Document:

Exhibit

Exhibit 10.47

ALIMERA SCIENCES, INC. 
2010 EQUITY INCENTIVE PLAN 
NOTICE OF RESTRICTED STOCK UNIT AWARD
You have been granted units representing shares of Common Stock of Alimera Sciences, Inc. (the “Company”) on the following terms:
		
	Name of Recipient:
	[Insert Name]

		
	Total Number of Units Granted:
	[Insert Number]

		
	Date of Grant:
	[Date of Grant]

		
	Vesting Schedule:
	100% of the units subject to this award will vest on [Insert Vesting Date]

You and the Company agree that these units are granted under and governed by the terms and conditions of the Alimera Sciences, Inc. 2010 Equity Incentive Plan (the “Plan”) and the Restricted Stock Unit Award Agreement, both of which are attached to and made a part of this document.
You further agree that the Company may deliver and you shall accept by email all documents relating to the Plan or this award (including, without limitation, prospectuses required by the Securities and Exchange Commission) and all other documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy statements).  You also agree that the Company may deliver these documents by posting them on a website maintained by the Company or by a third party under contract with the Company.  If the Company posts these documents on a website, you will be notified by email.  You acknowledge that you may incur costs in connection with electronic delivery, including the cost of accessing the internet and printing fees, and that an interruption of internet access may interfere with your ability to access the documents.  This consent will remain in effect until you give the Company written notice that it should deliver paper documents.
You further agree to comply with the Company’s Securities Trading Policy when selling shares of the Company’s Common Stock.

RECIPIENT:        ALIMERA SCIENCES, INC.

By:     
[Insert Name]
Name:     

Title:    

ALIMERA SCIENCES, INC. 
2010 EQUITY INCENTIVE PLAN
RESTRICTED STOCK UNIT AWARD AGREEMENT
	
		
	Payment for Units
	No payment is required for the units that you are receiving.

	Vesting
	The units vest as shown in the Notice of Stock Unit Award.  No additional units vest after your Service has terminated for any reason.

	Forfeiture
	If your Service terminates for any reason, then your units will be forfeited to the extent that they have not vested before the termination date.  This means that any units that have not vested under this Agreement will be cancelled immediately.  You receive no payment for units that are forfeited.
The Company determines when your Service terminates for this purpose.

	Settlement of Units
	Each unit will be settled on the Vesting Date, or the next Trading Day (as defined below) if the Vesting Date is not a Trading Day.  However, each unit must be settled no later than the March 15th of the calendar year following the calendar year in which it vests.  
At the time of settlement, you will receive one share of the Company’s Common Stock for each vested unit.  

	“Permissible Trading Day”
	“Permissible Trading Day” means a day that satisfies each of the following requirements:
•   The Nasdaq Global Market is open for trading on that day;
•   You are permitted to sell shares of the Company’s Common Stock on that day without incurring liability under Section 16(b) of the Securities Exchange Act of 1934, as amended;
•   Either (a) you are not in possession of material non-public information that would make it illegal for you to sell shares of the Company’s Common Stock on that day under Rule 10b-5 of the Securities and Exchange Commission or (b) Rule 10b5 1 of the Securities and Exchange Commission is applicable;
•   Under the Company’s Securities Trading Policy, you are permitted to sell shares of the Company’s Common Stock on that day; and
•   You are not prohibited from selling shares of the Company’s Common Stock on that day by a written agreement between you and the Company or a third party.

    

	
		
	Section 409A
	This paragraph applies only if the Company determines that you are a “specified employee,” as defined in the regulations under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), at the time of your “separation from service,” as defined in those regulations.  If this paragraph applies, then any units that otherwise would have been settled during the first six months following your separation from service will instead be settled during the seventh month following your separation from service, unless the settlement of those units is exempt from Section 409A of the Code.

	Nature of Units
	Your units are mere bookkeeping entries.  They represent only the Company’s unfunded and unsecured promise to issue shares of Common Stock on a future date.  As a holder of units, you have no rights other than the rights of a general creditor of the Company.

	No Voting Rights or Dividends
	Your units carry neither voting rights nor rights to cash dividends.  You have no rights as a stockholder of the Company unless and until your units are settled by issuing shares of the Company’s Common Stock.

	Units Nontransferable
	You may not sell, transfer, assign, pledge or otherwise dispose of any units.  For instance, you may not use your units as security for a loan.

	
		
	Withholding Taxes
	Unless you elect prior to March 31, 2017, which election must be made on a Permissible Trading Day, to satisfy Withholding Taxes through any of the following means or by a combination of such means: (i) withholding from any compensation otherwise payable to you by the Company or an Affiliate; or (ii)  tendering a cash payment to the Company (which may be in the form of a check, electronic wire transfer or other method permitted by the Company), then to the greatest extent permitted under the Plan and applicable law, applicable Withholding Taxes will be satisfied through the mandatory sale of a number of the shares subject to the Award and the remittance of the cash proceeds of such sale to the Company, pursuant to a “same day sale.”  You authorize the Company to make payment from the cash proceeds of this sale directly to the appropriate taxing authorities in an amount equal to the Withholding Taxes.  It is the Company’s intent that the mandatory sale to cover Withholding Taxes imposed by the Company on the Participant in connection with the receipt of this Award comply with the requirements of Rule 10b5-1(c)(1)(i)(B) under the Exchange Act and be interpreted to comply with the requirements of Rule 10b5-1(c).
If, for any reason, such “same day sale” commitment does not result in sufficient proceeds to satisfy the Withholding Taxes, the Company or an Affiliate may, in its sole discretion, satisfy all or any portion of the Withholding Taxes relating to your Award by any of the following means or by a combination of such means: (i) withholding from any compensation otherwise payable to you by the Company or an Affiliate; or (ii) causing you to tender a cash payment (which may be in the form of a check, electronic wire transfer or other method permitted by the Company).  Unless the tax withholding obligations of the Company and/or any Affiliate are satisfied, the Company shall have no obligation to deliver to you any Common Stock.  Withholding Taxes shall be equal to the Company’s required tax withholding obligations using the minimum statutory withholding rates for federal, state, local and foreign tax purposes, including payroll taxes, that are applicable to supplemental taxable income. 

	Restrictions on Resale
	You agree not to sell any shares at a time when applicable laws, Company policies or an agreement between the Company and its underwriters prohibit a sale.  This restriction will apply as long as your Service continues and for such period of time after the termination of your Service as the Company may specify.

	Employment at Will
	Your award or this Agreement does not give you the right to be retained by the Company or a subsidiary of the Company in any capacity.  The Company and its subsidiaries reserve the right to terminate your Service at any time, with or without cause.

	Adjustments
	In the event of a stock split, a stock dividend or a similar change in Company stock, the number of your units will be adjusted accordingly, as the Company may determine pursuant to the Plan.

	
		
	Beneficiary Designation
	You may dispose of your units in a written beneficiary designation.  A beneficiary designation must be filed with the Company on the proper form.  It will be recognized only if it has been received at the Company’s headquarters before your death.  If you file no beneficiary designation or if none of your designated beneficiaries survives you, then your estate will receive any vested units that you hold at the time of your death.

	Effect of Merger
	If the Company is a party to a merger, consolidation or reorganization, then your units will be subject to the applicable provision of the Plan, provided that any action taken must either (a) preserve the exemption of your units from Section 409A of the Code or (b) comply with Section 409A of the Code.

	Applicable Law
	This Agreement will be interpreted and enforced under the laws of the State of Delaware (without regard to their choice-of-law provisions).

	The Plan and Other Agreements
	The text of the Plan is incorporated in this Agreement by reference.
The Plan, this Agreement and the Notice of Restricted Stock Unit Award constitute the entire understanding between you and the Company regarding this award.  Any prior agreements, commitments or negotiations concerning this award are superseded.  This Agreement may be amended only by another written agreement between the parties.

BY SIGNING THE COVER SHEET OF THIS AGREEMENT, YOU AGREE TO ALL OF THE 
TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN.

ALIMERA SCIENCES, INC. 
2010 EQUITY INCENTIVE PLAN 
NOTICE OF RESTRICTED STOCK UNIT AWARD
You have been granted units representing shares of Common Stock of Alimera Sciences, Inc. (the “Company”) on the following terms:
		
	Name of Recipient:
	[Insert Name]

		
	Total Number of Units Granted:
	[Insert Number]

		
	Date of Grant:
	[Date of Grant]

		
	Vesting Schedule:
	100% of the units subject to this award will vest on [Insert Vesting Date]

You and the Company agree that these units are granted under and governed by the terms and conditions of the Alimera Sciences, Inc. 2010 Equity Incentive Plan (the “Plan”) and the Restricted Stock Unit Award Agreement, both of which are attached to and made a part of this document.
You further agree that the Company may deliver and you shall accept by email all documents relating to the Plan or this award (including, without limitation, prospectuses required by the Securities and Exchange Commission) and all other documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy statements).  You also agree that the Company may deliver these documents by posting them on a website maintained by the Company or by a third party under contract with the Company.  If the Company posts these documents on a website, you will be notified by email.  You acknowledge that you may incur costs in connection with electronic delivery, including the cost of accessing the internet and printing fees, and that an interruption of internet access may interfere with your ability to access the documents.  This consent will remain in effect until you give the Company written notice that it should deliver paper documents.
You further agree to comply with the Company’s Securities Trading Policy when selling shares of the Company’s Common Stock.

RECIPIENT:        ALIMERA SCIENCES, INC.

By:     
[Insert Name]
Name:     

Title:    

ALIMERA SCIENCES, INC. 
2010 EQUITY INCENTIVE PLAN
RESTRICTED STOCK UNIT AWARD AGREEMENT
	
		
	Payment for Units
	No payment is required for the units that you are receiving.

	Vesting
	The units vest as shown in the Notice of Stock Unit Award.  No additional units vest after your Service has terminated for any reason.

	Forfeiture
	If your Service terminates for any reason, then your units will be forfeited to the extent that they have not vested before the termination date.  This means that any units that have not vested under this Agreement will be cancelled immediately.  You receive no payment for units that are forfeited.
The Company determines when your Service terminates for this purpose.

	Settlement of Units
	Each unit will be settled on the first Permissible Trading Day that occurs on or after the day when the units vest.  However, each unit must be settled no later than the March 15th of the calendar year following the calendar year in which it vests.  
At the time of settlement, you will receive one share of the Company’s Common Stock for each vested unit.  

