Document:

EX-10.1

 Exhibit 10.1 

SECOND AMENDMENT 
 TO

 SECOND AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 GLADSTONE COMMERCIAL
LIMITED PARTNERSHIP 

This SECOND AMENDMENT TO SECOND AMENDED 
AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP (this “Amendment”) is entered into and effective as of this 20th day of February,
2020. Capitalized terms used herein and not defined herein shall have the meanings ascribed thereto in the Second Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of July 11, 2018, as amended by the First
Amendment to the Second Amended and Restated Agreement of Limited Partnership, dated as of December 2, 2019 (collectively, the “Partnership Agreement”). 

W I T N E S S E T H: 

WHEREAS, Gladstone Commercial Limited Partnership (the “Partnership”), was formed as a limited partnership
under the laws of the State of Delaware, pursuant to a Certificate of Limited Partnership filed with the Office of the Secretary of State of the State of Delaware effective as of May 28, 2003; and 

WHEREAS, GCLP Business Trust II, a Massachusetts business trust (the “General Partner”), is the sole general
partner of the Partnership; 
 WHEREAS, Gladstone Commercial Corporation, a Maryland corporation (the
“Parent”), is the sole member of the General Partner; 
 WHEREAS, pursuant to Section 4.03 of the
Partnership Agreement, the General Partner is permitted to cause the Partnership to issue additional Partnership Units, for any Partnership purpose, at any time or from time to time, to the Partners (including the Parent) or to other Persons, for
such consideration and on such terms and conditions as shall be established by the General Partner and such additional Partnership Units may be issued in one or more classes, or one or more series of any of such classes, with such designations,
preferences and relative participating, optional or other special rights, powers and duties as shall be determined by the General Partner and set forth in a written document thereafter attached to and made an exhibit to the Partnership Agreement (a
“Partnership Unit Designation”); 
 WHEREAS, pursuant to Section 15.15 of the Partnership Agreement, the
Partnership Agreement may be amended by the General Partner without the consent of the Limited Partners to set forth the designations, preferences or other rights, voting powers, restrictions, limitations as to distributions, qualifications or terms
or conditions of redemption of the holders of any additional Partnership Units and to issue additional Partnership Interests in accordance with Section 4.03; 

WHEREAS, the General Partner desires to establish a new series of Preferred Units, which shall be referred to as “Series F
Preferred Units”, and to amend the Partnership Agreement, pursuant to, and in accordance with, the Partnership Agreement, for the purpose of setting forth the rights and preferences of the Series F Preferred Units. 

NOW, THEREFORE, the General Partner has set forth in this Amendment and in the related Partnership Unit Designation to be attached to
and made Exhibit SFP to the Partnership Agreement the preferences and other rights, voting powers, restrictions, limitations as to payments, qualifications and terms and conditions of conversion and redemption of the Series
F Preferred Units. 

 1. Terms of Series F Preferred Units. 

(a) In making distributions pursuant to Article V of the Partnership Agreement and allocations pursuant to Article VI of the Partnership
Agreement, the General Partner shall take into account the provisions of Exhibit SFP. 
 2. Distributions on
Winding Up. Article XIII of the Partnership Agreement shall be amended by deleting the existing Section 13.02(a)(iv) and adding the following new Section 13.02(a)(iv): 

“Fourth, to the holders of Series D Preferred Units, Series E Preferred Units and Series F Preferred Units, in accordance with the terms
of Exhibit SDP, Exhibit SEP and Exhibit SFP.” 
 3.
Exhibits. The Partnership Agreement is hereby supplemented by adding after Exhibit SEP to the Partnership Agreement the following new Exhibit SFP to the Partnership Agreement: 

 EXHIBIT SFP 

PARTNERSHIP UNIT DESIGNATION 

DESIGNATION OF 
 6.00%
SERIES F CUMULATIVE REDEEMABLE PREFERRED UNITS 
 Reference is made to the Second Amended and Restated Agreement of Limited Partnership,
as amended (the “Partnership Agreement”), of Gladstone Commercial Limited Partnership, a Delaware limited partnership (the “Partnership”), of which this Partnership Unit Designation shall become a
part. 
 Capitalized terms used herein and not defined herein shall have the meanings ascribed thereto in the Partnership Agreement. Section
references are (unless otherwise specified) references to sections in this Partnership Unit Designation. 
 The General Partner has set
forth in this Partnership Unit Designation the following description of the preferences and other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption of a class and series of
Partnership Interests to be represented by Partnership Units which are designated as the “6.00% Series F Cumulative Redeemable Preferred Units”: 

1. Designation and Number. A series of Partnership Units in the Partnership, designated as the “6.00% Series F Cumulative
Redeemable Preferred Units” (the “Series F Preferred Units”), is hereby established. The number of Series F Preferred Units shall be 26,000,000. 

