Document:

EX-10.4

 Exhibit 10.4 

EXECUTION VERSION 
 THIRD
AMENDED AND RESTATED PLEDGE AGREEMENT 
 THIRD AMENDED AND RESTATED PLEDGE AGREEMENT, dated as of December 23, 2014 (as
amended, supplemented, restated or otherwise modified from time to time, this “Agreement”), made by CATCHMARK TIMBER OPERATING PARTNERSHIP, L.P. (f/k/a Wells Timberland Operating Partnership, L.P.), a Delaware limited partnership
(the “Borrower”), TIMBERLANDS II, LLC, a Delaware limited liability company (“Timberlands II”), CATCHMARK TIMBER TRS, INC. (f/k/a Wells Timberland TRS, INC.), a Delaware corporation (“CatchMark
TRS”), CATCHMARK TRS HARVESTING OPERATIONS, LLC (f/k/a Wells TRS Harvesting Operations, LLC), a Delaware limited liability company (“CatchMark TRS Subsidiary”), CATCHMARK HBU, LLC (f/k/a WELLS TIMBERLAND HBU, LLC), a
Delaware limited liability company (“CatchMark HBU”), CATCHMARK TEXAS TIMBERLANDS GP, LLC (“CatchMark Texas GP”), a Texas limited liability company, CATCHMARK TEXAS TIMBERLANDS, L.P. (“CatchMark Texas
LP”), a Texas limited liability company, and each Additional Grantor (such capitalized term and all other capitalized terms not otherwise defined herein to have the meanings provided for in Article I) that may from time to time
become a party hereto (Borrower, Timberlands II, CatchMark TRS, CatchMark TRS Subsidiary, CatchMark HBU, CatchMark Texas GP, CatchMark Texas LP and such Additional Grantors are collectively referred to as the “Grantors” and
individually as a “Grantor”), in favor of COBANK, ACB, as administrative agent (in such capacity, the “Administrative Agent”) for the benefit of itself and each other Lender Party. This Agreement amends and restates
in its entirety that certain Second Amended and Restated Pledge Agreement, dated as of December 19, 2013 (the “Original Pledge Agreement”), by each Grantor party thereto, in favor of the Administrative Agent for the benefit of
itself and each other Lender Party. 
 W I T N E S S E T H: 

WHEREAS, pursuant to the Fourth Amended and Restated Credit Agreement, dated as of the date hereof (as amended, supplemented, restated
or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the other Loan Parties party thereto from time to time as Guarantors, the various lending institutions as are, or may from time to time become,
parties thereto (collectively, the “Lenders”), and the Administrative Agent in its capacity as administrative agent for the Lender Parties, the Lenders have extended Commitments to make Loans to the Borrower; 

WHEREAS, as a condition precedent to the effectiveness of the Credit Agreement, and as a condition to the obligation of each lender to
make Loans to the Borrower and each Issuing Lender to issue Letters of Credit pursuant to the terms of the Credit Agreement, each Grantor is required to execute and deliver this Agreement; and 

WHEREAS, each Grantor has duly authorized the execution, delivery and performance of this Agreement; 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in order to
induce the Lenders to make the Loans to the Borrower and the Issuing Lenders to issue the Letters of Credit pursuant to the Credit 

 
Agreement, each Grantor agrees with the Administrative Agent, for its benefit and the benefit of each other Lender Party, to amend and restated the Original Pledge Agreement in its entirety
as follows: 
 ARTICLE I 

DEFINITIONS 
 SECTION
1.1 Certain Terms. The following terms (whether or not underscored) when used in this Agreement, including its preamble and recitals, shall have the following meanings (such definitions to be equally applicable to the
singular and plural forms thereof): 
 “Additional Grantors” is defined in clause (b) of
Section 7.2. 
 “Administrative Agent” is defined in the preamble. 

“Agreement” is defined in the preamble. 

“Borrower” is defined in the preamble. 

“Collateral” is defined in Section 2.1. 

“Credit Agreement” is defined in the first recital. 

“Grantor” and “Grantors” are defined in the preamble. 

“Lenders” are defined in the first recital. 

“LLC Agreement” is defined in clause (b)(A) of Section 2.1. 

“Original Pledge Agreement” is defined in the preamble. 

“Partnership Agreement” is defined in clause (b)(A) of Section 2.1. 

“Pledge Agreement Supplement” is defined in clause (b) of Section 7.2. 

“Pledged Equity Interests” means all Pledged Shares, Pledged Partnership Interests and Pledged Membership Interests. 

“Pledged Membership Interests” is defined in clause (b)(E) of Section 2.1. 

“Pledged Partnership Interests” is defined in clause (b)(E) of Section 2.1. 

“Pledged Shares” is defined in clause (a) of Section 2.1. 

“Proceeds” has the meaning provided for in the U.C.C. and includes (a) any and all proceeds of any insurance, indemnity,
warranty or guaranty payable to any Grantor from time to time with respect to any of the Collateral, (b) any and all payments (in any form whatsoever) made or due and payable to any Grantor from time to time in connection with any requisition,

  
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confiscation, condemnation, seizure or forfeiture of all or any part of the Collateral by any Governmental Authority, (c) any recoveries by any Grantor against third parties with respect to
any litigation or dispute concerning any of the Collateral including claims arising out of the loss or nonconformity of, interference with the use of, defects in, or infringement of rights in, or damage to, the Collateral, and (d) any and all
other amounts, rights to payment or other property acquired upon the sale, lease, license, exchange or other disposition of the Collateral and all rights arising out of the Collateral. 

“Secured Obligations” is defined in Section 2.2. 

“Securities Act” is defined in Section 6.2. 

“Securities Issuer” means any Person listed on Schedule I attached hereto (as such Schedule may be amended or
supplemented from time to time) that has issued or may issue a Pledged Equity Interest. 
 “U.C.C.” means the Uniform
Commercial Code as in effect from time to time in the State of New York; provided that if, by reason of applicable Law, the validity or perfection or the effect of perfection or non-perfection or the priority of any security interest in any
Collateral granted under this Agreement is governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York, then as to such matters “U.C.C.” shall mean the Uniform Commercial Code as in effect in such other
jurisdiction. 
 SECTION 1.2 Credit Agreement Definitions; Rules of Construction. Unless otherwise defined herein or the
context otherwise requires, terms used in this Agreement, including its preamble and recitals, have the meanings provided in the Credit Agreement. The rules of construction set forth in Section 1.3 of the Credit Agreement shall be deemed
incorporated in this Agreement as if set forth in full herein. 
 SECTION 1.3 U.C.C. Definitions. Unless otherwise
defined herein or the context otherwise requires, terms for which meanings are provided in the U.C.C. are used in this Agreement, including its preamble and recitals, with such meanings. 

ARTICLE II 
 PLEDGE

 SECTION 2.1 Grant of Security Interest. Each Grantor hereby pledges, hypothecates, collaterally assigns, charges,
mortgages and pledges to the Administrative Agent, for its benefit and the ratable benefit of each of the other Lender Parties, and hereby grants to the Administrative Agent, for its benefit and the ratable benefit of each of the other Lender
Parties, a security interest in, all of such Grantor’s right, title and interest in and to the following, whether now or hereafter existing or acquired (collectively, the “Collateral”): 

(a) all issued and outstanding shares of capital stock of each Securities Issuer identified in Item A of Schedule I attached
hereto (as such Schedule may be amended or supplemented from time to time) and all additional shares of capital stock of Subsidiaries of the Grantors from time to time acquired by such Grantor in any manner, the certificates representing such shares
of capital stock (the “Pledged Shares”), together with all options, warrants and other rights to acquire additional shares of capital stock of each Securities Issuer and each Subsidiary of the Grantors; 

  
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 (b) (i) All Equity Interests in each Securities Issuer which is a limited liability company
identified in Item B of Schedule I attached hereto (as such Schedule may be amended or supplemented from time to time) and all additional Equity Interests in the same acquired from time to time by a Grantor, and (ii) all
Equity Interests in each Securities Issuer which is a partnership identified in Item C of Schedule I attached hereto (as such Schedule may be amended or supplemented from time to time) and all additional interests in the same
acquired from time to time by a Grantor, including, in the case of both (i) and (ii), (A) all rights (but not obligations) of each applicable Grantor as a member or partner thereof, as the case may be, pursuant to the applicable limited
liability company agreement or other related Organizational Document (collectively, the “LLC Agreement”), partnership agreement or other related Organizational Document (collectively, the “Partnership Agreement”) or
otherwise, and all rights to receive distributions, cash, instruments and other property and assets from time to time received, receivable, or otherwise distributed thereunder, (B) all claims of each Grantor for damages arising out of or for
breach of or default under the applicable LLC Agreement or Partnership Agreement, as the case may be, (C) the right of each applicable Grantor to terminate the applicable LLC Agreement or Partnership Agreement, as the case may be, to perform
and exercise consensual or voting rights thereunder, and to compel performance and otherwise exercise all remedies thereunder, (D) all rights of each applicable Grantor, whether as a member or partner thereof, as the case may be, or otherwise,
to all property and assets of the Securities Issuer (whether real property, inventory, equipment, contract rights, accounts, receivables, general intangibles, securities, instruments, chattel paper, documents, choses in action, or otherwise) and
(E) certificates or instruments evidencing an ownership, partnership or membership interest in the applicable Securities Issuer or its assets (such certificates or instruments being referred to herein, in the case of membership interests, as
the “Pledged Membership Interests” and, in the case of partnership interests, as the “Pledged Partnership Interests”), together with all options, warrants and other rights to acquire additional Pledged Membership
Interests and Pledged Partnership Interests; 
 (c) all dividends, distributions, interest and other payments and rights with respect to any
of the items listed in clauses (a), (b) and (c) above; and 
 (d) all Proceeds of any and all of the
foregoing Collateral. 
 SECTION 2.2 Security for Obligations. This Agreement secures the prompt payment in full in cash of
all the Obligations, including all amounts payable by each Borrower and each other Loan Party under or in connection with the Credit Agreement, the Notes and each other Loan Document and each Rate Protection Agreement and each document and agreement
relating to or on account of any Secured Bank Product, whether for principal, interest, costs, fees, expenses, indemnities or otherwise and whether now or hereafter existing (all of such obligations being the “Secured Obligations”);
provided however, in each case, Excluded Swap Obligations of any Grantor shall in any event be excluded from “Secured Obligations” owing by such Grantor. 

  
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 SECTION 2.3 Delivery of Collateral. Except as provided in Section 7.1.18 of
the Credit Agreement, all Pledged Equity Interests shall be evidenced by a physical certificate. All such certificates and all other certificates or instruments representing or evidencing any Collateral shall be delivered to and held by or on behalf
of the Administrative Agent pursuant hereto, shall be in suitable form for transfer by delivery and shall be accompanied by all necessary instruments of transfer or assignment, duly executed in blank. 

