Document:

EX-10.1

 EXHIBIT 10.1 

AMENDED AND RESTATED 

CATCHMARK TIMBER TRUST, INC. 

2005 LONG-TERM INCENTIVE PLAN 

(Effective October 25, 2013) 

ARTICLE 1 
 PURPOSE

 1.1. GENERAL. The purpose of the Amended and Restated CatchMark Timber Trust, Inc. 2005 Long-Term Incentive Plan (the
“Plan”) is to promote the success, and enhance the value, of CatchMark Timber Trust, Inc. (the “Company”), by linking the personal interests of employees, officers, directors and consultants of the Company or any
Affiliate (as defined below) to those of Company stockholders and by providing such persons with an incentive for outstanding performance. The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract, and
retain the services of employees, officers, directors and consultants upon whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent. Accordingly, the Plan permits the grant of incentive
awards from time to time to selected employees, officers, directors and consultants of the Company and its Affiliates. 
 ARTICLE 2

 DEFINITIONS 
 2.1.
DEFINITIONS. When a word or phrase appears in this Plan with the initial letter capitalized, and the word or phrase does not commence a sentence, the word or phrase shall generally be given the meaning ascribed to it in this Section or in
Section 1.1 unless a clearly different meaning is required by the context. The following words and phrases shall have the following meanings: 

(a) “Affiliate” means (i) any Subsidiary or Parent, or (ii) an entity that directly or through one
or more intermediaries controls, is controlled by or is under common control with, the Company, as determined by the Committee. 

(b) “Award” means any Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award,
Deferred Stock Unit Award, Performance Award, Dividend Equivalent Award, Other Stock-Based Award, Performance-Based Cash Awards, or any other right or interest relating to Shares or cash, granted to a Participant under the Plan. 

(c) “Award Certificate” means a written document, in such form as the Committee prescribes from time to time,
setting forth the terms and conditions of an Award. Award Certificates may be in the form of individual award agreements or certificates or a program document describing the terms and provisions of an Awards or series of Awards under the Plan. 

(d) “Board” means the Board of Directors of the Company. 

(e) “Cause” as a reason for a Participant’s termination of employment shall have the meaning assigned
such term in the employment, severance or similar agreement, if any, between such Participant and the Company or an Affiliate, provided, however that if there is no such employment, severance or similar agreement in which such term is defined, and
unless otherwise defined in the applicable Award Certificate, “Cause” shall mean any of the following acts by the Participant, as determined by the Committee or the Board: (i) the willful and continued failure of the
Participant to perform his or her required duties as an officer or employee of the Company or any Affiliate, (ii) any action by the Participant that involves willful misfeasance or gross negligence, (iii) the requirement of or direction by
a federal or state regulatory agency that has jurisdiction over the Company or any Affiliate to terminate the employment of the Participant, (iv) the conviction of the 

 
Participant of the commission of any criminal offense that involves dishonesty or breach of trust, or (v) any intentional breach by the Participant of a material term, condition or covenant
of any agreement between the Participant and the Company or any Affiliate. 
 (f) “Change in Control” means
and includes the occurrence of any one of the following events but shall specifically exclude a Public Offering: 
 (i)
individuals who, on the Effective Date, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of such Board, provided that any person becoming a director after the Effective Date and
whose election or nomination for election was approved by a vote of at least a majority of the Incumbent Directors then on the Board shall be an Incumbent Director; provided, however, that no individual initially elected or nominated
as a director of the Company as a result of an actual or threatened election contest with respect to the election or removal of directors (“Election Contest”) or other actual or threatened solicitation of proxies or consents by or
on behalf of any Person other than the Board (“Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest, shall be deemed an Incumbent Director; or 

(ii) any person becomes a “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly,
of either (A) 25% or more of the then-outstanding shares of common stock of the Company (“Company Common Stock”) or (B) securities of the Company representing 25% or more of the combined voting power of the Company’s
then outstanding securities eligible to vote for the election of directors (the “Company Voting Securities”); provided, however, that for purposes of this subsection (ii), the following acquisitions of Company Common
Stock or Company Voting Securities shall not constitute a Change in Control: (w) an acquisition directly from the Company, (x) an acquisition by the Company or a Subsidiary of the Company, (y) an acquisition by any employee benefit
plan (or related trust) sponsored or maintained by the Company or any Subsidiary of the Company, or (z) an acquisition pursuant to a Non-Qualifying Transaction (as defined in subsection (iii) below); or 

(iii) the consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate
transaction involving the Company or a Subsidiary (a “Reorganization”), or the sale or other disposition of all or substantially all of the Company’s assets (a “Sale”) or the acquisition of assets or stock of
another corporation (an “Acquisition”), unless immediately following such Reorganization, Sale or Acquisition: (A) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the
outstanding Company Common Stock and outstanding Company Voting Securities immediately prior to such Reorganization, Sale or Acquisition beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common
stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Reorganization, Sale or Acquisition (including, without
limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets or stock either directly or through one or more subsidiaries, the “Surviving Corporation”) in
substantially the same proportions as their ownership, immediately prior to such Reorganization, Sale or Acquisition, of the outstanding Company Common Stock and the outstanding Company Voting Securities, as the case may be, and (B) no person
(other than (x) the Company or any Subsidiary of the Company, (y) the Surviving Corporation or its ultimate parent corporation, or (z) any employee benefit plan (or related trust) sponsored or maintained by any of the foregoing is the
beneficial owner, directly or indirectly, of 25% or more of the total common stock or 25% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Surviving Corporation, and (C) at least a

  
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majority of the members of the board of directors of the Surviving Corporation were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement
providing for such Reorganization, Sale or Acquisition (any Reorganization, Sale or Acquisition which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a “Non-Qualifying Transaction”);
or 
 (iv) approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

(g) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and includes a reference to
the underlying final regulations. 
 (h) “Committee” means the committee of the Board described in Article
4. 
 (i) “Company” means CatchMark Timber Trust, Inc., a Maryland corporation, or any successor
corporation. 
 (j) “Continuous Status as a Participant” means the absence of any interruption or
termination of service as an employee, officer, consultant or director of the Company or any Affiliate, as applicable; provided, however, that for purposes of an Incentive Stock Option, or a Stock Appreciation Right issued in tandem with an
Incentive Stock Option, “Continuous Status as a Participant” means the absence of any interruption or termination of service as an employee of the Company or any Parent or Subsidiary, as applicable, pursuant to applicable tax
regulations. Continuous Status as a Participant shall continue to the extent provided in a written severance or employment agreement during any period for which severance compensation payments are made to an employee, officer, consultant or director
and shall not be considered interrupted in the case of any short-term disability or leave of absence authorized in writing by the Company prior to its commencement; provided, however, that for purposes of Incentive Stock Options, no such leave may
exceed 90 days, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, on the 91st day of such leave any Incentive
Stock Option held by the Participant shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Nonstatutory Stock Option. 

