Opções De Estoque C Corp

C Corporação O que é uma Corporação C Corporação A C é uma estrutura legal que as empresas podem optar por organizar-se para limitar os passivos legais e financeiros de seus proprietários. As corporações C são uma alternativa às corporações S, onde os lucros passam para os proprietários e são apenas tributados no nível individual e companhias de responsabilidade limitada. Que fornecem as proteções legais das empresas, mas são tributadas como empresas únicas. BREAKING DOWN C Corporation Embora a dupla tributação das sociedades C seja uma desvantagem, a capacidade de reinvestir lucros na empresa com uma menor taxa de imposto corporativa é uma vantagem. A maioria das corporações são corporações C. Organização de uma Corporação C Uma vez que o nome das empresas foi escolhido, alguns estados exigem que seja reservado com o secretário de estado. Os artigos de incorporação devem ser redigidos e arquivados no estado. Os certificados de ações podem ser emitidos para os acionistas iniciais após a criação do negócio. Todas as corporações C devem apresentar o Formulário SS-4 para obter um número de identificação do empregador (EIN). Embora os requisitos variem em diferentes jurisdições, as corporações C são obrigadas a registrar impostos estaduais, de renda, de folha de pagamento, de desemprego e de invalidez. Manutenção da Corporação C A Corporação C é necessária para realizar pelo menos uma reunião por ano para acionistas e diretores. Os minutos devem ser mantidos para exibir transparência na forma como o negócio opera. Uma corporação C deve manter os registros de votação para os diretores da empresa e uma lista de nomes de proprietários e porcentagens de propriedade. A empresa deve manter o estatuto social da empresa nas instalações do local principal da empresa. Essas organizações apresentam relatórios anuais, relatórios de divulgação financeira e demonstrações financeiras. Os benefícios de uma Corporação C Corporation C limitam a responsabilidade pessoal de diretores, acionistas, funcionários e funcionários. As obrigações legais do negócio não podem tornar-se obrigações de dívida pessoal de qualquer pessoa associada ao negócio. A corporação C continua a existir mesmo que todos os proprietários da empresa sejam substituídos. Uma corporação C pode ter qualquer número de proprietários ou acionistas, embora seja obrigado a se registrar na Securities and Exchange Commission (SEC) ao atingir certos limiares. Tributação dupla A principal desvantagem das corporações C diz respeito à dupla tributação que ocorre. Quando uma corporação C gera renda, é obrigado a apresentar sua declaração de imposto com o Internal Revenue Service (IRS). Após a dedução das despesas comerciais e salários, o saldo remanescente está sujeito a impostos. Esse lucro líquido também é distribuído aos acionistas sob a forma de dividendos. Estes dividendos são rendimentos para o acionista e são reportados na declaração de imposto individual. Portanto, os lucros de uma empresa C são tributados pela taxa de imposto sobre as sociedades e taxa de imposto individual. Apenas o lucro líquido retido pela corporação C evita temporariamente a dupla tributação. Artigo gt Negócios gt Quais são os Benefícios e Requisitos de uma Corporação C O que são os Benefícios e Requisitos de uma Corporação C Uma empresa pode ser configurada de várias maneiras, variando De uma empresa única para uma parceria geral. Uma LLC para uma empresa. As corporações são notavelmente diferentes de outras formas de negócios, na medida em que é uma entidade jurídica independente que é separada das pessoas que possuem. Controle e gerencie. Devido a esse reconhecimento como uma entidade individual. É visto como uma pessoa jurídica na opinião das leis tributárias. E assim pode estar envolvido em negócios e contratos. Pode iniciar ações judiciais e ser processado. Também deve pagar impostos. Uma corporação C é um termo comercial que é usado para distinguir esse tipo de entidade de outros, pois seus lucros são tributados separadamente de seus proprietários de acordo com o subcapítulo C do Código da Receita Federal. Contraste isso com uma corporação S onde os lucros são repassados ​​aos acionistas. E são tributados com base em retornos pessoais. Isso é feito no subcapítulo S do Código da Receita Federal. Uma corporação C é de propriedade dos acionistas, que deve eleger um conselho de administração que toma decisões comerciais e supervisiona as políticas. Na maioria dos casos. Uma corporação C é obrigada a denunciar suas operações financeiras ao procurador geral do estado. Como uma corporação é tratada como uma entidade independente, uma corporação C não deixa de existir quando seus proprietários ou acionistas mudam ou morrem. Outra grande vantagem de uma empresa C é que seus proprietários têm responsabilidade limitada. Assim, eles não são responsáveis ​​pessoalmente por dívidas incorridas pela corporação. Eles não podem ser processados ​​individualmente por delitos corporativos. Principais Benefícios de uma Corporação C Em oposição a um único proprietário ou a uma LLC. As empresas geralmente correm um risco menor de serem auditadas pelo governo. Os proprietários e os acionistas de uma corporação C têm uma responsabilidade limitada em relação a dívidas de negócios. Uma empresa C pode deduzir o custo do benefício como uma despesa comercial. Por exemplo, eles podem cancelar a totalidade dos custos dos planos de saúde estabelecidos para os funcionários como despesas comerciais. Esses benefícios são livres de impostos, mesmo para aqueles que os recebem. Uma corporação C pode ser usada para dividir o lucro corporativo entre os proprietários e a corporação. Isso pode resultar em economia de impostos global. A taxa de imposto para uma empresa geralmente é menor do que a de um indivíduo, especialmente para os primeiros 50 mil de lucro tributável. Em uma empresa C, pode haver um número ilimitado de acionistas. Isso permite que a corporação venda ações para uma grande quantidade de investidores. O que permite que mais fundos sejam criados para projetos. Fundos adicionais podem ser levantados por uma empresa C por meio da venda de ações se a empresa precisar de finanças para expansão. Os estrangeiros têm o direito de possuir ou investir em uma corporação C. Não há vinculação para o tipo de investidores, como no caso de uma corporação S. Isso permite que um maior número de diversos investidores participem do negócio e também permite que o dinheiro estrangeiro flua para o investimento. O proprietário (acionista majoritário) de uma corporação C tem a opção de emitir diferentes classes de ações para diferentes acionistas. Isso ajuda a atrair diferentes grupos de investidores como ações comuns e as ações preferenciais têm suas próprias vantagens distintas que podem atrair um, mas não para outro. Formalidades Existem várias formalidades de rotina que uma corporação C precisa seguir. Essas rotinas são uma parte integrante do funcionamento de uma corporação C, e a falta de seguir essas formalidades pode levar a sérias conseqüências, incluindo negação para reconhecer a empresa como uma corporação. As formalidades que precisam ser seguidas em uma corporação C são: Investimento adequado de dinheiro (capitalização) na corporação. Emissão formal de ações para os acionistas iniciais. Reuniões regulares de diretores. E os acionistas. Manutenção e atualização de registros comerciais e transações de uma corporação separada das de seus proprietários. Limites da responsabilidade limitada Enquanto uma corporação C é uma forma atraente de formar um negócio devido à provisão de responsabilidade limitada aos seus proprietários, existem certas circunstâncias em que a responsabilidade limitada não poderá proteger os bens pessoais dos proprietários. O proprietário será responsabilizado pessoalmente se: Ele ou ela diretamente ferir alguém pessoalmente. Ele ou ela garantiu pessoalmente um empréstimo ou uma dívida comercial para a corporação, que a empresa não paga. A pessoa não deposita impostos que foram deduzidos dos salários dos empregados pela corporação. Essa pessoa faz parte de fraudes intencionais ou outras ações ilegais que resultam em perda para a corporação ou para outra pessoa. Essa pessoa trata a corporação como uma extensão de sua propriedade pessoal. Em vez de uma entidade separada. Os tribunais afirmam que uma corporação deixa de existir, uma vez que as formalidades corporativas não foram aderidas. Abertura da empresa comercial comercial (BOA) Entrada em um contrato definitivo relevante. Alteração ao Contrato de Assessoria Em 10 de janeiro de 2017, a Corporação Comercial da Gladstone (a 147Companhia148), uma corporação de Maryland, alterou e atualizou seu contrato de consultoria existente com a Gladstone Management Corporation, um conselheiro de investimento registrado (o 147Adviser148) entrando na quarta alteração e reformulada Contrato de Assessoria de Investimento entre a Companhia e o Conselheiro (o Contrato 147Amendado148) para revisar o cálculo da taxa de ganhos de capital. A entrada da Companhia no acordo alterado foi aprovada por unanimidade pelo seu conselho de administração. A descrição acima é qualificada na sua totalidade por referência a uma cópia do Contrato emendado, que é arquivado no presente Anexo como o Anexo 10.1 deste Relatório Atual no Formulário 8-K e incorporado por referência aqui. Emenda aos Planos do Primeiro Contrato de Parceria Operacional emendado e reformulado Em 11 de janeiro de 2017, a Companhia, por meio de sua propriedade do GCLP Business Trust II, o sócio geral da Parceria Operacional, alterou o Contrato de Parceria para excluir o Anexo 4.2 (a) (4 ) Referentes à designação das Unidades Preferenciais de Prazo acumulado da série C 7.125 e suas referências. A Terceira Emenda ao Primeiro Acordo Alterado e Reformulado de Parceria Limitada da Gladstone Commercial Limited Partnership é anexada ao Anexo 10.2 deste Relatório Atual no Formulário 8-K e incorporado por referência neste documento. Alterações ao Estatuto Social ou Estatuto Social Alteração no Exercício. Em 11 de janeiro de 2017, a Companhia arquivou com o Departamento de Estatísticas e Tributação do Estado de Maryland e retitulou os demais 160.000 ações autorizadas, mas não emitidas, da Companhia.146 7.125 Series C Prazo acumulado Prazo Preferencial, valor nominal 0,001 por ação (147Series C Periodical Preferred Stock148 ) Como ações autorizadas, mas não emitidas, das ações ordinárias da Companhia146, valor nominal de 0,001 por ação. Como resultado da reclassificação, existem zero ações autorizadas de ações preferenciais preferenciais da série C restantes. A descrição anterior dos Artigos Suplementares é qualificada na sua totalidade por referência ao texto completo dos Artigos Suplementares, que são arquivados como Anexo 3.1 deste Relatório Atual no Formulário 8-K e incorporados por referência aqui. Também em 11 de janeiro de 2017, a Companhia arquivou com o Departamento de Avaliações e Tributação do Estado de Maryland e artigos de Atualização, que foi efetivada após a apresentação e não modifica ainda mais os artigos da Restauração da Companhia146 e apenas reage e integra em um único instrumento, tudo antes Artigos Suplementares e suas alterações. Uma cópia dos Artigos de Atualização é anexada como Anexo 3.2 a este Relatório Atual no Formulário 8-K e incorporada por referência neste documento. Demonstrações Financeiras e Exposições. GLADSTONE COMMERCIAL CORPORATION A Gladstone Commercial Corporation, uma corporação de Maryland (a 147Corporation148), certifica ao Departamento de Estatísticas e Fiscalidade de Maryland que: PRIMEIRO. De acordo com o poder constante da Seção 2 do Artigo SÉTIMO da Carta da Corporação (147Charter148), o Conselho de Administração da Corporação (o 147 Conselho de Administração148), por deliberações devidamente adotadas, reclassificou e designou 160 mil ações autorizadas, mas não emitidas. Corporation146s 7.125 Series C Prazo acumulado Ações Preferenciais, valor nominal de 0,001 por ação (147Shares148), como ações autorizadas, mas não emitidas, da ação ordinária da Companhia146, valor nominal de 0,001 por ação (o 147Common Stock148). SEGUNDO. Uma descrição do estoque comum está contida nos artigos QUARTO, SEXTO, SÉTIMO e OITAVO da Carta. TERCEIRO. As Ações foram reclassificadas e designadas pelo Conselho de Administração sob a autoridade contida na Carta. QUARTO. Estes artigos complementares foram aprovados pelo Conselho de Administração da forma e pela votação exigida por lei. QUINTO. O abaixo-assinado reconhece estes artigos como complemento para ser o ato corporativo da Corporação e, quanto a todos os assuntos ou fatos necessários para serem verificados sob juramento, o abaixo-assinado reconhece que, para o melhor de seus conhecimentos, informações e crenças, esses assuntos e fatos são Verdade em todos os aspectos relevantes e que esta declaração é feita sob as penalidades por perjúrio. A PÁGINA DE ASSINATURA SEGUE EM TESTEMUNHO DO QUE, a Corporação fez com que esses Artigos Suplementares sejam assinados em seu nome e em seu nome por seu Diretor Presidente e atestado por seu Secretário neste dia 11 de janeiro de 2017. GLADSTONE COMMERCIAL CORPORATION ARTIGOS DE RESTAURAÇÃO Gladstone Commercial Corporation, uma corporação de Maryland (a 147CORPORATION148), certifica ao Departamento de Estatísticas de Avaliações e Tributação (o 147SDAT148) que: ONE: A Corporação deseja reafirmar em sua totalidade o estatuto da Corporação (o 147CHARTER148), como atualmente De acordo com a Seção 2-608 da M ARYLAND G ENERAL C ORPORATION L AW (o 147MGCL148). DOIS: As seguintes disposições, juntamente com as descrições das preferências, conversão e outros direitos, poderes de votação, restrições, limitações em relação aos dividendos e outras distribuições, qualificações e termos e condições de resgate do Ações Preferenciais Resgatáveis ​​Reembolsáveis ​​da Série A 7.75, 7,5 Ações Preferenciais Resgatáveis ​​em Cumulação da Série B, as Ações Ordinárias Sênior e as Ações Preferenciais Resgatáveis ​​Cumuláveis ​​da Série 7.00 da Corporação anexas, respectivamente, como Anexos A, B, C e D, todos os quais são incorporados aqui por referência e efetuaram uma Parte desta, são todas as disposições da Carta atualmente em vigor: PRIMEIRO: O nome da Corporação é Gladstone Commercial Corporation (a seguir denominado 147CORPORATION148). SEGUNDO: O propósito