Document:

Amended and Restated Advisory Agreement

 Exhibit 10.2 
 AMENDED AND RESTATED ADVISORY AGREEMENT 
 THIS AMENDED AND RESTATED ADVISORY AGREEMENT (this
“AGREEMENT”), dated as of July 11, 2008 and effective as of July 11, 2008 (the “EFFECTIVE DATE”), is by and among WELLS TIMBERLAND REIT, INC., a Maryland corporation (the “COMPANY”), WELLS TIMBERLAND OPERATING
PARTNERSHIP, L.P., a Delaware limited partnership (the “PARTNERSHIP”), and WELLS TIMBERLAND MANAGEMENT ORGANIZATION, LLC, a Georgia limited liability company (the “ADVISOR”). 
 WITNESSETH 
 WHEREAS, the Company has filed
with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-11 (the “REGISTRATION STATEMENT”) covering the initial public offering of its common stock, par value $0.01 per share, and the SEC
declared the Registration Statement effective on August 11, 2006; 
 WHEREAS, the Company intends to qualify as a REIT (as defined
below), and intends to invest its funds in investments permitted by the terms of the Company’s Articles of Incorporation and Sections 856 through 860 of the Code (as defined below); 
 WHEREAS, the Company is the general partner of the Partnership and intends to conduct all of its business and make all of its investments in Properties
through the Partnership; 
 WHEREAS, the Company and the Partnership desire to avail themselves of the experience, sources of information,
advice, assistance and certain facilities available to the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the Board of Directors of the Company all as
provided herein; and 
 WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board of
Directors, on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants and agreements contained herein, the parties hereto agree as follows: 
 1. DEFINITIONS. As used in this Agreement, the following
terms have the definitions hereinafter indicated: 
 ACQUISITION EXPENSES. Any and all expenses incurred by the Company, the Partnership, the
Advisor, or any Affiliate of either in connection with the selection, acquisition or development of any Property, whether or not acquired, including, without limitation, legal fees and expenses, travel and communications expenses, costs of
appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, and title insurance premiums. 
 ADVISOR.
Wells Timberland Management Organization, LLC, a Georgia limited liability company, any successor advisor to the Company, the Partnership or any Person(s) to which Wells Timberland Management Organization, LLC, or any successor advisor, subcontracts
substantially all of its functions. 

 AFFILIATE OR AFFILIATED. An Affiliate of another Person includes only the following: (i) any Person
directly or indirectly controlling, controlled by, or under common control with such other Person; (ii) any Person directly or indirectly owning, controlling, or holding with the power to vote 10% or more of the outstanding voting securities of
such other Person; (iii) any legal entity for which such Person acts as an executive officer, director, trustee, or general partner, (iv) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned,
controlled, or held, with power to vote, by such other Person; and (v) any executive officer, director, trustee, or general partner of such other Person. An entity shall not be deemed to control or be under common control with an
Advisor-sponsored program unless (i) the entity owns 10% or more of the voting equity interests of such program or (ii) a majority of the board (or equivalent governing body) of such program is comprised of Affiliates of the entity.

 APPRAISED VALUE. Value according to an appraisal made by an Independent Appraiser. 
 ARTICLES OF INCORPORATION. The Articles of Incorporation of the Company under Title 2 of the Corporations and Associations Article of the Annotated Code
of Maryland, as amended from time to time. 
 ASSET MANAGEMENT FEE. A monthly fee in an amount equal to one-twelfth of 1.0% of the sum of
(a) the actual amount invested on behalf of the Company in the Properties (including any incurred or assumed indebtedness related to the Properties and any capital improvements made subsequent to the initial investment) plus (b) with
respect to Joint Ventures, the actual amount invested on behalf of the Company in the Joint Ventures plus the Company’s allocable share of capital improvements made by the Joint Venture from cash flows generated by the Joint Venture, until such
time as Advisor may estimate the value of all interests the Company holds in Properties or Joint Ventures for ERISA reporting purposes; and after such time, ASSET MANAGEMENT FEE means a monthly fee in an amount equal to one-twelfth of 1.0% of the
greater of (1) the sum of (x) the actual amount invested on behalf of the Company in the Properties (including any incurred or assumed indebtedness related to the Properties and any capital improvements made subsequent to the initial
investment) plus (y) with respect to Joint Ventures, the actual amount invested on behalf of the Company in the Joint Ventures plus the Company’s allocable share of capital improvements made by the Joint Venture from cash flows generated
by the Joint Venture, or (2) the aggregate value of the Company’s interest in the Properties and Joint Ventures as established in connection with the most recent estimated valuation to assist ERISA fiduciaries in fulfilling their annual
valuation and reporting responsibilities. 
 AVERAGE INVESTED ASSETS. For a specified period, the average of the aggregate book value of the
assets of the Company invested, directly or indirectly, in Properties and Loans secured by real estate before reserves for depreciation, depletion, bad debts or other similar non-cash reserves, computed by taking the average of such values at the
end of each month during such period. 
 BOARD OF DIRECTORS OR BOARD. The persons holding such office, as of any particular time, under the
Articles of Incorporation of the Company, whether they be the Directors named therein or additional or successor Directors. 
  

 2 

 BYLAWS. The bylaws of the Company, as the same are in effect from time to time. 
 CAPPED O&O EXPENSES. All Organizational and Offering Expenses other than (i) with respect to any Offering of Shares registered with the SEC, the
selling commissions and the dealer manager fee described under the heading “Plan of Distribution” in the prospectus that forms part of the registration statement with respect to such Offering, and (ii) with respect to any Offering of
Shares that is not registered with the SEC, any expenses in connection with such un-registered Offering. 
 CAUSE. With respect to the
termination of this Agreement, fraud, criminal conduct, willful misconduct or willful or grossly negligent breach of fiduciary duty by the Advisor, or a material breach of this Agreement by the Advisor, provided that (i) the Advisor does not
cure any such material breach within 60 days of receiving notice of such material breach from the Company or the Partnership, or (ii) such material breach is not of a nature that can be remedied within such period. 
 CODE. Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean
such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 
 COMPANY. Wells Timberland REIT, Inc., a corporation organized under the laws of the State of Maryland. 
 COMPETITIVE REAL ESTATE COMMISSION. A real estate or brokerage commission for the purchase or sale of property which is reasonable, customary, and
competitive in light of the size, type, and location of the property. 
 CONTRACT SALES PRICE. The total consideration received by the
Company for the sale of a Property. 
 DIRECTOR. A member of the Board of Directors of the Company. 
 DISTRIBUTIONS. Any distributions of money or other property by the Company to owners of Shares, including distributions that may constitute a return of
capital for federal income tax purposes. 
 GOOD REASON. With respect to the termination of this Agreement, (i) any failure to obtain a
satisfactory agreement from any successor to the Company and the Partnership to assume and agree to perform the Company’s and the Partnership’s obligations under this Agreement; or (ii) any material breach of this Agreement by the
Company, provided that (x) the Company does not cure such material breach within 60 days of receiving notice of such material breach from the Advisor, or (y) such material breach is not of a nature that can be remedied within such period.

 GROSS PROCEEDS. The aggregate cash purchase price of all Shares sold for the account of the Company through an Offering, without deduction
for Organization and Offering Expenses. 
  

 3 

 INDEPENDENT APPRAISER. A person or entity with no material current or prior business or personal
relationship with the Advisor or the Directors, who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company, and who is a qualified appraiser of real estate as determined
by the Board. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers or the Society of Real Estate Appraisers shall be conclusive evidence of such qualification. 
 INDEPENDENT DIRECTOR. A Director who is not and within the last two years has not been directly or indirectly associated with the Advisor by virtue of
(i) ownership of an interest in the Advisor or its Affiliates, (ii) employment by the Advisor or its Affiliates, (iii) service as an officer or director of the Advisor or its Affiliates, (iv) performance of services, other than
as a Director, for the Company, (v) service as a director or trustee of more than three real estate investment trusts advised by the Advisor, or (vi) maintenance of a material business or professional relationship with the Advisor or any
of its Affiliates. A business or professional relationship is considered material if the gross revenue derived by the Director from the Advisor and Affiliates exceeds 5% of either the Director’s annual gross revenue during either of the last
two years or the Director’s net worth on a fair market value basis. An indirect relationship shall include circumstances in which a Director’s spouse, parents, children, siblings, mothers or fathers-in-law, sons or daughters-in-law, or
brothers or sisters-in-law is or has been associated with the Advisor, any of its Affiliates, or the Company. 
 JOINT VENTURE. Any joint
venture, limited liability company or other Affiliate of the Company (other than the Partnership) that owns, in whole or in part on behalf of the Company, any Properties. 
 LISTING. The term “LISTING” shall mean that the Shares have been approved for trading on a national securities exchange. Upon such Listing, the Shares shall be deemed Listed. 
 NASAA GUIDELINES. The NASAA Statement of Policy Regarding Real Estate Investment Trusts as in effect on the date hereof. 
 NET ASSETS. The total assets of the Company (other than intangibles) at cost, before deducting depreciation, reserves for bad debt or other non-cash
reserves, less total liabilities, calculated quarterly by the Company of a basis consistently applied. 
 NET INCOME. For any period, the
total revenues applicable to such period, less the total expenses applicable to such period excluding additions to reserves for depreciation, depletion, bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of
calculating total allowable Operating Expenses (as defined herein) shall exclude the gain from the sale of the Company’s assets. 
 OFFERING. Any offering of Shares, whether or not such offering is registered with the SEC, but excluding Shares offered under any employee benefit plan. 
  

 4 

 OFFERING STAGE. The period from the commencement of the Company’s initial public equity offering
through the termination of the Company’s last public equity offering prior to Listing. For purposes of this definition, “public equity offering” does not include offerings on behalf of selling stockholders or offerings related to a
dividend reinvestment plan, employee benefit plan or the redemption of interests in the Partnership. 
 OPERATING EXPENSES. All costs and
expenses incurred by the Company, as determined under generally accepted accounting principles, which in any way are related to the operation of the Company or to Company business, including fees paid to the Advisor, but excluding (i) the
expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance,
distribution, transfer, registration and Listing of the Shares, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad loan reserves, (v) incentive fees paid in compliance with
Section IV.F of the NASAA Guidelines and (vi) Acquisition Expenses, real estate commissions on resale of property, and other expenses connected with the acquisition, disposition, and ownership of real estate interests, mortgage loans or other
property (such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property). 
 ORGANIZATION AND OFFERING EXPENSES. All expenses incurred by and to be paid from the assets of the Company in connection with and in preparing the Company for (i) registration of and subsequently offering and distributing its Shares to
the public, which may include but are not limited to, total underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys); (ii) offering and distributing its Shares in private placements or any other
Offerings that are not registered with the SEC, which may include but are not limited to, total placement agent fees and commissions (including fees of the placement agents’ attorneys) and initial compliance and reporting set-up fees;
(iii) expenses for printing, engraving and mailing; (iv) salaries of employees while engaged in sales, education and marketing activities; (v) charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts;
and (vi) expenses of registration and qualification of the sale of the securities, including taxes and fees, accountants’ and attorneys’ fees. 
 PARTNERSHIP. Wells Timberland Operating Partnership, L.P., a Delaware limited partnership formed to own and operate properties on behalf of the Company. 
 PARTNERSHIP AGREEMENT. The Agreement of Limited Partnership of the Partnership, as amended from time to time, between the Company, as General Partner and
the Advisor, as the initial Limited Partner. 
 PERSON. An individual, corporation, partnership, estate, trust (including a trust qualified
under Section 401(a) or 501(c) (17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of
Section 509(a) of the Code, joint stock company or other entity, or any government or any agency or political subdivision thereof, and also includes a group as that term is used for purposes of Section 13(d) (3) of the Securities
Exchange Act of 1934, as amended. 
  

