Document:

Alloy, Inc. Compensation Arrangements

 Exhibit 10.32 
 FISCAL 2009 COMPENSATION ARRANGEMENTS FOR NAMED EXECUTIVE OFFICERS 
 The Compensation Committee of the Board of
Directors (the “Compensation Committee”) of Alloy, Inc. (the “Company”) determined during the first fiscal quarter of the fiscal year ended January 31, 2010 (“Fiscal 2009”) the base salaries and the bonus compensation
for services performed during fiscal year ended January 31, 2009 (“Fiscal 2008”) for the executive officers of the Company, namely Matthew C. Diamond, the Company’s Chief Executive Officer and Chairman of its Board of Directors; James
K. Johnson, Jr., its President and Chief Operating Officer; Joseph D. Frehe, its Chief Financial Officer; Gina R. DiGioia, its Chief Legal Officer and Secretary; and Robert L. Bell, its Chief Technology Officer (the “Executives”). Given
the number of shares available under the Company’s 2007 Employee, Director and Consultant Stock Incentive Plan (the “2007 Plan”) and certain tax related limitations, the Compensation Committee will be reviewing the compensation of the
Executives at a time when further shares have been added to and other amendments have been made to the 2007 Plan, with reference to Fiscal 2008 results and year to date financial performance. The following table sets forth a summary of the
compensation for each of the Executives: 
  

											
	Executive Officer	  	Title	  	Fiscal 2008 Base
Salary	    	 Cash 
 Bonus(1)
	 	Value of Restricted
Stock Grants($)	  	Value of Stock
Options($)
	 Matthew C. Diamond  
	  	Chief Executive Officer	  	$450,000	    	$400,000      	 	—  	  	—  
	 James K. Johnson, Jr.  
	  	Chief Operating Officer	  	$450,000	    	$400,000      	 	—  	  	—  
	 Joseph D. Frehe  
	  	Chief Financial Officer	  	$240,000	    	$  69,500      	 	—  	  	—  
	 Gina R. DiGioia  
	  	Chief Legal Officer	  	$225,000	    	$  50,000      	 	—  	  	—  
	 Robert L. Bell  
	  	Chief Technology Officer 	  	$402,000	    	—	 	—  	  	—  

  

	(1)	Represents a cash bonus for performance during Fiscal 2008, which was paid during Fiscal 2009.Amendment dated January 17, 2008 to the Amended & Restated 2005 Long Term Inc

 Exhibit 10.5 
 AMENDMENT TO THE 
 AMENDED AND RESTATED 
 WELLS TIMBERLAND REIT, INC. 
 2005 INDEPENDENT DIRECTORS COMPENSATION PLAN 

 This Amendment to the Amended and Restated Wells Timberland REIT, Inc. 2005 Independent Directors Compensation Plan (the
“Plan”), is made and entered into this 17th day of January, 2008, by Wells Timberland REIT, Inc. (the “Company”). 
 W
I T N E S S E T H: 
 WHEREAS, the Company adopted the Plan for the purposes set forth therein; and 
 WHEREAS, pursuant to its authority as set forth in the Plan, the Board of Directors of the Company has the right to amend the Plan with respect to
certain matters; and 
 WHEREAS, the Board of Directors has approved and authorized this Amendment to the Plan; 
 NOW, THEREFORE, BE IT RESOLVED, that the Plan is hereby amended, effective as of the date hereof, in the following particulars: 
 1. Section 4.1 of the Plan is hereby amended by deleting the first two sentences of such section in their entirety and substituting in lieu thereof
the following: 
 “The Options, Shares or other equity awards that may be issued pursuant to the Plan shall be issued under the Equity
Incentive Plan, subject to all of the terms and conditions of the Equity Incentive Plan. The terms contained in the Equity Incentive Plan are incorporated into and made a part of this Plan with respect to Options, Shares or other equity awards
granted pursuant hereto and any such awards shall be governed by and construed in accordance with the Equity Incentive Plan.” 
 2.
Section 5.1 of the Plan is hereby amended by deleting the first sentence of such section in its entirety and substituting in lieu thereof the following: 
 “Each Eligible Participant shall be paid a Base Retainer for service as a director during each Plan Year, payable in such form as shall be elected by the Eligible Participant in accordance with
Section 7.1.” 
 3. Section 5.2 of the Plan is hereby amended by deleting the first sentence of such section in its entirety
and substituting in lieu thereof the following: 
 “Each Independent Director shall be paid a meeting fee for each meeting of the Board
he or she attends, payable in such form as shall be elected by the Eligible Participant in accordance with Section 7.2.” 

