First Amendment to the Escrow Agreement, dated as of February 20, 2020, by and between Gladstone Land Corporation and UMB Bank, National Association

Exhibit 10.2

FIRST AMENDMENT TO THE

AMENDED AND RESTATED ESCROW AGREEMENT

This FIRST AMENDMENT TO THE AMENDED AND RESTATED ESCROW AGREEMENT (this “First Amendment”) is dated this 20th day of February, 2020, amends that certain AMENDED AND RESTATED ESCROW AGREEMENT (the “Original Agreement”) dated as of May 31, 2018, by and among Gladstone Land corporation (the “Company”) and UMB Bank, N.A. as escrow agent (the “Escrow Agent”) (collectively, the “Parties”)(the “First Amendment” and the Original Escrow Agreement” together the “Agreement”). All capitalized terms not defined herein shall have the meaning given to such term in the Original Agreement.

WHEREAS, the Company has previously raised cash funds from Investors pursuant to a public offering (the “Series B Offering”) of up to 6,000,000 shares of our Series B Preferred Stock, par value $0.001 per share, having a purchase price of $25.00 per share (for an aggregate offering amount of $150,000,000) (the “Series B Securities”), pursuant to the registration statement on Form S-3 of the Company (No. 333-217042) (as amended, the “Series B Offering Document”);and

WHEREAS, upon completion of the Series B Offering, all funds held in the Escrow Account for the Series B Offering (the “Series B Investor Funds”) will be distributed to the Company or to Investors in accordance with Section 3 of the Original Agreement;

WHEREAS, upon completion of the Series B Offering the Company intends to raise cash funds from Investors pursuant to a public offering (the “Series C Offering”) of up to 26,000,000 shares of certain Series C Preferred Stock, par value $0.001 per share, having a purchase price of $25.00 per share (for an aggregate offering amount of $650,000,000) (the “Series C Securities”), pursuant to the registration statement on Form S-3 of the Company (No. 333-217042) and such additional registration statement on Form S-3 subsequently filed by the Company (as amended, the “Series C Offering Document”);

WHEREAS, instead of closing the Escrow Account and terminating the Escrow Agreement in accordance with Section 3 of the Original Agreement, the Company requests the Escrow Agent keep the Escrow Account open to accept funds from subscribers of the Series C Securities (the “Series C Investors” and such funds the “Series C Investor Funds”);

WHEREAS, in order to accomplish the foregoing, the Company desires to amend the Original Agreement to allow for the deposit of the Series C Investor’s funds into the Escrow Account and to set forth the requirements with respect to the deposit and disbursement of the such;

WHEREAS, the Original Agreement may be amended by a written instrument executed by the parties thereto; and

WHEREAS, the Escrow Agent agrees to act as escrow agent with respect to the Series C Investor Funds deposited into the Escrow Account in accordance with the Agreement.

NOW, THEREFORE, the parties hereto, in consideration of the mutual promises herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, hereby agree to amend the Agreement as follows:

The Escrow Agent, upon receipt of Escrow Release Notice, attached hereto as Exhibit C, shall periodically transfer any portion of the Investor Funds to the Company or such other parties as set forth in the applicable Escrow Release Notice. The Escrow Agent shall effect such transfer by the close of business on the date the Escrow Agent receives the applicable Escrow Release Notice; provided, however, if the Escrow Agent receives the applicable Escrow Release Notice after 2pm Central Time, then the Escrow Agent shall effect such transfer by the close of business on the next succeeding business day. If the Escrow Agent has not previously received an Escrow Release Notice by the Termination Date, the Escrow Agent shall return any Investor Funds held to the Investors. Notwithstanding the foregoing, except for a return of Investor Funds to the applicable Investor, the Escrow Agent shall not transfer Investor Funds to any party until after it has received an executed and valid IRS Form W-9, or valid substitute thereto, from such party.

IN WITNESS WHEREOF, the parties have duly executed this First Amendment of the date first above written.

Exhibit C

FORM OF ESCROW RELEASE NOTICE

Date:

UMB Bank, National Association

928 Grand Blvd., 12^th Floor

Kansas City, Missouri 64106

Attn: Corporate Trust and Escrow Services

Ladies and Gentlemen:

In accordance with the terms of Section 3 of the Amended and Restated Subscription Escrow Agreement dated as of May 31, 2018 as amended by that certain First Amendment dated as of February 20, 2020 (as the same may be amended from time to time”) among Gladstone Land Corporation (the “Company”) and UMB Bank, National Association (the “Escrow Agent”), the Company hereby notifies the Escrow Agent that the ________ closing will be held on ___________ for gross proceeds of $_________.

PLEASE DISTRIBUTE FUNDS BY WIRE TRANSFER (or as indicated) AS FOLLOWS

(wire instructions attached):