SECTION 2.4 Voting Rights; Dividends, Distributions and Payments. (a) In the event that any dividend or distribution is to
be paid on any Pledged Equity Interest at a time when an Event of Default has not occurred and is continuing, such dividend, distribution or payment may, subject to the terms of the Credit Agreement, be paid directly to each Grantor. In addition,
prior to the occurrence of any Event of Default and receipt by any relevant Grantor of a notice described in clause (b)(ii), such Grantor may exercise its voting and other consensual rights with respect to the Pledged Equity Interests,
provided that the same is exercised in a manner not inconsistent with the terms of this Agreement or any other Loan Document. Notwithstanding the foregoing, all distributions in the form of additional Equity Interests shall be paid and
delivered to the Administrative Agent and held as additional Collateral hereunder. 
 (b) Each Grantor agrees that if any Event of
Default shall have occurred and be continuing: 
 (i) such Grantor shall, promptly upon receipt thereof and without any request therefor by
the Administrative Agent, deliver (properly endorsed where required hereby or requested by the Administrative Agent) to the Administrative Agent all dividends, distributions, interest, principal, other cash payments and Proceeds of the Collateral,
all of which shall be held by the Administrative Agent as additional Collateral for use in accordance with Section 6.4; and 

(ii) after the Administrative Agent has notified such Grantor of the Administrative Agent’s intention to exercise its voting power under
this clause: 
 (A) the Administrative Agent may exercise (to the exclusion of such Grantor) the voting power and all other incidental
rights of ownership with respect to any Pledged Equity Interests or other Equity Interests constituting Collateral, and such Grantor hereby grants the Administrative Agent an irrevocable proxy, exercisable under such circumstances, to vote the
Pledged Equity Interests and such other Collateral; and 
 (B) such Grantor shall promptly deliver to the Administrative Agent such
additional proxies and other documents as may be necessary to allow the Administrative Agent to exercise such voting power. 
 (c) All
dividends, distributions, interest, principal, cash payments, and proceeds which may at any time and from time to time be held by any Grantor but which such Grantor is then obligated to deliver to the Administrative Agent shall, until delivery to
the Administrative Agent, be held by each Grantor separate and apart from such Grantor’s other property in trust for the Administrative Agent. 

  
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 SECTION 2.5 Continuing Security Interest; Transfer of Notes. This Agreement shall
create a continuing security interest in the Collateral and shall remain in full force and effect until payment in full in cash of all Secured Obligations (on terms and pursuant to documentation in form and substance reasonably satisfactory to the
Administrative Agent) and the irrevocable termination of all the Commitments, at which time the security interest granted herein shall terminate and all rights to the Collateral shall revert to the Grantors. In the event that any part of the
Collateral is sold in connection with a sale permitted under the Credit Agreement (other than a sale to a Grantor) the security interest granted herein shall terminate with respect to such Collateral and all rights therein shall revert to the
applicable Grantor or Grantors. Upon any such termination, the Administrative Agent will, at each Grantor’s sole expense, deliver to such Grantor, without any representations, warranties or recourse of any kind whatsoever, all certificates and
instruments representing or evidencing all Pledged Equity Interests, together with all other Collateral held by the Administrative Agent hereunder, and execute and deliver to such Grantor such documents as such Grantor shall reasonably request to
evidence such termination or release. 
 SECTION 2.6 Security Interest Absolute. All rights of the Administrative Agent
and the security interests granted to the Administrative Agent hereunder, and all obligations of each Grantor hereunder, shall be absolute and unconditional, irrespective of: 

(a) any lack of validity, legality or enforceability of any Loan Document or any Rate Protection Agreement or any document or agreement
relating to or on account of any Secured Bank Product; 
 (b) the failure of any Lender Party: 

(i) to assert any claim or demand or to enforce any right or remedy against any Grantor, any other Loan Party or any other Person under the
provisions of any Loan Document or otherwise; or 
 (ii) to exercise any right or remedy against any other guarantor of, or collateral
securing, any Secured Obligation of any Grantor or any other Loan Party; 
 (c) any change in the time, manner or place of payment of, or in
any other term of, all or any of the Secured Obligations or any other extension, compromise or renewal of any Secured Obligation, including any increase in the Secured Obligations resulting from the extension of additional credit to any Grantor or
any other Loan Party or otherwise; 
 (d) any reduction, limitation, impairment or termination of any Secured Obligation of any Grantor or
of any other Loan Party for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to (and each Grantor hereby waives any right to or claim of) any defense or setoff, counterclaim,
recoupment or termination whatsoever by reason of the invalidity, illegality, nongenuineness, irregularity, compromise, unenforceability of, or any other event or occurrence affecting, any Secured Obligation of any Grantor or of any other Loan Party
or otherwise; 
 (e) any amendment to, rescission, waiver, or other modification of, or any consent to departure from, any of the terms of
any Loan Document or otherwise; 

  
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 (f) any addition, exchange, release, surrender or non-perfection of any collateral (including the
Collateral), or any amendment to or waiver or release of or addition to or consent to departure from any guaranty, for any of the Secured Obligations; or 

(g) any other circumstances which might otherwise constitute a defense available to, or a legal or equitable discharge of, any Grantor, any
other Loan Party, any surety or any guarantor or otherwise, including as a result of any proceeding of the nature referred to in Section 8.1.7 of the Credit Agreement. 

SECTION 2.7 Grantors Remain Liable. Anything herein to the contrary notwithstanding: 

(a) each Grantor shall remain liable under the contracts and agreements included in the Collateral to the extent set forth therein, and shall
perform all of such Grantor’s duties and obligations under such contracts and agreements to the same extent as if this Agreement had not been executed; 

(b) each Grantor will comply in all material respects with all Laws relating to the ownership and operation of the Collateral, including all
registration requirements under applicable Laws, and shall pay when due all taxes, fees and assessments imposed on or with respect to the Collateral, except to the extent the validity thereof is (A) being diligently contested in good faith by
appropriate proceedings which (i) suspend the collection thereof and any Lien therefrom and (ii) for which adequate reserves in accordance with GAAP have been set aside by such Grantor, and (B) could not reasonably be expected to
have, either individually or in the aggregate, a Material Adverse Effect; 
 (c) the exercise by the Administrative Agent of any of its
rights hereunder shall not release any Grantor from any of such Grantor’s duties or obligations under such Grantor’s Organizational Documents or any contract or agreement included in the Collateral; and 

(d) neither the Administrative Agent nor any other Lender Party shall have any obligation or liability under any Organizational Document or
any contracts or agreements included in the Collateral by reason of this Agreement, nor shall the Administrative Agent or any other Lender Party be obligated to perform any of the obligations or duties of any Grantor thereunder or to take any action
to collect or enforce any claim for payment assigned hereunder. 
 SECTION 2.8 Waiver of Subrogation. Each Grantor hereby
irrevocably waives to the extent permitted by applicable Law and until such time as the Secured Obligations shall have been paid in full in cash (on terms and pursuant to documentation in form and substance reasonably satisfactory to the
Administrative Agent) and all the Commitments have irrevocably terminated, any claim or other rights which such Grantor may now or hereafter acquire against the Borrower or any other Loan Party that arises from the existence, payment, performance or
enforcement of such Grantor’s obligations under this Agreement or any other Loan Document or any Rate Protection Agreement or any document or agreement relating to or on account of any Secured Bank Product, including any right of subrogation,
reimbursement, exoneration or indemnification, and any right to participate in any claim or remedy of any Lender Party against each Borrower or any other Loan Party or any collateral which any Lender Party now has or

  
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hereafter acquires, whether or not such claim, remedy or right arises in equity or under contract or Law. If any amount shall be paid to any Grantor in violation of the preceding sentence,
such amount shall be deemed to have been paid to such Grantor for the benefit of, and held in trust for, the Lender Parties, and shall forthwith be paid to the Administrative Agent to be credited and applied against the Secured Obligations, whether
matured or unmatured. Each Grantor acknowledges that such Grantor will receive direct and indirect benefits for the financing arrangements contemplated by the Credit Agreement and that the waiver set forth in this Section is knowingly made in
contemplation of such benefits. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Each Grantor represents and warrants unto each Lender Party, as of the date such Grantor becomes a party to this Agreement, the Effective
Date, as of the date of each request for a Borrowing, after giving effect to each Borrowing, and each pledge and delivery by such Grantor to the Administrative Agent of any Collateral, as set forth in this Article. 

SECTION 3.1 Ownership, No Liens, etc. Such Grantor has pledged to the Administrative Agent, for its benefit and the benefit of
each other Lender Party, all the Pledged Equity Interests that is required to pledge pursuant to the Credit Agreement. Such Grantor is the legal and beneficial owner of, and has good and marketable title to (and has full corporate, partnership or
limited liability company right and authority to pledge and assign) the Collateral, free and clear of all Liens, except for this security interest granted pursuant hereto in favor of the Administrative Agent for the benefit of the Lender Parties.
All of the Pledge Equity Interests have been duly authorized, validly issued and are fully paid and non-assessable, and have not been issued or transferred in violation of any securities or other applicable Law. Except as permitted by the Credit
Agreement, there are no existing options, warrants, calls, purchase rights, commitments or obligations with respect to the Pledged Equity Interests. 

SECTION 3.2 Valid Security Interest. The delivery of any Pledged Equity Interests forming a part of the Collateral to the
Administrative Agent is effective to create a valid, perfected, first priority security interest therein and all Proceeds thereof, securing the Secured Obligations, in favor of the Administrative Agent for the ratable benefit of the Lender Parties.
No filing or other action will be necessary to perfect or protect such security interest. 
 SECTION 3.3 As to Pledged
Shares. In the case of any Pledged Shares constituting Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and constitute all of the issued and outstanding capital stock of each
Securities Issuer thereof. The Grantors have no Subsidiaries other than the Securities Issuers and indirect Shell Subsidiaries who are wholly owned by direct or indirect Shell Subsidiaries. 

SECTION 3.4 As to Pledged Membership Interests and Pledged Partnership Interests, etc. 

(a) In the case of any Pledged Membership Interests and Pledged Partnership Interests constituting a part of the Collateral, all of such
Pledged Equity Interests are certificated (except as permitted in Section 7.1.18 of the Credit Agreement), duly authorized and validly issued, fully paid and non-assessable, and constitute all of the issued and outstanding partnership interests
and membership interests held by such Grantor in the applicable Securities Issuer. 

  
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 (b) Each LLC Agreement and Partnership Agreement to which the Grantor is a party, true and
complete copies of which have been furnished to the Administrative Agent, has been duly authorized, executed, and delivered by such Grantor, has not been amended or otherwise modified except as permitted by the Credit Agreement, is in full force and
effect, and is binding upon and enforceable against such Grantor in accordance with its terms. There exists no material default (or other default that could reasonably be expected to impair the interests or rights of the Administrative Agent) under
any such LLC Agreement or Partnership Agreement by such Grantor. 
 (c) Except as permitted in Section 7.1.18 of the Credit Agreement,
each such LLC Agreement and Partnership Agreement, as the case may be, expressly provides that the Pledged Membership Interests or Pledged Partnership Interests, as the case may be, are “securities” governed by Article 8 of the U.C.C. and
are required to be in certificated form. 
 (d) Such Grantor’s Equity Interests in each Securities Issuer is set forth in Schedule
I attached hereto (as such Schedule may be amended or supplemented from time to time). 
 (e) Such Grantor had and continues to have the
power and legal capacity to execute and carry out the provisions of all such LLC Agreements and Partnership Agreements, as the case may be, to which such Grantor is a party. 

(f) The state of organization of each Securities Issuer of any Pledged Membership Interests and Pledged Partnership Interests constituting a
part of the Collateral is as set forth in Item B or Item C of Schedule I attached hereto (as such Schedule may be amended or supplemented from time to time). 