(k) “Deferred Stock Unit” means a right granted to a Participant under Article 11. 

(l) “Disability” or “Disabled” has the same meaning as provided in the long-term disability
plan or policy maintained by the Company or if applicable, most recently maintained, by the Company or if applicable, an Affiliate, for the Participant, whether or not such Participant actually receives disability benefits under such plan or policy.
If no long-term disability plan or policy was ever maintained on behalf of Participant or if the determination of Disability relates to an Incentive Stock Option, or a Stock Appreciation Right issued in tandem with an Incentive Stock Option,
Disability means Permanent and Total Disability as defined in Section 22(e)(3) of the Code. In the event of a dispute, the determination whether a Participant is Disabled will be made by the Committee and may be supported by the advice of a
physician competent in the area to which such Disability relates. 
 (m) “Dividend Equivalent” means a right
granted to a Participant under Article 12. 
 (n) “Effective Date” has the meaning assigned such term in
Section 3.1. 
 (o) “Eligible Participant” means an employee, officer, consultant or director of the
Company or any Affiliate. 
 (p) “Fair Market Value”, on any date, means (i) if the Shares are listed
on a national securities exchange or is traded on a national market system, the closing sales price on such exchange or over such system on such date or, in the absence of reported sales on such date, the closing sales price on the immediately
preceding date on which sales were reported, or (ii) if the 

  
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Shares are not listed on a national securities exchange or traded on a national market system, the mean between the bid and offered prices as quoted by NASDAQ for such date, provided that if it
is determined that the fair market value is not properly reflected by such NASDAQ quotations or bid and offered prices for the Shares are not quoted by NASDAQ, Fair Market Value will be determined by such other method as the Committee determines in
good faith to be reasonable. 
 (q) “Full Value Award” means an Award other than in the form of an Option or
SAR, and which is settled by the issuance of Shares. 
 (r) “Grant Date” of an Award means the first date on
which all necessary corporate action has been taken to approve the grant of the Award as provided in the Plan, or such later date as is determined and specified as part of that authorization process. Notice of the grant shall be provided to the
grantee within a reasonable time after the Grant Date. 
 (s) “Incentive Stock Option” means an Option that
is intended to be an incentive stock option and meets the requirements of Section 422 of the Code or any successor provision thereto. 

(t) “Independent Director” means a director of the Company who is not a common law employee of the Company or
an Affiliate. 
 (u) “Nonstatutory Stock Option” means an Option that is not an Incentive Stock Option. 

(v) “Option” means a right granted to a Participant under Article 7 of the Plan to purchase Shares at a
specified price during specified time periods. An Option may be either an Incentive Stock Option or a Nonstatutory Stock Option. 

(w) “Other Stock-Based Award” means a right, granted to a Participant under Article 13, that relates to or is
valued by reference to Shares or other Awards relating to Shares. 
 (x) “Parent” means a corporation,
limited liability company, partnership or other entity which owns or beneficially owns a majority of the outstanding voting stock or voting power of the Company. Notwithstanding the above, with respect to an Incentive Stock Option, Parent shall have
the meaning set forth in Section 424(e) of the Code. 
 (y) “Participant” means a person who, as an
employee, officer, director or consultant of the Company or any Affiliate, has been granted an Award under the Plan; provided that in the case of the death of a Participant, the term “Participant” refers to a beneficiary designated
pursuant to Section 14.5 or the legal guardian or other legal representative acting in a fiduciary capacity on behalf of the Participant under applicable state law and court supervision. 

(z) “Performance Award” means Performance Shares or Performance Units or Performance-Based Cash Awards granted
pursuant to Article 9. 
 (aa) “Performance-Based Cash Award” means a right granted to a Participant under
Article 9 to a cash award to be paid upon achievement of such performance goals as the Committee establishes with regard to such Award. 

(bb) “Performance Share” means any right granted to a Participant under Article 9 to a unit to be valued by
reference to a designated number of Shares to be paid upon achievement of such performance goals as the Committee establishes with regard to such Performance Share. 

(cc) “Performance Unit” means a right granted to a Participant under Article 9 to a unit valued by reference
to a designated amount of cash or property other than Shares to be paid to the Participant upon achievement of such performance goals as the Committee establishes with regard to such Performance Unit. 

(dd) “Person” means any individual, entity or group, within the meaning of Section 3(a)(9) of the 1934
Act and as used in Section 13(d)(3) or 14(d)(2) of the 1934 Act. 

  
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 (ee) “Plan” means the Amended and Restated CatchMark Timber
Trust, Inc. 2005 Long-Term Incentive Plan, as amended from time to time. 
 (ff) “Public Offering” shall
occur on the closing date of a firm commitment underwritten public offering of any class or series of the Company’s equity securities pursuant to a registration statement filed by the Company under the 1933 Act. 

(gg) “Restricted Stock Award” means Shares granted to a Participant under Article 10 that is subject to
certain restrictions and to risk of forfeiture. 
 (hh) “Restricted Stock Unit Award” means the right
granted to a Participant under Article 10 to receive Shares (or the equivalent value in cash or other property if the Committee so provides) in the future, which right is subject to certain restrictions and to risk of forfeiture. 

(ii) “Shares” means the Company’s Class A Common Stock, $0.01 par value (the “Class A Common
Stock”), Class B-1 Common Stock, $0.01 par value (the “Class B-1 Common Stock”), Class B-2 Common Stock, $0.01 par value (the “Class B-2 Common Stock”) and Class B-3 Common Stock, $0.01 par value (the “Class B-3 Common
Stock” and, together with the Class B-1 Common Stock and Class B-2 Common Stock, the “Class B Common Stock”). If there has been an adjustment or substitution pursuant to Section 15.1, the term “Shares” shall also
include any shares of stock or other securities that are substituted for Shares or into which Shares are adjusted pursuant to Section 15.1. 