2. Rank. Series F Preferred Units will, with respect to distribution rights and rights upon liquidation of the Partnership, rank
(a) senior to the OP Units, and to all other classes and series of Units ranking junior to Series F Preferred Units with respect to distribution rights or rights upon liquidation of the Partnership; (b) on a parity with the Series D
Preferred Units and Series E Preferred Units, and any other Preferred Parity Units with respect to distribution rights and rights upon liquidation of the Partnership; (c) junior to all classes and series of Units issued by the Partnership, the
terms of which specifically provide that such Units rank senior to Series F Preferred Units with respect to distribution rights and rights upon liquidation of the Partnership; and (d) junior to all existing and future indebtedness of the
Partnership. 
 3. Voting. Holders of Series F Preferred Units shall not have any voting rights, except with respect to those matters
required by law. 
 4. Nonliquidating Distributions. Except as otherwise provided in Sections 5 and 6 of this
Partnership Unit Designation: 
 (a) Holders of Series F Preferred Units shall be entitled to receive, when and as authorized by the General
Partner and declared by the Partnership out of funds of the Partnership legally available for payment, preferential cumulative cash distributions at the rate of 6.00% per annum of the $25.00 liquidation preference per Series F Preferred Unit
(equivalent to a fixed annual amount of $1.50 per Series F Preferred Unit). Distributions on the Series F Preferred Units shall be cumulative from (but excluding) the last day of the Parent’s most recent dividend period for which dividends have
been paid by the Parent or, if no dividends have been paid by the Parent, from the date of issuance and shall be payable monthly in arrears on or about the 5th day of each month for dividends
accrued the previous month, or such other date as designated by the General Partner. Any distribution payable on the Series F Preferred Units for any distribution period will be computed on the basis of a
360-day year consisting of twelve 30-day months. Distributions will be payable to holders of record as they appear in the records of the Partnership at the close
of business on the applicable record date, which shall be such date designated by the General Partner that is prior to the applicable distribution payment date. 

 (b) No distribution on Series F Preferred Units shall be authorized by the General Partner
or declared or paid or set apart for payment by the Partnership at such time as the terms and provisions of any agreement of the General Partner, the Parent or the Partnership, including any agreement relating to the indebtedness of any of them,
prohibits such declaration, payment or setting apart for payment or provides that such declaration, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such declaration or payment shall be restricted
or prohibited by law. 
 (c) Notwithstanding the foregoing, distributions on Series F Preferred Units will accrue whether or not the
Partnership has earnings, whether or not there are funds legally available for the payment of such distributions, whether or not such distributions are declared and whether or not such distributions are prohibited by agreement. Except as set forth
in the next sentence, no distributions will be declared or paid or set apart for payment on Preferred Parity Units, OP Units or other Partnership Units ranking junior to Series F Preferred Units with respect to distribution rights or rights upon
liquidation of the Partnership, for any period unless full cumulative distributions have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof is set apart for such payment on Series F Preferred
Units for all past distribution periods and the then current distribution period. When distributions are not paid in full (or a sum sufficient for such full payment is not so set apart) upon Series F Preferred Units and other Preferred Parity Units,
all distributions declared upon Series F Preferred Units and other Preferred Parity Units shall be declared pro rata so that the amount of distributions declared per Series F Preferred Unit and other Preferred Parity Unit shall in all cases bear to
each other the same ratio that accumulated distributions per Series F Preferred Unit and other Preferred Parity Unit (which shall not include any accumulation in respect of unpaid distributions for prior distribution periods with respect to any
Preferred Parity Units that are not entitled to cumulative distributions) bear to each other. 
 (d) Except as provided in the immediately
preceding paragraph, unless full cumulative distributions on Series F Preferred Units have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof is set apart for payment for all past distribution
periods and the then current distribution period, no distributions (other than in OP Units or other Partnership Units ranking junior to Series F Preferred Units with respect to distribution rights or rights upon liquidation of the Partnership) shall
be declared or paid or set aside for payment upon any Preferred Parity Units, OP Units or other Partnership Units ranking junior to Series F Preferred Units with respect to distribution rights or rights upon liquidation of the Partnership, nor shall
any Preferred Parity Units, OP Units or other Partnership Units ranking junior to Series F Preferred Units with respect to distribution rights or rights upon liquidation of the Partnership be redeemed, purchased or otherwise acquired for any
consideration (or any moneys be paid to or made available for a sinking fund for the redemption of any such Preferred Parity Units, OP Units or other Partnership Units ranking junior to Series F Preferred Units with respect to distribution rights or
rights upon liquidation of the Partnership) by the Partnership (except (i) by conversion into or exchange for OP Units or other Partnership Units ranking junior to Series F Preferred Units with respect to distribution rights and rights upon
liquidation of the Partnership, (ii) in connection with the redemption, purchase or acquisition of equity securities under incentive, benefit or share purchase plans of the Parent for officers, directors or employees or others performing or
providing similar services, or (iii) by other redemption, purchase or acquisition of such equity securities by the Parent for the purpose of preserving the Parent’s ability to qualify to be taxed as a REIT). Nothing in this paragraph shall
be construed to prohibit the Parent from acquiring OP Units pursuant to Section 8.06(b) of the Partnership Agreement. 
 (e) Holders of
Series F Preferred Units shall not be entitled to any distribution in excess of full cumulative distributions on Series F Preferred Units as provided above. Any distribution made on Series F Preferred Units shall first be credited against the
earliest accrued but unpaid distribution due with respect to such shares which remains payable. No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment or payments on Series F Preferred Units which
may be in arrears. 