	“Permissible Trading Day”
	“Permissible Trading Day” means a day that satisfies each of the following requirements:
•   The Nasdaq Global Market is open for trading on that day;
•   You are permitted to sell shares of the Company’s Common Stock on that day without incurring liability under Section 16(b) of the Securities Exchange Act of 1934, as amended;
•   Either (a) you are not in possession of material non-public information that would make it illegal for you to sell shares of the Company’s Common Stock on that day under Rule 10b-5 of the Securities and Exchange Commission or (b) Rule 10b5 1 of the Securities and Exchange Commission is applicable;
•   Under the Company’s Securities Trading Policy, you are permitted to sell shares of the Company’s Common Stock on that day; and
•   You are not prohibited from selling shares of the Company’s Common Stock on that day by a written agreement between you and the Company or a third party.

    

	
		
	Section 409A
	This paragraph applies only if the Company determines that you are a “specified employee,” as defined in the regulations under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), at the time of your “separation from service,” as defined in those regulations.  If this paragraph applies, then any units that otherwise would have been settled during the first six months following your separation from service will instead be settled during the seventh month following your separation from service, unless the settlement of those units is exempt from Section 409A of the Code.

	Nature of Units
	Your units are mere bookkeeping entries. They represent only the Company’s unfunded and unsecured promise to issue shares of Common Stock on a future date. As a holder of units, you have no rights other than the rights of a general creditor of the Company.

	No Voting Rights or Dividends
	Your units carry neither voting rights nor rights to cash dividends.  You have no rights as a stockholder of the Company unless and until your units are settled by issuing shares of the Company’s Common Stock.

	Units Nontransferable
	The units are non-tradable. You may not sell, transfer, assign, pledge or otherwise dispose of any units. For instance, you may not use your units as security for a loan.

	
		
	Withholding Taxes
	Unless you elect prior to March 31, 2017, which election must be made on a Permissible Trading Day, to satisfy Withholding Taxes through any of the following means or by a combination of such means: (i) withholding from any compensation otherwise payable to you by the Company, a Subsidiary or an Affiliate; or (ii)  tendering a cash payment to the Company, a Subsidiary or the Affiliate (which may be in the form of a check, electronic wire transfer or other method permitted by the Company), then to the greatest extent permitted under the Plan and applicable law, applicable Withholding Taxes will be satisfied through the mandatory sale of a number of the shares subject to the Award and the remittance of the cash proceeds of such sale to the Company, pursuant to a “same day sale” also known as a "exercise-and-sell-version". You authorize the Company, a Subsidiary or an Affiliate to make payment from the cash proceeds of this sale directly to the appropriate taxing authorities in an amount equal to the Withholding Taxes.  It is the Company’s intent that the mandatory sale to cover Withholding Taxes imposed by the Company on the Participant in connection with the receipt of this Award comply with the requirements of Rule 10b5-1(c)(1)(i)(B) under the Exchange Act and be interpreted to comply with the requirements of Rule 10b5-1(c).
If, for any reason, such “same day sale” commitment does not result in sufficient proceeds to satisfy the Withholding Taxes, the Company, a Subsidiary or an Affiliate may, in its sole discretion, satisfy all or any portion of the Withholding Taxes relating to your Award by any of the following means or by a combination of such means: (i) withholding from any compensation otherwise payable to you by the Company, a Subsidiary or an Affiliate; or (ii) causing you to tender a cash payment (which may be in the form of a check, electronic wire transfer or other method permitted by the Company).  Unless the tax withholding obligations of the Company and/or any Subsidiary or Affiliate are satisfied, the Company shall have no obligation to deliver to you any Common Stock.  Withholding Taxes shall be equal to the Company’s or its Subsidiary's or Affiliate's required tax withholding obligations using the minimum statutory withholding rates for federal, state, local and foreign tax purposes, including payroll taxes, that are applicable to supplemental taxable income. 

	Restrictions on Resale
	You agree not to sell any shares at a time when applicable laws, Company policies or an agreement between the Company and its underwriters prohibit a sale.  This restriction will apply as long as your Service continues and for such period of time after the termination of your Service as the Company may specify.

	Employment at Will
	Your award or this Agreement does not give you the right to be retained by the Company or an Affiliate or a Subsidiary in any capacity.  The Company and its Affiliates or Subsidiaries reserve the right to terminate your Service at any time, with or without cause.

	Adjustments
	In the event of a stock split, a stock dividend or a similar change in Company stock, the number of your units will be adjusted accordingly, as the Company may determine pursuant to the Plan.

	
		
	Beneficiary Designation
	You may dispose of your units in a written beneficiary designation.  A beneficiary designation must be filed with the Company on the proper form.  It will be recognized only if it has been received at the Company’s headquarters before your death.  If you file no beneficiary designation or if none of your designated beneficiaries survives you, then your estate will receive any vested units that you hold at the time of your death.

	Effect of Merger
	If the Company is a party to a merger, consolidation or reorganization, then your units will be subject to the applicable provision of the Plan, provided that any action taken must either (a) preserve the exemption of your units from Section 409A of the Code or (b) comply with Section 409A of the Code.

	Applicable Law
	This Agreement will be interpreted and enforced under the laws of the State of Delaware (without regard to their choice-of-law provisions).

	The Plan and Other Agreements
	The text of the Plan is incorporated in this Agreement by reference.
The Plan, this Agreement and the Notice of Restricted Stock Unit Award constitute the entire understanding between you and the Company regarding this award.  Any prior agreements, commitments or negotiations concerning this award are superseded.  This Agreement may be amended only by another written agreement between the parties.

BY SIGNING THE COVER SHEET OF THIS AGREEMENT, YOU AGREE TO ALL OF THE 
TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN.

ALIMERA SCIENCES, INC. 
2010 EQUITY INCENTIVE PLAN 
NOTICE OF RESTRICTED STOCK UNIT AWARD
You have been granted units representing shares of Common Stock of Alimera Sciences, Inc. (the “Company”) on the following terms:
		
	Name of Recipient:
	[Insert Name]

		
	Total Number of Units Granted:
	[Insert Number]

		
	Date of Grant:
	[Date of Grant]

		
	Vesting Schedule:
	100% of the units subject to this award will vest on [Insert Vesting Date]

You and the Company agree that these units are granted under and governed by the terms and conditions of the Alimera Sciences, Inc. 2010 Equity Incentive Plan (the “Plan”) and the Restricted Stock Unit Award Agreement, both of which are attached to and made a part of this document.
You further agree that the Company may deliver and you shall accept by email all documents relating to the Plan or this award (including, without limitation, prospectuses required by the Securities and Exchange Commission) and all other documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy statements).  You also agree that the Company may deliver these documents by posting them on a website maintained by the Company or by a third party under contract with the Company.  If the Company posts these documents on a website, you will be notified by email.  You acknowledge that you may incur costs in connection with electronic delivery, including the cost of accessing the internet and printing fees, and that an interruption of internet access may interfere with your ability to access the documents.  This consent will remain in effect until you give the Company written notice that it should deliver paper documents.
You further agree to comply with the Company’s Securities Trading Policy when selling shares of the Company’s Common Stock.

RECIPIENT:        ALIMERA SCIENCES, INC.

By:     
[Insert Name]
Name:     

Title:    

ALIMERA SCIENCES, INC. 
2010 EQUITY INCENTIVE PLAN
RESTRICTED STOCK UNIT AWARD AGREEMENT
	
		
	Payment for Units
	No payment is required for the units that you are receiving.

	Vesting
	The units vest as shown in the Notice of Stock Unit Award.  No additional units vest after your Service has terminated for any reason.

	Forfeiture
	If your Service terminates for any reason, then your units will be forfeited to the extent that they have not vested before the termination date.  This means that any units that have not vested under this Agreement will be cancelled immediately.  You receive no payment for units that are forfeited.
The Company determines when your Service terminates for this purpose.

	Settlement of Units
	Each unit will be settled on the Vesting Date, or the next Trading Day (as defined below) if the Vesting Date is not a Trading Day. However, each unit must be settled no later than the March 15th of the calendar year following the calendar year in which it vests.  
At the time of settlement, you will receive one share of the Company’s Common Stock for each vested unit.  

	“Permissible Trading Day”
	“Permissible Trading Day” means a day that satisfies each of the following requirements:
•   The Nasdaq Global Market is open for trading on that day;
•   You are permitted to sell shares of the Company’s Common Stock on that day without incurring liability under Section 16(b) of the Securities Exchange Act of 1934, as amended;
•   Either (a) you are not in possession of material non-public information that would make it illegal for you to sell shares of the Company’s Common Stock on that day under Rule 10b-5 of the Securities and Exchange Commission or (b) Rule 10b5 1 of the Securities and Exchange Commission is applicable;
•   Under the Company’s Securities Trading Policy, you are permitted to sell shares of the Company’s Common Stock on that day; and
•   You are not prohibited from selling shares of the Company’s Common Stock on that day by a written agreement between you and the Company or a third party.

    

	
		
	Section 409A
	This paragraph applies only if the Company determines that you are a “specified employee,” as defined in the regulations under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), at the time of your “separation from service,” as defined in those regulations.  If this paragraph applies, then any units that otherwise would have been settled during the first six months following your separation from service will instead be settled during the seventh month following your separation from service, unless the settlement of those units is exempt from Section 409A of the Code.

	Nature of Units
	Your units are mere bookkeeping entries.  They represent only the Company’s unfunded and unsecured promise to issue shares of Common Stock on a future date.  As a holder of units, you have no rights other than the rights of a general creditor of the Company.

	No Voting Rights or Dividends
	Your units carry neither voting rights nor rights to cash dividends.  You have no rights as a stockholder of the Company unless and until your units are settled by issuing shares of the Company’s Common Stock.

	Units Nontransferable
	You may not sell, transfer, assign, pledge or otherwise dispose of any units.  For instance, you may not use your units as security for a loan.

	Withholding Taxes
	Presently, there is no withholding tax in relation to your Award, since benefits in kind, although taxable, are excluded from the scope of withholding tax obligations, pursuant to the Portuguese tax legislation in force.
If the Portuguese legislation is altered in the future, and withholding tax obligations arise in connection with the Award, the Company or an Affiliate may, in its sole discretion, satisfy all or any portion of the Withholding Taxes relating to your Award by any of the following means or by a combination of such means: (i) withholding from any compensation otherwise payable to you by the Company or an Affiliate; or (ii) causing you to tender a cash payment (which may be in the form of a check, electronic wire transfer or other method permitted by the Company).  Unless the tax withholding obligations of the Company and/or any Affiliate are satisfied, the Company shall have no obligation to deliver to you any Common Stock.  Withholding Taxes shall be equal to the Company’s required tax withholding obligations as established in the applicable law, if withholding tax becomes due in the future, over benefits in kind attributed to employees. 