para o qual a Corporação é constituída é se envolver em qualquer atividade e atividade legal, incluindo, sem limitação, mas sujeita a quaisquer requisitos contrários necessários para qualificar a Corporação como uma fiduciária de investimento imobiliário (a 147REIT148) na Parte II de Subchapter M do Internal Revenue Code de 1986, conforme alterado (e quaisquer disposições sucessoras e como essas regras podem ser modificadas para fins de REITs) (coletivamente, o 147CODE148): 1. Comprar, adquirir, manter, possuir, melhorar, desenvolver , Vender, transportar, ceder, divulgar, financiar, refinanciar, hipotecar, gravar, usar, arrendar, contratar, administrar, negociar e, de outra forma, alienar bens imóveis e bens pessoais de qualquer tipo e natureza ou qualquer interesse neles, melhorado ou não, Incluindo, sem limitação, empréstimos hipotecários, notas promissórias, certificados garantidos, ações e valores mobiliários de outras corporações ou entidades para emprestar dinheiro para levar imobiliário, valores mobiliários e outras garantias como garantia para o pagamento o Todas as somas devidas à Corporação e para vender, ceder e divulgar tais valores mobiliários 2. Para equipar, fornecer, melhorar, desenvolver e gerenciar qualquer propriedade, real ou pessoal, para investir, negociar e negociar em qualquer propriedade, real ou pessoal, sobrecarregar ou alienar De qualquer propriedade em qualquer momento detido ou de propriedade da Corporação e 3. Ter e exercer todos e quaisquer poderes e privilégios agora ou a seguir conferidos pelas leis gerais do Estado de Maryland sobre empresas formadas sob tais leis. A enumeração anterior dos propósitos da Corporação é feita em adiantamento e não na limitação dos poderes conferidos à Corporação por lei. A menção de qualquer propósito específico não se destina de forma alguma a limitar ou restringir a generalidade de qualquer outro propósito mencionado, ou limitar ou restringir qualquer dos poderes da Corporação. A Corporação deve ter, desfrutar e exercer todos os poderes e direitos agora ou a seguir conferidos pelas leis do Estado de Maryland em empresas de caráter similar, sendo a intenção que os propósitos estabelecidos em cada um dos parágrafos deste Artigo Deve, salvo disposição expressa em contrário, ser limitado ou restrito por referência ou por inferência aos termos de qualquer outra cláusula ou parágrafo deste ou de qualquer outro Artigo deste Estatuto Social, ou de qualquer emenda ao mesmo, e cada um deles será Considerado como independente e interpretado como poderes, bem como os fins previstos, no entanto, que nada aqui contida deve ser considerado autorizar ou permitir que a Corporação exerça qualquer atividade comercial ou exerça qualquer poder, ou faça qualquer ato que uma corporação formada sob o general As leis do Estado de Maryland não podem, no momento legalmente, continuar ou fazer. TERCEIRO: O endereço postal do escritório principal da Corporação neste Estado é co CSC-Lawyers Incorporating Service Company, 7 St. Paul Street, Suite 820, Baltimore, Maryland 21202. O nome do agente residente da Corporação neste O estado é CSC-Lawyers Incorporating Service Company, cujo endereço é 7 St. Paul Street, Suite 820, Baltimore, Maryland 21202. QUARTO: O número total de ações do capital social que a Corporação tem a autoridade para emitir é trinta e quatro milhões e duzentos Mil (34.200.000) de ações ordinárias, com um valor nominal de 0,001 por ação, duas milhões seiscentas mil (2.600.000) ações de ações preferenciais reembolsáveis ​​cumulativas de série 7.75, com um valor nominal de 0,001 por ação, dois milhões setecentos e cinquenta Mil (2.750.000) ações de ações preferenciais redemointas de série 7.5 da série B, com um valor nominal de 0,001 por ação, quatro milhões e quatrocentos e cinquenta mil (4,450,000) de ações ordinárias sénior, com um valor nominal de 0,0 01 por ação e seis milhões (6.000.000) de ações preferenciais resgatáveis ​​cumulativas da série D de 7,00, com um valor nominal de 0,001 por ação, sendo esse capital social com valor agregado de 50.000,00. QUINTA: O número de diretores da Corporação será de três (3), sujeito a alteração de acordo com o Estatuto Social da Corporação. Os diretores atuais são: David Gladstone e Terry L. Brubaker. O terceiro lugar no conselho de administração está atualmente vago, para ser preenchido de acordo com o Estatuto Social da Corporação. SEXTO: Salvo disposição em contrário do Conselho de Administração, nenhum detentor de ações da ação da Companhia deverá ter qualquer direito de preferência para comprar, subscrever ou, de outra forma, adquirir qualquer ação de ações da Corporação de qualquer Classe agora ou a seguir autorizada, ou quaisquer valores mobiliários permutáveis ​​ou conversíveis nessas ações, ou quaisquer warrants ou outros instrumentos que comprovem direitos ou opções para subscrever, comprar ou de outra forma adquirir tais ações. As ações não têm direitos de voto cumulativos e, exceto nos casos previstos no Artigo OITAVO abaixo, não estão sujeitas a resgate. SÉTIMO: São adotadas as seguintes disposições com a finalidade de definir, limitar e regular os poderes da Companhia e dos diretores e acionistas: 1. O Conselho de Administração da Corporação fica autorizado a autorizar a emissão de tempos em tempos de Ações de suas ações de qualquer classe ou aulas, agora ou a seguir autorizadas. 2. O Conselho de Administração da Corporação pode classificar ou reclassificar qualquer ação não emitida, estabelecendo ou alterando em qualquer um ou mais aspectos, de tempos em tempos antes da emissão de tais ações, as preferências, conversão ou outros direitos, poderes de votação, restrições, Limitações quanto aos dividendos, qualificações e termos e condições de resgate de tais ações. A maioria do Conselho de Administração, sem ação dos acionistas, pode alterar a Carta para aumentar ou diminuir o número total de ações ou o número de ações de qualquer classe que a Corporação tenha autoridade para emitir. 3. A Corporação reserva-se o direito de alterar sua Carta, de modo que tal alteração possa alterar os direitos do contrato, expressamente estipulados no estatuto, de qualquer ação em circulação, e qualquer acionista objetante cujos direitos possam ou devem ser afetados substancialmente. Ter o direito de exigir e receber o pagamento do valor nominal de seu estoque. A enumeração e definição de um poder específico do Conselho de Administração incluído no exposto não deve, de forma alguma, ser limitada ou restringida por referência ou por inferência dos termos de qualquer outra causa deste ou qualquer outro artigo da Carta da Corporação, Ou interpretado ou considerado por inferência ou de qualquer outra forma de excluir ou limitar os poderes conferidos ao Conselho de Administração de acordo com a Lei Geral de Sociedades de Maryland, agora ou a seguir em vigor. 4. A Corporação deve indenizar (1) seus diretores e diretores, atendendo à Corporação ou a seu pedido qualquer outra entidade, na extensão exigida ou permitida pelas Leis Gerais do Estado de Maryland agora ou a seguir em vigor, incluindo a Adiantamento de despesas de acordo com os procedimentos e na medida permitida por lei, e (2) outros empregados e agentes (incluindo os consultores da Corporação146s), na medida em que sejam autorizados pelo Conselho de Administração ou pelo Estatuto Social da Corporação e sejam permitidos por lei. Os direitos de indenização acima mencionados não devem ser exclusivos de quaisquer outros direitos aos quais os que procuram indenização possam ter direito. O Conselho de Administração pode tomar as medidas necessárias para levar a cabo estas disposições de indenização e tem o poder expresso de adotar, aprovar e alterar, de tempos em tempos, tais Estatutos, resoluções ou contratos que implementem tais disposições ou quaisquer outros mecanismos de indenização que possam ser Permitido por lei. Nenhuma alteração da Carta ou revogação de qualquer uma de suas disposições deve limitar ou eliminar o direito à indenização a que se refere o presente artigo em relação a atos ou omissões ocorridos antes dessa alteração ou revogação. 5. Nenhum diretor ou diretor da Corporação será responsável perante a Corporação ou seus acionistas por danos monetários, exceto (1), na medida em que seja comprovado que tal diretor ou funcionário realmente recebeu um benefício indevido ou lucro em dinheiro, propriedade ou Serviços efetivamente recebidos, ou (2) na medida em que um julgamento ou outro julgamento final adverso a esse diretor ou oficial seja inscrito em um processo com base em uma constatação no processo de que a ação desse diretor ou do agente ou a falta de ação foi ( A) o resultado de desonestidade ativa e deliberada, ou (b) intencionalmente ilícito, intencional ou malicioso e, em cada um desses casos, foi relevante para a causa de ação julgada no processo. 6. Não obstante qualquer disposição em contrário, o voto afirmativo de uma maioria de todos os votos com direito a ser emitido no assunto será suficiente, válido e efetivo, após a devida autorização, aprovação ou assessoria de tal ação pelo Conselho de Administração. Diretores, conforme exigido por lei, aprovar e autorizar os seguintes atos da Corporação: (a) A alteração da Carta da Companhia (b) a consolidação da Corporação com uma ou mais corporações para formar uma nova corporação consolidada (c ) A incorporação da Corporação em outra corporação ou a incorporação de uma ou mais outras corporações na Corporação (d) a venda, arrendamento, troca ou outra transferência de todos, ou substancialmente todos, dos bens e ativos da Corporação, incluindo Sua boa vontade e franquias (e) a participação da Corporação em uma troca de ações (conforme definido no artigo da Corporação e Associações do Código Anotado de Maryland) como a corporação cujo estoque é A ser adquirido e (f) a liquidação voluntária ou involuntária, dissolução ou liquidação da Companhia. Oitava: São adotadas as seguintes disposições com a finalidade de restringir a transferência e aquisição de ações e fornecer um direito de resgate: 1. Sempre que o Conselho de Administração considere prudente proteger o status fiscal da Corporação como um REIT, o Conselho de Administração pode exigir que seja arquivado com a Corporação um extrato ou declaração de cada um dos cessionários propostos de ações do capital social da Companhia, indicando o número de ações já detidas ou consideradas como pertencentes a regras de propriedade construtiva , Pelo cessionário e qualquer outra pessoa especificada na forma prescrita pelo Conselho de Administração para esse fim e qualquer outra informação que o Conselho de Administração julgue relevante para este fim. Qualquer contrato de venda ou outra transferência de ações do capital social da Corporação estará sujeito a esta provisão. 2. Antes de qualquer transferência ou transação que faria com que uma pessoa possua, de forma direta, indireta ou construtiva, partes superiores ao Limite (conforme definido na Seção 4 deste artigo OITAVO) e, em qualquer caso, a pedido do Conselho de Administração Diretores ou sua pessoa designada, esse acionista deve arquivar com a Corporação uma declaração bancária que indique o número de ações do capital social da Corporação (i) de propriedade direta e (ii) de propriedade indireta (para fins desta Seção, ações do capital social não de propriedade Diretamente deve ser considerado indiretamente por uma pessoa se essa pessoa for o beneficiário efetivo de tais ações para fins da Regra 13d-3, ou qualquer outra sucessora, promulgada nos termos do Securities Exchange Act de 1934, conforme alterada (the 147EXCHANGE ACT148), ou seria considerado possuir essas ações em virtude das regras de atribuição da Seção 544 do Código ou dos regulamentos emitidos sob isso ou qualquer disposição sucessora e, como essas regras podem ser modificadas para fins de As disposições da REIT do Código) pela pessoa que procede à declaração bancária. Esse affidavit deve conter as informações adicionais que julgar relevantes pelo Conselho de Administração para o cumprimento das suas obrigações nos termos do presente. O affidavit a ser arquivado com a Corporação deve indicar todas as informações exigidas para serem divulgadas pelos acionistas de acordo com o Artigo 1.857-9 do Regulamento do Tesouro emitido nos termos do Código ou disposições similares de qualquer regulamento sucessor e nos relatórios a serem arquivados de acordo com a Seção 13 (d) Do Exchange Act. A declaração ou a sua alteração deve ser arquivada na Corporação no prazo de dez (10) dias após a sua demanda e pelo menos quinze (15) dias antes de qualquer transferência ou transação que, se consumada, faria com que o requerente contenha um Número de ações do capital social da Corporação em excesso do limite (conforme definido na Seção 4 deste artigo OITAVO abaixo). O Conselho de Administração ou sua pessoa designada deve ter o direito, mas não deve ser obrigado, de se recusar a transferir quaisquer ações do capital social da Companhia supostamente transferidas, exceto em conformidade com as disposições desta Seção. 3. Qualquer aquisição de ações do capital social da Companhia que resultaria na desqualificação da Corporação como um REIT ao abrigo do Código será anulada ab initio na extensão máxima permitida pela legislação aplicável e o destinatário cessionário dessas ações será considerado Nunca teve interesse nisso. Se a disposição acima referida for considerada nula ou inválida em virtude de qualquer decisão legal, estatuto, regra ou regulamento, então o cessionário de tais ações será considerado, a critério da Corporação, atuar como agente em nome da Corporação na aquisição de tais Ações Excessivas (conforme definido abaixo) e para manter tais Ações Excessivas em nome do proprietário final dessas Ações Excessivas. Qualquer pessoa que receba dividendos, juros ou qualquer outra distribuição paga em razão de Ações Excessivas deve deter e manter esses dividendos, juros ou qualquer outra distribuição como agente da Corporação. Enquanto as Ações Excessivas são assim realizadas em nome do proprietário final de tais Ações Excessivas, tais Ações Excessivas não terão nenhum direito de voto e não serão consideradas para fins de voto de acionistas ou determinando o quorum para tal voto. As Ações Excessivas não serão ações em tesouraria, mas continuarão as ações emitidas e em circulação de acordo com a Lei Geral de Sociedade de Maryland. Ao descobrir a propriedade de quaisquer Ações Excessivas, o Conselho de Administração poderá (i) fazer com que a Corporação efetue o reembolso imediato de tais Ações Excessivas de acordo com a Seção 6 deste Artigo OITAVA ou (ii) conceder ao acionista trinta (30) dias para transferir tal Excesso Ações a qualquer pessoa ou grupo cuja propriedade dessas Ações Excessivas não resultaria em violação deste Artigo OITAVA. Após essa transferência permitida, a Corporação pagará ou distribuirá ao cessionário quaisquer dividendos sobre as Ações Excessivas que não tenham sido previamente pagos ou distribuídos. Se essas Ações Excessivas não forem transferidas dentro desse período de trinta (30) dias, a Corporação será considerada como tendo resgatado tais Ações Excessivas de acordo com a Seção 6 deste artigo OITAVO. 