(jj) “Stock Appreciation Right” or “SAR” means a right granted to a Participant under Article
8 to receive a payment equal to the difference between the Fair Market Value of a Share as of the date of exercise of the SAR over the grant price of the SAR, all as determined pursuant to Article 8. 

(kk) “Subsidiary” means any corporation, limited liability company, partnership or other entity of which a
majority of the outstanding voting stock or voting power is beneficially owned directly or indirectly by the Company. Notwithstanding the above, with respect to an Incentive Stock Option, Subsidiary shall have the meaning set forth in
Section 424(f) of the Code. 
 (ll) “1933 Act” means the Securities Act of 1933, as amended from time
to time. 
 (mm) “1934 Act” means the Securities Exchange Act of 1934, as amended from time to time. 

ARTICLE 3 
 EFFECTIVE
TERM OF PLAN 
 3.1. EFFECTIVE DATE. The Plan originally became effective as of the date it was first approved by the Board in
2005. The plan as hereby amended and restated was approved by the Board and became effective on October 25, 2013 (the “Effective Date”). 

3.2. TERMINATION OF PLAN. The Plan shall terminate on October 25, 2023, the tenth anniversary of the Effective Date unless earlier
terminated as provided herein. The termination of the Plan on such date shall not affect the validity of any Award outstanding on the date of termination. 

ARTICLE 4 

ADMINISTRATION 
 4.1.
COMMITTEE. The Plan shall be administered by a Committee appointed by the Board (which Committee shall consist of at least two directors) or, at the discretion of the Board from time to time, the Plan may be administered by the Board. It is
intended that at least two of the directors appointed to serve on the Committee shall be “non-employee directors” (within the meaning of Rule 16b-3 promulgated under the 1934 Act) and that any such members of the Committee who do not so
qualify shall abstain 

  
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from participating in any decision to make or administer Awards that are made to Eligible Participants who at the time of consideration for such Award are persons subject to the short-swing
profit rules of Section 16 of the 1934 Act. However, the mere fact that a Committee member shall fail to qualify under the foregoing requirement or shall fail to abstain from such action shall not invalidate any Award made by the Committee
which Award is otherwise validly made under the Plan. The members of the Committee shall be appointed by, and may be changed at any time and from time to time in the discretion of, the Board. The Board may reserve to itself any or all of the
authority and responsibility of the Committee under the Plan or may act as administrator of the Plan for any and all purposes. To the extent the Board has reserved any authority and responsibility or during any time that the Board is acting as
administrator of the Plan, it shall have all the powers of the Committee hereunder, and any reference herein to the Committee (other than in this Section 4.1) shall include the Board. To the extent any action of the Board under the Plan
conflicts with actions taken by the Committee, the actions of the Board shall control. 
 4.2. ACTION AND INTERPRETATIONS BY THE
COMMITTEE. For purposes of administering the Plan, the Committee may from time to time adopt rules, regulations, guidelines and procedures for carrying out the provisions and purposes of the Plan and make such other determinations, not
inconsistent with the Plan, as the Committee may deem appropriate. The Committee’s interpretation of the Plan, any Awards granted under the Plan, any Award Certificate and all decisions and determinations by the Committee with respect to the
Plan are final, binding, and conclusive on all parties. Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of the Company or any
Affiliate, the Company’s or an Affiliate’s independent certified public accountants, Company counsel or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan. 

4.3. AUTHORITY OF COMMITTEE. Except as provided below, the Committee has the exclusive power, authority and discretion to: 

(a) Grant Awards; 

(b) Designate Participants; 

(c) Determine the type or types of Awards to be granted to each Participant; 

(d) Determine the number of Awards to be granted and the number of Shares or dollar amount to which an Award will relate; 

(e) Determine the terms and conditions of any Award, not inconsistent with the provisions of the Plan, granted under the Plan,
including but not limited to, the exercise price, grant price, or purchase price, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or
waivers thereof, based in each case on such considerations as the Committee in its sole discretion determines; 
 (f)
Determine whether, to what extent, and under what circumstances an Award may be settled in, or the exercise price of an Award may be paid in, cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered; 

(g) Prescribe the form of each Award Certificate, which need not be identical for each Participant; 

(h) Decide all other matters that must be determined in connection with an Award; 

(i) Establish, adopt or revise any rules, regulations, guidelines or procedures as it may deem necessary or advisable to
administer the Plan; 
 (j) Make all other decisions and determinations that may be required under the Plan or as the
Committee deems necessary or advisable to administer the Plan; 
 (k) Amend the Plan or any Award Certificate as provided
herein; and 

  
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 (l) Adopt such modifications, procedures, and subplans as may be necessary or
desirable to comply with provisions of the laws of non-U.S. jurisdictions in which the Company or any Affiliate may operate, in order to assure the viability of the benefits of Awards granted to participants located in such other jurisdictions and
to meet the objectives of the Plan. 
 Notwithstanding the foregoing, grants of Awards to Independent Directors hereunder shall be
(i) be subject to the applicable award limits set forth in Section 5.1 hereof, and (ii) made only in accordance with the terms, conditions and parameters of a plan, program or policy for the compensation of Independent Directors as in
effect from time to time, and the Committee may not make discretionary grants hereunder to Independent Directors. 
 Notwithstanding the
above, the Board or the Committee may, by resolution, expressly delegate to a special committee, consisting of one or more directors who are also officers of the Company, the authority, within specified parameters, to (i) designate officers,
employees and/or consultants of the Company or any of its Affiliates to be recipients of Awards under the Plan, and (ii) to determine the number of such Awards to be granted to any such Participants; provided that a limit on the total number or
dollar value of Awards to be granted to any such Participants shall be approved in advance by the Board or the Committee and provided further that such delegation of duties and responsibilities to such special committee may not be made with respect
to the grant of Awards to eligible participants who are subject to Section 16(a) of the 1934 Act at the Grant Date. The acts of such delegates shall be treated hereunder as acts of the Board and such delegates shall report regularly to the
Board and the Committee regarding the delegated duties and responsibilities and any Awards so granted. 
 4.4. AWARD CERTIFICATES.
Each Award shall be evidenced by an Award Certificate. Each Award Certificate shall include such provisions, not inconsistent with the Plan, as may be specified by the Committee. 

