0001193125-19-319194 Sample Contracts

GLADSTONE INVESTMENT CORPORATION Up to $35,000,000 Shares of Common Stock SALES AGREEMENT

Sales Agreement • December 19th, 2019 • Gladstone Investment Corporation\de • New York

• Contract Type
  Sales Agreement
• Filed
  December 19th, 2019
• Company
  Gladstone Investment Corporation\de
• Jurisdiction
  New York

Gladstone Investment Corporation, a corporation organized under the laws of Delaware (the “Company”), Gladstone Management Corporation, a Delaware corporation registered as an investment adviser (the “Adviser”), and Gladstone Administration, LLC, a Delaware limited liability company (the “Administrator”), confirm their agreement (this “Agreement”) with Wedbush Securities Inc. (the “Agent”), as follows:

GLADSTONE INVESTMENT CORPORATION Up to $35,000,000 Shares of Common Stock CONTROLLED EQUITY OFFERINGSM SALES AGREEMENT

Sales Contracts • December 19th, 2019 • Gladstone Investment Corporation\de • New York

• Contract Type
  Sales Contracts
• Filed
  December 19th, 2019
• Company
  Gladstone Investment Corporation\de
• Jurisdiction
  New York

Gladstone Investment Corporation, a corporation organized under the laws of Delaware (the “Company”), Gladstone Management Corporation, a Delaware corporation registered as an investment adviser (the “Adviser”), and Gladstone Administration, LLC, a Delaware limited liability company (the “Administrator”), confirm their agreement (this “Agreement”) with Cantor Fitzgerald & Co. (the “Agent”), as follows: