Document:

EX-10.1

 Exhibit 10.1 

SECOND AMENDMENT TO CREDIT AGREEMENT 

SECOND AMENDMENT, dated as of November 4, 2013 (this “Amendment”), to the Credit Agreement, dated as of April 27,
2012, among Carmike Cinemas, Inc., a Delaware corporation (the “Borrower”), Macquarie US Trading LLC., as administrative agent (in such capacity, the “Administrative Agent”) and syndication agent and the several
Lenders from time to time party thereto (as amended by the First Amendment dated as of September 28, 2012 among the Borrower, the Administrative Agent, and the Lenders party thereto, and as the same may hereafter be amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”). 
 W I T N
E S S E T H: 
 WHEREAS, the Borrower, the Lenders and the Administrative Agent are parties to the
Credit Agreement; 
 WHEREAS, the Borrower has requested certain amendments to the Credit Agreement with respect to certain lease
obligations as set forth herein; and 
 WHEREAS, the Lenders and the Administrative Agent are willing to agree to such amendments to the
Credit Agreement, subject to the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the premises and mutual
covenants contained herein, the Borrower, the Required Lenders and the Administrative Agent hereby agree as follows: 
 SECTION 1.
Defined Terms. Unless otherwise defined herein, capitalized terms which are defined in the Credit Agreement are used herein as therein defined. 

SECTION 2. Amendments to Section 1.1 (Defined Terms). 

Section 1.1 of the Credit Agreement is hereby amended by adding the following definitions in proper alphabetical order:

 “Hickory Creek Lease Obligations”: collectively, all Financing Obligations and Capital Lease Obligations
of the Borrower and its Subsidiaries arising in connection with any amendments entered into in respect of the Lease Agreement dated as of December 7, 2000, originally between Buttered (TX) LP, a Delaware limited partnership, as Landlord, and
Rave Reviews Hickory Creek I, L.P., a Delaware limited partnership, as Tenant, that would cause the obligations of the Borrower or any Subsidiary pursuant to such Lease Agreement to become Financing Obligations or Capital Lease Obligations as
defined in this Agreement. 
 “Muvico Lease Obligations”: collectively, all Financing Obligations and
Capital Lease Obligations of the Borrower and its Subsidiaries arising upon or after the assignment by Muvico Entertainment, L.L.C. (“Muvico”) to the Borrower or any of its Subsidiaries of Muvico’s rights and interests in
respect of its leases of the following theatre properties: (1) Starlight 20 theatre located at 18002 Highwood Preserve Parkway, Tampa, Florida 33647; (2) Broward 18 theatre located at 2315 North Federal Highway, Pompano Beach, Florida
33062; and (3) Palm Harbor 10 theatre located at 37912 U.S. Highway 19N, Palm Harbor, Florida 34684. 

 “Second Amendment”: Second Amendment to Credit Agreement dated
as of November 4, 2013, among the Borrower, the Administrative Agent, and certain Lenders then constituting the Required Lenders. 

“Specified Lease Obligations”: collectively, the Rave Lease Obligations, the Muvico Lease Obligations and the
Hickory Creek Lease Obligations. 
 SECTION 3. Amendments to Section 7.2 (Indebtedness). Section 7.2 of the Credit
Agreement is hereby amended by amending and restating clause (b) thereof in its entirety as follows: 
 (b) Indebtedness of any Loan
Party pursuant to the Senior Secured Notes and the Specified Lease Obligations, in each case together with any Permitted Refinancing Indebtedness in respect thereof; 

SECTION 4. Amendments to Section 7.3 (Liens). Section 7.3 of the Credit Agreement is hereby amended by amending and restating
clause (i) thereof in its entirety as follows: 
 (i) any interest or title of a lessor under (A) any lease entered into by the
Borrower or any other Subsidiary in the ordinary course of its business and covering only the assets so leased and (B) any lease evidencing any Specified Lease Obligations; 

SECTION 5. Amendments to Section 7.16 (Financing Obligations). Section 7.16 of the Credit Agreement is hereby amended by
amending and restating such Section 7.16 in its entirety as follows: 
 7.16. Financing Obligations. Permit the
aggregate amount of Financing Obligations (other than the Specified Lease Obligations) of the Borrower and its Subsidiaries incurred or created after the date hereof to exceed, at any one time, the greater of (a) the aggregate amount of
Financing Obligations permitted under the Senior Secured Notes Indenture and (b) $25,000,000. 
 SECTION 6. Representations and
Warranties. In order to induce the Lenders to enter into this Amendment and to amend the Credit Agreement in the manner provided herein, each Loan Party party hereto represents and warrants to the Lenders and the Administrative Agent that the
following statements are true and correct in all respects: 
 a. Power and Authority. Each Loan Party has the power
and authority, and the legal right, to make, deliver and enter into this Amendment and to carry out the transactions contemplated by, and perform its obligations under, the Credit Agreement as amended by this Amendment (the “Amended
Agreement”) and the other Loan Documents. 
 b. Authorization of Agreements. Each Loan Party has taken all
necessary organizational action to authorize the execution, delivery and performance of this Amendment, the Amended Agreement and the other Loan Documents. 

c. Governmental Consents. No consent or authorization of, filing with, notice to or other act by or in respect of, any
Governmental Authority or any other Person is required in connection with the execution and delivery by each Loan Party of this Amendment and the performance by the Borrower of the Amended Agreement and the

  
 2 

 
other Loan Documents or with the execution, delivery, performance, validity or enforceability of this Amendment or the Amended Agreement or any of the Loan Documents, except consents,
authorizations, filings and notices described in Schedule 1, which consents, authorizations, filings and notices have been obtained or made and are in full force and effect except as otherwise noted on such Schedule 1. 

d. Binding Obligation. This Amendment has been duly executed and delivered on behalf of each Loan Party party hereto.
This Amendment constitutes a legal, valid and binding obligation of each Loan Party party thereto, enforceable against each such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

e. No Legal Bar. The execution, delivery and performance of this Amendment, the Amended Agreement and the other Loan
Documents will not violate any Requirement of Law or any Contractual Obligation of any Group Member and will not result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any
Requirement of Law or any such Contractual Obligation (other than the Liens created by the Security Documents). No Requirement of Law or Contractual Obligation applicable to the Borrower or any of its Subsidiaries could reasonably be expected to
have a Material Adverse Effect. 
 f. Incorporation of Representations and Warranties from Credit Agreement. The
representations and warranties set forth in Section 4 of the Credit Agreement, and in each of the other Loan Documents, are true and complete in all material respects on the date hereof as if made on and as of the date hereof (except if any
such representation or warranty is expressly stated to have been made as of a specific date, such representation or warranty shall be true and correct as of such specific date, and except as to changes otherwise expressly permitted by the terms of
the Loan Documents), and as if each reference in said Section 4 to “this Agreement” included reference to this Amendment and the Amended Agreement. 

g. Absence of Default. No Default or Event of Default has occurred and is continuing or will result from the
consummation of the transactions contemplated by this Amendment that would constitute an Event of Default or a Default. 
 SECTION 7.
Conditions Precedent. The amendments set forth in Sections 2 through 5 hereof shall become effective (the “Amendment Effective Date”) upon satisfaction of the following conditions: 

a. Execution. The Administrative Agent shall have received counterparts of this Amendment executed and delivered by the
Administrative Agent, the Borrower, the Loan Parties and the Lenders party to the Credit Agreement constituting the “Required Lenders” thereunder. 

b. Fees and Expenses. On or before the Amendment Effective Date the Administrative Agent shall have received all fees
and expenses required to be paid on or before the Amendment Effective Date, including, without limitation, the reasonable fees and disbursements of legal counsel. 

  
 3 

 c. Necessary Consents. Each Loan Party shall have obtained all material
consents necessary or advisable in connection with the transactions contemplated by this Amendment. 
 d. Other
Documents. The Administrative Agent and Lenders shall have received such other documents, information or agreements regarding the Loan Parties as the Administrative Agent or Collateral Trustee may reasonably request. 

SECTION 8. Acknowledgement and Consent. Each Guarantor hereby acknowledges that it has reviewed the terms and provisions of the Credit
Agreement and this Amendment and consents to the amendment of the Credit Agreement effected pursuant to this Amendment. Each Guarantor hereby confirms that each Loan Document to which it is a party or otherwise bound and all Collateral encumbered
thereby will continue to guarantee or secure, as the case may be, to the fullest extent possible in accordance with the Loan Documents the payment and performance of all “Obligations” under each of the Loan Documents to which is a party
(in each case as such terms are defined in the applicable Loan Document). 
 Each Guarantor acknowledges and agrees that any of the Loan
Documents to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this
Amendment. Each Guarantor represents and warrants that all representations and warranties contained in the Amended Agreement and the Loan Documents to which it is a party or otherwise bound are true and correct in all material respects on and as of
the Amendment Effective Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true and correct in all material respects
on and as of such earlier date, and except as to changes otherwise expressly permitted by the terms of the Loan Documents. 
 Each Guarantor
acknowledges and agrees that (i) notwithstanding the conditions to effectiveness set forth in this Amendment, such Guarantor is not required by the terms of the Credit Agreement or any other Loan Document to consent to the amendments to the
Credit Agreement effected pursuant to this Amendment and (ii) nothing in the Credit Agreement, this Amendment or any other Loan Document shall be deemed to require the consent of such Guarantor to any future amendments to the Credit Agreement

 SECTION 9. GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 10. Miscellaneous. 

a. Reference to and Effect on the Credit Agreement and the other Loan Documents. 

i. Except as provided herein, the Credit Agreement and the other Loan Documents shall remain unchanged and in full force and
effect and are hereby ratified and confirmed. On and after the Amendment Effective Date, each reference in the Credit Agreement to “this Amendment”, “hereunder”, “hereof”, “herein” or words of like import
referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a
reference to the Credit Agreement as amended by this Amendment. 

  
 4 

 ii. The execution, delivery and performance of this Amendment shall not
constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of any Agent or Lender under, the Credit Agreement or any of the other Loan Documents. 

b. Headings. Section and Subsection headings in this Amendment are included herein for convenience of reference only and
shall not constitute a part of this Amendment for any other purpose or be given any substantive effect. 
 c.
Counterparts. This Amendment may be executed by the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed
signature page of this Amendment by e-mail, facsimile or other form of electronic transmission shall be effective as delivery of a manually executed counterpart hereof. 

[signature pages follow] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their proper and duly authorized officers as of the day and year first above written. 
  

					
	 BORROWER:
  

CARMIKE CINEMAS, INC.

		
	By:	 	/s/ Daniel E. Ellis
		 	Name:	 	Daniel E. Ellis
		 	Title:	 	Senior Vice President, General Counsel and Secretary
	
	 GUARANTORS:
  

EASTWYNN THEATRES, INC.
 GEORGE C. KERASOTES CORPORATION

GKC INDIANA THEATRES, INC.
 GKC MICHIGAN THEATRES, INC.

GKC THEATRES, INC.

		
	By:	 	/s/ Daniel E. Ellis
		 	Name:	 	Daniel E. Ellis
		 	Title:	 	Senior Vice President, General Counsel and Secretary
	
	MILITARY SERVICES, INC.
		
	By:	 	/s/ Daniel E. Ellis
		 	Name:	 	Daniel E. Ellis
		 	Title:	 	President
	
	CARMIKE GIFTCO, INC.
		
	By:	 	/s/ Greg Wiggins
		 	Name:	 	Greg Wiggins
		 	Title:	 	President

 [Signature Page to Carmike Second Amendment] 

 
					
	 GUARANTORS (continued):
  

CARMIKE REVIEWS HOLDINGS, LLC

CARMIKE MOTION PICTURES BIRMINGHAM, LLC

CARMIKE MOTION PICTURES BIRMINGHAM II, LLC

CARMIKE MOTION PICTURES BIRMINGHAM III, LLC

CARMIKE MOTION PICTURES CHATTANOOGA, LLC
 CARMIKE MOTION PICTURES
DAPHNE, LLC
 CARMIKE MOTION PICTURES PENSACOLA, LLC

CARMIKE MOTION PICTURES PENSACOLA II, LLC

CARMIKE MOTION PICTURES INDIANAPOLIS, LLC

CARMIKE MOTION PICTURES HUNTSVILLE, LLC

CARMIKE MOTION PICTURES FT. WAYNE, LLC

CARMIKE MOTION PICTURES MELBOURNE, LLC

CARMIKE MOTION PICTURES PEORIA, LLC

CARMIKE MOTION PICTURES PORT ST. LUCIE, LLC

CARMIKE MOTION PICTURES ORANGE BEACH, LLC

CARMIKE MOTION PICTURES ALLENTOWN, LLC

CARMIKE HOUSTON LP, LLC
 CARMIKE HOUSTON GP, LLC

		
	By:	 	/s/ Daniel E. Ellis
		 	Name: Daniel E. Ellis
		 	Title: Senior Vice President, General Counsel and Secretary
	
	CARMIKE MOTION PICTURES HOUSTON, LP
	
	By: Carmike Houston GP, LLC, its General Partner

 
					
		
	        By:	 	/s/ Daniel E. Ellis
		 	Name: Daniel E. Ellis
		 	Title: Senior Vice President, General Counsel and Secretary

 [Signature Page to Carmike Second Amendment] 

 
					
	MACQUARIE US TRADING, LLC, as Administrative Agent
		
	By:	 	/s/ Robert M. Perdock
		 	Name:	 	Robert M. Perdock
		 	Title:	 	Managing Director
		
	By:	 	/s/ Anita Chiu
		 	Name:	 	Anita Chiu
		 	Title:	 	Associate Director

 [Signature Page to Carmike Second Amendment] 

 
					
	 MIHI LLC,
 as a Lender

		
	By:	 	/s/ Robert M. Perdock
		 	Name:	 	Robert M. Perdock
		 	Title:	 	Managing Director
		
	By:	 	/s/ Anita Chiu
		 	Name:	 	Anita Chiu
		 	Title:	 	Associate Director

 [Signature Page to Carmike Second Amendment] 

 Schedule 1 

Any landlord consents and other agreements and documents and other actions as may be required pursuant to Section 6.10 of the Credit Agreement in respect
of the leases evidencing the Muvico Lease Obligations.EX-10.53

 Exhibit 10.53 
 EXECUTION VERSION 
 PURCHASE AND SALE AGREEMENT 

DATED AS OF NOVEMBER 6, 2013 
 BETWEEN 
 THE ST. JOE COMPANY 

as Seller 
 AND

 AGRESERVES, INC. 
 as Purchaser 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I PROPERTY; PURCHASE PRICE
	  	 	1	  
			
	 Section 1.1
	 	 Agreement to Purchase and Sell
	  	 	1	  
	 Section 1.2
	 	 Property
	  	 	1	  
	 Section 1.3
	 	 Assumed Liabilities
	  	 	3	  
	 Section 1.4
	 	 Purchase Price; Deposit; Allocation and Payment of Purchase Price
	  	 	4	  
	 Section 1.5
	 	 Proxy
	  	 	5	  
	 Section 1.6
	 	 Permitted Exceptions
	  	 	5	  
	 Section 1.7
	 	 Certain Adjustments
	  	 	7	  
	 Section 1.8
	 	 Apportionments
	  	 	14	  
	 Section 1.9
	 	 Disclaimers
	  	 	14	  
		
	 ARTICLE II CLOSING
	  	 	17	  
			
	 Section 2.1
	 	 Closing
	  	 	17	  
	 Section 2.2
	 	 Closing Deliveries
	  	 	18	  
	 Section 2.3
	 	 Costs and Expenses
	  	 	20	  
	 Section 2.4
	 	 No Diligence Contingency
	  	 	21	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER AS TO STATUS
	  	 	21	  
			
	 Section 3.1
	 	 Organization
	  	 	21	  
	 Section 3.2
	 	 Seller Subsidiaries
	  	 	21	  
	 Section 3.3
	 	 Authority
	  	 	21	  
	 Section 3.4
	 	 No Violation
	  	 	21	  
	 Section 3.5
	 	 Consents and Approvals
	  	 	22	  
	 Section 3.6
	 	 Litigation
	  	 	22	  
	 Section 3.7
	 	 Taxes
	  	 	22	  
	 Section 3.8
	 	 ERISA
	  	 	23	  
	 Section 3.9
	 	 No Liquidation
	  	 	23	  
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF SELLER RELATED TO THE PROPERTY
	  	 	23	  
			
	 Section 4.1
	 	 Compliance with Laws
	  	 	23	  
	 Section 4.2
	 	 Condemnations
	  	 	23	  
	 Section 4.3
	 	 Supply Agreements
	  	 	23	  
	 Section 4.4
	 	 Ownership of Personal Property
	  	 	24	  
	 Section 4.5
	 	 Replanting; Harvest; Conveyed Interests
	  	 	24	  
	 Section 4.6
	 	 Matters Relating to the Environmental Condition of the Timberlands
	  	 	24	  
	 Section 4.7
	 	 Endangered Species
	  	 	25	  
	 Section 4.8
	 	 Mineral Rights
	  	 	25	  
	 Section 4.9
	 	 OFAC
	  	 	25	  
	 Section 4.10
	 	 Contracts
	  	 	25	  
	 Section 4.11
	 	 Assumed Contracts
	  	 	25	  

  
 (ii)

							
	 Section 4.12
	 	 Timber Cutting Contracts
	  	 	26	  
	 Section 4.13
	 	 Carbon Credits
	  	 	26	  
	 Section 4.14
	 	 Legal Access
	  	 	26	  
	 Section 4.15
	 	 Adverse Claims
	  	 	26	  
	 Section 4.16
	 	 Timber Deeds
	  	 	26	  
	 Section 4.17
	 	 Management Agreements
	  	 	26	  
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES OF PURCHASER
	  	 	26	  
			
	 Section 5.1
	 	 Organization
	  	 	27	  
	 Section 5.2
	 	 Authority
	  	 	27	  
	 Section 5.3
	 	 No Violation
	  	 	27	  
	 Section 5.4
	 	 Consents and Approvals
	  	 	28	  
	 Section 5.5
	 	 Litigation
	  	 	28	  
	 Section 5.6
	 	 OFAC
	  	 	28	  
	 Section 5.7
	 	 Tax Matters
	  	 	28	  
	 Section 5.8
	 	 No Financing Contingency
	  	 	29	  
		
	 ARTICLE VI ADDITIONAL AGREEMENTS RELATING TO THE PROPERTY GENERALLY
	  	 	29	  
			
	 Section 6.1
	 	 Commercially Reasonable Efforts
	  	 	29	  
	 Section 6.2
	 	 Maintenance of Business
	  	 	30	  
	 Section 6.3
	 	 Public Announcements
	  	 	32	  
	 Section 6.4
	 	 Books and Records
	  	 	32	  
	 Section 6.5
	 	 Required Consents
	  	 	33	  
	 Section 6.6
	 	 Seller’s Disclosure Letter
	  	 	34	  
	 Section 6.7
	 	 Supply Agreements
	  	 	34	  
	 Section 6.8
	 	 Estoppel Certificates
	  	 	35	  
	 Section 6.9
	 	 Tax Liabilities
	  	 	36	  
	 Section 6.10
	 	 Communications with Governmental Authorities
	  	 	36	  
	 Section 6.11
	 	 Limitations on Transfers
	  	 	37	  
	 Section 6.12
	 	 Tax Matters
	  	 	37	  
	 Section 6.13
	 	 Note Document Assistance
	  	 	37	  
	 Section 6.14
	 	 No Solicitation
	  	 	39	  
	 Section 6.15
	 	 Filings; Shareholder Approval
	  	 	42	  
	 Section 6.16
	 	 FDOT Agreement
	  	 	43	  
		
	 ARTICLE VII ADDITIONAL AGREEMENTS RELATING TO THE TIMBERLANDS
	  	 	43	  
			
	 Section 7.1
	 	 Right of Entry
	  	 	43	  
	 Section 7.2
	 	 Permits and Licenses
	  	 	45	  
	 Section 7.3
	 	 Certain Easements
	  	 	45	  
	 Section 7.4
	 	 Title Insurance Matters
	  	 	46	  
	 Section 7.5
	 	 Post-Closing Use Restriction
	  	 	47	  
	 Section 7.6
	 	 Right of First Refusal
	  	 	48	  

  
 iii

							
	 ARTICLE VIII INTENTIONALLY DELETED
	  	 	51	  
		
	 ARTICLE IX CONDITIONS PRECEDENT
	  	 	51	  
			
	 Section 9.1
	 	 Conditions to Obligations of Each Party to Close
	  	 	51	  
	 Section 9.2
	 	 Conditions to Obligations of Purchaser to Close
	  	 	51	  
	 Section 9.3
	 	 Conditions to Obligations of Seller
	  	 	52	  
		
	 ARTICLE X SURVIVAL; INDEMNIFICATION
	  	 	53	  
			
	 Section 10.1
	 	 Survival
	  	 	53	  
	 Section 10.2
	 	 Brokerage Indemnity
	  	 	54	  
	 Section 10.3
	 	 Indemnification; Limitations
	  	 	54	  
	 Section 10.4
	 	 Procedures for Claims and Satisfaction
	  	 	56	  
	 Section 10.5
	 	 Certain Rules
	  	 	58	  
	 Section 10.6
	 	 Exclusive Remedy
	  	 	58	  
	 Section 10.7
	 	 Survival
	  	 	59	  
		
	 ARTICLE XI TERMINATION AND ABANDONMENT
	  	 	59	  
			
	 Section 11.1
	 	 Termination
	  	 	59	  
	 Section 11.2
	 	 Effect of Termination
	  	 	60	  
		
	 ARTICLE XII GENERAL PROVISIONS
	  	 	61	  
			
	 Section 12.1
	 	 Notice
	  	 	61	  
	 Section 12.2
	 	 Legal Holidays
	  	 	63	  
	 Section 12.3
	 	 Further Assurances
	  	 	63	  
	 Section 12.4
	 	 Assignment; Binding Effect
	  	 	63	  
	 Section 12.5
	 	 Entire Agreement
	  	 	64	  
	 Section 12.6
	 	 Amendment; Waiver
	  	 	64	  
	 Section 12.7
	 	 Confidentiality
	  	 	64	  
	 Section 12.8
	 	 No Third Party Beneficiaries
	  	 	64	  
	 Section 12.9
	 	 Severability of Provisions
	  	 	64	  
	 Section 12.10
	 	 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial
	  	 	65	  
	 Section 12.11
	 	 Counterparts
	  	 	65	  
	 Section 12.12
	 	 Captions
	  	 	66	  
	 Section 12.13
	 	 Construction
	  	 	66	  
	 Section 12.14
	 	 Reimbursement of Legal Fees
	  	 	66	  
	 Section 12.15
	 	 Specific Performance
	  	 	66	  
	 Section 12.16
	 	 Dispute Resolution Regarding Values
	  	 	67	  
	 Section 12.17
	 	 1031 Exchange
	  	 	67	  
	 Section 12.18
	 	 Radon Gas Disclosure
	  	 	67	  
	 Section 12.19
	 	 Coastal Construction Control Line
	  	 	67	  
		
	 ARTICLE XIII DEFINITIONS
	  	 	68	  

  
 iv 

 SCHEDULES AND EXHIBITS 

 

			
	Schedule 1-A	  	Maps of Timberlands
		
	Schedule 1-B	  	Identified REC Parcels
		
	Schedule 1-C	  	Identified Title Carveouts
		
	Exhibit A	  	Form of Escrow Agreement
		
	Exhibit B	  	Value Table
		
	Exhibit C	  	Form of General Assignment and Assumption
		
	Exhibit D	  	Form of Special Warranty Deed
		
	Exhibit E	  	Form of Bill of Sale
		
	Exhibit F	  	Intentionally Omitted
		
	Exhibit G	  	Intentionally Omitted
		
	Exhibit H	  	Form of Use Restriction
		
	Exhibit I	  	Form of Notification Letters
		
	Exhibit J	  	Form of Timber Note
		
	Exhibit K	  	Timber Note Indicative Terms
		
	Exhibit L	  	Form of Purchaser Subsidiary LLC Agreement
		
	Exhibit M	  	ROFR Parcel
		
	Exhibit N	  	Form of ROFR Memorandum
		
	Exhibit O	  	Form of Irrevocable Proxy
		
	Exhibit P	  	Monthly Adjustment Value Amounts

  
 v 

 PURCHASE AND SALE AGREEMENT 

THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is made as of the 6th day of November, 2013 by and between THE ST. JOE COMPANY, a Florida
corporation (“Seller”), and AGRESERVES, INC., a Utah corporation (“Purchaser”). 

STATEMENT OF BACKGROUND 
 A. Seller and certain wholly-owned and controlled Affiliates of Seller described in Section A of Seller’s Disclosure Letter (the “Seller Subsidiaries”) are the
owners of approximately 382,834 acres of timberlands located in Bay, Calhoun, Franklin, Gadsden, Gulf, Jefferson, Leon, Liberty and Wakulla Counties, Florida that Seller and the Seller Subsidiaries wish to sell, assign, transfer or convey, together
with certain other assets, inventory and rights under certain continuing leases, contracts and other agreements, to Purchaser in accordance with the terms and subject to the conditions set forth in this Agreement; and 

B. Purchaser wishes to acquire and accept such timberlands and other assets being transferred to it in accordance with the terms and
subject to the conditions set forth in this Agreement. 
 C. The board of directors of Seller (“Seller
Board”) has: (i) determined that the Transaction is in the best interests of Seller and its shareholders and declared advisable that Seller enter into this Agreement, (ii) approved the execution, delivery and performance of
this Agreement and the Transaction, and (iii) resolved to recommend adoption of this Agreement by the shareholders of Seller. 
 STATEMENT OF AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing,
their respective representations, warranties, covenants and agreements set forth in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound,
hereby agree as follows: 
 ARTICLE I 
 PROPERTY; PURCHASE PRICE 
 Section 1.1 Agreement to Purchase and
Sell. Subject to and in accordance with the terms, conditions and provisions of this Agreement, and for the consideration stated herein, Seller agrees to sell (and to cause the Seller Subsidiaries to sell) the Property to Purchaser and Purchaser
agrees to buy the Property from Seller and the Seller Subsidiaries. 
 Section 1.2 Property. Subject to the terms,
conditions and provisions of this Agreement, Seller shall at the Closing sell, assign, transfer and convey to Purchaser (or cause the Seller Subsidiaries to sell, assign, transfer and convey to Purchaser), and Purchaser shall acquire,

 
assume and accept from Seller or the Seller Subsidiaries, all of Seller’s (or such Seller Subsidiaries’) right, title and interest to the following assets (other than the Excluded
Assets as defined below) (collectively, the “Property”), free and clear of all Liens other than the Permitted Exceptions, and in the case of Personal Property, free and clear of all Liens other than the Permitted Exceptions
described in clauses (d), (n) or (q) of Section 1.6: 
 (a)
Timberlands. The real property held by Seller or the Seller Subsidiaries in fee simple depicted on the section maps attached hereto as Schedule 1-A (but excluding the Identified REC Parcels and Identified Title Carveouts),
together with all of Seller’s or Seller Subsidiaries’ right, title and interest in and to (i) all timber, biomass and other organic products growing, standing or lying thereon (collectively, the
“Timber”), (ii) all buildings thereon, (iii) all roads, rights of way, bridges and other improvements and fixtures thereon, (iv) all subsurface rights and all rights to oil, gas and other
minerals of any kind (including, without limitation, all sand, rock, fill dirt and gravel) therein, thereon or thereunder, (v) all water and water rights of any kind appurtenant thereto and/or used thereon, and all riparian rights,
ground water rights, stock in water companies, wells, and well rights related to the Timberlands, (vi) all other privileges, appurtenances, easements (including the Purchaser Easements in respect thereof), rights of access and other
rights appertaining thereto (including, without limitation, carbon sequestration, development and air rights or credits, if any); and (vii) all rights to inject or store substances in caverns, reservoirs or other formations and horizons
lying beneath the surface thereof (collectively, the “Timberlands”), subject only to the Permitted Exceptions; provided, however, that Seller reserves for itself and its successors and assigns the Reserved
Easements described in Section 1.2(a) of Seller’s Disclosure Letter; provided, further, that as promptly as practicable after the Effective Date, Seller and Purchaser shall revise Schedule 1-A to
contain appropriate legal descriptions for the Timberlands (based on the legal descriptions attached to the Completed Title Commitments as verified and adjusted by the parties to include all of the real property depicted on Schedule
1-A as of the date hereof but excluding the Identified REC Parcels, the Identified Title Carveouts and any other real property which is part of the Excluded Assets). 
 (b) Personal Property. The machinery, equipment, facilities, motor vehicles, appliances, tools, supplies, furnishings, inventory, and other tangible personal property listed or described in
Section 1.2(b) of Seller’s Disclosure Letter and any other personal property owned or used by Seller or any Seller Subsidiary relating exclusively to or used exclusively in connection with any of the Timberlands
(collectively, the “Personal Property”). 
 (c) Licenses. To the fullest extent transferable
under applicable Law, the rights of Seller or the Seller Subsidiaries under all licenses, permits, authorizations (electrical, sewage treatment, water, transportation, or other utility capacity, development rights, entitlements), orders,
registrations, certificates, variances, approvals, franchises and consents of Governmental Authorities or other Persons that are in effect at the Closing and that relate exclusively to the Timberlands or the Personal Property (collectively, the
“Licenses”). 
 (d) Assumed Contracts. The rights of Seller or the Seller Subsidiaries under
those agreements listed or described in Section 1.2(d) of Seller’s Disclosure Letter, together with (i) any other lease or license under which Seller or any Seller Subsidiary has granted to a third party
agricultural, grazing, apiary, hunting, recreational or other similar rights with respect to the 

  
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Timberlands or any renewal of such lease or license made in compliance with Section 6.2(d)(ii), (ii) Contracts that relate to the Timberlands or the forest
operations conducted on the Timberlands and are entered into between the Effective Date and the Closing Date in compliance with Section 6.2(d)(iii), or (iii) Contracts that are new leases entered into between the
Effective Date and the Closing Date in compliance with Section 6.2(d)(ii), in each case, (x) only to the extent the same can be assigned without the consent of the counterparty thereto (unless such consent is obtained prior
to the Closing) and (y) together with all refundable security deposits and prepayments in connection with any of the foregoing, but excluding the rights of Seller or the Seller Subsidiaries under any Ancillary Agreement (collectively, the
“Assumed Contracts”). 
 (e) Assumed Condemnations. The interests of Seller or the Seller
Subsidiaries in any Condemnation (but excluding the Gadsden County condemnation described in Section 1.2(x) of Seller’s Disclosure Letter) (i) that exists on the Effective Date, including those Condemnations
listed in Section 1.2(e) of Seller’s Disclosure Letter (or if resolved prior to the Closing, the proceeds actually received therefrom, net of all unreimbursed reasonable costs incurred by Seller to recover such proceeds) or
(ii) that arises between the Effective Date and the Closing Date, but in each case only to the extent attributable to the Timberlands (collectively, the Condemnations described above, the “Assumed Condemnations”).

