Non-Employee Director serving as Chairman of the Board shall receive an additional annual retainer of
$30,000 for such service. 
 (ii) Audit Committee. A Non-Employee Director serving as Chairperson of the Audit Committee shall
receive an additional annual retainer of $20,000 for such service. A Non-Employee Director serving as a member of the Audit Committee (other than the Chairperson) shall receive an additional annual retainer of $10,000 for such service. 

(iii) Compensation Committee. A Non-Employee Director serving as Chairperson of the Compensation Committee shall receive an additional
annual retainer of $12,000 for such service. A Non-Employee Director serving as a member of the Compensation Committee (other than the Chairperson) shall receive an additional annual retainer of $6,000 for such service. 

(iv) Nominating and Corporate Governance Committee. A Non-Employee Director serving as Chairperson of the Nominating and Corporate
Governance Committee shall receive an additional annual retainer of $8,000 for such service. A Non-Employee Director serving as a member of the Nominating and Corporate Governance Committee (other than the Chairperson) shall receive an additional
annual retainer of $4,000 for such service. 
 (c) Payment of Retainers. The annual retainers described in Sections 1(a) and 1(b)
shall be earned on a quarterly basis based on a calendar quarter and shall be paid by the Company in arrears not later than the fifteenth (15th) day following the end of each calendar
quarter. In the event a Non-Employee Director does not serve as a Non-Employee Director, or in the applicable positions described in Section 1(b), for an entire calendar quarter, the retainer paid to such Non-Employee Director shall be prorated
for the portion of such calendar quarter actually served as a Non-Employee Director, or in such position, as applicable. 

 2. Equity Compensation. Non-Employee Directors shall be granted the equity awards
described below. The awards described below shall be granted under and shall be subject to the terms and provisions of the Company’s 2015 Equity Incentive Award Plan, as amended from time to time, or any other applicable Company equity
incentive plan then-maintained by the Company (in any case, the “Equity Plan”) and shall be evidenced by the execution and delivery of award agreements in substantially the forms approved by the Board from time to time. All
applicable terms of the Equity Plan apply to this Program as if fully set forth herein, and all grants of stock options hereby are subject in all respects to the terms of the Equity Plan. 

(a) Initial Awards. Each Non-Employee Director who is initially elected or appointed to the Board after the Effective Date shall
automatically be granted, on the date of such initial election or appointment, an option (an “Initial Award”) to purchase 39,510 shares of the Company’s common stock (“Shares”). No Non-Employee
Director shall be granted more than one Initial Award. 
 (b) Subsequent Awards. A Non-Employee Director who (i) has been
serving on the Board immediately prior to any annual meeting of the Company’s stockholders after the Effective Date and (ii) will continue to serve as a Non-Employee Director immediately following such meeting, shall be automatically
granted, on the date of such annual meeting, an option (a “Subsequent Award”) to purchase 19,755 Shares. 
 (c)
Termination of Service of Employee Directors. Members of the Board who are employees of the Company or any parent or subsidiary of the Company who subsequently terminate their service with the Company and any parent or subsidiary of the
Company and remain on the Board will not receive an Initial Award pursuant to Section 2(a) above, but to the extent that they are otherwise eligible, will be eligible to receive, after termination from service with the Company and any parent or
subsidiary of the Company, Subsequent Awards as described in Section 2(b) above. 
 (d) Terms of Awards Granted to Non-Employee
Directors 
 (i) Purchase Price. The per Share exercise price of each option granted to a Non-Employee Director shall equal the
Fair Market Value (as defined in the Equity Plan) of a Share on the date the option is granted. Without limiting the foregoing, Fair Market Value as of the Effective Date shall be equal to the price per Share to the public in the Company’s
initial public offering, as set forth on the cover of the final prospectus of the initial public offering of Company common stock. 
 (ii)
Vesting. Subject to Section 2(d)(iii) below, each Initial Award shall vest and become exercisable in thirty-six (36) substantially equal installments on each monthly anniversary of the date of grant, subject to the Non-Employee
Director continuing to provide services to the Company through each such vesting date. Subject to Section 2(d)(iii) below, each Subsequent Award shall vest and become exercisable in full on the earlier of the one year anniversary of the date of
grant and the next annual meeting of the Company’s stockholders after the grant date, subject to the Non-Employee Director continuing to provide services to the Company through each such vesting date. 

(iii) Accelerated Vesting. 