 4. Section 5.2 of the Plan is hereby amended by adding the following sentence to the end of such
section: 
 “Meeting fees shall be payable on the date of the meeting to which such fees relate.” 
 5. Section 5.3 of the Plan is hereby amended by adding the following sentences to the end of such section: 
 “Notwithstanding the foregoing, the Company’s reimbursement obligations pursuant to this Section 5.3 shall be limited to expenses incurred
while the Independent Director serves on the Board in the capacity as an Independent Director. Such payments will be made within 30 days after delivery of the Independent Director’s written requests for payment, accompanied by such evidence of
expenses incurred as the Company may reasonably require, but in no event later than the December 31 following the year in which the expense was incurred. The amount reimbursable in any one tax year shall not affect the amount
reimbursable in any other tax year. Independent Directors’ right to reimbursement pursuant to this Section 5.3 shall not be subject to liquidation or exchange for another benefit.” 
 6. A new Article 7 of the Plan is hereby added as follows, and the remaining Sections of the Plan are re-numbered accordingly: 
 “ARTICLE 7 
 ALTERNATIVE FORMS OF PAYMENT
FOR BASE RETAINER AND 
 MEETING FEES 
 7.1 PAYMENT OF BASE RETAINER. At the election of each Eligible Participant, the Base Retainer for a given Plan Year shall be either (i) payable in cash, in equal quarterly payments payable on the date of the
annual stockholders meeting (i.e., the first day of the Plan Year) and on the three, six and nine month anniversaries thereof, or (ii) subject to share availability under the Equity Incentive Plan, payable by a grant on the day following the
annual stockholders meeting (the “Annual Retainer Stock Grant Date”) of a number of Shares determined by dividing the Base Retainer by a price determined by the Committee from time to time, which for 2008 shall be $9.12, (rounded up to the
nearest whole share). Any Shares granted under the Plan as the Base Retainer under clause (ii) above will be 100% vested and nonforfeitable as of the Annual Retainer Stock Grant Date, and the Eligible Participant receiving such Shares (or his
or her custodian, if any) will have immediate rights of ownership in the Shares, including the right to vote the Shares and the right to receive dividends or other distributions thereon. 
  

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 7.2 PAYMENT OF MEETING FEES. At the election of each Eligible Participant, the Meeting
Fees to be earned during a Plan Year shall be either (i) payable in cash at each meeting date or such other date(s) on which such fees are normally paid, or (ii) subject to share availability under the Equity Incentive Plan, payable by a
grant on the day following each meeting date (the “Meeting Fee Stock Grant Date”) of that number of Shares determined by dividing the Meeting Fees otherwise payable on the meeting date by a price determined by the Committee from time to
time, which for 2008 shall be $9.12, (rounded up to the nearest whole share). Any Shares granted under the Plan as Meeting Fees under clause (ii) above will be 100% vested and nonforfeitable as of the Meeting Fee Stock Grant Date, and the
Eligible Participant receiving such Shares (or his or her custodian, if any) will have immediate rights of ownership in the Shares, including the right to vote the Shares and the right to receive dividends or other distributions thereon. 

7.3 TIMING AND MANNER OF PAYMENT ELECTION. Each Eligible Participant shall elect the form of payment desired for his or her Base
Retainer and Meeting Fees for a Plan Year by delivering a valid Election Form to the Board or the plan administrator prior to the beginning of such Plan Year, which will be effective as of the first day of the Plan Year beginning after the Board or
the plan administrator receives the Eligible Participant’s Election Form. The Election Form signed by the Eligible Participant prior to the Plan Year will be irrevocable for the coming Plan Year. However, prior to the commencement of the
following Plan Year, an Eligible Participant may change his or her election for future Plan Years by executing and delivering a new Election Form indicating different choices. If an Eligible Participant fails to deliver a new Election Form prior to
the commencement of the new Plan Year, his or her Election Form in effect during the previous Plan Year shall continue in effect during the new Plan Year. If no Election Form is filed or effective, the Base Retainer and Meeting Fees will be paid in
cash.” 
 7. Except as specifically set forth herein, the terms of the Plan shall remain in full force and effect. 
 IN WITNESS WHEREOF, the Company has caused this Amendment to the Plan to be executed by its duly authorized officer as of the date first above written.

  

			
	WELLS TIMBERLAND REIT, INC.
		