 (f) In determining whether a distribution (other than upon voluntary or involuntary
liquidation), redemption or other acquisition of the Partnership Units or otherwise is permitted under Delaware law, no effect shall be given to the amounts that would be needed, if the Partnership were to be liquidated at the time of the
distribution, to satisfy the preferential rights upon distribution of holders of Partnership Units whose preferential rights are superior to those receiving the distribution. 

(g) This Section 4 is intended to provide the Holder of a Series F Preferred Unit with the same entitlement to
periodic distributions per Series F Preferred Unit as a holder of a share of 6.00% Series F Cumulative Redeemable Preferred Stock, par value $0.001 per share, of the Parent (“Series F Preferred Stock”) and shall be interpreted
consistently therewith. 
 5. Liquidation Preference. 

(a) Upon any liquidation of the Partnership, the holders of Series F Preferred Units are entitled to be paid out of the assets of the
Partnership legally available for distribution to its Partners a liquidation preference equal to the sum of (i) $25.00 per Series F Preferred Unit, and (ii) an amount equal to all accumulated and unpaid distributions up to and including the
date of the redemption, in cash or property at its fair market value as determined by the General Partner before any distribution of assets is made with respect to OP Units or other Partnership Units ranking junior to Series F Preferred Units with
respect to distribution rights or rights upon liquidation of the Partnership. 
 (b) If upon any liquidation of the Partnership, the assets
of the Partnership, or proceeds thereof, distributable among the holders of Series F Preferred Units shall be insufficient to pay in full the preferential amount and liquidating payments on any other class or series of Preferred Parity Units, then
such assets, or the proceeds thereof, shall be distributed among the holders of Series F Preferred Units and any such other Preferred Parity Units ratably in the same proportion as the respective amounts that would be payable on such Series F
Preferred Units and any such other Preferred Parity Units if all amounts payable thereon were paid in full. 
 (c) Written notice of any
such liquidation of the Partnership, stating the payment date or dates when, and the place or places where, the amounts distributable in such circumstances shall be payable, shall be given by first class mail, postage
pre-paid, not less than 30 nor more than 60 days prior to the payment date stated therein, to each holder of Series F Preferred Units at the respective addresses of such holders as the same shall appear on the
records of the Partnership. 
 (d) Upon the liquidation of the Partnership, after payment shall have been made in full in respect of the
Series F Preferred Units, the holders of Series F Preferred Units shall not be entitled to receive any further amounts in respect of Series F Preferred Units. 

(e) None of a consolidation or merger of the Partnership with or into another entity, a merger of another entity with or into the Partnership,
a sale, lease or conveyance of all or substantially all of the Partnership’s property shall be considered a liquidation of the affairs of the Partnership for purposes of this Section 5. 

6. Redemption. In the event that shares of Series F Preferred Stock are redeemed for cash in accordance with the governing documents of
the Parent, then, concurrently therewith, an equivalent number of Series F Preferred Units held by the Parent shall be automatically redeemed for the same amount of cash paid with respect to the redeemed shares of Series F Preferred Stock. Any such
redemption of Series F Preferred Units will be effective at the same time as the redemption of the corresponding shares of Series F Preferred Stock. 