SECTION 3.5 Authorization, Approval, etc. No authorization, approval or other action by, and no notice to or filing with, any
Governmental Authority or any other Person is required either for (a) the pledge by such Grantor of any Collateral pursuant to this Agreement or for the execution, delivery and performance of this Agreement by such Grantor or (b) the
exercise by the Administrative Agent of the voting or other rights provided for in this Agreement or the remedies in respect of the Collateral pursuant to this Agreement, except, with respect to the Pledged Equity Interests, as may be required in
connection with a disposition of such Pledged Equity Interests by Laws affecting the offering and sale of securities generally. 

SECTION 3.6 Due Execution, Validity, etc. Such Grantor has full corporate, partnership or limited liability company power and
authority, and holds all requisite licenses, permits and other approvals of Governmental Authorities, to enter into and perform such Grantor’s obligations under this Agreement. The execution, delivery and performance by such Grantor of this
Agreement does not contravene or result in a default under such Grantor’s Organizational Documents or contravene or result in a default under any contractual restriction, Lien or Law binding on such Grantor. This Agreement has been duly
authorized by such Grantor, has been duly executed and delivered by or on behalf of such Grantor and constitutes 

  
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the legal, valid and binding obligation of such Grantor enforceable in accordance with its terms, subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or
similar Laws affecting the rights of creditors generally, and subject to the effect of general principles of equity (regardless of whether considered in a proceeding in equity or at law). 

ARTICLE IV 
 COVENANTS

 SECTION 4.1 Protect Collateral; Further Assurances, etc. No Grantor will create or suffer to exist any Lien on the
Collateral (except a Lien in favor of the Administrative Agent). Each Grantor will warrant and defend the right and title herein granted unto the Administrative Agent in and to the Collateral (and all right, title, and interest represented by the
Collateral) against the claims and demands of all Persons (other than the Administrative Agent). Each Grantor agrees that at any time, and from time to time, at the expense of such Grantor, such Grantor will promptly execute and deliver all further
instruments and documents, and take all further action, that may be necessary or desirable, or that the Administrative Agent may reasonably request, in order to perfect, preserve and protect any security interest granted or purported to be granted
hereby or to enable the Administrative Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral. Except as permitted by the Credit Agreement, no Grantor will permit any Securities Issuer to own any Equity
Interest unless the same is immediately delivered in pledge to the Administrative Agent hereunder. 
 SECTION 4.2 Powers,
etc. Each Grantor agrees that all Pledged Equity Interests delivered by such Grantor pursuant to this Agreement will be accompanied by duly executed undated blank powers, or other equivalent instruments of transfer reasonably acceptable to
the Administrative Agent. Each Grantor will, from time to time upon the reasonable request of the Administrative Agent, promptly deliver to the Administrative Agent such powers, instruments, and similar documents, reasonably satisfactory in form and
substance to the Administrative Agent, with respect to the Collateral and will, from time to time upon the request of the Administrative Agent during the continuance of any Event of Default, promptly transfer any Pledged Equity Interests or other
Equity Interests constituting Collateral into the name of any nominee designated by the Administrative Agent. 
 SECTION 4.3
Continuous Pledge. Subject to Section 2.4, each Grantor will, at all times, keep pledged to the Administrative Agent pursuant hereto all Pledged Equity Interests constituting Collateral, all dividends and distributions with
respect thereto and all other Collateral and other securities, instruments, proceeds, and rights from time to time received by or distributable to such Grantor in respect of any Collateral. 

SECTION 4.4 LLC Agreements, Partnership Agreements and Organizational Documents. (a) Each Grantor shall at such
Grantor’s own expense: 
 (i) perform and observe in all material respects all the terms and provisions of each LLC Agreement,
Partnership Agreement or other Organizational Document relating to the Collateral, as the case may be, to which such Grantor is a party and each other contract and agreement included in all the Collateral to be performed or observed by such Grantor,
maintain such LLC Agreement, Partnership Agreement or other Organizational 

  
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Document relating to the Collateral, as the case may be, and each such other contract and agreement in full force and effect, in such Grantor’s reasonable business judgment, enforce such LLC
Agreement, Partnership Agreement or other Organizational Document relating to the Collateral, as the case may be, and each such other contract and agreement in accordance with its terms, and, upon the occurrence and during the continuance of any
Event of Default, take all such action to such end as may from time to time be requested by the Administrative Agent; and 
 (ii) from time
to time (A) furnish to the Administrative Agent such information regarding the Collateral as the Administrative Agent may reasonably request, and (B) upon the occurrence and during the continuance of any Event of Default, upon the request
of the Administrative Agent, make to any other party to such LLC Agreement, Partnership Agreement or other Organizational Document relating to the Collateral, as the case may be, such requests for information and for action as such Grantor is
entitled to make thereunder. 
 (b) No Grantor shall consent to any amendment, supplement, waiver or other modification of any of the terms
or provisions contained in, or applicable to, any LLC Agreement, Partnership Agreement or other Organizational Document except as required by Section 7.1.18 of the Credit Agreement or as permitted under Section 7.2.10 of the Credit
Agreement. 
 SECTION 4.5 Additional Covenants. Each Grantor agrees that, until all the Secured Obligations have been paid in
full in cash on terms and pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and all Commitments shall have irrevocably terminated, it will comply with all the terms and provisions of the Credit
Agreement, the other Loan Documents, the Rate Protection Agreements and the documents and agreements relating to or on account of any Secured Bank Product that are applicable to it. 

ARTICLE V 
 THE
ADMINISTRATIVE AGENT 
 SECTION 5.1 Administrative Agent Appointed Attorney-in-Fact. Each Grantor hereby irrevocably
constitutes and appoints the Administrative Agent and any officer or agent thereof, with full power of substitution, as such Grantor’s true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such
Grantor and in the name of such Grantor or in such Grantor’s own name, for the purpose of carrying out the terms of this Agreement, to take, upon the occurrence and during the continuance of any Event of Default, any and all actions and execute
any and all documents and instruments that may, in the judgment of the Administrative Agent, be necessary or desirable to accomplish the purposes of this Agreement. Without limiting the generality of the foregoing, after the occurrence and during
the continuance of any Event of Default, each Grantor hereby gives the Administrative Agent the power and right, on behalf of such Grantor, without notice to or assent by such Grantor, to do any or all of the following: 

(a) take possession of and indorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due under
or in respect of any Collateral and file any claim or take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by the Administrative Agent for the purpose of collecting any and all such moneys due under or in
respect of any Collateral whenever payable; 

  
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 (b) pay or discharge taxes and Liens levied or placed on or threatened against the Collateral;

 (c) execute, in connection with any sale or other disposition provided for in Section 6.1, any endorsements, assignments or
other instruments of conveyance or transfer with respect to the Collateral; and 
 (d) (i) direct any Person liable for any payment under
any of the Collateral to make payment of any and all moneys due or to become due thereunder directly to the Administrative Agent or as the Administrative Agent shall direct; (ii) ask or demand for, collect, and receive payment of and give
receipt for, any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral; (iii) receive, collect, sign and indorse any drafts or other instruments, documents and chattel paper in
connection in connection with any of the Collateral; (iv) commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral or any portion thereof and to enforce any
other right in respect of any Collateral; (v) defend any suit, action or proceeding brought against such Grantor with respect to any Collateral; (vi) settle, compromise or adjust any such suit, action or proceeding and, in connection
therewith, give such discharges or releases as the Administrative Agent may deem appropriate; and (vii) generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the Collateral as fully and
completely as though the Administrative Agent were the absolute owner thereof for all purposes, and do, at the Administrative Agent’s option and such Grantor’s expense, at any time, or from time to time, all acts and things that the
Administrative Agent deems necessary to protect, preserve or realize upon the Collateral and the Lender Parties’ security interests therein and to effect the intent of this Agreement, all as fully and effectively as such Grantor might do. 

Each Grantor hereby acknowledges, consents and agrees that the power of attorney granted pursuant to this Section is irrevocable and coupled with an interest.

 SECTION 5.2 Administrative Agent May Perform. If any Grantor fails to perform any agreement contained herein, the
Administrative Agent may itself perform, or cause performance of, such agreement and the reasonable expenses of the Administrative Agent incurred in connection therewith shall be payable by such Grantor. 

SECTION 5.3 Access and Examination. In order to give effect to the intent of this Agreement, the Administrative Agent may at all
reasonable times have access to, examine, audit, make extracts from and inspect each Grantor’s records, files and books of account and the Collateral, and may discuss each Grantor’s affairs with such Grantor’s officers and management.
Each Grantor will deliver to the Administrative Agent promptly following its request therefor any instrument necessary for the Administrative Agent to obtain records from any service bureau maintaining records for such Grantor. The Administrative
Agent may, at expense of the Grantors, use each Grantor’s personnel, supplies and premises as may be reasonably necessary for maintaining or enforcing the security interest granted hereunder.  

  
 -12- 

 SECTION 5.4 Administrative Agent Has No Duty. The powers conferred on the
Administrative Agent hereunder are solely to protect its interest (on behalf of the Lender Parties) in the Collateral and shall not impose any duty on it to exercise any such powers. The Administrative Agent’s sole duty with respect to the
custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the U.C.C. or otherwise, shall be to deal with it in the same manner as the Administrative Agent deals with similar property for its own
account. Neither the Administrative Agent nor any of its officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so, nor shall any such Person be under
any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof (including (a) ascertaining or taking
action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Pledged Equity Interests, whether or not the Administrative Agent has or is deemed to have knowledge of such matters, and (b) the taking
of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral). Neither the Administrative Agent nor any of its officers, directors, employees or agents shall be responsible to any Grantor for any
loss, damage, depreciation or other diminution in the value of any of the Collateral, except in respect of any damages attributable solely to any such Person’s gross negligence or willful misconduct as determined in a final non-appealable
judgment of a court of competent jurisdiction. 
 ARTICLE VI 

REMEDIES 
 SECTION 6.1
Remedies. If any Event of Default shall have occurred and be continuing the Administrative Agent may: 
 (a) exercise in
respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it (including as provided in Section 5.1 and clause (b) of Section 2.4), all the rights and
remedies of a secured party on default under the U.C.C. and also may, without demand of performance or other demand, presentment, obtaining a final judgment, protest, advertisement or notice of any kind (except any notice required by Law referred to
below) to or upon any Grantor or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived), sell, assign, give option or options to purchase, or otherwise dispose of and deliver the Collateral or any
part thereof (or contract to do any of the foregoing) in one or more parcels at public or private sale, at any of the Administrative Agent’s offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the
Administrative Agent may deem commercially reasonable. Each Grantor agrees that, to the extent notice of sale shall be required by Law, at least 10 days’ prior notice to such Grantor of the time and place of any public sale or the time after
which any private sale is to be made shall constitute reasonable notification. The Administrative Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Administrative Agent may adjourn any
public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. In case any sale of all or any part of the
Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the Administrative Agent until the sale price is paid by the purchase or purchasers thereof, but the Administrative Agent shall

  
 -13- 

 
not incur any liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may be sold again upon
like notice. At any public (or, to the extent permitted by Law, private) sale made pursuant to this Section, any Lender Party may bid for or purchase, free (to the extent permitted by Law) from any right of redemption, stay, valuation or appraisal
on the part of any Grantor (all said rights being also hereby waived and released to the extent permitted by Law), the Collateral or any part thereof offered for sale and may make payment on account thereof by using any claim then due and payable to
such Lender Party from any Grantor as a credit against the purchase price, and such Lender Party may upon compliance with the terms of sale, hold, retain and dispose of such property without further accountability to any Grantor therefor; 

(b) exercise any and all rights and remedies of each Grantor under or in connection with the Collateral, including the right to sue upon or
otherwise collect, extend the time for payment of, modify or amend the terms of, compromise or settle for cash, credit, or otherwise upon any terms, grant other indulgences, extensions, renewals, compositions, or releases, and take or omit to take
any other action with respect to the Collateral, any security therefor, any agreement relating thereto, any insurance applicable thereto, or any Person liable directly or indirectly in connection with any of the foregoing, without discharging or
otherwise affecting the liability of any Grantor for the Obligations or under this Agreement, any other Loan Document, any Rate Protection Agreements or any documents or agreements relating to or on account of any Secured Bank Product and the
Assigned Agreements or otherwise in respect of the Collateral, including any and all rights of such Grantor to demand or otherwise require payment of any amount under, or performance of any provision of, any Collateral; and 

(c) enforce compliance with, and take any and all actions with respect to, each LLC Agreement, Partnership Agreement or other Organizational
Document, as the case may be, to the fullest extent as though the Administrative Agent were the absolute owner of the Pledged Membership Interests, Pledged Partnership Interests, Pledged Shares and other Collateral, including the right to receive
all distributions and other payments that are made pursuant to such LLC Agreement, Partnership Agreement or other Organizational Document, as the case may be. 