(A) Termination Due to Death or Disability. In the event that any Non-Employee Director incurs a Termination of Service
(as defined in the Equity Plan) due to such Non-Employee Director’s death or Disability (as defined below), each of such Non-

  
 2 

 
Employee Director’s Initial Award and Subsequent Award(s), along with any other stock options or other equity-based awards held by such Non-Employee Director, shall vest and, if applicable,
become exercisable with respect to one hundred percent (100%) of the Shares subject thereto upon such Termination of Service. For purposes of this Program, “Disability” shall mean a permanent and total disability within
the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended. 
 (B) Change in Control. In
the event that a Change in Control (as defined in the Equity Plan) occurs, each Initial Award and Subsequent Award, along with any other stock options or other equity-based awards held by any Non-Employee Director, shall vest and, if applicable,
become exercisable with respect to one hundred percent (100%) of the Shares subject thereto as of immediately prior to such Change in Control. 

(iv) Term. The term of each stock option granted to a Non-Employee Director shall be ten (10) years from the date the option is
granted. 
 3. Reimbursements. The Company shall reimburse each Non-Employee Director for all reasonable, documented, out-of-pocket
travel and other business expenses incurred by such Non-Employee Director in the performance of his or her duties to the Company in accordance with the Company’s applicable expense reimbursement policies and procedures as in effect from time to
time. 
 * * * * * 

  
 3EX-10.1

Exhibit 10.1

SECOND AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT

BETWEEN

GLADSTONE COMMERCIAL CORPORATION

AND

GLADSTONE MANAGEMENT CORPORATION

_______________________

This Second Amended and Restated Investment Advisory Agreement Between Gladstone Commercial
Corporation and Gladstone Management Corporation (this “Agreement”) is made this 24th day of July
2015, by and between Gladstone Commercial Corporation, a Maryland corporation (the “Company”), and
Gladstone Management Corporation, a Delaware corporation (the “Adviser”).

Whereas, this Agreement shall amend and restate that certain Amended and Restated Investment
Advisory Agreement Between the Company and the Adviser, dated January 1, 2007.

Whereas, the Company is a real estate investment trust organized primarily for the purpose of
investing in and owning net leased industrial and commercial rental property and selectively making
long-term mortgage loans collateralized by industrial and commercial property;

Whereas, the Adviser is an investment adviser that has registered under the Investment
Advisers Act of 1940; and

Whereas, the Company desires to retain the Adviser to furnish investment advisory services to
the Company on the terms and conditions hereinafter set forth, and the Adviser wishes to be
retained to provide such services.

Now, therefore, in consideration of the premises and for other good and valuable
consideration, the parties hereby agree as follows:

1. Duties of the Adviser.

(a) The Company hereby employs the Adviser to act as the investment adviser to the Company and
to manage the investment and reinvestment of the assets of the Company, subject to the supervision
of the Board of Directors of the Company, for the period and upon the terms herein set forth, (i)
in accordance with the investment objective, policies and restrictions that are set forth in the
Company’s Annual Reports on Form 10-K, filed with the Securities and Exchange Commission from year
to year, pursuant to Section 13 of the Securities and Exchange Act of 1934 and (ii) during the term
of this Agreement in accordance with all applicable federal and state laws, rules and regulations,
and the Company’s charter and by-laws. Without limiting the generality of the foregoing, the
Adviser shall, during the term and subject to the provisions of this Agreement, (i) determine the
composition of the portfolio of the Company, the nature and timing of the changes therein and the
manner of implementing such changes; (ii) identify, evaluate and negotiate the structure of the
investments made by the Company; (iii) close and monitor the Company’s investments; (iv) determine
the real property, securities and other assets that the Company will purchase, retain, or sell;
(v) perform due diligence on prospective portfolio companies; and (vi) provide the Company with
such other investment advisory, research and related services as the Company may, from time to
time, reasonably require for the investment of its funds. The Adviser shall have the discretion,
power and authority on behalf of the Company to effectuate its investment decisions for the
Company, including the execution and delivery of all documents relating to the Company’s
investments and the placing of orders for other purchase or sale transactions on behalf of the
Company. In the event that the Company determines to acquire debt financing, the Adviser will
arrange for such financing on the Company’s behalf, subject to the oversight and approval of the
Company’s Board of Directors. If it is necessary for the Adviser to make investments on behalf of
the Company through a special purpose vehicle, the Adviser shall have authority to create or
arrange for the creation of such special purpose vehicle and to make such investments through such
special purpose vehicle.

(b) The Adviser hereby accepts such employment and agrees during the term hereof to render the
services described herein for the compensation provided herein.