 7. No Conversion. Series F Preferred Units are not convertible into or exchangeable
for any other securities or property. 
 8. No Maturity or Sinking Fund. The Series F Preferred Units have no maturity date. No
sinking fund has been established for the retirement or redemption of Series F Preferred Units. 
 [Signature Page Follows.]

 IN WITNESS WHEREOF, GCLP Business Trust, as the sole general partner of the
Partnership, has executed this Amendment as of the date first written above, and the Partnership Agreement is hereby amended by giving effect to the terms set forth herein as of such date. 

 

			
	GENERAL PARTNER:
	
	GCLP Business Trust II

 
			
		
	By:	 	/s/ David J. Gladstone

 
			
	Name:	 	David J. Gladstone
	Title:	 	Trustee

 
			
		
	By:	 	/s/ Robert Cutlip

 
			
	Name:	 	Robert Cutlip
	Title:	 	Trustee

 
			
		
	By:	 	/s/ Michael Sodo

 
			
	Name:	 	Michael Sodo
	Title:	 	Trustee

 Signature Page to Second Amendment to Second Amended and Restated Agreement of Limited Partnership of

 Gladstone Commercial Limited PartnershipEX-10.2

 Exhibit 10.2 

SUBSCRIPTION ESCROW AGREEMENT 

THIS SUBSCRIPTION ESCROW AGREEMENT, dated as of February 20, 2020 (this “Agreement”), is entered into
between Gladstone Commercial Corporation (the “Company”) and UMB Bank, National Association, a national banking association, as escrow agent (the “Escrow Agent”). 

WHEREAS, the Company intends to raise cash funds from Investors (as defined below) pursuant to a public offering (the
“Offering”) of up to 26,000,000 shares of our Series F Preferred Stock, par value $0.001 per share, having a purchase price of $25.00 per share (for an aggregate offering amount of $650,000,000) (the “Securities”),
pursuant to the registration statement on Form S-3 of the Company (No. 333-236143) (as amended, the “Offering Document”); 

WHEREAS, the Escrow Agent is willing to accept appointment as escrow agent only for the express duties set forth herein. 

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto,
intending to be legally bound, hereby agree as follows: 
 1. Proceeds to be Escrowed. Subject to the Escrow Agent’s prior
receipt of all required documentation necessary to comply with the Bank Secrecy Act, the Company shall establish an escrow account with the Escrow Agent to be invested in accordance with Section 7 entitled “ESCROW
ACCOUNT FOR THE BENEFIT OF INVESTORS OF SHARES OF GLADSTONE COMMERCIAL CORP.” (including such abbreviations as are required for the Escrow Agent’s systems) (the “Escrow Account”). All checks, wire transfers and other funds
received from subscribers of Securities via “Direct Registration Settlement” (as described in the Offering Document) (“Investors”) in payment for the Securities (“Investor Funds”) will be delivered to the
Escrow Agent within one business day following the day upon which such Investor Funds are received by the Company or its agents, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent. During the term of this
Agreement, the Company or its agents shall cause all checks received by and made payable to it for payment for the Securities to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account. 

The initial escrow period shall commence upon the effectiveness of this Agreement and shall continue until the Termination Date (as defined in
Section 4). The Escrow Account shall not be an interest-bearing account. 
 The Escrow Agent shall have no duty to make any
disbursement, investment or other use of Investor Funds until and unless it has good and collected funds. If any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the
Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or
responsibility to enforce collection of any check delivered to it hereunder. 

 2. Investors. Investors will be instructed by the dealer manager for the Offering, Gladstone
Securities, LLC (the “Dealer Manager”) or any soliciting dealers retained by the Dealer Manager (the “Soliciting Dealers”) to remit the purchase price in the form of checks (“instruments of
payment”) payable to the order of, or funds wired in favor of, “UMB BANK, N.A., ESCROW AGENT FOR GLADSTONE COMMERCIAL CORP.” Any checks made payable to a party other than the Escrow Agent shall be sent to the Company or returned
to the Soliciting Dealer that submitted the check. 
 If any subscription agreement for the purchase of Securities solicited by a Soliciting
Dealer is rejected by the Company, then the subscription agreement and check for the purchase of Securities will be returned to the rejected subscriber within ten business days from the date of rejection. The Company shall provide any necessary
documentation to the Escrow Agent as the Escrow Agent may request, upon which it may rely, to enable the Escrow Agent to return amounts to rejected subscribers. 