SECTION 6.2 Securities Laws. If the Administrative Agent shall determine to exercise its right to sell all or any of the
Collateral pursuant to Section 6.1, each Grantor agrees that, upon request of the Administrative Agent, such Grantor will, at its own expense: 

(a) execute and deliver, and cause each issuer of the Collateral contemplated to be sold and the directors and officers thereof to execute and
deliver, all such instruments and documents, and do or cause to be done all such other acts and things, as may be necessary or, in the opinion of the Administrative Agent, advisable to register such Collateral under the provisions of the Securities
Act of 1933, as from time to time amended (the “Securities Act”), and to cause the registration statement relating thereto to become effective and to remain effective for such period as prospectuses are required by Law to be
furnished, and to make all amendments and supplements thereto and to the related prospectus which, in the opinion of the Administrative Agent, are necessary or advisable, all in conformity with the requirements of the Securities Act and the rules
and regulations of the Securities and Exchange Commission applicable thereto; 

  
 -14- 

 (b) use its best efforts to qualify the Collateral under the state securities or “Blue
Sky” Laws and to obtain all necessary governmental approvals for the sale of the Collateral, as requested by the Administrative Agent; 

(c) cause each such issuer to make available to its security holders, as soon as practicable, an earnings statement that will satisfy the
provisions of Section 11(a) of the Securities Act; and 
 (d) do or cause to be done all such other acts and things as may be necessary
to make such sale of the Collateral or any part thereof valid and binding and in compliance with applicable Law. 
 Each Grantor further acknowledges the
impossibility of ascertaining the amount of damages that would be suffered by the Administrative Agent or the Lenders by reason of the failure by such Grantor to perform any of the covenants contained in this Section and, consequently, to the extent
permitted under applicable Law, agrees that, if such Grantor shall fail to perform any of such covenants, it shall pay, as liquidated damages and not as a penalty, an amount equal to the value (as determined by the Administrative Agent) of the
Collateral on the date the Administrative Agent shall demand compliance with this Section. 
 SECTION 6.3 Compliance with
Restrictions. Each Grantor agrees that in any sale of any of the Collateral whenever an Event of Default shall have occurred and be continuing, the Administrative Agent is hereby authorized to comply with any limitation or restriction in
connection with such sale as it may be advised by counsel is necessary in order to avoid any violation of applicable Law (including compliance with such procedures as may restrict the number of prospective bidders and purchasers, require that such
prospective bidders and purchasers have certain qualifications, and restrict such prospective bidders and purchasers to persons who will represent and agree that they are purchasing for their own account for investment and not with a view to the
distribution or resale of such Collateral), or in order to obtain any required approval of the sale or of the purchaser by any Governmental Authority or official, and each Grantor further agrees that such compliance shall not result in such sale
being considered or deemed not to have been made in a commercially reasonable manner, nor shall the Administrative Agent be liable nor accountable to any Grantor for any discount allowed by reason of the fact that such Collateral is sold in
compliance with any such limitation or restriction. 
 SECTION 6.4 Application of Proceeds. All cash proceeds received
by the Administrative Agent in respect of any sale of, collection from, or other realization upon, all or any part of the Collateral shall be applied (after payment of any amounts payable to the Administrative Agent pursuant to Section 11.3 of
the Credit Agreement and Section 6.5) in whole or in part by the Administrative Agent for the ratable benefit of the Lender Parties against all or any part of the Secured Obligations in accordance with Section 8.7 of the Credit
Agreement. Any surplus of such cash or cash proceeds held by the Administrative Agent and remaining after payment in full in cash of all the Secured Obligations (on terms and pursuant to documentation in form and substance reasonably satisfactory to
the Administrative Agent), and the irrevocable termination of all the Commitments, shall be paid over to the applicable Grantor or to whomsoever may be lawfully entitled to receive such surplus. 

  
 -15- 

 SECTION 6.5 Indemnity and Expenses. Each Grantor agrees to jointly and severally
indemnify and hold harmless the Administrative Agent and its directors, officers, employees, agents, Affiliates and their Related Parties from and against any and all claims, losses and liabilities arising out of or resulting from this Agreement
(including enforcement of this Agreement), except claims, losses or liabilities resulting from any such Person’s gross negligence or willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction. Each
Grantor will upon demand pay to the Administrative Agent the amount of any and all reasonable out-of-pocket expenses, including the reasonable fees and disbursements of its counsel and of any experts and agents, which the Administrative Agent may
incur in connection with (a) the administration of this Agreement, (b) the custody, preservation, use or operation of, or the sale of, collection from, or other realization upon, any of the Collateral, (c) the exercise or enforcement
of any of the rights of the Administrative Agent or the other Lender Parties hereunder or (d) the failure by any Grantor to perform or observe any of the provisions hereof. 

ARTICLE VII 

MISCELLANEOUS PROVISIONS 

SECTION 7.1 Loan Document. This Agreement is a Loan Document executed pursuant to the Credit Agreement and shall (unless
otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and provisions thereof, including Section 1.3 and Article XI thereof. 

SECTION 7.2 Amendments, etc.; Additional Grantors; Successors and Assigns. 

(a) No amendment to or waiver of any provision of this Agreement nor consent to any departure by any Grantor herefrom, shall be effective
unless the same shall be in writing and signed by the Administrative Agent and the percentage of the Lenders as required by Section 11.1 of the Credit Agreement, and then such amendment, waiver or consent shall be effective only in the specific
instance and for the specific purpose for which it is given; provided that, the Grantors may amend or supplement Schedule I attached hereto from time to time as necessary to the extent such amendment or supplement is acceptable to the
Administrative Agent in its sole discretion. For the avoidance of doubt, no such amendment or supplement of such Schedules shall be deemed to waive any Default or Event of Default. 

(b) Upon the execution and delivery by any Person of a pledge agreement supplement in substantially the form of Exhibit A hereto or a Joinder
Agreement (each a “Pledge Agreement Supplement”), (i) such Person shall be referred to as an “Additional Grantor” and shall be and become a Grantor, and each reference in this Agreement to “Grantor” shall
also mean and refer to such Additional Grantor and (ii) the disclosure schedule attached to each Security Agreement Supplement shall be acceptable to the Administrative Agent in its sole discretion and shall be incorporated into and become a
part of and supplement Schedule I attached hereto, as appropriate, and the Administrative Agent may attach such supplemental disclosure schedules to such Schedules, and each reference to such Schedules shall refer to such Schedules as amended
or supplemented by such supplemental disclosure schedules. 

  
 -16- 

 (c) This Agreement shall be binding upon each Grantor and its successors, transferees and
assignees, and shall inure to the benefit of and be enforceable by the Administrative Agent and each other Lender Party and their respective successors and assigns; provided, however, that no Grantor may assign such Grantor’s
obligations hereunder without the prior written consent of the Administrative Agent. Without limiting the generality of the foregoing, any Lender may assign or otherwise transfer (in whole or in part) any Loans held by it to any other Person, and
such other Person shall thereupon become vested with all the rights and benefits in respect thereof granted to such Lender under any Loan Document (including this Agreement) or otherwise, subject, however, to the provisions of Section 11.11 of
the Credit Agreement. 
 SECTION 7.3 Addresses for Notices. All notices and other communications provided for hereunder shall
be made as provided in, and subject to the terms of, Section 11.2 of the Credit Agreement. All notices to each Grantor shall be sent care of the Borrower at the address set forth in the Credit Agreement and all notices to the Administrative
Agent shall be sent as provided in the Credit Agreement. 
 SECTION 7.4 Section Captions. Section captions used in this
Agreement are for convenience of reference only, and shall not affect the construction of this Agreement. 
 SECTION 7.5
Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such provision and such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. 

SECTION 7.6 Counterparts. This Agreement may be executed by the parties hereto in several counterparts, each of which shall be
deemed to be an original and all of which shall constitute together but one and the same agreement. 
 SECTION 7.7
Waivers. Each Grantor hereby waives any right, to the extent permitted by applicable Law, to receive prior notice of a judicial or other hearing with respect to any action or prejudgment remedy or proceeding by the Administrative Agent to
take possession, exercise control over or dispose of any item of Collateral, where such action is permitted under the terms of this Agreement, any other Loan Document, any Rate Protection Agreement, or any document or agreement relating to or on
account of any Secured Bank Product or by applicable Law, or of the time, place or terms of sale in connection with the exercise of the Administrative Agent’s rights hereunder. Each Grantor waives, to the extent permitted by applicable Law, any
bonds, security or sureties required by the Administrative Agent with respect to any of the Collateral. Without limiting the foregoing, each Grantor agrees that it will not invoke, claim or assert any benefit of applicable Law, or take or attempt to
take any action that could reasonably be expected to have the effect of delaying, impeding or preventing the Administrative Agent from exercising any of its rights or remedies with respect to the Collateral as herein provided.  

SECTION 7.8 Governing Law, Entire Agreement, etc. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL
LAWS OF THE STATE OF NEW YORK, EXCEPT TO THE EXTENT 

  
 -17- 

 
THAT THE VALIDITY OR PERFECTION OF THE SECURITY INTEREST HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE
OF NEW YORK. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS CONSTITUTE THE ENTIRE UNDERSTANDING AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDE ANY PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT THERETO. 

SECTION 7.9 Forum Selection and Consent to Jurisdiction. ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN
CONNECTION WITH, THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF ANY LENDER PARTY OR GRANTOR SHALL BE BROUGHT AND MAINTAINED IN THE FEDERAL AND STATE COURTS LOCATED IN THE BOROUGH OF
MANHATTAN OF THE STATE OF NEW YORK; PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT THE ADMINISTRATIVE AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE SUCH
COLLATERAL OR OTHER PROPERTY MAY BE FOUND. EACH GRANTOR AND LENDER PARTY HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE AND IRREVOCABLY AGREES TO BE
BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH SUCH LITIGATION. EACH GRANTOR FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK. EACH
GRANTOR HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH SUCH GRANTOR MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND
ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT ANY GRANTOR HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE,
ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO SUCH GRANTOR OR SUCH GRANTOR’S PROPERTY, SUCH GRANTOR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN
RESPECT OF SUCH GRANTOR’S OBLIGATIONS UNDER THIS AGREEMENT. 
 SECTION 7.10 Waiver of Jury Trial, etc. EACH LENDER PARTY
AND GRANTOR HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS SUCH GRANTOR MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, 

  
 -18- 

 
OR IN CONNECTION WITH, THIS AGREEMENT OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF ANY LENDER PARTY OR ANY GRANTOR. EACH GRANTOR ACKNOWLEDGES
AND AGREES THAT SUCH GRANTOR HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE ADMINISTRATIVE AGENT ENTERING INTO THIS AGREEMENT. 

