Document:

EX-10.8

 Exhibit 10.8 

SIXTH AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT 

BETWEEN 
 GLADSTONE
COMMERCIAL CORPORATION 
 AND 

GLADSTONE MANAGEMENT CORPORATION 

This Sixth Amended and Restated Investment Advisory Agreement Between Gladstone Commercial Corporation and Gladstone Management Corporation
(this “Agreement”) is made this 14th day of July 2020, 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 Fifth Amended and Restated Investment Advisory Agreement between the Company and the Adviser, dated January 8, 2019. 

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 

  
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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

  
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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 0.425% per annum (thus, 0.10625% per quarter) of the Company’s average Gross Tangible Real Estate,
which shall be calculated and payable quarterly in arrears in cash. “Gross Tangible Real Estate” shall equal the current gross value of the Company’s property portfolio (meaning the aggregate of each property’s
original acquisition price plus the cost of any subsequent capital improvements thereon). For the purposes of this calculation, the quarterly Base Management Fee calculation will be based upon the average Gross Tangible Real Estate for the quarter.

  
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 (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 8.0% (thus, 2.0% per quarter) multiplied by Total Equity (as defined below).

 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.
“Total Equity” shall equal total stockholders’ equity plus total mezzanine equity (“Reported Equity”), as reported on the Company’s balance sheet for the quarter, before the Base Management
Fee and Incentive Fee have been recorded, adjusted to exclude (i) any unrealized gains and losses that have impacted Reported Equity, and also adjusted to exclude (ii) any one-time events and certain
non-cash items; provided that, with respect to subsection (ii) each item shall be approved by the Company’s Compensation Committee. For the avoidance of doubt, the Total Equity may be greater or less
than the Reported Equity. Furthermore, for the avoidance of doubt, Total Equity shall include equity interests in the Company’s operating partnership that are not owned by the Company. 

(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 for any applicable time period shall equal: (i) 15% of the cumulative aggregate realized capital gains minus the cumulative aggregate realized capital losses, minus (ii) the aggregate Capital Gains Fees paid in previous
time periods. 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 capital improvements thereon). 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. For avoidance of doubt, the Capital Gain Fee shall only be payable for applicable time periods when the cumulative aggregate realized capital gains exceeded the cumulative aggregate realized capital
losses. 

  
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 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

  
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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. 

  
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 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 calculations for fees for the quarter ending June 30, 2020 shall be completed as if the Fifth Amended and Restated Investment Advisory
Agreement between the Company and the Adviser, dated January 8, 2019, was still in effect. All calculations for fees for the quarter ending September 30, 2020 and thereafter shall be completed pursuant to the terms of this Agreement. 

[The remainder of this page has been left blank intentionally. Signature page follows.] 

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

			
	 Gladstone Commercial Corporation

		
	 By:
	 	 /s/ Robert Cutlip

		 	 Bob Cutlip

President

	
	 Gladstone Management Corporation

		
	 By:
	 	 /s/ David Gladstone

		 	 David Gladstone

Chairman and Chief Executive Officer

  
 8EX-10.9

 Exhibit 10.9 

ADMINISTRATION AGREEMENT 

BETWEEN 
 GLADSTONE
COMMERCIAL CORPORATION 
 AND 

GLADSTONE ADMINISTRATION, LLC 

This Administration Agreement (this “Agreement”) is made as of January 1, 2007 by and between Gladstone Commercial Corporation,
a Delaware corporation (hereinafter referred to as the “Company”), and Gladstone Administration, LLC, a Delaware limited liability company (hereinafter referred to as the “Administrator”) a wholly owned subsidiary of Gladstone
Management Corporation. 
 PREAMBLE 

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. 
 The Administrator is an
investment adviser that has registered under the Investment Advisers Act of 1940 (the “Advisers Act”). 
 The Company desires to
retain the Administrator to provide administrative services to the Company in the manner and on the terms hereinafter set forth. The Company’s investment adviser is the Administrator’s sole member. The Administrator is willing to provide
administrative services to the Company on the terms and conditions hereafter set forth. 
 AGREEMENT 