	Restrictions on Resale
	You agree not to sell any shares at a time when applicable laws, Company policies or an agreement between the Company and its underwriters prohibit a sale.  This restriction will apply as long as your Service continues and for such period of time after the termination of your Service as the Company may specify.

	Employment at Will
	Your award or this Agreement does not give you the right to be retained by the Company or a subsidiary of the Company in any capacity.  The Company and its subsidiaries reserve the right to terminate your Service at any time, with or without cause.

	
		
	Adjustments
	In the event of a stock split, a stock dividend or a similar change in Company stock, the number of your units will be adjusted accordingly, as the Company may determine pursuant to the Plan.

	Beneficiary Designation
	You may dispose of your units in a written beneficiary designation.  A beneficiary designation must be filed with the Company on the proper form.  It will be recognized only if it has been received at the Company’s headquarters before your death.  If you file no beneficiary designation or if none of your designated beneficiaries survives you, then your estate will receive any vested units that you hold at the time of your death.

	Effect of Merger
	If the Company is a party to a merger, consolidation or reorganization, then your units will be subject to the applicable provision of the Plan, provided that any action taken must either (a) preserve the exemption of your units from Section 409A of the Code or (b) comply with Section 409A of the Code.

	Applicable Law
	This Agreement will be interpreted and enforced under the laws of the State of Delaware (without regard to their choice-of-law provisions).

	The Plan and Other Agreements
	The text of the Plan is incorporated in this Agreement by reference.
The Plan, this Agreement and the Notice of Restricted Stock Unit Award constitute the entire understanding between you and the Company regarding this award.  Any prior agreements, commitments or negotiations concerning this award are superseded.  This Agreement may be amended only by another written agreement between the parties.

BY SIGNING THE COVER SHEET OF THIS AGREEMENT, YOU AGREE TO ALL OF THE 
TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN.

THE UK SUB-PLAN TO THE 
ALIMERA SCIENCES, INC. 
2010 EQUITY INCENTIVE PLAN 
NOTICE OF RESTRICTED STOCK UNIT AWARD
You have been granted units representing shares of Common Stock of Alimera Sciences, Inc. (the “Company”) on the following terms:
Name of Recipient:                                                     [Insert Name]
		
	Total Number of Units Granted:
	                        [Insert Number]

		
	Date of Grant:
	                        [Date of Grant]

		
	Vesting Schedule:
	100% of the units subject to this award will vest on [Insert Vesting Date]

You and the Company agree that these units are granted under and governed by the terms and conditions of the UK Sub-Plan to the Alimera Sciences, Inc. 2010 Equity Incentive Plan (the “Plan”) and the Restricted Stock Unit Award Agreement (the "Agreement"), both of which are attached to and made a part of this document.
You further agree that the Company may deliver and you shall accept by email all documents relating to the Plan or this award (including, without limitation, prospectuses required by the Securities and Exchange Commission, the Joint Election and the Section 431 Election) and all other documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy statements).  You also agree that the Company may deliver these documents by posting them on a website maintained by the Company or by a third party under contract with the Company.  If the Company posts these documents on a website, you will be notified by email.  You acknowledge that you may incur costs in connection with electronic delivery, including the cost of accessing the internet and printing fees, and that an interruption of internet access may interfere with your ability to access the documents.  This consent will remain in effect until you give the Company written notice that it should deliver paper documents.
You further agree to comply with the Company’s Securities Trading Policy when selling shares of the Company’s Common Stock.

RECIPIENT:        ALIMERA SCIENCES, INC.

By:     
[Insert Name]
Name:     

Title:    

UK SUB-PLAN TO THE 
ALIMERA SCIENCES, INC. 
2010 EQUITY INCENTIVE PLAN
RESTRICTED STOCK UNIT AWARD AGREEMENT
	
		
	Payment for Units
	No payment is required for the units that you are receiving.

	Vesting
	The units vest as shown in the Notice of Stock Unit Award.  No additional units vest after your Service has terminated for any reason.

	Forfeiture
	If your Service terminates for any reason, then your units will be forfeited to the extent that they have not vested before the termination date.  This means that any units that have not vested under this Agreement will be cancelled immediately.  You receive no payment for units that are forfeited.
The Company determines when your Service terminates for this purpose.

	Settlement of Units
	Each unit will be settled on the Vesting Date, or the next Trading Day (as defined below) if the Vesting Date is not a Trading Day.  However, each unit must be settled no later than the March 15th of the calendar year following the calendar year in which it vests.  
At the time of settlement, you will receive one share of the Company’s Common Stock for each vested unit.  

	“Permissible Trading Day”
	“Permissible Trading Day” means a day that satisfies each of the following requirements:
•   The Nasdaq Global Market is open for trading on that day;
•   You are permitted to sell shares of the Company’s Common Stock on that day without incurring liability under Section 16(b) of the Securities Exchange Act of 1934, as amended;
•   Either (a) you are not in possession of material non-public information that would make it illegal for you to sell shares of the Company’s Common Stock on that day under Rule 10b-5 of the Securities and Exchange Commission or (b) Rule 10b5 1 of the Securities and Exchange Commission is applicable;
•   Under the Company’s Securities Trading Policy, you are permitted to sell shares of the Company’s Common Stock on that day; and
•   You are not prohibited from selling shares of the Company’s Common Stock on that day by a written agreement between you and the Company or a third party.

	
		
	Section 409A
	This paragraph applies only if the Company determines that you are a “specified employee,” as defined in the regulations under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), at the time of your “separation from service,” as defined in those regulations.  If this paragraph applies, then any units that otherwise would have been settled during the first six months following your separation from service will instead be settled during the seventh month following your separation from service, unless the settlement of those units is exempt from Section 409A of the Code.

	Nature of Units
	Your units are mere bookkeeping entries.  They represent only the Company’s unfunded and unsecured promise to issue shares of Common Stock on a future date.  As a holder of units, you have no rights other than the rights of a general creditor of the Company.

	No Voting Rights or Dividends
	Your units carry neither voting rights nor rights to cash dividends.  You have no rights as a stockholder of the Company unless and until your units are settled by issuing shares of the Company’s Common Stock.

	Units Nontransferable
	You may not sell, transfer, assign, pledge or otherwise dispose of any units.  For instance, you may not use your units as security for a loan.

	Tax Obligations
	(a)    Withholding of Taxes.  In the event that the Company or any Subsidiary determines that it is required to account to HM Revenue & Customs for any Award Tax Liability or Secondary NIC Liability arising from the grant, vesting, release, cancellation or any other disposal of this Award or arising out of the acquisition, retention and disposal of the Common Stock acquired pursuant to this Award, you, as a condition to the issue of units in connection with the vesting of an Award, or on the grant, release or cancellation of an Award, shall make such arrangements satisfactory to the Company to enable it or any Subsidiary to satisfy any requirement to account for any Award Tax Liability (and any Secondary NIC Liability) that may arise in connection with the Award or the issue of Common Stock pursuant to it including, but not limited to, arrangements satisfactory to the Company for withholding shares that would otherwise be issued.
(b)    Section 431 election.  As a further condition of the vesting of the Award you shall have signed a Section 431 Election in the form set out in Attachment A or in such other form as may be determined by HM Revenue & Customs from time to time.

	
		
	 
	(c)    Secondary NIC Liability.  As a further condition of the vesting of the Award you shall join with the Company and any other company who is or becomes a Secondary Contributor in making a Joint Election which has been approved by HM Revenue & Customs, for the transfer of the whole of any Secondary NIC Liability.

	 
	(d)    Your Tax Indemnity. 
(i)    Indemnity. To the extent permitted by law, you hereby agree to indemnify and keep indemnified the Company, and the Company as trustee for and on behalf of any related corporation, for any Award Tax Liability and Secondary NIC Liability. 

	 
	(ii)   No Obligation to Issue Shares.  The Company shall not be obliged to allot or deliver any Common Stock or any interest in Common Stock pursuant to this Agreement unless and until you have paid to the Company such sum as is, in the opinion of the Company, sufficient to indemnify the Company in full against the Award Tax Liability and the Secondary NIC Liability, or you have made such other arrangement as in the opinion of the Company will ensure that the full amount of any Award Tax Liability and any Secondary NIC Liability will be recovered from you within such period as the Company may then determine.

	 
	(iii)    Right of Retention. In the absence of any such other arrangement being made, the Company shall have the right to retain out of the aggregate number of shares to which the you would have otherwise been entitled under this Agreement,  such number of shares as, in the opinion of the Company, will enable the Company to sell as agent for you (at the best price which can reasonably expect to be obtained at the time of the sale) and to pay over to the Company sufficient monies out of the net proceeds of sale, after deduction of all fees, commissions and expenses incurred in relation to such sale, to satisfy your liability under such indemnity.

	
		
	Data Protection
	By entering into this Agreement, and as a condition of the grant of the units, you consent to the collection, use, and transfer of personal data, including but not limited to, name, home address and telephone number, date of birth, social insurance number, salary, nationality, job title, any stock, units or directorships held in the Company or any Subsidiary, details of all Restricted Share Units, options or other entitlement to Common Stock awarded, cancelled, exercised, vested, unvested, or outstanding in your favour (“Data”) to the full extent permitted by and in full compliance with applicable laws. 
You understand that the Company and its Subsidiaries hold Data about you for the purpose of managing and administering the Plan.  
You further understand that the Company and/or its Subsidiaries will transfer Data among themselves as necessary for the purposes of implementation, administration, and management of your participation in the Plan, and that the Company and/or its Subsidiary may each further transfer Data to any Data Recipients.
You understand that these Data Recipients may be located in your country of residence or elsewhere, such as the United States. You authorize the Data Recipients to receive, possess, use, retain, and transfer Data in electronic or other form, for the purposes of implementing, administering, and managing your participation in the Plan, including any transfer of such Data, as may be required for the administration of the Plan and/or the subsequent holding of Shares on your behalf, to a broker or third party with whom the Shares acquired on exercise may be deposited. Where the transfer is to be to a destination outside the European Economic Area, the Company shall take reasonable steps to ensure that your Data continues to be adequately protected and securely held.  
You understand that you may, at any time, review the Data, request that any necessary amendments be made to it, or withdraw your consent herein in writing by contacting the Company. You further understand that withdrawing consent may affect your ability to participate in the Plan.

	Additional terms
	You have no right to compensation or damages for any loss in respect of the Award where such loss arises (or is claimed to arise), in whole or in part, from the termination of your employment; or notice to terminate employment given by or to you. This exclusion of liability shall apply however termination of employment, or the giving of notice, is caused other than in a case where a competent tribunal or court, from which there can be no appeal (or which the relevant employing company has decided not to appeal), has found that the cessation of your employment amounted to unfair or constructive dismissal of you and however compensation or damages may be claimed. 