ARTICLE 5 
 SHARES
SUBJECT TO THE PLAN 
 5.1. NUMBER OF SHARES. Subject to adjustment as provided in Sections 5.2 and 15.1, the number of Shares
reserved and available for issuance as of the Effective Date pursuant to Awards granted under the Plan shall be as follows: 1,150,000 Shares of Class A Common Stock; 50,000 Shares of Class B-1 Common Stock; 50,000 Shares of Class B-2 Common
Stock; and 50,000 Shares of Class B-3 Common Stock. Pursuant to their terms, each class of Class B Common Stock will automatically convert into Shares of Class A Common Stock on a one-for-one basis. Upon such conversion, the number of Shares of
such class of Class B Common Stock previously reserved and available for issuance under the Plan will automatically convert and be reallocated to Class A Common Stock. No Awards with respect to Class B Common Stock may be granted after the
Effective Date of the Plan. The maximum number of Shares that may be issued upon exercise of Incentive Stock Options granted under the Plan shall be 200,000. 

5.2. SHARE COUNTING. 

(a) To the extent that an Award is canceled, terminates, expires, is forfeited or lapses for any reason, any unissued Shares
from such Award will again be available for issuance pursuant to Awards granted under the Plan. 
 (b) Shares subject to
Awards settled in cash will again be available for issuance pursuant to Awards granted under the Plan. 
 (c) Shares
withheld from an Award to satisfy minimum tax withholding requirements will again be available for issuance pursuant to Awards granted under the Plan, but Shares delivered by a Participant (by either actual delivery or attestation) to
satisfy tax withholding requirements shall not be added back to the number of Shares available for issuance under the Plan. 

  
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 (d) If the exercise price of an Option is satisfied by delivering Shares to the
Company (by either actual delivery or attestation), only the net number of Shares actually issued by the Company shall be considered for purposes of determining the number of Shares remaining available for issuance pursuant to Awards granted under
the Plan. 
 (e) To the extent that the full number of Shares subject to an Award is not issued for any reason, only the
number of Shares issued and delivered shall be considered for purposes of determining the number of Shares remaining available for issuance pursuant to Awards granted under the Plan. Nothing in this subsection shall imply that any particular type of
cashless exercise of an Option is permitted under the Plan, that decision being reserved to the Committee or other provisions of the Plan. 

5.3. STOCK DISTRIBUTED. Any Shares distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued
Shares, treasury Shares or Shares purchased on the open market. 
 ARTICLE 6 

ELIGIBILITY 
 6.1.
GENERAL. Awards may be granted only to Eligible Participants; except that Incentive Stock Options may be granted to only to Eligible Participants who are employees of the Company or a Parent or Subsidiary as defined in Section 424(e) and
(f) of the Code. 
 ARTICLE 7 

STOCK OPTIONS 
 7.1.
GENERAL. The Committee is authorized to grant Options to Participants subject to terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall establish, including the following: 

(a) EXERCISE PRICE. The exercise price per Share under an Option shall be determined by the Committee; provided,
however, that the exercise price of an Option shall not be less than the Fair Market Value as of the Grant Date. 
 (b)
TIME AND CONDITIONS OF EXERCISE. The Committee shall determine the time or times at which an Option may be exercised in whole or in part, subject to Section 7.1(d). The Committee shall also determine the performance or other conditions,
if any, that must be satisfied before all or part of an Option may be exercised or vested. Except under certain circumstances contemplated by Section 14.8 or 14.9 or as may be set forth in an Award Certificate with respect to death or
Disability of a Participant, Options will not be exercisable before the expiration of one year from the Grant Date. 
 (c)
PAYMENT. The Committee shall determine the methods by which the exercise price of an Option may be paid, the form of payment, including, without limitation, cash, Shares, or other property (including “cashless exercise”
arrangements), and the methods by which Shares shall be delivered or deemed to be delivered to Participants; provided, however, that if Shares are used to pay the exercise price of an Option, such Shares must have been held by the Participant for at
least such period of time, if any, as necessary to avoid the recognition of an expense under generally accepted accounting principles as a result of the exercise of the Option. 

(d) EXERCISE TERM. In no event may any Option be exercisable for more than ten years from the Grant Date. 

  
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 7.2. INCENTIVE STOCK OPTIONS. The terms of any Incentive Stock Options granted under the
Plan must comply with the following additional rules: 
 (a) EXERCISE PRICE. The exercise price of an Incentive Stock
Option shall not be less than the Fair Market Value as of the Grant Date. 
 (b) LAPSE OF OPTION. Subject to any
earlier termination provision contained in the Award Certificate, an Incentive Stock Option shall lapse upon the earliest of the following circumstances: 

(1) The expiration date set forth in the Award Certificate. 

(2) The tenth anniversary of the Grant Date. 

(3) Three months after termination of the Participant’s Continuous Status as a Participant for any reason other than the
Participant’s Disability or death. 
 (4) One year after the Participant’s Continuous Status as a Participant by
reason of the Participant’s Disability. 
 (5) Two years after the Participant’s death if the Participant dies
while employed, or during the three-month period described in paragraph (3) or during the one-year period described in paragraph (4) and before the Option otherwise lapses. 

Unless the exercisability of the Incentive Stock Option is accelerated as provided in Article 14, if a Participant exercises an
Option after termination of employment, the Option may be exercised only with respect to the Shares that were otherwise vested on the Participant’s termination of employment. Upon the Participant’s death, any exercisable Incentive Stock
Options may be exercised by the Participant’s beneficiary, determined in accordance with Section 14.5. 
 (c)
INDIVIDUAL DOLLAR LIMITATION. The aggregate Fair Market Value (determined as of the Grant Date) of all Shares with respect to which Incentive Stock Options are first exercisable by a Participant in any calendar year may not exceed
$100,000.00. 
 (d) TEN PERCENT OWNERS. No Incentive Stock Option shall be granted to any individual who, at the Grant
Date, owns stock possessing more than ten percent of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary unless the exercise price per share of such Option is at least 110% of the Fair Market Value per
Share at the Grant Date and the Option expires no later than five years after the Grant Date. 
 (e) EXPIRATION OF
AUTHORITY TO GRANT INCENTIVE STOCK OPTIONS. No Incentive Stock Option may be granted pursuant to the Plan after the day immediately prior to the tenth anniversary of the Effective Date of the Plan, or the termination of the Plan, if earlier.