SECTION 7.11 Waiver of Certain Claims. TO THE EXTENT PERMITTED BY APPLICABLE LAW, NO GRANTOR SHALL ASSERT, AND HEREBY WAIVES,
ANY CLAIM AGAINST EACH LENDER PARTY ON ANY THEORY OF LIABILITY FOR SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES (AS OPPOSED TO DIRECT OR ACTUAL DAMAGES) ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF, THIS AGREEMENT OR ANY INSTRUMENT
CONTEMPLATED HEREBY. 
 SECTION 7.12 No Strict Construction. The parties hereto have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise
favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 
 SECTION 7.13 No
Novation. The amendment and restatement of the Original Pledge Agreement by this Agreement shall not constitute a novation or termination of the obligations and covenants of the Grantors thereunder, but shall constitute an amendment and
restatement of the obligations and covenants of the Grantors under such Original Pledge Agreement and each Grantor party to the Original Pledge Agreement hereby reaffirms all such obligations and covenants under the Original Pledge Agreement as
amended and restated hereby. 

  
 -19- 

 IN WITNESS WHEREOF, each Grantor has caused this Agreement to be duly executed and
delivered as of the day and year first above written. 
  

									
	CATCHMARK TIMBER OPERATING PARTNERSHIP, L.P.
			
		 	By:	 	CATCHMARK TIMBER TRUST, INC., as General Partner
				
		 		 	By:	 	 /s/ Brian M. Davis

		 		 		 	Name:	 	Brian M. Davis
		 		 		 	Title:	 	Senior Vice President and Chief Financial Officer
	
	TIMBERLANDS II, LLC
		
	By: 	 	CATCHMARK TIMBER OPERATING PARTNERSHIP, L.P., as Manager
			
		 	By:	 	CATCHMARK TIMBER TRUST, INC., as General Partner
				
		 		 	By:	 	 /s/ Brian M. Davis

		 		 		 	Name:	 	Brian M. Davis
		 		 		 	Title:	 	Senior Vice President and Chief Financial Officer
	
	CATCHMARK TIMBER TRS, INC.
			
		 	By:	 	 /s/ Brian M. Davis

		 		 	Name:	 	Brian M. Davis
		 		 	Title:	 	Senior Vice President and Chief Financial Officer

  
 PLEDGE
AGREEMENT 
 SIGNATURE PAGE 

-20- 

 
											
	CATCHMARK TRS HARVESTING OPERATIONS, LLC
			
		 	By:	 	FOREST RESOURCE CONSULTANTS, INC., as Manager
					
		 		 		 	By:	 	 /s/ David T. Foil

		 		 		 		 	Name:	 	David T. Foil
		 		 		 		 	Title:	 	President
	
	CATCHMARK HBU, LLC
		
	By: 	 	CATCHMARK TIMBER OPERATING PARTNERSHIP, L.P., as Manager
			
		 	By:	 	CATCHMARK TIMBER TRUST, INC., as General Partner
					
		 		 		 	By:	 	 /s/ Brian M. Davis

		 		 		 		 	Name:	 	Brian M. Davis
		 		 		 		 	Title:	 	Senior Vice President and Chief Financial Officer
	
	CATCHMARK TEXAS TIMBERLANDS, L.P.
		
	By: 	 	CATCHMARK TEXAS TIMBERLANDS GP, LLC, as General Partner
			
		 	By:	 	TIMBERLANDS II, LLC, as Member
				
		 		 	By: 	 	CATCHMARK TIMBER OPERATING PARTNERSHIP, L.P., as Manager
						
		 		 		 		 	By: 	 	CATCHMARK TIMBER TRUST, INC., as General Partner
					
		 		 		 	By:	 	 /s/ Brian M. Davis

		 		 		 		 	Name:	 	Brian M. Davis
		 		 		 		 	Title:	 	Senior Vice President and Chief Financial Officer

  
 PLEDGE
AGREEMENT 
 SIGNATURE PAGE 

-21- 

 
											
	CATCHMARK TEXAS TIMBERLANDS GP, LLC
		
	By:	 	TIMBERLANDS II, LLC, as Member
			
		 	By: 	 	CATCHMARK TIMBER OPERATING PARTNERSHIP, L.P., as Manager
				
		 		 	By: 	 	CATCHMARK TIMBER TRUST, INC., as General Partner
					
		 		 		 	By:	 	 /s/ Brian M. Davis

		 		 		 		 	Name:	 	Brian M. Davis
		 		 		 		 	Title:	 	Senior Vice President and Chief Financial Officer

  

					
	ACKNOWLEDGED AND ACCEPTED:
	
	 COBANK, ACB,

as Administrative Agent

		
	By:	 	 /s/ Zachary Carpenter

		 	Name:	 	Zachary Carpenter
		 	Title:	 	Vice President

  
 PLEDGE
AGREEMENT 
 SIGNATURE PAGE 

-22- 

 SCHEDULE I 

to Pledge Agreement 
  

	Item A.	Pledged Shares 

  

											
	 Grantor
	  	Securities
Issuer	  	Authorized
Shares	  	Outstanding
Shares	  	% of Shares
Pledged	  	Certificate
No.
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

  

	Item B.	Pledged Membership Interests 

  

											
	 Grantor
	  	Securities
Issuer	  	State of
Organization
of Securities
Issuer	  	No. of
Membership
Interests	  	Membership
Interests %
of Interests
Pledged	  	Certificate
No.
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

  

	Item C.	Pledged Partnership Interests 

  

											
	 Grantor
	  	Securities
Issuer	  	State of
Organization
of Securities
Issuer	  	Type of
Pledged
Partnership
Interests	  	Partnership
% of Pledge
Partnership
Interest	  	Certificate
No.
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

 EXHIBIT A 

to Pledge Agreement 
 FORM OF
PLEDGE AGREEMENT SUPPLEMENT 
 [Date] 

CoBank, ACB, 
 as Administrative Agent 

5550 South Quebec Street 
 Greenwood Village, Colorado 80111 

Attention: Syndications Coordinator, Corporate Finance Division 

CATCHMARK TIMBER OPERATING PARTNERSHIP, L.P. 

Ladies and Gentlemen: 
 Reference is made to the
Third Amended and Restated Pledge Agreement, dated as of December 23, 2014 (as amended, supplemented, restated or otherwise modified from time to time, the “Pledge Agreement”), made by CatchMark Timber Operating Partnership,
L.P., a Delaware limited partnership (“Borrower”), Timberlands II, LLC, a Delaware limited liability company (“Timberlands II”), CatchMark Timber TRS, Inc., a Delaware corporation (“CatchMark TRS”),
CatchMark TRS Harvesting Operations, LLC, a Delaware limited liability company (“CatchMark TRS Subsidiary”), CatchMark HBU, LLC, a Delaware limited liability company (“CatchMark HBU”), CatchMark Texas Timberlands
GP, LLC (“CatchMark Texas GP”), a Texas limited liability company, CatchMark Texas Timberlands, L.P. (“CatchMark Texas LP”), a Texas limited liability company, and each other Person (such capitalized term and all
other capitalized terms not otherwise defined herein to have the meanings provided for in Article I of the Pledge Agreement) that may from time to time become a party thereto (Borrower, Timberlands II, CatchMark TRS, CatchMark TRS Subsidiary,
CatchMark HBU, CatchMark Texas GP, CatchMark Texas LP and such other Persons that become Additional Grantors are collectively referred to as the “Grantors” and individually as a “Grantor”), in favor of CoBank, ACB,
as administrative agent (in such capacity, the “Administrative Agent”) for itself and each other Lender Party. 
 The
undersigned hereby agrees, as of the date first above written, to become a Grantor under the Pledge Agreement as if the undersigned were an original party thereto and agrees that each reference in the Pledge Agreement to a “Grantor” shall
also mean and refer to the undersigned. 
 The undersigned hereby collaterally assigns, mortgages and pledges to the Administrative Agent
for its benefit and the ratable benefit of the Lender Parties, and hereby grants to the 

 
Administrative Agent for its benefit and the ratable benefit of the Lender Parties, as collateral for the Secured Obligations, a pledge and assignment of, and a security interest in, all of the
right, title and interest of the undersigned in and to the undersigned’s Collateral, whether now owned or hereafter acquired, subject to all of the terms and provisions of the Pledge Agreement, as if such Collateral of the undersigned had been
subject to the Pledge Agreement on the date of its original execution. 
 The undersigned has attached hereto a supplement to Schedule I to
the Pledge Agreement, and the undersigned hereby certifies that such supplement is accurate and complete as of the date first above written. 

The undersigned hereby makes each representation and warranty set forth in Article III of the Pledge Agreement as to itself and as to the
undersigned’s Collateral to the same extent as each other Grantor, and hereby agrees to be bound as a Grantor by all of the terms and provisions of the Pledge Agreement to the same extent as all the other Grantors. 

This letter shall be governed by and construed in accordance with the terms and provisions of the Pledge Agreement, including governing law
provisions thereof. 
  

			
	Very truly yours,
	
	[NAME OF ADDITIONAL GRANTOR]
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	ACKNOWLEDGED AND ACCEPTED:
	
	 COBANK, ACB,

as Administrative Agent

		
	By:	 	  

		 	Name:
		 	Title:EX-10.1

 Exhibit 10.1 
  

 
 December 29, 2014 

Brian Selby 
 2065 Keota Lane 

Superior, CO 80027 
  

	Re:	Employment Agreement 

 Dear Brian: 

ARCA biopharma, Inc. (the “Company”) is pleased to offer you the following agreement regarding your employment as the Company’s Vice
President, Finance, and certain severance benefits (the “Agreement”). This Agreement amends, supersedes and terminates any and all prior agreements or understandings with respect to your employment terms and severance benefits;
provided, however, that, except as otherwise expressly provided, the Employee Intellectual Property Agreement (as defined below) is not modified or terminated hereby, and shall continue in full force and effect. 

1. Employment. The Company hereby agrees to employ you and you hereby accept such employment upon the terms and conditions set forth
herein and agree to perform such duties as are commensurate with your office as prescribed by the Board of Directors of the Company. Your start date will be effective as of January 1, 2015 (the “Start Date”). 

2. Duties. You shall render exclusive, full-time services to the Company as its Vice President, Finance, and shall report to the
Company’s President and Chief Executive Officer. Your responsibilities, title, working conditions, duties, reporting relationship and/or any other aspect of your employment may be changed, added to or eliminated during your employment at the
sole discretion of the Company. During the term of your employment hereunder, you shall devote your best efforts and your full business time, skill and attention to the performance of your duties on behalf of the Company. 