	
		
	 
	You have no right to compensation or damages for any loss in respect of the Award where such loss arises (or is claimed to arise), in whole or in part, from any company ceasing to be a Subsidiary of the Company; or the transfer of any business from a Subsidiary of the Company to any person which is not a Subsidiary of the Company. This exclusion of liability shall apply however the change of status of the relevant company, or the transfer of the relevant business, and however compensation or damages may be claimed.

	Restrictions on Resale
	You agree not to sell any shares at a time when applicable laws, Company policies or an agreement between the Company and its underwriters prohibit a sale.  This restriction will apply as long as your Service continues and for such period of time after the termination of your Service as the Company may specify.

	Adjustments
	In the event of a stock split, a stock dividend or a similar change in Company stock, the number of your units will be adjusted accordingly, as the Company may determine pursuant to the Plan.

	Effect of Merger
	If the Company is a party to a merger, consolidation or reorganization, then your units will be subject to the applicable provision of the Plan, provided that any action taken must either (a) preserve the exemption of your units from Section 409A of the Code or (b) comply with Section 409A of the Code.

	Applicable Law
	This Agreement will be interpreted and enforced under the laws of the State of Delaware (without regard to their choice-of-law provisions). The Joint Election and the Section 431 Election are governed by the laws of England and Wales.

	The Plan and Other Agreements
	The text of the Plan is incorporated in this Agreement by reference.
The Plan, this Agreement, the Notice of Restricted Stock Unit Award, the Joint Election and the Section 431 Election constitute the entire understanding between you and the Company regarding this award.  Any prior agreements, commitments or negotiations concerning this award are superseded.  This Agreement may be amended only by another written agreement between the parties.

	Definitions
	The definitions contained in the Plan are hereby incorporated into this Agreement unless otherwise defined herein.

BY SIGNING THE COVER SHEET OF THIS AGREEMENT, YOU AGREE TO ALL OF THE 
TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN.

ATTACHMENT A 
SECTION 431 ELECTIONExhibit

EXECUTION VERSION
Joinder Agreement
THIS JOINDER AGREEMENT (this “Joinder Agreement”), dated as of November 20, 2015, is among CATCHMARK SOUTHERN HOLDINGS II GP, LLC, a Delaware limited liability company (“Southern Holdings GP”), CATCHMARK SOUTHERN TIMBERLANDS II, L.P., a Delaware limited partnership (“Southern Timberlands LP”), CATCHMARK SOUTH CAROLINA TIMBERLANDS, LLC, a South Carolina limited liability company (“South Carolina LLC”; together with Southern Holdings GP and Southern Timberlands LP, each a “New Subsidiary” and collectively, the “New Subsidiaries”), CATCHMARK TIMBER OPERATING PARTNERSHIP, L.P. (the “Borrower”), each of the other Loan Parties party hereto, and COBANK, ACB, as the Administrative Agent (the “Administrative Agent”) under that certain Fourth Amended and Restated Credit Agreement, dated as of December 23, 2014, among the Borrower, the other Loan Parties party thereto from time to time as Guarantors, the Administrative Agent, and the lenders party thereto from time to time (“Lenders”) (as amended, modified, extended or restated from time to time, the “Credit Agreement”). All capitalized terms used herein and not otherwise defined shall have the meanings provided in the Credit Agreement.
The Borrower is required by Subsection 7.1.9 of the Credit Agreement to cause each New Subsidiary to become a party to this Joinder Agreement.  Each New Subsidiary will obtain benefits as a result of the continued extension of credit to the Borrower under the Credit Agreement, which benefits are hereby acknowledged, and, accordingly, desires to execute and deliver this Joinder Agreement.  Therefore, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and to induce Lenders to continue to extend credit to the Borrower under the Credit Agreement, each of the New Subsidiaries, the Borrower, the other Loan Parties and the Administrative Agent, for the benefit of itself and the other Lender Parties, hereby acknowledges, agrees and confirms as follows:
1.Joinder.  Each New Subsidiary hereby agrees that effective on the date hereof it hereby is and shall be deemed to be, and assumes the obligations of, a “Loan Party,” “Subsidiary Guarantor” and “Guarantor” jointly and severally under and as defined in the Credit Agreement, an “Additional Grantor” and a “Grantor” jointly and severally under and as defined in each of the Security Agreement and the Pledge Agreement (collectively, the “Security Documents”), and a “Loan Party” jointly and severally under and as defined in each other Loan Document; and, as such, each New Subsidiary hereby agrees that from the date hereof and until payment in full in cash of all Obligations and the performance of all other obligations of each of the Loan Parties under the Loan Documents, such New Subsidiary shall perform, comply with, and be subject to and bound by each of the terms and provisions of the Credit Agreement, each of the Security Documents and each of the other Loan Documents jointly and severally with the other Loan Parties, Additional Grantors, and Grantors party thereto (including, for the avoidance of doubt, each of the other New Subsidiaries), as if such New Subsidiary was an original party thereto.  Without limiting the generality of the foregoing, each New Subsidiary hereby represents and warrants that (i) each of the representations and warranties set forth in Article VI of the Credit Agreement, as modified by Schedule C hereto, applicable to such New Subsidiary as a Loan Party or a Subsidiary of a Loan Party is true and correct on and as of the date hereof, (ii) each of the representations and warranties set forth in Article III of the Security Agreement, as modified by Schedule D-1 hereto, applicable to such New Subsidiary as an Additional Grantor, Grantor or Loan Party is true and correct on and as of the date hereof, (iii) each of the representations and warranties set forth in Article III of the Pledge Agreement, as modified by Schedule D-2 hereto, applicable to such New Subsidiary as an Additional Grantor, Grantor or Loan Party is true and correct 

on and as of the date hereof and (iv) such New Subsidiary has heretofore received a true and correct copy of the Credit Agreement, each of the Security Documents and each of the other Loan Documents (including any modifications thereof or supplements or waivers thereto) in effect on the date hereof.
2.Covenants.  Each New Subsidiary covenants and agrees that, from the date hereof and until payment in full in cash of all Obligations and the performance of all other obligations of the Loan Parties under the Loan Documents, such New Subsidiary will perform and observe, and cause each of its Subsidiaries to perform and observe, all of the terms, covenants and agreements set forth in the Security Documents and the other Loan Documents that are required to be, or that any Loan Party has agreed to cause to be, performed or observed by the Loan Parties or the Subsidiaries of the Loan Parties, including, without limitation, the covenants set forth in Article VII of the Credit Agreement, the Events of Default set forth in Article VIII of the Credit Agreement and the rights of set off contained in Section 4.9 of the Credit Agreement.
3.Security Interest.  Each New Subsidiary hereby collaterally assigns, mortgages and pledges to the Administrative Agent for its benefit and for the ratable benefit of the other Lender Parties, and hereby grants to the Administrative Agent for its benefit and the ratable benefit of the other Lender Parties, as collateral for the Secured Obligations (as defined in the applicable Security Document), a pledge and assignment of, and a security interest in, all of the right, title and interest in and to such New Subsidiary’s Collateral (as defined in the applicable Security Document), whether now owned or hereafter acquired, subject to all of the terms and provisions of the applicable Security Document.
4.Amendments to Schedules.  Each of the New Subsidiaries and the other Loan Parties party hereto acknowledges and agrees that the information on the schedules to the Credit Agreement is hereby amended to provide the information shown on the attached Schedule C.  Each of the New Subsidiaries and the other Loan Parties party hereto acknowledges and agrees that the information on the schedules to the Security Agreement are hereby amended to provide the information shown on the attached Schedule D-1 and the information on the schedules to the Pledge Agreement are hereby amended to provide the information shown on the attached Schedule D-2.  By its signature hereto, the Administrative Agent hereby accepts in its sole discretion pursuant to Section 11.1(a) of the Credit Agreement such supplements and updates to the schedules of the Credit Agreement, Security Agreement and Pledge Agreement.
5.Pledged Equity Interests.  Each of the New Subsidiaries and the other Loan Parties party hereto acknowledges and confirms that the Pledged Equity Interests described in the attached Schedule D-2 are part of the Pledged Equity Interests within the meaning of the Pledge Agreement and are part of the Collateral and secure all of the Secured Obligations as provided in the Pledge Agreement. 
6.Joinder Documents.  Pursuant to Section 7.1.9(d) of the Credit Agreement, on or before the date hereof, (i) the Administrative Agent shall receive counterparts to this Joinder Agreement duly executed and delivered on behalf of each existing Loan Party, each New Subsidiary and the Administrative Agent and (ii) each New Subsidiary hereby covenants and agrees to execute and/or deliver to the Administrative Agent each of the Joinder Documents listed on Schedule A hereto in form and substance acceptable to the Administrative Agent in its sole discretion.  
7.Additional Joinder Documents.  Upon the request of the Borrower and the other Loan Parties, the Administrative hereby agrees, pursuant to its sole discretion under Section 7.1.9(d)(ii) of the Credit Agreement, to accept delivery of the Joinder Documents described on Schedule B hereto on or before December 31, 2015 (or such later date as the Administrative Agent may agree to in its sole discretion).  Each Loan Party (including each New Subsidiary) hereby jointly and severally covenants and agrees that: the Borrowers and the Loan Parties will perform, and will cause their respective Subsidiaries to perform, the obligations set forth in Schedule B.  The Loan Parties hereto hereby 

acknowledge and agree that the failure to take the actions described in the preceding sentence within the specified time period or to otherwise comply with the covenants described in the preceding sentence at all times shall constitute an Event of Default under the Credit Agreement and, among other things, shall constitute a basis for the Lenders to withhold Loans under the Credit Agreement.
8.Further Assurances.  In furtherance of the foregoing, each New Subsidiary and each other Loan Party shall execute and deliver or cause to be executed and delivered at any time and from time to time such further instruments and documents and do or cause to be done such further acts as may be reasonably necessary in the reasonable opinion of the Administrative Agent to carry out more effectively the provisions and purposes of this Joinder Agreement.
9.Representations and Warranties of Loan Parties.  In order to induce the Administrative Agent to enter into this Joinder Agreement, each Loan Party (including each New Subsidiary) hereby jointly and severally (a) represents and warrants that as of the date hereof (i) the recitals set forth above are true and correct in all material respects, (ii) each of the representations and warranties of any Loan Party or any Subsidiary of any Loan Party contained in the Credit Agreement (as modified by this Joinder Agreement) and in the other Loan Documents (as modified by this Joinder Agreement) is true and correct in all material respects as if made on such date (except, if any such representation and warranty relates to an earlier date, such representation and warranty shall be true and correct in all material respects as of such earlier date), and (iii) no Default or Event of Default has occurred and is continuing, and (b) agrees that the incorrectness in any material respect of any representation and warranty contained in this Joinder Agreement shall constitute an immediate Event of Default.
10.Additional Representations, Warranties and Covenants Regarding the New Subsidiaries.  
		
	a.
	Each of the New Subsidiaries and the other Loan Parties party hereto represents and warrants the following:

		
	i.
	Pursuant to Section 6.24.1(i) of the Credit Agreement:

		
	(A)
	the only business that Southern Holdings GP conducts or will conduct will be (1) owning and holding certain Equity Interests of Southern Timberlands LP and such other Investments as may be permitted by Section 7.2.5 of the Credit Agreement, (2) entering into the Loan Documents, (3) pledging all of the Collateral that it owns as collateral for the Loans and (4) transacting any and all lawful business under the laws of the state of its organization that is incident, necessary and appropriate to accomplish the foregoing.