 (f) RIGHT TO EXERCISE. During a Participant’s lifetime, an Incentive Stock Option may be exercised only by the
Participant or, in the case of the Participant’s Disability, by the Participant’s guardian or legal representative. 

(g) ELIGIBLE GRANTEES. The Committee may not grant an Incentive Stock Option to a person who is not at the Grant Date an
employee of the Company or a Parent or Subsidiary. 
 ARTICLE 8 

STOCK APPRECIATION RIGHTS 

8.1. GRANT OF STOCK APPRECIATION RIGHTS. The Committee is authorized to grant Stock Appreciation Rights to Participants on the
following terms and conditions: 
 (a) RIGHT TO PAYMENT. Upon the exercise of a Stock Appreciation Right, the
Participant to whom it is granted has the right to receive the excess, if any, of: 
 (1) The Fair Market Value of one Share
on the date of exercise; over 

  
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 (2) The base price of the Stock Appreciation Right as determined by the
Committee, which shall not be less than the Fair Market Value of one Share on the Grant Date. 
 (b) OTHER TERMS. All
awards of Stock Appreciation Rights shall be evidenced by an Award Certificate. The terms, methods of exercise, methods of settlement, form of consideration payable in settlement, and any other terms and conditions of any Stock Appreciation Right
shall be determined by the Committee at the time of the grant of the Award and shall be reflected in the Award Certificate. 
 ARTICLE 9

 PERFORMANCE AWARDS 

9.1. GRANT OF PERFORMANCE AWARDS. The Committee is authorized to grant Performance Shares, Performance Units or Performance-Based Cash
Awards to Participants on such terms and conditions as may be selected by the Committee. The Committee shall have the complete discretion to determine the number of Performance Awards granted to each Participant and to designate the provisions of
such Performance Awards as provided in Section 4.3. All Performance Awards shall be evidenced by an Award Certificate or a written program established by the Committee, pursuant to which Performance Awards are awarded under the Plan under
uniform terms, conditions and restrictions set forth in such written program. 
 9.2. PERFORMANCE GOALS. The Committee may establish
performance goals for Performance Awards which may be based on any performance criteria selected by the Committee. Such performance criteria may be described in terms of Company-wide objectives or in terms of objectives that relate to the
performance of the Participant, an Affiliate or a division, region, department or function within the Company or an Affiliate. The length of a performance period shall be determined by the Committee; provided, however, that a performance period
shall not be shorter than 12 months. 
 9.3. RIGHT TO PAYMENT. The grant of a Performance Share to a Participant will entitle the
Participant to receive at a specified later time a specified number of Shares, or the equivalent cash value, if the performance goals established by the Committee are achieved and the other terms and conditions thereof are satisfied. The grant of a
Performance Unit to a Participant will entitle the Participant to receive at a specified later time a specified dollar value, which may be settled in cash or other property, including Shares, variable under conditions specified in the Award, if the
performance goals in the Award are achieved and the other terms and conditions thereof are satisfied. The grant of a Performance-Based Cash Award to a Participant will entitle the Participant to receive at a specified later time a specified dollar
value in cash variable under conditions specified in the Award, if the performance goals in the Award are achieved and the other terms and conditions thereof are satisfied. The Committee shall set performance goals and other terms or conditions to
payment of the Performance Awards in its discretion which, depending on the extent to which they are met, will determine the value of the Performance Awards that will be paid to the Participant. 

9.4. OTHER TERMS. Performance Awards may be payable in cash, Shares or other property, and have such other terms and conditions as
determined by the Committee and reflected in the Award Certificate. For purposes of determining the number of Shares to be used in payment of a Performance Award denominated in cash but payable in whole or in part in Shares or Restricted Stock, the
number of Shares to be so paid will be determined by dividing the cash value of the Award to be so paid by the Fair Market Value of a Share on the date of determination by the Committee of the amount of the payment under the Award, or, if the
Committee so directs, the date immediately preceding the date the Award is paid. 

  
 10 

 ARTICLE 10 

RESTRICTED STOCK AND RESTRICTED STOCK UNIT AWARDS 

10.1. GRANT OF RESTRICTED STOCK AND RESTRICTED STOCK UNITS. The Committee is authorized to make Awards of Restricted Stock or
Restricted Stock Units to Participants in such amounts and subject to such terms and conditions as may be selected by the Committee. An Award of Restricted Stock or Restricted Stock Units shall be evidenced by an Award Certificate setting forth the
terms, conditions, and restrictions applicable to the Award. 
 10.2. ISSUANCE AND RESTRICTIONS. Restricted Stock or Restricted Stock
Units shall be subject to such restrictions on transferability and other restrictions as the Committee may impose (including, without limitation, limitations on the right to vote Restricted Stock or the right to receive dividends on the Restricted
Stock or dividend equivalents on the Restricted Stock Units) covering a period of time specified by the Committee (the “Restriction Period”). These restrictions may lapse separately or in combination at such times, under such
circumstances, in such installments, upon the satisfaction of performance goals or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. Except as otherwise provided in an Award Certificate or any special Plan
document governing an Award, the Participant shall have all of the rights of a stockholder with respect to the Restricted Stock, and the Participant shall have none of the rights of a stockholder with respect to Restricted Stock Units until such
time as Shares are paid in settlement of the Restricted Stock Units. 
 10.3. FORFEITURE. Except for certain limited situations
(including the death or Disability of the Participant or a Change in Control referred to in Section 14.8), Restricted Stock Awards and Restricted Stock Unit Awards subject solely to continued employment restrictions shall have a Restriction
Period of not less than three years from the Grant Date (but permitting pro-rata vesting over such time). Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter, immediately after termination of
Continuous Status as a Participant during the applicable restriction period or upon failure to satisfy a performance goal during the applicable restriction period, Restricted Stock or Restricted Stock Units that are at that time subject to
restrictions shall be forfeited. 
 10.4. DELIVERY OF RESTRICTED STOCK. Shares of Restricted Stock shall be delivered to the
Participant at the time of grant either by book-entry registration or by delivering to the Participant, or a custodian or escrow agent (including, without limitation, the Company or one or more of its employees) designated by the Committee, a stock
certificate or certificates registered in the name of the Participant. If physical certificates representing shares of Restricted Stock are registered in the name of the Participant, such certificates must bear an appropriate legend referring to the
terms, conditions, and restrictions applicable to such Restricted Stock. 
 ARTICLE 11 

