<SEC-DOCUMENT>0001171843-17-002111.txt : 20170413
<SEC-HEADER>0001171843-17-002111.hdr.sgml : 20170413
<ACCEPTANCE-DATETIME>20170413160513
ACCESSION NUMBER:		0001171843-17-002111
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170411
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170413
DATE AS OF CHANGE:		20170413

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLADSTONE LAND Corp
		CENTRAL INDEX KEY:			0001495240
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				541892552
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35795
		FILM NUMBER:		17760689

	BUSINESS ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
		BUSINESS PHONE:		703-287-5800

	MAIL ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gladstone Land Corp
		DATE OF NAME CHANGE:	20100624
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_041317.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="font-size: 10pt; margin: 0pt 0; border-bottom: black 0.75pt solid; text-align: center">&nbsp;</P>

<P STYLE="font-size: 18pt; text-align: center; margin: 6pt 0 0pt"><B>UNITED STATES</B></P>

<P STYLE="font-size: 18pt; text-align: center; margin: 0pt 0"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Washington, D.C. 20549</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

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<P STYLE="font-size: 18pt; text-align: center; margin: 12pt 0"><B>FORM 8-K</B></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 6pt 0 0pt"><FONT STYLE="font-size: 12pt"><B>CURRENT REPORT</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 12pt">&nbsp;<B>Pursuant to Section&nbsp;13
OR 15(d)</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 12pt">&nbsp;<B>of the Securities Exchange
Act of 1934</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>&nbsp;Date of Report (Date of earliest
event reported): April 13, 2017 (April 11, 2017)</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 24pt; text-align: center; margin: 6pt 0 0pt"><B>GLADSTONE LAND CORPORATION</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>(Exact Name of Registrant as Specified in Charter)</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="vertical-align: top; text-align: center; width: 33%"><FONT STYLE="font-size: 10pt"><B>Maryland</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 34%"><FONT STYLE="font-size: 10pt"><B>001-35795</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 33%"><FONT STYLE="font-size: 10pt"><B>54-1892552</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0.8pt 0pt 0"><FONT STYLE="font-size: 8pt"><B>(State or Other
        Jurisdiction</B></FONT></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0.8pt 0pt 0"><FONT STYLE="font-size: 8pt"><B>of Incorporation)</B></FONT></P></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0.8pt 0pt 0"><FONT STYLE="font-size: 8pt"><B>(Commission</B></FONT></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0.8pt 0pt 0"><FONT STYLE="font-size: 8pt"><B>File Number)</B></FONT></P></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0.8pt 0pt 0"><FONT STYLE="font-size: 8pt"><B>(IRS Employer</B></FONT></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0.8pt 0pt 0"><FONT STYLE="font-size: 8pt"><B>Identification
        No.)</B></FONT></P></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<TR>
    <TD STYLE="vertical-align: top; width: 50%">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0.8pt 0pt 0"><B>1521 Westbranch Drive, Suite 100</B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0.8pt 0pt 0"><B>McLean, Virginia</B></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 50%"><FONT STYLE="font-size: 10pt"><B>22102</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 8pt"><B>(Address of Principal Executive Offices)</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 8pt"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Registrant&rsquo;s telephone number, including area code: (703)&nbsp;287-5800</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions:</P>

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    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
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<P STYLE="font-size: 10pt; margin: 0pt 0; color: red">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white; color: red"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white; color: red"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 1.01</B></TD><TD STYLE="text-align: justify"><B>Entry into a Material Definitive Agreement</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; background-color: white">On April 11, 2017, Gladstone Land Corporation (the &quot;Company&rdquo;)
amended and restated its existing advisory agreement with Gladstone Management Corporation, a registered investment adviser (the
&quot;Adviser&quot;), by entering into the Second Amended and Restated Investment Advisory Agreement between the Company and the
Adviser (the &quot;Amended Agreement&quot;). The Company&rsquo;s entrance into the Amended Agreement was approved unanimously by
its board of directors, including, specifically, its independent directors.&nbsp;<BR>
<BR>
The following is a summary of the pertinent terms of the Amended Agreement. All capitalized terms below not defined in this Current
Report on Form 8-K are defined in the Amended Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>A Base Management Fee will be paid quarterly and will be calculated as 2.0% per annum (0.50% per quarter) of the prior calendar
quarter&rsquo;s Total Equity. For purposes of this calculation, Total Equity will be defined as total equity plus total mezzanine
equity, each as reported on the Company&rsquo;s balance sheet, adjusted to exclude unrealized gains and losses and certain other
one-time events and non-cash items.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>An Incentive Fee will be paid quarterly if the Company&rsquo;s FFO for the quarter exceeds a hurdle rate of 7.0% per annum
(1.75% per quarter) of the prior calendar quarter&rsquo;s Total Equity. For purposes of this calculation, FFO will be determined
prior to any Incentive Fee being recorded and will include any dividends accrued on securities (including preferred stock) that
are not treated as a liability under generally accepted accounting principles in the U.S.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>A Capital Gains Fee will be paid at the end of each fiscal year and will be calculated as 15.0% of the cumulative aggregate
realized capital gains minus the cumulative aggregate realized capital losses for the applicable fiscal year, less the aggregate
Capital Gains Fees paid in prior periods.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In the event that the Amended Agreement is terminated by the Company, the Company will pay a Termination Fee equal to three
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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; background-color: white">
The description above is only a summary of the material provisions of the Amended Agreement and is qualified in its entirety by
reference to a copy of the Amended Agreement, which is filed herewith as Exhibit 10.1 to this Current Report on Form 8-K and incorporated
herein by reference.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -45pt; margin: 0pt 0 0pt 45pt; background-color: white"><B>Item 8.01 Other Events</B></P>