		
	(B)
	the only business that Southern Timberlands LP conducts or will conduct will be (1) acquiring, owning and holding Real Property, incidental personal property related thereto and proceeds thereof, and operating and managing the Real Property including the selling and harvesting of Timber by itself and by others pursuant to Timber rights granted by Southern Timberlands LP, (2) owning and holding such Investments as may be permitted by Section 7.2.5 of the Credit Agreement, (3) entering into the Loan Documents and (4) transacting any and all lawful business under the laws of the state of its organization that is incident, necessary and appropriate to accomplish the foregoing.

		
	(C)
	the only business that South Carolina LLC conducts or will conduct will be (1) acquiring, owning and holding Real Property, incidental personal property related thereto and proceeds thereof, and operating and managing the Real Property including the selling and harvesting of Timber by itself and by others pursuant to Timber rights granted by Southern Carolina LLC, 

(2) owning and holding such Investments as may be permitted by Section 7.2.5 of the Credit Agreement, (3) entering into the Loan Documents and (4) transacting any and all lawful business under the laws of the state of its organization that is incident, necessary and appropriate to accomplish the foregoing.
		
	ii.
	Pursuant to Section 6.24.3 of the Credit Agreement, each New Subsidiary is and will be treated as a disregarded entity or pass-through entity for Federal income tax purposes, with all items of income, gain, loss and expense of each such Person being treated as though earned or incurred by CatchMark Timber (except for the 0.01% interest in the Borrower that is owned by CatchMark Holder).

		
	b.
	In accordance with Section 7.2.1 of the Credit Agreement, each of the New Subsidiaries and the other Loan Parties party hereto covenants that none of the New Subsidiaries will engage in any business activity, except those activities described in Section 9(a)(i) of this Joinder Agreement.

11.Reaffirmation.  Each of the Borrower, the New Subsidiaries and the other Loan Parties confirms that all of its obligations under the Credit Agreement, the Notes and the other Loan Documents are, and upon each New Subsidiary becoming a “Loan Party”, “Additional Grantor”, “Grantor”, “Subsidiary Guarantor” and “Guarantor” shall continue to be, in full force and effect.  The parties hereto confirm and agree that immediately upon each New Subsidiary becoming a “Loan Party” under any Loan Document, the term “Obligations”, as used in the Credit Agreement and the other Loan Documents, shall include all obligations of the New Subsidiaries under the Credit Agreement, the Notes and under each other Loan Document.
12.Counterparts.  This Joinder Agreement may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original and all of which shall constitute together one and the same agreement.  Delivery of an executed counterpart of a signature page to this Joinder Agreement by telecopy or electronic mail shall be effective as delivery of a manually executed counterpart of this Joinder Agreement.
13.Interpretation.  This Joinder Agreement shall be governed by and shall be construed and enforced in accordance with all provisions of the Credit Agreement.
14.Successors and Assigns.  This Joinder Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
15.GOVERNING LAW; WAIVER OF JURY TRIAL.  THIS JOINDER AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  EACH PERSON A PARTY HERETO KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING UNDER OR IN CONNECTION WITH THIS JOINDER AGREEMENT OR ANY AGREEMENT OR DOCUMENT ENTERED INTO IN CONNECTION HEREWITH.  

[Remainder of page intentionally left blank.]

WAIVER OF APPRAISAL RIGHTS.    The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  The Borrower specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.
IN WITNESS WHEREOF, each of the Borrower, the New Subsidiaries, the other Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the Lender Parties, has caused this Joinder to be duly executed by its authorized officer as of the day and year first above written.

BORROWER:

CATCHMARK TIMBER OPERATING PARTNERSHIP, L.P.

By:  CATCHMARK TIMBER TRUST, INC., 
  as General Partner

By:  _/S/ Brian M. Davis__________________
                      Name:  Brian M. Davis
                       Title:    Senior Vice President and Chief Financial Officer

WAIVER OF APPRAISAL RIGHTS.    The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  CATCHMARK SOUTHERN HOLDINGS II GP, LLC specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.
IN WITNESS WHEREOF, each of the Borrower, the New Subsidiaries, the other Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the Lender Parties, has caused this Joinder to be duly executed by its authorized officer as of the day and year first above written.

CATCHMARK SOUTHERN HOLDINGS II GP, LLC

By:  TIMBERLANDS II, LLC, 
  as Sole Member

By:  CATCHMARK TIMBER OPERATING                           PARTNERSHIP, L.P., as Manager

By:  CATCHMARK TIMBER TRUST, INC., 
  as General Partner

By:  _/S/ Brian M. Davis_______________
                                  Name:  Brian M. Davis
                       Title:    Senior Vice President and Chief Financial Officer

WAIVER OF APPRAISAL RIGHTS.    The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  CATCHMARK SOUTHERN TIMBERLANDS II, L.P. specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.
IN WITNESS WHEREOF, each of the Borrower, the New Subsidiaries, the other Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the Lender Parties, has caused this Joinder to be duly executed by its authorized officer as of the day and year first above written.

CATCHMARK SOUTHERN TIMBERLANDS II, L.P.

By:  CATCHMARK SOUTHERN HOLDINGS II GP,                   LLC, as General Partner
 
By:  TIMBERLANDS II, LLC, 
  as Sole Member

By:  CATCHMARK TIMBER OPERATING                           PARTNERSHIP, L.P., as Manager

By:  CATCHMARK TIMBER TRUST, INC., 
  as General Partner

By:  _/S/ Brian M. Davis_________
                                      Name:  Brian M. Davis
                       Title:    Senior Vice President and Chief Financial Officer

WAIVER OF APPRAISAL RIGHTS.    The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  CATCHMARK SOUTH CAROLINA TIMBERLANDS, LLC specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.
IN WITNESS WHEREOF, each of the Borrower, the New Subsidiaries, the other Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the Lender Parties, has caused this Joinder to be duly executed by its authorized officer as of the day and year first above written.

CATCHMARK SOUTH CAROLINA TIMBERLANDS, LLC

By:  TIMBERLANDS II, LLC, 
  as Sole Member

By:  CATCHMARK TIMBER OPERATING                           PARTNERSHIP, L.P., as Manager

By:  CATCHMARK TIMBER TRUST, INC., 
  as General Partner

By:  _/S/ Brian M. Davis_________
                                  Name:  Brian M. Davis
                       Title:    Senior Vice President and Chief Financial Officer

WAIVER OF APPRAISAL RIGHTS.    The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  CATCHMARK TRS HARVESTING OPERATIONS, LLC specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.
IN WITNESS WHEREOF, each of the Borrower, the New Subsidiaries, the other Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the Lender Parties, has caused this Joinder to be duly executed by its authorized officer as of the day and year first above written.

CATCHMARK TRS HARVESTING OPERATIONS, LLC

By:  Forest Resource Consultants, Inc., 
  as Manager

By:  _/S/ David T. Foil_________
                                        
               Name:  David T. Foil
               Title:    President

WAIVER OF APPRAISAL RIGHTS.    The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  CATCHMARK TIMBER TRUST, INC. specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.
IN WITNESS WHEREOF, each of the Borrower, the New Subsidiaries, the other Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the Lender Parties, has caused this Joinder to be duly executed by its authorized officer as of the day and year first above written.

CATCHMARK TIMBER TRUST, INC.

By:    _/S/ Brian M. Davis_________
            Name:  Brian M. Davis
             Title:    Senior Vice President and Chief Financial Officer

WAIVER OF APPRAISAL RIGHTS.    The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  TIMBERLANDS II, LLC specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.
IN WITNESS WHEREOF, each of the Borrower, the New Subsidiaries, the other Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the Lender Parties, has caused this Joinder to be duly executed by its authorized officer as of the day and year first above written.

TIMBERLANDS II, LLC

By:  CATCHMARK TIMBER OPERATING                           PARTNERSHIP, L.P., as Manager

By:  CATCHMARK TIMBER TRUST, INC., 
  as General Partner

By:  _/S/ Brian M. Davis_________
                            Name:  Brian M. Davis
                       Title:    Senior Vice President and Chief Financial Officer

WAIVER OF APPRAISAL RIGHTS.    The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  CATCHMARK TIMBER TRS, INC. specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.
IN WITNESS WHEREOF, each of the Borrower, the New Subsidiaries, the other Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the Lender Parties, has caused this Joinder to be duly executed by its authorized officer as of the day and year first above written.

CATCHMARK TIMBER TRS, INC.

By:    _/S/ Brian M. Davis_________
            Name:  Brian M. Davis
            Title:    Senior Vice President and Chief Financial Officer

WAIVER OF APPRAISAL RIGHTS.    The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  CATCHMARK HBU, LLC specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.
IN WITNESS WHEREOF, each of the Borrower, the New Subsidiaries, the other Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the Lender Parties, has caused this Joinder to be duly executed by its authorized officer as of the day and year first above written.

CATCHMARK HBU, LLC

By:  CATCHMARK TIMBER OPERATING                           PARTNERSHIP, L.P., as Manager

By:  CATCHMARK TIMBER TRUST, INC., 
  as General Partner

By:  _/S/ Brian M. Davis_________
                          Name:  Brian M. Davis
                       Title:    Senior Vice President and Chief Financial Officer

WAIVER OF APPRAISAL RIGHTS.    The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  CATCHMARK TEXAS TIMBERLANDS GP, LLC specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.
IN WITNESS WHEREOF, each of the Borrower, the New Subsidiaries, the other Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the Lender Parties, has caused this Joinder to be duly executed by its authorized officer as of the day and year first above written.