 5 

 PROPERTY OR PROPERTIES. Any real property or properties, or any portion thereof, transferred or conveyed
to the Company or the Partnership, either directly or indirectly. 
 REIT. A real estate investment trust under Sections 856 through 860 of
the Code. 
 REAL ESTATE DISPOSITION FEE. The fee payable to the Advisor under certain circumstances in connection with the Sale of one or
more Properties pursuant to Section 8 (b). 
 SALE OR SALES. (i) Any transaction or series of transactions whereby: (A) the
Company or the Partnership sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of the building only, and including any event with respect to any Property
which gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the Company or the Partnership sells, puts, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Company
or the Partnership in any joint venture in which it is a co-venturer or partner; or (C) any joint venture in which the Company or the Partnership as a co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of
any Property or portion thereof, including any event with respect to any Property which gives rise to insurance claims or condemnation awards, but (ii) not including any transaction or series of transactions specified in clause (i) (A),
(i) (B), or (i) (C) above in which the proceeds of such transaction or series of transactions are reinvested in one or more Properties within 180 days thereafter. 
 SHARES. Shares of the Company’s common stock, par value $0.01 per share. 
 SPECIAL UNITS. The separate series of limited partnership interests issued to Wells Capital, Inc. pursuant to the Partnership Agreement as referenced in
Section 8(c), which Wells Capital, Inc. subsequently transferred to Wells Timberland Management Organization, LLC. 
 STOCKHOLDERS. The
registered holders of the Shares. 
 TERMINATION DATE. The date of termination of the Agreement. 
 TERMINATION EVENT. The termination or nonrenewal of this Agreement (i) in connection with a merger, sale of assets or other corporate transaction
involving the Company, (ii) by the Advisor for Good Reason or (iii) by the Company and the Operating Partnership other than for Cause. 
 TIMBER MANAGER. Any entity that has been retained to perform and carry out property management services at one or more of the Properties, excluding persons, entities or independent contractors retained or hired to perform facility
management or other services or tasks at a particular Property. 
 2%/25% GUIDELINES. The requirement pursuant to the NASAA Guidelines that,
in any 12-month period, total Operating Expenses not exceed the greater of 2% of the Company’s Average Invested Assets during such 12-month period or 25% of the Company’s Net Income over the same 12-month period. 
 2. APPOINTMENT. The Company and the Partnership appoints the Advisor to serve as its advisor and asset manager as of the Effective Date, on the terms and
conditions set forth in this Agreement, and the Advisor accepts such appointment as of the Effective Date. 
  

 6 

 3. DUTIES AND AUTHORITY OF THE ADVISOR. The Advisor undertakes to use its reasonable efforts (1) to
present to the Company and the Partnership potential investment opportunities to provide a continuing and suitable investment program consistent with (i) the investment objectives and policies of the Company as determined and adopted from time
to time by the Board and (ii) the investment allocation method described at Section 10(b) of this Agreement and (2) to manage, administer, promote, maintain, and improve the Properties on an overall portfolio basis in a diligent
manner. The services of the Advisor are to be of scope and quality not less than those generally performed by professional asset managers of other similar property portfolios. The Advisor shall make available the full benefit of the judgment,
experience and advice of the members of the Advisor’s organization and staff with respect to the duties it will perform under this Agreement. The Advisor may engage one or more Timber Managers, which may include Affiliates of the Advisor, to
manage, promote, and lease the Properties. To facilitate the Advisor’s performance of these undertakings, but subject to the restrictions included in Sections 4 and 7 and to the continuing and exclusive authority of the Board of the Company and
the general partner of the Partnership, the Company and the Partnership hereby delegate to the Advisor the authority to, and the Advisor hereby agrees to, either directly or by engaging an Affiliate: 
 (A) serve as the Company’s and the Partnership’s investment and financial advisor and provide research and economic and statistical data in
connection with the Company’s assets and investment policies; 
 (B) provide the daily management of the Company and the Partnership and
perform and supervise the various administrative functions reasonably necessary for the management of the Company and the Partnership; 
 (C)
maintain and preserve the books and records of the Company, including a stock ledger reflecting a record of the Stockholders and their ownership of the Company’s Shares and acting as transfer agent for the Company’s Shares and maintaining
the accounting and other record-keeping functions at the Property and Company levels; 
 (D) investigate, select, and, on behalf of the
Company and the Partnership, engage and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants, correspondents, lenders,
technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, mortgagors, and any and all agents
for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services, including but not limited to entering into
contracts in the name of the Company and the Partnership with any of the foregoing; 
 (E) consult with the officers and Board and assist the
Board in the formulation and implementation of the Company’s financial policies, and, as necessary, furnish the Board with 

  

 7 

 
advice and recommendations with respect to the making of investments consistent with the investment objectives and policies of the Company and in connection
with any borrowings proposed to be undertaken by the Company and the Partnership; 
 (F) oversee the performance by each Timber Manager of
its duties, including collection of payments due from sales of timber and third parties under contracts related to use of the Property and other assets of the Company and payment of Property expenses and maintenance; 
 (G) conduct periodic on-site property visits to some or all (as the Advisor deems reasonably necessary) of the Properties to inspect the physical
condition of the Properties and to evaluate the performance of the Timber Manager of its duties; 
 (H) review, analyze and comment upon the
operating budgets, capital budgets, harvest schedules and leasing plans prepared and submitted by the Timber Manager and aggregate these property budgets into the Company’s overall budget; 
 (I) review and analyze on-going financial information pertaining to each Property and the overall portfolio of Properties; 
 (J) if a transaction requires approval by the Board of Directors, deliver to the Board of Directors all documents requested by them in their evaluation
of the proposed investment in the Property; 
 (K) formulate and oversee the implementation of strategies for the administration, promotion,
management, operation, maintenance, improvement, financing and refinancing, marketing, leasing, and disposition of Properties on an overall portfolio basis; 
 (L) subject to the provisions of Sections 3(M) and 4 hereof, (i) locate, analyze and select potential investments in Properties, (ii) structure and negotiate the terms and conditions of transactions pursuant
to which investment in Properties will be made; (iii) make investments in Properties on behalf of the Company or the Partnership in compliance with the investment objectives and policies of the Company; (iv) arrange for financing and
refinancing and make other changes in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale of, or otherwise deal with the investments in, Property; (v) enter into leases, supply agreements and other
income-producing contracts relating to third party use of the Property and other assets of the Company, including timber harvesting; (vi) enter into service contracts for Property, including oversight of Affiliated companies that perform
property management services for the Company and the Partnership; (vii) oversee the non-affiliated Timber Manager and other non-affiliated Persons who perform services for the Company; and (viii) to the extent necessary, perform all other
operational functions for the maintenance and administration of such Property; 
 (M) obtain the prior approval of the Board for any and all
investments in Properties; 
 (N) negotiate on behalf of the Company and the Partnership with banks or lenders for loans to be made to the
Company, and negotiate on behalf of the Company and the Partnership with investment banking firms and broker-dealers or negotiate private sales of Shares and other 

  

 8 

 
securities or obtain loans for the Company and the Partnership, but in no event in such a way so that the Advisor shall be acting as broker-dealer or
underwriter; and provided, further, that any fees and costs payable to third parties incurred by the Advisor in connection with the foregoing shall be the responsibility of the Company or the Partnership; 
 (O) obtain reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of investments or contemplated
investments of the Company and the Partnership in Properties; 
 (P) from time to time, or at any time reasonably requested by the Board,
provide information or make reports to the Board related to its performance of services to the Company and the Partnership under this Agreement; 
 (Q) from time to time, or at any time reasonably requested by the Board, make reports to the Board of the investment opportunities it has presented to other Advisor-sponsored programs or that it has pursued directly or through an Affiliate;

 (R) provide the Company and the Partnership with all necessary cash management services; 
 (S) deliver to or maintain on behalf of the Company copies of all appraisals obtained in connection with the investments in Properties; 
 (T) notify the Board of all proposed material transactions before they are completed; and 
 (U) at the direction of Company management, prepare the Company’s periodic reports and other filings made under the Securities Exchange Act of 1934,
as amended, and the Company’s Post-Effective Amendments to the Registration Statement as well as all related prospectuses, prospectus supplements and supplemental sales literature and assist in connection with the filing of such documents with
the appropriate regulatory authorities; 
 (V) effect any private placements of Units or other interests in Properties as may be approved by
the Board; and 
 (W) do all things necessary to assure its ability to render the services described in this Agreement. 
 4. MODIFICATION OR REVOCATION OF AUTHORITY OF ADVISOR. The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the
authority or approvals set forth in Section 3, provided however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the
Company and the Partnership prior to the date of receipt by the Advisor of such notification. 
 5. BANK ACCOUNTS. The Advisor may establish
and maintain one or more bank accounts in its own name for the account of the Company and the Partnership or in the name of the Company and the Partnership and may collect and deposit into any such account or accounts, 

  

 9 

 
and disburse from any such account or accounts, any money on behalf of the Company and the Partnership, under such terms and conditions as the Board may
approve, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate accountings of such collections and payments to the Board and to the auditors of the Company. 