	By:	 	 /s/ Douglas P. Williams

		 	Douglas P. Williams
		 	Executive Vice President

  

 - 3 -Amendment dated December 30, 2008 to the Amended & Restated 2005 Long-Term

 Exhibit 10.6 
 AMENDMENT TO THE 
 AMENDED AND RESTATED 
 WELLS TIMBER REAL ESTATE INVESTMENT TRUST, INC. 
 2005 LONG-TERM INCENTIVE PLAN

 THIS AMENDMENT (this “Amendment”) to the Amended and Restated Wells Timber Real Estate Investment Trust, Inc. 2005
Long-Term Incentive Plan (the “Plan”) was adopted by the Board of Directors of Wells Timberland REIT, Inc. (the “Company”) as of December 30, 2008. 
 1. Section 2.1(f) of the Plan is hereby amended by deleting the following sentence: “Notwithstanding the foregoing, for any Awards that
constitute a nonqualified deferred compensation plan within the meaning of Section 409A(d) of the Code, Change in Control shall have the same meaning as set forth in any regulations, revenue procedure or revenue rulings issued by the Secretary
of the United States Treasury applicable to such plans.” 
 2. Section 2.1(j) of the Plan is hereby amended by deleting the
following sentence: “Notwithstanding the foregoing, for any Awards that constitute a nonqualified deferred compensation plan within the meaning of Section 409A(d) of the Code, Continuous Status as a Participant shall mean the absence of
any “separation from service” or similar concept as set forth in any regulations, revenue procedure or revenue rulings issued by the Secretary of the United States Treasury applicable to such plans.” 
 3. Section 2.1(l) of the Plan is hereby amended by deleting the following sentence: “Notwithstanding the foregoing, for any Awards that
constitute a nonqualified deferred compensation plan within the meaning of Section 409A(d) of the Code, Disability shall have the same meaning as set forth in any regulations, revenue procedure or revenue rulings issued by the Secretary of the
United States Treasury applicable to such plans.” 
 4. Section 8.1(a)(2) of the Plan is hereby amended by deleting the following
parenthetical “(unless the SAR is granted in tandem with an Option after the Grant Date of the Option, in which case, the base of the SAR may equal the exercise price of the related Option even if less than the Fair Market Value of one Share on
the Grant Date of the SAR).” 
 5. Section 14.3 of the Plan is hereby amended by substituting the words “or in
installments” for the words “in installments, or on a deferred basis.” 
 6. Section 14.7 of the Plan is hereby amended
by adding the parenthetical “(unless a later date is required by Section 17.16 hereof)” after the words “within thirty (30) days following the date of termination.” 
  

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 7. Section 14.8(a) of the Plan is hereby amended by adding the parenthetical “(unless a later
date is required by Section 17.16 hereof)” after the words “within thirty (30) days following the Change in Control.” 
 8. Section 14.8(b) of the Plan is hereby amended by adding the parenthetical “(unless a later date is required by Section 17.16 hereof)” after the words “within thirty (30) days following the date of
termination of employment.” 
 9. Article 15 of the Plan is hereby amended by deleting such article in its entirety and replacing it
with the following: 
 “ARTICLE 15 
 CHANGES IN CAPITAL STRUCTURE 
 15.1. MANDATORY ADJUSTMENTS. In the event of a nonreciprocal transaction between the
Company and its shareholders that causes the per-share value of the Stock to change (including, without limitation, any stock dividend, stock split, spin-off, rights offering, or large nonrecurring cash dividend), the authorization limits under
Section 5.1 shall be adjusted proportionately, and the Committee shall make such adjustments to the Plan and Awards as it deems necessary, in its sole discretion, to prevent dilution or enlargement of rights immediately resulting from such
transaction. Action by the Committee may include: (i) adjustment of the number and kind of shares that may be delivered under the Plan; (ii) adjustment of the number and kind of shares subject to outstanding Awards; (iii) adjustment
of the exercise price of outstanding Awards or the measure to be used to determine the amount of the benefit payable on an Award; and (iv) any other adjustments that the Committee determines to be equitable. Notwithstanding the foregoing, the
Committee shall not make any adjustments to outstanding Options or SARs that would constitute a modification or substitution of the stock right under Treas. Reg. Sections 1.409A-1(b)(5)(v) that would be treated as the grant of a new stock right or
change in the form of payment for purposes of Code Section 409A. Without limiting the foregoing, in the event of a subdivision of the outstanding Stock (stock-split), a declaration of a dividend payable in Shares, or a combination or
consolidation of the outstanding Stock into a lesser number of Shares, the authorization limits under Section 5.1 shall automatically be adjusted proportionately, and the Shares then subject to each Award shall automatically, without the
necessity for any additional action by the Committee, be adjusted proportionately without any change in the aggregate purchase price therefor. 
 15.2. DISCRETIONARY ADJUSTMENTS. Upon the occurrence or in anticipation of any corporate event or transaction involving the Company (including, without limitation, any merger, reorganization, recapitalization,
combination or exchange of shares, or any transaction described in Section 15.1), the Committee may, in its sole discretion, provide (i) that Awards will be settled in cash rather than Stock, (ii) that Awards will become immediately
vested and 