 (f) Books and Records. The Books and Records (as defined in Section 6.4). 

(g) Intangible Property. All intangible personal property to the extent used exclusively in connection with the ownership, use or
operation of any of the Property identified in clauses (a)-(f) above, including (i) all bonds, warranties and guaranties, if any and (ii) all plans, specifications, working drawings, and similar property
relating exclusively to the Property, in each of clauses (i) and (ii) above, to the extent transferable under applicable Law and assignable by Seller or any Seller Subsidiary without the consent of or payment of any fee to
any third party (unless such consent has been obtained) and without the payment of any additional consideration for such assignment, but excluding, for clarity, Seller’s right, title and interest in and to the name “The St. Joe
Company” or any derivation thereof (collectively, the “Intangible Property”). 
 Unless expressly identified or
described in this Section 1.2 or as otherwise expressly provided in this Agreement, no other assets of Seller or the Seller Subsidiaries, including cash proceeds or accounts receivable in respect of sales of Timber removed
from the Timberlands in accordance with this Agreement, shall be included within or constitute the Property. For the avoidance of doubt, the assets listed in Section 1.2(x) of Seller’s Disclosure Letter (the
“Excluded Assets”) are not part of the Property (and shall be retained by Seller or the Seller Subsidiaries, as applicable). 
 Section 1.3 Assumed Liabilities. Subject to the terms, conditions and provisions of this Agreement, Seller shall at the Closing assign to Purchaser (or shall cause the Seller Subsidiaries to
assign to Purchaser), and Purchaser shall undertake, assume and agree to perform, pay, become liable for and discharge when due, and hold Seller and the Seller Subsidiaries and their respective directors, officers, employees, Affiliates, controlling
persons, agents and representatives, and their respective successors and assigns, harmless from any and all liabilities and obligations arising in the ordinary course of business, whether accrued or unaccrued,

  
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absolute or contingent, known or unknown, asserted or unasserted, resulting from or related to the Property or any contract, commitment or undertaking to the extent related to the Property, to
the extent such liabilities and obligations relate to the period of performance commencing on or after the Closing (collectively, the “Assumed Liabilities”). Except for the Assumed Liabilities, liabilities under the Assumed
Contracts arising after Closing and any other liabilities which Purchaser has agreed to assume pursuant to the express terms of this Agreement and the other agreements to be delivered at Closing, Purchaser shall not assume, and will not be deemed to
have assumed, any liabilities or obligations of Seller or any Seller Subsidiary resulting from the transactions contemplated by this Agreement. 
 Section 1.4 Purchase Price; Deposit; Allocation and Payment of Purchase Price.  
 (a) The aggregate purchase price payable by Purchaser to Seller in consideration for the Property shall be the sum of Five Hundred Sixty-Five Million and No/100 Dollars ($565,000,000.00), subject to
adjustment as provided in Section 1.7 (as so adjusted, the “Purchase Price”), and allocated between the Installment Note Purchase Price and the Cash Purchase Price as provided by
Section 1.4(c). Following execution of this Agreement, Seller and Purchaser shall cooperate in good faith to jointly prepare a written allocation of the Purchase Price among (i) the Timberlands, Licenses, Assumed
Contracts, and Assumed Condemnations (taken together) but excluding the Timber, on a county-by-county basis, (ii) the Timber, on a county-by-county basis, and (iii) the Personal Property and Intangible Property (taken
together), in each case, based on reasonable estimates of their fair market values. The Parties shall negotiate in good faith to resolve any disputes that arise in connection with the allocation of the Purchase Price, and if the Parties are unable
to resolve any such disputes on or before December 20, 2013, that Parties shall appoint a nationally recognized accounting firm, and such firm shall resolve any disputes regarding the allocation of the Purchase Price. Such accounting
firm’s conclusions shall be final and binding on the Parties. The Parties agree that the allocation of the Purchase Price shall be documented in a written agreement signed by both Parties on or prior to the Closing Date. The Parties shall
equally share the costs of work performed by the accounting firm. The allocation of the Purchase Price shall be made in accordance with Section 1060 of the Code and applicable Treasury Regulations. Except to the extent such action or inaction
would cause any Party to be in violation of the final determination of any Tax Authority, each of the Parties shall: (i) be bound by this allocation of Purchase Price for purposes of determining any Taxes; (ii) prepare and file, and cause
their Affiliates to prepare and file, their Tax Returns on a basis consistent with the allocation of Purchase Price; and (iii) take no position, and cause their Affiliates to take no position, inconsistent with the allocation of Purchase Price
on any applicable Tax Return or in any proceeding before any Tax Authority or otherwise. In the event that the agreed allocation of Purchase Price is disputed by any Tax Authority, the Party receiving notice of the dispute shall promptly notify the
other Parties concerning the dispute and shall consult with the other Parties concerning the resolution of the dispute and each Party shall cooperate in good faith in responding to such challenge in order to preserve the effectiveness of the
allocations determined pursuant to this Section 1.4(a). 
 (b) On the Effective Date, and as a condition
precedent to the effectiveness of this Agreement, Purchaser shall deposit with the Title Company pursuant to the escrow agreement in the form of Exhibit A attached hereto (the “Escrow Agreement”), a sum equal to
Thirty-Seven Million Five Hundred Thousand and No/100 Dollars ($37,500,000.00) (together 

  
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with any interest thereon, collectively, the “Deposit”). The Deposit shall either be (i) delivered to Seller at the Closing and applied as a credit towards the
Purchase Price or (ii) if the Closing does not occur, disbursed in accordance with Section 11.1 and Section 11.2. 
 (c) Not later than twenty (20) days before the Closing Date, Seller shall determine (in Seller’s sole discretion) the allocation of the Purchase Price between the Installment Note Purchase Price
and the Cash Purchase Price (provided that the sum of the Installment Note Purchase Price and the Cash Purchase Price must equal the Purchase Price). If the Purchase Price is adjusted prior to Closing as provided in Section 1.7,
the Installment Note Purchase Price and the Cash Purchase Price shall be accordingly adjusted on a pro rata basis. 
 (d) The
Purchase Price shall be payable at Closing as follows: 
 (i) The Cash Purchase Price shall be payable by
Purchaser to Seller in cash by wire transfer of immediately available funds, to the bank account or accounts designated by Seller. 
 (ii) The Installment Note Purchase Price shall be payable by Purchaser to Seller, or to those parties designated in writing by Seller, in the form of one or more installment notes issued by Purchaser
Subsidiary, substantially in the form of Exhibit J (each, a “Timber Note”), in an aggregate principal amount equal to the Installment Note Purchase Price. Each Timber Note shall be issued in the
denomination requested by Seller not later than the Closing Date. Each Timber Note shall be fully secured by an irrevocable standby letter of credit in form and substance reasonably satisfactory to Seller (each, a “Letter of
Credit”), issued by a Credit Enhancement Bank for the account of Purchaser Subsidiary. Purchaser and Purchaser Subsidiary will be responsible for all fees and expenses associated with the Letters of Credit and any related documents or
instruments; however, Purchaser shall receive a credit against the Purchase Price with respect to all such fees and expenses. 

Section 1.5 Proxy. On the Effective Date, and as a condition precedent to the effectiveness of this Agreement, Seller shall
obtain and deliver to Purchaser, an irrevocable proxy (the “Proxy”) executed by Fairholme Funds, Inc. on behalf of The Fairholme Fund, a shareholder of Seller, in substantially the form attached hereto as Exhibit
O, pursuant to which such shareholder shall grant Purchaser a proxy to vote to approve the transactions contemplated hereby. 
 Section 1.6 Permitted Exceptions. The Property shall be sold, transferred, assigned and conveyed to Purchaser subject to the following matters (collectively, the “Permitted
Exceptions”). 
 (a) All Laws, including all building or zoning ordinances, and restrictions on the ability of any
Person to build upon or use the Property imposed by any current or future development standards, building or zoning ordinances or any other Law, which do not individually or in the aggregate have a material adverse effect on the use of the Core
Timberlands for growing and harvesting timber or conducting cattle and livestock operations; 

  
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 (b) Riparian rights of third parties or any Governmental Authority; 

(c) Rights of others (whether owned in fee or by easement) in and to any portion of the Timberlands that lies within any public road or
maintained right of way (including, without limitation, the Florida Department of Transportation); 
 (d) Liens for Taxes
(including ad valorem real property Taxes and assessments) not yet due and payable as of the Closing; 
 (e) Easements,
discrepancies or conflicts in boundary lines, shortages in area, vacancies, excesses, encroachments or any other facts not of record that a current and accurate survey of the Timberlands would disclose other than (i) those that Seller
agrees to cure or is obligated to cure pursuant to this Agreement or (ii) those which individually or in the aggregate would have a material adverse effect on the use, value, enjoyment or operation of (A) growing and
harvesting timber or conducting cattle and livestock operations on the Core Timberlands; or (B) the Non-Core Timberlands; 
 (f) Rights, if any, relating to the construction and maintenance in connection with any public utility of existing wires, poles, pipes, conduits and appurtenances thereto, on, under, above or across the
Timberlands; 
 (g) Any matter disclosed in Section 1.6(g) of Seller’s Disclosure Letter; 

(h) Any matter affecting title to the Timberlands that is specifically listed in Schedule B, Section 2 or II, of the
Completed Title Commitment and is not objected to by Purchaser and any Title Objection that Purchaser has expressly waived or is deemed to have waived pursuant to Section 1.7(b); 

(i) The claims of lack of access rights described in Section 1.6(i) of Seller’s Disclosure Letter, and any other
claim of lack of access rights to any portion of the Timberlands which does not individually or in the aggregate have a material adverse effect on the use, value, enjoyment or operation of (A) growing and harvesting timber or conducting
cattle and livestock operations on the Core Timberlands; or (B) the Non-Core Timberlands; 
 (j) The Reserved
Easements granted to or reserved by Seller pursuant to any provision of this Agreement; 
 (k) Rights of others under any of
the Licenses or the Assumed Contracts, as tenants or contract parties only; 
 (l) Rights of third parties under the Timber
Deeds or the Supply Agreements; 
 (m) The standard printed exceptions contained in the 2006 ALTA owner’s policy title
jacket; 
 (n) Matters caused solely by Purchaser or its agents, representatives or contractors; 

  
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 (o) Such matters as the Title Company shall commit to insure over, without any additional
cost to Purchaser, whether such insurance is made available in consideration of payment, bonding or indemnity by Seller or otherwise; provided, the wording of such affirmative coverage must be reasonably acceptable to Purchaser; 

(p) Immaterial variations between the tax diagram or tax map and the record description of the Timberlands; 

(q) Imperfections of title or Liens (excluding Monetary Liens) that, individually or in the aggregate, do not materially interfere with
the use or materially adversely affect the use, value, enjoyment or operation of (i) growing and harvesting Timber or conducting cattle and livestock operations on the Core Timberlands, or (ii) the Non-Core Timberlands;

 (r) Railroad easements or rights of way, if any, traversing the Timberlands and the rights of railroad companies to any
tracks, siding, ties and rails associated therewith; 
 (s) All oil, gas and other minerals as may have been previously
reserved by or conveyed to others and any mineral leases concerning the mineral estate of the Timberlands, but only (i) to the extent disclosed in Schedule B, Section 2 or II of the Completed Title Commitment and not objected
to by Purchaser pursuant to Section 1.7(b) or (ii) provided such rights or leases do not individually or in the aggregate would have a material adverse effect on the use, value, enjoyment or operation of
(A) growing and harvesting timber or conducting cattle and livestock operations on the Core Timberlands or (B) the Non-Core Timberlands; 
 (t) Mineral rights or leases which may be owned by separate parties and which may include a right of access for exploration, drilling or mining of such minerals, but only (i) to the extent disclosed
in Schedule B, Section 2 or II of the Completed Title Commitment and not objected to by Purchaser pursuant to Section 1.7(b) or (ii) provided such rights or leases do not individually or in the aggregate
have a material adverse effect on the use, value, enjoyment or operation of (A) growing and harvesting timber or cattle and livestock operations on the Core Timberlands or (B) the Non-Core Timberlands; and 

(u) the Use Restriction and any ROFR Memorandum. 
 Notwithstanding anything to the contrary in this Section 1.6, the only Permitted Exceptions that shall be referenced in the Deeds shall be those included in the form of Deed attached hereto as
Exhibit D. 
 Section 1.7 Certain Adjustments. The Purchase Price shall be subject to the following
adjustments: 
 (a) Timber Harvest Adjustment. 

(i) Within 30 days after the Closing Date, Seller shall provide to Purchaser a harvest report (the “Harvest
Report”) certifying the Harvest Amount and the amount of the Adjustment Value, together with such supporting data as Purchaser may reasonably request. If Purchaser’s good faith calculation of the proposed Adjustment Value differs
from Seller’s by an amount in excess of five percent (5%) of the amount of 

  
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Seller’s calculation or if the Harvest Report contains manifest error, Purchaser shall have 30 days after the receipt of the Harvest Report to deliver to Seller written notice (an
“Objection Notice”) of its objection to Seller’s calculation, which Objection Notice shall request commencement of the procedure set forth in Section 1.7(a)(ii). If Seller does not receive an Objection
Notice prior to the expiration of such 30-day period, Purchaser shall be deemed to have waived its right to object to Seller’s calculation of any portion of the Harvest Amount or the proposed Adjustment Value. 

(ii) Within 15 days after receipt of an Objection Notice, each Party shall refer the matter to a senior executive officer
of each Party (or an Affiliate) (each, a “Party Executive”) for attempted resolution. The Party Executives will meet with each other, either physically at a mutually convenient location or by telephone or videoconference, to
endeavor to resolve the dispute in view of the Parties’ mutual interest in reaching a reasonable business resolution. During the period following receipt of such Objection Notice, Seller and Purchaser shall negotiate in good faith to reach
agreement on the Harvest Amount and the Adjustment Value. If Seller and Purchaser agree on the calculation of such amounts, then such amounts shall become final and binding on the Parties. If the Party Executives are unable to agree on any of the
disputed calculations within 30 days after receipt of the Objection Notice, Seller shall appoint a Forestry Consultant (subject to Purchaser’s approval, not to be unreasonably withheld) to act as a consultant with respect to the calculation of
the Harvest Amount and the Adjustment Value and each Party will, at a mutually agreed time within three days after referral of the matter to the Forestry Consultant, simultaneously submit to the Forestry Consultant their respective calculations of
the disputed portions of the Harvest Amount and the Adjustment Value and any necessary supporting documentation. Within 30 days of such submissions, the Forestry Consultant will select one of the two submissions (and shall not select any other
amount) as being most representative of the disputed portion of the Harvest Amount and the Adjustment Value, and the submission so selected shall be final and binding on the Parties. The costs and expenses of the Forestry Consultant in connection
with the dispute resolution procedure set forth herein shall be paid by the non-prevailing Party. 
 (iii) Upon
a final determination of the Harvest Amount and the Adjustment Value, if the amount of the Adjustment Value is a positive number, the Purchase Price shall be reduced by the Adjustment Value. Any such payment will be made within two (2) Business
Days after agreement by the Parties or determination by the Forestry Consultant by wire transfer of immediately available funds to an account or accounts designated by Purchaser. 

(iv) If Seller harvests any Timber on the Timberlands during the Timber Adjustment Period, the Parties will meet at least
seven (7) Business Days prior to the Closing and agree whether any preliminary adjustment is required. Each Party agrees to act reasonably in discussing any proposed adjustment, but if they fail to agree on a preliminary adjustment they will
proceed to the Closing, subject to a complete adjustment post-Closing pursuant to the above provisions of this Section 1.7(a). The Purchase Price paid at the Closing will reflect such preliminary adjustment as may be agreed by
Purchaser and Seller. Upon a final determination of the Harvest Amount and the Adjustment Value, any such preliminary adjustment shall be reconciled among the Parties. 

  
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 (b) Title Objections. 

(i) Title Objection Procedure. Seller shall use commercially reasonable efforts to cause the Title Company to make
Completed Title Commitments for the Property available to Purchaser on or before November 15, 2013. Purchaser shall have until the expiration of the Due Diligence Period (the “Title Objection Date”) to deliver to Seller
written notice of any objection to matters of title (each, a “Title Objection” and collectively, the “Title Objections”); provided, however, that Purchaser shall have no right to object
to, and Title Objections may not include, any Permitted Exceptions; provided further, however, the Title Objection Date shall be extended by one Business Day for each Business Day following November 15, 2013 that the Title Company
fails to make the Completed Title Commitments available to Purchaser. A Completed Title Commitment shall be deemed to have been made available to Purchaser when it is posted to the online data repository established and maintained by Seller and the
Title Company, Seller or Seller’s counsel delivers electronic notification to Purchaser of such availability; provided, however, to the extent a legible copy of any exception document referenced therein is not made available to
Purchaser at the time the Completed Title Commitment is made available to Purchaser, Purchaser shall have the right to deliver a Title Objection to Seller with respect to such exception documents within ten (10) days following Purchaser’s
actual receipt of such exception document. Upon the receipt of Title Objections to a Completed Title Commitment (or an exception document referenced therein), Seller may elect (but shall not be obligated) to cure or cause to be cured any such Title
Objection, and Seller shall notify Purchaser in writing within ten (10) days after receipt of the Title Objections with respect to such Completed Title Commitment whether Seller elects to cure the same prior to the Closing Date. Failure of
Seller to respond in writing within such time period shall be deemed an election by Seller not to cure such Title Objections. Any Title Objection shall be deemed to be cured if Seller causes the Title Company to issue a Title Policy for the affected
Timberlands affirmatively insuring over (with affirmative coverage reasonably acceptable to Purchaser), or not raising as an exception to the Title Policy, such Title Objection. Notwithstanding the foregoing, Seller shall be obligated to
(i) cure, satisfy or release on or before the Closing Date all Liens against the Timberlands or the Personal Property evidencing monetary encumbrances (other than Liens for non-delinquent real estate Taxes or assessments)
(“Monetary Liens”), and (ii) satisfy (including by affidavit to the Title Company) all requirements set forth in Schedule B, Section 1 or I of the Completed Title Commitments (other than those
applicable to Purchaser) and the “standard exceptions” on Schedule B, Section 2 or II of the Completed Title Commitments (other than the exceptions related to matters disclosed by an accurate survey of the land and to
sovereign lands, riparian rights or navigable servitudes) within its exclusive control; provided, however, that with respect to the matters described in this clause (ii) which are not Monetary Liens, Seller shall not be obligated
to institute any litigation, obtain any consent or approval from any Governmental Authority or third Person, or incur any material out of pocket cost or expense in connection with the satisfaction of the foregoing. If Seller does not receive written
notice on or before the 

  
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Title Objection Date of Title Objections to those matters reflected on Schedule B, Section 2 or II of any particular Completed Title Commitment or to any other matters of which
Purchaser has knowledge prior to the Title Objection Date, Purchaser shall be deemed to have waived its right to object to any and all such title matters and shall accept title subject to such matters. Any such Title Objection waived (or deemed
waived) by Purchaser shall be deemed to constitute a Permitted Exception, and the Closing shall occur as herein provided without any reduction of the Purchase Price. 

(ii) Remedy for Title Objection. If Seller elects or is deemed to have elected not to cure any Title Objection
(other than Monetary Liens which must be cured by Seller as set forth herein), then Purchaser shall elect, by written notice delivered to Seller before the earlier of ten (10) Business Days after Seller’s election or deemed election and
the Closing Date, either (A) to waive such Title Objection and acquire at the Closing the portion of the Timberlands subject to such uncured Title Objection without adjustment to the Purchase Price, in which event such Title Objection shall
become a Permitted Exception, or (B) exclude from the Timberlands to be conveyed to Purchaser the portion of the Timberlands subject to such uncured Title Objection (a “Title Objection Carveout”). Failure by Purchaser to
timely deliver such notice of its election shall be deemed a waiver of such Title Objection pursuant to clause (A). If Purchaser elects to make a Title Objection Carveout pursuant to clause (B), then the Parties shall proceed to the Closing
with those portions of the Timberlands that are subject to such uncured Title Objections excluded from the Timberlands to be conveyed to Purchaser and the Purchaser Price reduced as provided in Section 1.7(b)(iii) (but subject to
Seller’s post-Closing cure rights in Section 1.7(b)(iv)); provided, however, that each Title Objection Carveout shall contain at least 40 acres, provide Seller with reasonable access to such Title Objection
Carveout, but only if Seller does not otherwise have legal and physical access thereto, and shall create an economically feasible and marketable parcel, as reasonably determined by Seller. Additionally, Purchaser and Seller have agreed that
Purchaser shall receive a credit against the Purchase Price for the Identified Title Carveouts in the manner descried in Section 1.7(b)(iii) hereof. 

(iii) FMV Calculation. The fair market value of the Identified Title Carveouts and any portion of the Timberlands
subject to any Title Objection Carveout shall be calculated in accordance with the Value Table. At the Closing, the Purchase Price shall be reduced by an amount equal to the aggregate fair the Identified Title Carveouts and any portion of the
Timberlands subject to any Title Objection Carveout, if any, as calculated in accordance with this Section 1.7(b)(iii). 
 (iv) Post-Closing Cure. For a period of one (1) year after the Closing Date, Seller shall have the right to cure any Title Objection by delivering an updated Completed Title Commitment and an
endorsement to the Title Policies for the applicable Title Objection Carveout including the deletion of such Title Objection or providing affirmative coverage over said Title Objection (reasonably acceptable to Purchaser). Seller shall be
responsible for the costs associated with the title examinations and the issuance of the Completed Title Commitments and the premiums payable in connection with the Title Policy and the endorsements described in this
Section 1.7(b)(iv). Upon completion of such cure with respect to any Title Objection Carveout, Purchaser will pay to Seller that portion of the initial Purchase Price (if any) related to the Title Objection Carveout previously
withheld by Purchaser as provided in clause (iii) above. 

  
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 (v) Legal Description. Notwithstanding the foregoing provisions of
this Section 1.7(b), in the event that there is any material discrepancy between the legal descriptions attached to the Completed Title Commitments, as verified and adjusted by the parties pursuant to the last proviso in
Section 1.2(a), and the GIS data or surveys of the Timberlands provided by Seller to Purchaser, Purchaser shall have no right to object to such discrepancy provided that Seller delivers to Purchaser at Closing a quitclaim deed
executed by Seller and the Seller Subsidiaries with respect to any real property covered by the GIS or survey data, but not covered by such legal descriptions, containing no representations, warranties or undertakings but quitclaiming any right,
title or interest of Seller and the Seller Subsidiaries in and to such real property. 
 (vi) Updated Title
Commitments. Purchaser may request from time to time updates to the Completed Title Commitments; provided, that any update in excess of the first such update shall be at Purchaser’s cost, unless Purchaser has ordered such first
update within twenty (20) days of the then scheduled Closing Date and either Party thereafter elects to extend the Outside Date pursuant to Section 2.1 (in which event one additional update for each such extension of the
Outside Date shall be at Seller’s cost). The same Title Objection procedure set forth in this Section 1.7(b) shall apply to any new matters or exceptions first revealed by any update of any Completed Title Commitment, except
that Purchaser’s time period to deliver a Title Objection shall be five (5) days after receipt of such update and Seller’s response period shall be five (5) days after its receipt of any Title Objection raised by Purchaser
relating to such update of a Completed Title Commitment, and, if applicable, the Closing shall be extended for a sufficient period (but not later than the Outside Date) to accommodate such time periods for Purchaser’s Title Objections and
Seller’s response. 
 (c) Casualty Loss. 

(i) Notification of Casualty Loss. From the Effective Date until the Closing Date, Seller
shall promptly give notice to Purchaser of any Casualty Loss occurring during the Timber Adjustment Period and having a fair market value in excess of $250,000, as determined in good faith by Seller, together with a written estimate of the acreage
affected (location and amount) and the fair market value of the damaged or lost Timber, as determined in good faith by Seller, resulting from such Casualty Loss. Purchaser shall have until the sixtieth (60th) day after the Closing Date to deliver to Seller written notice
of any Casualty Loss that occurred before the Closing but was not identified by Seller in accordance with the previous sentence of this Section 1.7(c)(i), together with a written estimate of the fair market value of the damaged or
lost Timber, as determined in good faith by Purchaser, resulting from such Casualty Loss. If Seller does not receive notice of such Casualty Loss from Purchaser prior to the expiration of such 60-day period, Purchaser shall be deemed to have waived
its rights to receive an adjustment to the Purchase Price in respect of any such Casualty Loss pursuant to this Section 1.7(c), apart from any adjustment to the Purchase Price for any portion of such Casualty Loss that was
identified by Seller prior to the Closing pursuant to the first 

  
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sentence of this Section 1.7(c)(i), and Purchaser shall be deemed to accept the Timberlands subject to such Casualty Loss; provided, however, that nothing in this
Section 1.7(c), is intended to override the condition to Closing contained in Section 9.1(c) or the termination right set forth in Section 11.1(d). 

(ii) Adjustment for Casualty Loss. If the aggregate fair market value, based on the values set forth on the Value
Table (but taking into account the salvage value of any damaged timber), of (i) damaged or lost Timber resulting from all Casualty Losses plus (ii) the estimated cost associated with putting the affected Timberlands
back into production (for example, increased site preparation costs) and the damage to any property improvements (for example, buildings, fences, roads and bridges) (collectively, the “Casualty Damages”) exceeds $500,000 (the
“Casualty Loss Basket”), the Purchase Price shall be reduced by such amount (it being understood that Seller shall be entitled to retain any insurance proceeds with respect to such Casualty Loss). If Purchaser objects to any
of Seller’s calculations of the fair market value based on the Value Table of the damaged or lost Timber or Casualty Damages resulting from a Casualty Loss made by Seller prior to the Closing pursuant to Section 1.7(c)(i) or
if Seller objects to any calculation of the fair market value based on the Value Table of the damaged or lost Timber or Casualty Damages resulting from a Casualty Loss made by Purchaser post-Closing pursuant to Section 1.7(c)(i)
and in each case Purchaser’s calculation of the same differs from Seller’s by an amount in excess of five percent (5%) of the amount of Seller’s calculation, Seller and Purchaser shall negotiate in good faith to determine
by mutual agreement the calculation of the fair market value of the damaged or lost Timber and Casualty Damages in accordance with Section 1.7(c)(iv). If Seller and Purchaser agree on the amount of such value, then such value will
become final and binding on the Parties. If Seller and Purchaser are unable to agree on the amount of such value within fifteen (15) days of Purchaser’s delivery of a notice of objection to Seller’s pre-Closing calculation or
Seller’s delivery of a notice of objection to Purchaser’s post-Closing calculation, the Party Executives will meet with each other, either physically at a mutually convenient location, or by telephone or videoconference, to endeavor to
resolve the dispute in view of the Parties’ mutual interest. If the Party Executives are unable to resolve the matter within 30 days, Seller and Purchaser shall resolve such dispute in accordance with Section 12.16.

 (iii) Casualty Loss with FMV of less than the Casualty Loss Basket. If it is determined in accordance
with this Section 1.7(c) that the damaged or lost Timber in connection with Casualty Losses identified in accordance with Section 1.7(c)(i) on the Timberlands has an aggregate fair market value of less than the
Casualty Loss Basket, Purchaser shall be deemed to accept such Timberlands (and the Timber thereon) in its condition as of the Closing Date, with no reduction in the Purchase Price. 

(iv) Determination of FMV of Timber Related to a Casualty Loss. For the purpose of determining the fair market
value of the damaged or lost Timber resulting from a Casualty Loss, the fair market value for damaged or lost Timber shall be deemed to equal the value of the Timber, determined in accordance with the Value Table, net of the salvage value of such
Timber to Purchaser after deducting the cost of harvesting, salvaging, and delivering such timber. 

  
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 (d) Environmental Objections. 

(i) Environmental Objection Procedure. Purchaser acknowledges that Seller has delivered to Purchaser those certain
Phase I Environmental Site Assessments Reports with respect to the Timberlands, prepared in accordance with ASTM Practice E 2247-08 (Standard Practice for Environmental Site Assessments: Phase I Environmental Process for Forestland or Rural
Property) (the “Phase I Reports”) described in Section 1.7(d)(i) of Seller’s Disclosure Letter. With respect to the existence of RECs in the Phase I Reports, Purchaser and Seller have agreed that the
Identified REC Parcels shall not be included in the Timberlands and that Purchaser shall receive a credit against the Purchase Price for such Identified REC Parcels in the manner descried in Section 1.7(d)(iii) hereof. Purchaser
shall have the right until the expiration of the Due Diligence Period to deliver to Seller written notice of the existence of a REC on any portion of the Timberlands, or on any property adjacent to any portion of the Timberlands, in each case
reasonably believed to have a material adverse effect on the use or value of any portion of the Timberlands (except for matters disclosed in the Phase I Reports or otherwise known to Purchaser as of the Effective Date). 

(ii) Remedy for Environmental Objection. In the event of the presence of any REC, Purchaser’s sole remedy
with respect to any such REC, subject to Section 9.1(c), shall be to adjust the Purchase Price as described in Section 1.7(d)(iii) and the Parties shall proceed to the Closing with those portions of the
Timberlands that are subject to such REC excluded from the Timberlands to be conveyed to Purchaser (an “Environmental Carveout”). Notwithstanding the foregoing, each Environmental Carveout in which Seller has an interest
shall contain at least 40 acres, provide Seller with reasonable access to such Environmental Carveout, but only if Seller does not otherwise have legal and physical access thereto, and shall create an economically feasible and marketable parcel, as
reasonably determined by Seller. 
 (iii) FMV Calculation. The fair market value of the Identified REC
Parcels and any other portion of the Timberlands subject to any Environmental Carveout shall be calculated in accordance with the Value Table. At the Closing, the Purchase Price shall be reduced by an amount equal to the aggregate fair market value
of the Identified REC Parcels and any other Timberlands subject to any Environmental Carveouts, if any, as calculated in accordance with this Section 1.7(d)(iii). 