Now, Therefore, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, the Company and the Administrator hereby agree as set forth below: 
 1. Duties of the
Administrator. 
 (a) Engagement of Administrator. The Company hereby engages the Administrator to act as administrator of the
Company, and to furnish, or arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall control of the Board of Directors of the Company, for the period and on the terms
and conditions set forth in this Agreement. The Administrator hereby accepts such employment and agrees during such period to render, or arrange for the rendering of, such services and to assume the obligations herein set forth subject to the
reimbursement of costs and expenses provided for below. The Administrator and such others shall for all purposes herein be deemed to be independent contractors and shall, unless otherwise expressly provided or authorized herein, have no authority to
act for or represent the Company in any way or otherwise be deemed agents of the Company. 
 (b) Services. The Administrator shall
perform (or oversee, or arrange for, the performance of) the administrative services necessary for the operation of the Company. Without limiting the generality of the foregoing, the Administrator shall provide the Company with office facilities,
equipment, clerical, bookkeeping, compliance, treasury and record keeping services at such facilities and such other services as the Administrator, subject to review by the Board of Directors of the Company, shall from time to time determine to be
necessary or useful to perform its obligations under this Agreement. 

 The Administrator shall also, on behalf of the Company, conduct relations with custodians,
depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed
to be necessary or desirable. The Administrator shall make reports to the Company’s Board of Directors of its performance of obligations hereunder and furnish advice and recommendations with respect to such other aspects of the business and
affairs of the Company as it shall determine to be desirable; provided that nothing herein shall be construed to require the Administrator to, and the Administrator shall not, provide any advice or recommendation relating to the securities and other
assets that the Company should purchase, retain or sell or any other investment advisory services to the Company. The Administrator shall be responsible for the financial and other records that the Company is required to maintain and shall prepare
reports to stockholders, and reports and other materials filed with the Securities and Exchange Commission (the “SEC”). In addition, the Administrator will assist the Company in determining and publishing the Company’s Total
Stockholders’ Equity, overseeing the preparation and filing of the Company’s tax returns, and the printing and dissemination of reports to stockholders of the Company, and generally overseeing the payment of the Company’s expenses and
the performance of administrative and professional services rendered to the Company by others. 
 (c) The Administrator is hereby
authorized to enter into one or more sub-administration agreements with other service providers (each a “Sub-Administrator”) pursuant to which the
Administrator may obtain the services of the service providers in fulfilling its responsibilities hereunder. Any such sub-administration agreements shall be in accordance with the requirements of applicable
federal and state law and shall contain a provision requiring the Sub-Administrator to comply with Sections 2 and 3 below as if it were the Administrator. 

2. Records. 
 The Administrator agrees to
maintain and keep all books, accounts and other records of the Company that relate to activities performed by the administrator hereunder. The Administrator agrees that all records which it maintains for the Company shall at all times remain the
property of the Company, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request. Records shall be surrendered in usable machine-readable form.
The Administrator shall have the right to retain copies of such records subject to observance of its confidentiality obligations under this Agreement. 

3. Policies and Procedures. 
 The
Administrator has adopted and implemented written policies and procedures reasonably designed to prevent violation of the Federal Securities laws by the Administrator. The Administrator shall provide the Company, at such times as the Company shall
reasonably request, with a copy of such policies and procedures and a report of such policies and procedures. 
 4. Confidentiality. 

The parties hereto agree that each shall treat confidentially the terms and conditions of this Agreement and all information provided by each
party to the other regarding its business and operations. All confidential information provided by a party hereto, including nonpublic personal information pursuant to Regulation S-P of the
Securities & Exchange Commission (“SEC”), shall be used by any other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be
disclosed to any third party, without the prior consent of such providing party. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach
of this Agreement, or that is required to be disclosed by any regulatory authority, any authority or legal counsel of the parties hereto, by judicial or administrative process or otherwise by applicable law or regulation. 

