GLADSTONE COMMERCIAL CORPORATION CONTROLLED EQUITY OFFERINGSM AMENDMENT NO. 1 TO SALES AGREEMENT
Exhibit 1.1
GLADSTONE COMMERCIAL CORPORATION
CONTROLLED EQUITY OFFERINGSM
AMENDMENT NO. 1 TO
SALES AGREEMENT
February 22, 2016
Cantor Fitzgerald & Co.
499 Park Avenue
New York, NY 10022
Ladies and Gentlemen:
Reference is made to the Sales Agreement, dated September 2, 2014, including the Schedules thereto (the Sales Agreement), between Cantor Fitzgerald & Co. (CF&Co) and Gladstone Commercial Corporation, a Maryland corporation (the Company) and Gladstone Commercial Limited Partnership, a Delaware limited partnership (the Operating Partnership), pursuant to which the Company agreed to sell through CF&Co, as sales agent, shares of common stock, par value $0.001 per share, of the Company. All capitalized terms used in this Amendment No. 1 to Sales Agreement between CF&Co and the Company (this Amendment) and not otherwise defined herein shall have the respective meanings assigned to such terms in the Sales Agreement. CF&Co and the Company agree as follows:
A. Amendments to Sales Agreement. The Sales Agreement is amended as follows:
1. The first sentence of the first paragraph of Section 1 of the Sales Agreement is hereby deleted and replaced with the following:
The Company agrees that, from time to time on or after February 22, 2016 and during the term of this Agreement, on the terms and subject to the conditions set forth herein, it may issue and sell through CF&Co, acting as agent and/or principal, shares (the Shares) of common stock of the Company, par value $0.001 per share (the Common Stock), having an aggregate offering price of up to $160,000,000. Such amount of Shares available for offer and sale are in addition to any offers and sales of Shares made prior to the date hereof under the Prospectus Supplement filed by the Company on September 2, 2014, and subject to any limitations set forth in Section 5(c) hereof (Maximum Amount).
2. The first sentence of the second paragraph of Section 1 of the Sales Agreement is amended and restated as follows:
The Company has filed, in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively, the Securities Act), with the Commission registration statements on Form S-3 (File No. 333-190931 and File No. 333-208953), which were declared effective by the Commission on September 24, 2013 and February 1, 2016, respectively, each including a base prospectus, relating to certain securities, including the shares of Common Stock to be issued from time to time by the Company, and each of which
incorporates by reference documents that the Company has filed or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the Exchange Act).
3. The last sentence of Section 7(j) shall be deleted in its entirety and replaced with the following This provision shall not apply to (i) the Shares of Common Stock to be offered and sold through CF&Co pursuant to this Agreement, (ii) issuance of Shares in connection with the conversion of any units of the Operating Partnership, or (iii) shares of Common Stock issuable to holders of the Companys senior common stock who elect to exchange their shares of senior common stock into shares of Common Stock, pursuant to the terms of the Companys offering of its senior common stock, which terminated on its own terms in March 2015.
4. Section 8(f) of the Sales Agreement is amended by deleting the words Reed Smith LLP and replacing them with Cooley LLP.
5. Section 12 is amended by: (i) deleting the words Stephen Merkel, General Counsel and replacing them with General Counsel; (ii) deleting the number ###-###-#### and replacing it with ###-###-####; and (iii) deleting the words Reed Smith LLP, 599 Lexington Avenue, New York, NY 10022, fax no. (212) 521-5450 and replacing them with Cooley LLP, 1114 Avenue of the Americas, New York, NY 10036, fax. no ###-###-####.
6. Schedule 1 is amended by adding , as amended on February 22, 2016 immediately after September 2, 2014.
7. Schedule 2 is amended by adding under Cantor Fitzgerald & Co. after Josh Feldman ***@***):
Sameer Vasudev ***@***)
8. Schedule 5 is deleted in its entirety and replaced with Schedule 5 as attached hereto.
9. The first sentence of the form of Officer Certificate attached as Exhibit 7(n) is amended to add the words , as amended on February 22, 2016 immediately after September 2, 2014. The last sentence of the form of Officer Certificate attached as Exhibit 7(n) is amended to delete the words Reed Smith LLP and replace them with Cooley LLP.
B. Prospectus Supplement. The Company shall file a 424(b) Prospectus Supplement reflecting this Amendment within two Business Days of the date hereof.
C. No Other Amendments. Except as set forth in Part A above, all the terms and provisions of the Sales Agreement shall continue in full force and effect.
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D. Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Amendment by one party to the other may be made by facsimile or email transmission.
E. Governing Law. This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to the principles of conflicts of laws.
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If the foregoing correctly sets forth the understanding between us, please so indicate in the space provided below for that purpose.