<P STYLE="font-size: 10pt; text-indent: -45pt; margin: 0pt 0 0pt 45pt; background-color: white">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; background-color: white">The Company has engaged Gladstone Securities LLC (&ldquo;Gladstone
Securities&rdquo;) as its non-exclusive agent to assist the Company with arranging mortgage financing for properties owned by the
Company. In connection with such engagement, Gladstone Securities may from time to time solicit the interest of various commercial
real estate lenders and/or recommend to the Company third-party lenders offering credit products or packages that are responsive
to the Company&rsquo;s needs. The Company will pay Gladstone Securities a financing fee (the &ldquo;Fee&rdquo;) in connection with
the services it provides to the Company for securing mortgage financing on any of its properties. Depending on the size of the
mortgage obtained, the maximum amount of the Fee, which is payable upon closing of the financing, will range from 0.5% to 1.0%
of the amount of mortgage obtained. The amount of the Fee may be reduced or eliminated as determined by the Company and Gladstone
Securities after taking into consideration various factors, including, but not limited to, the involvement of any third-party brokers
and market conditions.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; background-color: white">Gladstone Securities is affiliated with us and our Adviser,
as each is owned by David Gladstone, our Chairman, Chief Executive Officer and President. Any Fee we pay to Gladstone Securities
pursuant to this engagement is separate from the fees we pay to our Adviser pursuant to the Amended Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; background-color: white">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 9.01</B></TD><TD><B>Financial Statements and Exhibits</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 95%"><FONT STYLE="font-size: 10pt"><I>Exhibits</I>.</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 8%">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; border-bottom: black 1pt solid"><B>Exhibit No.</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 90%">
        <P STYLE="font-size: 10pt; margin: 0pt 0; border-bottom: black 1pt solid"><B>Description</B></P></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Second Amended and Restated Investment Advisory Agreement between Gladstone Land Corporation and Gladstone Management Corporation, dated April 11, 2017.</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B></B></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SIGNATURES</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Gladstone Land Corporation</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%"><FONT STYLE="font-size: 10pt">April 13, 2017</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 27%">
        <P STYLE="font-size: 10pt; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Lewis Parrish</P></TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Lewis Parrish</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: red"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: red">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; color: red"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; color: red">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; background-color: white"><B>INDEX TO EXHIBITS</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 8%">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; border-bottom: black 1pt solid"><B>Exhibit No.</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 90%">
        <P STYLE="font-size: 10pt; margin: 0pt 0; border-bottom: black 1pt solid"><B>Description</B></P></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Second Amended and Restated Investment Advisory Agreement between Gladstone Land Corporation and Gladstone Management Corporation, dated April 11, 2017.</FONT></TD></TR>
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<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>Exhibit 10.1</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SECOND AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT<BR>
BETWEEN<BR>
GLADSTONE LAND CORPORATION<BR>
AND<BR>
GLADSTONE MANAGEMENT CORPORATION</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">Agreement made this 11th day of April, 2017,
by and between Gladstone Land Corporation, a Maryland corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), and Gladstone Management
Corporation, a Delaware corporation (the &ldquo;<B><I>Adviser</I></B>&rdquo;).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">Whereas</FONT>,
the Company is a real estate investment trust organized primarily for the purpose of investing in and owning net leased industrial
farmland and properties and assets related to farming;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">Whereas</FONT>,
the Adviser is an investment adviser that has registered under the Investment Advisers Act of 1940 (the &ldquo;<B><I>Advisers Act</I></B>&rdquo;);</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">Whereas</FONT>,
the Company and the Adviser entered into that certain Amended and Restated Investment and Advisory Agreement, as of February 1,
2013 (the &ldquo;<B><I>Prior Agreement</I></B>&rdquo;); and</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">Whereas</FONT>,
the Company and the Adviser wish to amend and restate the Prior Agreement hereby.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">Now,
Therefore</FONT>, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>1. Duties of the Adviser.</B>&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;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&rsquo;s Annual Reports on Form 10-K
or the Company&rsquo;s Registration Statement on Form S-3, as amended or refiled from time to time (the &ldquo;<B><I>Registration
Statement</I></B>&rdquo;) and (ii)&nbsp;during the term of this Agreement in accordance with all applicable federal and state laws,
rules and regulations, and the Company&rsquo;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)&nbsp;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)&nbsp;identify, evaluate
and negotiate the structure of the investments made by the Company; (iii)&nbsp;close and monitor the Company&rsquo;s investments;