6. RECORDS; ACCESS. The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for inspection by
the Board and by counsel, auditors and authorized agents of the Company, at any time or from time to time during normal business hours. The Advisor shall at all reasonable times have access to the books and records of the Company and the
Partnership. 
 7. LIMITATIONS ON ACTIVITIES. Anything else in this Agreement to the contrary notwithstanding, the Advisor shall refrain from
taking any action which, in its sole judgment made in good faith, would (a) adversely affect the status of the Company as a REIT, (b) subject the Company to regulation under the Investment Company Act of 1940, as amended, or
(c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company or the Partnership, its Shares or its other securities, or otherwise not be permitted by the Articles of
Incorporation or Bylaws of the Company, except if such action shall be ordered by the Board, in which case the Advisor shall notify promptly the Board of the Advisor’s judgment of the potential impact of such action and shall refrain from
taking such action until it receives further clarification or instructions from the Board. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given. Notwithstanding the
foregoing, the Advisor, its directors, officers, employees and stockholders, and stockholders, directors and officers of the Advisor’s Affiliates shall not be liable to the Company, the Partnership or to the Board or stockholders for any act or
omission by the Advisor, its directors, officers or employees, or stockholders, directors or officers of the Advisor’s Affiliates taken or omitted to be taken in the performance of their duties under this Agreement except as provided in
Sections 16 and 17 of this Agreement. 
 8. FEES. 
 (A) ASSET MANAGEMENT FEE. Subject to the overall limitations contained below in this Section 8(a), commencing on the Effective Date, the Advisor shall receive the Asset Management Fee in consideration for the
services rendered in connection with the management of the Company’s assets, calculated on the last day of each preceding month. The Asset Management Fee shall be payable by the Company in cash or in Shares at the election of the Advisor in
whole or in part, from time to time, by the Advisor (without interest). If the Advisor elects to receive the Asset Management Fee in the form of Shares, then the Shares shall be valued at a price per share equal to the average closing price of the
Shares over the ten trading days immediately preceding the date of such election if the Shares are Listed at such time. If the Shares are not Listed and the Company is still in its Offering Stage at such time, the Advisor will estimate the per share
value of the Shares at a price per share equal the most recent price paid to acquire a Share (excluding any Shares sold at a purchase price discounts for certain categories of purchasers). If the Shares are not Listed and the Offering Stage has been
completed for 12 month at such time, the Shares shall be valued at a price per share equal the published annual estimated value of the shares as determined by the Advisor based upon the Appraised Value of the Assets on the date of election.

  

 10 

 (B) REAL ESTATE DISPOSITION FEE. If the Advisor or an Affiliate provides a substantial amount of the
services (as determined by a majority of the Independent Directors) in connection with the Sale of one or more Properties, the Advisor or such Affiliate shall receive at closing a Real Estate Disposition Fee equal to the lesser of (i) one-half
of the Competitive Real Estate Commission, or (1) if the contract price for the Sale is in excess of $20 million, then an amount not to exceed 1.0% of the contract price of such Property or Properties, and (2) if the contract price for the
sale is $20 million or less, then an amount not to exceed 2.0% of the sales price of such Property or Properties. In each case in which a Real Estate Disposition Fee may be payable, the precise amount of the fee within the limits set forth in the
preceding sentence shall be determined by the Board, including a majority of the Independent Directors, based upon the extent of the services provided by the Advisor or its Affiliate and market norms for the services provided. Notwithstanding
anything to the contrary herein, no Real Estate Disposition Fee shall be payable to the Advisor for Property Sales if such Sales involve the Company selling all or substantially all of its Properties in one or more transactions designed to
effectuate a business combination transaction (as opposed to a Company liquidation, in which case the Real Estate Disposition Fee would be payable if the Advisor or an Affiliate provides a substantial amount of services as provided above). Any Real
Estate Disposition Fee payable under this section may be paid in addition to real estate commissions paid to non-Affiliates, provided that the total real estate commissions (including such Real Estate Disposition Fee) paid to all Persons by the
Company for each Property shall not exceed an amount equal to the lesser of (i) 6.0% of the Contract Sales Price of the Property or (ii) the Competitive Real Estate Commission for the Property. 
 (C) SPECIAL PARTNERSHIP UNITS. The Advisor has made capital contributions to the Partnership in exchange for certain partnership units as described as
follows: $2,000 in exchange for 200 common units and $1,000 in exchange for 100 Special Units. Upon the earliest to occur of the termination of this Agreement for Cause, a Termination Event, or a Listing, all of the Special Units shall be redeemed
by the Partnership in accordance with the terms of the Partnership Agreement. 
 (D) CHANGES TO FEE STRUCTURE. In the event of Listing, the
Company and the Advisor shall negotiate in good faith to establish a fee structure appropriate for a perpetual-life entity. 
 (E) NO
DUPLICATION OF FEES. Under no circumstances shall the Advisor be entitled to receive duplicate fees from the Company and the Operating Partnership for the provision of the same services. 
 9. EXPENSES. 
 (A) REIMBURSABLE EXPENSES. In
addition to the compensation paid to the Advisor pursuant to Section 8 hereof, the Company or the Partnership shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor (to the extent not reimbursable by
another party, such as the dealer manager) in connection with the services it provides to the Company and the Partnership pursuant to this Agreement, including, but not limited to: 
 (i) the Organization and Offering Expenses; provided, however, that within 60 days after the end of the month in which an Offering
terminates, the Advisor shall reimburse the Company to the extent (i) Capped O&O Expenses borne by the Company exceed the maximum amount permitted pursuant to the prospectus for the Offering and (ii) Organization and Offering Expenses
borne by the Company exceed 15% of the Gross Proceeds raised in a completed Offering; 
  

 11 

 (ii) Acquisition Expenses payable to unaffiliated Persons incurred in connection with the
selection and acquisition of Properties; 
 (iii) the actual cost of goods and services used by the Company and obtained from
entities not affiliated with the Advisor, other than Acquisition Expenses, including brokerage fees paid in connection with the purchase and sale of securities; 
 (iv) interest and other costs for borrowed money, including discounts, points and other similar fees; 
 (v) taxes and assessments on income of the Company or Properties; 
 (vi) costs associated with insurance required in connection with the business of the Company or by the Board; 
 (vii) expenses of managing and operating Properties owned by the Company, whether payable to an Affiliate of the Company or a
non-affiliated Person; 
 (viii) all expenses in connection with payments to the Board and meetings of the Board and
Stockholders; 
 (ix) expenses associated with Listing or with the issuance and distribution of securities other than the
Shares, such as selling commissions and fees, advertising expenses, taxes, legal and accounting fees, listing and registration fees; 
 (x) expenses connected with payments of Distributions in cash or otherwise made or caused to be made by the Company to the Stockholders; 
 (xi) expenses of organizing, redomesticating, merging, liquidating or dissolving the Company or of amending the Articles of Incorporation or the Bylaws; 
 (xii) expenses of maintaining communications with Stockholders or their financial advisors, including the cost of preparation, printing,
and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 
 (xiii) administrative service expenses (including (i) personnel costs; provided, however, that no reimbursement shall be made for costs of personnel to the extent that such personnel perform services in transactions for which the
Advisor receives a separate fee, and (ii) the Company’s allocable share of other overhead of the Advisor such as rent and utilities); 
  

 12 

 (xiv) regulatory compliance expenses; and 
 (xv) audit, accounting and legal fees. 
 (B) OTHER SERVICES. Should the Board request that the Advisor or any director, officer or employee thereof render services for the Company and the Partnership other than set forth in Section 3, such services
shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Board, including a majority of the Independent Directors, subject to the limitations contained in the Articles of Incorporation, and shall not be
deemed to be services pursuant to the terms of this Agreement. 
 (C) TIMING OF AND LIMITATIONS ON REIMBURSEMENTS. 
 (i) Expenses incurred by the Advisor on behalf of the Company and the Partnership and payable pursuant to this Section 9 shall be
reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company and the Partnership during each quarter, and shall deliver such statement to the Company and the Partnership within 45 days
after the end of each quarter. 
 (ii) Notwithstanding anything else in this Section 9 to the contrary, the expenses
enumerated in this Section 9 shall not become reimbursable out of proceeds of an Offering to the Advisor unless and until the Company has raised the minimum offering amount, if any, as provided in the prospectus for the Offering. 
 (iii) The Company shall not reimburse the Advisor at the end of any fiscal quarter Operating Expenses that, in the four consecutive fiscal
quarters then ended (the “EXPENSE YEAR”) exceed (the “EXCESS AMOUNT”) the 2%/25% Guidelines for such year unless a majority of the Independent Directors determines that such excess was justified, based on unusual and nonrecurring
factors which a majority of our Independent Directors deems sufficient. If a majority of the Independent Directors does not approve such excess as being so justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to
the Company. If a majority of the Independent Directors determines such excess was justified, then within 60 days after the end of any fiscal quarter of the Company for which total reimbursed Operating Expenses for the Expense Year exceed the 2%/25%
Guidelines, the Advisor, at the direction of a majority of our Independent Directors, shall send to the stockholders a written disclosure of such fact, together with an explanation of the factors the Independent Directors considered in determining
that such excess expenses were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board of Directors. All figures used in the foregoing computation shall be determined in accordance
with generally accepted accounting principles applied on a consistent basis. 
 10. OTHER ACTIVITIES OF THE ADVISOR. 
 (A) GENERAL. Nothing herein contained shall prevent the Advisor from engaging in other activities, including, without limitation, the rendering of advice
to other Persons (including other REITs) and the management of other programs advised, sponsored or organized 

  

 13 

 
by the Advisor or its Affiliates; nor shall this Agreement limit or restrict the right of any director, officer, employee, or stockholder of the Advisor or
its Affiliates to engage in any other business or to render services of any kind to any other partnership, corporation, firm, individual, trust or association. The Advisor may, with respect to any investment in which the Company or the Partnership
is a participant, also render advice and service to each and every other participant therein. The Advisor shall report to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or
could create a conflict of interest between the Advisor’s obligations to the Company and the Partners and its obligations to or its interest in any other partnership, corporation, firm, individual, trust or association. 
 (B) POLICY WITH RESPECT TO ALLOCATION OF INVESTMENT OPPORTUNITIES. Before the Advisor presents an investment opportunity that would in its judgment be
suitable for the Company or the Partnership to another Advisor-sponsored program, the Advisor shall determine in its sole discretion that the investment opportunity is more suitable for such other program than for the Company or the Partnership
based on factors such as the following: the investment objectives and criteria of each program; the cash requirements and anticipated cash flow of each program; the size of the investment opportunity; the effect of the acquisition on diversification
of each program’s investments by type of property and geographic area and, if applicable, tenant base; the policies of each program relating to leverage; the estimated income tax effects of the purchase on each entity; the funds of each entity
available for investment and the length of time such funds have been available for investment. In the event that an investment opportunity becomes available that is, in the sole discretion of the Advisor, equally suitable for the Company, the
Partnership and another Advisor-sponsored program, then the Advisor may offer the other program the investment opportunity if it has had the longest period of time elapse since it was offered an investment opportunity. The Advisor will use its
reasonable efforts to fairly allocate investment opportunities in accordance with such allocation method and will promptly disclose any material deviation from such policy or the establishment of a new policy, which shall be allowed provided
(1) the Board is provided with notice of such policy at least 60 days prior to such policy becoming effective and (2) such policy provides for the reasonable allocation of investment opportunities among such programs. The Advisor shall
provide the Independent Directors with any information reasonably requested so that the Independent Directors can insure that the allocation of investment opportunities is applied fairly. Nothing herein shall be deemed to prevent the Advisor or an
Affiliate from pursuing an investment opportunity directly rather than offering it to the Company or another Advisor-sponsored program so long as the Advisor is fulfilling its obligation to present a continuing and suitable investment program to the
Company which is consistent with the investment policies and objectives of the Company and the Partnership. 
 11. RELATIONSHIP OF ADVISOR
AND COMPANY. The Company, the Partnership and the Advisor are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers or impose any liability as such on either
of them. 
 12. INTELLECTUAL PROPERTY. 
 (A) WORK PRODUCT. All right, title, and interest, including, without limitation, all intellectual property rights, in or related to any services, work product, and development work 