(iv) Release of Environmental Claims. From and after the Closing Date, except with respect to a breach of
Seller’s representations and warranties contained in Article IV, Purchaser releases Seller from all costs, Losses, liabilities, obligations and claims, of any nature whatsoever, known and unknown, that Purchaser may have against
Seller or that may arise in the future based in whole or in part upon (a) Seller’s failure to comply with any applicable Environmental Laws, or (b) the presence, release or disposal of any Hazardous Substance, solid waste, or any
other environmental contamination on, within, or from the Property before, as of, or after the Closing Date (collectively “Environmental Claims”); provided, however, Purchaser does not release Seller for any Environmental
Claims that Purchaser, its successors and assigns might have against Seller under applicable Environmental Laws if Seller would otherwise be liable to a Governmental Authority or any other Person and such Governmental Authority or Person is
proceeding, making a claim, or otherwise seeking contribution against Purchaser. 

  
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 (v) No Warranty. Seller makes no representation or warranty to
Purchaser regarding the accuracy, completeness or preparation of the Environmental Reports, except that all of the information Seller provided to Purchaser’s environmental consultant (Golder Associates, Inc.), or will provide to
Purchaser’s environmental consultant, has been, and will be, accurate to Seller’s Knowledge in all material respects. 
 (vi) Reliance Letter. Seller will use commercially reasonable efforts to obtain a duly executed letter of reliance in favor of Purchaser by the environmental consultant that issued the Phase I
Reports in form reasonably satisfactory to Purchaser, at no out-of-pocket cost or expense to Seller, but the same shall not be a condition precedent to Purchaser’s obligation to close. 

(e) Survival. The provisions of this Section 1.7 shall survive Closing. 

Section 1.8 Apportionments. Purchaser shall be deemed to own the Property beginning at 12:01 a.m. on the Closing Date for
purposes of prorations hereunder. Ad valorem real property Taxes for the current year, assessments, water, and other utilities shall be prorated as of the Closing Date. If actual tax bills for the calendar year of Closing are not available, said
Taxes shall be prorated based on tax bills for the previous calendar year and the parties hereto agree to cause a re-proration of said Taxes upon the receipt of tax bills for the calendar year of Closing. If the Timberlands is not designated a
separate tax parcel, said Taxes shall be adjusted to an amount bearing the same relationship to the total tax bill which the acreage contained within the Timberlands bears to the acreage contained within the real property included within said tax
bill. Revenues and expenses under the Licenses and Assumed Contracts shall be prorated as of the Closing Date based on the applicable term of such License or Assumed Contract. Purchaser shall receive a credit against the Purchase Price for all
deposits and prepayments made by third parties under the Assumed Contracts, if any, and Purchaser shall pay Seller for all deposits and prepayments made by Seller under the Assumed Contracts, if any, in each case unless the same have been applied in
accordance with the terms of such Assumed Contracts. Any other prorations and apportionments shall be calculated such that Seller shall bear all expenses of ownership and operation of the Property and shall receive all income therefrom through
midnight at the end of the day preceding the Closing Date and Purchaser shall bear all such expenses and receive all such income thereafter. The obligations to re-prorate in this Section 1.8 shall survive the Closing of the
purchase and sale contemplated hereby. 
 Section 1.9 Disclaimers. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT
OR IN ANY DOCUMENT OR ANCILLARY AGREEMENT DELIVERED AT CLOSING, IT IS UNDERSTOOD AND AGREED THAT SELLER IS NOT MAKING AND HAS NOT AT ANY TIME MADE ANY WARRANTIES, REPRESENTATIONS, GUARANTIES, COVENANTS OR STATEMENTS OF ANY TYPE, KIND, NATURE OR
CHARACTER WHATSOEVER, EXPRESS OR IMPLIED, WITH RESPECT TO THE PROPERTY, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES, REPRESENTATIONS, GUARANTIES, COVENANTS OR STATEMENTS AS TO MERCHANTABILITY OR FITNESS OF THE PROPERTY FOR A PARTICULAR

  
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PURPOSE, THE INCOME, EXPENSES, OPERATION OR PROFITABILITY OF THE PROPERTY, THE OPERATING HISTORY OF OR ANY PROJECTIONS RELATING TO THE PROPERTY, THE VALUATION OF THE PROPERTY, ANY TAX TREATMENT,
WHETHER INCOME OR OTHERWISE, RELATED TO THE PROPERTY, THE PRESENCE OR ABSENCE OF MINERAL RIGHTS ON THE PROPERTY, THE ACCURACY OR COMPLETENESS OF THE ENVIRONMENTAL REPORTS, OR AS TO THE PHYSICAL, STRUCTURAL, OR ENVIRONMENTAL CONDITION OF THE PROPERTY
(INCLUDING, WITHOUT LIMITATION, HAZARDOUS SUBSTANCES IN, ON, ABOUT, OR MIGRATING FROM THE PROPERTY), ITS COMPLIANCE WITH LAWS OR WITH RESPECT TO THE ZONING OF, OR ANY APPROVALS, LICENSES OR PERMITS REQUIRED FOR THE PROPERTY, OR THE SUITABILITY OF
THE PROPERTY FOR PURCHASER’S INTENDED USE THEREOF OR THE ABILITY OR FEASIBILITY TO CONVERT THE PROPERTY OR ANY PORTION THEREOF TO ANY OTHER OR PARTICULAR USE, OR WITH RESPECT TO THE AVAILABILITY OF ACCESS, INGRESS OR EGRESS TO THE PROPERTY, THE
NEED FOR OR COMPLIANCE WITH GOVERNMENTAL OR THIRD PARTY APPROVALS OR GOVERNMENTAL REGULATIONS, OR ANY OTHER MATTER OR THING OF ANY TYPE, KIND, NATURE OR CHARACTER WHATSOEVER RELATING TO OR AFFECTING THE PROPERTY. 

PURCHASER ACKNOWLEDGES AND AGREES THAT UPON CLOSING SELLER SHALL SELL AND CONVEY TO PURCHASER AND PURCHASER SHALL ACCEPT THE PROPERTY
“AS IS, WHERE IS, WITH ALL FAULTS,” EXCEPT TO THE EXTENT EXPRESSLY PROVIDED OTHERWISE IN THIS AGREEMENT AND SURVIVING CLOSING OR IN ANY DOCUMENT OR ANCILLARY AGREEMENT DELIVERED AT CLOSING. PURCHASER HAS NOT RELIED AND WILL NOT RELY ON,
AND SELLER IS NOT LIABLE FOR OR BOUND BY, ANY EXPRESS OR IMPLIED WARRANTIES, GUARANTIES, COVENANTS, STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE PROPERTY OR RELATING THERETO MADE OR FURNISHED BY SELLER OR ANY REAL ESTATE BROKER OR
AGENT REPRESENTING OR PURPORTING TO REPRESENT SELLER, TO WHOMEVER MADE OR GIVEN, DIRECTLY OR INDIRECTLY, ORALLY OR IN WRITING, UNLESS AND TO THE EXTENT EXPRESSLY SET FORTH IN THIS AGREEMENT OR IN ANY DOCUMENT OR ANCILLARY AGREEMENT DELIVERED AT
CLOSING. PURCHASER ALSO ACKNOWLEDGES THAT THE PURCHASE PRICE REFLECTS AND TAKES INTO ACCOUNT THAT THE PROPERTY IS BEING SOLD “AS-IS, WHERE IS, WITH ALL FAULTS,” AND THE PROPERTY’S ENVIRONMENTAL, PHYSICAL, FINANCIAL AND ECONOMIC
CONDITION. 
 PURCHASER REPRESENTS TO SELLER THAT PURCHASER HAS CONDUCTED OR WILL HAVE HAD THE OPPORTUNITY TO CONDUCT PRIOR TO
THE CLOSING DATE, SUCH INVESTIGATIONS OF THE PROPERTY, INCLUDING, BUT NOT LIMITED TO, TITLE AND THE ENVIRONMENTAL, PHYSICAL, FINANCIAL AND ECONOMIC CONDITIONS, THE INCOME AND EXPENSES OF AND FROM THE PROPERTY AND THE PROFITABILITY OF THE PROPERTY
AND ANY TAX TREATMENT, WHETHER INCOME OR OTHERWISE, RELATED TO THE PROPERTY, AS PURCHASER DEEMED NECESSARY OR DESIRABLE TO SATISFY ITSELF AS TO THE CONDITION OF THE PROPERTY AND THE EXISTENCE OR NONEXISTENCE OF, OR REMEDIAL ACTION

  
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REQUIRED TO BE TAKEN WITH RESPECT TO, ANY HAZARDOUS SUBSTANCES IN, ON ABOUT OR MIGRATING FROM THE PROPERTY, AND IS RELYING SOLELY AND EXCLUSIVELY AND WILL RELY SOLELY AND EXCLUSIVELY UPON SAME
AND NOT UPON ANY INFORMATION PROVIDED BY OR ON BEHALF OF SELLER OR ITS AGENTS OR EMPLOYEES WITH RESPECT THERETO, OTHER THAN ANY, IF ANY, REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER AS ARE EXPRESSLY SET FORTH IN THIS AGREEMENT OR IN ANY
DOCUMENT OR ANCILLARY AGREEMENT DELIVERED AT CLOSING. UPON CLOSING, PURCHASER SHALL ASSUME THE RISK THAT ADVERSE MATTERS, INCLUDING BUT NOT LIMITED TO, ADVERSE TITLE, PHYSICAL, ENVIRONMENTAL, FINANCIAL AND ECONOMIC CONDITIONS, MAY NOT HAVE BEEN
REVEALED BY PURCHASER’S INVESTIGATIONS EXCEPT TO THE EXTENT EXPRESSLY PROVIDED OTHERWISE IN THIS AGREEMENT AND SURVIVING CLOSING OR IN ANY DOCUMENT OR ANCILLARY AGREEMENT DELIVERED AT CLOSING. 

EXCEPT AS MAY BE EXPRESSLY SET FORTH IN THIS AGREEMENT AND SURVIVING CLOSING OR IN THE DEEDS, OR ANCILLARY AGREEMENTS OR OTHER
INSTRUMENTS TO BE DELIVERED BY SELLER AT CLOSING, AND EXCEPT TO THE EXTENT OF ANY FRAUD OR INTENTIONAL MISCONDUCT OF SELLER, PURCHASER, UPON CLOSING, SHALL BE DEEMED TO HAVE WAIVED, RELINQUISHED AND RELEASED SELLER, SELLER’S AFFILIATES AND
SUBSIDIARIES AND SELLER’S AFFILIATED PREDECESSORS-IN-TITLE, IF ANY, AND THEIR RESPECTIVE PARTNERS, MEMBERS, STOCKHOLDERS, DIRECTORS, OFFICERS, PARTICIPANTS, EMPLOYEES, CONSULTANTS, BROKERS AND AGENTS FROM AND AGAINST ANY AND ALL CLAIMS,
DEMANDS, CAUSES OF ACTION (INCLUDING, WITHOUT LIMITATION, CAUSES OF ACTION IN TORT, EQUITABLE CAUSES OF ACTION, INCLUDING CLAIMS FOR OR RIGHTS OF CONTRIBUTION OF ANY NATURE, AND ALL CAUSES OF ACTION ARISING UNDER, OR ALLEGING VIOLATION OF,
ENVIRONMENTAL LAWS), LOSSES, DAMAGES, LIABILITIES, COSTS AND EXPENSES (INCLUDING REASONABLE ATTORNEYS’ FEES) OF ANY AND EVERY TYPE, KIND, CHARACTER OR NATURE WHATSOEVER, KNOWN OR UNKNOWN, ARISING OR FIRST DISCOVERED IN THE PAST, PRESENT OR
FUTURE, WHICH PURCHASER MIGHT HAVE ASSERTED OR ALLEGED AGAINST SELLER AND/OR SELLER’S AFFILIATES AND SELLER’S AFFILIATED PREDECESSORS-IN-TITLE AND THEIR RESPECTIVE OFFICERS, DIRECTORS, SHAREHOLDERS, EMPLOYEES AND AGENTS AT ANY TIME BY
REASON OF OR ARISING OUT OF THE ENVIRONMENTAL, PHYSICAL, FINANCIAL AND ECONOMIC CONDITION OF THE PROPERTY, FAILURE TO DISCLOSE ANY CONDITION OF THE PROPERTY, ANY LATENT OR PATENT DEFECTS RELATED TO THE PROPERTY, VIOLATIONS OF ANY APPLICABLE LAWS
RELATED TO THE PROPERTY, THE MERCHANTABILITY OR FITNESS OF THE PROPERTY FOR ANY PARTICULAR PURPOSE, THE INCOME, EXPENSES OR PROFITABILITY OF THE PROPERTY, ANY TAX TREATMENT, WHETHER INCOME OR OTHERWISE, RELATED TO THE PROPERTY, ITS COMPLIANCE WITH
LAWS OR WITH RESPECT TO THE ZONING OF, APPROVALS REQUIRED FOR, OR THE SUITABILITY OF THE PROPERTY FOR PURCHASER’S INTENDED USE THEREOF OR THE ABILITY OR THE FEASIBILITY TO CONVERT THE 

  
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PROPERTY OR ANY PORTION THEREOF TO ANY OTHER OR PARTICULAR USE, OR WITH RESPECT TO THE AVAILABILITY OF ACCESS, INGRESS OR EGRESS, OPERATING HISTORY OR PROJECTIONS, VALUATION, GOVERNMENTAL OR
THIRD-PARTY APPROVALS, GOVERNMENTAL REGULATIONS OR ANY OTHER MATTER OR THING OF ANY TYPE, KIND, NATURE OR CHARACTER WHATSOEVER RELATING TO OR AFFECTING THE PROPERTY, AND ANY AND ALL OTHER ACTS, OMISSIONS, EVENTS, CIRCUMSTANCES OR MATTERS OF ANY
TYPE, CHARACTER OR NATURE WHATSOEVER REGARDING THE PROPERTY. PURCHASER ACKNOWLEDGES THAT SUCH ADVERSE MATTERS (INCLUDING, WITHOUT LIMITATION, OBLIGATIONS, DEFECTS, OR LEGAL REQUIREMENTS RELATED TO OR ARISING FROM THE PROPERTY’S ENVIRONMENTAL,
PHYSICAL, ECONOMIC AND FINANCIAL CONDITION) MAY AFFECT PURCHASER’S ABILITY TO SELL, LEASE, OPERATE OR FINANCE THE PROPERTY AT ANY TIME AND FROM TIME TO TIME. TO THE EXTENT PERMITTED BY LAW, PURCHASER HEREBY AGREES, REPRESENTS AND WARRANTS THAT
PURCHASER REALIZES AND ACKNOWLEDGES THAT FACTUAL MATTERS NOW KNOWN TO IT MAY HAVE GIVEN OR MAY HEREAFTER GIVE RISE TO CAUSES OF ACTION, CLAIMS, DEMANDS, DEBTS, CONTROVERSIES, DAMAGES, COSTS, LOSSES AND EXPENSES THAT ARE PRESENTLY UNKNOWN,
UNANTICIPATED AND UNSUSPECTED, AND PURCHASER FURTHER AGREES, REPRESENTS AND WARRANTS THAT, AS A MATERIAL PORTION OF THE CONSIDERATION GIVEN TO SELLER BY PURCHASER IN EXCHANGE FOR SELLER’S PERFORMANCE HEREUNDER, THE WAIVERS AND RELEASES HEREIN
HAVE BEEN NEGOTIATED AND AGREED UPON IN LIGHT OF THAT REALIZATION AND THAT PURCHASER NEVERTHELESS HEREBY INTENDS, TO THE EXTENT SET FORTH HEREIN, TO RELEASE, DISCHARGE AND ACQUIT SELLER, SELLER’S AFFILIATES AND SUBSIDIARIES AND AFFILIATED
PREDECESSORS-IN-TITLE, AND THEIR RESPECTIVE PARTNERS, MEMBERS, STOCKHOLDERS, DIRECTORS, OFFICERS, PARTICIPANTS, EMPLOYEES, CONSULTANTS, BROKERS AND AGENTS, FROM ANY SUCH UNKNOWN CAUSES OF ACTION, CLAIMS, DEMANDS, DEBTS, CONTROVERSIES, DAMAGES,
COSTS, LOSSES AND EXPENSES, IN EACH CASE SUBJECT TO THE TERMS HEREOF AND THE TERMS OF ALL DOCUMENTS AND ANCILLARY AGREEMENT DELIVERED AT CLOSING. NO SUCH RELEASES, DISCHARGES, OR WAIVERS BY PURCHASER IN THIS SECTION 1.9 SHALL
CONSTITUTE, OR BE CONSIDERED IN ANY WAY, AN INDEMNITY BY PURCHASER OF SELLER AND/OR SELLER’S AFFILIATES OR SUBSIDIARIES (BUT THE SAME SHALL NOT LIMIT THE INDEMNITIES BY PURCHASER SET FORTH ELSEWHERE IN THIS AGREEMENT OR THE OTHER DOCUMENTS
DELIVERED AT CLOSING). 
 ARTICLE II 
 CLOSING 
 Section 2.1 Closing. The closing of the transactions
contemplated by this Agreement (the “Closing”) shall be a “mail away” escrow Closing through the Title Company, and take place, subject to the satisfaction, or waiver by the Party entitled to the benefit thereof, of
the conditions set forth in Article IX, at 10:00 a.m., local time, on Thursday, January 23, 2014, in 

  
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accordance with this Agreement, or at such other time and date on or prior to the Outside Date as the Parties shall agree in writing (the date on which the Closing occurs, the “Closing
Date”). The Closing Date must occur no later than Friday, January 31, 2014 (as the same may be extended pursuant to this sentence, the “Outside Date”); provided, that (i) Seller shall have the
right, exercisable on one or more occasions upon written notice to Purchaser no less than five (5) Business Days prior to the then-scheduled Closing Date, to extend the Outside Date (but no later than Thursday, May 1, 2014), and
(ii) Purchaser shall have the right, exercisable on one or more occasions upon written notice to Seller no less than five (5) Business Days prior to the then-scheduled Closing Date, to extend the Outside Date (but no later than Thursday,
May 1, 2014) until the date that is five (5) Business Days after the later of (A) the date on which the Seller Shareholder Meeting has occurred and (B) the date on which Seller has obtained all of the consents described in
Section 9.2(a) of Seller’s Disclosure Letter. Except as specifically provided herein, time is of the essence for this Agreement for all purposes. 
 Section 2.2 Closing Deliveries. 
 (a) Closing Deliveries by
Seller. Seller shall deliver the following items to Purchaser at the Closing: 
 (i) duly executed
counterparts of the assignment and assumption agreements under which Seller assigns and Purchaser assumes all of Seller’s right, title and interest in and to the Assumed Contracts, the Licenses and the Assumed Condemnations, substantially in
the form of Exhibit C (the “General Assignment and Assumption”), together with a copy of any written consent to the assignment of the Supply Agreements that may be received from the applicable counterparty;

 (ii) duly executed special warranty deeds (one (1) for each applicable county where any portion of the
Timberlands is located), warranting only against Persons claiming by, through or under Seller and subject only to the Permitted Exceptions, in each case in the form of Exhibit D, and such other Conveyance Instruments as are reasonably
necessary to vest in Purchaser title to the Timberlands and the Purchaser Easements in respect thereof (collectively, the “Deeds”); 
 (iii) a bill of sale with respect to the Personal Property, substantially in the form of Exhibit E; 
 (iv) an affidavit stating the taxpayer identification number of Seller and that Seller is not a “foreign person” for purposes of Section 1445 of the Code and the Treasury Regulations
thereunder; 
 (v) such title affidavits (including, if reasonably requested by the Title Company,
“no-mining” affidavits in substantially the form Seller has executed in prior sales of timberlands) as may be reasonably requested by the Title Company in order to allow the Title Company to issue the Title Policy in favor of Purchaser
subject only to the Permitted Exceptions; 

  
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 (vi) releases of all Monetary Liens on the Property required to be cured by
Seller pursuant to Section 1.7(b); 
 (vii) one or more easements in form and substance
reasonably acceptable to Purchaser and Seller, to the extent necessary to evidence the right of Purchaser, or such other Persons as shall be designated by Purchaser, to use the Purchaser Easements; 

(viii) delivery of possession of the Property at the Closing, subject to the Permitted Exceptions; 

(ix) duly executed counterparts of the use restriction with respect to the Core Timberlands (one (1) for each
applicable county where any portion of the Core Timberlands is located) substantially in the form of Exhibit H attached hereto (the “Use Restriction”); 

(x) all original executed Estoppel Certificates obtained, or as applicable signed, by Seller in accordance with
Section 6.8 below; 
 (xi) any quitclaim deeds described in
Section 1.7(b)(iv), if applicable, 
 (xii) such assignments, bills of sale, certificates of
title, consents and other instruments of assignment and conveyance, all in form reasonably satisfactory to Purchaser, as are necessary to convey fully and effectively to Purchaser the Property in accordance with the terms hereof; 

(xiii) duly executed counterparts of letters to each tenant or vendor under party to an Assumed Contract and identified
by Purchaser, substantially in the form attached as Exhibit I attached hereto, informing them of the sale of the Property to Purchaser (the “Notification Letters”). 

(xiv) duly executed counterparts of the ROFR Memoranda; 

(xv) a duly executed counterpart of the Right of First Refusal Agreement; 

(xvi) executed written terminations of all management agreements with respect to the Timberlands, if any; and 

(xvii) duly executed counterparts of the closing statement. 

(b) Closing Deliveries by Purchaser. At the Closing, Purchaser shall deliver the following items to Seller: 

(i) the Purchase Price, in the manner provided by Section 1.4(d); 

(ii) the Letters of Credit securing the Timber Notes issued by Purchaser Subsidiary in respect of the Installment Note
Purchase Price; 

  
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 (iii) duly executed counterparts of the General Assignment and Assumption;

 (iv) any Conveyance Instruments in respect of the Property to which Purchaser is a party; 

(v) one or more easements in form and substance reasonably acceptable to Purchaser and Seller, to the extent necessary to
evidence the right of Seller, or such other Persons as shall be designated by Seller, to use the Reserved Easements; 
 (vi) duly executed counterparts of the Use Restriction; 
 (vii)
duly executed counterparts of the ROFR Memoranda; 
 (viii) a duly executed counterpart of the Right of First
Refusal Agreement; 
 (ix) all such other instruments of assumption necessary, in the reasonable opinion of
Seller, for Purchaser to assume the Assumed Liabilities; and 
 (x) duly executed counterparts to the closing
statement. 
 (c) Other Closing Deliveries. The Parties shall each execute and deliver such other and further
assignments, certificates, assurances and documents as may reasonably be required by the other Party in connection with the consummation of the transactions contemplated by this Agreement (including, without limitation, as required by any
counterparty to an Assumed Contract to effect the assignment of such Assumed Contract). 
 Section 2.3 Costs and
Expenses. Each Party shall be responsible for its own attorneys’ fees and expenses. Seller shall prepare the Deeds at Seller’s expense and Seller shall pay all costs of satisfying, releasing and removing all Monetary Liens required to
be cured by Seller pursuant to Section 1.7(b). Purchaser shall pay all recording fees associated with filing any documents, including the Deeds, to be recorded, other than any documents recorded to cure Title Objections or
satisfy, release or remove the Monetary Liens required to be cured by Seller pursuant to Section 1.7(b), the recording fees of which shall be the responsibility of Seller. Purchaser shall be responsible for any recapture,
reassessment, roll-back Taxes or changes in Tax assessments in respect of the Property that in either case may become due and payable after the Closing caused by any change in use of the Property by Purchaser after the Closing or failure of
Purchaser to apply for any continuation of their present classifications. Each of Seller and Purchaser shall bear one-half of all sales, use, excise, documentary, stamp duty, registration, transfer, conveyance, economic interest transfer and other
similar Taxes related to the conveyance of the Property from Seller to Purchaser arising in connection with the transactions contemplated by this Agreement (collectively, “Transfer Taxes”), excluding any timber harvest or
severance tax with respect to any Timber harvested from the Timberlands prior to Closing, payment of which shall be Seller’s obligation. Notwithstanding the foregoing, Purchaser shall be responsible for any Florida sales and use tax on the
transfer of the Personal Property. Title expenses shall be borne as set forth in Section 7.4(b). Except as otherwise set forth in Section 6.13, all other costs shall be paid by the Party incurring such costs.
The provisions of this Section 2.3 shall survive Closing. 

  
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 Section 2.4 No Diligence Contingency. Nothing in this Agreement, including the
phrase “Due Diligence Period” as used herein, shall be construed to mean that Purchaser shall have the right to terminate this Agreement after the Effective Date for any reason connected to Purchaser’s due diligence or
inspection of the Property other than as expressly provided herein. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF SELLER AS TO STATUS 
 Except as otherwise disclosed to Purchaser in the disclosure letter (“Seller’s Disclosures Letter”) delivered to Purchaser by Seller on the Effective Date, Seller represents
and warrants to Purchaser, as of the Effective Date and (except as otherwise provided below) as of the Closing Date, as follows: 
 Section 3.1 Organization. Seller is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Florida and has all requisite corporate power and
authority to: (i) own, lease and operate its properties and assets and to carry on its business as now being conducted; (ii) execute this Agreement and all other agreements, instruments and documents to be executed by it in
connection with the consummation of the transactions contemplated by this Agreement and such other agreements (the “Ancillary Agreements”); and (iii) perform its obligations and consummate the transactions
contemplated hereby and by the Ancillary Agreements. 
 Section 3.2 Seller Subsidiaries. Each of the Seller
Subsidiaries holding title to any portion of the Timberlands is a corporation or limited liability company, as applicable, duly incorporated or organized, validly existing and in good standing under the laws of the State of Delaware, and is
qualified to do business and in good standing under the laws of the State of Florida, and has all requisite corporate or limited liability company power and authority to own, lease and operate its properties and assets and to carry on its business
as now being conducted. 
 Section 3.3 Authority. Subject to obtaining Shareholder Approval as provided by
Section 9.3(g), the execution, delivery and performance of this Agreement and the consummation of transactions contemplated hereby by Seller have been duly and validly authorized by all necessary corporate action, and no other
corporate proceedings on the part of Seller are necessary for it to authorize this Agreement or to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by Seller and, assuming due
authorization, execution and delivery by Purchaser, is a legal, valid and binding obligation of Seller, enforceable against Seller in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar Laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 

Section 3.4 No Violation. Subject to obtaining Shareholder Approval as provided by Section 9.3(g), the
execution, delivery or performance by Seller of this Agreement will not result in a breach or violation of, or default under, (i) the terms, conditions or provisions of Seller’s or any Seller Subsidiary’s certificate of
incorporation, bylaws or any standing resolution of its 

  
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board of directors; (ii) any Contract to which Seller or any Seller Subsidiary is a party or by which any of its assets are bound; (iii) any Law applicable to Seller or
any Seller Subsidiary or any of the Timberlands; or (iv) any permit, license, order, judgment or decree of any Governmental Authority by which Seller, any Seller Subsidiary or the Timberlands is or may be bound, excluding from the
foregoing clauses (ii), (iii) and (iv) such breaches, violations or defaults that would not, individually or in the aggregate, have a Material Adverse Effect or a material adverse effect on Seller’s ability to
perform its obligations under this Agreement and the Ancillary Agreements. 
 Section 3.5 Consents and Approvals.
Subject to obtaining Shareholder Approval as provided by Section 9.3(g), there are no approvals, consents or registration requirements with respect to any Governmental Authority or any other Person that are or will be necessary
for the valid execution and delivery by Seller of this Agreement and the Ancillary Agreements, or the consummation of the transactions contemplated hereby and thereby, other than (i) those described in Section 3.5 of
Seller’s Disclosure Letter and (ii) those which (A) have been obtained, or (B) are of a routine nature and not customarily obtained or made prior to execution of purchase and sale agreements in transactions
similar in nature and size to those contemplated hereby and where the failure to obtain the same would not, individually or in the aggregate, have a Material Adverse Effect or a material adverse effect on Seller’s ability to perform its
obligations under this Agreement and the Ancillary Agreements. Seller Board has determined that this Agreement is in the best interests of the Seller and its shareholders and declared it advisable to enter into this Agreement, has approved this
Agreement, and has resolved to recommend that Seller’s shareholders adopt this Agreement (the “Recommendation”). 
 Section 3.6 Litigation. 
 (a) Pending Matters. Except as set
forth in Section 3.6(a) of Seller’s Disclosure Letter, there are no pending Claims or, to Seller’s Knowledge, threatened Claims that either (i) seek to restrain or enjoin the execution and delivery of this
Agreement or any Ancillary Agreement or the consummation of any of the transactions contemplated hereby or thereby, or (ii) affect or relate to any of the Property and would, individually or in the aggregate, have a Material Adverse
Effect if determined adversely to Seller. 
 (b) Adverse Judgments. There are no judgments or outstanding orders,
injunctions, decrees, stipulations or awards (whether rendered by a Governmental Authority or by an arbitrator) against Seller (or affecting any of the Property) that prohibit, limit, or restrict or could reasonably be expected to result in any
material delay of the consummation of the transactions contemplated by this Agreement or the Ancillary Agreements. 

Section 3.7 Taxes. Except for such Liens as are reflected in the Title Commitments, there are no Liens or other encumbrances,
other than the Permitted Exceptions, on any of the Property that arose in connection with any failure or alleged failure by Seller to timely pay any Tax. All material Taxes related to the Property required to be withheld and paid have been timely
withheld and paid, except for any Taxes being contested in good faith and listed in Section 3.7 of Seller’s Disclosure Letter. Section 3.7 of Seller’s Disclosure Letter includes a list of all pending
tax protests, proceedings or challenges relating to the Property. 