  

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exercisable and will expire after a designated period of time to the extent not then exercised, (iii) that Awards will be assumed by another party to a
transaction or otherwise be equitably converted or substituted in connection with such transaction, (iv) that outstanding Awards may be settled by payment in cash or cash equivalents equal to the excess of the Fair Market Value of the
underlying Stock, as of a specified date associated with the transaction, over the exercise price of the Award, (v) that performance targets and performance periods for Performance Awards will be modified or (vi) any combination of the
foregoing. The Committee’s determination need not be uniform and may be different for different Participants whether or not such Participants are similarly situated. 
 15.3. GENERAL. Any discretionary adjustments made pursuant to this Article 15 shall be subject to the provisions of Section 16.2. To
the extent that any adjustments made pursuant to this Article 15 cause Incentive Stock Options to cease to qualify as Incentive Stock Options, such Options shall be deemed to be Nonstatutory Stock Options.” 
 10. The Plan is hereby amended by adding the following new Section 17.16 to the Plan: 
 “17.16. SPECIAL PROVISIONS RELATED TO SECTION 409A OF THE CODE. 
 (a) General. It is intended that the payments and benefits provided under the Plan and any Award shall either be exempt from the
application of, or comply with, the requirements of Section 409A of the Code. The Plan and all Award Certificates shall be construed in a manner that effects such intent. Nevertheless, the tax treatment of the benefits provided under the Plan
or any Award is not warranted or guaranteed. Neither the Company, its Affiliates nor their respective directors, officers, employees or advisers shall be held liable for any taxes, interest, penalties or other monetary amounts owed by any
Participant or other taxpayer as a result of the Plan or any Award. 
 (b) Definitional Restrictions. Notwithstanding
anything in the Plan or in any Award Certificate to the contrary, to the extent that any amount or benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code would otherwise be payable or
distributable, or a different form of payment (e.g., lump sum or installment) would be effected, under the Plan or any Award Certificate by reason of the occurrence of a Change in Control, or the Participant’s Disability or separation from
service, such amount or benefit will not be payable or distributable to the Participant, and/or such different form of payment will not be effected, by reason of such circumstance unless the circumstances giving rise to such Change in Control,
Disability or separation from service meet any description or definition of “change in control event”, “disability” or “separation from service”, as the case may be, in Section 409A of the Code and applicable
regulations (without giving effect to any elective 

  

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provisions that may be available under such definition). This provision does not prohibit the vesting of any Award upon a Change in Control,
Disability or separation from service, however defined. If this provision prevents the payment or distribution of any amount or benefit, such payment or distribution shall be made on the next earliest payment or distribution date or event specified
in the Award Certificate that is permissible under Section 409A of the Code. If this provision prevents the application of a different form of payment of any amount or benefit, such payment shall be made in the same form as would have applied
absent such designated event or circumstance. 
 (c) Allocation among Possible Exemptions. If any one or more Awards
granted under the Plan to a Participant could qualify for any separation pay exemption described in Treas. Reg. Section 1.409A-1(b)(9), but such Awards in the aggregate exceed the dollar limit permitted for the separation pay exemptions, the
Company (acting through the Committee) shall determine which Awards or portions thereof will be subject to such exemptions. 
 (d) Six-Month Delay in Certain Circumstances. Notwithstanding anything in the Plan or in any Award Certificate to the contrary, if any amount or benefit that would constitute non-exempt “deferred compensation” for purposes
of Section 409A of the Code would otherwise be payable or distributable under this Plan or any Award Certificate by reason of a Participant’s separation from service during a period in which the Participant is a Specified Employee (as
defined below), then, subject to any permissible acceleration of payment by the Committee under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes):

 (i) the amount of such non-exempt deferred compensation that would otherwise be payable during the six-month period
immediately following the Participant’s separation from service will be accumulated through and paid or provided on the first day of the seventh month following the Participant’s separation from service (or, if the Participant dies during
such period, within 30 days after the Participant’s death) (in either case, the “Required Delay Period”), and 
 (ii) the normal payment or distribution schedule for any remaining payments or distributions will resume at the end of the Required Delay Period. 
 For purposes of this Plan, the term “Specified Employee” has the meaning given such term in Section 409A of the Code and the final regulations thereunder, provided, however, that, as permitted in
such final regulations, the Company’s Specified Employees and its application of the six-month delay rule of 409A(a)(2)(B)(i) of the Code shall be determined in accordance with rules adopted by the Board or any committee of the Board, which
shall be applied consistently with respect to all nonqualified deferred compensation arrangements of the Company, including this Plan. 
  