3. Compensation. 

(a) For all services rendered and to be rendered hereunder, and for the other agreements by you contained herein, the Company agrees to
pay you, and you agree to accept a salary of $18,333.33 per month. Such salary will be subject to review and adjustment on an annual basis in accordance with the procedures set forth by the Company’s Board of Directors or Compensation
Committee of the Board of Directors. Any such salary shall be payable pursuant to the Company’s payroll procedures which may be changed by the Company from time to time and shall be subject to such deductions or withholdings as the Company is
required to make pursuant to law, or by further agreement with you. In addition to your base salary, you may be eligible to receive a bonus pursuant to an employee bonus plan as approved by the Board of

  
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Directors in its sole discretion. You will also be eligible to participate in the Company’s benefit plans based on the eligibility criteria for each of those plans as they become available,
which plans will remain subject to change from time to time at the Company’s discretion. 
 4. Termination. You and the Company
each acknowledge that your employment relationship with the Company is at-will and that either party has the right to terminate your employment with the Company at any time for any reason whatsoever, with or without cause or advance notice pursuant
to the following provisions. 
 (a) Termination by Death or Disability. In the event you shall die during the period of your
employment hereunder or become permanently disabled, which shall mean you are unable to perform each of the essential duties of your position by reason of a medically determinable physical or mental impairment which is potentially permanent in
character or which can be expected to last for a continuous period of not less than twelve (12) months, your employment and the Company’s obligation to make payments hereunder shall terminate on the date of your death, or the date upon
which, in the sole reasonable determination of the Board of Directors, you are determined to be permanently disabled. The Company’s ability to terminate you as a result of any disability shall be to the extent permitted by state and/or federal
law. 
 (b) Voluntary Resignation. In the event you voluntarily resign from your employment with the Company (other than for Good
Reason as defined below), the Company’s obligation to make payments hereunder shall cease upon such resignation, and you shall not be entitled to any severance pay, accelerated vesting, pay in lieu of notice or any other such compensation,
except the Company shall pay you (i) any salary earned but unpaid prior to the resignation and all accrued but unused vacation, (ii) if applicable, all commissions rightfully earned prior to your resignation and (iii) any business
expenses incurred by you in connection with your performance of your duties, according to the policies of the Company, that were incurred but not reimbursed as of the date of resignation. Vesting of any of your stock options outstanding on the date
of resignation shall cease on the date of resignation. 
 (c) Termination for Cause. In the event you are terminated by the Company
for Cause (as defined below), the Company’s obligation to make payments hereunder shall cease upon the date of receipt by you of written notice and explanation of such termination (the “Date of Termination”), and you shall not
be entitled to any severance pay, accelerated vesting, pay in lieu of notice or any other such compensation, except the Company shall pay you (i) any salary earned but unpaid prior to the Date of Termination and all accrued but unused vacation,
(ii) if applicable, all commissions rightfully earned prior to the Date of Termination and (iii) any business expenses incurred by you in connection with your performance of your duties, according to the policies of the Company, that were
incurred but not reimbursed as of the Date of Termination. Vesting of any stock options outstanding on the Date of Termination shall cease on the Date of Termination. 

(d) Termination by the Company Without Cause or Resignation for Good Reason. Subject to the terms and conditions of this Agreement, the
Company will provide you with Severance Benefits (as defined below) if (i) the Company terminates your employment without Cause or (ii) you resign your employment for Good Reason. You will not be entitled to receive any Severance Benefits
if (A) the Company terminates your employment for Cause, 

  
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(B) you resign from your employment with the Company other than for Good Reason, or (C) in the event of your death or permanent disability. In addition, to the extent that any federal,
state or local laws, including, without limitation, so-called “plant closing” laws, require the Company to give advance notice or make a payment of any kind to you because of your involuntary termination due to a layoff, reduction in
force, plant or facility closing, sale of business, change of control, or any other similar event or reason, the Severance Benefits payable under this Agreement shall either be reduced proportionately or eliminated, such that the total amounts paid
to you do not exceed the amounts specified herein. The Severance Benefits provided under this Agreement are intended to satisfy any and all statutory obligations that may arise out of your involuntary termination of employment for the foregoing
reasons. 
 5. Description of Severance Benefits. For purposes of this Agreement, “Severance Benefits” are defined
as: 
 (a) severance pay (the “Severance Pay”) equivalent to: (A)(i) six (6) months of your Base Salary (as
defined below) in effect as of your last day of employment with the Company in accordance with this agreement if a Notice Date (as defined below) occurs (a) on the same day as a Corporate Transaction or (b) within thirteen
(13) months after the effective date of a Corporate Transaction or (ii) three (3) months of your Base Salary (as defined below) in effect as of your last day of full-time employment with the Company if a Corporate Transaction has not
occurred on or within thirteen (13) months before the Notice Date; and (B) a pro rata portion of any bonus compensation under any employee bonus plan that has been approved by the Board of Directors (“Bonus Pay”) payable
to you for the fiscal year in which your employment terminated to be paid at the same time that such incentive bonus would have been paid if such termination had not occurred. Your pro rata portion of any Bonus Pay shall be based upon the number of
days in such calendar year elapsed through the Notice Date of such termination as a proportion of 365. 
 The date you are notified that your
employment with the Company is being terminated without Cause or the date you notify the Company that you are terminating your employment for Good Reason, shall be referred to herein as the “Notice Date.” The Severance Pay shall be
payable in equal installments over the applicable number of months (the “Initial Severance Period”) in accordance with the Company’s then applicable payroll policies, beginning no earlier than seven (7) days after the
effective date of the release described below, and will be subject to standard payroll deductions and withholdings; provided, however, that any Bonus Pay shall not be payable to you until such time as bonus compensation under the
applicable employee bonus plan is paid to other employees of the Company; and 
 (b) reimbursement of your out-of-pocket costs to
continue your group health insurance benefits (and dependent coverage, if applicable) under COBRA at substantially the same level of coverage in effect immediately prior to the Notice Date for (i) twelve (12) months, if Severance Pay is
payable pursuant to paragraph 5(a)(A)(i) above, or (ii) six (6) months, if Severance Pay is payable pursuant to paragraph 5(a)(A)(ii) above, following the last day of the month in which your Notice Date occurs, payable at the
sole discretion of the Company either in advance on the first day of each month or in a single lump sum, whether or not you elect or are eligible to receive COBRA; provided, that even if you do not elect or are not eligible to receive COBRA,
you shall receive the equivalent of such out-of-pocket costs paid by you not to exceed the costs that such benefits would equal under COBRA if you were so eligible. 

  
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 To receive any of the Severance Benefits, you must first sign and date a general release of
claims in favor of the Company in the form attached hereto as Exhibit A (the “Release”). Such Release shall not be signed or dated until the Notice Date, and, except as otherwise required by applicable law, is not valid (and
will not entitle you to Severance Benefits) unless signed and delivered to the Company within three (3) days after such Notice Date. 

(c) The Company may elect, in its sole discretion, to pay you the equivalent of up to twelve (12) months of your Base Salary in
effect as of your last day of employment with the Company in accordance with this agreement, which additional payment shall extend your covenants and obligations set forth in Article IV of the Employee Intellectual Property, Confidentiality
and Non-Compete Agreement for such additional period. If the Company elects to make such additional payment to you, the Company shall make such payments in equal installments over the applicable number of months following the Initial Severance
Period in accordance with the Company’s then applicable payroll policies, or in the sole discretion of the Company as designated by the Company in writing within seven (7) days after the Notice Date, in a single lump sum cash payment,
subject to standard payroll deductions and withholdings, and such additional amounts shall be deemed to be “Severance Pay” and to be part of the “Severance Benefits” for purposes of this Agreement. 

6. Parachute Payments. 

(a) Notwithstanding anything in this Agreement to the contrary, if any payment or benefit you would receive pursuant to a Corporate
Transaction from the Company or otherwise (“Payment”) (i) would constitute a “parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”),
and (ii) but for this sentence, would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be equal to the Reduced Amount (as defined below). For the avoidance of
doubt, a Payment shall not be considered a parachute payment for purposes of this paragraph if such Payment is approved by the shareholders of the Company in accordance with the procedures set forth in Sections 280G(b)(5)(A)(ii) and (B) of the
Code and the regulations thereunder, and at the time of such shareholder approval, no stock of the Company is readily tradeable on an established securities market or otherwise (within the meaning of Section 280G(b)(5)(A)(ii)(I) of the Code)
(“280G Shareholder Approval”). The “Reduced Amount” shall be either (i) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax, or (ii) the
Payment or a portion thereof after payment of the applicable Excise Tax, whichever amount after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable
marginal rate), results in your receipt, on an after-tax basis, of the greatest amount of the Payment to you. If a reduction in payments or benefits constituting “parachute payments” is necessary so that the Payment equals the Reduced
Amount, reduction shall occur in the following order unless you elect in writing a different order (provided, however, that such election shall be subject to Company approval if made on or after the date on which the event that triggers the
Payment occurs): reduction of cash payments; cancellation of accelerated vesting of stock awards; reduction of employee benefits. In the event that acceleration of vesting of stock award compensation is to be reduced, such acceleration of vesting
shall be cancelled in the reverse order of the date of grant of your stock awards unless you elect in writing a different order for cancellation. 

  
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 (b) The accounting firm engaged by the Company for general audit purposes as of the day
prior to the effective date of the event giving rise to the Payment (“Payment Event”) shall perform the foregoing calculations. If the accounting firm so engaged by the Company is serving as accountant or auditor for the individual,
entity or group effecting the Payment Event, the Board shall have the discretion to appoint a nationally recognized accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the determinations
by such accounting firm required to be made hereunder. 
 (c) The accounting firm engaged to make the determinations hereunder shall
provide its calculations, together with detailed supporting documentation, to the Company and you within fifteen (15) calendar days after the date on which your right to a Payment is triggered (if requested at that time by the Company or you)
or such other time as requested by the Company or you. If the accounting firm determines that no Excise Tax is payable with respect to a Payment, either before or after the application of the Reduced Amount, it shall furnish the Company and you with
an opinion reasonably acceptable to you that no Excise Tax will be imposed with respect to such Payment. The Company shall be entitled to rely upon the accounting firm’s determinations, which shall be final and binding. 

7. Compliance with Revenue Code Section 409A. To the extent any Severance Benefits are paid from the date of termination of your
employment through March 15 of the calendar year following such termination, such Severance Benefits are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations and thus payable pursuant
to the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations; (b) are paid following said March 15, such Severance Benefits are intended to constitute separate payments for purposes of
Section 1.409A-2(b)(2) of the Treasury Regulations made upon an involuntary separation from service and payable pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations, to the maximum extent permitted by said provision, and
(c) are in excess of the amounts specified in clauses (a) and (b) of this paragraph, shall (unless otherwise exempt under Treasury Regulations) be considered separate payments subject to the distribution requirements of
Section 409A(a)(2)(A) of the Code, including, without limitation, the requirement of Section 409A(a)(2)(B)(i) of the Code that payments or benefits be delayed until 6 months after your separation from service (if the Company is publicly
traded and you are a “specified employee” within the meaning of the aforesaid section of the Code at the time of such separation from service). In the event that a six-month delay of any such separation payments or benefits is required, on
the first regularly scheduled pay date following the conclusion of the delay period you shall receive a lump sum payment or benefit in an amount equal to the separation payments and benefits that were so delayed, and any remaining separation
payments or benefits shall be paid on the same basis and at the same time as otherwise specified pursuant to this Agreement (subject to applicable tax withholdings and deductions). 