  
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 Section 3.8 ERISA. For purposes of Section 3(14) of the Employment
Retirement Income Security Act of 1974, as amended (“ERISA”), Seller is not a party in interest with Purchaser. The Property does not constitute an asset of an employee benefit plan affiliated with Seller, as defined in
Section 3(3) of ERISA. 
 Section 3.9 No Liquidation. The consummation by Seller of the transactions
contemplated hereby shall not constitute an actual or deemed liquidation of Seller under the Code. 
 ARTICLE IV

 REPRESENTATIONS AND WARRANTIES OF SELLER RELATED 

TO THE PROPERTY 
 Except as otherwise disclosed to Purchaser in Seller’s Disclosure Letter delivered to Purchaser by Seller on the Effective Date, Seller represents and warrants to Purchaser, as of the Effective Date
and (except as otherwise provided below) as of the Closing Date, as follows: 
 Section 4.1 Compliance with Laws.
Seller or the Seller Subsidiaries, as applicable, hold all licenses, certificates, permits, franchises, approvals, exemptions, registrations and rights of any Governmental Authority that are necessary to conduct operations on the Timberlands as
presently conducted, except where the failure to hold the same would not, individually or in the aggregate, have a Material Adverse Effect. Seller and the Seller Subsidiaries are presently operating the Timberlands in substantial compliance with
applicable Laws, other than Environmental Laws (which are expressly excluded from this Section 4.1 and are addressed in Section 4.6 below), and except for those violations, if any, that would not, individually
or in the aggregate, have a Material Adverse Effect. To Seller’s Knowledge, Seller and the Seller Subsidiaries have complied with all Laws relating to the subdivision of the Property, except for those violations, if any, that would not be
reasonably likely, individually or in the aggregate, to have a Material Adverse Effect. 
 Section 4.2
Condemnations. Except as described in Section 1.2(e) of Seller’s Disclosure Letter, there are no Condemnations, and no Condemnations have been concluded since August 1, 2013. 

Section 4.3 Supply Agreements. To Seller’s Knowledge, Seller has made available to Purchaser full and complete copies of
all of the Supply Agreements and each amendment, supplement and modification thereof in effect. Except as described in Section 4.3 of Seller’s Disclosure Letter, with respect to each Supply Agreement, to Seller’s
Knowledge (i) such Supply Agreement is a legal, valid, binding, enforceable and in full force and effect; (ii) neither Seller or the applicable Seller Subsidiary nor any other party to such Supply Agreement is breach or
default under such Supply Agreement; and (iii) no event has occurred or failed to occur or circumstances exist which, with the delivery of notice, the passage of time or both, would constitute a breach or default by Seller or the
applicable Seller Subsidiary or by any other party, under such Supply Agreement or permit the termination or modification under such Supply Agreement. 

  
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 Section 4.4 Ownership of Personal Property. Except as described in
Section 4.4 of Seller’s Disclosure Letter, Seller or the Seller Subsidiaries, as applicable, have title to all of the material Personal Property, free and clear of any Liens, except for Permitted Exceptions and encumbrances
that are not Monetary Liens and do not materially interfere with the present use thereof. 
 Section 4.5 Replanting;
Harvest; Conveyed Interests 
 (a) All harvesting on the Property during 2013 has been in material compliance with the
Harvest Plan, as described in Section 4.5(a) of Seller’s Disclosure Letter. 
 (b) Since August 1,
2013, neither Seller nor any Seller Subsidiary has harvested any Pre-Merchantable Timber on any of the Timberlands. 
 (c)
Except as disclosed in Section 4.5(c) of Seller’s Disclosure Letter, all timber harvest excise taxes and all amounts owed to timber harvesting contractors pertaining to Seller’s or any Seller Subsidiary’s harvest
and removal of Timber from the Timberlands prior to the Closing Date have been fully paid. 
 Section 4.6 Matters
Relating to the Environmental Condition of the Timberlands. Except as described in Section 4.6 of Seller’s Disclosure Letter or as otherwise disclosed in the Environmental Reports, (i) to Seller’s
Knowledge, there is no existing Adverse Environmental Condition on the Timberlands, except for those conditions which would not be reasonably likely, individually or in the aggregate, to have a Material Adverse Effect, (ii) to
Seller’s Knowledge Seller and the Seller Subsidiaries have and maintain, in full force and effect, all Environmental Permits as are required under Environmental Laws for the ownership, operation and use of the Timberlands, except for those
Environmental Permits the failure of which would not be reasonably likely, individually or in the aggregate, to have a Material Adverse Effect, (iii) to Seller’s Knowledge, Seller and the Seller Subsidiaries are operating the
Timberlands in compliance in all material respects with all applicable Environmental Laws and the requirements of all applicable Environmental Permits, (iv) to Seller’s Knowledge, no portion of the Timberlands contains an
underground or above-ground storage tank, (v) no portion of the Timberlands has been used by Seller or any Seller Subsidiary or with Seller’s or any Seller Subsidiary’s permission during Seller’s or such Seller
Subsidiary’s period of ownership, or to Seller’s Knowledge by any prior owner, as a disposal site or a landfill to receive liquid or solid waste, whether or not hazardous, (vi) within the two (2) years prior to the
Effective Date and until the Closing, neither Seller nor any Seller Subsidiary has received any notice (written or otherwise) of any material violation of, or liability in excess of $1,000,000.00 under, any Environmental Law in connection with the
ownership or operation by Seller or such Seller Subsidiary on or of the Timberlands and (vii) there are no material writs, injunctions, decrees, orders or judgments outstanding or, to Seller’s Knowledge, any actions, suits,
proceedings or investigations pending or threatened relating to the material non-compliance of Seller or any Seller Subsidiary with or liability in excess of $1,000,000.00 under any Environmental Law with respect to the Timberlands or any real
property owned by Seller or such Seller Subsidiary that adjoins or is in the vicinity of the Timberlands. 

  
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 Section 4.7 Endangered Species. Within the two (2) years prior to the
Effective Date and until the Closing Date, neither Seller nor any Seller Subsidiary has received no notice (written or otherwise) of any threatened or contemplated actions against Seller, such Seller Subsidiary or the Timberlands based upon the
presence on the Timberlands of any species listed as threatened or endangered under the federal Endangered Species Act. 

Section 4.8 Mineral Rights. Within the ten (10) years prior to the Effective Date and until the Closing Date, to
Seller’s Knowledge, except as disclosed in the Completed Title Commitments, neither Seller nor any Seller Subsidiary have conveyed any oil, gas or mineral rights in or to the Timberlands to any third party. 

Section 4.9 OFAC. Seller and each Seller Subsidiary (x) has not been designated as a “specifically designated
national and blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control at its official website, <http://www.treas.gov/offices/enforcement/ ofac/sdn/t11sdn.pdf> or at any
replacement website or other replacement official publication of such list and (y) is currently in compliance with and will at all times during the term of this Agreement remain in compliance with the regulations of the Office of Foreign Asset
Control of the Department of the Treasury and any statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or
other governmental action relating thereto. 
 Section 4.10 Contracts. To Seller’s Knowledge, except as
disclosed on Section 4.10 of Seller’s Disclosure Letter there are no material contracts to which Seller or a Seller Subsidiary is party (other than contracts that are terminable upon thirty (30) days’ notice or
less) that affect the use or operation of the Property. To Seller’s Knowledge, Seller has made available to Purchaser full and complete copies of, (i) each Assumed Contract in effect as of the Effective Date and
(ii) each amendment, supplement, and modification thereof in effect as of the Effective Date. 
 Section 4.11
Assumed Contracts. Except as described in Section 4.11 of Seller’s Disclosure Letter, with respect to each Assumed Contract, or except as would not be reasonably likely, individually or in the aggregate, to have a
material adverse effect on the use and enjoyment by Purchaser of the Timberlands or any material portion thereof in accordance with the terms of such Assumed Contract, to Seller’s Knowledge: (i) such Assumed Contract is legal,
valid, binding, enforceable and in full force and effect; (ii) the transactions contemplated by this Agreement or the Ancillary Agreements will not result in a breach or default under such Assumed Contract, or otherwise cause such
Assumed Contract to cease to be legal, valid, binding, enforceable and in full force and effect on identical terms following the Closing; (iii) neither Seller nor any Seller Subsidiary nor any other party to such Assumed Contract is in
breach or default under such Assumed Contract; (iv) no event has occurred or failed to occur or circumstances exist which, with the delivery of notice, the passage of time or both, would constitute a breach or default by Seller or any
Seller Subsidiary or by any other party under such Assumed Contract or permit the termination, modification or acceleration of rent or any payment under such Assumed Contract; and (v) none of the hunting or recreational leases or
licenses which are part of the Assumed Contracts has an expiration date beyond May 31, 2015. No Assumed Contract contains any right of first refusal or purchase option in favor of the counterparty thereto with respect to any portion of the
Timberlands. 

  
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 Section 4.12 Timber Cutting Contracts. Except as described in
Section 4.12 of Seller’s Disclosure Letter and the Timber Deeds, there are no outstanding Contracts pursuant to which any Person has the right to cut or remove Timber on the Timberlands. To Seller’s Knowledge, all of the
timber cutting contracts described in Section 4.12 of Seller’s Disclosure Letter are based on Seller’s standard form timber cutting contracts, true and correct copies of which have been made available to Purchaser.

 Section 4.13 Carbon Credits. Neither Seller nor any Seller Subsidiary has sold, assigned or pledged any
sequestered carbon dioxide and/or carbon credits with respect to the Timber. 
 Section 4.14 Legal Access. To
Seller’s Knowledge, all parcels or tracts comprising the Timberlands have legal insurable access except (i) as otherwise disclosed in Section 1.6(i) of Seller’s Disclosure Letter or (ii) where
such lack of legal insurable access would not, individually or in the aggregate, have a Material Adverse Effect. 

Section 4.15 Adverse Claims. To Seller’s Knowledge, there are no adverse possession claims, encroachments, boundary or
property lines disputes, shortages in area, parties in possession, cemeteries or burial grounds on the Timberlands except those disclosed in Section 4.15 of Seller’s Disclosure Letter. 

Section 4.16 Timber Deeds. Seller has made available to Purchaser full and complete copies of each of the Timber Deeds and
each amendment, supplement and modification thereof in effect. Except as described in Section 4.16 of Seller’s Disclosure Letter, with respect to each Timber Deed, to Seller’s Knowledge (i) such Timber Deed
is a legal, valid, binding, enforceable and in full force and effect on identical terms following the Closing; (ii) neither Seller or the applicable Seller Subsidiary nor any other party to such Timber Deed is in breach or default under
such Timber Deed; and (iii) no event has occurred or failed to occur or circumstances exist which, with the delivery of notice, the passage of time or both, would constitute a breach or default by Seller or such Seller Subsidiary or by
any other party, under such Timber Deed or permit the termination or modification under such Timber Deed. 
 Section 4.17
Management Agreements. Except for timber management obligations under the Supply Agreements, if any, there are no timber or silviculture management agreements affecting any portion of the Timberlands to which Seller or any Seller Subsidiary
is a party. 
 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES OF PURCHASER 
 Except as otherwise disclosed
to Seller in the disclosure letter (“Purchaser’s Disclosure Letter”) delivered to Seller by Purchaser on the Effective Date, Purchaser represents and warrants to Seller, as of the Effective Date and (except as otherwise
provided below) as of the Closing Date, as follows, it being understood that disclosure of any item in any section of the Purchaser’s Disclosure Letter shall be deemed to have been disclosed in each other section of the

  
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Purchaser’s Disclosure Letter only to the extent such disclosure is reasonably apparent on its face, upon a reading of the disclosure without any independent knowledge on the part of the
reader regarding the matter disclosed, that such disclosure is responsive to such other section: 
 Section 5.1
Organization. 
 (a) Purchaser is a corporation duly organized, validly existing and in good standing under the laws of
the State of Utah and has all requisite power and authority to: (i) own, lease and operate its properties and assets and to carry on its business as now being conducted; (ii) execute this Agreement and the Ancillary
Agreements to which it is a party; and (iii) perform its obligations and consummate the transactions contemplated hereby and thereby. 
 (b) Purchaser Subsidiary is a limited liability company duly organized, validly existing and in good standing under the laws of Delaware and has all requisite limited liability company power and
authority, as the case may be, to: (i) own, lease and operate its properties and assets and to carry on its business as now being conducted; (ii) execute this Agreement and the Ancillary Agreements to which it is a party; and
(iii) perform its obligations and consummate the transactions contemplated hereby and thereby. 
 (c) As of the
Closing Date, Purchaser owns one hundred percent (100%) of the membership interests in Purchaser Subsidiary. 

Section 5.2 Authority. The execution, delivery and performance of this Agreement and the consummation of transactions
contemplated hereby by Purchaser and Purchaser Subsidiary have been duly and validly authorized by all necessary corporate or limited liability company action, respectively, and no other corporate or limited liability company proceedings on the part
of Purchaser or Purchaser Subsidiary are necessary for such Person to authorize this Agreement or to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by Purchaser and Purchaser
Subsidiary and, assuming due authorization, execution and delivery by Seller, is a legal, valid and binding obligation of Purchaser and Purchaser Subsidiary, enforceable against Purchaser and Purchaser Subsidiary in accordance with its terms,
subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar Laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 

Section 5.3 No Violation. The execution, delivery, and performance by Purchaser and Purchaser Subsidiary of this Agreement or
any of the Ancillary Agreements to which either of them is a party will not result in a breach or violation of, or default under, (i) the terms, conditions or provisions of Purchaser’s or Purchaser Subsidiary’s certificate of
incorporation, certificate of formation, bylaws, limited liability company agreement, or any standing resolution of its board of directors, or any other organizational document; (ii) any Contract to which Purchaser or Purchaser
Subsidiary is a party or by which either of them or any of their assets may be bound; (iii) any Law applicable to Purchaser or Purchaser Subsidiary or any of their assets; or (iv) any permit, license, order, judgment or
decree of any Governmental Authority by which Purchaser or Purchaser Subsidiary or any of their assets is or may be bound, excluding from the foregoing clauses (ii), (iii) or (iv), such breaches, violations or defaults that
would not be reasonably likely, individually or in the aggregate, to have a material adverse effect on 

  
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Purchaser’s or Purchaser Subsidiary’s financial condition or results of operation or on their ability to perform their obligations under this Agreement and the Ancillary Agreements to
which either of them is a party. 
 Section 5.4 Consents and Approvals. There are no approvals, consents or
registration requirements with respect to any Governmental Authority or any other Person that are or will be necessary for the valid execution and delivery by Purchaser or Purchaser Subsidiary of this Agreement and the Ancillary Agreements, or the
consummation of the transactions contemplated hereby and thereby, other than those that (i) have been obtained, (ii) are of a routine nature and not customarily obtained or made prior to execution of purchase and sale
agreements in transactions similar in nature and size to those contemplated hereby and where the failure to obtain the same would not, individually or in the aggregate, have a material adverse effect on the financial condition or results of
operations of Purchaser and Purchaser Subsidiary, taken as a whole, or on the ability of Purchaser or Purchaser Subsidiary to perform their obligations under this Agreement and the Ancillary Agreements to which they are party, or
(iii) may be required to be obtained by Purchaser for it to conduct operations on the Timberlands. 

Section 5.5 Litigation. There are no claims against Purchaser or Purchaser Subsidiary or, to the actual knowledge of
Purchaser, any threatened claims against Purchaser or Purchaser Subsidiary, which either alone or in the aggregate seek to restrain or enjoin the execution and delivery of this Agreement or any of the Ancillary Agreements or the consummation of any
of the transactions contemplated hereby or thereby. There are no judgments or outstanding orders, injunctions, decrees, stipulations or awards (whether rendered by a Governmental Authority or by an arbitrator) against Purchaser or Purchaser
Subsidiary (or affecting any of their assets) that prohibit or restrict or could reasonably be expected to result in any delay of the consummation of the transactions contemplated by this Agreement or the Ancillary Agreements. 

Section 5.6 OFAC. Each of Purchaser (which for this purpose includes Purchaser’s partners, members and stockholders
holding an interest in excess of ten percent (10%), if any) and Purchaser Subsidiary (x) has not been designated as a “specifically designated national and blocked person” on the most current list published by the U.S. Treasury
Department Office of Foreign Assets Control at its official website, <http://www.treas.gov/offices/enforcement/ofac/ sdn/t11sdn.pdf> or at any replacement website or other replacement official publication of such list and (y) is
currently in compliance with and will at all times during the term of this Agreement remain in compliance with the regulations of the Office of Foreign Asset Control of the Department of the Treasury and any statute, executive order (including the
September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action relating thereto. 

Section 5.7 Tax Matters. Subject to any changes in applicable Law that occur after the Closing Date having retroactive
effect, Purchaser Subsidiary is treated as a “disregarded entity” of Purchaser for U.S. federal income tax purposes and all applicable state and local income tax purposes in state and local jurisdictions following the U.S. federal income
tax treatment of entities for such purposes. 

  
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 Section 5.8 No Financing Contingency. Purchaser expressly acknowledges that this
transaction is not subject to any financing contingency. The Closing, and Purchaser’s obligation to consummate the transaction on the Closing Date, shall not be subject to any contingency, condition or delay as a result of Purchaser’s
inability to obtain sufficient financing. At the Closing, Purchaser shall have, or shall be contractually entitled to receive, cash in an amount sufficient to satisfy Purchaser’s obligations hereunder. 

ARTICLE VI 

ADDITIONAL AGREEMENTS RELATING TO THE 
 PROPERTY GENERALLY 
 Section 6.1 Commercially Reasonable
Efforts. 
 (a) General. Subject to the terms and conditions herein provided, each of the Parties agrees to use all
commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable to consummate and make effective as promptly as practicable the transactions contemplated by this
Agreement and to cooperate with each other in connection with the foregoing, including using all commercially reasonable efforts: 
 (i) to obtain all necessary waivers, consents, releases and approvals, including all consents, approvals and authorizations that are required to be obtained under any applicable Law; 

(ii) to lift or rescind any injunction or restraining order or other order adversely affecting the ability of the Parties
to consummate the transactions contemplated hereby or by the Ancillary Agreements; 
 (iii) to effect all
necessary registrations and filings and submissions of information requested by Governmental Authorities; and 

(iv) to fulfill all conditions to this Agreement. 

(b) Certain Filings. In furtherance and not in limitation of the foregoing, each of the Parties agrees to make, or cause to be
made, all necessary filings required pursuant to any Regulatory Law with respect to the transactions contemplated hereby as promptly as practicable after the Effective Date, but in no event later than 15 days after the Effective Date, and to supply
as promptly as practicable any additional information and documentary material that may be requested pursuant to any Regulatory Law. 
 (c) Cooperation. If necessary to obtain any consent, approval, permit or authorization or to remove any impediment to the transactions contemplated hereby or by any Ancillary Agreement relating to
any Regulatory Law or to avoid the entry of, or to effect the dissolution of, any injunction, temporary restraining order or other order in any suit or proceeding relating to Regulatory Law, each of the Parties shall cooperate with each other and
take such lawful steps as shall be necessary or appropriate to secure such end. 

  
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 (d) HSR Act. Seller and Purchaser acknowledge that it will be a condition to the
Closing hereunder that the Parties obtain such approvals as may be required under the HSR Act, if any. Purchaser and Seller agree to provide and certify such information to the other as is reasonably requested by the other in order to determine if
the transactions contemplated herein are exempt from the filing requirements described in the HSR Act, including, without limitation, supporting documentation for revenues derived from the Timberlands during the previous 36 months, broken down by
tract. If counsel for either Purchaser or Seller has a good faith reasonable belief that any closing of the transactions contemplated under this Agreement requires the filing of a pre-merger notification under the HSR Act, each of Purchaser and
Seller shall promptly file any notification and report forms and related material that it may be required to file with the Federal Trade Commission or the Antitrust Division of the U.S. Department of Justice under the HSR Act, shall use its
commercially reasonable efforts to obtain early termination of the applicable waiting period, shall make any filings pursuant thereto that may be necessary, and shall cooperate and coordinate with the other party in connection with such filings and
returns. Purchaser and Seller shall each pay one-half of any filing fees required in connection with any filings required by this Section 6.1(d). Purchaser shall take any and all steps necessary to avoid or eliminate each and
every impediment to, and procure all necessary approvals under the HSR Act as soon as reasonably practicable but in any event no later than the Outside Date, including by taking or giving to, or otherwise entering into with, the competent
Governmental Authorities a binding undertaking or consent agreement in which Purchaser will take any action that may be necessary or appropriate in order to procure all necessary approvals under the HSR Act and to remove any legal prohibition to
effecting the Closing (including by agreeing to sell, lease, license or otherwise dispose of, or to hold separate pending such disposition, and promptly to effect the sale, lease, license, disposal and holding separate of, any assets or businesses
or other operations, or interests therein, of Purchaser or its subsidiaries). The Closing Date shall be extended to the extent necessary to permit the compliance with all procedures set forth in this Section 6.1(d),
provided that if the parties have not received the applicable approvals, or if all applicable waiting periods have not expired, on or before the Outside Date, then either Seller or Purchaser will have the right, exercisable at its sole election, to
terminate this Agreement pursuant to Section 11.1. 
 Section 6.2 Maintenance of Business.

 (a) Subject to the terms and conditions of this Agreement, and except as otherwise expressly contemplated hereby, Seller,
from the Effective Date through the Closing Date, shall use commercially reasonable efforts to maintain the Timberlands in the ordinary course in all material respects; provided, however, that it is understood and agreed that if Seller
harvests Timber in accordance with the 2010-2014 Sustainable Forestry Initiative Standard (“SFI Standards”), as amended or updated from time to time, and/or the Harvest Plan, to satisfy its obligations under the Timber Supply
Agreement, the Thinnings Supply Agreement or the Pellet Supply Agreement, such harvest activity will be deemed not to violate this Section 6.2(a). In no case shall Seller harvest (or permit any Seller Subsidiary to harvest) any
Pre-Merchantable Timber from the Effective Date through the Closing Date. 
 (b) Purchaser acknowledges that portions of the
Timberlands are subject to certain “Timber Deeds” described in Section 6.2 of Seller’s Disclosure Letter. Seller shall comply with (or cause the applicable Seller Subsidiary to comply with) all of its
obligations under the Timber Deeds from the Effective Date through the Closing Date in all material 

  
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respects, and Seller shall not amend or otherwise modify (or permit the applicable Seller Subsidiary to amend or otherwise modify) the Timber Deeds without the prior written consent of Purchaser
(such consent not to be unreasonably withheld or delayed). 
 (c) Subject to the terms and conditions of this Agreement, and
except as Seller may otherwise agree in writing, Purchaser shall not interfere in any material respect with Seller’s or any Seller Subsidiary’s conduct of business with respect to the Property pending the Closing and shall not take any
action that might reasonably be expected to impair Seller’s or such Seller Subsidiary’s relationships with customers, suppliers or employees of the businesses and operations of Seller or such Seller Subsidiary, whether or not associated
with the Property. 
 (d) From the Effective Date through the Closing, Seller shall, and shall cause the Seller Subsidiaries
to: 
 (i) comply in all material respects with all applicable Laws in connection with the ownership and
operation of the Timberlands; 
 (ii) not sell, encumber, or lease any interest in the Timberlands except for
the renewal of annual recreational leases on substantially the same or better terms as currently in effect and except for the entry in the ordinary course of business into new recreational leases substantially in the form of, and upon terms
substantially similar to those of, existing recreational leases to which Seller is a party and furnished to Purchaser prior to the Effective Date, provided that the terms of all such hunting or recreational leases or licenses shall expire on or
before May 31, 2015; 
 (iii) not enter into any Contract that is not contemplated by the Harvest Plan or
is otherwise outside the ordinary course of business, the value of which is in excess of $250,000 (or $1,000,000 in the aggregate for all such Contracts) or the term of which is greater than one (1) year from the date of execution thereof, that
is binding on any of the Timberlands after the Closing Date or would restrict the ownership or operation of the Timberlands by Purchaser or that Seller intends to treat as an Assumed Contract, without the approval of Purchaser (not to be
unreasonably withheld, delayed or conditioned) other than those Contracts that will be terminated prior to or at Closing; provided, however, that in no event shall Seller or any Seller Subsidiary enter into any Contract with an
Affiliate that will be binding on Purchaser after Closing; 
 (iv) not cut or remove, and take commercially
reasonable steps not to permit to be cut or removed, any Timber from the Timberlands except as provided in Section 6.2(a); 
 (v) without limiting the generality of Section 6.2(a) above, continue all its silvicultural and maintenance activities relating to the Timberlands substantially in accordance with
current practices; 
 (vi) perform in all material respects its obligations under the Supply Agreements and
Timber Deeds pursuant to which it is a party; 

  
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 (vii) promptly provide copies of all notices, offers, timber sales
agreements, rejections of product, claims and other correspondence between Seller and the respective counterparties under any Assumed Contract, the Supply Agreements and Timber Deeds; and 

(viii) not amend or otherwise modify any of the Supply Agreements without the prior written consent of Purchaser (said
consent not to be unreasonably withheld or delayed). 
 In the event Seller requests consent from Purchaser to enter into any new Contract,
Purchaser agrees it will respond to any written request for a consent promptly, and in any event within seven (7) Business Days (and if Purchaser fails to respond within such period it shall be deemed to have approved such request). 

Section 6.3 Public Announcements. 
 (a) No Recording. This Agreement (or a memorandum thereof) shall not be recorded by Purchaser in any real property records. In the event that this Agreement (or a memorandum thereof) is so recorded
by Purchaser, Seller may, at its option, terminate this Agreement. 
 (b) Certain Disclosures. Notwithstanding anything
to the contrary set forth in Section 12.7 or the Confidentiality Agreement, except as required by applicable Law (including rules and regulations promulgated by the SEC) or stock exchange rules, (i) any initial press
release or initial public announcement by Purchaser regarding the transactions contemplated by this Agreement shall only be made simultaneously with or after a press release or public announcement by Seller on or after the Effective Date regarding
the transactions contemplated by this Agreement, and (ii) Seller and Purchaser shall consult with each other before issuing, and will provide each other the opportunity to review, comment upon and use commercially reasonable efforts to
agree on, any press release and other public announcement with respect to the transactions contemplated by this Agreement, including the time, form and content of such press release or public announcement, and shall not issue any such press release
or make any such public announcement prior to such consultation; provided, however, that any disclosure required to be made under applicable Law, stock exchange rules or rules and regulations promulgated by the SEC may be made without
such mutual agreement if a Party required to make such disclosure has determined in good faith that it is necessary to do so and has used commercially reasonable efforts, prior to the issuance of the disclosure, to provide the other Parties with a
copy of the proposed disclosure and to discuss the proposed disclosure with the other Parties. Notwithstanding the foregoing, Seller may make any filing required by any rule or regulation promulgated by the SEC or any stock exchange without
consultation with Purchaser. 
 Section 6.4 Books and Records. 

(a) Delivery. At the Closing, Seller shall provide to Purchaser (except for those items that are stored at locations included in
the Property) copies of all maps (including backup data), surveys, drawings, deeds and other land records, forest inventory and soil records, timber harvest and planting records, aerial photography, information relating to mineral and

  
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subsurface rights, geographic information system data, working files for proposed timber harvesting, planting and any other silvicultural activities, road maintenance plans, environmental
reports, property tax records, and other property records and information, in each case, exclusively related to the Property, that are in Seller’s, its Affiliates or other Seller’s representatives possession or control in paper, electronic
and/or other form (the “Books and Records”); provided, however, that Seller shall have no obligation to provide (i) any information to Purchaser regarding the pricing of timber, internal appraisals
of the Property, other valuations or similar pricing or financial records, or any other information that is confidential and proprietary to Seller, (ii) any information or documents subject to the attorney-client or other privilege (as
reasonably and in good faith determined by Seller) or (iii) any document or item that Seller is contractually or otherwise legally bound to keep confidential to the extent Seller’s obligation to keep such document or item
confidential arose prior to the Effective Date. Notwithstanding the foregoing, Seller may retain original or other copies of the Books and Records for legal compliance or regulatory purposes or in accordance with its internal document retention
policies. 
 (b) Access. Without limiting Seller’s obligations under Section 6.4(a) above, for a
period of seven (7) years after the Closing, (i) Seller will provide Purchaser with reasonable access, at Purchaser’s cost, to any books and records then in Seller’s possession or control to the extent such books and
records relate to the Property or the Assumed Liabilities (subject to the proviso set forth in Section 6.4(a)). Notwithstanding the foregoing, this Section 6.4(b) shall not obligate any Party to retain email for
periods longer than those specified in its published document retention policy, as the same may be amended or modified from time to time. 
 (c) Survival. The provision of this Section 6.4 shall survive Closing. 
 Section 6.5 Required Consents. Each of the Parties shall cooperate, and use all commercially reasonable efforts, to make all filings and obtain all licenses, permits, consents, approvals,
authorizations, qualifications and orders of Governmental Authorities and other third parties necessary to consummate the transactions contemplated by this Agreement. In addition, Purchaser agrees to provide a financial institution assurance letter
as to its financial capability as may be reasonably requested by any Person whose consent or approval is sought hereunder or in connection herewith. Nothing herein shall obligate or be construed to obligate any Party to make any payment to any
Person in order to obtain the consent or approval of such Person or to transfer any Assumed Contract or License in violation of its terms. With respect to any agreement for which any required consent or approval is not obtained prior to the Closing,
each of Seller and Purchaser shall use all commercially reasonable efforts to obtain any such consent or approval after the Closing until either such consent or approval has been obtained or Seller determines in good faith that such consent cannot
reasonably be obtained. In addition, to the extent that any Assumed Contract or License may not be assigned without the consent or approval of any Person, and such consent is not obtained prior to the Closing, Seller shall use all commercially
reasonable efforts to provide Purchaser with the same benefits (and Purchaser shall be responsible for all corresponding obligations) arising under such Assumed Contract or License, including performance by Seller (or Purchaser if applicable) as
agent, if legally permissible and commercially feasible; provided, however, that Purchaser (or Seller, if applicable) shall provide Seller (or Purchaser, if applicable) with such access to the premises, books and records and personnel
as is reasonably necessary to enable Seller (or Purchaser, if 

  
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applicable) to perform its obligations under such Assumed Contracts or Licenses and Purchaser shall pay or satisfy the corresponding liabilities for the enjoyment of such benefits to the extent
Purchaser would have been responsible therefor if such consent or approval had been obtained. Purchaser shall not have the obligation to assume any Assumed Contract or License at the Closing that is not fully and properly assigned by Seller,
including any necessary third party consents thereto; provided, however, (i) Purchaser shall have the right to assume any such Assumed Contracts at the Closing in Purchaser’s sole discretion, and
(ii) Purchaser shall have the obligation to assume same upon the full and proper assignment thereof (including any necessary third party consents thereto). The provisions of this Section 6.5 shall survive Closing.

 Section 6.6 Seller’s Disclosure Letter. Seller’s Disclosure Letter is hereby incorporated by reference
into this Agreement. Purchaser acknowledges the following with respect to disclosures contained in Seller’s Disclosure Letter: 
 (a) The information and disclosures contained in any section of Seller’s Disclosure Letter shall be deemed to be disclosed and incorporated by reference in any other section of Seller’s
Disclosure Letter only to the extent such disclosure is reasonably apparent on its face, upon a reading of the disclosure without any independent knowledge on the part of the reader regarding the matter disclosed, that such disclosure is responsive
to such other section. 
 (b) All attachments to Seller’s Disclosure Letter are incorporated into and made a part of
Seller’s Disclosure Letter by reference. 
 (c) Disclosure in any section of Seller’s Disclosure Letter of any matter
relating to any action, suit, proceeding, dispute, or investigation of Seller does not constitute an admission of liability on behalf of Seller with respect to such matter. 
 Section 6.7 Supply Agreements. 
 (a) Timber Supply Agreement.
A Seller Subsidiary, St. Joe Timberland Company of Delaware, L.L.C., is a party to that certain Pulpwood Supply Agreement dated as of November 1, 2010, with Smurfit-Stone Container Corporation as amended and assigned from time to time (as
amended and assigned from time to time, the “Timber Supply Agreement”), pursuant to which Seller Subsidiary sells certain obligated volumes of pulpwood to the purchaser thereunder, which pulpwood is harvested, in part, from
the Timberlands. Prior to the Closing, Seller shall use commercially reasonable efforts to obtain the consent of the counterparty to the Timber Supply Agreement to assign the Timber Supply Agreement to Purchaser (to the extent required by the terms
thereof), and at Closing, (i) Seller shall cause its Seller Subsidiary to assign to Purchaser, and (ii) Purchaser shall assume from Seller, all of the rights and obligations of the Seller Subsidiary under the Timber Supply
Agreement. Purchaser shall, and Seller shall cause Seller Subsidiary to, enter into all necessary documentation required by the Timber Supply Agreement to effect the transfer of the Timber Supply Agreement to Purchaser. The Timber Supply Agreement
shall be an Assumed Contract for all purposes hereunder, except to the extent Seller is unable to obtain any necessary consent to assignment set forth above. 
 (b) Thinnings Supply Agreement. A Seller Subsidiary, St. Joe Timberland Company of Delaware, L.L.C., is a party to that certain Thinnings Supply Agreement dated as of

  
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March 31, 2011, with Vulcan Timberlands LLC (as amended and assigned from time to time, the “Thinnings Supply Agreement”), pursuant to which Seller Subsidiary has the
right and obligation to purchase certain first thinnings from the portion of the Timberlands subject to the Timber Deeds. Prior to the Closing, Seller shall use commercially reasonable efforts to obtain the consent of the counterparty to the
Thinnings Supply Agreement to assign the Thinnings Supply Agreement to Purchaser (to the extent required by the terms thereof), and at Closing, (i) Seller shall cause its Seller Subsidiary to assign to Purchaser, and
(ii) Purchaser shall assume from Seller, all of the rights and obligations of the Seller Subsidiary under the Thinnings Supply Agreement. Purchaser shall, and Seller shall cause Seller Subsidiary to, enter into all necessary
documentation required by the Thinnings Supply Agreement to effect the transfer of the Thinnings Supply Agreement to Purchaser. The Thinnings Supply Agreement shall be an Assumed Contract for all purposes hereunder, except to the extent Seller is
unable to obtain any necessary consent to assignment set forth above; provided, however, that if Seller is unable to obtain such consent, the Seller Subsidiary will remain a party to the Thinnings Supply Agreement and Seller, the
Seller Subsidiary and Purchaser will enter into an agreement at Closing, reasonably acceptable to both Seller and Purchaser, pursuant to which the Seller Subsidiary will provide Purchaser or its designee with the product obtained from the
counterparty to the Thinnings Supply Agreement and Purchaser will reimburse the Seller Subsidiary for all costs and expenses of the Seller Subsidiary under the Thinnings Supply Agreement or otherwise under such arrangement. 

(c) Pellet Supply Agreement. Purchaser acknowledges that Seller is in negotiations to enter into an agreement to supply timber
for wood pellets to a third party. Seller or a Seller Subsidiary shall have the right to enter into such a “Pellet Supply Agreement” prior to the Closing with the prior written consent of Purchaser, given or withheld in its
reasonable discretion (it being understood that one reasonable ground for the withholding of Purchaser’s consent shall be if the Pellet Supply Agreement or any memorandum thereof is to be a lien on any portion of the Property or otherwise
recorded in the applicable public records). If the Pellet Supply Agreement has been fully executed as provided herein, then prior to the Closing, Seller shall use commercially reasonable efforts to obtain the consent of the counterparty to the
Pellet Supply Agreement to assign the Pellet Supply Agreement to Purchaser (to the extent required by the terms thereof), and at Closing, (i) Seller shall, or shall cause its Seller Subsidiary to, assign to Purchaser, and
(ii) Purchaser shall assume from Seller or Seller Subsidiary, all of the rights and obligations of Seller or the Seller Subsidiary under the Pellet Supply Agreement. Purchaser shall, and Seller shall or shall cause Seller Subsidiary to,
enter into all necessary documentation required by the Pellet Supply Agreement to effect the transfer of the Pellet Supply Agreement to Purchaser. The Pellet Supply Agreement shall be an Assumed Contract for all purposes hereunder, except to the
extent Seller is unable to obtain any necessary consent to assignment set forth above. 
 Section 6.8 Estoppel
Certificates. Seller shall use commercially reasonable efforts to obtain executed estoppel certificates from the counterparties to the Timber Deeds and the Supply Agreements (the “Estoppel Certificates”). Each such
Estoppel Certificate shall attest that (i) the agreement in question is in full force and effect and has not been modified, supplemented or amended except as described; (ii) the applicable counterparty and, to the
counterparty’s knowledge, Seller and the applicable Seller Subsidiary, are not in default of their respective obligations under the agreement in question, and the counterparty has no counterclaims against

  
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Seller or the applicable Seller Subsidiary under the agreement in question, (iii) no event has occurred which but for the passing of time, the giving or notice, or both, would
constitute a default or breach of the applicable agreement in question by the applicable counterparty or, to the counterparty’s knowledge, Seller or the applicable Seller Subsidiary; (iv) no voluntary or involuntary bankruptcy
proceeding is pending against the counterparty at such time; (v) if requested by Purchaser, the proposed sale to Purchaser does not violate the terms of the applicable Supply Agreement; and (vi) with respect to the Timber Supply
Agreement, Seller or Seller Subsidiaries have managed the Timber Supply Agreement in a manner that meets the minimum requirements for compliance with SFI Standards. For each and every Estoppel Certificate that Seller is unable to obtain from the
applicable third party after using commercially reasonable efforts, Seller shall, prior to the Closing, execute and deliver to Purchaser an Estoppel Certificate from Seller with the same attestations described above (with such adjustments as are
necessary to make all certifications accurate) (a “Seller Estoppel Certificate”); provided, that if at any time, on or after the Closing, Seller delivers an Estoppel Certificate from the applicable third party meeting
the requirements of this Section, such estoppel shall supersede and replace the Seller Estoppel Certificate and Seller shall have no liability under the Seller Estoppel Certificate. If any Estoppel Certificate or Seller Estoppel Certificate alleges
a material default of Seller or the Seller Subsidiaries, then Seller may elect to cure the same to the reasonable satisfaction of Purchaser. 
 Section 6.9 Tax Liabilities. Seller acknowledges that Purchaser may be liable for outstanding Tax liabilities of Seller or the Seller Subsidiaries upon Purchaser’s acquisition of fifty
percent (50%) or more of the assets of Seller or any Seller Subsidiary pursuant to Florida Statutes § 213.758 (2012). In the event the Purchase Price exceeds fifty percent (50%) of the total value of all of Seller’s assets,
as determined by Seller in good faith, then Seller shall execute any letter, affidavit or certificate reasonably requested by Purchaser to obtain a certificate of compliance from the Florida Department of Revenue of any outstanding Tax liabilities
of Seller or any outstanding notice of intent to audit Seller. If such certificate reveals a notice of intent to audit Seller’s records, the Closing shall be delayed until such audit is complete. Any such tax liabilities of Seller, as disclosed
by any such certificate or any such audit, shall be withheld from the Purchase Price and delivered to the State of Florida. The provisions of Section 6.9 shall survive Closing. 

Section 6.10 Communications with Governmental Authorities. Purchaser shall not, through its officers, employees, managers,
contractors, consultants, agents, representatives or any other Person (including, without limitation, any Person that conducted inspections by or on behalf of Purchaser), directly or indirectly, communicate with any Governmental Authority or any
official, employee or representative thereof, involving any matter with respect to the Property, without Seller’s prior written consent, not to be unreasonably withheld, delayed or conditioned, and without affording Seller a reasonable
opportunity to participate in such communications; provided, however, if such communication is required pursuant to any applicable Law, then Purchaser may make such communication without the prior consent of Seller (but with prior notice and an
opportunity to participate to Seller). 

  
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 Section 6.11 Limitations on Transfers. 

(a) From and after the Closing, Purchaser shall not directly or indirectly transfer or otherwise dispose of its interest in Purchaser
Subsidiary or commit to do so, (i) to a Credit Enhancement Bank or any Affiliate thereof, at any time, (ii) to any financial or lending institution or any Affiliate thereof, at any time, without the consent of Seller (not to
be unreasonably withheld or delayed), or (iii) to any other Person, until a period of one year has elapsed from the Closing Date. Any transfer or other disposition by Purchaser (or any subsequent transferee) of its interest in Purchaser
Subsidiary following such one year-period shall be made only upon such transferee delivering to Seller (A) such evidence as Seller may reasonably require to verify that such transferee has satisfied all requirements for transfer under the
limited liability company agreement of Purchaser Subsidiary, including any required net worth, and (B) a written agreement of such transferee in favor of Seller to (x) comply with the obligations of Purchaser under the limited liability
company agreement of Purchaser Subsidiary and under Sections 6.11 and 6.12 of this Agreement as if such transferee were Purchaser and (y) cause Purchaser Subsidiary to comply with all of its respective obligations,
covenants and representations under the limited liability company agreement of Purchaser Subsidiary and the Transaction Documents. 
 (b) (i) For so long as Purchaser owns any of the outstanding interests in Purchaser Subsidiary, Purchaser shall comply and shall cause Purchaser Subsidiary to comply, and (ii) Purchaser
Subsidiary shall comply, in each case, with all of its obligations, covenants and representations under the limited liability company agreement of Purchaser Subsidiary and the Transaction Documents. 

(c) Prior to payment in full of the Timber Notes at maturity, no amendment, modification or waiver of any provision of the limited
liability company agreement of Purchaser Subsidiary may be made without the prior written consent of Seller, said consent not to be unreasonably withheld or delayed. 
 (d) The provisions of this Section 6.11 shall survive Closing. 

Section 6.12 Tax Matters. At all times before and for one (1) year after Closing, neither Purchaser nor Purchaser
Subsidiary shall (i) make any election under Treasury Regulations Section 301.7701-3 (or any corresponding provision of state and local Tax law) to treat Purchaser Subsidiary as an association taxable as a corporation or
(ii) take any action that would cause Purchaser Subsidiary to have more than one owner for U.S. federal (or any applicable state and local) income Tax purposes. For so long as (a) Purchaser owns any of the outstanding interests in
Purchaser Subsidiary and (b) Purchaser Subsidiary is a disregarded entity under Treasury Regulation Section 301.7701-3 (and any corresponding provision of state and local Tax law), Purchaser shall treat each Timber Note as indebtedness of
Purchaser for all applicable income Tax purposes. The provisions of this Section 6.12 shall survive Closing. 

Section 6.13 Note Document Assistance. 
 (a) Purchaser shall cause Purchaser Subsidiary, at Seller’s sole cost and expense and at Seller’s direction, to do, execute, acknowledge, deliver, record, re-record, file, re-file, register and
re-register any and all such further acts, deeds, certificates, assurances and other instruments as may be necessary or reasonably desirable from time to time in order to (i) carry

  
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out more effectively the purposes of the Timber Notes, the Letters of Credit and all documents related thereto (collectively, the “Note Documents”) and
(ii) assure, convey, grant, assign, transfer, preserve, protect and confer more effectively unto Seller (or any assignee of the Timber Notes) the rights granted or now or hereafter intended to be granted to Seller (or such assignee)
under any Note Document or under any other instrument executed in connection with any Note Document to which Purchaser Subsidiary is or is to be a party, provided, that nothing in the foregoing shall create any additional liabilities or
obligations on Purchaser Subsidiary or Purchaser or change any of the terms of the Note Documents. For the avoidance of doubt, Seller shall be solely responsible for all costs incurred by Purchaser and/or Purchaser Subsidiary pursuant to the Note
Documents and/or in connection with the Parties obligations under this Section 6.13. 
 (b) Purchaser shall cause
Purchaser Subsidiary to cooperate in connection with any transaction relating to the Timber Notes as may be reasonably requested by Seller, its Affiliates and any holder of the Timber Notes (the “Note Parties”), at the cost
and expense of the Note Parties, including (i) furnishing the Note Parties with copies of the financial information regarding Purchaser Subsidiary that Purchaser Subsidiary is required to deliver to the holders of the Timber Note,
pursuant to the terms of the Timber Note, and (ii) using reasonable best efforts to obtain a legal opinion (the cost and expense of which shall be paid by Seller) to the effect that if Purchaser or its Affiliate were to become a debtor
in a case under Title 11 of the United States Code, the bankruptcy court would not order the substantive consolidation of the assets and liabilities of Purchaser Subsidiary with those of such Person, and such customary corporate law opinions in
connection with the Note Documents and the Note Parties as may be reasonably requested by Seller. Notwithstanding anything herein to the contrary, neither Purchaser Subsidiary nor Purchaser shall (and Purchaser shall not permit Purchaser Subsidiary
to) take any steps designed to create or encourage the making of a market in the Timber Notes or the listing or trading of the Timber Notes on an “established securities market” or otherwise take any actions designed to render the Timber
Notes “readily tradable in an established securities market” within the meaning of Treasury Regulation § 15A.453-1(e)(4). Neither Purchaser nor Purchaser Subsidiary shall be required to incur any liability to any Person that is not a
Note Party in connection with its performance of its obligations under this Section 6.13(b). In connection with any transaction relating to the Timber Notes, the Note Parties will request that each Person to whom they disclose any
nonpublic information provided by Purchaser Subsidiary pursuant to Section 6.13(b) agree to maintain the confidentiality of such information, in such manner and to such extent, if any, as is customary in a transaction of such
nature; provided, that if the Note Parties reasonably believe that it is necessary to disclose such nonpublic information in connection with a registered public offering or a private placement, the Note Parties’ obligation to maintain
the confidentiality of such nonpublic information will not apply to such disclosure; provided, further, that any information concerning Purchaser or Purchaser Subsidiary contained in any offering document for such public offering or
private placement shall be subject to the approval of Purchaser, which shall not be unreasonably withheld, conditioned or delayed. Nothing in this Section 6.13(b) shall be deemed to require Purchaser Subsidiary to assume any
obligation or perform any action that would have the effect of changing the terms of the transactions contemplated by this Agreement and the Transaction Documents. 
 (c) Seller shall, at Seller’s sole cost and expense, use its commercially reasonable efforts to arrange for the Credit Enhancement Banks to issue the Letters of Credit in

  
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an aggregate amount of not less than the Installment Note Purchase Price plus one interest payment on the Timber Notes (the “L/C Amount”), including using commercially
efforts (i) as soon as practicable, and in any event not later than ten (10) days prior to the Closing Date, to obtain firm commitments (the “L/C Commitment Letters”), in form and substance reasonably
satisfactory to Purchaser, to provide such Letters of Credit, (ii) to negotiate definitive agreements with respect thereto on the terms and conditions contained therein or on other terms not materially less beneficial to Purchaser.
Purchaser shall, at Seller’s sole cost and expense, use its commercially reasonable efforts (i) to satisfy on a timely basis all conditions applicable to Purchaser Subsidiary in such definitive agreements that are within its control
and (ii) to consummate the issuance of the Letters of Credit at Closing. 
 (d) In the event any portion of the
Letters of Credit becomes unavailable to Purchaser Subsidiary on the terms and conditions contemplated in the L/C Commitment Letters, Seller, at Seller’s sole cost and expense, shall use its commercially efforts to arrange to obtain alternative
financing, including from alternative sources, on terms that are not materially less beneficial to Purchaser as promptly as practicable following the occurrence of such event. Each of Seller and Purchaser shall give the other prompt notice upon
becoming aware of any material breach by any party to any L/C Commitment Letter or any termination of any L/C Commitment Letter. Seller shall keep Purchaser and Purchaser Subsidiary informed on a reasonably current basis in reasonable detail of the
status of its efforts to arrange the Letters of Credit and shall not permit any material amendment or modification to be made to, or any waiver of any material provision or remedy under, the L/C Commitment Letters without the prior written consent
of Purchaser (such consent not to be unreasonably withheld or delayed). 
 (e) The provisions of this
Section 6.13 shall survive Closing. 
 Section 6.14 No Solicitation. 

(a) Subject to Section 6.14(c) through Section 6.14(h) (inclusive), Seller shall not, and will
cause each of the Seller Subsidiaries not to, and shall use its reasonable best efforts to instruct and cause its and the Seller Subsidiaries’ respective officers, directors, employees, agents and representatives, including any investment
banker, attorney or accountant retained by it or any Seller Subsidiary (collectively, “Representatives”) not to, directly or indirectly, (i) initiate, solicit, knowingly encourage (including by providing information),
induce or knowingly facilitate any inquiries, proposals or offers with respect to, or the making or completion of, an Alternative Proposal or (ii) engage or participate in any discussions or negotiations concerning, or provide any non-public
information or data relating to Seller or the Seller Subsidiaries in connection with, an actual or potential Alternative Proposal, or otherwise knowingly encourage or knowingly facilitate any effort or attempt to make or implement an Alternative
Proposal. 
 (b) Seller will, and will cause each of the Seller Subsidiaries to, and will use its reasonable best efforts to
instruct and cause each of its and the Seller Subsidiaries’ respective Representatives to, immediately cease any existing solicitations, discussions or negotiations with any Person (other than the Parties) related to a potential Alternative
Proposal. 
 (c) Notwithstanding anything to the contrary in Section 6.14(a) or 6.14(b), if
following the date of this Agreement and prior to obtaining Shareholder Approval, (i) Seller 

  
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receives an unsolicited Alternative Proposal, (ii) Seller has not breached Section 6.14(a) or 6.14(b) (except where such breaches, individually or in the
aggregate, did not materially contribute to the making of the Alternative Proposal described in the preceding clause (i)), (iii) Seller Board determines, in good faith based on the information then available, after consultation with financial
advisors, that such Alternative Proposal constitutes or is reasonably likely to result in a Superior Proposal, and (iv) at least 24 hours prior to furnishing any non-public information to, or entering into discussions with, such Person, Seller
gives Purchaser written notice of the identity of such Person and Seller’s intention to furnish non-public information to, or enter into discussions with, such Person, then Seller may (A) furnish information (including non-public
information) to the Person making such Alternative Proposal and its Representatives pursuant to a confidentiality agreement containing terms no less restrictive (in any material respect) than those contained in the Confidentiality Agreement,
provided that such confidentiality agreement will not contain any provisions that would prevent Seller from complying with its obligation to provide the required disclosures to Purchaser pursuant to this Section 6.14 and it being
understood that such confidentiality agreement need not prohibit the making, or amendment, of an Alternative Proposal, and (B) participate in discussions or negotiations with such Person and its Representatives regarding such Alternative
Proposal; provided, however, that Seller will promptly provide to Purchaser any non-public information concerning Seller or any of its Subsidiaries that is provided to the Person making such Alternative Proposal or its Representatives which was not
previously provided or made available to Purchaser. Without limiting the generality of the foregoing, Seller acknowledges and agrees that any violation of or the taking of any action inconsistent with any restriction set forth in the preceding
sentence by any Representative of the Seller or any of the Seller Subsidiaries, provided such Representative is acting with the explicit authority from Seller or any of the Seller Subsidiaries (and within the scope of that authority), shall be
deemed to constitute a breach of this Section 6.14 by Seller. 
 (d) Neither Seller Board nor any committee
thereof may (i) (A) withdraw or modify in a manner adverse to Purchaser, or publicly propose to withdraw or modify in a manner adverse to Purchaser, the Recommendation or (B) fail to recommend against acceptance of any tender offer or
exchange offer that would constitute an Alternative Proposal and that is publicly disclosed prior to the earlier of the date of Seller Meeting and ten (10) Business Days after the commencement of such tender offer or exchange offer pursuant to
Rule 14d-2 under the Exchange Act or recommend that the shareholders of Seller tender their shares in such tender offer or exchange offer, (ii) fail to reaffirm, without qualification, the Recommendation, or fail to state publicly, without
qualification, that the Transaction and this Agreement are in the best interests of Seller’s shareholders, within five (5) Business Days after Purchaser requests in writing that such action be taken, (iii) approve, endorse or
recommend, or publicly propose to approve, endorse or recommend, any Alternative Proposal ((i), (ii) and (iii), a “Recommendation Change”), or (iv) approve any letter of intent, agreement in principle, acquisition
agreement or similar agreement (other than, for the avoidance of doubt, entering into a confidentiality agreement as contemplated by Section 6.14(c)) relating to any Alternative Proposal. Notwithstanding the foregoing, at any time
prior to obtaining Shareholder Approval, the Seller Board may, in response to an Intervening Event, affect a Recommendation Change, provided that the Seller Board determines in good faith, after consultation with its counsel, that the failure to do
so would be inconsistent with the directors’ fiduciary duties under Florida Law. 

  
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 (e) Notwithstanding the foregoing, at any time prior to obtaining Shareholder Approval, the
Board may, in response to a Superior Proposal, make a Recommendation Change or otherwise declare advisable any Superior Proposal made after the date of this Agreement and/or terminate this Agreement pursuant to Section 11.1(f)
(each a “Change Action”) if: (i) such Superior Proposal did not result from a breach of Section 6.14 and is not withdrawn, (ii) Seller Board determines, in good faith after consultation with
counsel, that the failure to terminate this Agreement pursuant to Section 11.1(h) or take any other Change Action would be inconsistent with the directors’ fiduciary duties under Florida Law, (iii) Seller provides
Purchaser five (5) Business Days prior written notice of its intention to take such action, which notice includes the information with respect to such Superior Proposal that is specified in Section 6.14(f), (iv) after
providing such notice and prior to taking any Change Action with respect to a Superior Proposal, Seller negotiates in good faith with Purchaser during such five (5) Business Day period (to the extent that Purchaser desires to negotiate) to make
such revisions to the terms of this Agreement as would permit Seller Board not to take such Change Action and (v) Seller Board have considered in good faith any changes to this Agreement offered in writing by Purchaser and shall have determined
in good faith that the Superior Proposal would continue to constitute a Superior Proposal if such changes offered in writing by Purchaser were to be given effect; provided that, for the avoidance of doubt, neither Seller Board nor any committee
thereof may take any Change Action prior to the time that is five (5) Business Days after it has provided the written notice required by clause (iii) above. 
 (f) Seller shall promptly (and in no event later than 24 hours after receipt of any Alternative Proposal, any inquiry or indication of interest that could reasonably be expected to lead to an Alternative
Proposal, or any request for non-public information) advise Purchaser orally and in writing of any Alternative Proposal, or any inquiry or indication of interest that could reasonably be expected to lead to any Alternative Proposal, or any request
for non-public information relating to the Seller or any of the Seller Subsidiaries or the Property (including the identity of the Person making or submitting such Alternative Proposal, inquiry, indication of interest or request, and the terms
thereof, including a copy of any communication, letter of intent, term sheet or draft definitive agreement reflecting the offer) that is made or submitted by any Person. Seller shall keep Purchaser fully informed with respect to the status of any
such Alternative Proposal, inquiry, indication of interest, or request and any modification or proposed modification thereto. 

(g) Nothing contained in this Agreement prohibits Seller, Seller Board or any committee thereof from disclosing to its shareholders a
position contemplated by Rules 14d-9 and 14e-2(a) promulgated under the Exchange Act (or any similar communication to shareholders) in order to comply with federal or state Law or making any “stop, look and listen” communication to the
shareholders of Seller pursuant to Rule 14d-9(f) promulgated under the Exchange Act; provided, however, that any communication to shareholders other than a “stop, look and listen” of the type contemplated by Rule 14d-9(f) and Rule 14e-2(a)
promulgated under the Exchange Act will be deemed to be a Recommendation Change unless such disclosure expressly reaffirms Seller Board’s recommendation in favor of adoption of this Agreement or expressly rejects any applicable Alternative
Proposal. 

  
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 (h) Seller will promptly request each Person that has executed a confidentiality agreement
within twelve (12) months prior to the date of this Agreement, in connection with its consideration of a possible Acquisition Proposal, to return all confidential information heretofore furnished to such person by or on behalf of Seller and the
Seller Subsidiaries and shall immediately terminate access to any electronic data room maintained by or on behalf of Seller for each such Person. 
 Section 6.15 Filings; Shareholder Approval. 
 (a) As promptly as
practicable following the date of this Agreement, Seller will prepare the Proxy Statement and cause it to be filed with the SEC. Purchaser and Seller will cooperate with each other in connection with the preparation of the foregoing document. Seller
will use its reasonable best efforts to have the Proxy Statement cleared by the SEC as promptly as practicable after such filing. Seller will use its reasonable best efforts to cause the Proxy Statement to be mailed to Seller’s shareholders as
promptly as practicable after the Proxy Statement is cleared by the SEC. Seller will as promptly as practicable notify Purchaser of the receipt of any oral or written comments from the SEC relating to the Proxy Statement. Seller will cooperate and
provide Purchaser with a reasonable opportunity to review and comment on the draft of the Proxy Statement (including each amendment or supplement thereto) prior to filing such with or sending such to the SEC, and Seller will provide Purchaser with
copies of all such filings. If at any time prior to the Seller Shareholder Meeting, any information should be discovered by any Party which should be set forth in an amendment or supplement to the Proxy Statement so that the Proxy Statement would
not include any misstatement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, the Party
which discovers such information will promptly notify the other Parties and, to the extent required by applicable Law, an appropriate amendment or supplement describing such information shall be promptly filed by Seller with the SEC and disseminated
by Seller to the shareholders of Seller. 
 (b) Purchaser shall reasonably cooperate with Seller and use (and shall cause its
Subsidiaries to use) reasonable best efforts to take or cause to be taken all actions, and do and cause to be done all things, necessary, proper or advisable to enable Seller to prepare the Proxy Statement and have it cleared by the SEC. Purchaser
shall, upon reasonable request by Seller, furnish Seller with all reasonable information concerning itself, its Subsidiaries, directors, officers, stockholders and member and such other matters as may be reasonably necessary or advisable in
connection with the Proxy Statement. 
 (c) Seller will (i) take all action necessary in accordance with Florida Law and
its articles of incorporation to duly call, give notice of, convene and hold a meeting of its shareholders as promptly as practicable following the mailing of the Proxy Statement for the purpose of obtaining Shareholder Approval (such meeting or any
adjournment or postponement thereof, the “Seller Shareholder Meeting”), and, in any event, if the Proxy Statement is mailed prior to December 16, 2013, shall hold such meeting no later than January 22, 2014 and
shall not submit any other proposal to its shareholders (other than a proposal to adjourn or postpone the meeting) in connection with the Seller Shareholder Meeting without the prior written consent of Purchaser, and (ii) subject to
Section 6.14, use reasonable best efforts to solicit from its shareholders proxies in favor of the adoption of this Agreement and to secure Shareholder Approval prior to January 22, 2014. 

  
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 (d) Seller shall not place any physical or legal impediment on the holder of the Proxy that
would prevent such holder from voting in favor of the adoption of this Agreement at the Seller Shareholder Meeting (or any adjournment or postponement thereof). Seller agrees the Proxy is acceptable, in form and content, to permit Purchaser to vote
the shares of The Fairholme Fund that are subject to the Proxy at the Seller Shareholder Meeting. 
 (e) Purchaser agrees to
vote the shares of The Fairholme Fund that are subject to the Proxy to approve the transactions contemplated hereby. 

Section 6.16 FDOT Agreement. Following the Effective Date, Purchaser and Seller shall use commercially reasonable, good faith
efforts to negotiate with the State of Florida Department of Transportation (the “FDOT”) a partial assignment to and assumption by Purchaser of the FDOT Agreement; provided, that regardless of whether Purchaser, Seller
and the FDOT execute a partial assignment and assumption of the FDOT Agreement prior to Closing, the FDOT Agreement (as may be amended by such partial assignment and assumption) shall be an Assumed Contract hereunder. Seller agrees
(i) to grant to Purchaser unrestricted, exclusive rights of access across any portion of the “Subject Property” (as defined in the FDOT Agreement) retained by Seller that bisects or is directly adjacent to any portion of the
Timberlands (the “FDOT Agreement Property”) and, subject to the FDOT Agreement, the right to place utilities on, across and/or under such FDOT Agreement Property, in each case, for so long as the same remains property of
Seller, (ii) without the prior written consent of Purchaser, not to take any action, grant any right or impose any restriction on such FDOT Agreement Property (other than in compliance with Seller’s obligations under the FDOT
Agreement) that would in any material respect impair, interfere with or adversely affect the use, operation or enjoyment of the Timberlands adjacent to such FDOT Agreement Property, (iii) for so long as such FDOT Agreement Property
remains the property of Seller, to execute from time to time such further documents or instruments as may be reasonably required or desirable to carry out the intent of the Parties under this Section 6.16, (iv) to the
extent permitted by the FDOT Agreement, from and after Closing Seller shall assign to Purchaser all of its right, title and interest in and to any right of first refusal in favor of Seller set forth in the FDOT Agreement and (v) subject
to obtaining the consent of the FDOT, to include such FDOT Agreement Property in the Timberlands subject to this Agreement (if the consent of the FDOT is obtained prior to Closing) or to sell to Purchaser such FDOT Agreement Property (if the consent
of the FDOT is obtained after Closing), in each case, at a price calculated in accordance with the Value Table and otherwise on the terms and conditions set forth in this Agreement. The provisions of this Section 6.16 shall
survive Closing. 
 ARTICLE VII 
 ADDITIONAL AGREEMENTS RELATING TO THE TIMBERLANDS 
 Section 7.1
Right of Entry. 
 (a) General; Certain Limitations. Upon at least one Business Day’s prior written notice
to Seller, prior to the Closing Date or termination of this Agreement in accordance 

  
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with Article XI, Purchaser, through its authorized agents or representatives, may enter upon the Timberlands at all reasonable times for the purposes of making inspections and other
studies; provided, however, that neither Purchaser nor its agents or representatives shall enter upon the Timberlands for the purpose of preparing Phase II Reports or making any soil borings or other invasive or other subsurface
environmental investigations relating to all or any portion of the Timberlands without Seller’s prior written consent thereto, in Seller’s sole discretion. Upon the completion of such inspections and studies, Purchaser, at its expense,
shall repair any damage caused to the Property and remove all debris resulting from and all other material placed on the Timberlands in connection with Purchaser’s inspections and studies. 