All Investor Funds deposited in the Escrow Account shall not be subject to any liens or charges by the Company or the Escrow Agent, or
judgments or creditors’ claims against the Company, until and unless released to the Company as hereinafter provided. The Company understands and agrees that the Company shall not be entitled to any Investor Funds on deposit in the Escrow
Account and no such funds shall become the property of the Company, or any other entity except as released to the Company pursuant to Section 3. The Escrow Agent will not use the information provided to it by the Company
for any purpose other than to fulfill its obligations as Escrow Agent hereunder. The Escrow Agent will treat all Investor information as confidential; provided the Escrow Agent may disclose Investor information to the extent required to a
supervisory or governmental authority or a self-regulatory organization in the course of any examination, inquiry, or audit of the Escrow Agent or any of its representatives or businesses or as otherwise required by law; provided further, the Escrow
Agent shall, to the extent permitted by law, promptly notify the Company of the existence, terms and circumstances surrounding such disclosure request, so that the Company may seek an appropriate protective order or other remedy, at its sole
expense. 
 3. Disbursement of Funds. The Escrow Agent, upon receipt of Escrow Release Notice, attached hereto as Exhibit C, shall
periodically transfer any portion of the Investor Funds to the Company or such other parties as set forth in the applicable Escrow Release Notice. The Escrow Agent shall effect such transfer by the close of business on the date the Escrow Agent
receives the applicable Escrow Release Notice; provided, however, if the Escrow Agent receives the applicable Escrow Release Notice after 2pm Central Time, then the Escrow Agent shall effect such transfer by the close of business on
the next succeeding business day. If the Escrow Agent has not previously received an Escrow Release Notice by the Termination Date, the Escrow Agent shall return any Investor Funds held to the Investors. Notwithstanding the foregoing, except for a
return of Investor Funds to the applicable Investor, the Escrow Agent shall not transfer Investor Funds to any party until after it has received an executed and valid IRS Form W-9, or valid substitute thereto,
from such party. 

  
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 4. Term of Escrow. The “Termination Date” shall be the earliest of:
(a) all funds held in the Escrow Account are distributed to the Company or to Investors pursuant to Section 3 and the Company has informed the Escrow Agent in writing to close the Escrow Account; (b) the date the
Escrow Agent receives written notice from the Company that it is abandoning the sale of the Securities; and (c) the date the Escrow Agent receives written notice from the Securities and Exchange Commission or any other federal or state
regulatory authority that a stop or similar order has been issued with respect to the Offering Document and has remained in effect for at least 20 days. After the Termination Date, the Company and its agents shall not deposit, and the Escrow Agent
shall not accept, any additional amounts representing payments by prospective Investors. 
 5. Duty and Liability of the Escrow Agent. The
sole duty of the Escrow Agent shall be to receive Investor Funds and subscription agreements and hold them subject to release, in accordance herewith, and the Escrow Agent shall be under no duty to determine whether the Company, the Dealer Manager
or any Soliciting Dealer is complying with requirements of this Agreement, the Offering or applicable securities or other laws in tendering the Investor Funds to the Escrow Agent. No other agreement entered into between the parties, or any of them,
shall be considered as adopted or binding, in whole or in part, upon the Escrow Agent notwithstanding that any such other agreement may be referred to herein or deposited with the Escrow Agent or the Escrow Agent may have knowledge thereof,
including specifically but without limitation the Offering Document or any other document related to the Offering (including the subscription agreement and exhibits thereto), and the Escrow Agent’s rights and responsibilities shall be governed
solely by this Agreement. The Escrow Agent shall not be responsible for or be required to enforce any of the terms or conditions of the Offering Document or any other document related to the Offering (including the subscription agreement and
exhibits thereto) or other agreement between the Company and any other party. The Escrow Agent may conclusively rely upon and shall be protected in acting upon any statement, certificate, notice, request, consent, order or other document believed by
it to be genuine and to have been signed or presented by the proper party or parties. The Escrow Agent shall have no duty or liability to verify any such statement, certificate, notice, request, consent, order or other document, and its sole
responsibility shall be to act only as expressly set forth in this Agreement. Concurrent with the execution of this Agreement, the Company shall deliver to the Escrow Agent an authorized signers form in the form of Exhibit A or Exhibit A-1 to this Agreement, as applicable. The Escrow Agent shall be under no obligation to institute or defend any action, suit or proceeding in connection with this Agreement unless first indemnified to its
satisfaction. The Escrow Agent may consult counsel of its own choice with respect to any question arising under this Agreement and the Escrow Agent shall not be liable for any action taken or omitted in good faith upon advice of such counsel. The
Escrow Agent shall not be liable for any action taken or omitted by it in good faith except to the extent that a court of competent jurisdiction determines that the Escrow Agent’s gross negligence or willful misconduct was the primary cause of
loss. The Escrow Agent is acting solely as escrow agent hereunder and owes no duties, covenants or obligations, fiduciary or otherwise, to any other person by reason of this Agreement, except as otherwise stated herein, and no implied duties,
covenants or obligations, fiduciary or otherwise, shall be read into this Agreement against the Escrow Agent. If any disagreement between any of the parties to this Agreement, or between any of them and any other person, including any Investor,
resulting in adverse claims or demands being made in connection with the matters covered by this Agreement, or if the Escrow Agent is in doubt as to what action it should take hereunder, the Escrow Agent may, at its option, refuse to comply with any
claims or demands on it, or refuse to take any other action hereunder, so long as such disagreement continues or such doubt exists, and in any such event, the Escrow Agent shall not be or become liable in any way or to any person for its failure or
refusal to act, and the Escrow Agent shall be entitled to 