4. Não obstante qualquer outra disposição do presente Contrato e sujeita às disposições da Seção 5 deste Artigo OITAVA, nenhuma pessoa ou pessoa que atue como um grupo deve, em qualquer momento, possuir (diretamente ou sob regras de propriedade construtivas relevantes para efeitos de qualificação da Corporação Como um REIT) no agregado mais de nove e oito décimos por cento (9.8) das ações em circulação do capital social da Corporação (147LIMIT148). Ações que, para este artigo, OCTAVA seriam de propriedade de uma pessoa ou pessoas que atuem como um grupo e, em qualquer momento, excederão o Limite, serão consideradas Ações Excessivas. Com o objetivo de determinar a titularidade de Ações Excessivas, considerará que as ações possuídas de forma construtiva por uma pessoa nos termos das disposições 542, 544 e 856 do Código (e qualquer disposição sucessora e como essas regras podem ser modificadas para fins) Das disposições de REIT do Código) e também deve incluir ações de propriedade de propriedade nos termos da Regra 13d-3 promulgada nos termos do Exchange Act. Para fins de determinar as pessoas que atuam como um grupo, 147GROUP148 deve ter o mesmo significado que esse termo tem para fins da Seção 13 (d) (3) da Lei de Câmbio. Todas as ações do capital social da Corporação que qualquer pessoa ou pessoa que atue como um grupo tenham o direito de adquirir, após o exercício de direitos pendentes, opções e warrants, e após a conversão de quaisquer valores mobiliários conversíveis em tais ações, se houver, serão considerados pendentes Para efeitos da determinação do Limite aplicável, se tal inclusão fará com que essa pessoa ou pessoas atuem como um grupo para possuir mais do que o Limite. O Conselho de Administração terá o direito, mas não será obrigado, de se recusar a transferir ações do capital social da Companhia se, em decorrência da transferência proposta, qualquer pessoa ou pessoa agindo como um grupo seria ou seria considerada como Mantenha o excesso de ações. 5. O limite estabelecido na Seção 4 deste artigo OITAVO não se aplica à aquisição de ações do capital social da Companhia: (i) por um segurado em oferta pública de tais ações (ii) de acordo com uma oferta pública em dinheiro made for all outstanding shares (including securities convertible into common stock, which subsequently may be issued by the Corporation) in conformity with applicable federal and state securities laws where at least ninety percent (90) of the outstanding shares (not including shares or subsequently issued securities convertible into common stock, which are held by the tender offeror or any 147affiliates148 or 147associates148 thereof within the meaning of the Exchange Act) are duly tendered and accepted pursuant to the cash tender offer or (iii) in any transaction involving the issuance of shares of capital stock by the Corporation in which the Board of Directors determines that the underwriter or other person or party initially acquiring such shares wi ll timely distribute such shares to or among others such that, following such distribution, none of such shares will deemed to be Excess Shares. The Board of Directors in its discretion may exempt from the Limit and from the filing requirements of Section 2 of this Article EIGHTH ownership or transfers of certain designated shares of capital stock of the Corporation while owned by or transferred to a person who has provided the Board of Directors with evidence and assurances acceptable to the Board of Directors that the qualification of the Corporation as a REIT under the Code and the regulations issued under the Code would not be jeopardized thereby. 6. At the discretion of the Board of Directors, all Excess Shares may be redeemed by the Corporation. Written notice of redemption shall be provided to the holder of the Excess Shares not less than one week prior to the redemption date (the 147REDEMPTION DATE148) determined by the Board of Directors and included in the notice of redemption. The redemption price to be paid for Excess Shares shall be equal to the lesser of the price paid for the Excess Shares by the stockholder in whose possession the redeemed shares were formerly Excess Shares or the Fair Market Value of the Excess Shares. 147Fair Market Value148 shall mean (i) the closing price of such shares on the principal national securities exchange on which such shares are listed or admitted to trading on the last business day prior to the Redemption Date, or (ii) if such shares are not so listed or admitted to trading, the closing bid price on such last business day as reported on the NASDAQ System, if quoted thereon, or (iii) if the redemption price is not determinable in accordance with clause (i) or (ii) of this sentence, the fair market value of such shares determined in good faith by the Board of Directors. The redemption price for any shares of capital stock of the Corporation so redeemed shall be paid on the Redemption Date. From and after the Redemption Date, the holder of any shares of capital stock of the Corporation called for redemption shall cease to be entitled to any distributions and other benefits with respect to such shares, except the right to payment of the redemption price fixed as aforesaid. 7. Nothing contained in this Article EIGHTH or in any other provision hereof shall limit the authority of the Board of Directors to take such other action as it in its sole discretion deems necessary or advisable to protect the Corporation and the interests of its stockholders by maintaining the Corporation146s eligibility to be, and preserving the Corporation146s status as, a qualified REIT under the Code. 8. For purposes of this Article EIGHTH only, the term 147PERSON148 shall include individuals (including natural persons and organizations treated as natural persons in Section 542(a) of the Code), corporations, limited partnerships, general partnerships, joint stock companies or associations, joint ventures, associations, consortia, companies, trusts, banks, trust companies, land trusts, common law trusts, business trusts, unincorporated associations or other entities and governments and agencies and political subdivisions thereof. 9. If any provision of this Article EIGHTH or any application of any such provision is determined to be invalid by any federal or state court having jurisdiction over the issue, the validity of the remaining provisions shall not be affected and other applications of such provision shall be affected only to the extent necessary to comply with the determination of such court. To the extent any provision of this Article EIGHTH may be inconsistent with any other provisions of these articles of incorporation, this Article EIGHTH shall be controlling. 10. In the event that a stockholder knowingly holds Excess Shares and the Corporation consequently loses its status as a REIT under the Code or becomes a personal holding company, such stockholder shall be required to indemnify the Corporation for the full amount of any damages and expenses (including, without limitation, increased corporate taxes, attorneys146 fees and administrative costs) resulting from the Corporation146s loss of its REIT qualification under the Code. 11. Nothing herein contained shall limit the ability of the Corporation to impose or seek judicial or other imposition of additional restrictions if deemed necessary or advisable to protect the Corporation and the interests of its stockholders by preservation of the Corporation146s status as a REIT. 12. All persons or groups who own five percent (5) or more of the Corporation146s outstanding shares during any taxable year of the Corporation shall file with the Corporation an affidavit setting forth the number of shares during such taxable year (a) owned directly (held of record by such person or group, or by a nominee or nominees of such person or group), and (b) owned indirectly (by reason of Section 542, 544 or 856 of the Code or for purposes of Section 13(d) of the Exchange Act) by the person or group filing the affidavit. The affidavit to be filed with the Corporation shall set forth all the information required to be reported (i) in returns of stockholders under Treasury Regulation Section 1.857-9 issued under the Code or similar provisions of any successor regulation, and (ii) in reports to be filed under Section 13(d) of the Exchange Act. The affidavit or amendment to a previously-filed affidavit shall be filed with the Corporation annually within 60 days after the close of the Corporation146s taxable year. A person or group shall have satisfied the requirements of this Section 12 of this Article EIGHTH if the person or group furnishes to the Corporation the information in such person or group146s possession after such person or group has made a good faith effort to determine the shares it indirectly owns and to acquire the information required by Treasury Regulation Section 1.857-9 issued under the Code or similar provisions of any successor regulation. NINTH: The duration of the Corporation shall be perpetual. THREE: As set forth in Articles Supplementary filed with and accepted for record by the SDAT on March 16, 2010, under a power contained in Title 3, Subtitle 8 of the MGCL, by provision in the Bylaws of the Corporation (the 147BYLAWS148) duly adopted by the Board of Directors and notwithstanding any other provision in the Charter or the Bylaws to the contrary, the Corporation elected to be subject to Sections 3-803, 3-804 and 3-805 of the MGCL, the repeal of which may be effected only by the means authorized by Section 3-802(b)(3) of the MGCL. FOUR: The foregoing restatement of the Charter has been approved by a majority of the entire Board of Directors. FIVE: The Charter is not amended by these Articles of Restatement. SIX: The current address of the principal office of the Corporation is set forth in Article THIRD of the foregoing restatement of the Charter. SEVEN: The name and address of the Corporation146s current resident agent is as set forth in Article THIRD of the foregoing restatement of the Charter. EIGHT: The number of directors of the Corporation is currently eight, and the names of the current directors and the years in which their terms of office expire on the date of the annual meeting of stockholders in such year are as follows: NINE: The undersigned acknowledges these Articles of Restatement to be the corporate act of the Corporation and as to all matters or facts required to be verified under oath, the undersigned acknowledges that to the best of his knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury SIGNATURE PAGE FOLLOWS IN WITNESS WHEREOF, the Corporation has caused these Articles of Restatement to be signed in its name and on its behalf by its Chief Executive Officer and attested to by its Secretary on this 11th day of January, 2017. GLADSTONE COMMERCIAL CORPORATION s Michael LiCalsi s David Gladstone (SEAL) Chief Executive Officer GLADSTONE COMMERCIAL CORPORATION ARTICLES OF RESTATEMENT 7.75 SERIES A CUMULATIVE REDEEMABLE PREFERRED STOCK 1. Designation and Number . A class of Preferred Stock, designated the 1477.75 Series A Cumulative Redeemable Preferred Stock148 (the 147 Series A Preferred Stock 148), is hereby established. The number of shares of Series A Preferred Stock shall be 1,150,000 (the 147 Series A Preferred Shares 148). 2. Rank . The Series A Preferred Stock, with respect to dividend rights and rights upon liquidation, dissolution or winding up of the Company, will rank (i) senior to all classes or series of common stock of the Company, 0.001 par value per share (the 147 Common Stock 148), and to all equity securities ranking junior to the Series A Preferred Stock with respect to dividend rights or rights upon liquidation, dissolution or winding up of the Company (ii) on a parity with all equity securities issued by the Company the terms of which specifically provide that such equity securities rank on a parity with the Series A Preferred Stock with respect to dividend rights or rights upon liquidation, dissolution or winding up of the Company (the 147 Parity Preferred Securities 148) and (iii) junior to all existing and future indebtedness of the Company. The term 147equity securities148 does not include convertible debt securities. (a) Holders of shares of the Series A Preferred Stock are entitled to receive, when and as declared by the Board of Directors (or a duly authorized committee thereof), out of funds legally available for the payment of dividends, preferential cumulative cash dividends at the rate of 7.75 per annum of the 25.00 liquidation preference (the 147 Liquidation Preference 148) per share (equivalent to a fixed annual amount of 1.9375 per share). Dividends on the Series A Preferred Stock shall be cumulative from the date of original issue and shall be payable monthly in arrears on or before the last business day of each month (each, a 147 Dividend Payment Date 148). The first dividend, which will be payable on February 28, 2006, will be for a full month. Such dividend and any dividend payable on the Series A Preferred Stock for any partial dividend period will be computed on the basis of a 360-day year consisting of twelve thirty-day months. Dividends will be payable to holders of record as they appear in the stock records of the Company at the close of business on the applicable record date, which shall be such date designated by the Board of Directors of the Company that is not more than 20 nor less than 10 days prior to such Dividend Payment Date (each, a 