Amendment to Schedule 4.2(a)(1) of Gladstone Commercial Limited Partnership Agreement – Designation of 7.75% Series A Cumulative Redeemable Preferred Units
Gladstone Commercial Limited Partnership has amended its partnership agreement to reclassify and designate a total of 2,600,000 Series A Cumulative Redeemable Preferred Units, each with a 7.75% rate. This change increases the number of these preferred units by converting 1,450,000 previously unissued Senior Common Units, in addition to 1,150,000 already designated units. The amendment was approved by the general partner, GCLP Business Trust II. The rights and terms of these units remain as previously set forth in the original agreement.
Exhibit 10.1
GLADSTONE COMMERCIAL LIMITED PARTNERSHIP
AMENDED SCHEDULE 4.2(a)(1) TO FIRST AMENDED AND RESTATED
AGREEMENT OF LIMITED PARTNERSHIP
DESIGNATION OF
7.75% SERIES A CUMULATIVE REDEEMABLE PREFERRED UNITS
Gladstone Commercial Limited Partnership, a Delaware limited partnership (the “Partnership”) hereby amends Schedule 4.2(a)(1) (the “Original Schedule”) to the First Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement) as follows:
| (a) | Section (i) is replaced with the following language: |
Reclassification. A series of Preferred Units, designated the “7.75% Series A Cumulative Redeemable Preferred Units” (the “Series A Preferred Units”), is hereby established. 1,450,000 designated but unissued units of Senior Common Units of the Partnership is hereby reclassified and designated as the Series A Preferred Units in addition to 1,150,000 previously designated units. The number of Series A Preferred Units shall be 2,600,000 with all preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption as set forth in the Original Schedule and the Partnership Agreement.
| (b) | This amendment has been approved by the GCLP Business Trust II, a Massachusetts business trust, and General Partner of the Partnership pursuant to the Partnership Agreement. |