DEFERRED STOCK UNITS 

11.1. GRANT OF DEFERRED STOCK UNITS. The Committee is authorized to grant Deferred Stock Units to Participants subject to such terms
and conditions as may be selected by the Committee. Deferred Stock Units shall entitle the Participant to receive Shares (or the equivalent value in cash or other property if so determined by the Committee) at a future time as determined by the
Committee, or as determined by the Participant within guidelines established by the Committee in the case of voluntary deferral elections. An Award of Deferred Stock Units shall be evidenced by an Award Certificate setting forth the terms and
conditions applicable to the Award. 

  
 11 

 ARTICLE 12 

DIVIDEND EQUIVALENTS 

12.1. GRANT OF DIVIDEND EQUIVALENTS. The Committee is authorized to grant Dividend Equivalents with respect to Full Value Awards
granted hereunder, subject to such terms and conditions as may be selected by the Committee. Dividend Equivalents shall entitle the Participant to receive payments equal to dividends with respect to all or a portion of the number of Shares subject
to any Full Value Award, as determined by the Committee. The Committee may provide that Dividend Equivalents be paid or distributed when accrued or be deemed to have been reinvested in additional Shares or units equivalent to Shares, or otherwise
reinvested. 
 ARTICLE 13 

STOCK OR OTHER STOCK-BASED AWARDS 

13.1. GRANT OF STOCK OR OTHER STOCK-BASED AWARDS. The Committee is authorized, subject to limitations under applicable law, to grant to
Participants such other Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to Shares or other property, as deemed by the Committee to be consistent with the purposes of the Plan, including
without limitation Shares awarded purely as a “bonus” and not subject to any restrictions or conditions, convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares, and Awards valued by reference to
book value of Shares or the value of securities of or the performance of specified Parents or Affiliates (“Other Stock-Based Awards”). Such Other Stock-Based Awards shall also be available as a form of payment in the settlement of
other Awards granted under the Plan. The Committee shall determine the terms and conditions of such Other Stock-Based Awards. Except for certain limited situations (including the death or Disability of the Participant or a Change in Control referred
to in Section 14.8), Other Stock-Based Awards subject solely to continued employment restrictions shall be subject to restrictions imposed by the Committee for a period of not less than three years from the Grant Date (but permitting pro-rata
vesting over such time); provided that such restrictions shall not be applicable to any substitute awards granted under Section 14.12, grants of Other Stock-Based Awards in payment of Performance Awards pursuant to Article 9, grants of Other
Stock-Based Awards granted in lieu of cash or other compensation, or grants of Other Stock-Based Awards on a deferred basis. 
 ARTICLE 14

 PROVISIONS APPLICABLE TO AWARDS 

14.1. STAND-ALONE AND TANDEM AWARDS. Awards granted under the Plan may, in the discretion of the Committee, be granted either alone or
in addition to, in tandem with, any other Award granted under the Plan. Subject to Section 16.2, awards granted in addition to or in tandem with other Awards may be granted either at the same time as or at a different time from the grant of
such other Awards. 
 14.2. TERM OF AWARD. The term of each Award shall be for the period as determined by the Committee, provided
that in no event shall the term of any Incentive Stock Option or a Stock Appreciation Right granted in tandem with the Incentive Stock Option exceed a period of ten years from its Grant Date (or, if Section 7.2(d) applies, five years from its
Grant Date). 
 14.3. FORM OF PAYMENT FOR AWARDS. Subject to the terms of the Plan and any applicable law or Award Certificate,
payments or transfers to be made by the Company or an Affiliate on the grant or exercise of an Award may be made in such form as the Committee determines at or after the Grant Date, including without limitation, cash, Shares, other Awards, or other
property, or any combination, and may be made in a single payment or transfer or in installments, in each case determined in accordance with rules adopted by, and at the discretion of, the Committee. 

  
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 14.4. LIMITS ON TRANSFER. No right or interest of a Participant in any unexercised or
restricted Award may be pledged, encumbered, or hypothecated to or in favor of any party other than the Company or an Affiliate, or shall be subject to any lien, obligation, or liability of such Participant to any other party other than the Company
or an Affiliate. No unexercised or restricted Award shall be assignable or transferable by a Participant other than by will or the laws of descent and distribution or, except in the case of an Incentive Stock Option, pursuant to a domestic relations
order that would satisfy Section 414(p)(1)(A) of the Code if such Section applied to an Award under the Plan; provided, however, that the Committee may (but need not) permit other transfers where the Committee concludes that such
transferability (i) does not result in accelerated taxation, (ii) does not cause any Option intended to be an Incentive Stock Option to fail to be described in Code Section 422(b), and (iii) is otherwise appropriate and
desirable, taking into account any factors deemed relevant, including without limitation, state or federal tax or securities laws applicable to transferable Awards. 

14.5. BENEFICIARIES. Notwithstanding Section 14.4, a Participant may, in the manner determined by the Committee, designate a
beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights under the
Plan is subject to all terms and conditions of the Plan and any Award Certificate applicable to the Participant, except to the extent the Plan and Award Certificate otherwise provide, and to any additional restrictions deemed necessary or
appropriate by the Committee. If no beneficiary has been designated or survives the Participant, payment shall be made to the Participant’s estate. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant
at any time provided the change or revocation is filed with the Company. 
 14.6. STOCK CERTIFICATES. All Shares issuable under the
Plan is subject to any stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply with federal or state securities laws, rules and regulations and the rules of any national securities exchange or automated
quotation system on which the Shares are listed, quoted, or traded. The Committee may place legends on any Share certificate or issue instructions to the transfer agent to reference restrictions applicable to the Shares. 