(c) The Adviser is hereby authorized to enter into one or more sub-advisory agreements with
other advisers (each, a “Sub-Adviser”) pursuant to which the Adviser may obtain the services of the
Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities hereunder. Specifically,
the Adviser may retain a Sub-Adviser to recommend specific investments based upon the Company’s
investment objective and policies, and work, along with the Adviser, in structuring, negotiating,
arranging or effecting the acquisition or disposition of such investments and monitoring
investments on behalf of the Company, subject to the oversight of the Adviser and the Company. The
Adviser, and not the Company, shall be responsible for any compensation payable to any Sub-Adviser.
Any sub-advisory agreement entered into by the Adviser shall be in accordance with the requirements
of applicable federal and state law.

(d) The Adviser shall for all purposes herein provided be deemed to be an independent
contractor and, except as expressly provided or authorized herein, shall have no authority to act
for or represent the Company in any way or otherwise be deemed an agent of the Company.

(e) The Adviser shall keep and preserve for a reasonable period any books and records relevant
to the provision of its investment advisory services to the Company and shall specifically maintain
all books and records with respect to the Company’s portfolio transactions and shall render to the
Company’s Board of Directors such periodic and special reports as the Board may reasonably request.
The Adviser agrees that all records that it maintains for the Company are the property of the
Company and will surrender promptly to the Company any such records upon the Company’s request,
provided that the Adviser may retain a copy of such records.

(f) The Adviser has adopted and implemented written policies and procedures reasonably
designed to prevent violation of the Federal Securities laws by the Adviser. The Adviser has
provided the Company, and shall provide the Company at such times in the future as the Company
shall reasonably request, with a copy of such policies and procedures.

2. Company’s Responsibilities and Expenses Payable by the Company.

All investment professionals of the Adviser and their respective staffs, when and to the
extent engaged in providing investment advisory and management services hereunder, and the
compensation and routine overhead expenses of such personnel allocable to such services, will be
provided and paid for by the Adviser and not by the Company. The Company will bear all other costs
and expenses of its operations and transactions, including (without limitation) those relating to:
organization and offering; expenses incurred by the Adviser payable to third parties, including
agents, consultants or other advisors (such as independent valuation firms, accountants and legal
counsel), in monitoring financial and legal affairs for the Company and in monitoring the Company’s
investments and performing due diligence on its real estate or prospective portfolio companies;
interest payable on debt, if any, incurred to finance the Company’s investments; offerings of the
Company’s common or preferred stock and other securities; investment advisory and management fees;
administration fees, if any, payable under the existing administration agreement between the
Company and Gladstone Administration, LLC (the “Administrator”), dated January 1, 2007 (the
“Administration Agreement”); fees payable to third parties, including agents, consultants or other
advisors, relating to, or associated with, evaluating and making investments; transfer agent and
custodial fees; federal and state registration fees; all costs of registration and listing the
Company’s shares on any securities exchange; federal, state and local taxes; independent Directors’
fees and expenses; costs of preparing and filing reports or other documents required by the
Securities and Exchange Commission; costs of any reports, proxy statements or other notices to
stockholders, including printing costs; the Company’s allocable portion of the fidelity bond,
directors and officers and errors and omissions liability insurance, and any other insurance
premiums; direct costs and expenses of administration, including printing, mailing, long distance
telephone, copying, secretarial and other staff, independent auditors and outside legal costs; and
all other expenses incurred by the Company or the Administrator in connection with administering
the Company’s business, including payments under the Administration Agreement between the Company
and the Administrator based upon the Company’s allocable portion of the Administrator’s overhead in
performing its obligations under the Administration Agreement, including rent and the allocable
portion of the cost of certain of the Company’s personnel, including, but not limited to, its chief
compliance officer, treasurer, chief financial officer, general counsel, secretary, chief valuation
officer, and their respective staffs.

3. Compensation of the Adviser.

The Company agrees to pay, and the Adviser agrees to accept, as compensation for the services
provided by the Adviser hereunder, a base management fee (“Base Management Fee”) and an incentive
fee (“Incentive Fee”) as hereinafter set forth. The Company shall make any payments due hereunder
to the Adviser or to the Adviser’s designee as the Adviser may otherwise direct.

(a) Base Management Fee.

The Base Management Fee shall equal 1.50% (thus, 0.375% per quarter) of Total Stockholders’
Equity (as defined below) per annum, which shall be calculated and payable quarterly in arrears in
cash. “Total Stockholders’ Equity” shall equal: (i) total stockholders’ equity, as reported on the
Company’s balance sheet (“Reported Stockholders’ Equity”) for the quarter, before the Base
Management Fee and Incentive Fee have been recorded, adjusted to exclude (ii) any unrealized gains
and losses that have impacted Reported Stockholders’ Equity, and also adjusted to exclude (iii) any
one-time events and certain non-cash items; provided that, with respect to subsection (iii) each
item shall be approved by the Company’s Compensation Committee. For the avoidance of doubt, the
Total Stockholders’ Equity as defined in this Agreement, may be greater or less than the Reported
Stockholders’ Equity.