  

 14 

 
provided or performed by Advisor or Advisor’s subcontractors under or in connection with this Agreement, including, without limitation, any works of
authorship, inventions, processes, formulas, proprietary information, databases, customer lists, marketing plans, business strategies, financial information, forecasts, trademarks, services marks, brand names, documents, data, designs, ideas,
concepts, technical data, and any other work product (collectively, “Work Product”) shall vest in and be the sole and exclusive property of Company. All copyrightable Work Product performed by or for Advisor under this Agreement shall be
considered works made for hire (as that phrase is defined the United States Copyright Act, 17 U.S.C. Section 101, and used in 17 U.S.C. Section 201) and, as such, shall be owned by Company. In the event that any Work Product under this
Agreement cannot be considered as a work made for hire, Advisor hereby assigns, agrees to assign, and will cause its employees and subcontractors to assign, to Company for no additional consideration, all right, title, and interest that it may
possess in such Work Product. If and to the extent it is impossible as a matter of law to assign ownership rights, including, without limitation, intellectual property rights in any portion of the Work Product to Company, Advisor hereby grants to
Company an exclusive, irrevocable, perpetual, transferable, fully paid-up, worldwide and unlimited right to use and exploit in any possible way (including, without limitation, to modify, copy, amend, translate, further develop, prepare derivative
works of, distribute and sublicense) all intellectual property rights pertaining to the Work Product, and any portion of it, and warrants with respect to its employees and subcontractors, that they will do the same. Advisor represents and warrants
that Advisor has enforceable written agreements with all of its employees and subcontractors involved in the provision of services and work product under the Agreement to assign to Advisor ownership of work product, and the intellectual property
rights therein, created in the course of their employment or engagement. 
 (B) FURTHER ACTIONS. At Company’s request and without
further consideration, Advisor and Advisor’s successors in interest shall execute any and all powers of attorney, applications, assignments, declarations, affidavits, and any other papers or documents necessary to perfect such right, title, and
interest in Company, its successors, assigns, and legal representatives. Advisor shall not apply for the registration of rights in any of the Work Product under any local, state or federal law of the United States or any other nation and will not
oppose or object in any way to applications for registration of same by Company or Company’s designee. Nothing in this Agreement shall be interpreted as granting to Advisor any rights to the Work Product or any license to copy, adapt or take
any other action in respect of any Work Product, except on behalf of Company as provided in this Agreement. 
 (C) THIRD PARTY MATERIALS. If
Advisor shall incorporate into any Work Product any materials of any third party, Advisor is responsible for obtaining, at its own expense, all rights, licenses, consents, and permissions necessary for Company to have the fully paid up, perpetual,
irrevocable, worldwide and unlimited right to use and exploit in any possible way (including, without limitation, to modify, copy, amend, translate, further develop, prepare derivative works of, distribute and sublicense) the third party materials
in connection with the Work Product, consistent with the terms of this Agreement, and to sublicense these rights to others. 
 13. TERM;
TERMINATION OF AGREEMENT. 
 (A) TERM. This Agreement shall continue in force until the first anniversary of the Effective Date, subject to an
unlimited number of successive one-year renewals upon mutual 

  

 15 

 
consent of the parties. The Company, acting through the Board, will evaluate the performance of the Advisor annually before renewing the Agreement, and each
such renewal shall be for a term of no more than one year. 
 (B) TERMINATION BY EITHER PARTY. 
 (i) BY EITHER PARTY. This Agreement may be terminated upon 60 days written notice without Cause or penalty, by either party (if by the
Company, upon approval of a majority of the Independent Directors). 
 (ii) BY THE COMPANY. At the sole option of the Company,
this Agreement may be terminated by the Company immediately, subject to the 60-day cure period, for Cause due to a material breach of this Agreement, upon written notice of termination from the Board of Directors to the Advisor that the Company has
Cause to terminate this Agreement. 
 (iii) BY THE ADVISOR. At the sole option of the Advisor, this Agreement shall be
terminated by the Advisor immediately, subject to the 60-day cure period, for “Good Reason” due to a material breach of this Agreement, upon written notice of termination from the Advisor to the Company that the Advisor has Good Reason to
terminate this Agreement. 
 (iv) SURVIVAL. The provisions of Section 12 and Sections 15 through 27 shall survive
termination of this Agreement. 
 14. ASSIGNMENT TO AN AFFILIATE. This Agreement may be assigned by the Advisor to an Affiliate with the
approval of the Board, including a majority of the Independent Directors. The Advisor may assign any rights to receive fees or other payments under this Agreement without obtaining the approval of the Board. This Agreement shall not be assigned by
the Company or the Partnership without the consent of the Advisor, except in the case of an assignment by the Company or the Partnership to a corporation or other organization which is a successor to all of the assets, rights and obligations of the
Company or the Partnership, as the case may be, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company and the Partnership is bound by this Agreement. 
 15. PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION. Payments to the Advisor pursuant to this Section 15 shall be subject to the 2%/25%
Guidelines to the extent applicable. 
 (A) After the Termination Date, the Advisor shall not be entitled to compensation for further
services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination
of this Agreement; and 
 (B) The Advisor shall promptly upon termination: 
 (i) pay over to the Company all money collected and held for the account of the Company pursuant to this Agreement, after deducting any
accrued compensation and reimbursement for its expenses to which it is then entitled; 
  

 16 

 (ii) deliver to the Board a full accounting, including a statement showing all payments
collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board; 
 (iii) deliver to the Board all assets, including Properties, and documents of the Company then in the custody of the Advisor; and 
 (iv) cooperate with the Company to provide an orderly management transition. 
 16. INDEMNIFICATION BY THE COMPANY. The Company shall indemnify and hold harmless the Advisor and its Affiliates, including their respective officers,
directors, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or
losses and related expenses are not fully reimbursed by insurance, provided that the Company shall not indemnify and hold harmless the Advisor or its Affiliates unless all of the following conditions are met: 
 (i) The Advisor or its Affiliates has determined, in good faith, that the course of conduct that caused the loss or liability was in the
best interests of the Company. 
 (ii) The Advisor or its Affiliates was acting on behalf of or performing services for the
Company. 
 (iii) Such liability or loss was not the result of negligence or misconduct by the Advisor or its Affiliates.

 (iv) Such indemnification or agreement to hold harmless is recoverable only out of Net Assets and not from the
Stockholders. 
 17. INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and hold harmless the Company from contract or other liability,
claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and are incurred by reason of the
Advisor’s bad faith, fraud, willful misfeasance, misconduct, or reckless disregard of its duties, but the Advisor shall not be held responsible for any action of the Board in following or declining to follow advice or recommendation given by
the Advisor. 
 18. NOTICES. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless
some other method of giving such notice, report or other communication is required by the Articles of Incorporation, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or
other overnight delivery service to the addresses set forth herein: 
  

			
	To the Board and to the Company:	  	Wells Timberland REIT, Inc.
		  	6200 The Corners Parkway
		  	Norcross, Georgia 30092-3365
		  	Attention: Chairman of the Board

  

 17 

			
	To the Partnership:	  	Wells Timberland Operating Partnership, L.P
		  	6200 The Corners Parkway
		  	Norcross, Georgia 30092-3365
		  	Attention: Chairman of the Board of
		  	Wells Timberland REIT, Inc.,
		  	General Partner
		
	To the Advisor:	  	Wells Timberland Management Organization, LLC
		  	6200 The Corners Parkway
		  	Norcross, Georgia 30092-3365
		  	Attention: President

 Either party may at any time give notice in writing to the other party of a change in its address
for the purposes of this Section 18. 
 19. MODIFICATION. This Agreement shall not be changed, modified, terminated, or discharged, in
whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or assignees. 
 20.
SEVERABILITY. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be
invalid or unenforceable in whole or in part. 
 21. CONSTRUCTION. The provisions of this Agreement shall be construed and interpreted in
accordance with the laws of the State of Georgia. 
 22. ENTIRE AGREEMENT. This Agreement contains the entire agreement and understanding
among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to
the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in
writing. 
 23. INDULGENCES, NOT WAIVER. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or
privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege,
nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in
writing and is signed by the party asserted to have granted such waiver. 
  

 18 

 24. GENDER. Words used herein regardless of the number and gender specifically used, shall be deemed and
construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
 25. TITLES NOT TO AFFECT INTERPRETATION. The titles of sections and subsections contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or
interpretation hereof. 
 26. EXECUTION IN COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which shall be
deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when the counterparts hereof, taken together, bear the
signatures of all of the parties reflected hereon as the signatories. 
 27. NAME. Wells Timberland Management Organization, LLC has a
proprietary interest in the name “Wells.” Accordingly, and in recognition of this right, if at any time the Company or the Partnership ceases to retain Wells Timberland Management Organization, LLC or an Affiliate thereof to perform the
services of Advisor, the Company or the Partnership, as the case may be, will, promptly after receipt of written request from Wells Timberland Management Organization, LLC, cease to conduct business under or use the name “Wells” or any
derivative thereof and the Company or the Partnership shall use its best efforts to change the name of the Company to a name that does not contain the name “Wells” or any other word or words that might, in the sole discretion of the
Advisor, be susceptible of indication of some form of relationship between the Company and the Advisor or any Affiliate thereof. Consistent with the foregoing, it is specifically recognized that the Advisor or one or more of its Affiliates has in
the past and may in the future organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and financial and service organizations having “Wells” as a part of their name, all
without the need for any consent (and without the right to object thereto) by the Company or its Board. 
 [Signatures appear on next page.]

  

 19 

 IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Advisory Agreement as of
July 11, 2008. 
  

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

	Name:	 	Douglas P. Williams
	Title:	 	Executive Vice President
	
	WELLS TIMBERLAND OPERATING PARTNERSHIP, L.P.
		