14.7. ACCELERATION UPON DEATH OR DISABILITY. Except as otherwise provided in the Award Certificate or any special Plan document
governing an Award, upon the Participant’ s death or Disability during his or her Continuous Status as a Participant, (i) all of such Participant’s outstanding Options, SARs, and other Awards in the nature of rights that may be
exercised shall become fully exercisable, (ii) all time-based vesting restrictions on the Participant’s outstanding Awards shall lapse, and (iii) the target payout opportunities attainable under all of such Participant’s
outstanding performance-based Awards shall be deemed to have been fully earned as of the date of termination based upon (A) an assumed achievement of all relevant performance goals at the “target” level if the date of termination
occurs during the first half of the applicable performance period, or (B) the actual level of achievement of all relevant performance goals against target, if the date of termination occurs during the second half of the applicable performance
period, and, in either such case, there shall be a prorata payout to the Participant or his or her estate within thirty (30) days following the date of termination (unless a later date is required by Section 17.16 hereof) based upon the
length of time within the performance period that has elapsed prior to the date of termination. Any Awards shall thereafter continue or lapse in accordance with the other provisions of the Plan and the Award Certificate. To the extent that this
provision causes Incentive Stock Options to exceed the dollar limitation set forth in Section 7.2(c), the excess Options shall be deemed to be Nonstatutory Stock Options. 

  
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 14.8. TREATMENT UPON A CHANGE IN CONTROL. The provisions of this Section 14.8 shall
apply in the case of a Change in Control, unless otherwise provided in the Award Certificate or any special Plan document or separate agreement with a Participant governing an Award. 

(a) Awards not Assumed or Substituted by Surviving Entity. Upon the occurrence of a Change in Control, and except with respect to any
Awards assumed by the Surviving Entity or otherwise equitably converted or substituted in connection with the Change in Control in a manner approved by the Committee or the Board: (i) outstanding Options, SARs, and other Awards in the nature of
rights that may be exercised shall become fully exercisable, (ii) time-based vesting restrictions on outstanding Awards shall lapse, and (iii) the target payout opportunities attainable under outstanding performance-based Awards shall be
deemed to have been fully earned as of the effective date of the Change in Control based upon (A) an assumed achievement of all relevant performance goals at the “target” level if the Change in Control occurs during the first half of
the applicable performance period, or (B) the actual level of achievement of all relevant performance goals against target, if the Change in Control occurs during the second half of the applicable performance period, and, in either such case,
there shall be prorata payout to Participants within thirty (30) days following the Change in Control (unless a later date is required by Section 17.16 hereof) based upon the length of time within the performance period that has elapsed
prior to the Change in Control. Any Awards shall thereafter continue or lapse in accordance with the other provisions of the Plan and the Award Certificate. To the extent that this provision causes Incentive Stock Options to exceed the dollar
limitation set forth in Section 7.2(b), the excess Options shall be deemed to be Nonstatutory Stock Options. 
 (b) Awards Assumed or
Substituted by Surviving Entity. With respect to Awards assumed by the Surviving Entity or otherwise equitably converted or substituted in connection with a Change in Control: if within two years after the effective date of the Change in
Control, a Participant’s employment is terminated without Cause or the Participant resigns for Good Reason, then (i) all of that Participant’s outstanding Options, SARs and other Awards in the nature of rights that may be exercised
shall become fully exercisable, (ii) all time-based vesting restrictions on the his or her outstanding Awards shall lapse, and (iii) the target payout opportunities attainable under all outstanding of that Participant’s
performance-based Awards shall be deemed to have been fully earned as of the date of termination based upon (A) an assumed achievement of all relevant performance goals at the “target” level if the date of termination occurs during
the first half of the applicable performance period, or (B) the actual level of achievement of all relevant performance goals against target, if the date of termination occurs during the second half of the applicable performance period, and, in
either such case, there shall be prorata payout to such Participant within thirty (30) days following the date of termination of employment (unless a later date is required by Section 17.16 hereof) based upon the length of time within the
performance period that has elapsed prior to the date of termination of employment. With regard to each Award, a Participant shall not be considered to have resigned for Good Reason unless either (i) the Award Certificate includes such
provision or (ii) the Participant is party to an employment, severance or similar agreement with the Company or an Affiliate that includes provisions in which the Participant is permitted to resign for Good Reason. Any Awards shall thereafter
continue or lapse in accordance with the other provisions of the Plan and the Award Certificate. To the extent that this provision causes Incentive Stock Options to exceed the dollar limitation set forth in Section 7.2(b), the excess Options
shall be deemed to be Nonstatutory Stock Options. 
 14.9. ACCELERATION FOR ANY REASON. Regardless of whether an event has occurred
as described in Section 14.7 or 14.8 above, the Committee may in its sole discretion at any time determine that all or a portion of a Participant’s Options, SARs, and other Awards in the nature of rights that may be exercised shall become
fully or partially exercisable, that all or a part of the time-based vesting restrictions on all or a portion of the outstanding Awards shall lapse, and/or that any performance-based criteria with respect to any Awards shall be deemed to be wholly
or partially satisfied, in each case, as of such date as the Committee may, in its sole discretion, declare. The Committee may discriminate among 

  
 14 

 
Participants and among Awards granted to a Participant in exercising its discretion pursuant to this Section 14.9. Notwithstanding anything in the Plan, including this Section 14.9, the
Committee may not accelerate the payment of any Award if such acceleration would violate Section 409A(a)(3) of the Code. 
 14.10.
TERMINATION OF EMPLOYMENT. Whether military, government or other service or other leave of absence shall constitute a termination of employment shall be determined in each case by the Committee at its discretion, and any determination by the
Committee shall be final and conclusive. A Participant’s Continuous Status as a Participant shall not be deemed to terminate (i) in a circumstance in which a Participant transfers from the Company to an Affiliate, transfers from an
Affiliate to the Company, or transfers from one Affiliate to another Affiliate, or (ii) in the discretion of the Committee as specified at or prior to such occurrence, in the case of a spin-off, sale or disposition of the Participant’s
employer from the Company or any Affiliate. To the extent that this provision causes Incentive Stock Options to extend beyond three months from the date a Participant is deemed to be an employee of the Company, a Parent or Subsidiary for purposes of
Sections 424(e) and 424(f) of the Code, the Options held by such Participant shall be deemed to be Nonstatutory Stock Options. 
 14.11.
FORFEITURE EVENTS. The Committee may specify in an Award Certificate that the Participant’s rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence
of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events shall include, but shall not be limited to, termination of employment for cause, violation of material Company or
Affiliate policies, breach of non-competition, confidentiality or other restrictive covenants that may apply to the Participant, or other conduct by the Participant that is detrimental to the business or reputation of the Company or any Affiliate.