(b) Incentive Fee.

The Incentive Fee is an amount, not less than zero, equal to the product of 15% and:

	 	(i)	 	the Company’s Core FFO (defined below) for the quarter, minus

	 	(ii)	 	the product of (A) 8.0% (thus, 2.0% per quarter) multiplied by
(B) (i) the Reported Stockholders’ Equity for the quarter before the Incentive
Fee has been recorded, adjusted to exclude (ii) any unrealized gains and losses
that have impacted Reported Stockholders’ Equity, and also adjusted to exclude
(iii) any one-time events and certain non-cash items, provided that with
respect to subsection (iii) each item shall be approved by the Company’s
Compensation Committee

In the event that the calculation delineated in Section 3(b) yields an Incentive Fee for a
particular quarter that exceeds by greater than 15% the average quarterly Incentive Fee paid during
the trailing four quarters (averaged over the number of quarters any Incentive Fee was paid), then
such Incentive Fee shall equal 115% of such trailing average quarterly Incentive Fee.

(c) “Core FFO”, a non- Generally Accepted Accounting Principles in the United States (“GAAP”)
measure, shall be defined as GAAP net income (loss) available to common stockholders, computed in
accordance with GAAP, excluding the Incentive Fee, depreciation and amortization, any realized and
unrealized gains, losses or other non-cash items recorded in net income (loss) available to common
stockholders for the period, and one-time events pursuant to changes in GAAP.

(d) Capital Gain Fee.

The Capital Gain Fee is a capital gains-based incentive fee that shall be determined and
payable in arrears as of the end of each fiscal year (or, for an abbreviated time period as of the
effective date of any termination of this Agreement).  The Capital Gain Fee shall equal 15% of the
aggregate realized capital gains minus the aggregate realized capital losses for the applicable
time period.  Realized capital gains and realized capital losses are calculated by subtracting from
the sales price of a property: (a) any costs incurred to sell such property, and (b) the current
gross value of the property (meaning the property’s original acquisition price plus any subsequent
non-reimbursed capital improvements thereon).  In the event that the aggregate realized capital
gains exceed the aggregate realized capital losses for the applicable time period, the Capital Gain
Fee for such time period shall equal 15% of such positive amount; provided that a Capital Gain Fee
shall only be paid for an applicable time period to the extent that doing so would not violate any
distribution payment covenant in a then-existing line of credit to the Company.

4. Limitations on the Employment of the Adviser.

The services of the Adviser to the Company are not exclusive, and the Adviser may engage in
any other business or render similar or different services to others including, without limitation,
the direct or indirect sponsorship or management of other investment based accounts or commingled
pools of capital, however structured, having investment objectives similar to those of the Company,
so long as its services to the Company hereunder are not impaired thereby, and nothing in this
Agreement shall limit or restrict the right of any manager, partner, officer or employee of the
Adviser to engage in any other business or to devote his or her time and attention in part to any
other business, whether of a similar or dissimilar nature, or to receive any fees or compensation
in connection therewith (including fees for serving as a director of, or providing consulting
services to, one or more of the Company’s portfolio companies, subject to applicable law). So long
as this Agreement or any extension, renewal or amendment remains in effect, the Adviser shall be
the only investment adviser for the Company, subject to the Adviser’s right to enter into
sub-advisory agreements. The Adviser assumes no responsibility under this Agreement other than to
render the services called for hereunder. It is understood that directors, officers, employees and
stockholders of the Company are or may become interested in the Adviser and its affiliates, as
directors, officers, employees, partners, stockholders, members, managers or otherwise, and that
the Adviser and directors, officers, employees, partners, stockholders, members and managers of the
Adviser and its affiliates are or may become similarly interested in the Company as stockholders or
otherwise.

5. Responsibility of Dual Directors, Officers or Employees.

If any person who is a manager, partner, officer or employee of the Adviser or the
Administrator is or becomes a director, officer or employee of the Company and acts as such in any
business of the Company, then such manager, partner, officer or employee of the Adviser or the
Administrator shall be deemed to be acting in such capacity solely for the Company, and not as a
manager, partner, officer or employee of the Adviser or the Administrator or under the control or
direction of the Adviser or the Administrator, even if employed by the Adviser or the
Administrator.