(iv)&nbsp;determine the real property, securities and other assets that the Company will purchase, retain, or sell; (v)&nbsp;perform
due diligence on prospective portfolio companies; and (vi)&nbsp;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&rsquo;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&rsquo;s behalf, subject to the oversight and approval of the Company&rsquo;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.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(b)&nbsp;The Adviser hereby accepts such employment
and agrees during the term hereof to render the services described herein for the compensation provided herein.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;The Adviser is hereby authorized to
enter into one or more sub-advisory agreements with other advisers (each, a &ldquo;<B><I>Sub-Adviser</I></B>&rdquo;) 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&rsquo;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.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;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.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;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&rsquo;s portfolio transactions and shall render to
the Company&rsquo;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&rsquo;s request, provided that the Adviser may retain a copy of such records.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(f)&nbsp;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.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>2. Company&rsquo;s Responsibilities and Expenses Payable by the
Company. </B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">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&rsquo;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&rsquo;s investments; offerings
of the Company&rsquo;s common or preferred stock and other securities; investment advisory and management fees; administration
fees, if any, payable under the Administration Agreement between the Company and Gladstone Administration, LLC (the &ldquo;<B><I>Administrator</I></B>&rdquo;),
the Company&rsquo;s administrator; 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&rsquo;s shares on any securities exchange; federal, state and local taxes; independent
Directors&rsquo; 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&rsquo;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&rsquo;s business, including payments under the Administration Agreement between the
Company and the Administrator based upon the Company&rsquo;s allocable portion of the Administrator&rsquo;s overhead in performing
its obligations under the Administration Agreement, including rent and the allocable portion of the cost of the Company&rsquo;s
chief compliance officer, treasurer and chief financial officer and their respective staffs.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>3. Compensation of the Adviser. </B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">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 (the &ldquo;<B><I>Base Management
Fee</I></B>&rdquo;), an incentive fee (the &ldquo;<B><I>Incentive Fee</I></B>&rdquo;), and a capital gains fee (the <B><I>&ldquo;Capital
Gains Fee&rdquo;</I></B>), as hereinafter set forth. The Company shall make any payments due hereunder to the Adviser or to the
Adviser&rsquo;s designee as the Adviser may otherwise direct.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify">Base Management Fee.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 66pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The Base Management Fee shall be payable quarterly
in arrears and shall be calculated at an annual rate of 2.00% (0.50% per quarter) of the <I>prior</I> calendar quarter&rsquo;s
<B><I>&ldquo;Total Equity</I></B>,<B><I>&rdquo;</I></B> defined as total equity plus total mezzanine equity, each as reported on
the Company&rsquo;s balance sheet, adjusted to exclude: (i) the effect of any unrealized gains and losses and (ii) certain other
one-time events and non-cash items. With respect to subsections (i) and (ii), such adjustments shall be limited to those events
or items that have impacted total equity (as reported on the Company&rsquo;s balance sheet) but did not affect net income (as computed
in accordance with U.S. generally accepted accounting principles (<B><I>&ldquo;GAAP&rdquo;</I></B>)). For the avoidance of doubt,
Total Equity shall include: (a) all equity-type securities (including preferred stock) to the extent they are <I>not</I> treated
as a liability for GAAP purposes, and (b) non-controlling interests in the Company&rsquo;s operating partnership. The Base Management
Fee payable for any partial quarter will be appropriately prorated.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify">Incentive Fee.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 66pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The Incentive Fee will be calculated and payable
quarterly in arrears based on the <I>current</I> calendar quarter&rsquo;s Pre-Incentive Fee FFO (as defined below) exceeding a
&ldquo;<B><I>hurdle rate</I></B>&rdquo; of 1.75% per quarter (7% annualized) of the <I>prior</I> calendar quarter&rsquo;s Total
Equity.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">For purposes of this calculation, &ldquo;<B><I>Funds
From Operations</I></B>&rdquo; (<B><I>&ldquo;FFO&rdquo;</I></B>) means net income (computed in accordance with GAAP), excluding
gains (or losses) from debt restructurings and sales of property, plus depreciation and amortization, and after adjustments for
unconsolidated partnerships and joint ventures. &ldquo;<B><I>Pre-Incentive Fee FFO</I></B>&rdquo; shall mean FFO accrued by the
Company during the current calendar quarter (prior to any incentive fee calculation for the current calendar quarter), less any
dividends paid on preferred stock securities that are <I>not</I> treated as a liability for GAAP purposes. For purposes of calculating
the Incentive Fee, Pre-Incentive Fee FFO may be adjusted by a unanimous vote of the independent directors to exclude certain one-time
events pursuant to changes in GAAP or other non-cash items recorded in net income.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Pre-Incentive Fee FFO for the current calendar