147 Dividend Record Date 148). (b) No dividends on shares of Series A Preferred Stock shall be authorized by the Board of Directors or paid or set apart for payment by the Company at such time as the terms and provisions of any agreement of the Company, including any agreement relating to its indebtedness, prohibits such authorization, payment or setting apart for payment or provides that such authorization, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such authorization or payment shall be restricted or prohibited by law. (c) Notwithstanding the foregoing, dividends on the Series A Preferred Stock will accumulate whether or not the Company has earnings, whether or not restrictions exist in respect thereof, whether there are funds legally available for the payment of such dividends and whether or not such dividends are declared. Accumulated but unpaid dividends on the Series A Preferred Stock will not bear interest and holders of the Series A Preferred Stock will not be entitled to any distributions in excess of full cumulative dividends described above. Except as set forth in the next sentence, no dividends will be declared or paid or set apart for payment on any capital stock of the Company or any other series of Parity Preferred Stock or any series or class of equity securities ranking junior to the Series A Preferred Stock (other than a dividend in shares of the Company146s Common Stock or in shares of any other class of stock ranking junior to the Series A Preferred Stock as to dividends and upon liquidation) for any period unless full cumulative dividends 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 the Series A Preferred Stock for all past dividend periods and the then current dividend period. When dividends are not paid in full (or a sum sufficient for such full payment is not so set apart) upon the Series A Preferred Stock and the shares of any other series of Parity Preferred Stock, all dividends declared upon the Series A Preferred Stock and any other series of Parity Preferred Stock, shall be declared pro rata so that the amount of dividends declared per share of Series A Preferred Stock and such other series of Parity Preferred Stock shall in all cases bear to each other the same ratio that accumulated dividends per share on the Series A Preferred Stock and such other series of Parity Preferred Stock (which shall not include any accrual in respect of unpaid dividends for prior dividend periods if such Parity Preferred Stock does not have a cumulative dividend) bear to each other. (d) Except as provided in the immediately preceding paragraph, unless full cumulative dividends on the Series A Preferred Stock 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 dividend periods and the then current dividend period, no dividends (other than in shares of Common Stock or other shares of capital stock ranking junior to the Series A Preferred Stock as to dividends and upon liquidation) shall be declared or paid or set aside for payment nor shall any other distribution be declared or made upon the Common Stock, or any other capital stock of the Company ranking junior to or on a parity with the Series A Preferred Stock as to dividends or upon liquidation, nor shall any shares of Common Stock, or any other shares of capital stock of the Company ranking junior to or on a parity with the Series A Preferred Stock as to dividends or upon liquidation be redeemed, purchased or otherwis e acquired for any consideration (or any monies be paid to or made available for a sinking fund for the redemption of any such shares) by the Company (except by conversion into or exchange for other capital stock of the Company ranking junior to the Series A Preferred Stock as to dividends and upon liquidation or redemption for the purpose of preserving the Company146s qualification as a real estate investment trust (147 REIT 148)). Holders of shares of the Series A Preferred Stock shall not be entitled to any dividend, whether payable in cash, property or stock, in excess of full cumulative dividends on the Series A Preferred Stock as provided above. Any dividend payment made on shares of the Series A Preferred Stock shall first be credited against the earliest accumulated but unpaid dividend due with respect to such shares which remains payable. (e) If, for any taxable year, the Company elects to designate as a 147capital gain dividend148 (as defined in Section 857 of the Internal Revenue Code of 1986, as amended (the 147 Code 148) any portion (the 147 Capital Gains Amount 148) of the dividends paid or made available for the year to holders of any class or series of stock of the Company, the portion of the Capital Gains Amount that shall be allocable to holders of the Series A Preferred Stock shall be the amount that the total dividends (as determined for federal income tax purposes) paid or made available to the holders of the Series A Preferred Stock for the year bears to the aggregate amount of dividends (as determined for federal income tax purposes) paid or made available to the holders of all classes or series of stock of the Company for such year. 4. Liquidation Preference . Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, the holders of shares of Series A Preferred Stock are entitled to be paid out of the assets of the Company legally available for distribution to its stockholders a liquidation preference of 25.00 per share, plus an amount equal to any accumulated, accrued and unpaid dividends to and including the date of payment, but without interest, before any distribution of assets is made to holders of Common Stock or any other class or series of capital stock of the Company that ranks junior to the Series A Preferred Stock as to liquidation rights. If the assets of the Company legally available for distribution to stockholders are insufficient to pay in full the Liquidation Preference on the Series A Preferred Stock and the Liquidation Preference on any shares of Parity Preferred Stock, all assets distributed to the holders of the Series A Preferred Stock and any other series of Parity Preferred Stock shall be distributed pro rata so that the amount of assets distributed per share of Series A Preferred Stock and such other series of Parity Preferred Stock shall in all cases bear to each other the same ratio that the Liquidation Preference per share on the Series A Preferred Stock and such other series of Parity Preferred Stock bear to each other. Written notice of any such liquidation, dissolution or winding up of the Company, 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 record holder of the Series A Preferred Shares at the respective addresses of such holders as the same shall appear on the stock transfer records of the Company. After payment of the full amount of the Liquidation Preference, plus any accumulated and unpaid dividends to which they are entitled, the holders of Series A Preferred Stock will have no right or claim to any of the remaining assets of the Company. The consolidation or merger of the Company with or into another entity, a merger of another entity with or into the Company, a statutory share exchange by the Company or a sale, lease, transfer or conveyance of all or substantially all of the Company146s property or business shall not be deemed to constitute a liquidation, dissolution or winding up of the Company. In determining whether a distribution (other than upon voluntary or involuntary liquidation, dissolution or winding up of the Company) by dividend, redemption or other acquisition of shares of stock of the Company or otherwise is permitted under the MGCL, no effect shall be given to amounts that would be needed, if the Company were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of holders of the Series A Preferred Shares whose preferential rights upon dissolution are superior to those receiving the distribution. 5. Optional Redemption. (a) The Series A Preferred Stock is not redeemable prior to January 30, 2011. However, in order to ensure that the Company will continue to meet the requirement for qualification as a REIT, the Series A Preferred Stock will be subject to provisions in the Company146s Charter pursuant to which shares of capital stock of the Company owned by a stockholder in excess of 9.8 in value of the outstanding shares of capital stock of the Company (the 147 Ownership Limit 148) will be deemed 147Excess Shares,148 and the Company will have the right to purchase such Excess Shares from the holder. On and after January 30, 2011, the Company, at its sole option upon not less than 30 nor more than 60 days146 written notice, may redeem shares of the Series A Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of 25.00 per share, plus all accumulated and unpaid dividends thereon to the date fixed for redemption (except with respect to Excess Shares), without interest. Holders of Series A Preferred Stock to be redeemed shall surrender such Series A Preferred Stock at the place designated in such notice and upon such surrender shall be entitled to the redemption price and any accumulated and unpaid dividends payable upon such redemption. If notice of redemption of any shares of Series A Preferred Stock has been given and if the funds necessary for such redemption have been set aside by the Company in trust for the benefit of the holders of any shares of Series A Preferred Stock to be redeemed, then from and after the redemption date dividends will cease to accumulate on those shares of Series A Preferred Stock, those shares of Series A Preferred Stock shall no longer be deemed outstanding and all rights of the holders of such shares will terminate, except the right to receive the redemption price. If less than all of the outstanding Series A Preferred Stock is to be redeemed, Series A Preferred Shares shall be selected pro rata for redemption (as nearly as may be practicable without creating fractional shares) or by any other equitable method determined by the Company. After redemption, all shares of Series A Preferred Stock previously outstanding shall be unclassified and shall constitute authorized and unissued shares of the Company146s preferred stock that may be designated by the Company146s Board of Directors pursuant to Article VII of the Company146s Charter, as further amended. (b) Unless full cumulative dividends on all shares of Series A Preferred Stock shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for payment for all past dividend periods and the then current dividend period, no shares of Series A Preferred Stock shall be redeemed unless all outstanding shares of Series A Preferred Stock are simultaneously redeemed and the Company shall not purchase or otherwise acquire directly or indirectly any shares of Series A Preferred Stock (except by exchange for capital stock of the Company ranking junior to the Series A Preferred Stock as to dividends and upon liquidation) provided, however, that the foregoing shall not prevent the purchase by the Company of Excess Shares in order to ensure that the Company continues to meet the requirements for qualification as a REIT, or the purchase or acquisition of shares of Series A Preferred Stock pursuant to a purchase or exchange offer made o n the same terms to holders of all outstanding shares of Series A Preferred Stock. So long as no dividends are in arrears, the Company shall be entitled at any time and from time to time to repurchase shares of Series A Preferred Stock in open-market transactions duly authorized by the Board of Directors and effected in compliance with applicable laws. (c) Notice of redemption will be given by publication in a newspaper of general circulation in the City of New York, such publication to be made once a week for two successive weeks commencing not less than 30 nor more than 60 days prior to the redemption date. A similar notice will be mailed by the Company, postage prepaid, not less than 30 nor more than 60 days prior to the redemption date, addressed to the respective holders of record of the Series A Preferred Stock to be redeemed at their respective addresses as they appear on the stock transfer records of the Company. No failure to give such notice or any defect therein or in the mailing thereof shall affect the validity of the proceedings for the redemption of any shares of Series A Preferred Stock except as to the holder to whom notice was defective or not given. Each notice shall state: (i) the redemption date (ii) the redemption price, (iii) the number of shares of Series A Preferred Stock to be redeemed (iv) the place or places where the Series A Preferred Stock is to be surrendered for payment of the redemption price and (v) that dividends on the shares to be redeemed will cease to accrue on such redemption date. If less than all of the Series A Preferred Stock held by any holder is to be redeemed, the notice mailed to such holder shall also specify the number of shares of Series A Preferred Stock held by such holder to be redeemed. (d) Immediately prior to any redemption of Series A Preferred Stock, the Company shall pay, in cash, any accumulated and unpaid dividends through the redemption date, unless a redemption date falls after a Dividend Record Date and prior to the corresponding Dividend Payment Date, in which case each holder of Series A Preferred Stock at the close of business on such Dividend Record Date shall be entitled to the dividend payable on such shares on the corresponding Dividend Payment Date notwithstanding the redemption of such shares before such Dividend Payment Date. (e) The Series A Preferred Stock has no stated maturity and will not be subject to any sinking fund or mandatory redemption. However, in order to ensure that the Company continues to meet the requirements for qualification as a REIT, Series A Preferred Stock acquired by a stockholder in excess of the Ownership Limit will automatically become Excess Shares, and the Company will have the right to purchase such Excess Shares from the holder. In addition, Excess Shares may be redeemed, in whole or in part, at any time when outstanding shares of Series A Preferred Stock are being redeemed, for cash at a redemption price of 25.00 per share, but excluding accumulated and unpaid dividends on such Excess Shares, without interest. Such Excess Shares shall be redeemed in such proportion and in accordance