CATCHMARK TEXAS TIMBERLANDS GP, LLC

By:  TIMBERLANDS II, LLC, 
  as Member

By:  CATCHMARK TIMBER OPERATING                           PARTNERSHIP, L.P., as Manager  

By:  CATCHMARK TIMBER TRUST, INC., 
  as General Partner

By:  _/S/ Brian M. Davis_________
                              Name:  Brian M. Davis
                       Title:    Senior Vice President and Chief Financial Officer

WAIVER OF APPRAISAL RIGHTS.    The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal.  The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction.  Pursuant to Section 29-3-680 of the Code of Laws of South Carolina, THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE COLLATERAL.  CATCHMARK TEXAS TIMBERLANDS, L.P. specifically acknowledges and affirms its waiver of appraisal rights as evidenced by its signature below.
IN WITNESS WHEREOF, each of the Borrower, the New Subsidiaries, the other Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the Lender Parties, has caused this Joinder to be duly executed by its authorized officer as of the day and year first above written.

CATCHMARK TEXAS TIMBERLANDS, L.P.

By:  CATCHMARK TEXAS TIMBERLANDS GP, LLC,               as General Partner

By:  TIMBERLANDS II, LLC, 
  as Member

By:  CATCHMARK TIMBER OPERATING                           PARTNERSHIP, L.P., as Manager  

By:  CATCHMARK TIMBER TRUST, INC., 
  as General Partner

By:  _/S/ Brian M. Davis_________
                               Name:  Brian M. Davis
                       Title:    Senior Vice President and Chief Financial Officer

IN WITNESS WHEREOF, each of the Borrower, the New Subsidiaries, the other Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the Lender Parties, has caused this Joinder to be duly executed by its authorized officer as of the day and year first above written.

COBANK, ACB, as the Administrative Agent

By:     _/S/ Zachary Carpenter________                                  
 Name:  Zachary Carpenter 
 Title:    Vice President

SCHEDULE A
Joinder Documents
		
	1.
	Original certificates evidencing all of the issued and outstanding shares of capital stock and other Equity Interests of such Subsidiary pursuant to the terms of the Pledge Agreement, which certificates shall be accompanied by undated stock and other powers duly executed in blank by each relevant pledger;

		
	2.
	A duly executed amendment and joinder to Collateral Assignment of Material Agreement with respect to any Material Agreements to which it is a party, to the extent requested by the Administrative Agent;

		
	3.
	A Solvency Certificate duly executed by an Authorized Officer of such Person;

		
	4.
	A certificate of the Secretary, Assistant Secretary or Manager of such Person (upon which certificate each Lender Party may conclusively rely until it shall have received a further certificate of the Secretary, Assistant Secretary or Manager of such Person canceling or amending such prior certificate), as to:

		
	a.
	resolutions of its Board of Directors (or equivalent body) then in full force and effect authorizing the execution, delivery and performance of each Loan Document to be executed by it; 

		
	b.
	each Organizational Document of such Person; and

		
	c.
	the incumbency and signatures of each officer (including each Authorized Officer and Financial Officer) of such Person that is authorized to act with respect to each Loan Document executed by it; 

		
	5.
	Good standing certificates for each jurisdiction where the Collateral of such Person is located and each other jurisdiction where such Person is organized and authorized (or should be authorized under the Laws) to conduct business (other than the two (2) good standing certificates described on Schedule B hereto);

		
	6.
	Evidence that all required consents and approvals shall have been obtained and be in full force and effect with respect to the transactions contemplated by the Joinder Documents from (1) all relevant Governmental Authorities and (2) any other Person whose consent or approval is necessary or the Administrative Agent reasonably deems appropriate to effect such transactions; 

		
	7.
	Legal opinions, dated on or about the date of such Joinder Agreement, and addressed to the Administrative Agent and all the Lenders, from New York, the jurisdiction of formation for such Person and such other jurisdictions as the Administrative Agent may reasonably request;

		
	8.
	Evidence of the insurance coverage required to be maintained pursuant to Section 7.1.4 of the Credit Agreement, which insurance shall be satisfactory to the Administrative Agent and shall be subject to satisfactory endorsements in favor of the Administrative Agent;

All other reasonable requests of the Administrative Agent made with respect to such Person, Joinder Agreement or the transactions related thereto.

SCHEDULE B

Post-Closing Covenants

		
	1.
	Certificate of Good Standing, issued with respect to CatchMark TRS Harvesting Operations, LLC by the Secretary of State of the State of North Carolina;

		
	2.
	Certificate of Good Standing, issued with respect to CatchMark HBU, LLC by the Secretary of State of the State of Tennessee; 

		
	3.
	Any Real Property Documents or modifications to Real Property Documents requested by the Administrative Agent in its sole discretion;

		
	4.
	Evidence satisfactory to the Administrative Agent of the filing (or delivery for filing) of all necessary U.C.C. financing statements naming such Person as the debtor and the Administrative Agent as the secured party have been properly filed under the U.C.C. of all jurisdictions as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the first priority security interest of the Administrative Agent in the Collateral subject thereto; 

		
	5.
	Evidence of completion of all other actions, reasonably requested by the Administrative Agent, in order to perfect its first priority security interest in the Collateral the subject thereof; and

All other reasonable requests of the Administrative Agent made with respect to such Person, Joinder Agreement or the transactions related thereto.

SCHEDULE C

Supplements to Items of Schedule I of the Credit Agreement

Modifications evidenced by Officer’s Loan Certificates previously delivered to Lender and dated January 30, 2015, May 29, 2015, November 12, 2015 and November 20, 2015.

SCHEDULE D-1

Updated Schedules to the Security Agreement

	
				
	SCHEDULE I
to Security Agreement

	Item A.  Location of Equipment
	 
	 

	c/o CatchMark Timber Trust, Inc.
5 Concourse Parkway Northeast
Atlanta, Georgia 30328
Attn: President
	County
Fulton
	State
Georgia

	Item B.  Location of Inventory
	 
	 

	c/o CatchMark Timber Trust, Inc.
5 Concourse Parkway Northeast
Atlanta, Georgia 30328
Attn: President
	County
Fulton
	State
Georgia

	Item C.  Principal Place of Business/Chief Executive Office

	c/o CatchMark Timber Trust, Inc.
5 Concourse Parkway Northeast
Atlanta, Georgia 30328
Attn: President
	County
Fulton
	State
Georgia

	Item D.  Trade Names
	 
	 

	Grantor
	Trade Name
	 

	Timberlands II, LLC

CatchMark Timber Operating 
Partnership, L.P.

CatchMark Timber TRS, Inc.

CatchMark TRS Harvesting 
Operations, LLC

CatchMark HBU, LLC

CatchMark Texas Timberlands 
GP, LLC

CatchMark Texas Timberlands, 
L.P.

CatchMark Southern Holdings II GP, LLC

CatchMark Southern Timberlands II, L.P.

CatchMark South Carolina Timberlands, LLC
	None

None

None

None

None

None

None

None

None

None
	 

	Item E.  State of Organization and Identification Number

	Grantor
	State of Organization
	Identification Number

	Timberlands  II, LLC 
	Delaware
	4335699

	CatchMark Timber Operating Partnership,  L.P.
	Delaware
	4058366

	CatchMark Timber TRS, Inc.
	Delaware
	4089509

	
				
	CatchMark TRS Harvesting  Operations, LLC
	Delaware
	4422077

	CatchMark HBU, LLC
	Delaware
	4636985

	CatchMark Texas Timberlands GP, LLC
	Texas
	0801990567

	CatchMark Texas Timberlands, L.P.
	Texas
	0801990579

	CatchMark Southern Holdings II GP, LLC
	Delaware
	5873836

	CatchMark Southern Timberlands II, L.P.
	Delaware
	5873842

	CatchMark South Carolina Timberlands, LLC 
	South Carolina
	151112-0242

	Item F.  Bailments
	 
	 

	Grantor
	Bailee
	Address

	Timberlands II, LLC 
	None
	None

	CatchMark Timber Operating Partnership, L.P.
	None
	None

	CatchMark Timber TRS, Inc.
	None
	None

	CatchMark TRS Harvesting  Operations, LLC
	None
	None

	CatchMark HBU, LLC
	None
	None

	CatchMark Texas Timberlands GP, LLC
	None
	None

	CatchMark Texas Timberlands, L.P.
	None
	None

	CatchMark Southern Holdings II GP, LLC
	None
	None

	CatchMark Southern Timberlands II, L.P.
	None
	None

	CatchMark South Carolina Timberlands, LLC 
	None
	None

	Item G.  Commercial Tort Claims
	 
	 

	Grantor
	Description of Commercial Tort Claim

	Timberlands II, LLC 
	None
	 

	CatchMark Timber Operating Partnership, L.P.
	None
	 

	CatchMark Timber TRS, Inc.
	None
	 

	CatchMark TRS Harvesting  Operations, LLC
	None
	 

	CatchMark HBU, LLC
	None
	 

	CatchMark Texas Timberlands GP, LLC
	None
	 

	CatchMark Texas Timberlands, L.P.
	None
	 

	CatchMark Southern Holdings II GP, LLC
	None
	 

	CatchMark Southern Timberlands II, L.P.
	None
	 

	CatchMark South Carolina Timberlands, LLC 
	None
	 

	Item H.  Location of Fixtures
	 
	 

	Lumpkin Office
P.O. Box 398
Hwy. 27 North
Lumpkin, GA 31815
	County
Stewart
	State
Georgia

	Item I.  Deposit Accounts
	 
	 

	Grantor
	Bank Mailing Address
	Account Name and Number

	See Item 6.24 of the Disclosure Schedule to the Credit Agreement

	Item J.  Securities Accounts
	 
	 

	Grantor
	Bank Mailing Address
	Account Name and Number

	See Item 6.24 of the Disclosure Schedule to the Credit Agreement

	Item K. Commodities and Other Investment Accounts

	Grantor
	Bank Mailing Address
	Account Name and Number

	Timberlands II, LLC 
	None
	None

	CatchMark Timber Operating Partnership, L.P.
	None
	None

	CatchMark Timber TRS, Inc.
	None
	None

	CatchMark TRS Harvesting  Operations, LLC
	None
	None

	CatchMark HBU, LLC
	None
	None

	
				
	CatchMark Texas Timberlands GP, LLC
	None
	None

	CatchMark Texas Timberlands, L.P.
	None
	None

	CatchMark Southern Holdings II GP, LLC
	None
	None

	CatchMark Southern Timberlands II, L.P.
	None
	None

	CatchMark South Carolina Timberlands, LLC 
	None
	None

	Item L.  Letters of Credit
	 

	Grantor
	Bank Mailing Address
	Account Name and Number

	Timberlands II, LLC 
	None
	None

	CatchMark Timber Operating Partnership, L.P.
	None
	None

	CatchMark Timber TRS, Inc.
	None
	None

	CatchMark TRS Harvesting  Operations, LLC
	None
	None

	CatchMark HBU, LLC
	None
	None

	CatchMark Texas Timberlands GP, LLC
	None
	None

	CatchMark Texas Timberlands, L.P.
	None
	None

	CatchMark Southern Holdings II GP, LLC
	None
	None

	CatchMark Southern Timberlands II, L.P.
	None
	None

	CatchMark South Carolina Timberlands, LLC 
	None
	None

	
									
	 
	Schedule II
To Security Agreement

	Item A.  Patents
	 
	 
	 
	 

	Issued Patents

	Grantor
	Country
	Issue Date
	Inventor(s)
	Title

	Timberlands II, LLC 
	None
	 
	 
	None

	CatchMark Timber Operating Partnership, L.P.
	 