(b) Disclosure of Results. The results of such inspections and studies (as well as any information and documents that Seller
delivered or caused to be delivered to Purchaser concerning the Timberlands) shall be treated as strictly confidential by Purchaser and the same shall not be disclosed to any third party or Governmental Authority (provided that such results,
information and documents may be disclosed to consultants, attorneys, investors and lenders of Purchaser for use solely in connection with the transactions contemplated by this Agreement, who shall be required by Purchaser to similarly treat such
results, information and documents as strictly confidential) except to the extent required by any Law or court order or in connection with any legal proceeding filed to enforce a Party’s rights under this Agreement. In the event that disclosure
of the results of any such inspection or study or any such information or document that Seller delivered or caused to be delivered to Purchaser concerning the Timberlands is required by applicable Law or court order, Purchaser shall notify Seller
promptly in writing so that Seller may seek a protective order (at its own cost and expense) or other appropriate remedy or, in its sole discretion, waive compliance with the terms of this Section 7.1(b). Purchaser shall
reasonably cooperate with Seller, at Seller’s sole cost and expense, to obtain a protective order or other appropriate remedy. In the event that no such protective order or other appropriate remedy is obtained, or Seller waives compliance with
the terms of this Section 7.1(b), Purchaser shall give Seller written notice of the information to be disclosed as far in advance of its disclosure as practicable. In the event this Agreement is terminated for any reason,
Purchaser, at no additional cost to Purchaser, will promptly furnish to Seller copies of all such inspections or studies performed by or on behalf of Purchaser with respect to the Property; provided, however, that Purchaser shall not
be required to provide Seller with copies of appraisals, marketing, or financial analysis, generated or made by or on behalf of Purchaser and those documents or reports which are protected by the attorney-client and/or attorney work product
privileges. Purchaser does not make any warranty regarding the content or accuracy of any such information. If Seller wishes to use or rely on such inspections or studies, Seller shall have the responsibility, at Seller’s cost, to obtain any
necessary consent from third parties that may have prepared such inspections or studies. The provisions of this Section 7.1(b) shall survive the Closing. 
 (c) Insurance. Purchaser and the contractors, representatives and agents of Purchaser who enter upon the Timberlands shall maintain general liability insurance, naming Seller and the Seller
Subsidiaries as additional insureds, in an amount not less than $1,000,000.00 and, prior to any such entry upon the Timberlands, shall provide Seller with written evidence of such insurance. Notwithstanding the foregoing, Purchaser shall have the
right to self insure with respect to this provision. 

  
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 (d) Indemnity. Purchaser hereby indemnifies, defends and holds the Seller
Indemnitees harmless from and against all Losses arising out of any inspections, investigations, examinations, samplings or tests conducted by Purchaser or any of its agents, employees or contractors, whether prior to or after the Effective Date,
with respect to the Property. Notwithstanding the foregoing, Purchaser shall not be liable under this Section 7.1(d) for any existing physical conditions at the Property or any results of any inspections or investigations
performed by or on behalf of Purchaser and not caused by Purchaser or its Affiliates or agents. All claims pursuant to this Section 7.1(d) shall be resolved in accordance with the procedures and parameters set forth in
Article X. The provisions of this Section 7.1(d) shall survive Closing or any earlier termination, cancellation or expiration of this Agreement. 

Section 7.2 Permits and Licenses. Purchaser shall be solely responsible for obtaining all permits and licenses, if any,
required by Purchaser to carry on its intended operations on the Timberlands and not assigned to Purchaser at Closing. 

Section 7.3 Certain Easements. 
 (a) Easement Title. To the extent affirmative action is necessary for Seller or any Seller Subsidiary to acquire or reserve the easement ownership of the Reserved Easements or to establish or
confirm easement title to the Reserved Easements in Seller or such Seller Subsidiary, Purchaser and its Affiliates shall cooperate with Seller in such efforts, including executing all documents pertaining to the Reserved Easements as are reasonably
requested by Seller. To the extent affirmative action is necessary for Purchaser to acquire the easement ownership of the Purchaser Easements or to establish or confirm easement title to the Purchaser Easements in Purchaser, Seller shall cooperate
with Purchaser in such efforts and shall use commercially reasonable efforts to assist Purchaser in acquiring such ownership, including executing all documents pertaining to the Purchaser Easements as are reasonably requested by Purchaser.

 (b) Post-Closing Reserved Easements. For a period of three (3) years following the Closing Date, in the event
that Seller identifies any portion of the Timberlands that should have been identified as a Reserved Easement (based on the definition thereof), but was not disclosed to Purchaser prior to the Closing (a “Post-Closing Reserved
Easement”), so long as such Post-Closing Reserved Easement relates to a use or access right that existed as of the Closing (taking into account the change of ownership of Seller’s various properties and assets) and does not have a
material adverse effect on the use and enjoyment of the burdened Timberlands for (i) growing and harvesting timber, (ii) hunting, fishing or other recreational uses (other than for the recreational use of off road or
all-terrain vehicles), (iii) the creation or preservation of conservation lands or (iv) cattle and livestock operations and in addition residential, commercial or industrial development on the Non-Core Timberlands, Purchaser
and its Affiliates shall cooperate with Seller, at Seller’s sole cost and expense, in any commercially reasonable effort that may be necessary for Seller or any Person who may acquire facilities not included in the Property from Seller to
acquire easement ownership in any Post-Closing Reserved Easement or to establish or confirm easement title to the Post-Closing Reserved Easements in Seller or such Person, including executing all documents pertaining to the Post-Closing Reserved
Easements as are reasonably requested by Seller or any such Person. 

  
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 (c) Post-Closing Purchaser Easements. For a period of three (3) years following
the Closing Date, in the event that Purchaser identifies property owned by Seller in the vicinity of any of the Timberlands that should have been identified as a Purchaser Easement (based on the definition thereof), but was not disclosed to Seller
prior to the Closing (a “Post-Closing Purchaser Easement”), so long as such Post-Closing Purchaser Easement relates to a use or access right that existed as of the Closing and does not have a material adverse effect on the
use and enjoyment of such burdened real property for (i) growing and harvesting timber, (ii) hunting, fishing or other recreational uses (other than for the recreational use of off road or all-terrain vehicles),
(iii) the creation or preservation of conservation lands or (iv) residential, commercial or industrial development, Seller and its Affiliates shall cooperate with Purchaser, at Purchaser’s sole cost and expense, in any
commercially reasonable effort that may be necessary for Purchaser to acquire ownership in any Post-Closing Purchaser Easement or to establish or confirm title to any Post-Closing Purchaser Easement in Purchaser, including executing such documents
pertaining to the Post-Closing Purchaser Easements as are reasonably requested by Purchaser. 
 (d) Additional Terms of
Easements. Notwithstanding anything to the contrary in this Agreement, the easement rights granted pursuant to the Reserved Easements, Post-Closing Reserved Easements, Purchaser Easements and Post-Closing Purchaser Easements (collectively, the
“Access Easements”) are non-exclusive and the owner of the burdened property shall have the right to make use of the burdened property and grant to others the right to make use of the burdened property in any manner that shall not
unreasonably interfere with the easement rights granted pursuant to the Access Easements. The beneficiary of an Access Easement shall exercise the easement rights conveyed herein in a manner which will not unreasonably interfere with the owner of
the burdened property’s use and occupancy of any improvements now located or reasonably foreseeable to be constructed in the future upon the burdened property. The Access Easements may be relocated and/or specifically located at any time upon
the request of the owner of the burdened property; provided, however, that such owner bears the cost of relocation and/or such specific location, and the benefitted party shall execute all documents reasonably necessary to evidence
such relocation and/or specific location. 
 (e) No Interference. None of Purchaser or any of its Affiliates shall
interfere with or oppose the Reserved Easements or any Post-Closing Reserved Easements. None of Seller or any of its Affiliates shall interfere with or oppose the Purchaser Easements or any Post-Closing Purchaser Easements. 

(f) Further Assurances. Each of the Parties shall from time to time execute such further documents or instruments and do such
other acts or things as may be reasonably required or desirable to effectuate the provisions of this Section 7.3. 
 (g) Survival. The provisions of this Section 7.3 shall survive Closing. 
 Section 7.4 Title Insurance Matters. 
 (a) Title Commitments and
Policies. Seller shall provide to Purchaser title commitments insured by the Title Company for the issuance of one or more Title Policies on the Timberlands (individually, a “Title Commitment” and collectively, the
“Title Commitments”). 

  
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At the Closing, Purchaser shall purchase from the Title Company an aggregate amount of title insurance on the Timberlands in an amount not to exceed the Purchase Price (allocated by county, as
applicable) and allocated to the Timberlands using the standard 2006 ALTA owner’s title insurance policy (or such other comparable form of title insurance policy as is available in the jurisdictions in which the Timberlands are located),
together with such available Florida endorsements as are requested by the Purchaser, provided the issuance of such endorsements do not impose any unreasonable obligations or liabilities on Seller (collectively, the “Title
Policies”). Purchaser shall have the right to require re-insurance from any national underwriters selected by Purchaser. 
 (b) Title Expenses. Seller shall be responsible for the costs associated with the title examinations, the issuance of the Title Commitments that are separately stated from the premiums for the
Title Policies and the first update to the Completed Title Commitments. Purchaser shall be responsible for the premiums payable in connection with the issuance of the Title Policies, including any additional premiums incurred as result of any
re-insurance requested by Purchaser, and for any update to the Completed Title Commitments in excess of the first such update (unless Purchaser has ordered such first update within twenty (20) days of the then scheduled Closing Date and either
Party thereafter elects to extend the Outside Date pursuant to Section 2.1, in which event one additional update for each such extension of the Outside Date shall be at Seller’s cost). Upon execution of this Agreement, the
Parties shall take such action as reasonably required so that the insured amount of the Title Policy shall be deemed ordered through Purchaser’s counsel, acting as title agent for the Title Company. 

Section 7.5 Post-Closing Use Restriction. For a period of fifteen (15) years following the Closing, Purchaser, on
behalf of itself and its successors and assigns, covenants and agrees that no development activity of any type, including, without limitation, any temporary or permanent improvement, clearing of development sites or other preparation for
development, in each case related to or for the purpose of residential, commercial, retail, hotel, resort or industrial development, can be undertaken on all or any portion of the Core Timberlands, and that Purchaser and its successors and assigns
shall not apply to any Governmental Authority for permission or approval to do any of the foregoing (provided, however, that this Section 7.5 shall not prohibit Purchaser or its successors or assigns from developing
the Core Timberlands or constructing temporary or permanent improvements (or having a third party develop or construct improvements) in connection with forestry operations, the preservation of conservation lands and/or cattle and livestock
operations on the Core Timberlands, or constructing residential improvements on the Core Timberlands for its employees engaged in forestry and/or cattle and livestock operations (but the same shall not be leased, sold or otherwise transferred to any
third party)). Purchaser shall notify in writing any purchaser, assignee or other transferee of all or any portion of the Core Timberlands of the provisions of this Section 7.5 prior to the effectiveness of such purchase,
assignment or other transfer. Purchaser and Seller agree that the provisions of this Section 7.5 shall run with and be binding upon the Core Timberlands and shall inure to the benefit of, and be enforceable by, Seller and its
Affiliates, successors and assigns. The provisions of this Section 7.5 shall survive Closing. 

  
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 Section 7.6 Right of First Refusal. 

(a) General. Before Purchaser may directly or indirectly sell, ground lease for a term in excess of twenty (20) years or
otherwise transfer (including by operation of law) (“Transfer”) all or any portion of the Timberlands identified on Exhibit M (any such portion, a “ROFR Parcel”) to any Person other than
a Qualifying Affiliate or a Qualifying Purchaser at any time prior to the date which is fifteen (15) years after the Closing Date (the “ROFR Expiration Date”), Seller shall have a right of first refusal to purchase such
portion of the ROFR Parcel on the terms and conditions set forth in this Section (the “Right of First Refusal”). A “Qualifying Affiliate” means an Affiliate of Purchaser that agrees to be bound by the
provisions of this Section 7.6 (as if such Affiliate were Purchaser hereunder) in a writing executed by Purchaser and such Qualifying Affiliate and delivered to Seller prior to the effective date of such Transfer. A
“Qualifying Purchaser” shall mean a governmental agency or a not-for-profit conservation organization. The Right of First Refusal shall not apply to timber sales, timber deeds, hunting leases, utility easements, supply
agreements, access easements, and/or any similar necessary or desirable agreements, leases with a term of twenty (20) years or less or easements in connection with harvesting and growing timber and/or cattle and livestock operations on the ROFR
Parcel. 
 (b) Notice of Proposed Transfer. Upon receipt of a bona fide, good faith third party written offer for the
Transfer of fee title to all or any portion of the ROFR Parcel which Purchaser intends to accept (a “Third Party Offer”), Purchaser shall (a) deliver to Seller a written notice (a “ROFR Notice”)
stating: (i) that Purchaser has received a Third Party Offer, and attaching a copy of the same; (ii) the name of each proposed purchaser or other transferee (together with their Affiliates, each a “Proposed
Transferee”); (iii) the legal description and acreage of the real property to be Transferred (the “Offered ROFR Parcel”); and (iv) the bona fide cash price or other consideration for which the
Purchaser has agreed to Transfer the Offered ROFR Parcel (the “Offered Price”) and (b) offer the Offered ROFR Parcel at the Offered Price and on the other material terms of the Third Party Offer to Seller.
Notwithstanding anything to the contrary in this Section 7.6, in the event the Third Party Offer includes real property both within the ROFR Parcel and outside of the ROFR Parcel, Purchaser shall allocate the proposed purchase
price between the real property within the ROFR Parcel and the real property outside of the ROFR Parcel in good faith and on a reasonable basis. 
 (c) Exercise of Right of First Refusal. At any time within thirty (30) days after receipt of the ROFR Notice (as determined pursuant to the terms and condition of this Agreement), Seller may,
by giving written notice to Purchaser (“Seller’s ROFR Election Notice”), elect to purchase all, but not less than all, of the Offered ROFR Parcel, at the Offered Price and on the terms determined in accordance with
subsection (d) below. 
 (d) Purchase Price. The purchase price for the Offered ROFR Parcel purchased by Seller
under this Section shall be the Offered Price, and the terms and conditions of the sale to Seller shall be on the material terms and conditions contained in the Third Party Offer (the “ROFR Terms”). If the Offered Price
includes consideration other than cash, the cash equivalent value of the non-cash consideration shall be determined by the parties in good faith. 
 (e) Payment. Payment of the Offered Price shall be made by wire transfer of immediately available funds to an account designated by Purchaser and otherwise in accordance with the ROFR Terms, within
thirty (30) days after Purchaser’s receipt of Seller’s ROFR Election Notice. 

  
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 (f) Purchaser’s Right to Transfer. If the Offered ROFR Parcel is not purchased
by Seller as provided in this Section, then Purchaser may, but shall not be obligated to, Transfer the Offered ROFR Parcel to the Proposed Transferee in accordance with the ROFR Terms and on the following terms and conditions: (i) the purchase
price for the Offered ROFR Parcel may be reduced to reflect carveouts and prorations similar in nature to those provided in this Agreement (including, but not limited to, carveouts for casualty, environmental and title matters), provided that the
Offered ROFR Parcel shall not be sold for a price less than 90% of the Offered Price after taking into account such carveouts and prorations, and (ii) the Transfer of the Offered ROFR Parcel shall be consummated within one hundred twenty
(120) days after the earlier of (x) the date on which Seller notifies Purchaser in writing that it declines to exercise the Right of First Refusal and (y) thirty-one (31) days after Seller’s receipt of the ROFR Notice. If
the Offered ROFR Parcel is not Transferred in accordance with the provisions of this Section 7.6, a new ROFR Notice shall be given to Seller, and Seller and/or its designees shall again be offered the Right of First Refusal on the
Offered ROFR Parcel, before the Offered ROFR Parcel may be Transferred. 
 (g) Termination of Right of First Refusal.
The Right of First Refusal shall terminate (i) as to any portion of the ROFR Parcel immediately upon the Transfer of such portion of the ROFR Parcel to a Person other than a Qualifying Affiliate in accordance with this Section (but shall
continue in full force and effect as to any portion of the ROFR Parcel that is not so Transferred) and (ii) as to any other portion of the ROFR Parcel, on the ROFR Expiration Date. 

(h) Transfer to Qualifying Purchaser. 
 (i) Before any Transfer of all or any portion of the ROFR Parcel to a Qualifying Purchaser (including a donative Transfer without consideration) prior to the ROFR Expiration Date (a “Qualifying
Purchaser Transfer”), Purchaser shall deliver to Seller a written notice stating: (i) Purchaser’s intention to engage in a Qualifying Purchaser Transfer, and identifying the portion of the ROFR Parcel to be Transferred
(the “Qualifying Purchaser Parcel”); (ii) the name of the proposed Qualified Purchaser; and (iii) Purchaser’s calculation of the fair market value of the Qualifying Purchaser Parcel, without
taking into account the terms of the restrictive covenant described in Section 7.6(h)(iii) (the “Fair Market Value”). If Seller objects to Purchaser’s calculation of Fair Market Value, Seller may,
within thirty (30) days after the receipt of Purchaser’s notice, deliver to Purchaser written notice of such objection. If Seller objects to Purchaser’s calculation of Fair Market Value, within fifteen (15) days after
Purchaser’s receipt of such objection, each Party shall refer the matter to a Party Executive for attempted resolution. The Party Executives will meet with each other, either physically at a mutually convenient location or by telephone or
videoconference, to endeavor to resolve the dispute in view of the Parties’ mutual interest in reaching a reasonable business resolution. During the period following receipt of such objection, Seller and Purchaser shall negotiate in good faith
to reach agreement on the Fair Market Value. If Seller and Purchaser agree on the calculation of Fair Market Value, then such amounts shall become final and binding on the Parties. If the Party Executives are unable to agree on the Fair

  
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Market Value within 30 days after Purchaser’s receipt of Seller’s objection, Purchaser shall appoint an MAI appraiser (subject to Seller’s approval, not to be unreasonably
withheld) with at least ten (10) years’ experience in the valuation of properties of a similar type as the Qualifying Purchaser Parcel and in the same geographic area of the Qualifying Purchaser Parcel (an
“Appraiser”). The Appraiser shall, within forty-five (45) days of his or her appointment, appraise the Qualifying Purchaser Parcel and determine its Fair Market Value, which determination shall be final and binding on
the Parties. Seller and Purchaser shall evenly divide the costs and expenses of the Appraiser. 
 (ii) Within
thirty (30) days after (x) Purchaser’s notice to Seller of Purchaser’s calculation of Fair Market Value (if Seller does not object to such calculation) or (y) the Party Executives’ or the Appraiser’s determination
of Fair Market Value (if Seller delivers a timely objection notice to Purchaser as provided in Section 7.6(h)(i)), Seller may, by giving written notice to Purchaser, elect to purchase all, but not less than all, of the Qualifying
Purchaser Parcel, at a price equal to Fair Market Value. Payment of such price shall be made by wire transfer of immediately available funds to an account designated by Purchaser and otherwise without representation or warranty by Purchaser, within
thirty (30) days after Purchaser’s receipt of Seller’s notice of election to purchase. 
 (iii)
If Seller does not elect in writing to purchase all, but not less than all, of the Qualifying Purchaser Parcel within the time provided in Section 7.6(h)(ii), Purchaser may Transfer the Qualifying Purchaser Parcel to the
Qualifying Purchaser identified in the Purchaser notice described in Section 7.6(h)(i), at any price, within one hundred twenty (120) days after the earlier of (x) the date on which Seller notifies Purchaser in writing
that it declines to exercise its rights pursuant to this Section 7.6(h) and (y) thirty-one (31) days after Seller’s receipt of the final determination of Fair Market Value; provided, that as a condition
precedent to such Transfer, the deed or other recordable instrument effecting such Transfer shall contain, or Purchaser shall otherwise record against the Qualifying Purchaser Parcel in the land records of the county in which the Qualifying
Purchaser Parcel is located, a restrictive covenant in favor of Seller in the form of the Use Restriction. 
 (i)
Recordation. At Closing, Seller and Purchaser shall execute and deliver one memorandum of the Right of First Refusal (in the form attached hereto as Exhibit N) for each county in which any portion of the ROFR Parcel is located
(each, a “ROFR Memorandum”), and Seller, at Seller’s cost, shall be permitted to record such ROFR Memoranda in the land records of each such county. Upon at least ten (10) Business Days’ advance written notice
from Purchaser, at the closing of the Transfer of any portion of the ROFR Parcel to a Person other than a Qualifying Affiliate in accordance with this Section, or upon any other termination or partial termination of the Right of First Refusal,
including, but not limited to, a termination of the Right of First Refusal on the ROFR Expiration Date, Seller shall deliver to Purchaser one amendment or termination, as applicable, of the ROFR Memoranda for each applicable county removing the
applicable portion of the ROFR Parcel from the applicable ROFR Memorandum, and at the closing of the sale of ROFR Parcel, Purchaser, at Purchaser’s cost, shall be permitted to record such amendment or termination, as applicable, in the land
records of each such county. 

  
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 (j) Assignment of Right of First Refusal. Except to an Affiliate, Seller shall not
have the right to assign or transfer the Right of First Refusal at any time. 
 (k) Consideration. Purchaser and Seller
acknowledge and agree that Seller has paid Purchaser good and valuable consideration in exchange for the Right of First Refusal, the receipt and sufficiency of which is hereby acknowledged. 

(l) Survival. At Closing, the Parties shall execute a stand-alone right of first refusal agreement in a mutually acceptable form
to memorialize the terms of this Section 7.6 (the “Right of First Refusal Agreement”). 

ARTICLE VIII 
 INTENTIONALLY DELETED 
 ARTICLE IX 

CONDITIONS PRECEDENT 
 Section 9.1 Conditions to Obligations of Each Party to Close. The obligations of the Parties to consummate the transactions contemplated by this Agreement shall be subject to the
satisfaction or waiver, on or before the Closing Date, of the following conditions: 
 (a) Waiting Periods. All
waiting periods (and any extension thereof) under Regulatory Law applicable to the transactions contemplated by this Agreement shall have expired or been earlier terminated and neither the Department of Justice nor the Federal Trade Commission shall
have taken any action to enjoin or delay (for a period of longer than ninety (90) days) the consummation of the transactions contemplated by this Agreement. 
 (b) No Injunction. There shall be no injunction, restraining order or decree of any nature of any court or Governmental Authority that is in effect that restrains or prohibits the consummation of
the transactions contemplated by this Agreement or imposes conditions on such consummation not otherwise provided for herein. 

(c) Purchase Price Reduction Limit. The aggregate value of (i) Title Objection Carveouts,
(ii) Environmental Carveouts and (iii) the fair market value of the lost and damaged Timber and any Casualty Damages from all Casualty Losses, in each case valued in accordance with the methodologies used in
Section 1.7, shall not exceed an amount equal to Forty Million and No/100 Dollars ($40,000,000.00). 

Section 9.2 Conditions to Obligations of Purchaser to Close. The obligation of Purchaser to consummate the transactions
contemplated by this Agreement shall be subject to the satisfaction or waiver, on or before the Closing Date or such other date designated in such condition (but in no event later than the Outside Date), of the following conditions: 

(a) Consents. All material consents, authorizations, registrations or approvals of or with any Governmental Authority or other
Person required in connection with the consummation of the transactions contemplated by this Agreement, each of which is set forth in Section 9.2(a) of Seller’s Disclosure Letter, to have been filed, made, given or obtained
by Seller 

  
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or its Affiliates shall have been filed, made, given or obtained and copies thereof shall have been delivered to Purchaser (except for the shareholder approval described in
Section 9.3(g)); provided, however, that the obligation of Purchaser to consummate the transactions contemplated by this Agreement shall not be subject to the satisfaction or waiver of the condition set forth in this
Section 9.2(a) if Purchaser fails to satisfy its obligations under Section 6.5 and such failure caused Seller to fail to meet the condition set forth in this Section 9.2(a). 

(b) Representations and Warranties. Each of the representations and warranties of Seller contained in this Agreement shall be
true and correct, without regard to “materiality” or “Material Adverse Effect” or similar qualifications in any such representation and warranty, in each case as of the Effective Date and as of the Closing with the same effect as
though made as of the Closing (except to the extent expressly made only as of an earlier date, in which case as of such date), except where the failure of such representations and warranties to be true and correct as so made does not have and would
not be reasonably likely to have, in each case individually or in the aggregate, a Material Adverse Effect. 
 (c)
Agreements and Covenants. Seller shall have performed or complied with, in all material respects, all agreements, terms, provisions, conditions, obligations, and covenants required by this Agreement to be performed or complied with by Seller
on or prior to the Closing. 
 (d) Seller Deliveries. Seller shall have tendered for delivery or caused to be tendered
for delivery to Purchaser the items set forth in Section 2.2(a). 
 (e) Title Policies. The Title
Company or another nationally recognized title insurance company shall have issued (or, at Purchaser’s election, irrevocably and unconditionally committed to issue) final Title Policies in the form of pro forma Title Policies issued in
accordance with the terms hereof. 
 (f) No Material Defaults. No material default shall exist by Seller or the Seller
Subsidiaries under the Timber Deeds or Supply Agreements. 
 Section 9.3 Conditions to Obligations of Seller.
The obligation of Seller to consummate the transactions contemplated by this Agreement shall be subject to the satisfaction or waiver, on or before the Closing Date (but in no event later than the Outside Date), of the following conditions:

 (a) Consents. The consents, authorizations, registrations or approvals of or with Governmental Authorities or any
other Person required in connection with the consummation of the transactions contemplated by this Agreement, each of which is set forth in Section 9.3(a) of Purchaser’s Disclosure Letter (other than Shareholder Approval, if
set forth in Section 9.3(a)), to have been filed, made, given or obtained by Purchaser or its Affiliates shall have been filed, made, given or obtained and copies thereof shall have been delivered to Seller; provided,
however, that the obligation of Seller to consummate the transactions contemplated by this Agreement shall not be subject to the satisfaction or waiver of the condition set forth in this Section 9.3(a) if Seller fails to
satisfy its obligations under Section 6.5 and such failure caused Purchaser to fail to meet the condition set forth in this Section 9.3(a). 

  
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 (b) Representations and Warranties. Each of the representations and warranties of
Purchaser contained in this Agreement shall be true and correct, without regard to “materiality” or similar qualifications in any such representation and warranty, in each case as of the Effective Date and as of the Closing with the same
effect as though made as of the Closing (except to the extent expressly made only as of an earlier date, in which case as of such date), except where the failure of such representations and warranties to be true and correct as so made does not have
and would not be reasonably likely to have, in each case individually or in the aggregate, a material adverse effect on the ability of Purchaser to perform its obligations under or consummate the transactions contemplated by this Agreement.

 (c) Agreements and Covenants. Purchaser shall have performed or complied with, in all material respects, with all
agreements and covenants required by this Agreement to be performed or complied with by it on or prior to the Closing. 
 (d)
Deliveries. Purchaser shall have tendered for delivery or caused to be tendered for delivery to Seller the items set forth in Section 2.2(b). 
 (e) Letters of Credit. The Letter(s) of Credit securing the Timber Notes issued by Purchaser Subsidiary in respect of the Installment Note Purchase Price shall have been delivered to Seller by one
or more Credit Enhancement Banks in such maximum aggregate amounts per Credit Enhancement Bank as is satisfactory to Seller and on terms and conditions that are consistent with the Timber Note indicative terms attached as Exhibit K.

 (f) LLC Agreement. Purchaser shall have entered into a liability company agreement in respect of Purchaser Subsidiary
substantially in the form of Exhibit L. 
 (g) Shareholder Approval. Seller shall have received
Shareholder Approval for the Transaction; provided, that if the shareholders of Seller reject the Transaction at the Seller Shareholder Meeting or if the Seller Shareholder Meeting (including any adjournment or postponement thereof) has
concluded and the Shareholder Approval has not been obtained, this Agreement shall terminate pursuant to Section 11.1(f) effective as of such rejection date or conclusion of the Seller Shareholder Meeting, the Deposit shall be
returned to Purchaser and thereupon neither party shall have any further obligation to the other party under this Agreement, except for those provisions which are expressly stated herein to survive termination of this Agreement. 

ARTICLE X 

SURVIVAL; INDEMNIFICATION 
 Section 10.1 Survival. 
 (a) Except as otherwise set forth in this
Article X (including Section 10.3(b)), all representations and warranties made in this Agreement and all agreements or covenants made in this Agreement and to be performed prior to or at Closing shall survive for a
period of twelve (12) months after the Closing Date except for (i) the representations and warranties set forth in Sections 3.1 through 3.4 and 5.1 through 5.3
(“Fundamental Representations”) and (ii) the indemnification obligations of the Parties hereunder which shall survive for the applicable statute 

  
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of limitations (the “Indemnity Period”). Notwithstanding the foregoing, except as set forth in Section 11.2, no representation, warranty, covenant or
agreement shall survive any termination of this Agreement. After the Indemnity Period, except as provided in Section 11.2, the Parties agree that no claims or causes of action may be brought against any Party or any of its
directors, officers, employees, Affiliates, controlling persons, agents or representatives based upon, directly or indirectly, any of the representations, warranties and agreements or covenants to be performed prior to or at Closing contained in
this Agreement. This Section 10.1 shall not limit any covenant or agreement of the Parties that contemplates performance after the Closing. 
 (b) The representations, warranties, covenants and obligations of the Parties hereto, and the rights and remedies that may be exercised by the Purchaser and its directors, officers, employees, Affiliates,
controlling Persons, agents and representatives and their successors and assigns (collectively, the “Purchaser Indemnitees”) and Seller and its directors, officers, employees, Affiliates, controlling Persons, agents and
representatives and their successors and assigns (collectively, the “Seller Indemnitees”) based on such representations, warranties, covenants and obligations, will not be limited or affected by any knowledge acquired (or
capable of being acquired) by Purchaser or any agent of Purchaser or Seller or any agent of Seller before or after the execution and delivery of this Agreement (except as otherwise set forth in Section 10.3(b)), with respect to
the accuracy or inaccuracy of or compliance with or performance of such representation, warranty, covenant or obligation by the other Party hereto. The waiver by Purchaser or Seller of any of the conditions set forth in Sections 9.1,
9.2 or 9.3 will not affect or limit the provisions of this Article X. 