8. Description of Corporate Transaction. For purposes of this Agreement, “Corporate Transaction” is defined as:
(i) a sale of all or substantially all of the assets of the Company; (ii) a merger, consolidation or reorganization involving the Company if, immediately 

  
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after the consummation of such merger, consolidation or reorganization, the stockholders of the Company immediately prior thereto do not own, directly or indirectly, either (A) outstanding
voting securities representing more than fifty percent (50%) of the combined outstanding voting power of the surviving entity in such merger, consolidation or reorganization or (B) more than fifty percent (50%) of the combined
outstanding voting power of the parent of the surviving entity in such merger, consolidation or similar transaction; or (iii) any transaction (including without limitation a merger or reorganization in which the Company is the surviving entity)
which results in any person or entity (other than persons who are stockholders or affiliates of the Company immediately prior to the transaction) owning fifty percent (50%) or more of the combined voting power of all classes of stock of the
Company, other than the sale by the Company of stock in transactions the primary purpose of which is to raise capital for the Company’s operations and activities. 

9. Salary and Accrued PTO/Vacation. On your last date of employment with the Company, the Company will pay to you all of your accrued
salary and all of your accrued but unused paid time off (“PTO”) or vacation as the case may be earned through your last day of employment. 

10. Definition of Base Salary. For purposes of this Agreement, “Base Salary” means your base salary in effect as of
your last day of full-time employment with the Company, excluding the following: any type of commissions, incentive payments or any other similar remuneration paid directly to you, or any other income received in connection with stock options,
contributions made by the Company under any employee benefit plan, or similar items of compensation. 
 11. Definition of Cause. For
purposes of this Agreement, “Cause” means that you have committed or engaged in: (i) willful misconduct, gross negligence, theft, fraud, or other illegal or dishonest conduct, any of which are considered to be materially
harmful to the Company; (ii) refusal, unwillingness, failure, or inability to perform material job duties or habitual absenteeism; or (iii) violation of fiduciary duty, violation of any duty of loyalty, or material breach of any material
term of this Agreement or of your Employee Intellectual Property, Confidentiality and Non-Compete Agreement (a copy of which is attached hereto as Exhibit B) (the “Employee Intellectual Property Agreement”) or any other
contract between you and the Company. In the event you are terminated for Cause you will not be entitled to the Severance Benefits, pay in lieu of notice, vesting of any shares under any option plan, vesting of any unrestricted shares, or any other
such compensation set forth herein and you shall immediately forfeit all rights to any options to purchase shares of the Company’s common stock (including vested options) and such options shall immediately expire, but you will be entitled to
all other compensation (including commissions rightfully earned), benefits and unreimbursed expenses accrued through the Date of Termination. 

12. Definition of Good Reason. For purposes of this Agreement, “Good Reason” shall mean (i) the relocation of
your normal principal place of work greater than thirty (30) miles from your then current normal work location; (ii) a decrease in your then current base salary of more than fifteen percent (15%), other than any such decrease resulting
from a general reduction by the Company in the base salary of all Company executive officers; or (iii) the Company unilaterally makes significant detrimental reductions in your job responsibilities; provided, that

  
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you shall give written notice to the Chairman of the Company’s Board of Directors setting forth your intent to resign for Good Reason and the facts in support of your claim that Good Reason
exists within ninety (90) days of the initial existence of any of the foregoing conditions; and the Company shall have thirty (30) days after the applicable party has received such notice to take such actions, if any, as the Company may
deem appropriate to eliminate such claimed Good Reason (without thereby admitting that such Good Reason had occurred); and your final separation from service occurs within two (2) years of the initial existence of any of the foregoing
conditions. If the Company acts to eliminate such claimed Good Reason within the thirty (30) day period after receipt of your notice, then you shall not be deemed to be resigning for Good Reason under such facts. 

13. At-Will Employment. Nothing in this Agreement alters the at-will nature of your employment relationship with
the Company. Any contrary representations or agreements, which may have been made to you, are superseded by this Agreement. Subject to the terms of this Agreement, either you or the Company may terminate your employment relationship at any time,
with or without Cause or advance notice.  
 14. Employee Intellectual Property Agreement. 

(a) Execution and Compliance. You acknowledge that you are a member of the Company’s executive and management personnel and that,
as such, you have been and will be privy to extremely sensitive, confidential and valuable commercial information, which constitutes trade secrets of the Company, the disclosure of which would greatly harm the Company. Your work for the Company is
conditioned on your execution of and continued compliance with the Employee Intellectual Property Agreement, which shall continue in full force and effect. 

(b) Extension of Time. In the event that you breach any covenant, obligation or duty in the Employee Intellectual Property Agreement or
its subparts, any such duty, obligation, or covenants to which you and the Company agreed by the Employee Intellectual Property Agreement and its subparts shall automatically toll from the date of the first breach, and all subsequent breaches, until
the resolution of the breach through private settlement, judicial or other action, including all appeals. The duration and length of your duties and obligations as agreed by the Employee Intellectual Property Agreement and its subparts shall
continue upon the effective date of any such settlement, or judicial or other resolution. 
 15. Miscellaneous. Except as
specifically set forth herein, this Agreement constitutes the complete, final and exclusive embodiment of the entire agreement between you and the Company with regard to your employment terms and Severance Benefits. It is entered into without
reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties or representations. This Agreement may not be modified or amended except in writing signed
by you and a duly authorized officer of the Company. This Agreement will be deemed to have been entered into and will be construed and enforced in accordance with the laws of the State of Colorado as applied to contracts made and to be performed
entirely within Colorado. 
 ***** 

  
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 Please sign below to indicate your understanding and acceptance of this Agreement and return the signed original
to me at your earliest convenience. 
 Very truly yours, 
  

			
	ARCA BIOPHARMA, INC.
		
	By:	 	/s/ Michael R. Bristow
		
	Name:	 	Michael R. Bristow
		
	Title:	 	President and Chief Executive Officer

  

					
	UNDERSTOOD AND AGREED:	 		 	
			
	/s/ Brian Selby	 		 	December 29, 2014
	Brian Selby	 		 	Date

  
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 EXHIBIT A 

RELEASE 
 In exchange for the Severance
Benefits provided under the foregoing Employment and Retention Agreement with ARCA biopharma, Inc. (the “Company”), dated
[                    ], and except as set forth in this release, I hereby release, acquit and forever discharge the Company, its parents and
subsidiaries, and their officers, directors, agents, servants, employees, shareholders, successors, assigns and affiliates, of and from any and all claims, liabilities, demands, causes of action, costs, expenses, attorneys fees, damages, indemnities
and obligations of every kind and nature, in law, equity, or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed (other than any claim for indemnification I may have as a result of any third party action against me
based on my employment with the Company), arising out of or in any way related to agreements, events, acts or conduct at any time prior to the date I execute this release, including, but not limited to: all such claims and demands directly or
indirectly arising out of or in any way connected with my employment with the Company or the termination of that employment, including but not limited to, claims of intentional and negligent infliction of emotional distress, any and all tort claims
for personal injury, claims or demands related to salary, bonuses, commissions, stock, stock options, or any other ownership interests in the Company, vacation pay, fringe benefits, expense reimbursements, severance pay, or any other form of
compensation; all claims for breach of contract and wrongful termination; claims pursuant to any federal, state or local law or cause of action including, but not limited to, the federal Civil Rights Act of 1964, as amended; the federal Employee
Retirement Income Security Act of 1974, as amended; the federal Americans with Disabilities Act of 1990; Colorado anti-discrimination statutes, including the Colorado Civil Rights Act (as amended); tort law; contract law; wrongful discharge;
discrimination; fraud; defamation; emotional distress; and breach of the implied covenant of good faith and fair dealing; provided, however, that nothing in this paragraph shall be construed in any way to release the Company from its
existing obligations to indemnify me pursuant to any agreement or applicable law. 
 I also hereby acknowledge that I am knowingly and voluntarily waiving
and releasing any rights I may have under the federal Age Discrimination in Employment Act of 1967, as amended (“ADEA”). I also acknowledge that the consideration given for the release in the preceding paragraph hereof is in
addition to anything of value to which I was already entitled. I further acknowledge that I have been advised by this writing, as required by the ADEA, that: 
  

	 	(a)	my waiver and release do not apply to any rights or claims that arise on or after the date I execute this release; 

  

	 	(b)	I have the right to consult with an attorney prior to executing this release; 

  

	 	(c)	I have twenty-one (21) days to consider this release (although I may choose to voluntarily execute this release earlier); 

  

	 	(d)	I have seven (7) days following my execution of this release to revoke the release; and 

  

	 	(e)	this release shall not be effective until the date upon which the revocation period has expired, which shall be the eighth day after I execute this release. 

 This Release constitutes the complete, final and exclusive embodiment of the entire agreement between the Company
and me with regard to the subject matter hereof. I am not relying on any promise or representation by the Company that is not expressly stated herein. This Release may only be modified by a writing signed by both me and a duly authorized officer of
the Company. This Release will be deemed to have been entered into and will be construed and enforced in accordance with the laws of the State of Colorado as applied to contracts made and to be performed entirely within Colorado. This Release shall
be effective on the date I sign and return it to the Company, provided that the Company has also signed it. 
 I accept and agree to the terms and
conditions stated above. 
  

			
	 
	[Name]
		
	Date:	 	 

  

			
	ARCA BIOPHARMA, INC.
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

 EXHIBIT B 

EMPLOYEE INTELLECTUAL PROPERTY, CONFIDENTIALITY AND NON- 

COMPETE AGREEMENT 

			
		 	Exhibit B
	

	 	
		 	 11080 CirclePoint Road, Suite 140

Westminster, CO 80020

 EMPLOYEE INTELLECTUAL PROPERTY, CONFIDENTIALITY
AND NON-COMPETE AGREEMENT 

 

 In consideration of my employment by ARCA biopharma, Inc. or its affiliates (the “Company”) and
the salary paid to me, I acknowledge and agree: 
 I. INTELLECTUAL PROPERTY 

A. I do hereby assign and agree to assign in the future to the Company all my right, title and interest in and to any and all Intellectual Property (including
works not considered “works made for hire”) that I may make, conceive, create or author, either alone or jointly with others, during the period of my employment with the Company, regardless of whether the Intellectual Property is
patentable, copyrightable or protectable by any other intellectual property right. I further agree that any Intellectual Property disclosed by me to the Company or a third person or described in a patent application filed by me or on my behalf
within one year following termination of my employment with the Company shall be presumed to be Intellectual Property subject to the terms of this agreement unless proved by me to have been conceived and first reduced to practice by me following the
termination of my employment with the Company. By way of illustration but not limitation, the term “Intellectual Property” includes (a) data, results, ideas, processes, techniques, formulae, compounds, know-how, improvements,
discoveries, developments and designs, (b) tangible and intangible information relating to biological materials such as cell lines, antibodies, tissue samples, proteins, nucleic acids and the like, assays and assay components and media,
procedures and formulations for producing any such assays or assay components, and pre-clinical and clinical data, results, developments or

 
experiments, and (c) plans for research, development and new products, marketing and selling information, business plans, budgets and unpublished financial statements, licenses, prices and
costs, suppliers and customers, and information regarding the skills and compensation of other employees of the Company. All copyrightable Intellectual Property are “works made for hire” as defined or understood under the United States
Copyright Act (17 USC §§ 100 et seq.), and the Company will be the author thereof for all purposes of the United States Copyright Act and otherwise. 

B. I will promptly disclose to the Company all Intellectual Property as I make, conceive, create or author it and all patent applications filed by me or in
which I am named as an inventor or co-inventor, each during the period of my employment and for one (1) year thereafter. 
 C. I will assist the
Company (at its expense) in every proper manner, during and after the term of my employment, to obtain, perfect, protect and enforce its rights in all countries in any Intellectual Property of the Company. 