	By:	 	Wells Timberland REIT, Inc.
		 	General Partner
			
		 	By:	 	 s/ Douglas P. Williams

		 	Name:	 	Douglas P. Williams
		 	Title:	 	Executive Vice President
	
	WELLS TIMBERLAND MANAGEMENT ORGANIZATION, LLC
		
	By:	 	 /s/ Jess E. Jarratt

	Name:	 	Jess E. Jarratt
	Title:	 	President

  

 20Chief Executive Officer Employment Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 CHIEF EXECUTIVE OFFICER EMPLOYMENT AGREEMENT 
 AGREEMENT effective September 1, 2007, between FCStone, Group, Inc., and Paul G. Anderson. 
 1. Employment. FCStone Group, Inc., (hereinafter referred to as “Employer”) employs Paul G. Anderson (hereinafter referred to as “CEO”)
as Chief Executive Officer of Employer, and CEO accepts full-time employment, upon the terms and conditions set forth in this Agreement. For purposes of this Agreement, while Employer shall be the CEO’s employer of record, the term
“Employer” shall be defined as including Employer’s subsidiaries as the context requires. The agreements contained herein are in consideration of CEO’s continued employment, and are in place of all previously established
agreements and understandings between the Employer, its subsidiaries and CEO. Without limiting the generality of the foregoing, this Agreement supersedes and replaces the “Chief Executive Officer Employment Agreement” dated
September 1, 2005, between FCStone, LLC and Paul G. Anderson. 
 2. Annual Review. CEO’s performance shall be reviewed each year by
the Board of Directors of Employer (the “Board”), or by the Compensation Committee of the Board (the “Compensation Committee”). As part of the review, the Board shall review CEO’s Base Salary and may approve an increase, but
not a decrease to CEO’s Base Salary. Such review shall be completed and communicated to CEO between the end of Employer’s fiscal year and the annual meeting of the Board. 
 3. Term of Employment. The term of CEO’s employment under this Agreement (“Term”) shall begin on September 1, 2007 and shall end on August 31, 2012. During the Term,
Employer’s employment under this Agreement can be terminated by Employer or CEO pursuant to Paragraphs 9 and 10, respectively. 
 4. Compensation
and Benefits. As compensation for all services by CEO under this Agreement, CEO shall be entitled to the following compensation during the Term: 
 a. Base Salary. CEO shall be paid an annualized Base Salary of $550,000, or as increased by the Board from time to time. Base Salary, as adjusted by the Board, shall be considered the new Base Salary for
purposes of this Agreement. CEO’s Base Salary shall be payable in accordance with Employer’s regular payroll practices and shall be subject to applicable required withholding and authorized deductions. Execution of this Agreement by CEO
shall constitute written authorization for Employer to make the withholdings from CEO’s compensation as provided by this Sub-paragraph 4(a). 
 b. Annual Bonus Opportunity. Employer agrees that CEO shall be eligible to receive an annual performance bonus (“Annual Bonus”) from Employer with respect to each fiscal year of Employer that ends during the Term,
subject to the terms and conditions as set by the Board or Compensation Committee. Prior to or within the first 3 months of each fiscal year, the Compensation Committee, 

  

 1 

 
in consultation with CEO, shall identify the performance and other bonus eligibility criteria by which CEO’s bonus eligibility shall be determined for
that fiscal year. The amount of any such Annual Bonus shall be determined by the Board or the Compensation Committee in its discretion, consistent with Employer’s performance, CEO’s contribution to Employer’s performance and any other
bonus eligibility criteria set for that fiscal year. The parties agree that the threshold bonus opportunity shall be set at 125% of Base Salary, the annual target bonus opportunity shall be set at 200% of Base Salary; and there shall be no cap on
the amount of Annual Bonus. The Annual Bonus, if any, shall be payable within 60 days of the end of the fiscal year in which it was earned. In order to be eligible to receive the Annual Bonus for a given fiscal year, CEO must be employed on the last
day of the fiscal year in which the Annual Bonus was earned. 
 c. Long-Term Incentive Awards. Employer further agrees that CEO
shall be eligible to receive annual long-term incentive (“LTI”) compensation with respect to each fiscal year of Employer that ends during the Term, subject to the terms and conditions as set by the Board or Compensation Committee in the
FCStone Group, Inc. Executive Long Term Incentive Plan in effect for the then current fiscal year. Prior to or within the first 3 months of each fiscal year, the Board or Compensation Committee, in consultation with CEO, shall identify the
performance and other eligibility criteria by which CEO’s LTI award shall be determined for that fiscal year. For fiscal year 2008, the Compensation Committee has agreed to use the same criteria for LTI as used for the Annual Bonus in
Sub-paragraph 4(b) and has agreed that CEO’s LTI opportunity shall be based on the following schedule (For further details, see the FCStone Group, Inc. Executive Long Term Incentive Plan Effective Fiscal Year 2008): 
  

			
	Annual Threshold LTI Opportunity:	 	150% of Base Salary
	Annual Target LTI Opportunity	 	300% of Base Salary
	Annual Maximum LTI Opportunity:	 	600% of Base Salary

 The Board or Compensation Committee, in its discretion, shall decide whether the annual LTI will be awarded in the
form of a Full-Value Award, such as restricted stock, or in the form of an Appreciation-Only Award, such as stock settled stock appreciation rights, or as a combination of Full-Value Awards and Appreciation-Only Awards. If the annual LTI award is an
equity-based award, then the calculation to determine the number of shares underlying the Full-Value Award and/or the Appreciation-Only Award shall be determined by calculating the “fair value” of such award in accordance with Statement of
Financial Accounting Standards No. 123R. The LTI award, if any, shall be awarded within 90 days of the end of the fiscal year in which it was earned, and shall vest 25% on each of the first 4 anniversaries of the date of grant. If the LTI award
is an Appreciation-Only Award, the exercise price of such award shall be the fair market value of a share of Employer’s common stock on the date of grant. In order to be eligible to receive the LTI award for a given fiscal year, CEO must be
employed on the last day of the fiscal year in which the LTI award was earned. The parties agree that, with respect to CEO, this Sub-paragraph 4(c) replaces and supersedes any previous long-term or short-term incentive plans, programs or policies of
Employer or its affiliates in which CEO has been eligible in the past. 
  

 2 

 d. Executive Benefits. CEO will be eligible to participate in all employee and executive
pension and welfare benefit plans and programs, fringe benefits and perquisites generally available to Employer’s senior executives, as amended from time to time. CEO will have access to the company aircraft for business travel as stipulated by
company policy and procedures. CEO will be entitled to first-class air (to the extent that CEO is not using the company aircraft) and ground travel and accommodations while traveling on business for Employer. 
 e. Expenses. CEO may incur reasonable expenses in carrying out his duties and responsibilities under this Agreement and for promoting
Employer’s business, including expenses for entertainment, travel and similar items. Subject to applicable tax and other laws, Employer will reimburse CEO for all such reasonable expenses upon CEO’s periodic presentation of an itemized
account of such expenditures, with substantiation, in accordance with Employer’s regular policies as established from time to time. In addition to the general reimbursable expenses pursuant to Employer’s policies and practices, CEO also
shall be entitled to prompt reimbursement for the reasonable cost and value of CEO’s personally owned property and facilities utilized for entertainment on behalf of Employer, subject to applicable tax laws. 
 f. Paid Time Off. CEO shall be entitled to earn and carry-over Paid Time Off (“PTO”) pursuant to Employer’s then-current PTO
policy, but in no event shall CEO be entitled to earn less than 20 days of PTO per year and carry over up to 10 days of unused PTO to be used in the next calendar year. The scheduling of CEO’s PTO shall be within the sole discretion of CEO, but
shall be scheduled to be consistent with and not conflict with CEO’s duties. 
 g. Leaves of Absence. CEO shall be granted
leaves of absence for sickness, medical conditions of CEO or members of his family, jury duty, military training and other reasons deemed appropriate by Employer, as governed by Employer’s then- current policies. 
 5. Titles, Duties and Responsibilities, Reporting. During the Term, CEO shall serve as Employer’s President and Chief Executive Officer and also shall
serve as an officer of such other subsidiaries of Employer as the Board shall direct. CEO shall be responsible for the general management and operation of Employer and shall have such other duties as may be from time to time reasonably and lawfully
assigned by the Board. CEO shall report solely and directly to the Board. CEO further agrees to accept re-election and to serve during all or any part of the Term as a director of Employer without any compensation therefor other than that specified
in this Agreement, if re-elected to such position by the shareholders of Employer. Employer shall re-nominate CEO to be a director of the Board and shall use its best efforts to cause CEO to be re-elected as a director, subject to approval as
required by Employer’s by-laws and governing Board rules and regulations. 
 6. Scope of Service. CEO shall devote substantially all of
his entire time, attention and energies to Employer’s business and shall not during the Term be engaged in any other business activity whether or not such business activity is pursued for gain, profit or other pecuniary advantage, without the
written permission of the Board. However, CEO may invest and manage his personal assets in such 

  

 3 

 
form or manner as will not require CEO’s services in the operation of the affairs of the companies in which such investments are made. Additionally, CEO
may participate in corporate, trade organization or charitable board memberships that do not materially conflict with his employment with Employer or materially interfere with his employment duties, provided that CEO first discloses any such
proposed memberships to the Board. 
 7. Compliance with Laws, Regulations, Rules and Policies. During the Term, CEO shall perform CEO’s
duties faithfully and diligently and in compliance with all applicable laws, regulations, Employer policies, handbooks, and manuals, and reasonable and lawful direction from the Board. Such compliance with laws and regulations shall include, but not
be limited to, compliance with the Commodity Exchange Act, the rules and regulations of the Commodity Futures Trading Commission, and the rules and regulations of all exchanges and clearing corporations on which Employer or other FCStone companies
transact business. CEO shall also comply with all Employer policies respecting ethics, trading in Employer and affiliated companies’ stock, and all applicable rules and regulations of the Securities and Exchange Commission. 
 8. Indemnification. CEO shall be entitled to indemnification by Employer in accordance with the provisions of Employer’s by-laws and the implementing
Board resolutions as in effect on the date of this Agreement or, if more favorable to CEO, the provisions of such by-laws as in effect at the time indemnification is requested. During the Term and during the 6 year period immediately following the
Term, Employer shall maintain a directors’ and officers’ insurance policy (“D&O Policy”) at the same or greater levels as the levels in the D&O policy in place on the date this Agreement becomes effective. 
 9. Termination by Employer. During the Term, Employer may terminate CEO’s employment if any one or more of the following shall occur: 
 (a) Death. CEO shall die during the Term; provided, however, that CEO’s legal representatives shall be entitled to receive
(1) CEO’s Base Salary and reimbursable business expenses incurred up through the date of CEO’s death; (2) earned but unpaid Annual Bonus, if any, due CEO under this Agreement; (3) a pro-rata Annual Bonus based on actual
bonus, determined and paid out at the end of the fiscal year, with respect to the fiscal year of Employer during which death occurs; and (4) any other vested and accrued compensation and benefits due CEO under this Agreement or other plan,
policy, program, agreement or arrangement of Employer. Upon CEO’s death, he shall become fully vested in all LTI awards, stock awards options and similar equity rights, and all such rights shall become immediately exercisable and remain
exercisable for one year from the date of CEO’s death. Employer shall pay the group health insurance continuation premiums for CEO’s eligible dependents to the extent and for as long as they are eligible for continuation rights under
COBRA. 
 (b) Disability. CEO shall become physically or mentally disabled, by meeting the definition of disability under
Employer’s Long-Term Disability Insurance Policy (“LTD Policy”) or, if there is no LTD Policy, as determined by a licensed physician mutually 