 

 5. Compensation: Allocation of Costs and Expenses. 

In full consideration of the provision of the services of the Administrator, the Company shall reimburse the Administrator for the costs and
expenses incurred by the Administrator in performing its obligations and providing personnel and facilities hereunder. 
 The Company will
bear all costs and expenses that are incurred in its operation and transactions that are not specifically assumed by the Company’s investment adviser (the “Adviser”), pursuant to that certain Amended and Restated Investment Advisory
Agreement, dated as of January 1, 2007 by and between the Company and the Adviser. Costs and expenses to be borne by the Company include, but are not limited to, 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 prospective portfolio companies; interest and fees payable on debt, if any, incurred to finance the Company’s investments; offerings of the Company’s common stock, preferred stock and other
securities; investment advisory and management fees; administration fees, if any, payable under this 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 SEC; 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 this Agreement based upon the Company’s
allocable portion of the Administrator’s overhead in performing its obligations under this Agreement, including rent, and the allocable portion of the salaries and benefits expenses of the Company’s chief compliance officer, treasurer,
chief financial officer and controller and their respective staffs. 
 6. Limitation of Liability of the Administrator: Indemnification. 

The Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity
affiliated with the Administrator, including without limitation its sole member, the Adviser) shall not be liable to the Company for any action taken or omitted to be taken by the Administrator in connection with the performance of any of its duties
or obligations under this Agreement or otherwise as administrator for the Company, and the Company shall indemnify, defend and protect the Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any
other person or entity affiliated with the Administrator, including without limitation the Adviser, 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 Administrator’s duties or obligations under this
Agreement or otherwise as administrator for the Company. Notwithstanding the preceding sentence of this Paragraph 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 negligence in
the performance of the Administrator’s duties or by reason of the reckless disregard of the Administrator’s duties and obligations under this Agreement. 

 7. Activities of the Administrator. 

The services of the Administrator to the Company are not to be deemed to be exclusive, and the Administrator and each affiliate is free to
render services to others. It is understood that directors, officers, employees and stockholders of the Company are or may become interested in the Administrator and its affiliates, as directors, officers, members, managers, employees, partners,
stockholders or otherwise, and that the Administrator and directors, officers, members, managers, employees, partners and stockholders of the Administrator and its affiliates are or may become similarly interested in the Company as stockholders or
otherwise. 
 8. Duration and Termination of this Agreement. 

This Agreement shall become effective as of the date hereof, and shall remain in force with respect to the Company for two years thereafter,
and thereafter continue from year to year, but only so long as such continuance is specifically approved at least annually by (i) the Board of Directors of the Company and (ii) a majority of those Directors who are not parties to this
Agreement and are “independent directors,” as such term is defined under the rules of the Nasdaq National Market or such other securities market on which the securities of the Company are traded. This Agreement may be terminated at any
time, without the payment of any penalty, by vote of the Directors of the Company, or by the Administrator, upon 60 days’ written notice to the other party. This Agreement may not be assigned by a party without the consent of the other
party. 
 9. Amendments of this Agreement. 

This Agreement may be amended pursuant to a written instrument by mutual consent of the parties. 

10. Governing Law. 
 This Agreement shall
be construed in accordance with laws of the State of Delaware. 
 11. Entire Agreement. 

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect
to the subject matter hereof. 
 12. 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. 

 In Witness Whereof, the parties hereto have executed and delivered this Agreement as of the
date first above written. 
 Gladstone Commercial Corporation 
  

	
	By:
	
	 /s/ David Gladstone
 David Gladstone

Chairman and Chief Executive Officer

	
	Gladstone Administration, LLC
	
	By:
	
	 /s/ Kevin Cheetham
 Kevin Cheetham

President

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