  
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continue so to refrain from acting until (a) the rights of all interested parties shall have been fully and finally adjudicated by a court of competent jurisdiction, or (b) all
differences shall have been adjudged and all doubt resolved by agreement among all of the interested persons, and the Escrow Agent shall have been notified thereof in writing signed by all such persons. Notwithstanding the foregoing, the Escrow
Agent may in its discretion obey the order, judgment, decree or levy of any court, whether with or without jurisdiction and the Escrow Agent is hereby authorized in its sole discretion to comply with and obey any such orders, judgments, decrees or
levies. If any controversy should arise with respect to this Agreement the Escrow Agent shall have the right, at its option, to institute an interpleader action in any court of competent jurisdiction to determine the rights of the parties. IN NO
EVENT SHALL THE ESCROW AGENT BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL LOSSES OR DAMAGES OF ANY KIND WHATSOEVER (INCLUDING WITHOUT LIMITATION LOST PROFITS), EVEN IF THE ESCROW AGENT HAS BEEN ADVISED OF THE
POSSIBILITY OF SUCH LOSSES OR DAMAGES AND REGARDLESS OF THE FORM OF ACTION. The parties hereto agree that the Escrow Agent has no role in the preparation of the Offering Document (including the subscription agreement and other exhibits thereto) and
makes no representations or warranties with respect to the information contained therein or omitted therefrom. The Escrow Agent shall have no obligation, duty or liability with respect to compliance with any federal or state securities, disclosure
or tax laws concerning the Offering Document or any other document related to the Offering (including the subscription agreement and other exhibits thereto) or the issuance, offering or sale of the Securities. The Escrow Agent shall have no duty or
obligation to monitor the application and use of the Investor Funds once transferred to the Company, that being the sole obligation and responsibility of the Company. 

6. Escrow Agent’s Fee. The Escrow Agent shall be entitled to compensation for its services as stated in the fee schedule attached hereto as
Exhibit B, which compensation shall be paid by the Company. The fee agreed upon for the services rendered hereunder is intended as full compensation for the Escrow Agent’s services as contemplated by this Agreement; provided, however,
that if (a) the conditions for the disbursement of funds under this Agreement are not fulfilled, (b) the Escrow Agent renders any material service not contemplated in this Agreement, (c) there is any assignment of interest in the
subject matter of this Agreement, (d) there is any material modification hereof, (e) any material controversy arises hereunder, or (f) the Escrow Agent is made a party to any litigation pertaining to this Agreement or the subject
matter hereof, then the Escrow Agent shall be reasonably compensated for such extraordinary services and reimbursed for all costs and expenses, including reasonable attorney’s fees, occasioned by any delay, controversy, litigation or event, and
the same shall be recoverable from the Company. The Company’s obligations under this Section 6 shall survive the resignation or removal of the Escrow Agent and the assignment or termination of this Agreement. 

7. Investment of Investor Funds. Investor Funds shall be deposited in the Escrow Account in accordance with Section 1
and held un-invested in the Escrow Account, which shall be non-interest bearing. 

8. Notices. All notices, requests, demands, and other communications under this Agreement shall be in writing and shall be deemed to have been
duly given (a) on the date of service if served personally on the party to whom notice is to be given, (b) on the day of transmission if sent by facsimile/email transmission bearing an authorized signature to the

  
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facsimile number/email address given below, and written confirmation of receipt is obtained promptly after completion of transmission, (c) on the day after delivery to Federal Express or
similar overnight courier or the Express Mail service maintained by the United States Postal Service, or (d) on the fifth day after mailing, if mailed to the party to whom notice is to be given, by first class mail, registered or certified,
postage prepaid, and properly addressed, return receipt requested, to the party as follows: 
 If to the Company: 