	None
	 
	 
	None

	CatchMark Timber TRS, Inc.
	None
	 
	 
	None

	CatchMark TRS Harvesting  Operations, LLC
	None
	 
	 
	None

	CatchMark HBU, LLC
	None
	 
	 
	None

	CatchMark Texas Timberlands GP, LLC
	None
	 
	 
	None

	CatchMark Texas Timberlands, L.P.
	 
	None
	 
	 
	None

	CatchMark Southern Holdings II GP, LLC
	None
	 
	 
	None

	CatchMark Southern Timberlands II, L.P.
	None
	 
	 
	None

	CatchMark South Carolina Timberlands, LLC 
	None
	 
	 
	None

	Pending Patent Applications

	Grantor
	Serial No.
	Filing Date
	Inventor(s)
	Title

	Timberlands II, LLC 
	None
	 
	 
	None

	CatchMark Timber Operating Partnership, L.P.
	None
	 
	 
	None

	CatchMark Timber TRS, Inc.
	None
	 
	 
	None

	CatchMark TRS Harvesting  Operations, LLC
	None
	 
	 
	None

	CatchMark HBU, LLC
	None
	 
	 
	None

	CatchMark Texas Timberlands GP, LLC
	None
	 
	 
	None

	CatchMark Texas Timberlands, L.P.
	None
	 
	 
	None

	CatchMark Southern Holdings II GP, LLC
	None
	 
	 
	None

	CatchMark Southern Timberlands II, L.P.
	None
	 
	 
	None

	CatchMark South Carolina Timberlands, LLC 
	None
	 
	 
	None

	Patent Applications in Preparation

	Grantor
	Serial No.
	Expected Filing Date
	Inventor(s)
	Title

	Timberlands II, LLC 
	None
	 
	 
	None

	CatchMark Timber Operating Partnership, L.P.
	None
	 
	 
	None

	CatchMark Timber TRS, Inc.
	None
	 
	 
	None

	CatchMark TRS Harvesting  Operations, LLC
	None
	 
	 
	None

	CatchMark HBU, LLC
	None
	 
	 
	None

	CatchMark Texas Timberlands GP, LLC
	None
	 
	 
	None

	CatchMark Texas Timberlands, L.P.
	None
	 
	 
	None

	CatchMark Southern Holdings II GP, LLC
	None
	 
	None

	
									
	CatchMark Southern Timberlands II, L.P.
	None
	 
	 
	None

	CatchMark South Carolina Timberlands, LLC 
	None
	 
	 
	None

	
							
	Item B.  Patent Licenses
	 

	Licensee
	Country or Territory
	Effective Date
	Expiration Date
	Date
	Matter

	Timberlands II, LLC 
	None
	 
	 
	 
	None

	CatchMark Timber Operating Partnership, L.P.
	None
	 
	 
	 
	None

	CatchMark Timber TRS, Inc.
	None
	 
	 
	 
	None

	CatchMark TRS Harvesting  Operations, LLC
	 
	 
	None

	CatchMark HBU, LLC
	None
	 
	 
	 
	None

	CatchMark Texas Timberlands GP, LLC
	None
	 
	 
	 
	None

	CatchMark Texas Timberlands, L.P.
	None
	 
	 
	 
	None

	CatchMark Southern Holdings II GP, LLC
	None
	 
	 
	 
	None

	CatchMark Southern Timberlands II, L.P.
	 
	 
	None

	CatchMark South Carolina Timberlands, LLC 
	None
	 
	 
	 
	None

	
					
	SCHEDULE III
to Security Agreement

	Item A.  Trademarks
	 
	 
	 

	Registered Trademarks

	Grantor
	Country
	Registration No.
	Registration Date

	Timberlands II, LLC 
	None
	 
	 

	CatchMark Timber Operating Partnership, L.P.
	 

	CatchMark Timber TRS, Inc.
	None
	 
	 

	CatchMark TRS Harvesting  Operations, LLC
	None
	 
	 

	CatchMark HBU, LLC
	None
	 
	 

	CatchMark Texas Timberlands GP, LLC
	None
	 
	 

	CatchMark Texas Timberlands, L.P.
	 

	CatchMark Southern Holdings II GP, LLC
	None
	 
	 

	CatchMark Southern Timberlands II, L.P.
	None
	 
	 

	CatchMark South Carolina Timberlands, LLC 
	None
	 
	 

	
						
	Pending Trademark Applications

	Grantor
	Country
	Docket No.
	Expected Filing Date
	Products/ Services

	Timberlands II, LLC 
	None
	 
	 
	 

	CatchMark Timber Operating Partnership, L.P.
	None
	 
	 
	 

	CatchMark Timber TRS, Inc.
	None
	 
	 
	 

	CatchMark TRS Harvesting  Operations, LLC
	 
	 

	CatchMark HBU, LLC
	None
	 
	 
	 

	CatchMark Texas Timberlands GP, LLC
	None
	 
	 
	 

	CatchMark Texas  Timberlands, L.P.
	None
	 
	 
	 

	CatchMark Southern Holdings II GP, LLC
	None
	 
	 
	 

	CatchMark Southern Timberlands II, L.P.
	 
	 

	CatchMark South Carolina Timberlands, LLC 
	None
	 
	 
	 

	Trademark Applications in Preparation

	Grantor
	Trademark
	Docket No.
	Expected Filing Date
	Products/ Services

	Timberlands II, LLC 
	None
	 
	 
	 

	CatchMark Timber Operating Partnership, L.P.
	None
	 
	 
	 

	CatchMark Timber TRS, Inc.
	None
	 
	 
	 

	CatchMark TRS Harvesting  Operations, LLC
	None
	 
	 
	 

	CatchMark HBU, LLC
	None
	 
	 
	 

	CatchMark Texas Timberlands GP, LLC
	None
	 
	 
	 

	CatchMark Texas  Timberlands, L.P.
	None
	 
	 
	 

	CatchMark Southern Holdings II GP, LLC
	None
	 
	 
	 

	CatchMark Southern Timberlands II, L.P.
	None
	 
	 
	 

	CatchMark South Carolina Timberlands, LLC 
	None
	 
	 
	 

	
							
	Item B.  Trademark Licenses

	Licensee 
	Trademark
	Effective Date
	Expiration Date
	Date
	Country or Territory

	Timberlands II, LLC 
	None
	 
	 
	 
	 

	CatchMark Timber Operating Partnership, L.P.
	None
	 
	 
	 
	 

	CatchMark Timber TRS, Inc.
	None
	 
	 
	 
	 

	CatchMark TRS Harvesting  Operations, LLC
	 
	 
	 

	CatchMark HBU, LLC
	None
	 
	 
	 
	 

	CatchMark Texas Timberlands GP, LLC
	None
	 
	 
	 
	 

	CatchMark Texas  Timberlands, L.P.
	None
	 
	 
	 
	 

	CatchMark Southern Holdings II GP, LLC
	None
	 
	 
	 
	 

	CatchMark Southern Timberlands II, L.P.
	 
	 
	 

	CatchMark South Carolina Timberlands, LLC 
	None
	 
	 
	 
	 

	
						
	SCHEDULE IV
to Security Agreement

	Item A.  Copyrights

	Registered Copyrights

	Grantor
	Country
	Registration Date
	Author(s)
	Title

	Timberlands II, LLC 
	None
	 
	 
	None

	CatchMark Timber Operating Partnership, L.P.
	 
	None

	CatchMark Timber TRS, Inc.
	None
	 
	 
	None

	CatchMark TRS Harvesting  Operations, LLC
	None
	 
	 
	None

	CatchMark HBU, LLC
	None
	 
	 
	None

	CatchMark Texas Timberlands GP, LLC
	None
	 
	 
	None

	CatchMark Texas  Timberlands, L.P.
	 
	None

	CatchMark Southern Holdings II GP, LLC
	None
	 
	 
	None

	CatchMark Southern Timberlands II, L.P.
	None
	 
	 
	None

	CatchMark South Carolina Timberlands, LLC 
	None
	 
	 
	None

	Copyrights Pending Registration Applications

	Grantor
	Series No.
	Registration Date
	Author(s)
	Title

	Timberlands II, LLC 
	None
	 
	 
	None

	CatchMark Timber Operating Partnership, L.P.
	None
	 
	 
	None

	CatchMark Timber TRS, Inc.
	None
	 
	 
	None

	CatchMark TRS Harvesting  Operations, LLC
	None
	 
	 
	None

	CatchMark HBU, LLC
	None
	 
	 
	None

	CatchMark Texas Timberlands GP, LLC
	None
	 
	 
	None

	CatchMark Texas  Timberlands, L.P.
	None
	 
	 
	None

	CatchMark Southern Holdings II GP, LLC
	None
	 
	 
	None

	CatchMark Southern Timberlands II, L.P.
	None
	 
	 
	None

	CatchMark South Carolina Timberlands, LLC 
	None
	 
	 
	None

	Copyrights Registration Applications in Preparation

	Grantor
	Docket No.
	Expected Filing Date
	Author(s)
	Title

	Timberlands II, LLC 
	None
	 
	 
	None

	CatchMark Timber Operating Partnership, L.P.
	None
	 
	 
	None

	CatchMark Timber TRS, Inc.
	None
	 
	 
	None

	CatchMark TRS Harvesting  Operations, LLC
	None
	 
	 
	None

	CatchMark HBU, LLC
	None
	 
	 
	None

	CatchMark Texas Timberlands GP, LLC
	None
	 
	 
	None

	CatchMark Texas  Timberlands, L.P.
	None
	 
	 
	None

	
						
	CatchMark Southern Holdings II GP, LLC
	None
	 
	None

	CatchMark Southern Timberlands II, L.P.
	None
	 
	 
	None

	CatchMark South Carolina Timberlands, LLC 
	None
	 
	 
	None

	
							
	Item B.  Copyright Licenses

	Grantor
	Country or Territory
	Licensee
	Effective Date
	Expiration Date
	Subject Matter

	Timberlands II, LLC 
	None
	 
	 
	 
	None

	CatchMark Timber Operating Partnership, L.P.
	None
	 
	 
	 
	None

	CatchMark Timber TRS, Inc.
	None
	 
	 
	 
	None

	CatchMark TRS Harvesting  Operations, LLC
	 
	 
	None

	CatchMark HBU, LLC
	None
	 
	 
	 
	None

	CatchMark Texas Timberlands GP, LLC
	None
	 
	 
	 
	None

	CatchMark Texas  Timberlands, L.P.
	None
	 
	 
	 
	None

	CatchMark Southern Holdings II GP, LLC
	None
	 
	 
	 
	None

	CatchMark Southern Timberlands II, L.P.
	 