with such procedures as shares of Series A Preferred Stock are being redeemed. (a) Holders of the Series A Preferred Stock will not have any voting rights, except as set forth below or as otherwise from time to time required by law. (b) Whenever dividends on any shares of Series A Preferred Stock shall be in arrears for eighteen or more consecutive months (a 147 Preferred Dividend Default 148), the holders of such shares of Series A Preferred Stock voting separately as a class together with all other series of Parity Preferred Stock upon which like voting rights have been conferred and are exercisable will be entitled to vote separately as a class for the election of a total of two additional directors of the Company (the 147 Preferred Stock Directors 148) at a special meeting called by the holders of record of at least 20 of the Series A Preferred Stock or the holders of record of at least 20 of any series of Parity Preferred so in arrears (unless such request is received less than 90 days before the date fixed for the next annual or special meeting of the stockholders) or at the next annual meeting of stockholders, and at each subsequent annual meeting until all dividends accumulated on such shares of Series A P referred Stock for the past dividend periods and the dividend for the then current dividend period shall have been fully paid or declared and a sum sufficient for the payment thereof set aside for payment. A quorum for any such meeting shall exist if at least a majority of the outstanding shares of Series A Preferred Stock and shares of Parity Preferred Stock upon which like voting rights have been conferred and are exercisable are represented in person or by proxy at such meeting. The Preferred Stock Directors shall be elected upon the affirmative vote of a plurality of the shares of Series A Preferred Stock and such Parity Preferred Stock present and voting in person or by proxy at a duly called and held meeting at which a quorum is present voting separately as a class. If and when all accumulated dividends and the dividend for the then current dividend period on the Series A Preferred Stock shall have been paid in full or declared and set aside for payment in full, the holders thereof shall be divested of the foregoing voting rights (subject to revesting in the event of each and every Preferred Dividend Default) and, if all accumulated dividends and the dividend for the then current dividend period have been paid in full or declared and set aside for payment in full on all series of Parity Preferred Stock upon which like voting rights have been conferred and are exercisable, the term of office of each Preferred Stock Director so elected shall terminate. Any Preferred Stock Director may be removed at any time with or without cause by, and shall not be removed otherwise than by the vote of, the holders of record of a majority of the outstanding shares of the Series A Preferred Stock when they have the voting rights described above (voting separately as a class with all series of Parity Preferred Stock upon which like voting rights have been conferred and are exercisable). So long as a Preferred Dividend Default shall continue, any vacancy in the office of a Preferred Stock Director may be filled by written consent of the Preferred Stock Director remaining in office, or if none remains in office, by a vote of the holders of record of a majority of the outstanding shares of Series A Preferred Stock when they have the voting rights described above (voting separately as a class with all series of Parity Preferred Stock upon which like voting rights have been conferred and are exercisable). The Preferred Stock Directors shall be entitled to one vote per director on any matter. (c) So long as any shares of Series A Preferred Stock remain outstanding, the Company will not, without the affirmative vote or consent of the holders of at least two-thirds of the shares of the Series A Preferred Stock outstanding at the time, given in person or by proxy, either in writing or at a meeting (voting separately as a class), amend, alter or repeal the provisions of the Charter (including these Articles Supplementary), whether by merger, consolidation or otherwise (each an 147 Event 148), so as to materially and adversely affect any right, preference, privilege or voting power of the Series A Preferred Stock or the holders thereof provided, however, that with respect to the occurrence of any Event set forth above, so long as the Series A Preferred Stock (or shares issued by a surviving entity in substitution for the Series A Preferred Stock) remains outstanding with the terms thereof materially unchanged, taking into account that upon the occurrence of such an Event, the Co mpany may not be the surviving entity, the occurrence of any such Event shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting power of holders of the Series A Preferred Stock and provided, further that (i) any increase in the amount of authorized shares of Series A Preferred Stock, (ii) any increase in the amount of the authorized Preferred Stock or the creation or issuance of any other series of Preferred Stock, or (iii) any increase in the amount of authorized shares of such series, in each case ranking on a parity with or junior to the Series A Preferred Stock with respect to payment of dividends or the distribution of assets upon liquidation, dissolution or winding up, shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers. (d) The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required shall be effected, all outstanding shares of Series A Preferred Stock shall have been redeemed or called for redemption upon proper notice and sufficient funds shall have been deposited in trust to effect such redemption. 7. Conversion . The Series A Preferred Stock is not convertible into or exchangeable for any other property or securities of the Company. 8. Maturity . The Series A Preferred Stock has no stated maturity and will not be subject to any sinking fund or mandatory redemption. 9. No Preemptive Rights . No holder of the Series A Preferred Stock of the Company shall, as such holder, have any preemptive rights to purchase or subscribe for additional shares of stock of the Company or any other security of the Company which it may issue or sell. GLADSTONE COMMERCIAL CORPORATION ARTICLES OF RESTATEMENT 7.5 SERIES B CUMULATIVE REDEEMABLE PREFERRED STOCK 1. Designation and Number . A class of Preferred Stock, designated the 1477.5 Series B Cumulative Redeemable Preferred Stock148 (the 147 Series B Preferred Stock 148), is hereby established. The number of shares of Series B Preferred Stock shall be 1,150,000 (the 147 Series B Preferred Shares 148). 2. Rank . The Series B Preferred Stock, with respect to dividend rights and rights upon liquidation, dissolution or winding up of the Company, will rank (i) senior to all classes or series of common stock of the Company, 0.001 par value per share (the 147 Common Stock 148), and to all equity securities ranking junior to the Series B Preferred Stock with respect to dividend rights or rights upon liquidation, dissolution or winding up of the Company (ii) on a parity with all equity securities issued by the Company, including the Company146s 7.75 Series A Cumulative Redeemable Preferred Stock (the 147 Series A Preferred Stock 148), the terms of which specifically provide that such equity securities rank on a parity with the Series B Preferred Stock with respect to dividend rights or rights upon liquidation, dissolution or winding up of the Company (the 147 Parity Preferred Securities 148) and (iii) junior to all existing and future indebtedness of the Company. The term 147equity securities148 does not include convertible debt securities. (a) Holders of shares of the Series B Preferred Stock are entitled to receive, when and as declared by the Board of Directors (or a duly authorized committee thereof), out of funds legally available for the payment of dividends, preferential cumulative cash dividends at the rate of 7.5 per annum of the 25.00 liquidation preference (the 147 Liquidation Preference 148) per share (equivalent to a fixed annual amount of 1.875 per share). Dividends on the Series B Preferred Stock shall be cumulative from the date of original issue and shall be payable monthly in arrears on or before the last business day of each month (each, a 147 Dividend Payment Date 148). The first dividend, which will be payable on November 30, 2006, will be for a full month. Such dividend and any dividend payable on the Series A Preferred Stock for any partial dividend period will be computed on the basis of a 360-day year consisting of twelve thirty-day months. Dividends will be payable to holders of record as they appear in the stock records of the Company at the close of business on the applicable record date, which shall be such date designated by the Board of Directors of the Company that is not more than 20 nor less than 7 days prior to such Dividend Payment Date (each, a 147 Dividend Record Date 148). (b) No dividends on shares of Series B Preferred Stock shall be authorized by the Board of Directors or paid or set apart for payment by the Company at such time as the terms and provisions of any agreement of the Company, including any agreement relating to its indebtedness, prohibits such authorization, payment or setting apart for payment or provides that such authorization, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such authorization or payment shall be restricted or prohibited by law. (c) Notwithstanding the foregoing, dividends on the Series B Preferred Stock will accumulate whether or not the Company has earnings, whether or not restrictions exist in respect thereof, whether there are funds legally available for the payment of such dividends and whether or not such dividends are declared. Accumulated but unpaid dividends on the Series B Preferred Stock will not bear interest and holders of the Series B Preferred Stock will not be entitled to any distributions in excess of full cumulative dividends described above. Except as set forth in the next sentence, no dividends will be declared or paid or set apart for payment on any capital stock of the Company or any other series of Parity Preferred Stock or any series or class of equity securities ranking junior to the Series B Preferred Stock (other than a dividend in shares of the Company146s Common Stock or in shares of any other class of stock ranking junior to the Series B Preferred Stock as to dividends and upon liquidation) for any period unless full cumulative dividends 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 the Series B Preferred Stock for all past dividend periods and the then current dividend period. When dividends are not paid in full (or a sum sufficient for such full payment is not so set apart) upon the Series B Preferred Stock and the shares of any other series of Parity Preferred Stock, all dividends declared upon the Series B Preferred Stock and any other series of Parity Preferred Stock, shall be declared pro rata so that the amount of dividends declared per share of Series B Preferred Stock and such other series of Parity Preferred Stock shall in all cases bear to each other the same ratio that accumulated dividends per share on the Series B Preferred Stock and such other series of Parity Preferred Stock (which shall not include any accrual in respect of unpaid dividends for prior dividend periods if such Parity Preferred Stock does not have a cumulative dividend) bear to each other. (d) Except as provided in the immediately preceding paragraph, unless full cumulative dividends on the Series B Preferred Stock 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 dividend periods and the then current dividend period, no dividends (other than in shares of Common Stock or other shares of capital stock ranking junior to the Series B Preferred Stock as to dividends and upon liquidation) shall be declared or paid or set aside for payment nor shall any other distribution be declared or made upon the Common Stock, or any other capital stock of the Company ranking junior to or on a parity with the Series B Preferred Stock as to dividends or upon liquidation, nor shall any shares of Common Stock, or any other shares of capital stock of the Company ranking junior to or on a parity with the Series B Preferred Stock as to dividends or upon liquidation be redeemed, purchased or otherwis e acquired for any consideration (or any monies be paid to or made available for a sinking fund for the redemption of any such shares) by the Company (except by conversion into or exchange for other capital stock of the Company ranking junior to the Series B Preferred Stock as to dividends and upon liquidation or redemption for the purpose of preserving the Company146s qualification as a real estate investment trust (147 REIT 148)). Holders of shares of the Series B Preferred Stock shall not be entitled to any dividend, whether payable in cash, property or stock, in excess of full cumulative dividends on the Series B Preferred Stock as provided above. Any dividend payment made on shares of the Series B Preferred Stock shall first be credited against the earliest accumulated but unpaid dividend due with respect to such shares which remains payable. (e) If, for any taxable year, the Company elects to designate as a 147capital gain dividend148 (as defined in Section 857 of the Internal Revenue Code of 1986, as amended (the 147 Code 148) any portion (the 147 Capital Gains Amount 148) of the dividends paid or made available for the year to holders of any class or series of stock of the Company, the portion of the Capital Gains Amount that shall be allocable to holders of the Series B Preferred Stock shall be the amount that the total dividends (as determined for federal income tax purposes) paid or made available to the holders of the Series B Preferred Stock for the year bears to the aggregate amount of dividends (as determined for federal income tax purposes) paid or made available to the holders of all classes or series of stock of the Company for such year. 4. Liquidation Preference . Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, the holders of shares of Series B Preferred Stock are entitled to be paid out of the assets of the Company legally available for distribution to its stockholders a liquidation preference of 25.00 per share, plus an amount equal to any accumulated, accrued and unpaid dividends to and including the date of payment, but without interest, before any distribution of assets is made to holders of Common Stock or any other class or series of capital stock of the Company that ranks junior to the Series B Preferred Stock as to liquidation rights. If the assets of the Company legally available for distribution to stockholders are insufficient to pay in full the Liquidation Preference on the Series B Preferred Stock and the Liquidation Preference on any shares of Parity Preferred Stock, all assets distributed to the holders of the Series B Preferred Stock and any other series of Parity Preferred Stock shall be distributed pro rata so that the amount of assets distributed per share of Series B Preferred Stock and such other series of Parity Preferred Stock shall in all cases bear to each other the same ratio that the Liquidation Preference per share on the Series B Preferred Stock and such other series of Parity Preferred Stock bear to each other. Written notice of any such liquidation, dissolution or winding up of the Company, 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 record holder of the Series B Preferred Shares at the respective addresses of such holders as the same shall appear on the stock transfer records of the Company. After payment of the full amount of the Liquidation Preference, plus any accumulated and unpaid dividends to which they are entitled, the holders of Series B Preferred Stock will have no right or claim to any of the remaining assets of the Company. The consolidation or merger of the Company with or into another entity, a merger of another entity with or into the Company, a statutory share exchange by the Company or a sale, lease, transfer or conveyance of all or substantially all of the Company146s property or business shall not be deemed to constitute a liquidation, dissolution or winding up of the Company. In determining whether a distribution (other than upon voluntary or involuntary liquidation, dissolution or winding up of the Company) by dividend, redemption or other acquisition of shares of stock of the Company or otherwise is permitted under the MGCL, no effect shall be given to amounts that would be needed, if the Company were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of holders of the Series B Preferred Shares whose preferential rights upon dissolution are superior to those receiving the distribution. 5. Optional Redemption. (a) The Series B Preferred Stock is not redeemable prior to October 31, 2011. However, in order to ensure that the Company will continue to meet the requirement for qualification as a REIT, the Series B Preferred Stock will be subject to provisions in the Company146s Charter pursuant to which shares of capital stock of the Company owned by a stockholder in excess of 9.8 in value of the outstanding shares of capital stock of the Company (the 147 Ownership Limit 148) will be deemed 147Excess Shares,148 and the Company will have the right to purchase such Excess Shares from the holder. On and after October 31, 2011, the Company, at its sole option upon not less than 30 nor more than 60 days146 written notice, may redeem shares of the Series B Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of 25.00 per share, plus all accumulated and unpaid dividends thereon to the date fixed for redemption (except with respect to Excess Shares), without interest. Holders of Series B Preferred Stock to be redeemed shall surrender such Series B Preferred Stock at the place designated in such notice and upon such surrender shall be entitled to the redemption price and any accumulated and unpaid dividends payable upon such redemption. If notice of redemption of any shares of Series B Preferred Stock has been given and if the funds necessary for such redemption have been set aside by the Company in trust for the benefit of the holders of any shares of Series B Preferred Stock to be redeemed, then from and after the redemption date dividends will cease to accumulate on those shares of Series B Preferred Stock, those shares of Series B Preferred Stock shall no longer be deemed outstanding and all rights of the holders of such shares will terminate, except the right to receive the redemption price. If less than all of the outstanding Series B Preferred Stock is to be redeemed, Series B Preferred Shares shall be selected pro rata for redemption (as nearly as may be practicable without creating fractional shares) or by any other equitable method determined by the Company. After redemption, all shares of Series B Preferred Stock previously outstanding shall be unclassified and shall constitute authorized and unissued shares of the Company146s preferred stock that may be designated by the Company146s Board of Directors pursuant to Article VII of the Company146s Charter, as further amended. (b) Unless full cumulative dividends on all shares of Series B Preferred Stock shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for payment for all past dividend periods and the then current dividend period, no shares of Series B Preferred Stock shall be redeemed unless all outstanding shares of Series B Preferred Stock are simultaneously redeemed and the Company shall not purchase or otherwise acquire directly or indirectly any shares of Series B Preferred Stock (except by exchange for capital stock of the Company ranking junior to the Series B Preferred Stock as to dividends and upon liquidation) provided, however, that the foregoing shall not prevent the purchase by the Company of Excess Shares in order to ensure that the Company continues to meet the requirements for qualification as a REIT, or the purchase or acquisition of shares of Series B Preferred Stock pursuant to a purchase or exchange offer made o n the same terms to holders of all outstanding shares of Series B Preferred Stock. So long as no dividends are in arrears, the Company shall be entitled at any time and from time to time to repurchase shares of Series B Preferred Stock in open-market transactions duly authorized by the Board of Directors and effected in compliance with applicable laws. (c) Notice of redemption will be given by publication in a newspaper of general circulation in the City of New York, such publication to be made once a week for two successive weeks commencing not less than 30 nor more than 60 days prior to the redemption date. A similar notice will be mailed by the Company, postage prepaid, not less than 30 nor more than 60 days prior to the redemption date, addressed to the respective holders of record of the Series B Preferred Stock to be redeemed at their respective addresses as they appear on the stock transfer records of the Company. No failure to give such notice or any defect therein or in the mailing thereof shall affect the validity of the proceedings for the redemption of any shares of Series B Preferred Stock except as to the holder to whom notice was defective or not given. Each notice shall state: (i) the redemption date (ii) the redemption price, (iii) the number of shares of Series B Preferred Stock to be redeemed (iv) the place or places where the Series B Preferred Stock is to be surrendered for payment of the redemption price and (v) that dividends on the shares to be redeemed will cease to accrue on such redemption date. If less than all of the Series B Preferred Stock held by any holder is to be redeemed, the notice mailed to such holder shall also specify the number of shares of Series B Preferred Stock held by such holder to be redeemed. (d) Immediately prior to any redemption of Series B Preferred Stock, the Company shall pay, in cash, any accumulated and unpaid dividends through the redemption date, unless a redemption date falls after a Dividend Record Date and prior to the corresponding Dividend Payment Date, in which case each holder of Series B Preferred Stock at the close of business on such Dividend Record Date shall be entitled to the dividend payable on such shares on the corresponding Dividend Payment Date notwithstanding the redemption of such shares before such Dividend Payment Date. (e) The Series B Preferred Stock has no stated maturity and will not be subject to any sinking fund or mandatory redemption. However, in order to ensure that the Company continues to meet the requirements for qualification as a REIT, Series B Preferred Stock acquired by a stockholder in excess of the Ownership Limit will automatically become Excess Shares, and the Company will have the right to purchase such Excess Shares from the holder. In addition, Excess Shares may be redeemed, in whole or in part, at any time when outstanding shares of Series B Preferred Stock are being redeemed, for cash at a redemption price of 25.00 per share, but excluding accumulated and unpaid dividends on such Excess Shares, without interest. Such Excess Shares shall be redeemed in such proportion and in accordance with such procedures as shares of Series B Preferred Stock are being redeemed. (a) Holders of the Series B Preferred Stock will not have any voting rights, except as set forth below or as otherwise from time to time required by law. (b) Whenever dividends on any shares of Series B Preferred Stock shall be in arrears for eighteen or more consecutive months (a 147 Preferred Dividend Default 148), the holders of such shares of Series B Preferred Stock voting separately as a class together with the holders of the Series A Preferred Stock and all other series of Parity Preferred Stock upon which like voting rights have been conferred and are exercisable will be entitled to vote separately as a class for the election of a total of two additional directors of the Company (the 147 Preferred Stock Directors 148) at a special meeting called by the holders of record of at least 20 of the Series B Preferred Stock or the holders of record of at least 20 of any series of Parity Preferred so in arrears (unless such request is received less than 90 days before the date fixed for the next annual or special meeting of the stockholders) or at the next annual meeting of stockholders, and at each subsequent annual meeting until all di vidends accumulated on such shares of Series B Preferred Stock for the past dividend periods and the dividend for the then current dividend period shall have been fully paid or declared and a sum sufficient for the payment thereof set aside for payment. A quorum for any such meeting shall exist if at least a majority of the outstanding shares of Series B Preferred Stock and shares of Parity Preferred Stock upon which like voting rights have been conferred and are exercisable are represented in person or by proxy at such meeting. The Preferred Stock Directors shall be elected upon the affirmative vote of a plurality of the shares of Series B Preferred Stock and such Parity Preferred Stock present and voting in person or by proxy at a duly called and held meeting at which a quorum is present voting separately as a class. If and when all accumulated dividends and the dividend for the then current dividend period on the Series B Preferred Stock shall have been paid in full or declared and set aside for payment in full, the holders thereof shall be divested of the foregoing voting rights (subject to revesting in the event of each and every Preferred Dividend Default) and, if all accumulated dividends and the dividend for the then current dividend period have been paid in full or declared and set aside for payment in full on all series of Parity Preferred Stock upon which like voting rights have been conferred and are exercisable, the term of office of each Preferred Stock Director so elected shall terminate. Any Preferred Stock Director may be removed at any time with or without cause by, and shall not be removed otherwise than by the vote of, the holders of record of a majority of the outstanding shares of the Series B Preferred Stock when they have the voting rights described above (voting separately as a class with all series of Parity Preferred Stock upon which like voting rights have been conferred and are exercisable). So long as a Preferred Dividend Default shall continue, any vacancy in the office of a Preferred Stock Director may be filled by written consent of the Preferred Stock Director remaining in office, or if none remains in office, by a vote of the holders of record of a majority of the outstanding shares of Series B Preferred Stock when they have the voting rights described above (voting separately as a class with all series of Parity Preferred Stock upon which like voting rights have been conferred and are exercisable). The Preferred Stock Directors shall be entitled to one vote per director on any matter. (c) So long as any shares of Series B Preferred Stock remain outstanding, the Company will not, without the affirmative vote or consent of the holders of at least two-thirds of the shares of the Series B Preferred Stock outstanding at the time, given in person or by proxy, either in writing or at a meeting (voting separately as a class), amend, alter or repeal the provisions of the Charter (including these Articles Supplementary), whether by merger, consolidation or otherwise (each an 147 Event 148), so as to materially and adversely affect any right, preference, privilege or voting power of the Series B Preferred Stock or the holders thereof provided, however, that with respect to the occurrence of any Event set forth above, so long as the Series B Preferred Stock (or shares issued by a surviving entity in substitution for the Series B Preferred Stock) remains outstanding with the terms thereof materially unchanged, taking into account that upon the occurrence of such an Event, the Co mpany may not be the surviving entity, the occurrence of any such Event shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting power of holders of the Series B Preferred Stock and provided, further that (i) any increase in the amount of authorized shares of Series B Preferred Stock, (ii) any increase in the amount of the authorized Preferred Stock or the creation or issuance of any other series of Preferred Stock, or (iii) any increase in the amount of authorized shares of such series, in each case ranking on a parity with or junior to the Series B Preferred Stock with respect to payment of dividends or the distribution of assets upon liquidation, dissolution or winding up, shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers. (d) The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required shall be effected, all outstanding shares of Series B Preferred Stock shall have been redeemed or called for redemption upon proper notice and sufficient funds shall have been deposited in trust to effect such redemption. 