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 (e) Grants to Employees of Affiliates. Eligible Participants who are service
providers to an Affiliate may be granted Options or SARs under this Plan only if the Affiliate qualifies as an “eligible issuer of service recipient stock” within the meaning of §1.409A-1(b)(5)(iii)(E) of the final regulations under
Section 409A of the Code. 
 (f) Fair Market Value of Unlisted Stock. If the Stock is not listed on a securities
exchange, the Fair Market Value of the Stock as of any given date shall, for purposes of the Plan and any Award, be determined by such method as the Committee determines in good faith to be reasonable and in compliance with Section 409A of the
Code. 
 (g) Design Limits on Options and SARs. Notwithstanding anything in this Plan or any Award Certificate, no
Option or SAR granted under this Plan shall (i) provide for Dividend Equivalents or (ii) have any feature for the deferral of compensation other than the deferral of recognition of income until the exercise or disposition of the Option or
SAR. 
 (h) Timing of Distribution of Dividend Equivalents.
Unless otherwise provided in the applicable Award Certificate, and Dividend Equivalents granted with respect to an Award hereunder will be paid or distributed no later than the 15th day of the 3rd month following the later of (i) the calendar year in which the corresponding dividends were
paid to shareholders, or (ii) the first calendar year in which the Participant’s right to such Dividends Equivalents is no longer subject to a substantial risk of forfeiture. 
 11. Except as expressly amended hereby, the terms of the Plan shall be and remain unchanged and the Plan as amended hereby shall remain in full force and
effect. 
 IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by its duly authorized representative on the day and year
first above written. 
  

			
	WELLS TIMBERLAND REIT, INC.
		
	By:	 	 /s/ Douglas P. Williams

		 	Douglas P. Williams
		 	Executive Vice President

  

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 AMENDMENT TO THE 
 AMENDED AND RESTATED 
 WELLS TIMBER REAL ESTATE INVESTMENT TRUST, INC. 
 2005 INDEPENDENT DIRECTORS COMPENSATION PLAN 
 THIS AMENDMENT (this “Amendment”) to the Amended and Restated Wells Timber Real Estate Investment Trust, Inc. 2005 Independent Directors Compensation Plan (the “Plan”) was adopted by the Board of Directors
of Wells Timberland REIT, Inc. (the “Company”) as of December 30, 2008. 
 1. Article 2 of the Plan is hereby amended
by deleting from the definition of “Director Disability” the following sentence: “Notwithstanding the foregoing, Disability shall have the same meaning as set forth in any regulations, revenue procedure or revenue rulings issued by
the Secretary of the United States Treasury applicable to Section 409A(d) of the Code.” 
 2. Section 5.2 of the Plan is
hereby amended by adding the following sentence to the end of such section: “Meeting fees shall be payable within thirty (30) days following the date of the applicable meeting to which they relate.” 
 3. Section 5.3 of the Plan is hereby amended by adding the following to the end of such section: “The Company’s reimbursement obligations
pursuant to this Section 5.3 shall be limited to expenses incurred while such Independent Director is providing services as a director. Such payments will be made within thirty (30) days after delivery of an Independent Director’s
written requests for payment, accompanied by such evidence of expenses incurred as the Company may reasonably require, but in no event later than December 31 of the year following the year in which the expense was incurred. Reimbursements
provided in any one calendar year shall not affect the amount of reimbursements provided in any other calendar year and an Independent Director’s rights pursuant to this Section 5.3 shall not be subject to liquidation or exchange for
another benefit.” 
 4. Except as expressly amended hereby, the terms of the Plan shall be and remain unchanged and the Plan as amended
hereby shall remain in full force and effect. 
 IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by its duly
authorized representative on the day and year first above written. 
  

			
	WELLS TIMBERLAND REIT, INC.
		
	By:	 	 /s/ Douglas P. Williams

		 	Douglas P. Williams
		 	Executive Vice President

  

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