quarter shall be expressed as a rate of return on Total Equity at the end of the prior calendar quarter. The Company will pay the
Adviser an Incentive Fee with respect to the Pre-Incentive Fee FFO in each calendar quarter as follows: (1)&nbsp;no Incentive Fee
in any calendar quarter in which the Pre-Incentive Fee FFO does not exceed the hurdle rate; (2)&nbsp;100% of the Pre-Incentive
Fee FFO with respect to that portion of such Pre-Incentive Fee FFO, if any, that exceeds the hurdle rate but is less than 2.1875%
in any calendar quarter (8.75% annualized); and (3)&nbsp;20% of the amount of the Pre-Incentive Fee FFO, if any, that exceeds 2.1875%
in any calendar quarter (8.75% annualized). Incentive Fees payable for any partial quarter will be appropriately prorated.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD STYLE="text-align: justify">Capital Gains Fee.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The Capital Gains 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 Gains Fee for any applicable time period shall equal:
(1) 15% of the cumulative aggregate realized capital gains minus the cumulative aggregate realized capital losses, minus (2) the
aggregate Capital Gains Fees paid in prior 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&rsquo;s original acquisition price plus any subsequent, non-reimbursed capital improvements thereon paid
for by the Company). A Capital Gains 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
Gains Fee shall only be payable for applicable time periods when the cumulative aggregate realized capital gains exceed the cumulative
aggregate realized capital losses.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>4. Limitations on the Employment of the Adviser. </B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">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&rsquo;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&rsquo;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.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>5. Responsibility of Dual Directors, Officers or Employees.</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">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 paid by the Adviser or the Administrator.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>6. Limitation of Liability of the Adviser: Indemnification.</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">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 &ldquo;<B><I>Indemnified Parties</I></B>&rdquo;)
and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys&rsquo; 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&rsquo;s duties or obligations under this
Agreement or otherwise as an investment adviser of the Company. Notwithstanding the preceding sentence of this Section&nbsp;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&rsquo;s duties or by reason of the reckless disregard of the Adviser&rsquo;s duties and obligations under this Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>7. Effectiveness, Duration and Termination of Agreement.</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">This Agreement shall become effective as of
the first date above written. This Agreement shall remain in effect until February 1, 2018, and thereafter shall continue automatically
for successive annual periods unless the Company, by vote of a majority of the Company&rsquo;s &ldquo;<B><I>independent directors</I></B>&rdquo;
(as such term is defined under the rules of the NASDAQ Stock Market or such other securities market on which the securities of
the Company are then traded) provides written notice of non-renewal at least 60 days prior to the scheduled expiration date. This
Agreement may be terminated at any time, without the payment of any penalty, upon the mutual agreement of (i) the Company, by the
vote of a majority of the Company&rsquo;s &ldquo;independent directors,&rdquo; and (ii) the Adviser.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">This Agreement may be terminated by the Company
at any time upon providing the Adviser 120&nbsp;days&rsquo; prior written notice, after the vote of at least two-thirds of the
independent directors of the Company, for any reason. In the event of such termination or non-renewal, the Company shall pay to
the Adviser a termination fee equal to three 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.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">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 the termination or expiration of this Agreement as aforesaid,
the Adviser shall be entitled to any amounts owed under Section&nbsp;3 through the date of termination or expiration.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>8. Assignment.</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">This agreement is not assignable or transferable
by either party hereto without the prior written consent of the other party.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>9. Amendments.</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">This Agreement may be amended by mutual consent.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>10. Notices.</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">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.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp; </B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>11. Entire Agreement; Governing Law.</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">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.<BR CLEAR="ALL"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed on the date above written.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Gladstone Land Corporation </B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">By: <U>/s/ David Gladstone</U><BR>
David Gladstone<BR>
Chairman, Chief Executive Officer and President</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Gladstone Management Corporation </B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">By: <U>/s/ David Gladstone</U><BR>
David Gladstone<BR>
Chairman and Chief Executive Officer</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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