7. Conversion . The Series B Preferred Stock is not convertible into or exchangeable for any other property or securities of the Company. 8. Maturity . The Series B Preferred Stock has no stated maturity and will not be subject to any sinking fund or mandatory redemption. 9. No Preemptive Rights . No holder of the Series B Preferred Stock of the Company shall, as such holder, have any preemptive rights to purchase or subscribe for additional shares of stock of the Company or any other security of the Company which it may issue or sell. GLADSTONE COMMERCIAL CORPORATION ARTICLES OF RESTATEMENT SENIOR COMMON STOCK 1. Designation and Number . A class of capital stock, designated 147Senior Common Stock,148 is hereby established. The number of shares of Senior Common Stock shall be 7,500,000. 2. Rank. The Senior Common Stock, with respect to distribution rights and rights upon liquidation, dissolution or winding up of the Company, will: (i) rank senior to the Common Stock with respect to payment of distributions and be pari passu with the Common Stock with respect to distribution of amounts upon liquidation, dissolution or winding up as a result of the automatic conversion feature set forth in Section 6 below (ii) be pari passu with the pre-existing class of senior common stock of the Company (the 147 Predecessor Senior Common Stock 148) with respect to payment of distributions and distribution of amounts upon liquidation, dissolution or winding up (iii) rank junior to all classes and series of preferred stock of the Company now or hereafter existing (147 Preferred Stock 148), including without limitation the 7.75 Series A Cumulative Redeemable Preferred Stock and 7.5 Series B Cumulative Redeemable Preferred Stock, with respect to payment of distributions and distribution of amounts upon liquidation, dissolution or winding up and (iv) rank junior to all existing and future indebtedness of the Company. (a) The Senior Common Stock will be entitled to receive, subject to the preferential rights of the Preferred Stock, when and as declared by the Board, out of funds legally available for payment of distributions, cash distributions in an amount equal to 1.05 per share per annum, declared daily and paid at the rate of 0.0875 per share per month. Distributions will be cumulative from the date of issue of the shares, and will be payable monthly on or about the fifth (5th) business day of the month following the month in which such distributions are earned. (b) No distributions on shares of Senior Common Stock shall be authorized by the Board or paid or set apart for payment by the Company at such time as the terms and provisions of any agreement of the Company, including any agreement relating to its indebtedness, prohibits such authorization, payment or setting apart for payment or provides that such authorization, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such authorization or payment shall be restricted or prohibited by law. (c) Notwithstanding the foregoing, distributions on the Senior Common Stock will accumulate whether or not the Company has earnings, whether or not restrictions exist in respect thereof, whether there are funds legally available for the payment of such distributions and whether or not such distributions are declared. Accumulated but unpaid distributions on the Senior Common Stock will not bear interest and holders of the Senior Common Stock will not be entitled to any distributions in excess of full cumulative distributions described above. No distributions will be declared or paid or set apart for payment on the Common Stock or any other series or equity class of securities ranking junior to the Senior Common Stock (other than a distribution in shares of Common Stock or in shares of any other class of stock ranking junior to the Senior Common Stock as to distributions and upon liquidation) 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 the Senior Common Stock for all past distribution periods and the then current distribution period. (d) If, for any taxable year, the Company elects to designate as a 147capital gain distribution148 (as defined in Section 857 of the Internal Revenue Code of 1986, as amended (the 147 Code 148), any portion (the 147 Capital Gains Amount 148) of the distributions paid or made available for the year to holders of any class or series of stock of the Company, the portion of the Capital Gains Amount that shall be allocable to holders of the Senior Common Stock shall be the amount that the total distributions (as determined for federal income tax purposes) paid or made available to the holders of the Senior Common Stock for the year bears to the aggregate amount of distributions (as determined for federal income tax purposes) paid or made available to the holders of all classes or series of stock of the Company for such year. 4. Optional Redemption . In order to ensure that the Company will continue to meet the requirements for qualification as a real estate investment trust (147 REIT 148), the Senior Common Stock will be subject to provisions in the Charter pursuant to which shares of capital stock of the Company owned by a stockholder in excess of 9.8 in value of the outstanding shares of capital stock of the Company (the 147 Ownership Limit 148) will be deemed 147 Excess Shares ,148 and the Company shall have the right to purchase such Excess Shares from the holder. After the fifth anniversary of the end of the Offering Period (as defined below), the Company, at its sole option upon not less than 30 nor more 60 days146 written notice, may call for redemption shares of the Senior Common Stock, in whole or in part, at any time and from time to time, for cash at a redemption price of 15.30 per share, plus all accumulated and unpaid distributions thereon to the date fixed for redemption. Holders of Senior Common Stock that are redeemed shall surrender such Senior Common Stock at the place designated in such notice and upon such surrender shall be entitled to the redemption price and any accumulated and unpaid distributions payable upon such redemption. If less than all of the outstanding Senior Common Stock is to be redeemed, shares of Senior Common Stock shall be selected pro rata for redemption or by any other equitable method determined by the Company. After redemption, all shares of Senior Common Stock previously outstanding shall be unclassified and shall constitute authorized and unissued shares of Common Stock that may be designated by the Board pursuant to Article SEVENTH of the Charter, as further amended. 5. Exchange Option. Holders of Senior Common Stock shall have the right, but not the obligation, after the fifth anniversary of the date of issuance of the shares of Senior Common Stock proposed to be exchanged (or, in the case of any shares of Senior Common Stock issued in exchange for shares of Predecessor Senior Common Stock, the fifth anniversary of the date of issuance of the shares of Predecessor Senior Common Stock), to exchange any or all of such shares of Senior Common Stock for Common Stock, at an exchange ratio (the 147 Exchange Ratio 148) calculated by dividing 15.00 by the greater of (i) the Closing Trading Price of the Common Stock on the date on which such shares of Senior Common Stock were originally issued (or, in the case of any shares of Senior Common Stock issued in exchange for shares of Predecessor Senior Common Stock, the date on which the shares of Predecessor Senior Common Stock were originally issued), (ii) the Book Value Per Share of the Common Stock as determined as of the date on which such shares of Senior Common Stock were originally issued (or, in the case of any shares of Senior Common Stock issued in exchange for shares of Predecessor Senior Common Stock, the date on which the shares of Predecessor Senior Common Stock were originally issued), and (iii) 13.68. Solely for the purpose of determining when such shares become exchangeable in accordance with this Section 5 (and not for purposes of determining the Exchange Ratio with respect thereto or for any other purpose), shares of Senior Common Stock purchased by a holder on dates subsequent to such holder146s initial purchase of Senior Common Stock (excluding shares issued pursuant to such holder146s participation in the Company146s distribution reinvestment plan, if any) will be deemed to have been issued on their respective issuance dates and, accordingly, the five-year holding periods for such shares will commence from their respective issuance dates. Solely for the purpose of determining when such shares become exchangeable in accordance with this Section 5 (and not for purposes of determining the Exchange Ratio with respect thereto or for any other purpose) any shares issued pursuant to the Company146s distribution reinvestment plan will be deemed to have been issued, and the five-year holding periods for such shares will be deemed to commence, on the date of issuance of the shares of Senior Common Stock purchased by the holder to which the shares issued pursuant to the Company146s distribution reinvestment plan relate. All accumulated and unpaid distributions on the Senior Common Stock shall be paid to the holder through the date of exchange. For purposes of this Section 5 (and elsewhere in these Articles Supplementary): (a) 147 Book Value Per Share 148 means, as of a given date, the Common Stockholders146 Equity (as reflected in the Company146s most recent public filing with the U. S. Securities and Exchange Commission (the 147 SEC 148)) divided by the number of outstanding shares of Common Stock as of the same date. (b) 147C losing Trading Price 148 means, on any date of determination, (i) the most recently reported closing price per share of the Common Stock as of such date on the NASDAQ Stock Market, or (ii) if, as of such date, the Common Stock is not traded on the NASDAQ Stock Market, the most recently reported closing price per share of the Common Stock on the primary stock exchange on which the Common Stock is then listed for trading, or (iii) if, as of such date, the Common Stock is not listed for trading on any stock exchange, the closing bid price for the Common Stock on the Over-the-Counter Bulletin Board, or (iv) if neither (i), (ii) nor (iii) apply as of such date, but if the Common Stock is then quoted in an over-the-counter market or on the Pink Sheets, the last reported bid price thereof on such date, or (v) if there is no longer any public market for the Common Stock as of such date, the fair market value of a share of Common Stock as determined in good faith by the Board. (c) 147 Common Stockholders146 Equity 148 means, as of a given date, the total stockholders146 equity reflected on the Company146s most recently dated consolidated balance sheet set forth in the Company146s most recent public filing with the SEC, minus the aggregate redemption value of all outstanding shares of Preferred Stock and Senior Common Stock as of such date. (d) 147 Offering Period 148 means the period commencing on December 22, 2009 and terminating on the earlier of (a) September 1, 2012, unless earlier terminated or extended by the Board, or (b) the date on which 100 million of Senior Common Stock is sold (excluding the issuance of shares of Senior Common Stock pursuant to the reinvestment of distributions which otherwise would have been paid pursuant to Section 3 hereof through the distribution reinvestment plan of the Company). 6. Automatic Conversion. Each share of Senior Common Stock shall be converted into Common Stock in accordance with the Exchange Ratio automatically upon any of the following events: (a) an acquisition of the Company by another company by means of any transaction or series of related transactions to which the Company is a party (including, without limitation, any stock acquisition, reorganization, merger or consolidation, but excluding any sale of stock for capital raising purposes) other than a transaction or series of transactions in which the holders of voting securities of the Company outstanding immediately prior to such transaction continue to retain at least 50 of the total voting power represented by voting securities of the Company or those of such other surviving entity outstanding immediately after such transaction or series of transaction (b) a sale of all or substantially all of the assets of the Company or (c) a liquidation, dissolution or winding up of the Company. All accumulated and unpaid distributions on the Senior Common Stock shall be paid to the holder through the date of conversion. 7. Voting Rights . Holders of the Senior Common Stock will not have any voting rights, except as set forth below or as otherwise from time to time required by law. So long as any shares of Senior Common Stock remain outstanding, the Company will not, without the affirmative vote or consent of the holders of a least a majority of the shares of the Senior Common Stock outstanding at the time, given in person or by proxy, either in writing or at a meeting (voting separately by class), amend, alter or repeal the provisions of the Charter (including these Articles Supplementary), whether by merger, consolidation or otherwise, so as to materially and adversely affect any right, preference, privilege or voting power of the Senior Common Stock or the holders thereof. 8. Anti-Dilution. If the outstanding Common Stock is increased or decreased or changed into or exchanged for a different number or kind of shares or other securities of the Company or of any other company by reason of any reclassification, recapitalization, share split up, combination of shares, or share distribution, appropriate adjustment will be made to the number of shares and relative terms of the Senior Common Stock. 9. Liquidation Preference. The Senior Common Stock has no liquidation preference. 