Section 10.2 Brokerage Indemnity. Seller warrants and represents to Purchaser that Seller has not incurred any
liability for any brokerage fee or commission in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby (it being understood that TAP Advisors, a financial adviser to Seller and not a
broker, may be compensated by Seller pursuant to a separate agreement). With the exception of a brokerage agreement between Purchaser and Saunders Real Estate, L.L.C. d/b/a Coldwell Banker Saunders Commercial Real Estate
(“Purchaser’s Broker”), Purchaser warrants and represents to Seller that Purchaser has not incurred any liability for any brokerage fee or commission in connection with the execution and delivery of this Agreement or the
consummation of the transactions contemplated hereby. Seller and Purchaser each agree to indemnify and hold harmless the other from any and all damage, loss, liability, expense and claim (including but not limited to attorneys’ fees and court
costs) arising with respect to any such fee or commission which may be suffered by the indemnified Party by reason of any action or agreement of the indemnifying Party (including, in Purchaser’s case, any fee or commission suffered by Seller
from Purchaser’s Broker). This Section 10.2 shall survive Closing or any termination, cancellation or expiration of this Agreement. 
 Section 10.3 Indemnification; Limitations. 
 (a) Obligation to
Indemnify. If the Closing occurs and subject to the terms, conditions and limitations set forth herein, Seller shall indemnify, defend and hold the Purchaser Indemnitees harmless for any Loss incurred or suffered by any of them as a result of or
arising out of (A)(i) a breach of a representation or warranty by Seller in this Agreement or any Ancillary Agreement (it being understood that representations and warranties that are made as of

  
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a specific date speak only as of that date); (A)(ii) any breach of any agreement, term, provision, condition, obligation, or covenant to be performed or satisfied by Seller pursuant to
this Agreement; (A)(iii) any third-party personal injury or tort claims regarding Seller’s use, ownership and/or operation of the Property (or any party thereof) prior to the Closing but excluding the Assumed Liabilities and any
Environmental Claims released pursuant to Section 1.7(d)(iv); (A)(iv) any claim arising from the Assumed Contracts relating to any act or omission prior to the Closing Date; and (A)(v) any claim arising from
inaccuracy or material default alleged in any Seller’s Estoppel Certificate. If Closing occurs and subject to the terms, conditions and limitations set forth herein, Purchaser shall indemnify, defend and hold the Seller Indemnitees harmless for
any Loss incurred or suffered by any of them as a result of or arising out of (B)(i) a breach of a representation or warranty by Purchaser in this Agreement (it being understood that representations and warranties that are made as of a
specific date speak only as of that date), (B)(ii) any breach of any agreement, term, provision, condition, obligation, or covenant to be performed or satisfied by Purchaser pursuant to this Agreement, (B)(iii) any Assumed Liability
and (B)(iv) the use, ownership and/or operation of the Property (or any portion thereof) from and after Closing. For the purposes of determining whether a breach of any representation or warranty exists (pursuant to this
Section 10.3(a) only) and the amount of Losses associated with such breach, all qualifications based on materiality, such as “in all material respects”, “Material Adverse Effect”, and similar qualifiers, shall
be disregarded. 
 (b) Certain Limitations. Notwithstanding the foregoing and solely with respect to the indemnification
obligations in Section 10.3(a) above, Seller shall be obligated to indemnify the Purchaser Indemnitees and Purchaser shall be obligated to indemnify the Seller Indemnitees only for those claims giving rise to any Loss as to which
the Person claiming the right to be indemnified (the “Indemnified Party”) has given the Party from whom it is claiming indemnification (the “Indemnifying Party”) written notice prior to the end of the
Indemnity Period, except that any claims for breach of any of the representations and warranties set forth in the Fundamental Representations may be made at any time in the future, subject to any applicable statute of limitations. Seller shall not
be obligated to indemnify the Purchaser Indemnitees with respect to any representation, warranty or certification of Seller to the extent that, prior to the Effective Date, (i) Purchaser had actual knowledge of the breach of such
representation, warranty or certification, or (ii) any due diligence test, investigation or inspection of the Property by Purchaser or its agents or employees evidenced such breach of representation, warranty or certification. Seller
shall not be obligated to indemnify the Purchaser Indemnitees on account of a breach of the representations and warranties of Seller set forth in Sections 3.6(a), 3.6(b), 4.2, 4.3,
4.6(vi), 4.6(vii), 4.7, 4.11(i), 4.11(iii), 4.11(iv) or 4.16 if (i) such breach first occurred after the Effective Date and (ii) Seller used
commercially reasonable efforts to attempt to cure the facts and circumstances giving rise to such breach (including the expenditure of funds, but only up to a maximum of Five Hundred Thousand and No/100 Dollars ($500,000.00) with respect to all
such breaches in the aggregate). 
 (c) Seller Thresholds. Seller shall not be liable in respect of Losses with respect
to the matters contained in Section 10.3(a)(A)(i), (ii) or (v) unless the aggregate amount of all Losses for which Seller would otherwise be liable exceeds Five Million Dollars ($5,000,000.00) (the
“Seller Threshold”) whereupon the Purchaser’s Indemnified Parties shall be entitled, subject to the other limitations set forth in this Agreement, to indemnification for all Losses incurred by the Purchaser’s
Indemnified Parties to the extent in excess of the Seller Threshold, up to the Seller Liability Cap. The Seller Threshold shall not be applicable to Losses arising with respect to Sections 1.7, 1.8, 2.3,
10.2, 10.3(a)(A)(iii)-(iv), 12.14 or 12.15. 

  
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 (d) Seller Liability Cap. The maximum aggregate liability of Seller and its
Affiliates for any and all Losses with respect to the matters contained in Section 10.3(a)(A)(i), (ii) or (v) shall not exceed Fifty-Six Million Five Hundred Thousand Dollars ($56,500,000) (the “Seller
Liability Cap”). Notwithstanding any other provision of this Agreement, there is no Seller Liability Cap for any and all Losses arising with respect to (i) Sections 1.7, 1.8, 2.3,
10.2, 10.3(a)(A)(iii)-(iv), 12.14 or 12.15 of this Agreement, or (ii) any fraud or intentional misconduct by Seller or any of the Seller Subsidiaries. 

Section 10.4 Procedures for Claims and Satisfaction. All claims for indemnification under this Article X shall
be resolved in accordance with the following procedures: 
 (a) Notice of Claim. Any party seeking to assert an
indemnification claim under this Article X shall deliver a written notice to the Party against which the claim is made. To the extent applicable, such notice must be provided within the time period specified in
Section 10.3(b). Any Party providing such notice will use reasonable efforts to include with as much specificity as is reasonably practicable, the basis of the claim for such Loss and, to the extent reasonably practicable, a
reasonable estimate of the amount thereof. 
 (b) Defense of Third Party Claims. 

(i) Generally. If a claim or demand for indemnification is based upon an asserted liability or obligation to a
Person not a Party (other than Purchaser), a successor or assign of a Party nor a Purchaser Indemnitee or a Seller Indemnitee (a “Third Party Claim”), then (and without limiting the obligations under
Section 10.5(a)), the Indemnified Party will undertake in good faith to give prompt notice of any such Third Party Claim to the Indemnifying Party; provided, however, that a failure to provide such notice of a Third
Party Claim will not prejudice any right to indemnification under this Agreement except to the extent that the Indemnifying Party is prejudiced by such failure. The Indemnifying Party will defend such Third Party Claims at its expense with lawyers
chosen (with the Indemnified Party’s consent, which will not be unreasonably withheld, conditioned or delayed) and paid by it and will give written notice (the “Notice of Defense”) to the Indemnified Party within 30 days
after the date such notice of a Third Party Claim is deemed received that acknowledges that it is defending the claim and that identifies the lawyer retained for the defense. The Indemnifying Party may not settle any such Third Party Claim without
the consent of the Indemnified Party (which consent will not be unreasonably withheld, conditioned or delayed). 

(ii) Control of Defense. Notwithstanding anything to the contrary in this Section 11.4:
(A) the Indemnified Party will be entitled to participate in the defense of such claim or action and to employ lawyers of its choice for such purpose at its own expense, and (B) the Indemnifying Party will pay the reasonable fees and
expenses of lawyers retained by the Indemnified Party pursuant to (A), if: (1) the Indemnified Party reasonably believes that there exists or could arise a conflict of interest that, under applicable principles of legal ethics, could prohibit a
single lawyer or law firm from 

  
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representing both the Indemnified Party and the Indemnifying Party in such claim or action, and such conflict has not been timely waived; (2) the Indemnifying Party either failed to give a
Notice of Defense or has failed or is failing to prosecute or defend vigorously such claim or action after notice from the Indemnified Party and a reasonable opportunity to cure; or (3) there is a reasonable likelihood that criminal penalties
could be imposed on the Indemnified Party in connection with such claim or action. 
 (c) General Limitations. Each of
the indemnification obligations of Seller and Purchaser under this Article X, including the indemnification obligation pursuant to Section 10.3(a), is subject to the following limitation. The amount of any Loss shall
be reduced by any amount received by the Indemnified Party (or an Affiliate) with respect thereto under any third party insurance coverage or from any other Person (excluding an Affiliate of the Indemnified Party) alleged to be responsible therefor,
net of any expense incurred by the Indemnified Party in collecting such amount. Any Indemnified Party that makes a claim for indemnification under this Article X shall use commercially reasonable efforts to collect any amount available
under any known insurance coverage and from any known other Person alleged to have responsibility but collection of any such amounts or exhaustion of all available remedies will not be a condition to pursuing or collecting on any indemnifiable claim
under this Article X. If an Indemnified Party (or an Affiliate) receives an amount under insurance coverage or from such other Person with respect to a Loss at any time subsequent to any indemnification provided the Indemnifying Party
pursuant to this Article X, then such Indemnified Party shall promptly reimburse the Indemnifying Party for any payment made or expense incurred by the Indemnifying Party in connection with providing such indemnification up to such
amount received by the Indemnified Party (or Affiliate), net of any expense incurred by the Indemnified Party in collecting such amount. The Indemnified Parties shall ensure that all commercially reasonable steps are taken and all commercially
reasonable assistance is given to avoid or mitigate any Losses, which in the absence of mitigation might give rise to or increase a Loss in respect of any claim under this Article X. In the event an Indemnified Party fails to so mitigate an
indemnifiable Loss, the Indemnifying Party shall have no liability for any portion of such Loss that could reasonably have been avoided had the Indemnified Party made such efforts. 

(d) Notice of Fixed Loss. When a Loss as to which a notice has been timely given in accordance with
Section 10.5(a) is paid or is otherwise fixed or determined, then the Indemnified Party will give the Indemnifying Party notice of such Loss, in reasonable detail and specifying the amount of such Loss (which notice will be in
addition to the notice required under Section 10.5(a), but the notices under this Section 10.5(d) and under Section 10.5(a) may be given simultaneously and in a single instrument when
appropriate and in compliance with both provisions). If the Indemnifying Party is permitted to dispute such claim, it will, within 30 days after receipt of notice of the claim of Loss against it pursuant to this Section 10.5(d),
give counter-notice, setting forth the basis for disputing such claim, to the Indemnified Party. If no such counter-notice is given within such thirty-day period or if the Indemnifying Party acknowledges liability for indemnification, then such Loss
will be satisfied within three Business Days as provided in Section 10.5(e). 
 (e) Satisfaction of
Indemnification Obligation. Subject to the procedures set forth above and in accordance with the deadlines specified in the preceding provisions of this Section 10.5, any indemnified Loss will be satisfied by the Indemnifying
Party paying the 

  
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amount of such Loss to the Indemnified Party plus interest on the amount of such Loss incurred by the Indemnified Party from the date the Indemnified Party actually paid such Loss (but without
duplication of any interest payable with respect to any judgment underlying a Loss resulting from a Third Party Claim) at the Prime Rate. Payments pursuant to the foregoing will be by wire transfer or by check, as the recipient may direct;
provided, however, that in the absence of directions within a reasonable period of time, payment may be made by check. 
 Section 10.5 Certain Rules. 
 (a) Adjustment to Purchase
Price. Any payment made pursuant to the indemnification provisions of this Article X shall be deemed to be an adjustment to the Purchase Price and the Parties shall treat it as such for all purposes. There shall be no
indemnification under any provision of this Article X for a breach of any representation, warranty, agreement or covenant or any other Loss to the extent an adjustment to the Purchase Price has been made pursuant to
Section 1.7 or with respect to such breach or to the extent any adjustment to the Purchase Price has been made pursuant to Section 1.8. 
 (b) Definition of Loss. “Loss” means any loss, cost, damage, expense, payment, liability or obligation incurred or suffered with respect to the act, omission, fact or
circumstance with respect to which such term is used, including: (i) subject to Section 10.4(b), related reasonable out-of-pocket attorneys’, accountants’ and other professional advisors’ fees and
expenses, including those as to investigation, prosecution or defense of any claim or threatened claim including any attorneys’ fees and expenses in connection with one or more appellate or bankruptcy proceedings arising out of any such claim;
and (ii) amounts paid in settlement of a dispute with a Person not a Party that if resolved in favor of such Person would constitute a matter to which a Party is indemnified pursuant to this Agreement, even though such settlement does
not acknowledge that the underlying facts or circumstances constitute a breach of a representation and warranty or other indemnified matter. Notwithstanding the foregoing, except for any action permitted pursuant to Section 12.15
when the remedy of specific performance is not available, “Loss” does not include any punitive damages, lost profits, consequential damages, diminution in value or other special damages; provided, however, that in the case of
a Third Party Claim, “Loss” includes the total amount of any judgment and any other award payable to a Person other than a Party, a successor or assign of a Party, or a Purchaser Indemnitee or a Seller Indemnitee pursuant to the Third
Party Claim. No Indemnifying Party shall be liable under this Article X in respect of any Loss that is contingent unless and until such contingent Loss becomes an actual liability and is due and payable. No Indemnified Party shall be
entitled to recover from any Indemnifying Party under this Article X more than once in respect of the same Loss (notwithstanding that such Loss may result from breaches of multiple provisions of this Agreement). 

Section 10.6 Exclusive Remedy. Each of the Parties agrees that, except as contemplated by Section 12.15,
if the Closing occurs, the indemnification provided in this Article X is the exclusive remedy (other than the indemnities provided in Section 7.1(d)) for a breach by any Party of any representation, warranty,
agreement or covenant contained in this Agreement and is in lieu of any and all other rights and remedies that any other Party may have under this Agreement or otherwise for monetary relief or equitable relief with respect to the matters described
in this Article X. 

  
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 Section 10.7 Survival. All provisions of Article X shall survive
Closing. 
 ARTICLE XI 
 TERMINATION AND ABANDONMENT 
 Section 11.1 Termination. This
Agreement may be terminated and the transactions contemplated hereby may be abandoned at any time prior to the Closing: 
 (a)
by mutual written consent of Seller and Purchaser; 
 (b) by Seller, upon a breach or violation of any representation,
warranty, covenant or agreement on the part of Purchaser set forth in this Agreement, which breach or violation would result in the failure to satisfy the conditions set forth in Section 9.3(a)-(f) and, in any such case,
(i) such breach or violation shall be incapable of being cured by the Outside Date, and/or (ii) Purchaser shall not be using on a continuous basis all commercially reasonable efforts to cure in all material respects such
breach or violation commencing within a reasonable time after the giving of written notice thereof by Seller to Purchaser of such violation or breach; 
 (c) by Purchaser, upon a breach or violation of any representation, warranty, covenant or agreement on the part of Seller set forth in this Agreement, which breach or violation would result in the failure
to satisfy the conditions set forth in Section 9.2(a)-(f) and, in any such case, (i) such breach or violation shall be incapable of being cured by the Outside Date, or (ii) Seller shall not be using on
a continuous basis all commercially reasonable efforts to cure in all material respects such breach or violation commencing within a reasonable time after the giving of written notice thereof by Purchaser to Seller of such violation or breach;

 (d) by Purchaser or Seller upon a failure to satisfy any condition set forth in Section 9.1; 

(e) by Purchaser upon a failure to satisfy the condition set forth in 9.2(e), provided such failure is not caused in whole
or part by Seller (in which event Purchaser shall be entitled to terminate this Agreement pursuant to Section 11.1(c)); 
 (f) automatically as provided in Section 9.3(g); 
 (g) by
Purchaser or Seller if the Closing shall not have taken place by the Outside Date, as the same may be extended by Seller or Purchaser pursuant to Section 2.1; provided, that a Party may not terminate pursuant to this
Section 11.1(g) if such Party’s failure to perform any of its obligations under this Agreement primarily contributes to the failure of the Closing to have occurred by such time; 

(h) by Seller, if, prior to obtaining Shareholder Approval, Seller (A) has otherwise complied in all material respects with the
terms of this Agreement, including Section 6.14 (including having complied fully with the notice and information requirements thereof) and (B) concurrently with the termination of this Agreement, enters into a definitive transaction
agreement providing for the consummation of the transaction contemplated by a Superior Proposal; and 
 (i) by Purchaser, if,
prior to obtaining Shareholder Approval, Seller Board (A) makes a Recommendation Change or (B) fails to make the Recommendation. 

  
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 Section 11.2 Effect of Termination. Subject to the following provisions of this
Section 11.2, upon any termination of this Agreement as provided in Section 11.1, the obligations of the Parties hereunder shall terminate and there shall be no liability on the part of any Party hereto with
respect thereto, except for the provisions of Section 7.1(d) and Section 10.2 and any other provision of this Agreement which by its express terms survives termination hereof. 

(a) If Seller elects to terminate this Agreement pursuant to Section 11.1(b), then Seller shall be entitled, as its
sole remedy, to terminate this Agreement and receive a return of the Deposit, and the actual documented reasonable third party out-of-pocket costs and expenses, if any, of Seller’s attorneys in enforcing its rights to the Deposit (if Seller
prevails), as liquidated damages for the breach of this Agreement, it being agreed between the parties hereto that the actual damages to Seller in the event of such breach are impractical to ascertain and the amount of the Deposit, plus such
attorneys’ costs and expenses, is a reasonable estimate thereof. 
 (b) If Purchaser elects to terminate this Agreement
pursuant to Section 11.1(c), then Purchaser shall be entitled, as its sole remedy subject to Section 12.15, to terminate this Agreement and receive a return of the Deposit, plus Seller shall pay to Purchaser its
actual documented reasonable third party out-of-pocket costs and expenses incurred (i) in connection with the transactions contemplated herein, and (ii) by Purchaser’s attorneys in enforcing its rights to a refund of the Deposit, not
to exceed a maximum amount of One Million Five Hundred Thousand and No/100 ($1,500,000.00); provided, however, that if Seller’s breach or violation is the result of fraud or intentional misconduct of Seller, then Purchaser also shall be
entitled to pursue an action for damages. 
 (c) If Seller or Purchaser elects to terminate this Agreement pursuant to
Section 11.1(a), Section 11.1(d) or Section 11.1(g), or if Purchaser elects to terminate this Agreement pursuant to Section 11.1(e), then Purchaser shall be entitled, as its
sole remedy, to receive the return of the Deposit. 
 (d) If this Agreement is automatically terminated pursuant to
Section 11.1(f), Purchaser shall receive the return of the Deposit and Seller shall pay to Purchaser its actual documented reasonable third party out-of-pocket costs and expenses incurred in connection with the transactions
contemplated herein (including legal fees, accounting fees, consultant’s fees and advisor’s fees), not to exceed a maximum amount of One Million Five Hundred Thousand and No/100 ($1,500,000.00), provided that the Seller shall pay to
Purchaser the Break-Up Fee (but not the foregoing expense reimbursement) upon any of the following: (i) Seller fails to conduct the vote at the Seller Shareholder Meeting; (ii) prior to such termination and after the date of this
Agreement, any Alternative Proposal is announced, disclosed or otherwise generally made known to the Seller’s shareholders; and (iii) the Seller Board has carried out a Change Action

  
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other than as a result of an Intervening Event which is unrelated to an Alternative Proposal. Seller’s payment to Purchaser of the Break-Up Fee shall be due within two days following
termination of this Agreement. 
 (e) If this Agreement is terminated by Seller pursuant to Section 11.1(h)
or by Purchaser pursuant to Section 11.1(i), Purchaser shall receive the return of the Deposit and Seller shall pay to Purchaser the Break-Up Fee. Seller’s payment to Purchaser of the Break-Up Fee shall be due within two days
following termination of this Agreement. 
 (f) If Seller fails to pay when due any amount payable under this
Section 11.2, then (i) Seller shall reimburse Purchaser for all costs and expenses (including reasonable attorneys’ fees) incurred in connection with the enforcement by Purchaser of its rights under this
Section 11.2 and (ii) Seller shall pay to Purchaser interest on such overdue amount (for the period commencing as of the date such overdue amount was originally required to be paid and ending on the date such overdue amount
is actually paid to Purchaser in full ) at a rate per annum equal to the rate paid on judgments entered by Florida state courts under Florida law. 
 (g) The parties acknowledge that Seller’s obligation to pay the Break-Up Fee to Purchaser is a material inducement to Purchaser’s willingness to enter into this Agreement and has been separately
bargained for by the Parties. 
 ARTICLE XII 
 GENERAL PROVISIONS 
 Section 12.1 Notice. All notices,
requests, demands, and other communications hereunder shall be in writing, and shall be deemed to have been duly given if delivered in person, sent by email in PDF format, facsimile transmission, or sent by overnight courier service (with all fees
prepaid) as follows: 
 If to Seller, to: 
 The St. Joe Company 
 133 WaterSound Parkway 

WaterSound, Florida 32413 
 Attention: Park Brady 
 Facsimile: 850-231-7403 

Email: park@joe.com 
 with a copy to: 
 Sullivan & Cromwell LLP 

125 Broad Street 

New York, New York 10004-2498 
 Attention: Andrew G. Dietderich 
 Facsimile: 212-291-9041 

Email: dietdericha@sullcrom.com 

  
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 If to Purchaser: 
 AgReserves, Inc. 
 79 South Main Street, Suite 1200 

Salt Lake City, Utah 84111 
 Attention: Paul C. Genho, Chairman 
 Facsimile: 801-359-0711 

Email: pgenho@fri-slc.com 
 with a copy to: 
 Foley and Lardner LLP 

One Independent Drive, Suite 1300 
 Jacksonville, Florida 32202-5017 

			
	Attention:	  	David C. Cook
		  	W. Christopher Rabil

 Facsimile: 904-359-8700 

			
	Email:	 	dcook@foley.com
		 	crabil@foley.com

 with a copy to: 
 Kirton McConkie PC 
 50 East South Temple Street 

Salt Lake City, Utah 84111 
 Attention: Robert C. Hyde 
 Facsimile: 801-321-4893 

Email: rhyde@kmclaw.com 
 Any
such notice, request, demand or other communication shall be deemed to be given and effective on the date delivered if delivered in person, or by email in PDF format or facsimile if transmitted before 6:00 p.m. Eastern Time on a Business Day and if
transmitted after 6:00 p.m. Eastern Time, on the first Business Day after the date of transmission, or if sent by overnight courier service, on the first Business Day after the date sent as evidenced by the date of the bill of lading; and shall be
deemed received if delivered in person, on the date of personal delivery, if sent by overnight courier service, on the first Business Day after the date sent, or if by email in PDF format or facsimile transmission, on the date of confirmation of
receipt if prior to 6:00 p.m. Eastern Time (including electronic confirmation), and if the date and time of confirmation of receipt is after 6:00 p.m. Eastern Time, on the first Business Day after the date of confirmation. Any Party sending a
notice, request, demand or other communication by facsimile transmission shall also send a hard copy of such notice, request, demand or other communication by one of the other means of providing notice set forth in this
Section 12.1. Any notice, request, demand or other communication shall be given to such other representative or at such other address as a Party may furnish to the other Parties in writing pursuant to this
Section 12.1. Any party may give any notice, request, demand, claim or other communication hereunder by or through its counsel. 

  
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 Section 12.2 Legal Holidays. If any date set forth in this Agreement for the
performance of any obligation by any Party, or for the delivery of any instrument or notice as herein provided, should be a Saturday, Sunday or legal holiday, the compliance with such obligation or delivery shall be deemed acceptable on the next day
which is not a Saturday, Sunday or legal holiday. As used herein, the term “legal holiday” means any state or federal holiday for which financial institutions or post offices are generally closed in the State of Florida for
observance thereof. 
 Section 12.3 Further Assurances. Each of the Parties shall execute such further Conveyance
Instruments and such other documents, instruments of transfer or assignment, and corrective documents and do such other acts or things as may be reasonably required or desirable to carry out the intent of the Parties hereunder and the provisions of
this Agreement and the transactions contemplated hereby. The provisions of Section 12.3 shall survive Closing. 
 Section 12.4 Assignment; Binding Effect. 
 (a) Except as otherwise
provided under this Section 12.4, this Agreement shall not be directly or indirectly assignable or otherwise transferable (i) by Purchaser without the prior written consent of Seller, and (ii) by Seller
without the prior written consent of Purchaser. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. Notwithstanding the foregoing to the contrary, Purchaser shall have
the right to assign this Agreement, in whole or in part, to one or more wholly owned subsidiaries of Purchaser that is treated as a disregarded entity for tax purposes, without the consent of Seller. Purchaser must provide notice to Seller at least
five (5) Business Days prior to Closing of any such assignment, and any such assignment must be in writing on a form reasonably approved by Seller. Such assignment must, in part, provide that any such assignee must assume and be bound by all
provisions of this Agreement and perform all obligations of Purchaser pursuant hereto as to the portion of the Property to be conveyed to such assignee. Any such assignment shall not relieve Purchaser of its obligations hereunder, and Purchaser
shall remain liable hereunder in the event of non-performance by its assignee. 
 (b) Purchaser shall have the option to take
title in multiple entities designated by Purchaser (the “Purchaser Designated Entities”), provided that (i) such Purchaser Designated Entities are wholly owned subsidiaries of Purchaser and (ii) at least five
(5) Business Days prior to Closing, Purchaser provides Seller with written notice (the “Designated Entity Notice”) of (A) its election to take title to the Property in the Purchaser Designated Entities, (B) the
names of the Purchaser Designated Entities and (C) the portions of the Property which each Purchaser Designated Entity will acquire. Notwithstanding anything to the contrary in this Agreement, in the event that Purchaser elects to take title to
the Timberlands through one or more Purchaser Designated Entities, at Closing, Seller and/or Seller Subsidiary (as applicable) shall deliver a separate Deed to each Purchaser Designated Entity conveying to such Purchaser Designated Entity the
applicable portion of the Timberlands identified in the Designated Entity Notice. Any designation of Purchaser Designated Entities shall not relieve Purchaser of its obligations hereunder, and Purchaser shall remain liable hereunder in the event of
non-performance by its assignee. 

  
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 (c) Notwithstanding anything to the contrary in this Section 12.4 or any
other provision of this Agreement, until the date that is fourteen (14) days following Closing, Purchaser shall hold title to the Property directly or in one or more wholly owned subsidiaries of Purchaser that is treated as a disregarded entity
for tax purposes and shall not transfer or cause or permit to be transferred any portion of the Property to any Affiliate of Purchaser that is not a wholly owned subsidiary of Purchaser treated as a disregarded entity for tax purposes. 

Section 12.5 Entire Agreement. This Agreement (including the Exhibits and Schedules hereto), Seller’s Disclosure Letter,
Purchaser’s Disclosure Letter, the Confidentiality Agreement and the other Transaction Documents constitute the entire agreement and understanding of the Parties and supersede any prior agreements or understandings, whether written or oral,
among the Parties with respect to the subject matter hereof. 
 Section 12.6 Amendment; Waiver. This Agreement may
not be amended or modified in any manner other than by an agreement in writing signed by all of the Parties or their respective successors or permitted assigns. No waiver under this Agreement shall be valid or binding unless set forth in a writing
duly executed and delivered by each Party against whom enforcement of such waiver is sought. Neither the waiver by any of the Parties of a breach of or a default under any provision of this Agreement, nor the failure by any of the Parties, on one or
more occasions, to enforce any provision of this Agreement or to exercise any right or privilege hereunder, shall be construed as a waiver of any other breach or default of a similar nature, or as a waiver of any of such provisions, rights or
privileges hereunder. 
 Section 12.7 Confidentiality. Each Party will hold, and will cause its officers, employees,
accountants, counsel, financial advisors and other representatives and Affiliates to hold, any nonpublic information confidential in accordance with the terms of the Confidentiality Agreement. 

Section 12.8 No Third Party Beneficiaries. Nothing in this Agreement or any of the Ancillary Agreements, whether express or
implied, is intended or shall be construed to confer upon or give to any Person, other than the Parties hereto, the Purchaser Indemnitees and the Seller Indemnitees (with respect to Article X), any right, remedy or other benefit under
or by reason of this Agreement. 
 Section 12.9 Severability of Provisions. If any provision of this Agreement
(including any phrase, sentence, clause, Section or subsection) is inoperative, invalid, illegal or unenforceable for any reason, all other provisions of this Agreement shall remain in full force and effect so long as the economic or legal substance
of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon any such determination, the Parties shall negotiate in good faith to modify this Agreement so as to give effect to the original intent of the
Parties as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the extent possible. 

  
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 Section 12.10 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.

 (a) THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING VALIDITY, CONSTRUCTION, INTERPRETATION AND EFFECT, BY THE
LAWS OF THE STATE OF FLORIDA, WITHOUT GIVING EFFECT TO ITS PRINCIPLES OR RULES OF CONFLICT OF LAWS TO THE EXTENT SUCH PRINCIPLES OR RULES WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. EACH OF THE PARTIES HEREBY
(I) IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF FLORIDA AND THE UNITED STATES DISTRICT COURT OF THE NORTHERN DISTRICT OF FLORIDA, IN EACH CASE, SITTING IN BAY COUNTY, FLORIDA FOR THE PURPOSE OF ANY ACTION OR
PROCEEDING ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, (II) AGREES THAT IT WILL NOT ATTEMPT TO DENY OR DEFEAT SUCH PERSONAL JURISDICTION BY MOTION OR OTHER REQUEST FOR LEAVE FROM ANY SUCH COURT,
AND (III) AGREES THAT IT WILL NOT BRING ANY ACTION RELATING TO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT IN ANY COURT OTHER THAN A FLORIDA STATE COURT OR THE UNITED STATES DISTRICT COURT OF THE NORTHERN
DISTRICT OF FLORIDA, IN EACH CASE, SITTING IN BAY COUNTY, FLORIDA. EACH OF THE PARTIES HEREBY CONSENTS TO AND GRANTS ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTY AND OVER THE SUBJECT MATTER OF ANY SUCH DISPUTE AND AGREES THAT MAILING OF
PROCESS OR OTHER PAPERS IN CONNECTION WITH ANY SUCH ACTION OR PROCEEDING IN THE MANNER PROVIDED IN SECTION 12.1, OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW, SHALL BE VALID AND SUFFICIENT SERVICE THEREOF ON SUCH PARTY.