Mike Sodo 
 Chief Financial Officer 

Gladstone Commercial Corporation 
 1521 Westbranch Drive 

McLean, VA 22102 
 If to Escrow Agent: 

UMB Bank, National Association 
 1010 Grand Blvd. 4th Floor 
 Mail Stop: 1020409 

Kansas City, Missouri 64106 
 Attention: Lara Stevens, Corporate
Trust & Escrow Services Dept. 
 Telephone: (816) 860-3017 

Fax: (816) 860-3029 

Email: lara.stevens@umb.com 
 Any party may change its address
for purposes of this Section by giving the other party written notice of the new address in the manner set forth above. 
 9. Indemnification of
Escrow Agent. The Company hereby agrees to indemnify, defend and hold harmless the Escrow Agent from and against, any and all losses, liabilities, costs, damages and expenses, including, without limitation, reasonable counsel fees and expenses,
which the Escrow Agent may suffer or incur by reason of any action, claim or proceeding brought against the Escrow Agent arising out of or relating in any way to this Agreement or any transaction to which this Agreement relates unless such loss,
liability, cost, damage or expense is finally determined by a court of competent jurisdiction to have been primarily caused by the gross negligence or willful misconduct of the Escrow Agent. The terms of this Section shall survive the termination of
this Agreement and the resignation or removal of the Escrow Agent. 
 10. Successors and Assigns. Except as otherwise provided in this
Agreement, no party hereto shall assign this Agreement or any rights or obligations hereunder without the prior written consent of the other parties hereto and any such attempted assignment without such prior written consent shall be void and of no
force and effect. This Agreement shall inure to the benefit of and shall be binding upon the successors and permitted assigns of the parties hereto. Any corporation or association into which the Escrow Agent may be converted or merged, or with which
it may be consolidated, or to which it may sell or transfer all or substantially all of its corporate trust business and assets as a whole or substantially as a whole, or any corporation or 

  
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association resulting from any such conversion, sale, merger, consolidation or transfer to which the Escrow Agent is a party, shall be and become the successor Escrow Agent under this Agreement
and shall have and succeed to the rights, powers, duties, immunities and privileges as its predecessor, without the execution or filing of any instrument or paper or the performance of any further act. 

11. Governing Law; Jurisdiction. This Agreement shall be construed, performed, and enforced in accordance with, and governed by, the internal
laws of the State of Delaware, without giving effect to the principles of conflicts of laws thereof. 
 12. Severability. If any provision of
this Agreement is declared by any court or other judicial or administrative body to be null, void, or unenforceable, said provision shall survive to the extent it is not so declared, and all of the other provisions of this Agreement shall remain in
full force and effect. 
 13. Amendments; Waivers. This Agreement may be amended or modified, and any of the terms, covenants,
representations, warranties, or conditions hereof may be waived, only by a written instrument executed by the parties hereto, or in the case of a waiver, by the party waiving compliance. Any waiver by any party of any condition, or of the breach of
any provision, term, covenant, representation, or warranty contained in this Agreement, in any one or more instances, shall not be deemed to be nor construed as further or continuing waiver of any such condition, or of the breach of any other
provision, term, covenant, representation, or warranty of this Agreement. The Company agrees that any requested waiver, modification or amendment of this Agreement shall be consistent with the terms of the Offering. 

14. Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the escrow
contemplated hereby and supersedes and replaces all prior and contemporaneous agreements and understandings, oral or written, with regard to such escrow. 

15. Section Headings. The section headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation
of this Agreement. 
 16. Counterparts. This Agreement may be executed (including by facsimile transmission) with counterpart signature pages
or in counterparts, each of which shall be deemed an original, but all of which shall constitute the same instrument. Copies, telecopies, facsimiles, electronic files and other reproductions of original executed documents shall be deemed to be
authentic and valid counterparts of such original documents for all purposes, including the filing of any claim, action or suit in the appropriate court of law. The parties hereto agree that the transactions described herein may be conducted and
related documents may be stored by electronic means. 
 17. Resignation. The Escrow Agent may resign upon 30 days’ advance written notice
to the parties hereto. If a successor escrow agent is not appointed by the Company within the 30-day period following such notice, the Escrow Agent may petition any court of competent jurisdiction to name a
successor escrow agent, or may interplead the Investor Funds with such court, whereupon the Escrow Agent’s duties hereunder shall terminate. 