10. Maturity. The Senior Common Stock has no stated maturity and will not be subject to any sinking fund or mandatory redemption. 11. No Preemptive Rights. No holder of the Senior Common Stock of the Company shall, as such holder, have any preemptive rights to purchase or subscribe for additional shares of stock of the Company or any other security of the Company which it may issue or sell. GLADSTONE COMMERCIAL CORPORATION ARTICLES OF RESTATEMENT GLADSTONE COMMERCIAL CORPORATION GLADSTONE MANAGEMENT CORPORATION This Fourth Amended and Restated Investment Advisory Agreement Between Gladstone Commercial Corporation and Gladstone Management Corporation (this 147 Agreement 148) is made this 10 th day of January 2017, by and between Gladstone Commercial Corporation, a Maryland corporation (the 147 Company 148), and Gladstone Management Corporation, a Delaware corporation (the 147 Adviser 148). Whereas, this Agreement shall amend and restate that certain Third Amended and Restated Investment Advisory Agreement between the Company and the Adviser, dated July 12, 2016. 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 Company146s 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 Company146s 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 Company146s investments (iv) determine the real property, securities and other assets that the Company will purchase, retain, or sell (v) perform due diligence on prospective portfolio companies and (vi) provide the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds. The Adviser shall have the discretion, power and authority on behalf of the Company to effectuate its investment decisions for the Company, including the execution and delivery of all documents relating to the Company146s 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 Company146s behalf, subject to the oversight and approval of the Company146s 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 147 Sub-Adviser 148) 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 Company146s 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 Company146s portfolio transactions and shall render to the Company146s 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 Company146s 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. Company146s Responsibilities and Expenses Payable by the Company. All investment professionals of the Adviser and their respective staffs, when and to the extent engaged in providing investment advisory and management services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, will be provided and paid for by the Adviser and not by the Company. The Company will bear all other costs and expenses of its operations and transactions, including (without limitation) those relating to: organization and offering expenses incurred by the Adviser payable to third parties, including agents, consultants or other advisors (such as independent valuation firms, accountants and legal counsel), in monitoring financial and legal affairs for the Company and in monitoring the Company146s investments and performing due diligence on its real estate or prospective portfolio companies interest payable on debt, if any, incurred to finance the Company146s investments offerings of the Company146s 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 147 Administrator 148), dated January 1, 2007 (the 147 Administration Agreement 148) fees payable to third parties, including agents, c onsultants 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 Company146s shares on any securities exchange federal, state and local taxes independent Directors146 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 Company146s 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 Company146s business , including payments under the Administration Agreement between the Company and the Administrator based upon the Company146s allocable portion of the Administrator146s overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of certain of the Company146s 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 (147 Base Management Fee 148) and an incentive fee (147 Incentive Fee 148) as hereinafter set forth. The Company shall make any payments due hereunder to the Adviser or to the Adviser146s designee as the Adviser may otherwise direct. (a) Base Management Fee. The Base Management Fee shall equal 1.50 (thus, 0.375 per quarter) of Total Equity (as defined below) per annum, which shall be calculated and payable quarterly in arrears in cash. 147 Total Equity 148 shall equal: (i) total stockholders146 equity plus total mezzanine equity, as reported on the Company146s balance sheet (147 Reported Equity 148) for the quarter, before the Base Management Fee and Incentive Fee have been recorded, adjusted to exclude (ii) any unrealized gains and losses that have impacted Reported Equity, and also adjusted to exclude (iii) any one-time events and certain non-cash items provided that, with respect to subsection (iii) each item shall be approved by the Company146s Compensation Committee. For the avoidance of doubt, the Total Equity as defined in this Agreement, may be greater or less than the Reported Equity. (b) Incentive Fee. The Incentive Fee is an amount, not less than zero, equal to the product of 15 and: Reported Equity, and also adjusted to exclude (iii) any one-time events and certain non-cash items, provided that with respect to subsection (iii) each item shall be approved by the Company146s Compensation Committee In the event that the calculation delineated in Section 3(b) yields an Incentive Fee for a particular quarter that exceeds by greater than 15 the average quarterly Incentive Fee paid during the trailing four quarters (averaged over the number of quarters any Incentive Fee was paid), then such Incentive Fee shall equal 115 of such trailing average quarterly Incentive Fee. (c) 147 Core FFO 148, a non - Generally Accepted Accounting Principles in the United States (147 GAAP 148) measure, shall be defined as GAAP net income (loss) available to common stockholders, computed in accordance with GAAP, excluding the Incentive Fee, depreciation and amortization, any realized and unrealized gains, losses or other non-cash items recorded in net income (loss) available to common stockholders for the period, and one-time events pursuant to changes in GAAP. (d) Capital Gain Fee. The Capital Gain Fee is a capital gains-based incentive fee that shall be determined and payable in arrears as of the end of each fiscal year (or, for an abbreviated time period as of the effective date of any termination of this Agreement). The Capital Gain Fee shall 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 property146s original acquisition price plus any subsequent non-reimbursed 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. 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 Company146s 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 Adviser146s 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 147 Indemnified Parties 148) and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys146 fees and amounts reasonably paid in set tlement) 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 Adviser146s 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 Adviser146s duties or by reason of the reckless disregard of the Adviser146s duties and obligations under this Agreement. 7. Termination of Agreement. This Agreement may be terminated at any time upon 120 days146 prior written notice, after the vote of at least two-thirds of the independent directors of the Company for any reason (147 Termination Without Cause 148). 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 147 Termination Fee 148). 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. 147Cause148 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 Adviser146s 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 andor officer of the Adviser and the Adviser commences action against such person to cure the damage caused by such actions or omissions within 90 da ys of the Adviser146s 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. This Agreement is not assignable or transferable by either party hereto without the prior written consent of the other party. This Agreement may be amended by mutual consent. 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. All fees and calculations contemplated hereunder for the quarter ending December 31, 2016, shall be calculated as if this Agreement was effective as of October 1, 2016. In Witness Whereof, the parties hereto have caused this Agreement to be duly executed on the date above written. THIRD AMENDMENT TO FIRST AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP GLADSTONE COMMERCIAL LIMITED PARTNERSHIP This T HIRD A MENDMENT TO F IRST A MENDED AND R ESTATED A GREEMENT OF L IMITED P ARTNERSHIP (this 147 Amendment 148) is entered into effective as of this 11th day of January, 2017, by and among GCLP B USINESS T RUST I . a Massachusetts business trust (the 147 Original Limited Partner 148), GCLP B USINESS T RUST II . a Massachusetts business trust (the 147 General Partner 148), G LADSTONE C OMMERCIAL C ORPORATION . a Maryland corporation that is not a Partner of the Partnership, and the Limited Partner(s) set forth or which may, in the future, be set forth on Exhibit A to the Agreement (as defined below), as amended from time to time. W HEREAS . Gladstone Commercial Limited Partnership (the 147 Partnership 148), 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. W HEREAS . pursuant to Article 11 of the First Amended and Restated Agreement of Limited Partnership (the 147 Agreement 148), the General Partner desires to amend the Agreement. NOW, THEREFORE . in consideration of the foregoing, of mutual covenants between the parties hereto, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, the parties hereto agree to amend the Agreement as follows: 1. Definitions. Unless otherwise defined herein, all terms defined in the Agreement have the same meaning when used herein. 2. Amendments to Agreement. 2.1 Article 4.2(a)(i) of the Agreement is hereby deleted in its entirety and replaced with the following: 147 (i) General. The General Partner is hereby authorized to cause the Partnership to issue additional Partnership Interests in the form of Partnership Units for any Partnership purpose, at any time or from time to time, to the Partners (including the General Partner) or to other Persons for such consideration and on such terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partners. Any additional Partnership Interests issued thereby 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, including rights, powers and duties senior to Limited Partnership Interests, all as shall be determined by the General Partner in its sole and absolute discretion and without the approval of any Limited Partner, subject to Delaware law, including, without limitation, (A) the allocations of items of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Interests (B) the right of each such class or series of Partnership Interests to share in Partnership distributions and (C) the rights of each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership provided, however, that no additional Partnership Interests shall be issued to the General Partner or the Ori ginal Limited Partner unless: (1) the additional Partnership Interests are issued in connection with an issuance of REIT Shares, REIT Senior Common Shares, or REIT Preferred Shares by Gladstone Commercial Corporation, and Gladstone Commercial Corporation shall make a capital contribution to the General Partner andor the Original Limited Partner, and the General Partner, on its own or with the Original Limited Partner, shall make a Capital Contribution to the Partnership in an amount equal to the aggregate proceeds raised in connection with the issuance of such REIT Shares, REIT Senior Common Shares, or REIT Preferred Shares, as the case may be, of Gladstone Commercial Corporation (2) the additional Partnership Interests are issued in exchange for property or other assets owned by the General Partner or Original Limited Partner with a fair market value, as determined by the General Partner, in good faith, equal to the value of the Partnership Interests or (3) the additional Partnership Interests are issued to all Partners in proportion to their respective Percentage Interests. Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to issue Partnership Units for less than fair market value, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership. With the exception of Common Units, any Partnership Interests issued in accordance with Section 4.2(a)(i)(1) hereof shall be designated and described in a schedule that shall automatically be attached to this Agreement. Attached hereto as Schedule 4.2(a)(1) is the Designation of 7.75 Series A Cumulative Redeemable Preferred Units. Attached hereto as Schedule 4.2(a)(2) is the Designation of 7.50 Series B Cumulative Redeemable Preferred Units. Attached hereto as Schedule 4.2(a)(3) is the Designation of Senior Common Units. Attached hereto as Schedule 4.2(a)(5) is the Designation of 7.00 Series D Cumulative Redeemable Preferred Units.148 3. Except as set forth herein, all of the terms and conditions of the Agreement shall continue in full force and effect following the execution of this Amendment. 4. This Amendment may be executed in any number of original or facsimile counterparts and, when so executed, all of such counterparts shall constitute a single instrument binding upon all parties hereto notwithstanding that all parties are not signatory to the original or facsimile or to the same counterpart. 5. This Amendment shall be effective upon the execution hereof by the General Partner. 6. In the event any provision of this Amendment is determined to be invalid or unenforceable, such provision shall be deemed severed from the remainder of this Amendment and replaced with a valid and enforceable provision as similar in intent as reasonably possible to the provision so severed, and shall not cause the invalidity or unenforceability of the remainder of this Amendment. I N W ITNESS W HEREOF . the parties hereto have hereunder affixed their signatures to this Third Amendment to First Amended and Restated Agreement of Limited Partnership of Gladstone Commercial Limited Partnership as of the 11th day of January, 2017.