D. Further, I hereby irrevocably appoint the Company and its duly authorized officers and agents as my attorneys-in-fact, coupled with an interest, to act for
and on my behalf and instead of me, to execute all documents and papers, including any application for patent, copyright or mask work, and to do all other lawfully permitted acts reasonably necessary to assign, or otherwise transfer and perfect my
right, title and interest in and to the Intellectual Property, to and in the Company, and to obtain, perfect, protect and enforce its rights in the Intellectual Property.

 II. EXCLUDED INTELLECTUAL PROPERTY 

As the Company will own all Intellectual Property, for my own protection of my prior existing rights, I have fully described on Annex A all the
inventions, improvements, discoveries, writings, art, algorithms, computer codes and programs, mask works, business methods, trade secrets and other intellectual property that may relate to the research or business interests, present or prospective,
of the Company which I made, conceived, created or authored, either alone or jointly with others, prior to my term of employment with the Company which I wish to be excluded from this agreement (collectively referred to as “Prior
Inventions”). The descriptions in Annex A are sufficiently complete to enable qualified persons to distinguish between the intellectual property excluded from this agreement and any Intellectual Property subject to this agreement and
include all U.S. and foreign patent and patent application numbers, of which I am aware, corresponding to the described items. 
 If no Annex A
is attached, I represent that there are no Prior Inventions. If, in the course of my employment with the Company, I incorporate a Prior Invention into a Company product, process or machine, the Company is hereby granted and shall have a
nonexclusive, fully-paid, royalty-free, irrevocable, perpetual, worldwide license (with rights to sublicense through multiple tiers of sublicensees) to reproduce, make derivative works of, distribute, publicly perform, and publicly display in any
form or medium, whether now known or later developed, make, have made, modify, use and sell such Prior Invention. Notwithstanding the foregoing, I agree

 

  
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that I will not incorporate, or permit to be incorporated, Prior Inventions in any Company Intellectual Property without the Company’s prior written consent. 

III. CONFIDENTIALITY 
 A. In addition to
the Intellectual Property I may produce, the Company, in reliance on my compliance with the terms of this agreement, will disclose or allow me access to confidential or proprietary technical or business information of the Company, or confidential or
proprietary technical or business information of a third party. Neither during the term of my employment, nor at any time thereafter, will I, without prior written authorization from the Company, disclose or use, except as required in my performance
of my duties to the Company, any confidential or proprietary information of the Company or of any third party provided to me by the Company. I will obtain the written approval of the Company’s General Counsel before publishing or submitting for
publication any material (written, oral, or otherwise) that relates to my work at Company and/or incorporates any confidential information of the Company or any third party provided to me by the Company. 

B. Upon termination of my employment, or at any time at the request of the Company, I will return all documents, recorded material in any media, and any
property of the Company, and all documents, recorded material and any property of a third party, and all copies thereof, which I acquired from the Company or which I produced during or as a result of my employment. I also will not retain any copies,
notes or abstracts of any of the foregoing. 
 C. If at any time during or after my employment, I am uncertain whether any information provided to me by the
Company, or produced by me, is confidential or proprietary information of the Company, or of any third party, or if I am solicited to disclose or use confidential or proprietary information, I will inform the Company in writing (by

 
certified mail, if after my employment) and consult with an officer, or designated representative of the Company, to determine whether the information is confidential or proprietary information
to the Company or a third party. 
 D. The Company may notify any of my future or prospective employers or other third parties of this agreement, without my
further consent. 
 E. I understand that the unauthorized use or disclosure of confidential or proprietary information of the Company, or of a third party,
provided to me by the Company would cause irreparable harm to the Company and therefore the Company is entitled to injunctive relief to preclude or restrain me from disclosing or using, or further disclosing or using, confidential or proprietary
information of the Company, or of a third party, provided to me by the Company. 
 F. I further agree that I will neither disclose to the Company nor use in
the performance of my duties to the Company any confidential or proprietary information of any other party, unless permitted by agreement between the Company and the other party. 

IV. NON-COMPETE AND NON-SOLICITATION 

A. During my term of employment by the Company I will not engage or participate or assist any person, directly or indirectly, in any individual or
representative capacity in any business or enterprise that competes with the business, present or prospective, of the Company without the express written consent of the Company. I may, however, retain personal investments held by me as of the date
hereof provided that by those investments I am not involved in the management or operation of that business. It is agreed that, should I own or control less than five percent (5%) of the issued publicly traded stock of, or equity in, a
business, 

 
such ownership shall not constitute a violation of this provision. 
 B. I agree further that for the
period of my employment by the Company and for 12 months after the date of termination of my employment with the Company I will neither (a) solicit the business of any client or customer of the Company (other than on behalf of the Company),
(b) either directly or through others, solicit or attempt to solicit any employee, independent contractor or consultant of the Company to terminate his or her relationship with the Company in order to become an employee, consultant or
independent contractor to or for any other person or entity, nor (c) directly or indirectly induce any client, customer, supplier, vendor, consultant or independent contractor of the Company to terminate or negatively alter his, her or its
relationship with the Company. 
 C. I acknowledge that through my employment with the Company I will acquire access to information suited to immediate
application by a business in competition with the Company. I specifically acknowledge that, because of the nature and type of business that the Company engages in, the geographic scope of the covenants in this Article IV shall include all counties,
cities and states in the United States and any other city, country, territory or region in which the Company conducts business. I agree and acknowledge that the foregoing restrictions, geographic scope and time limitations set forth in this Article
IV are reasonable, and that the provisions in this Article IV are reasonably necessary for the protection of the Company. If any restriction set forth in this Article IV is found by any court of competent jurisdiction to be unenforceable because it
extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be
enforceable. 
 D. I further acknowledge the following provisions of Colorado law, set forth in

 

  

					
		 	- 2 -	 	ARCA biopharma, Inc.

 
Colorado Revised Statutes Section 8-2-113(2): 
 “Any covenant not to compete which restricts
the right of any person to receive compensation for performance of skilled or unskilled labor for any employer shall be void, but this subsection (2) shall not apply to: 

(a) Any contract for the purchase and sale of a business or the assets of a business; 

(b) Any contract for the protection of trade secrets; 

(c) Any contract provision providing for the recovery of the expense of educating and training an employee who has served an employer for a
period of less than two years; 
 (d) Executive and management personnel and officers and employees who constitute professional staff to
executive and management personnel.” 
 I acknowledge that this agreement is a contract for the protection of trade secrets under
Section 8-2-113(2)(b), and is intended to protect the confidential information and trade secrets of the Company; and that I am an executive and management employee or professional staff to executive or management personnel, within the meaning
of Section 8-2-113(2)(d). 
 E. I acknowledge and am prepared for the possibility that my standard of living may be reduced during the noncompetition
period provided in this Article IV following the termination of my employment, and fully accept any risk associated with that possibility. 
 V.
PRIOR EMPLOYMENT 
 My performance of my duties to the Company during my employment does not conflict with and will not be
constrained in any manner by any prior or current employment or business relationship. I have not entered into any agreement that will prevent my full

 
compliance with the terms of this agreement except as I have fully described on Annex B and to which I have attached a true copy of that agreement. 

VI. LEGAL AND EQUITABLE REMEDIES. 

In view of the nature of the rights in goodwill, employee relations, trade secrets, and business reputation and prospects of the Company to be protected under
this agreement, I understand and agree that the Company could not be reasonably or adequately compensated in damages in an action at law for my breach of my obligations (whether individually or together) hereunder. Accordingly, I specifically agree
that the Company shall be entitled to temporary and permanent injunctive relief, specific performance, and other equitable relief to enforce the provisions of this agreement and that such relief may be granted without the necessity of proving actual
damages, and without bond. I acknowledge and agree that the provisions in this agreement, and that upon my breach of this agreement, the Company is entitled to withhold payments or consideration, as equitable relief to prevent continued breach,
to recover damages and to seek any other remedies available to the Company. This provision with respect to injunctive relief shall not, however, diminish the right of the Company to claim and recover damages or other remedies in addition to
equitable relief. 
 VII. MISCELLANEOUS 

This agreement sets forth the entire and complete understanding and agreement I have with the Company relating to its subject matter and supersedes all other
oral or written representations and understandings. The terms of this agreement may not be waived, amended or superseded except by a written amendment that refers to this agreement and is signed by both me and a duly authorized representative of the
Company. The formation, interpretation,

 
compliance and performance of this agreement will be governed by the laws of the State of Colorado, excluding its conflict-of-law rules. I hereby expressly consent to the personal jurisdiction of
the state courts located in Denver County, Colorado and the federal courts located in the city and county of Denver, Colorado for any lawsuit filed there against me by the Company arising from or related to this agreement. If any provision of this
agreement is found invalid or unenforceable, the remainder of the provisions will remain valid and enforceable. If moreover, any term, word, clause, phrase, provision, restriction, or section of this agreement is more restrictive than permitted by
the law of the jurisdiction in which the Company seeks enforcement thereof, the provisions of this agreement shall be limited only to the extent that a judicial determination finds the same to be unreasonable or otherwise unenforceable. 

This agreement shall survive the termination of my employment and the assignment of this agreement by Company to any successor-in-interest or other assignee
and be binding upon my heirs and legal representatives. 
 I agree and understand that nothing in this Agreement shall confer any right with respect to
continuation of employment by Company, nor shall it interfere in any way with my right or Company’s right to terminate my employment at any time, with or without cause and with or without advance notice. 

I have been furnished with a copy of this agreement prior to my signing. I have carefully read all of the provisions of this agreement and I understand each
and all of the provisions. I have had the opportunity to seek independent business advice and legal counsel regarding this agreement and my obligations hereunder. I will fully and faithfully comply with all the provisions and obligations of this
agreement. 

 

  

					
		 	-3 -	 	ARCA biopharma, Inc.

 * * * * * 

I ACKNOWLEDGE THAT I HAVE READ AND UNDERSTAND THIS
AGREEMENT AND HAVE BEEN GIVEN THE OPPORTUNITY TO DISCUSS IT WITH
INDEPENDENT LEGAL COUNSEL. 
  

					
	 /s/Brian Selby
	 	 December 29, 2014
	 	
	Signature	 	Date	 	

  

					
	 Brian Selby
	 	 Vice President, Finance
	 	
	Name (type or print)	 	Job Title	 	

  
  

COMPANY: 
 ACCEPTED AND
AGREED: 
  

					
	 /s/Michael R. Bristow
	 	 December 29, 2014
	 	
	Signature	 	Date	 	

  

					
	 Michael R. Bristow
	 	 Chief Executive Officer
	 	
	Name (type or print)	 		 	

  
  

Copies to Employee and ARCA biopharma, Inc. 

  

					
		 	- 4 -	 	ARCA biopharma, Inc.

 ANNEX A 

PRIOR INVENTIONS 
  

							
	Title	  		  	Date of Invention/Authorship
				
	1.	 	  
	  		  	  

				
	2.	 	  
	  		  	  

				
	3.	 	  
	  		  	  

				
	4.	 	  
	  		  	  

Signature of Employee:
                                         
                    
 Print Name of Employee:
                                         
                  
 Date:
                                        

  

					
		 		 	ARCA biopharma, Inc.

 ANNEX B 

PRIOR EMPLOYMENT AGREEMENTS 

 

					
	Title of Agreement	 	Name of Employer	 	Date of Agreement

 Signature of Employee:
                                         
                        
 Print Name
of Employee:
                                         
                     
 Date:
                                        

  

					
		 		 	ARCA biopharma, Inc.

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