	 
	None

	CatchMark South Carolina Timberlands, LLC 
	None
	 
	 
	 
	None

	
							
	SCHEDULE V
to Security Agreement

	Item A.  Trade Secrets

	Grantor
	Country or Territory
	Licensee
	Effective Date
	Expiration Date
	Subject Matter

	Timberlands II, LLC 
	None
	 
	 
	 
	None

	CatchMark Timber Operating Partnership, L.P.
	None
	 
	 
	 
	None

	CatchMark Timber TRS, Inc.
	 
	 
	None

	CatchMark TRS Harvesting  Operations, LLC
	None
	 
	 
	 
	None

	CatchMark HBU, LLC
	None
	 
	 
	 
	None

	CatchMark Texas Timberlands GP, LLC
	None
	 
	 
	 
	None

	CatchMark Texas  Timberlands, L.P.
	None
	 
	 
	 
	None

	CatchMark Southern Holdings II GP, LLC
	 
	 
	None

	CatchMark Southern Timberlands II, L.P.
	None
	 
	 
	 
	None

	CatchMark South Carolina Timberlands, LLC 
	None
	 
	 
	 
	None

SCHEDULE VI
to Security Agreement

Assigned Agreements

		
	1.
	Fiber Supply Agreement

		
	2.
	Master Stumpage Agreement

		
	3.
	Pulpwood Supply Agreement (Waycross Property) with Georgia Biomass, LLC

		
	4.
	Purchase and Sale Agreement between ForesTree VI LP, ForesTree VI Texas LP, and CatchMark Trust dated as of March 13, 2014, as assigned and amended through May 30, 2014

		
	5.
	Purchase and Sale Agreement between SPP Land, LLC and Timberlands II, LLC, as assignee of CatchMark Timber Trust, Inc., a Maryland corporation, dated as of May 2, 2014 

		
	6.
	Purchase and Sale Agreement, dated July 7, 2014, between McB Timberland Fund 1, LLC, McB TL II, LLC, McB Carter, LLC, McB TL III, LLC, McB Timberland IV, LLC, McB Coastal, LLC and WCK Timber, LLC and Timberlands II, LLC, CatchMark HBU, LLC and CatchMark TRS Subsidiary, LLC, as assignees of CatchMark Timber Trust, Inc., a Maryland corporation, as amended through October 1, 2014 and attached to the Officer’s Certificate of the Loan Parties delivered to the Administrative Agent on October 1, 2014

		
	7.
	Purchase and Sale Agreement, dated July 7, 2014, between Wildwood Timberlands LLC and Timberlands II, LLC and CatchMark HBU, LLC, as assignees of CatchMark Timber Trust, Inc., a Maryland corporation, as amended through October 1, 2014 and attached to the Officer’s Certificate of the Loan Parties delivered to the Administrative Agent on October 1, 2014

		
	8.
	Purchase and Sale Agreement, September 26, 2014, by and between Forestree GM LLC, a Delaware limited liability company and Timberlands II, LLC, CatchMark HBU, LLC and CatchMark TRS Subsidiary, LLC, as assignees of CatchMark Timber Trust, Inc., a Maryland corporation, as amended through October 30, 2014 and delivered to the Administrative Agent on or before October 30, 2014.

		
	9.
	Purchase and Sale Agreement, December 17, 2014, by and between SPP Land, LLC, a Georgia limited liability company, and CatchMark HBU, LLC and Timberlands II, LLC, as assignees of CatchMark Timber Trust, Inc., a Maryland corporation, as amended through January 30, 2015 and attached to the Officer’s Certificate of the Loan Parties delivered to the Administrative Agent on January 30, 2015.

		
	10.
	Purchase and Sale Agreement, dated as of November 20, 2014, by and between (i) Gary Preston, Cathy Green and Harriet Anderson, co-executors of the Margaret Gary Timm Estate, and (ii) CatchMark HBU, LLC, as assignee of CatchMark Timber Trust, Inc., a Maryland corporation, as amended through January 30, 2015 and attached to the Officer’s Certificate of the Loan Parties delivered to the Administrative Agent on January 30, 2015.

		
	11.
	Purchase and Sale Agreement, dated as of December 8, 2014, by and between (i) Allen Kennedy, as sole Trustee of the Trust for Allen V. Kennedy II, a trust created by Order of the Superior Court of Clinch County, Georgia in Civil Action No. 04V194, styled “In Re: A.V. Kennedy Trust Agreement dated December 30, 1958” and (ii) Timberlands II, LLC, as assignee of CatchMark Timber Trust, Inc., a Maryland corporation, as amended through January 30, 2015 and attached to the Officer’s Certificate of the Loan Parties delivered to the Administrative Agent on January 30, 2015.

		
	12.
	Purchase and Sale Agreement, dated as of April 27, 2015, by and between Heartwood Forest Fund III Limited Partnership and CatchMark Texas Timberlands, L.P., a Texas limited partnership, as assignee of CatchMark Timber Trust, Inc., a Maryland corporation, as amended through May 29, 2015 and delivered to the Administrative Agent on or before May 29, 2015.

		
	13.
	Purchase and Sale Agreement, dated as of July 31, 2015, by and between Miltex Properties, Inc., a Florida corporation, and CatchMark HBU, LLC, CatchMark TRS Subsidiary, LLC and CatchMark Texas Timberlands, L.P., a Texas limited partnership, as assignees of CatchMark Timber Trust, Inc., a Maryland corporation, as amended through November 4, 2015 and delivered to the Administrative Agent on or before November 8, 2015.

		
	14.
	Purchase and Sale Agreement, dated as of September 14, 2015, by and between Bowater Timber 4, LLC, a Delaware limited liability company, and CatchMark HBU, LLC, CatchMark TRS Subsidiary, LLC, CatchMark Southern Carolina Timberlands, LLC and CatchMark Southern Timberlands II, L.P., as assignees of CatchMark Timber Trust, Inc., a Maryland corporation, as amended through the date hereof and delivered to the Administrative Agent on or before the date hereof.

		
	15.
	Purchase and Sale Agreement, dated as of November 10, 2015, by and between Valley Creek Land & Timber, LLC, a Mississippi limited liability company, and CatchMark Timber Trust, Inc., a Maryland corporation, as amended through November 10, 2015 and delivered to the Administrative Agent on or before November 10, 2015.

		
	16.
	Timberland Operating Agreement and Service Agreements with Forest Resource Consultants, Inc. as follows:

Coastal Region (f/n/a Waycross):
		
	•
	Timberland Operating Agreement dated April 11, 2014.

		
	•
	First Amendment to Timberland Operating Agreement dated May 30, 2014.

		
	•
	Second Amendment to Timberland Operating Agreement dated October 1, 2014.

		
	•
	Third Amendment to Timberland Operating Agreement dated December 19, 2014 effective October 1, 2014.

		
	•
	Fourth Amendment to Timberland Operating Agreement dated July 15, 2015 effective July 1, 2015.

		
	•
	Letter Agreement dated November 20, 2015 from Forest Resource Consultants.

South Central Region (f/n/a MARHT):
		
	•
	Amended and Restated Timberland Operating Agreement dated June 17, 2014.

		
	•
	First Amendment to Amended and Restated Timberland Operating Agreement dated October 1, 2014.

		
	•
	Second Amendment to Amended and Restated Timberland Operating Agreement dated December 19, 2014 effective October 1, 2014

		
	•
	Third Amendment to Timberland Operating Agreement dated July 15, 2015 effective July 1, 2015.

Southwest- Louisiana Region (f/n/a Beauregard):
		
	•
	Timberland Operating Agreement dated October 30, 2014.

		
	•
	First Amendment to Timberland Operating Agreement dated December 19, 2014 effective October 30, 2014.

		
	•
	Second Amendment to Timberland Operating Agreement dated July 15, 2015 effective July 1, 2015.

		
	•
	Services Agreement dated October 30, 2014.

		
	•
	Confirmation and Acknowledgment dated December 19, 2014 effective October 30, 2014.

Southwest- Texas Region (f/n/a Panola):
		
	•
	Amended and Restated Timberland Operating Agreement dated December 19, 2014 effective April 11, 2014.

		
	•
	Assignment, Assumption and Consent Agreement (Operating Agreement) dated May 30, 2014.

		
	•
	First Amendment to Amended and Restated Timberland Operating Agreement dated July 15, 2015 effective July 1, 2015.

		
	•
	Services Agreement dated April 11, 2014.

		
	•
	Assignment, Assumption and Consent Agreement (Services Agreement) dated May 30, 2014.

		
	•
	Confirmation and Acknowledgment dated December 19, 2014 effective April 11, 2014.

SCHEDULE D-2
Updated Schedules to the Pledge Agreement

	
						
	SCHEDULE I 
to Pledge Agreement

	Item A. Pledged Shares

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

	CatchMark Timber Operating Partnership, L.P.
	CatchMark Timber TRS, Inc.
	100
	100%
	3

	 
	 
	 
	 
	 

	Item B.  Pledged Membership Interests

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

	CatchMark Timber Operating Partnership, L.P.
	Timberlands II, LLC
	1,000
	100%
	4

	CatchMark Timber TRS, Inc.
	CatchMark TRS Harvesting Operations, LLC
	1,000
	100%
	2

	CatchMark Timber TRS, Inc.
	CatchMark HBU, LLC
	1,000
	100%
	4

	Timberlands II, LLC 
	100%
	1

	Timberlands II, LLC
	Delaware
	N/A
	100%
	1

	Timberlands II, LLC
	Delaware
	N/A
	100%
	1

	Item C.  Pledged Partnership Interests

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

	CatchMark Texas Timberlands, GP, LLC
	Texas
	General
	1%
	1

	Timberlands II, LLC
	Texas
	Limited
	99%
	2

	CatchMark Southern Holdings II GP, LLC
	Delaware
	GP
	1%
	1

	Timberlands II, LLC
	Delaware
	LP
	99%
	2

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