6. Limitation of Liability of the Adviser: Indemnification.

The Adviser (and its officers, managers, partners, agents, employees, controlling persons,
members and any other person or entity affiliated with the Adviser, including without limitation
the Administrator) shall not be liable to the Company for any action taken or omitted to be taken
by the Adviser in connection with the performance of any of its duties or obligations under this
Agreement or otherwise as an investment adviser of the Company, and the Company shall indemnify,
defend and protect the Adviser (and its officers, managers, partners, agents, employees,
controlling persons, members and any other person or entity affiliated with the Adviser, including
without limitation its general partner and the Administrator, each of whom shall be deemed a third
party beneficiary hereof) (collectively, the “Indemnified Parties”) and hold them harmless from and
against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and
amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any
pending, threatened or completed action, suit, investigation or other proceeding (including an
action or suit by or in the right of the Company or its security holders) arising out of or
otherwise based upon the performance of any of the Adviser’s duties or obligations under this
Agreement or otherwise as an investment adviser of the Company. Notwithstanding the preceding
sentence of this Section 6 to the contrary, nothing contained herein shall protect or be deemed to
protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties
to indemnification in respect of, any liability to the Company or its security holders to which the
Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross
negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of the
Adviser’s duties and obligations under this Agreement.

7. Termination of Agreement.

This Agreement may be terminated at any time upon 120 days’ prior written notice, after the
vote of at least two-thirds of the independent directors of the Company for any reason
(“Termination Without Cause”). In the event of Termination Without Cause, a termination fee equal
to two times the sum of the average annual Base Management Fee and Incentive Fee earned by the
Adviser during the 24-month period prior to the effective date of such termination (the
“Termination Fee”).

This Agreement may be terminated effective upon 30 days prior written notice by the vote of at
least two-thirds of the independent directors of the Company without payment of the Termination Fee
if the termination is for Cause. “Cause” shall occur if (i) the Adviser breaches any material
provision of this Agreement and such breach shall continue for a period of 30 days after written
notice thereof specifying such breach and requesting that the same be remedied in the such 30-day
period, (ii) there is a commencement of any proceeding relating to the Adviser’s bankruptcy or
insolvency, including an order for relief in an involuntary bankruptcy case or the Advisor
authorizing or filing a voluntary bankruptcy petition (iii) the Adviser dissolves, (iv) the Adviser
commits fraud against the Company or misappropriates or embezzles funds of the Company and in each
case a court of competent jurisdiction enters a judgement against the Adviser; provided, however,
that if any of the actions or omissions described in this clause (iv) are caused by an employee,
personnel and/or officer of the Adviser and the Adviser commences action against such person to
cure the damage caused by such actions or omissions within 90 days of the Adviser’s actual
knowledge of its commission or omission, the Company shall not have the right to terminate this
Agreement for Cause.

The Adviser may terminate this Agreement effective upon 60 days prior written notice of
termination to the Company in the event that the Company shall default in the performance or
observance of any material term, condition or covenant contained in this Agreement and such default
shall continue for a period of 30 days after written notice thereof specifying such default and
requesting that the same be remedied in such 30-day period.  The Company is required to pay to the
Adviser the Termination Fee if the termination of this Agreement is made pursuant to this
paragraph.

The provisions of Section 6 of this Agreement shall remain in full force and effect, and the
Adviser and its representatives shall remain entitled to the benefits thereof, notwithstanding any
termination or expiration of this Agreement. Further, notwithstanding any termination or
expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under
Section 3 through the effective date of termination or expiration.

8. Assignment.

This Agreement is not assignable or transferable by either party hereto without the prior
written consent of the other party.

9. Amendments.

This Agreement may be amended by mutual consent.

10. Notices.

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed,
postage prepaid, to the other party at its principal office.

11. Entire Agreement; Governing Law.

This Agreement contains the entire agreement of the parties and supersedes all prior
agreements, understandings and arrangements with respect to the subject matter hereof. This
Agreement shall be construed in accordance with the laws of the State of Delaware.

12. Effectiveness.

All fees and calculations contemplated hereunder for the quarter ending September 30, 2015,
shall be calculated as if this Agreement was effective as of July 1, 2015.

In Witness Whereof, the parties hereto have caused this Agreement to be duly executed on the date
above written.

Gladstone Commercial Corporation

By: /s/ Bob Cutlip

Bob Cutlip

President

Gladstone Management Corporation

By: /s/ David Gladstone

David Gladstone

Chairman and Chief Executive Officer

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