  

 4 

 
selected by Employer and CEO that CEO is unable substantially to perform his duties and responsibilities hereunder for (1) a period of 180 consecutive
days; or (2) for shorter periods aggregating 180 days during any twelve-month period (collectively referred to as the “Disability Period.”). In the event that Employer and CEO cannot agree on a licensed physician to make the
disability determination, each party shall select a licensed physician and the two licensed physicians shall select a third licensed physician to make the disability determination for purposes of this provision. Employer shall continue to pay CEO
his compensation, less any short term disability (“STD) benefits or long-term disability (“LTD”) benefits that CEO receives through Employer’s STD or LTD policy or plan, benefits and reimbursable business expenses up through the
Disability Period. The last day of the Disability Period shall be the date of termination of CEO’s employment for purposes of this Agreement. If Employer terminates CEO’s employment due to disability, CEO shall receive (1) earned but
unpaid Annual Bonus, if any, due CEO under this Agreement; (2) a pro-rata Annual Bonus based on actual bonus, determined and paid at the end of the fiscal year, with respect to the fiscal year of Employer during which disability occurs; and
(3) any other vested and accrued compensation and benefits due CEO under this Agreement or other plan, policy, program, agreement or arrangement of Employer. Upon CEO’s disability, he shall become fully vested in all LTI awards, and stock
awards options and similar equity right and all such rights shall become immediately exercisable and remain exercisable for one year from the date of CEO’s date of termination. Employer also shall pay the group health insurance continuation
premiums for CEO’s eligible dependents to the extent and for as long as they are eligible for continuation rights under COBRA. 
 (c)
For Cause. CEO acts, or fails to act, in a manner that provides Cause for termination of employment. For purposes of this Agreement, the term “Cause” means (i) any material breach by CEO of any material term of this
Agreement; (ii) the willful and continued failure of CEO to perform his duties hereunder; (iii) CEO willfully engages in acts of misconduct that materially impact the goodwill or business of Employer; (vi) CEO willfully breaches a
fiduciary trust for personal profit; or (v) CEO willfully violates any law, rule or regulation; provided, however, that no termination under (i) or (ii) above shall be effective unless the CEO does not cure such refusal or failure to
the Board’s good faith satisfaction as soon as practicable after the Board gives the CEO written notice identifying with specificity such breach or failure (and, in any event, within 30 calendar days after receipt of such written notice). No
act or failure to act on the part of the CEO shall be considered “willful” unless it is done, or omitted to be done, by the CEO in bad faith or without reasonable belief that his action or omission was in the best interest of Employer.

 Employer shall give CEO written notice of its decision to terminate CEO’s employment for Cause and shall state the date of termination within the
notice. If Employer terminates CEO’s employment for Cause, CEO only shall be entitled to be paid for any unpaid Base Salary, reimbursable business expenses and any vested and accrued compensation and benefits due CEO under this Agreement or
other plan, program, policy, or agreement of Employer up through the date of termination and shall be entitled to no further compensation and benefits after the date of termination. 
  

 5 

 (d) Change of Control. In the event of a Change in Control (as defined in the FCStone
Group, Inc. Change in Control Severance Plan, as amended from time to time (the “CIC Plan”), CEO’s rights to payment upon Employer’s termination of CEO’s employment for other than Cause (as that term is defined in the CIC
Plan), Disability, or Death or CEO’s termination of his employment for Good Reason (as that term is defined in the CIC Plan) in connection with a Change in Control shall be governed by the terms of the CIC Plan. If during the Term, Employer
terminates or amends the CIC Plan in effect as of September 1, 2006, and such action reduces or eliminates any or all of CEO’s change-in-control benefits, then Employer shall provide CEO immediately before the effective date of such action
with either a group or individual change-in-control agreement that provides equivalent, on a benefit by benefit basis, change-in-control benefits as provided under the CIC Plan. 
 (e) Without Cause. If Employer terminates CEO’s employment for any reason other than as described in Sub-paragraphs 9(a)-(d), the
termination shall be deemed a termination Without Cause. Employer shall give CEO written notice of its decision to terminate CEO’s employment Without Cause and shall state the date of termination within the notice. In that event, CEO shall
receive (1) any unpaid Base Salary and reimbursable business expenses due up through the date of termination; (2) earned but unpaid Annual Bonus, if any, due CEO under this Agreement; (3) a pro-rata Annual Bonus based on actual bonus,
determined and paid at the end of the fiscal year, with respect to the fiscal year of Employer during which the termination occurs; (4) a lump-sum cash payment equal to 200% of the sum of CEO’s current annual Base Salary and his prior year
Annual Bonus; and (5) any other vested and accrued compensation and benefits due CEO under this Agreement or other plan, policy, program, agreement or arrangement of Employer. Upon CEO’s termination Without Cause, he shall become fully
vested in all LTI awards, stock awards, options and similar equity rights, and all such rights shall become immediately exercisable and remain exercisable for 2 years from the date of CEO’s termination. In addition, Employer also shall pay
retiree health insurance premiums for CEO and his eligible dependents for 2 years. If Employer’s retiree health insurance benefits is not equal to or greater than Employer’s retiree health insurance benefits in effect on the effective date
of this Agreement, or if Employer does not offer retiree health insurance benefits at the time of termination of CEO or at any time during the 2-year period immediately following the date of termination of CEO’s employment, then Employer shall
provide CEO and his eligible dependents with alternative health insurance coverage equal to the retiree health insurance coverage in effect on the effective date of this Agreement for the 2-year period. (For example, if Employer ceases to offer
retiree health insurance benefits one year after the date of the termination of CEO’s employment, then Employer will provide CEO with alternative health insurance coverage for the next year.) 
 10. Termination by CEO. CEO may terminate his employment under this Agreement with or without Good Reason on 30 days written notice to Employer.
Termination by CEO for “Good Reason” shall mean any of the following occurring, without CEO’s prior written consent, within the 90 day period immediately preceding CEO’s written notice to Employer of his intent to terminate his
employment (i) the assignment to CEO of any duties materially inconsistent with Paragraph 5, or any other action by the Board that results in a diminution in the CEO’s position, authority, duties or responsibilities, other than an
isolated, insubstantial and inadvertent 

  

 6 

 
action that is not taken in bad faith and is remedied by the Board within a reasonable time after receipt of notice thereof from CEO; (ii) any
requirement by Employer that the CEO’s services be rendered primarily at a location or locations other than within the greater Des Moines or the greater Kansas City metropolitan area and for other than a de minimis period of time;
(iii) any material breach of this Agreement by Employer that is not remedied by Employer as soon as practicable after CEO provides the Board with written notice identifying such breach or failure (and in any event within 30 calendar days after
receipt of such written notice); or (iv) any failure by Employer to comply with any provision of Paragraph 4, other than an isolated, insubstantial and inadvertent failure that is not taken in bad faith and is remedied by Employer promptly
after receipt of notice thereof from CEO; (v) failure of Employer or the Board to re-nominate CEO to be a member of the Board; and (vi) failure of Employer to obtain the assumption in writing of its obligation under this Agreement by any
successor to all or substantially all of the assets of Employer within 15 days after a merger, consolidation or similar transaction. 
 In no event shall a
termination of CEO’s employment for Good Reason occur unless CEO gives written notice to Employer in accordance with Paragraph 17 stating with specificity the events or actions that constitute Good Reason (a “Good Reason Notice”). In
addition, CEO shall provide the Good Reason Notice to Employer during the 90-day period immediately following the date that the events or actions constituting Good Reason first became known to CEO. CEO shall provide Employer with an opportunity to
cure (if curable) the events or actions constituting Good Reason within a reasonable period of time, but at least 30 days from the date on which Employer receives the Good Reason Notice. 
 In the event that CEO terminates his employment for Good Reason, such termination shall be treated the same as a termination by Employer Without Cause and CEO shall be entitled to the same compensation and benefits as
provided under Sub-paragraph 9(e). 
 If CEO terminates his employment with Employer without Good Reason, then such termination shall be treated the same as
a termination by Employer for Cause and CEO shall only be entitled to the compensation and benefits as provided under Sub-paragraph 9(c) Notwithstanding anything contained in this Agreement to the contrary, upon CEO’s termination of employment
due to retirement under Employer’s tax-qualified defined benefit plan, CEO shall become fully vested in all LTI awards, stock awards, options and similar equity rights, and all such rights shall become immediately exercisable and remain
exercisable for 2 years from the date of CEO’s retirement. 
 11. No Mitigation. CEO shall not be required to mitigate the amount of any
payment provided in accordance with Paragraphs 9 and 10 by seeking other employment or otherwise, nor shall the amount of any payment provided for hereunder be reduced by any compensation earned by CEO as the result of employment by another employer
after the date of termination of employment by Employer. 
  

 7 

 12. Disclosure of Proprietary Information. 
 (a) CEO understands and acknowledges that the success of the Employer’s business in large part depends upon the development, use and protections of
certain Proprietary Information which has been developed at substantial expense by Employer and/or its affiliates, and which Employer and/or its affiliates will continue to refine and develop during CEO’s employment and thereafter. 