Very truly yours, | ||
GLADSTONE COMMERCIAL CORPORATION | ||
By: | /s/ David Gladstone | |
Name: David Gladstone | ||
Title: Chief Executive Officer | ||
GLADSTONE COMMERCIAL LIMITED PARTNERSHIP | ||
By: | GCLP Business Trust II, its general partner | |
By: | /s/ David Gladstone | |
Name: David Gladstone | ||
Title: Trustee | ||
By: | /s/ Danielle Jones | |
Name: Danielle Jones | ||
Title: Trustee | ||
ACCEPTED as of the date first above written: | ||
CANTOR FITZGERALD & CO. | ||
By: | /s/ Jeffrey Lumby | |
Name: Jeffrey Lumby | ||
Title: Senior Managing Director |
SCHEDULE 5
SCHEDULE OF SUBSIDIARIES
Delaware
2525 N Woodlawn Vstrm Wichita KS, LLC
260 Springside Drive, Akron OH LLC
ABC12 Ottumwa IA LLC
ACI06 Champaign IL LLC
AFL05 Duncan SC LLC
AFL05 Duncan SC Member LLC
AFR11 Parsippany NJ LLC
AL13 Brookwood LLC
AL15 Birmingham LLC
APML07 Hialeah FL LLC
AZ14 Phoenix LLC
CA14 Rancho Cordova GP LLC
CA14 Rancho Cordova LP
CBP11 Green Tree PA GP LLC
CBP11 Green Tree PA, L.P.
C08 Fridley MN LLC
CDLCI07 Mason OH LLC
CI05 Clintonville WI LLC
CMI04 Canton NC LLC
CMS06-3 LLC
CO13 Englewood LLC
CO14 Aurora LLC
CO14 Denver LLC
COCO04 Austin TX, L.P.
COCO04 Austin TX GP LLC
Corning Big Flats LLC
CVG12 New Albany OH LLC
D08 Marietta OH LLC
DBPI07 Bolingbrook IL LLC
EE 208 South Rogers Lane, Raleigh NC LLC
EE07 Raleigh NC, L.P.
EE07 Raleigh NC GP LLC
EI07 Tewksbury MA LLC
First Park Ten COCO San Antonio, L.P. First Park Ten COCO San Antonio GP LLC
FL13 Orlando LLC
FMCT08 Chalfont PA GP LLC
FMCT08 Chalfont PA LP
FS11 Hickory NC GP LLC
FS11 Hickory NC, LP
FTCHI07 Grand Rapids MI LLC
GA15 Hapeville LLC
GA15 Villa Rica LLC
GBI07 Syracuse NY LLC
GCC1302 Egg Harbor NJ LLC
GCC Acquisition Holdings, LLC
GCO12 Jupiter FL LLC
Gladstone Commercial Advisers, Inc.
Gladstone Commercial Corporation
Gladstone Commercial Limited Partnership
Gladstone Commercial Partners LLC
Gladstone Commercial Lending LLC
GSM, LLC
HMBF05 Newburyport MA LLC
IN14 Indianapolis LLC
IPA12 Ashburn VA LLC
IPA12 Ashburn VA SPE LLC
LittleArch04 Charlotte NC Member LLC
Little Arch Charlotte NC LLC
MI13 Novi LLC
MI14 Monroe Frenchtown LLC
MI14 Revard LLC
MN13 Blaine, LLC
MPI06 Mason OH LLC
MSI05-3 LLC
NARA12 Fort Worth TX, L.P.
NARA12 Fort Worth TX GP LLC
NCH12 Columbus OH LLC
NH10 Cumming GA LLC
NW05 Richmond VA LLC
OB Crenshaw GCC, L.P.
OB Crenshaw SPE GP LLC
OB Midway NC Gladstone Commercial LLC
OH04 North Canton LLC
OH05 Dayton LLC
OH14 Columbus LLC
OH15 Dublin LLC
PA14 Taylor LLC
PNA11 Boston Heights OH LLC
Pocono PA GCC GP LLC
Pocono PA GCC, L.P.
PZ05 Maple Heights OH LLC
RB08 Concord OH LLC
RC06 Menomonee Falls WI LLC
RCOG07 Georgia LLC
Richardson TX15 LLC
RPT08 Pineville NC GP LLC
RPT08 Pineville NC LP
SCC10 Orange City IA LLC
SJMH06 Baytown TX GP LLC
SJMH06 Baytown TX L.P.
SLEE Grand Prairie, L.P.
SRFF08 Reading PA GP LLC
SRFF08 Reading PA LP
STI05 Franklin NJ LLC
SVMMC05 Toledo OH LLC
TCI06 Burnsville MN LLC
TMC11 Springfield MO LLC
TUP12 Columbus GA LLC
TX13 Allen LLC
TX13 Austin LLC
TX14 Allen II LLC
TX14 Colleyville LLC
TX14 Coppell LLC
UT15 Draper LLC
VW12 Columbia SC LLC
WC11 Springfield MO LLC
WEC11 Dartmouth MA LLC
WMI05 Columbus OH LLC
WMI05 Hazelwood MO LLC
WPI07 Tulsa OK LLC
YCC06 South Hadley MA LLC
YorkTC05 Eatontown NJ LLC
Ohio
Hemingway at Boston Heights, LLC
Massachusetts
GCLP Business Trust I
GCLP Business Trust II