  
 6 

 18. References to Escrow Agent. Other than the Offering Document, any of the other documents
related to the Offering (including the subscription agreement and exhibits thereto) and any amendments thereof or supplements thereto, no printed or other matter in any language (including, without limitation, notices, reports and promotional
material) which mentions the Escrow Agent’s name or the rights, powers, or duties of the Escrow Agent shall be issued by the Company or the Dealer Manager, or on the Company’s or the Dealer Manager’s behalf, unless the Escrow Agent
shall first have given its specific written consent thereto. Notwithstanding the foregoing, any amendment or supplement to the Offering Document or any other document related to the Offering (including the subscription agreement and exhibits
thereto) that revises, alters, modifies, changes or adds to the description of the Escrow Agent or its rights, powers or duties hereunder shall not be issued by the Company or the Dealer Manager, or on the Company’s or the Dealer Manager’s
behalf, unless the Escrow Agent has first given specific written consent thereto. 
 19. Patriot Act and Bank Secrecy Act Compliance. The
Company and the Dealer Manager shall provide to the Escrow Agent upon the execution of this Agreement any documentation requested and any information reasonably requested by the Escrow Agent to comply with the USA Patriot Act of 2001, as amended
from time to time or the Bank Secrecy Act, as amended from time to time. 
 [Signature page follows.] 

  
 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed the
date and year first set forth above. 
  

			
	COMPANY
		
	By:	 	/s/ David J. Gladstone
		 	Name: David J. Gladstone
		 	Title:   Chairman, CEO and President

  

			
	 UMB BANK, NATIONAL ASSOCIATION,
 as
Escrow Agent

		
	By:	 	/s/ Lara L. Stevens
		 	Name: Lara L. Stevens
		 	Title:   Vice President

 Signature Page to Subscription Escrow Agreement 

 Exhibit A 

CERTIFICATE AS TO AUTHORIZED SIGNATURES 
 The
specimen signatures shown below are the specimen signatures of the individuals who have been designated as Authorized Representatives of Gladstone Commercial Corporation and are authorized to initiate and approve transactions of all types for
the above-mentioned account.  
  

			
	Name/Title	  	 Specimen Signature

		
	David Gladstone, Chairman, CEO and President	  	 
		  	Signature
		
	Mike Sodo, CFO and Assistant Treasurer	  	 
		  	Signature
		
	Michael LiCalsi, General Counsel	  	 
		  	Signature

  
 9 

 Exhibit B 

ESCROW FEES AND EXPENSES 
  

					
	 Acceptance Fee
	  			
	 Review/draft escrow agreement, establish account
	  	$	3,000	 
	 Annual Fee
	  	$	3,000	 
	 Transactional Fees, if applicable
	  			
	 Outgoing Wire Transfer
	  	$	35 each	 
	 Overnight Delivery/Mailings
	  	$	16.50 each	 
	 IRS Tax Reporting
	  	$	10 per 1099	 
	 Subscription Document Processing
	  	$	25 each	 

 Acceptance and first year Annual Fee will be due and payable prior to execution of the Escrow Agreement. 

The Annual Fee will be billed annually in advance and Transactional Fees will be billed quarterly in arrears and at termination and due prior to final
disbursement of escrow funds. 
 Fees specified are for the regular, routine services contemplated by the Escrow Agreement, and any additional or
extraordinary services, including, but not limited to disbursements involving a dispute or arbitration, or administration while a dispute, controversy or adverse claim is in existence, will be charged based upon time required at the then standard
hourly rate. 
 All expenses related to the administration of the Escrow Agreement such as, but not limited to, travel, postage, shipping, courier,
telephone, facsimile, supplies, legal fees, accounting fees, etc., will be reimbursable. 

  
 10 

 Exhibit C 

FORM OF ESCROW RELEASE NOTICE 

Date: 
 UMB Bank, National Association 

1010 Grand Blvd. 4th Floor 

Mail Stop: 1020409 
 Kansas City, Missouri 64106 

Ladies and Gentlemen: 
 In accordance with the terms of
Section 3 of the Subscription Escrow Agreement dated as of ___________, 20__ (as the same may be amended from time to time, the “Escrow Agreement”), among Gladstone Commercial Corporation (the “Company”)
and UMB Bank, National Association (the “Escrow Agent”), the Company hereby notifies the Escrow Agent that the ________ closing will be held on ___________ for gross proceeds of $_________. 

PLEASE DISTRIBUTE FUNDS BY WIRE TRANSFER (or as indicated) AS FOLLOWS (wire instructions attached): 

 

					
	$
	$
	
	Very truly yours,
	
	GLADSTONE COMMERCIAL CORPORATION as the Company

 
					
			
	By:	 	 	 	 
		 	Name:	 	 
		 	Title:	 	 

  
 11

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