(b) CEO acknowledges that his work for Employer necessitates the disclosure to him of Proprietary Information and materials of Employer and its
affiliates as well as of their customers and customer prospects which CEO agrees to hold in the strictest confidence unless and until the information becomes public knowledge through no fault of his own. “Proprietary Information” includes,
but is not limited to, knowledge, information, documents or materials or data: 
  

	 	(i)	Business information such as, but not limited to: 

  

	 	(A)	Information about marketing/business/strategic plans, analytical techniques, market data and forecasts, production data or forecasts, and profit data or forecasts:

  

	 	(B)	Training programs and materials, the details of the operations of Employer or its affiliates including compliance operations and employee manuals and procedures, computer programs
and data, internally generated forms, 

  

	 	(C)	The identity and account information of former, current or potential customers or clients, as well as other information and records relating to such former, current or potential
customers or clients; 

  

	 	(D)	Personnel information including, without limitation, salaries, duties, qualifications, performance levels, and terms of compensation of other employees; 

  

	 	(E)	The development and use of certain systems, methods and processes which Employer or its affiliates have not made public; 

  

	 	(ii)	Technical information such as, but not limited to, inventions, technologies, know how, methods, know-how, formulae, compositions, processes, procedures, discoveries, machines,
inventions, computer programs, computer software, compilations of industry information, databases, and similar items or research projects; 

  

 8 

	 	(iii)	Information pertaining to Employer’s or its affiliates future plans and future developments such as, but not limited to, research and development or future marketing or
merchandising; and 

 and any other information which, if known, would be of advantage to others competing with or doing business with Employer
or its affiliates or any of their customers or potential customers, or would be of disadvantage to Employer, its affiliates or any of their customers, whether or not subject to patent, trademark, or trade secret. As part of his commitment to hold
this information in strictest confidence, CEO promises that he will not, during the Term or at any time after Term use for himself or others, directly or indirectly, or divulge or convey to any person not specifically authorized by Employer, any
Proprietary Information. This promise does not extend, however, to his use, communication or disclosure of such Proprietary Information (i) as is specifically required in the ordinary course of performing his job with Employer, (ii) to
such use, communication or disclosure as is authorized in writing by the Board of Directors of Employer, (iii) when required to do so by a court of law, by any governmental agency having supervisory authority over the business of Employer or by
any administrative or legislative body (including a committee thereof) with jurisdiction to order CEO to divulge, disclose, or make accessible such information, (iv) as to such confidential information that becomes generally and lawfully known
to the public or trade without CEO’s violation of this Paragraph 12, or (v) to CEO’s attorney and/or his personal tax and financial advisors as reasonably necessary or appropriate to advance CEO’s tax, financial and other
personal planning (each an “Exempt Person”), provided, however, that any disclosure or use of Proprietary Information by an Exempt Person shall be deemed to be a breach of this Paragraph 12 by CEO. 
 (c) Further, CEO agrees that both while he is an employee of Employer, and after termination, for any reason, of his employment with Employer, he will
take at Employer’s request and expense any and all reasonable and lawful measures to prevent the unauthorized use and disclosure of Proprietary Information and to prevent unauthorized persons or entities from obtaining or using Proprietary
Information. During the same period, CEO further agrees to refrain from taking any actions which would constitute or facilitate the unauthorized use or disclosure of Proprietary Information except in the ordinary course of his duties. CEO
specifically promises (except in the ordinary course of performing his duties), he shall not copy or cause to be made any copies, facsimiles, recordings, reproductions, sample, abstracts or summaries of any Proprietary Information, or to remove the
same from Employer’s or its affiliates premises. 
 (d) CEO further agrees and promise to return to Employer upon request, or
immediately without request when his employment ends for whatever reason, any and all materials of any sort and in whatever form (including all copies of such materials) relating in any way to Employer’s or its affiliates business and in any
way obtained by him during the period of his employment with Employer which are in his possession or control. CEO further agrees that he will not retain any copies of any of the foregoing, and will so represent and verify in writing to Employer upon
termination of his employment. 
  

 9 

 (e) CEO agrees to return all materials, software and equipment which are the property of Employer or its
affiliates at the end of his employment. 
 13. Ownership of Intellectual Property and Business Opportunities. CEO agrees that all work of any
type that he has or will prepare or conceives relating to, or as a result of, his employment with Employer or its affiliates (the “Work”) is and will be the absolute property of Employer and may be modified, used and reused by Employer
with no restrictions. The Work will include, but will not be limited to, new ventures, business relationships, ideas, inventions, discoveries, reports, drafts, notes of research, audits, know-how, trade secrets, budget analysis, software programs,
databases, documentation, drawing and design, work product, renderings, sales and marketing plans, computer codes, artwork and descriptions, whether completed or in the process of creation, in any form whatever. CEO agrees that any and all
intellectual property and business opportunities which has arisen or will arise from the Work shall be the sole property of Employer. All Work performed or created during CEO’s employment with Employer or its affiliates is or will be a
“work made for hire” for Employer under the copyright laws of the United States. In the event any of the Work is for any reason deemed not a “work made for hire” or is not copyrightable material, then in consideration of the
compensation which has been or will be paid to CEO by Employer during his employment, CEO hereby sells and assigns to Employer all intellectual property rights and ownership, including all copyrights, patents, trade secrets and other proprietary
rights, to any and all Work produced by CEO during his employment with Employer or its affiliates. CEO further agrees to execute any and all documents, which from time to time become necessary, to effectuate the assignment of those rights to
Employer. 
 14. Non-Compete and Non-Solicitation Provisions. CEO recognizes that his employment with Employer affords him access to key
confidential and strategic information concerning Employer and its plans and close contact with Employer’s customers, as well as access to information about them, which information and contacts are of great importance to Employer’s
business. Therefore, in consideration of his continued employment by Employer, CEO agrees that for a period of 18 months immediately following the termination of his employment by either party for any reason that CEO shall not: 
 (a) Directly or indirectly, by, through, for or on behalf of others, own, manage, operate, join, control or participate in the ownership, management,
operation, or control of, permit the use of his name by any business activity, or be connected in any manner (such as in a capacity as an owner, director, officer, shareholder, employee, manager, agent, advisor, consultant, independent contractor,
or similar capacity), with any Competing Business. For purposes of this Agreement, “Competing Business” means any entity or person now existing or hereafter created which is engaged in or about to become or seeking to become engaged in
research, development, production, marketing or selling any Competing Product(s). “Competing Product(s)” means product(s). process(es), or service(s) which compete directly or indirectly with Employer’s product(s), process(es), or
service(s) in use, being researched or developed or in the process of becoming researched or developed as of the date of the termination of CEO’s employment. 
  

 10 

 (b) Directly or indirectly, by, through, for or on behalf of others, own, manage, operate, join, control
or participate in the ownership, management, operation, or control of, or be connected in any manner (such as in a capacity as an owner, member, director, officer, shareholder, employee, manager, agent, advisor, consultant, independent contractor,
or similar capacity), with any business now existing or hereafter created, that is engaged in any of the following: (i) calling upon, soliciting, diverting, taking away or accepting business from any past or current customer or client of
Employer or its affiliates, (ii) requesting, inducing, counseling or advising any past or current customer or client of Employer or its affiliates to cease or refrain from doing business with Employer or FCStone; (iii) soliciting for
employment, retaining or employing, or becoming employed by, any past or present employee of Employer or its affiliates; or (iv) requesting, inducing, counseling or advising any other employee of Employer or its affiliates to leave the employ,
of or cease affiliation with, Employer or its affiliates. 
 (c) Directly or indirectly, by through, for or on behalf of others, whether
individually or in a capacity as an owner, member, director, officer, shareholder, employee, manager, agent, advisor, consultant, independent contractor, or similar capacity, in any way interfere with, or counsel or permit others to interfere with,
Employer or its affiliates, or disparage Employer, its affiliates or their officers, directors, employees, agents and representatives, including but not limited to the good business reputation of Employer, its affiliates or their officers,
directors, employees, agents and representatives. Employer agrees that its Board members in place at the time of the execution of this Agreement will not disparage CEO, including but not limited to his good business reputation. Employer and CEO
agree and understand that nothing in this Sub-paragraph 14(c) or this Agreement is in anyway intended to prohibit, limit, or prevent CEO or Employer or Employer’s Board members or employees from providing truthful testimony in a court of law,
to a regulatory or law enforcement agency or pursuant to a properly issued subpoena, and such testimony would not be deemed to be a violation of this Sub-paragraph 14(c). 
 (d) CEO agrees to keep Employer advised of his employment status during the two year term of the non-competition and non-solicitation provisions. CEO further agrees to advise any prospective employer of his
obligations under Paragraphs 12-14. 
 (e) Notwithstanding the provisions of this Paragraph 14, CEO may have an ownership interest of 1% or
less in any publicly held company without violating his obligations under this Paragraph 14. The parties further agree it would not be a violation of CEO’s obligations under this Paragraph 14 for CEO to be employed by or otherwise associated
with a business or entity of which a subsidiary, division, segment, unit, etc. is a Competing Business; provided that CEO shall have no direct or indirect responsibilities or involvement with the Competing Business subsidiary, division, segment,
unit, etc. and CEO shall not breach his confidentiality obligations to Employer. 
 CEO ACKNOWLEDGES THAT THE BUSINESS OF EMPLOYER AND ITS AFFILIATES IS A
WORLDWIDE BUSINESS AND IS SUCH THAT PERSONAL RELATIONSHIPS WITH CUSTOMERS AND GOOD WILL ARE IMPORTANT AND OF 

  

 11 

 
SIGNIFICANT VALUE TO EMPLOYER, THAT THE BUSINESS IS PRIMARILY CONDUCTED BY TELEPHONE OR ELECTRONIC COMMUNICATION SUCH THAT GEOGRAPHIC LOCATION IS NOT
CRITICAL TO THE CONDUCT OF SUCH BUSINESS; THAT EMPLOYER AND ITS AFFILIATES HAVE INVESTED AND WILL INVEST SUBSTANTIAL RESOURCES IN THE DEVELOPMENT OF THEIR BUSINESSES, AND THAT THE FOREGOING COVENANT IS NECESSARY FOR EMPLOYER’S AND ITS
AFFILIATES PROTECTION AND TO INDUCE EMPLOYER AND ITS AFFILIATES TO MAKE SUCH INVESTMENT. CEO FURTHER ACKNOWLEDGES AND WARRANTS THAT SUCH COVENANT IS REASONABLE IN SCOPE AND DURATION HAVING DUE REGARD FOR THE RIGHTS OF ALL PARTIES. CEO FURTHER
ACKNOWLEDGES AND WARRANTS THAT AS A RESULT OF HIS HIGH-LEVEL EXECUTIVE POSITION WITH EMPLOYER, HE HAS VALUABLE AND IMPORTANT PROPRIETARY KNOWLEDGE ABOUT EMPLOYER’S BUSINESS AND THAT THERE IS THE RISK OF INEVITABLE DISCLOSURE OF THAT PROPRIETARY
KNOWLEDGE IF HE SUBSEQUENTLY WERE TO BE EMPLOYED BY A COMPETING BUSINESS AND THUS THE PROVISIONS OF THIS PARAGRAPH ARE NECESSARY TO PROTECT THE LEGITIMATE BUSINESS INTERESTS OF EMPLOYER AND ITS AFFILIATES. 
 15. Remedies. CEO acknowledges and agrees: 
 (a) That the Proprietary Information is commercially and competitively valuable to Employer and its affiliates and that it is vital to the success of Employer’s and its affiliates’ business; 
 (b) That the unauthorized use or disclosure of said Proprietary Information, or a violation of his promises in Paragraphs 12-14 of this Agreement would
cause irreparable harm to Employer and/or its affiliates; 
 (c) That by this Agreement, other similar agreements and other precautions,
Employer and its affiliates are taking reasonable steps to protect their legitimate business interests. 
 (d) That the restrictions on the
activities in which Employee may engage set forth in this Agreement, and the locations and periods of time for which such restrictions apply, are reasonably necessary in order to protect Employer’s and/or its affiliates’ legitimate
business interests; and 
 (e) That, in the event that CEO breaches his obligations under Paragraph 12-14, CEO shall repay to Employer any
and all severance pay that he has received pursuant to Paragraphs 9 or 10 and any and all stock options profits realized by CEO, and Employer shall have no further obligations to pay any severance pay pursuant to this Agreement or any other
agreement to CEO. 
  