 (b) EACH PARTY HEREBY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE
COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OF THE ANCILLARY AGREEMENTS, OR THE BREACH, TERMINATION OR VALIDITY OF THIS AGREEMENT OR ANY OF THE ANCILLARY AGREEMENTS, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY HEREBY CERTIFIES AND ACKNOWLEDGES THAT
(I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) SUCH PARTY
UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND EACH OF THE ANCILLARY AGREEMENTS BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS SET FORTH IN THIS SECTION. 
 Section 12.11 Counterparts. This
Agreement may be signed in any number of counterparts, each of which shall be deemed an original and, when taken together, shall constitute one agreement. 

  
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 Section 12.12 Captions. The captions and other headings contained in this
Agreement as to the contents of particular articles, sections, paragraphs or other subdivisions contained herein are inserted for convenience of reference only and are in no way to be construed as part of this Agreement or as limitations on the
scope of the particular articles, sections, paragraphs or other subdivisions to which they refer and shall not affect the interpretation or meaning of this Agreement. “Article,” “Section,”
“Subsection,” “Exhibit” or “Schedule” refers to such item of or attached to this Agreement. 
 Section 12.13 Construction. The Parties agree that “including” and other words or phrases of inclusion, if any, shall not be construed as terms of limitation, so that
references to “included” matters shall be regarded as nonexclusive, non-characterizing illustrations and equivalent to the terms “including, but not limited to,” and “including, without limitation.” Each Party
acknowledges that it has had the opportunity to be advised and represented by counsel in the negotiation, execution and delivery of this Agreement and accordingly agrees that if any ambiguity exists with respect to any provision of this Agreement,
such provision shall not be construed against any Party solely because such Party or its representatives were the drafters of any such provision. 
 Section 12.14 Reimbursement of Legal Fees. In the event any legal proceeding should be brought to enforce the terms of this Agreement or for breach of any provision of this Agreement,
the non-prevailing Party shall reimburse the prevailing Party for all reasonable costs and expenses of the prevailing Party (including its attorneys’ fees and disbursements). For purposes of the foregoing, (i) “prevailing
Party” means (A) in the case of the Party initiating the enforcement of rights or remedies, that it recovered substantially all of its claims, and (B) in the case of the Party defending against such enforcement, that
it successfully defended substantially all of the claims made against it, and (ii) if no Party is a “prevailing Party” within the meaning of the foregoing, then no Party will be entitled to recover its costs and expenses
(including attorney’s fees and disbursements) from any other Party. The provisions of this Section 12.14 shall survive Closing. 
 Section 12.15 Specific Performance. The Parties acknowledge that money damages would not be a sufficient remedy for any breach by Seller of this Agreement and that irreparable harm
would result if this Agreement were not specifically enforced. Therefore, the rights of Purchaser under this Agreement shall be enforceable against Seller by a decree of specific performance issued by any court of competent jurisdiction, and
appropriate injunctive relief may be applied for and granted in connection therewith. If Seller fails to consummate the transactions contemplated in this Agreement, Purchaser may undertake an action, suit or proceeding for the specific enforcement
of this Agreement unless Purchaser’s failure to perform any of its obligations under this Agreement primarily contributes to the failure of Seller to consummate the transactions contemplated by this Agreement. In the event the remedy of
specific performance is not available to Purchaser due to the fraud or intentional misconduct of Seller, in addition to return of the Deposit, Purchaser shall be entitled to pursue any and all remedies and damages available at law or equity.
Seller’s only right to specific performance by Purchaser hereunder shall be for any breach of the Confidentiality Agreement or Section 6.3 or Section 7.1 of this Agreement. The provisions of this
Section 12.15 shall survive Closing. 

  
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 Section 12.16 Dispute Resolution Regarding Values. If Purchaser and
Seller are unable to agree upon the value of any Casualty Loss pursuant to Section 1.7(c)(ii), Purchaser and Seller shall refer the matter to a Forestry Consultant, and each will, at a mutually agreed time within three days after
such referral, simultaneously submit to the Forestry Consultant their respective calculations of the fair market value of such damaged or lost Timber based on the specifications and values set forth on the Value Table. Within fifteen (15) days
of such submissions, the Forestry Consultant shall determine the fair market value of the damaged or lost Timber and shall select one of the two submissions of the Parties (and shall not select any other amount) as being most representative of the
fair market value of such damaged or lost Timber based on the specifications and values set forth on the Value Table, and the submission so selected shall be final and binding on the Parties. The costs and expenses of the Forestry Consultant in
connection with the dispute resolution procedure set forth herein shall be paid by the non-prevailing Party. 

Section 12.17 1031 Exchange. Seller and Purchaser acknowledge and agree that the purchase and sale of the Property may be
part of a tax-free exchange or so-called “reverse 1031 exchange” under Section 1031 of the Code for either Seller or Purchaser. Each party hereby agrees to take all reasonable steps necessary before, on or after the Closing Date, to
facilitate such exchange if requested by the other party; provided, however, that the party making such accommodation shall not be required to incur any material out-of-pocket cost, expense or other obligation in connection with such exchange and
the Closing shall not be delayed. 
 Section 12.18 Radon Gas Disclosure. Radon is a naturally occurring
radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in
Florida. Additional information regarding radon and radon testing may be obtained from the county public health unit. 

Section 12.19 Coastal Construction Control Line. All or part of the Timberlands are or may be located either
(1) partially or totally seaward of the Coastal Construction Control Line as defined in Section 161.053, Florida Statutes (the “CCCL”), or (2) within a coastal building zone as defined in Section 161.54,
Florida Statutes. Therefore, the Timberlands may be subject to coastal erosion and to federal, state or local regulations that govern coastal property, including the delineation of the CCCL, rigid coastal protection structures, beach nourishment and
the protection of marine turtles. Additional information can be obtained from the Florida Department of Environmental Protection, including whether there are significant erosion conditions associated with the Timberlands. Florida law requires Seller
to provide Purchaser with an affidavit, or a survey, meeting the requirements of Chapter 472 of the Florida Statutes, delineating the location of the CCCL on the Timberlands at or prior to Closing, unless Purchaser waives this requirement in
writing. Purchaser hereby waives the right to receive a CCCL affidavit or survey. 

  
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 ARTICLE XIII 
 DEFINITIONS 
 The terms set forth below when used in this Agreement shall
have the following meanings: 
 “Access Easements” has the meaning specified in
Section 3.1. 
 “Adjustment Value” means the difference between (x) the net
proceeds actually received by Seller with respect to all Timber removed from the Timberlands during the Timber Adjustment Period minus (y) the sum of the amounts described on Exhibit P attached hereto with respect to
each of the months during the Timber Adjustment Period (disregarding any month described on Exhibit P if such month occurs entirely after the Closing Date, and prorating on a daily basis the month described on Exhibit P
during which the Closing Date occurs). 
 “Adverse Environmental Condition” means, with respect to any
of the Timberlands, the existence of an Environmental Matter. 
 “Affiliate” of any Person means another
Person which, directly or indirectly, controls, is controlled by, or is under common control with, the first Person. 

“Agreement” has the meaning specified in the preamble to this Agreement. 

“Alternative Proposal” means any inquiry, proposal or offer from any Person (other than Purchaser and its
Subsidiaries) or “group”, within the meaning of Section 13(d) of the Exchange Act, relating to any (i) direct or indirect acquisition or purchase of all or any portion of the Property, (ii) direct or indirect acquisition or
purchase (including by tender or exchange offer) of equity securities of Seller that would be inconsistent with the Transaction, (iii) merger, consolidation, share exchange, business combination, asset purchase, recapitalization or similar
transaction involving Seller, or any of its Subsidiaries in a transaction that would be inconsistent with the Transaction; in each case other than the Transaction. 
 “Ancillary Agreements” has the meaning specified in Section 3.1. 
 “Appraiser” has the meaning specified in Section 7.6(h)(i). 
 “Assumed Condemnations” has the meaning specified in Section 1.2(e). 
 “Assumed Contracts” has the meaning specified in Section 1.2(d). 
 “Assumed Liabilities” has the meaning specified in Section 1.3. 
 “Books and Records” has the meaning specified in Section 6.4(a). 
 “Break-Up Fee” means Twenty-One Million One Hundred Eighty Seven Thousand Five Hundred and No/100 Dollars ($21,187,500.00). 

  
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 “Business Day” means any day other than a Saturday, Sunday or
“legal holiday” as defined in Section 12.2. 
 “Cash Purchase Price” means that
portion of the Purchase Price designated by Seller pursuant to Section 1.4(c) and payable by Purchaser to Seller in accordance with Section 1.4(d)(i). 

“Casualty Damages” has the meaning specified in Section 1.7(c)(ii). 

“Casualty Loss” means any material physical damage to or loss of the timber on any portion of the Timberlands by
fire, earthquake, flood or other casualty occurring prior to the Closing. 
 “Casualty Loss Basket” has
the meaning specified in Section 1.7(c)(ii). 
 “CCCL” has the meaning specified in
Section 12.19. 
 “Claims” means, with respect to the Property, all claims, demands,
investigations, causes of action, suits, defaults, assessments, litigation or other proceedings, including administrative proceedings, third party actions, arbitral proceedings and proceedings by or before any Governmental Authority. 

“Closing” has the meaning specified in Section 2.1. 

“Closing Date” has the meaning specified in Section 2.1. 

“Code” means the Internal Revenue Code of 1986, as amended, or any successor statute thereto. 

“Completed Title Commitment” means a Title Commitment together with a legible copy of each recorded documentary
exception referenced therein when posted to the Title Company’s online repository. 

“Condemnation” means any condemnation proceeding filed or threatened in writing by any Governmental Authority or
any exercise, by a Governmental Authority, of eminent domain powers (or notice of the exercise thereof) with respect to the Timberlands. 
 “Confidentiality Agreement” means the Confidentiality Agreement dated September 25, 2012 between Seller and Purchaser, as amended. 

“Contract” means any agreement, lease, license, evidence of debt, mortgage, deed of trust, note, bond, indenture,
security agreement, commitment, instrument, understanding or other contract, obligation or arrangement of any kind. 

“Conveyance Instruments” means such deeds and/or other instruments necessary or appropriate under applicable Laws
to convey to Purchaser fee simple title to the Timberlands, with covenants of limited or special warranty as to title, in each case subject to the Permitted Exceptions. 

  
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 “Core Timberlands” means that portion of the Timberlands identified
as part of the “Offering” but not as “Non Core Properties” on the map attached hereto as Schedule 1-A. 
 “Credit Enhancement Banks” means one or more banks or other financial institutions selected by Seller to provide the standby Letters of Credit required by
Section 1.4(d)(ii) as credit enhancement for the Timber Notes. 
 “Deeds” has the
meaning specified in Section 2.2(a)(iii). 
 “Deposit” has the meaning specified in
Section 1.4(b). 
 “Designated Entity Notice” has the meaning specified in Section
12.4(b). 
 “Due Diligence Period” means the period commencing on the Effective Date and ending
at 11:59 p.m. on Friday, December 13, 2013. 
 “Effective Date” means the date of this Agreement.

 “Environmental Carveout” has the meaning specified in Section 1.7(d)(ii).

 “Environmental Claims” has the meaning specified in Section 1.7(d)(iv).

 “Environmental Laws” means any United States federal, state or local Laws and the regulations
promulgated thereunder, in existence on the Effective Date, relating to pollution or protection of the environment or to threatened or endangered species, including the federal Endangered Species Act, Laws relating to wetlands protection, Laws
relating to reclamation of land and waterways and Laws relating to emissions, discharges, disseminations, releases or threatened releases of Hazardous Substances into the environment (including ambient air, surface water, ground water, soil, land
surface or subsurface strata) or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Substances. 

“Environmental Matters” means any material violation of any applicable Environmental Law by Seller at or on the
Timberlands existing as of the Effective Date and as of the Closing Date, relating to (i) emissions, discharges, disseminations, releases or threatened releases of Hazardous Substances into air, surface water, ground water, soil, land
surface or subsurface strata, buildings or facilities or (ii) otherwise arising out of, relating to, or resulting from the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous
Substances by any Person at the Timberlands prior to the Effective Date. 
 “Environmental Permits”
means all permits approvals, identification numbers, licenses and other authorizations required under any applicable Environmental Law. 
 “Environmental Reports” means (x) all of the Phase I Reports and (y) any Phase II Reports or other third-party environmental reports relating to the
Timberlands obtained by Seller. 
 “ERISA” has the meaning specified in Section 3.8.

  
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 “Escrow Agreement” has the meaning specified in Section
1.4(b). 
 “Estoppel Certificates” has the meaning specified in Section 6.8.

 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Fair Market Value” has the meaning specified in Section 7.6(h)(i). 

“FDOT” has the meaning specified in Section 6.16. 

“FDOT Agreement” means that certain Agreement, dated as of October 27, 2006, by and between the State of
Florida Department of Transportation and Seller, as the same may have been amended, modified or supplemented from time to time. 

“FDOT Agreement Property” has the meaning specified in Section 6.16. 

“Forestry Consultant” means any forestry consultant independent of the Parties appointed by Seller and reasonably
approved by Purchaser to act as a consultant and/or arbitrator under the provisions of Section 1.7 and Section 12.16. 
 “Fundamental Representations” has the meaning specified in Section 10.1(a). 
 “General Assignment and Assumption” has the meaning specified in Section 2.2(a)(ii). 
 “Governmental Authority” means any federal, state, local or foreign government or any court or any administrative, regulatory or other governmental agency, commission or authority
or any non-governmental self-regulatory agency, commission or authority. 
 “Harvest Amount” means the
volume, by category set forth on the Value Table, of all Timber that was actually removed from the Timberlands during the Timber Adjustment Period. 
 “Harvest Plan” means the Seller’s Harvest Plan for 2013 and/or the Seller’s Harvest Plan for 2014, collectively, each as described in Section 4.5(a) of
Seller’s Disclosure Letter 
 “Harvest Report” has the meaning specified in
Section 1.7(a)(i). 
 “Hazardous Substances” means any hazardous substance as defined
in 42 U.S.C. § 9601(14), any hazardous waste as defined by 42 U.S.C. § 6903(5), any pollutant or contaminant as defined by 42 U.S.C. § 9601(33) or any toxic substance, oil or hazardous material regulated by or forming the
basis of liability under any Environmental Laws, including, without limitation, any of the following Laws and regulations, as amended from time to time prior to the Closing: (i) the Comprehensive Environmental Response, Compensation and
Liability Act (as amended by the Superfund Amendments and Reauthorization Act), 42 U.S.C. § 9601 et seq.; (ii) the Resource Conservation and Recovery Act of 1976, 42 U.S.C. § 6901 et seq.;
(iii) the Hazardous Materials Transportation Act, 49 U.S.C. § 1801 et seq.; (iv) the Toxic Substances Control Act, 15 U.S.C. § 2601 et seq.; (v) the Clean Water Act,
33 U.S.C. § 1251 et seq.; (vi) the Clean Air Act, 42 U.S.C. § 1857 et seq.; and (vii) all Laws of the states in which the Timberlands are located that are based on, or substantially
similar to, the federal statutes listed in parts (i) through (vi) of this subparagraph. 

  
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 “HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of
1976, as amended. 
 “Identified REC Parcels” means the parcels of real property identified on the
aerial photographs attached hereto as Schedule 1-B. 
 “Identified Title Carveouts” means
the parcels of real property identified as Windmark Breach Conservation Easement and Boat Ramp Offsite Mitigation on the maps attached hereto as Schedule 1-C. 
 “Indemnified Party” has the meaning specified in Section 10.3(b). 
 “Indemnifying Party” has the meaning specified in Section 10.3(b). 
 “Indemnity Period” has the meaning specified in Section 10.1. 
 “Installment Note Purchase Price” means that portion of the Purchase Price designated by Seller pursuant to Section 1.4(c) and payable by Purchaser to Seller in
accordance with Section 1.4(d)(ii). 
 “Intervening Event” means a material event, change,
development or occurrence that occurs or arises after the date of this Agreement that was neither known to Seller Board nor reasonably foreseeable to Seller Board as of the date of this Agreement, or becomes known to Seller Board before the
Shareholder Approval shall have been obtained and, if it had occurred prior to the date of this Agreement, would have improved Seller’s prospects such that Seller Board determines in good faith, after consulting with its legal and financial
advisors, that the Transaction is less favorable to the shareholders than the Seller continuing to own the Property; provided, however, that in no event will the receipt, existence of or terms of an Alternative Proposal or any inquiry relating
thereto constitute an Intervening Event. 
 “Law” means any rule, regulation, statute, order, ordinance,
guideline, code or other legally enforceable requirement, including common law, state and federal laws and laws of foreign jurisdictions. 
 “L/C Amount” has the meaning specified in Section 6.13(c). 
 “L/C Commitment Letters” has the meaning specified in Section 6.13(c). 
 “Letter of Credit” has the meaning specified in Section 1.4(d)(ii). 
 “Licenses” has the meaning specified in Section 1.2(c). 
 “Lien” means any mortgage, lien, charge, pledge, hypothecation, assignment, deposit, arrangement, encumbrance, security interest, assessment, adverse claim, levy, preference or
priority or other security agreement of any kind or nature whatsoever (whether voluntary or 

  
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involuntary, affirmative or negative (but excluding all negative pledges), and whether imposed or created by operation of law or otherwise) in, on or with respect to, or pledge of, any Property,
or any other interest in the Property, designed to secure the repayment of debt or any other obligation, whether arising by Contract, operation of law or otherwise. 
 “Loss” has the meaning specified in Section 10.5(b). 
 “Material Adverse Effect” means any event, occurrence, condition, fact or change that individually or together with any other events, occurrences, conditions, facts or changes, has
a material and adverse effect on the Property, the timber business operated on the Timberlands, the cattle and livestock operations contemplated to be conducted on the Timberlands, the results of such business operations and the prospects for such
business taken as a whole; provided, however, that none of the following shall be considered or taken into account in determining whether there has been a Material Adverse Effect: (a) any changes that are generally
applicable to the timber industry, the forest products industry, the pulp and paper industry and the cattle and livestock industry and their respective markets, provided, it does not have a disproportionate effect on the Property, the timber
business conducted or the cattle and livestock operations contemplated to be conducted on the Core Timberlands relative to the timber or cattle and livestock industry as a whole, (b) any changes that are generally applicable to the
United States economy or securities markets or the world economy or international securities markets, (c) any continuation of an adverse trend or condition that does not exclusively affect the Property, (d) any effect
resulting from acts of God, war or terrorism, (e) any change in Law or interpretations thereof applicable to Seller and/or Purchaser, or (f) any effect resulting from actions required to be taken pursuant to this Agreement or
any Ancillary Agreement, or that are attributable (in whole or in part) to the announcement of this Agreement and the transactions contemplated hereby. 
 “Merchantable Timber” means that portion of the Timber meeting the specifications for “Merchantable Timber” as described in Exhibit B. 

“Monetary Liens” has the meaning specified in Section 1.7(b)(i). 

“Non-Core Timberlands” means that portion of the Timberlands identified as “Non Core Properties” on the
map attached hereto as Schedule 1-A. 
 “Note Document” has the meaning specified in
Section 6.13(a). 
 “Note Parties” has the meaning specified in
Section 6.13(b). 
 “Notice of Defense” has the meaning specified in Section
10.5(b)(i). 
 “Objection Notice” has the meaning specified in Section 1.7(a)(i).

 “Offered Price” has the meaning specified in Section 7.6(b). 

“Offered ROFR Parcel” has the meaning specified in Section 7.6(b). 

“Outside Date” has the meaning specified in Section 2.1. 

  
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 “Parties” means Seller and Purchaser, collectively.
“Party” means Seller or Purchaser, individually. 
 “Pellet Supply Agreement”
has the meaning specified in Section 6.7(c). 
 “Permitted Exceptions” has the meaning
specified in Section 1.6. 
 “Person” means an individual, partnership, limited
partnership, corporation (including a business trust), limited liability company, joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof. 

“Personal Property” has the meaning specified in Section 1.2(b). 

“Phase I Reports” has the meaning specified in Section 1.7(d)(i). 

“Phase II Report” means an investigation and written report conducted by an environmental professional that
further evaluates a REC identified in a Phase I Report or other transaction screen process for the purpose of providing additional information regarding the nature and extent of environmental contamination associated with a REC. 

“Post-Closing Purchaser Easement” has the meaning specified in Section 7.3(c). 

“Post-Closing Reserved Easement” has the meaning specified in Section 7.3(b). 

“Pre-Merchantable Timber” means that portion of the Timber meeting the specifications for “Pre-Merchantable
Timber” as described in Exhibit B. 
 “Prime Rate” means the prime rate of interest
as published from time to time in the “Money Rates” table of The Wall Street Journal. 

“Property” has the meaning specified in Section 1.2. 

“Proposed Transferee” has the meaning specified in Section 7.6(b). 

“Proxy” has the meaning specified in Section 1.5. 

“Proxy Statement” means the proxy statement to be filed with the SEC relating to the matters for which
Shareholder Approval are sought pursuant to this Agreement. 
 “Purchase Price” has the meaning
specified in Section 1.4(a). 
 “Purchaser” has the meaning specified in the preamble to
this Agreement. 
 “Purchaser Designated Entities” has the meaning specified in Section
12.4(b). 
 “Purchaser Easements” means such ingress and egress easements across real property
owned or controlled by Seller or its Affiliates, together with the right to locate utilities within the boundaries of ten (10) feet on either side of any such road used to exercise such easements, as may be reasonably necessary to allow
Purchaser and its Affiliates, successors and assigns to use 

  
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any portion of the Timberlands for (i) growing and harvesting timber, (ii) hunting, fishing or other recreational uses (other than for the recreational use of off-road or
all-terrain vehicles) or (iii) cattle and livestock operations and in addition to use any portion of the Non-Core Timberlands for residential, commercial or industrial development. 

“Purchaser Indemnitees” has the meaning specified in Section 10.1(b). 

“Purchaser Subsidiary” means Panama City Timber Finance Company, LLC, a Delaware limited liability company.

 “Purchaser’s Broker” has the meaning specified in Section 10.2. 

“Purchaser’s Disclosure Letter” has the meaning specified in the preamble to Article V.

 “Qualifying Affiliate” has the meaning specified in Section 7.6(a). 

“Qualifying Purchaser” has the meaning specified in Section 7.6(a). 

“Qualifying Purchaser Transfer” has the meaning specified in Section 7.6(h)(i). 

“REC” means the presence or likely presence of any Hazardous Substance on a property under conditions that
indicates an existing release, a past release, or a material threat of a release of any Hazardous Substance into structures on the Timberlands or into the ground, groundwater or surface water of the Timberlands. 

“Regulatory Law” means the Sherman Antitrust Act of 1890, as amended, the Clayton Antitrust Act of 1914, as
amended, the HSR Act, the Federal Trade Commission Act of 1914, as amended, and all federal, state and foreign, if any, statutes, rules, regulations, orders, decrees, administrative and judicial doctrines and other Laws that are designed or intended
to prohibit, restrict or regulate (i) foreign investment, (ii) foreign exchange or currency control or (iii) actions having the purpose or effect of monopolization or restraint of trade or lessening of
competition. 
 “Reserved Easements” means such ingress and egress easements across the Timberlands,
together with the right to locate utilities within the boundaries of ten (10) feet on either side of any such road used to exercise such easements, as may be reasonably necessary to allow Seller and its Affiliates, successors and assigns to use
any portion of the real property retained by Seller for (i) growing and harvesting timber, (ii) hunting, fishing or other recreational uses (other than for the recreational use of off-road or all-terrain vehicles), or
(iii) residential, commercial or industrial development, in each case described in Section 1.2(a) of Seller’s Disclosure Letter, collectively. 

“Right of First Refusal” has the meaning specified in Section 7.6(a). 

“Right of First Refusal Agreement” has the meaning specified in Section 7.6(l). 

“ROFR Expiration Date” has the meaning specified in Section 7.6(a). 

  
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 “ROFR Memorandum” has the meaning specified in Section
7.6(i). 
 “ROFR Notice” has the meaning specified in Section
7.6(b). 
 “ROFR Parcel” has the meaning specified in Section 7.6(a). 

“ROFR Terms” has the meaning specified in Section 7.6(d). 

“SEC” means the Securities and Exchange Commission. 

“Seller” has the meaning specified in the preamble to this Agreement. 

“Seller Board” has the meaning specified in the recitals to this Agreement. 

“Seller Liability Cap” has the meaning specified in Section 10.3(d). 

“Seller Indemnitees” has the meaning specified in Section 10.1(b). 

“Seller Subsidiaries” has the meaning specified in the recitals to this Agreement. 

“Seller Threshold” has the meaning specified in Section 10.3(d). 

“Seller’s Disclosure Letter” has the meaning specified in the preamble to Article III.

 “Seller’s Knowledge” means actual knowledge possessed by David Harrelson, after commercially
reasonable inquiry and without any personal liability hereunder on the part of such Person. 
 “Seller’s ROFR
Election Notice” has the meaning specified in Section 7.6(c). 
 “SFI
Standards” has the meaning specified in Section 6.2. 
 “Shareholder
Approval” means approval at the Seller Shareholder Meeting of this Agreement and the transactions contemplated hereby. 
 “Subsidiaries” means with respect to any Person, any other Person of which at least a majority of the securities or ownership interests having by their terms ordinary voting power
to elect a majority of the board of directors or other persons performing similar functions is directly or indirectly owned or controlled by such Person and/or one or more of its Subsidiaries. 

“Superior Proposal” means an unsolicited bona fide written Alternative Proposal that the Seller Board determines
in its good faith, reasonable judgment (after consulting with outside counsel and its financial advisor), taking into account all legal, financial and regulatory and other aspects of the proposal (including any break-up fees, expense reimbursement
provisions and conditions to consummation), the likelihood and timing of required governmental approvals and consummation and the Person making the proposal, (a) is more favorable to the shareholders of Seller from a financial point of view
than the Transaction (including any adjustment to the terms and conditions proposed by Purchaser as contemplated by Section 6.14(e)) and (b) is reasonably capable of being consummated; provided, however, that any such offer shall not be
deemed a “Superior Proposal” if any financing required to consummate the transaction contemplated by such offer is not committed or is not reasonably capable of being obtained by such party. 

  
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 “Supply Agreements” means the Timber Supply Agreement, the Thinnings
Supply Agreement, and (if executed prior to the Closing Date) the Pellet Supply Agreement. 
 “Tax” or
“Taxes” means any federal, state, local, or foreign income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental, customs duties, capital stock,
franchise, profits, withholding, social security (or similar, including FICA), unemployment, disability, real property, personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, estimated, or other Tax of any
kind whatsoever, including any interest, penalty, or addition thereto, whether disputed or not. 
 “Tax
Authority” means the Internal Revenue Service and any other domestic or foreign Governmental Authority responsible for the administration or collection of any Tax. 

“Tax Return” means any return, report or similar statement (including the attached schedules) required to be
filed with respect to Taxes, including any information return, claim for refund, amended return, or declaration of estimated Taxes. 
 “Thinnings Supply Agreement” has the meaning specified in Section 6.7(b). 
 “Third Party Claim” has the meaning specified in Section 10.5(b). 
 “Third Party Offer” has the meaning specified in Section 7.6(b). 
 “Timber” has the meaning specified in Section 1.2(a). 
 “Timber Adjustment Period” means the period beginning on August 1, 2013 through the Closing Date. 
 “Timber Deeds” has the meaning specified in Section 6.2(b). 
 “Timber Note” has the meaning specified in Section 1.4(d)(ii). 
 “Timber Supply Agreement” has the meaning specified in Section 6.7(a). 
 “Timberlands” has the meaning specified in Section 1.2(a). 
 “Title Commitment” has the meaning specified in Section 7.4(a). 
 “Title Company” means Fidelity National Title Insurance Company. 
 “Title Objection” has the meaning specified in Section 1.7(b)(i). 
 “Title Objection Carveout” has the meaning specified in Section 1.7(b)(ii). 
 “Title Policies” has the meaning specified in Section 7.4(a). 

  
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 “Transaction” means the sale of the Property by Seller to Purchaser
as contemplated by this Agreement. 
 “Transaction Documents” means this Agreement and any exhibits or
schedules thereto or other documents referred to therein, and the Ancillary Agreements. 
 “Transfer”
has the meaning specified in Section 7.6(a). 
 “Transfer Agreement” has the meaning
specified in Section 7.6(b). 
 “Transfer Taxes” has the meaning specified in
Section 2.3. 
 “Treasury Regulations” means the treasury regulations (including
temporary regulations) promulgated by the United States Department of Treasury with respect to the Code. 
 “Use
Restriction” has the meaning specified in Section 2.2(a)(ix). 
 “Value
Table” means the value table set forth on Exhibit B attached hereto. 
 [Signatures begin on the
following page] 

  
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 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be signed by an officer
thereunto duly authorized, all as of the date first written above. 
  

			
	SELLER:
	
	THE ST. JOE COMPANY
		
	By:	 	 /s/ Park Brady

	Name:	 	 Park Brady

	Title:	 	 Chief Executive Officer

	
	PURCHASER:
	
	AGRESERVES, INC.
		
	By:	 	 /s/ Louis L. Rothey, Jr.

	Name:	 	 Louis L. Rothey, Jr.

	Title:	 	 Vice President

 The undersigned hereby joins in this Agreement for purpose of confirming its obligations hereunder
as a Seller Subsidiary: 
  

			
	ST. JOE TIMBERLAND COMPANY OF DELAWARE, L.L.C.
		
	By:	 	 /s/ Park Brady

	Name:	 	 Park Brady

	Title:	 	 Manager and Chief Executive Officer

  
 -79-

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