 12 

 (f) That nothing herein, including subsection (e) of this Paragraph shall limit or prohibit Employer
or FCStone from pursuing any remedies, whether in law or equity, available for a breach or threatened breach of this Agreement, including the right to seek injunctive relief and to recover monetary damages from CEO. The prevailing party in any such
proceeding to enforce any term or provision of this Agreement shall be entitled to payment from the other party, in addition to any damages that may be awarded, of their reasonable attorney fees and costs incurred in connection with such litigation.

 16. Post-Employment Cooperation. CEO agrees that, after his employment with Employer ends, he will cooperate, in good faith and at
Employer’s request, with Employer by making himself accessible and available to provide consultation, and truthful testimony and assistance in connection with any legal proceeding, investigation, audit, or business matter in which Employer or
any affiliated company or its or their successors, is involved and about which CEO has personal knowledge or information. The parties agree that this cooperation clause is not intended to be an unreasonable burden on CEO and they agree to work in
good faith with each other to schedule the needed assistance from CEO and to be reasonable in the requests made pursuant to this provision. Employer agrees that (i) it shall promptly reimburse CEO for his reasonable and documented out-of-pocket
expenses incurred in connection with his rendering assistance or cooperation pursuant to this Paragraph 16 and (ii) CEO shall be reasonably compensated at the rate of $250 per hour for his time, in excess of 4 hours in the aggregate, spent
providing assistance or cooperation pursuant to this Paragraph 16, to the extent allowed by law. The parties understand and agree that CEO will be entitled to no compensation for his time spent preparing for or testifying pursuant to a subpoena or
other court or agency decision or order. 
 17. Notices. Any notice required or desired to be given under this Agreement shall be deemed given
if in writing sent by certified mail to CEO’s residence in the case of CEO, or to the attention of the then-Chairman of the Board in the case of Employer. 
 18. Severability and Waiver. Should any provision of this Agreement be declared or be determined by an arbitrator or any court of competent jurisdiction to be illegal or invalid, such provision shall be deemed no longer a part
of this Agreement, but the remaining parts, terms or provisions will remain in full force and effect. The failure of any party at any time to require performance of any provision of this Agreement shall in no manner affect the right to enforce the
same. A waiver by any party of any breach of any provision of this Agreement shall not operate, or be construed as, a waiver by such party of any breach of any other provision, or as a waiver of any later breach. 
 19. Assignment. CEO acknowledges that the services to be rendered by CEO are unique and personal. Accordingly, CEO may not assign any of CEO’s rights
or delegate any of CEO’s duties or obligations under this Agreement. The rights and obligations of Employer under this Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of Employer. 
  

 13 

 20. Governing Law. This Agreement is made and entered into in the State of Missouri, and shall in all
respects be interpreted, enforced and governed under the laws of said State, without regard to the application of Missouri’s choice of law rules. The language of all parts of this Agreement shall in all cases be construed as a whole, according
to its fair meaning, and not strictly for or against any of the parties. 
 21. Arbitration. Any controversy or claim arising out of or
relating to this Agreement or the breach thereof (including, without limitation, disputes under Title VII, the ADEA, the ADA, the FMLA, and other state and federal discrimination, employment or wage laws) shall be settled by arbitration in Kansas
City, Missouri, by an arbitrator chosen by the parties. The arbitration, whether administered by a private arbitrator chosen by the parties or by the American Arbitration Association, shall be conducted in accordance with the employment dispute
rules then existing of the American Arbitration Association, and judgment upon the award rendered may be entered in any court having jurisdiction thereof. The parties shall be free to pursue any remedy before the arbitrator that they shall be
otherwise permitted to pursue in a court of competent jurisdiction. The award of the arbitrator shall be final and binding. The costs of the arbitration, including administration costs and arbitrator fees, shall be borne by the party that incurred
them. Notwithstanding this arbitration provision, the parties agree and understand that Employer is not required to submit a dispute involving CEO’s alleged breach of his obligation under Paragraphs 12-14 to arbitration and may commence an
action in a court of competent jurisdiction with respect to such claim. 
 22. Tax-Related Matters. 
 (a) Withholding. Employer may withhold from any amounts payable under this Agreement such federal, state and local taxes as may be required to be
withheld pursuant to applicable law or regulations. 
 (b) Sections 280G/4999 Golden Parachute Tax. If during or after the Term, CEO
becomes subject to the excise tax (the “Parachute Excise Tax”) imposed by Section 4999 of the Internal Revenue Code of 1986, as amended from time to time (the “Code”), the parties will handle the situation in conformity with
Section 4.5 of the CIC Plan. 
 (c) Section 409A. 
  

	 	(1)	Full Compliance. It is the intent of the parties that all compensation and benefits payable or provided to CEO (whether under this Agreement or otherwise) shall fully comply
with the requirements of Code Section 409A. The Company agrees that it will not, without CEO’s prior written consent, take any action, or refrain from taking any action, that would result in the imposition of tax, interest and/or penalties
upon CEO under Code Section 409A, and that it will hold CEO harmless if any action it takes results in the imposition of such tax, interest and/or penalties. 

  

 14 

	 	(2)	Specified Employee. Notwithstanding anything contained in this Agreement to the contrary, if CEO is a “specified employee” (determined in accordance with Code
Section 409A and Treasury Regulation Section 1.409-3(i)(2)) as of the Termination Date, and if any payment, benefit or entitlement provided for in this Agreement or otherwise both (i) constitutes a “deferral of compensation”
within the meaning of Code Section 409A (“Nonqualified Deferred Compensation”) and (ii) cannot be paid or provided in a manner otherwise provided herein or otherwise without subjecting CEO to additional tax, interest and/or
penalties under Code Section 409A, then any such payment, benefit or entitlement that is payable during the first 6 months following the Termination Date shall be paid or provided to CEO in a lump sum cash payment to be made on the earlier of
(x) CEO’s death or (y) the first business day of the seventh calendar month immediately following the month in which the Termination Date occurs. 

  

	 	(3)	Expense Reimbursements. Notwithstanding anything contained in this Agreement to the contrary, except to the extent any reimbursement, payment or entitlement does not qualify
as Nonqualified Deferred Compensation, (i) the amount of expenses eligible for reimbursement or the provision of any in-kind benefit (as defined in Section 409A) to CEO during any calendar year will not affect the amount of expenses
eligible for reimbursement or provided as in-kind benefits to CEO in any other calendar year, (ii) the reimbursements for expenses for which CEO is entitled shall be made on or before the last day of the calendar year following the calendar
year in which the applicable expense is incurred and (iii) the right to payment or reimbursement or in-kind benefits may not be liquidated or exchanged for any other benefit. 

  

	 	(4)	Reimbursement of Expenses in Connection with a Separation from Service. Notwithstanding anything contained in this Agreement to the contrary, any payment or benefit under
Paragraph 9 or otherwise due to a “separation from service” (as such term is described in Code Section 409A and the Treasury Regulations) that is exempt from Code Section 409A pursuant to Treasury Regulation
Section 1.409A-1(b)(9)(v) shall be paid or provided to CEO only to the extent the expenses are not incurred or the benefits are not provided beyond the last day of the second taxable year of CEO following the taxable year of CEO in which the
separation from service occurs; provided, however that Employer reimburses such expenses no later than the last day of the third taxable year following the taxable year of CEO in which the separation from service occurs. 

  

 15 

	 	(5)	Involuntary Separation due to Good Reason. Notwithstanding anything contained in this Agreement to the contrary, CEO may only terminate his employment for Good Reason in
accordance with Paragraph 10 only if such termination of employment complies with Treasury Regulation Section 1.409A-1(n) (2). It is the intent of the Parties that the definition of Good Reason and the separation-from-service procedures
specified in Paragraph 10 fully comply with Treasury Regulation Section 1.409A-1(n) (2). 

  

	 	(6)	Tax Gross-Ups. Notwithstanding anything contained in this Agreement to the contrary, all tax gross-ups provided in connection with any payment made pursuant to this Agreement
shall be paid by the end of CEO’s taxable year next following CEO’s taxable year in which CEO (or Employer on his behalf) remits the related taxes, and which shall otherwise fully complies with Treasury Regulation Section 1.409A-3(i)
(1) (v). 

  

	 	(7)	Dispute Resolution Payments. Provided that if such costs are not reimbursed in connection with a dispute exempt from Section 409A pursuant to Treasury Regulation
Section 1.409A-1(b)(11), then such payment shall be made by Employer to CEO in the year following the year in which the dispute is resolved. 

 (d) Section 83. It is the intent of the parties that all LTI compensation that is equity-based incentive compensation be taxed under Code Section 83. CEO may – but is not obligated to – make
an election under Code Section 83(b) within 30 days of the date of grant of any equity-based Full-Value Award. 
 23. CEO’s Legal Costs.
Employer agrees to reimburse CEO for the reasonable costs and expenses, including attorneys’ fees and other outside advisor fees, which he incurs in the negotiation of this Agreement, prior to its execution. CEO shall provide Employer with
appropriate documentation evidencing these costs. 
 24. Entire Agreement. This Agreement contains the entire understanding of the parties.
Except as expressly provided herein, it may be changed only by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification, extension or discharge is sought. 
 25. Controlling Document. If any provision of any agreement, plan, program, policy or arrangement of Employer conflicts with any provision of this
Agreement, the provision of this Agreement shall control and prevail. 
 26. Headings. The headings of the paragraphs contained in this
Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any provision of this Agreement. 
  

 16 

 27. Counterparts. This Agreement may be executed in two or more counterparts, and such counterparts shall
constitute one and the same instrument. Signatures delivered by facsimile shall be deemed effective for all purposes to the extent permitted under applicable law. 
  

									
	FCSTONE GROUP, INC.	 		 	CEO
					
	By:	 	 /s/ Bruce Krehbiel
	 		 	By:	 	 /s/ Paul G. Anderson

		 	Chairman	 		 		 	Paul G Anderson
					
	Date:	 	6-26-08	 		 	Date:	 	7-10-08
					
	By:	 	 /s/ David Bolte
	 		 		 	
		 	Secretary	 		 		 	
					
	Date:	 	6-26-08	 		 		 	

  

 17

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00144-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00144-of-00352.parquet"}]]