 14.12. SUBSTITUTE AWARDS. The Committee may grant Awards under the Plan in substitution for stock and stock-based awards held by
employees of another entity who become employees of the Company or an Affiliate as a result of a merger or consolidation of the former employing entity with the Company or an Affiliate or the acquisition by the Company or an Affiliate of property or
stock of the former employing corporation. The Committee may direct that the substitute awards be granted on such terms and conditions as the Committee considers appropriate in the circumstances. 

ARTICLE 15 
 CHANGES IN
CAPITAL STRUCTURE 
 15.1. MANDATORY ADJUSTMENTS. In the event of a nonreciprocal transaction between the Company and its
shareholders that causes the per-share value of the Shares to change (including, without limitation, any stock dividend, stock split, spin-off, rights offering, or large nonrecurring cash dividend), the authorization limits under Section 5.1
shall be adjusted proportionately, and the Committee shall make such adjustments to the Plan and Awards as it deems necessary, in its sole discretion, to prevent dilution or enlargement of rights immediately resulting from such transaction. Action
by the Committee may include: (i) adjustment of the number and kind of shares that may be delivered under the Plan; (ii) adjustment of the number and kind of shares subject to outstanding Awards; (iii) adjustment of the exercise price
of outstanding Awards or the measure to be used to determine the amount of the benefit payable on an Award; and (iv) any other adjustments that the Committee determines to be equitable. Notwithstanding the foregoing, the Committee shall not
make any adjustments to outstanding Options or SARs that would constitute a modification or substitution of the stock right under Treas. Reg. Sections 1.409A-1(b)(5)(v) that would be treated as the grant of a new stock right or change in the form of
payment for purposes of Code Section 409A. Without limiting the foregoing, in the event of a subdivision of the outstanding Shares (stock-split), a declaration of a dividend payable in Shares, or a combination or consolidation of the
outstanding Shares into a lesser number of Shares, the authorization limits under Section 5.1 shall automatically be adjusted proportionately, and the Shares then subject to each Award shall automatically, without the necessity for any
additional action by the Committee, be adjusted proportionately without any change in the aggregate purchase price therefor. 

  
 15 

 15.2. DISCRETIONARY ADJUSTMENTS. Upon the occurrence or in anticipation of any corporate
event or transaction involving the Company (including, without limitation, any merger, reorganization, recapitalization, combination or exchange of shares, or any transaction described in Section 15.1), the Committee may, in its sole
discretion, provide (i) that Awards will be settled in cash rather than Shares, (ii) that Awards will become immediately vested and exercisable and will expire after a designated period of time to the extent not then exercised,
(iii) that Awards will be assumed by another party to a transaction or otherwise be equitably converted or substituted in connection with such transaction, (iv) that outstanding Awards may be settled by payment in cash or cash equivalents
equal to the excess of the Fair Market Value of the underlying Shares, as of a specified date associated with the transaction, over the exercise price of the Award, (v) that performance targets and performance periods for Performance Awards
will be modified or (vi) any combination of the foregoing. The Committee’s determination need not be uniform and may be different for different Participants whether or not such Participants are similarly situated. 

15.3. GENERAL. Any discretionary adjustments made pursuant to this Article 15 shall be subject to the provisions of Section 16.2.
To the extent that any adjustments made pursuant to this Article 15 cause Incentive Stock Options to cease to qualify as Incentive Stock Options, such Options shall be deemed to be Nonstatutory Stock Options. 

ARTICLE 16 
 AMENDMENT,
MODIFICATION AND TERMINATION 
 16.1. AMENDMENT, MODIFICATION AND TERMINATION. The Board or the Committee may, at any time and
from time to time, amend, modify or terminate the Plan without stockholder approval; provided, however, that if an amendment to the Plan would, in the reasonable opinion of the Board or the Committee, either (i) materially increase the number
of Shares available under the Plan, (ii) expand the types of awards under the Plan, (iii) materially expand the class of participants eligible to participate in the Plan, (iv) materially extend the term of the Plan, or
(v) otherwise constitute a material change requiring stockholder approval under applicable laws, policies or regulations or the applicable listing or other requirements of an exchange, then such amendment shall be subject to stockholder
approval; and provided, further, that the Board or Committee may condition any other amendment or modification on the approval of stockholders of the Company for any reason, including by reason of such approval being necessary or deemed advisable to
(i) permit Awards made hereunder to be exempt from liability under Section 16(b) of the 1934 Act, (ii) to comply with the listing or other requirements of an exchange, or (iii) to satisfy any other tax, securities or other
applicable laws, policies or regulations. 
 16.2. AWARDS PREVIOUSLY GRANTED. At any time and from time to time, the Committee may
amend, modify or terminate any outstanding Award without approval of the Participant; provided, however: 
 (a) Subject to
the terms of the applicable Award Certificate, such amendment, modification or termination shall not, without the Participant’s consent, reduce or diminish the value of such Award; 

(b) The original term of an Option may not be extended without the prior approval of the stockholders of the Company; 

(c) Except as otherwise provided in Article 15, the Committee shall not be permitted to (i) lower the exercise or base
price per Share of an Option or SAR, respectively after it is granted, (b) cancel an Option or SAR when the exercise or base price per Share, respectively, exceeds the Fair Market Value of the underlying Shares in exchange for another Award, or
(c) take any other action with respect to an Option or SAR that may be treated as a repricing under the rules and regulations of an exchange, without the prior approval of the stockholders of the Company; and 

  
 16 

 (d) No termination, amendment, or modification of the Plan shall adversely affect
any Award previously granted under the Plan, without the written consent of the Participant affected thereby. 
 ARTICLE 17 

GENERAL PROVISIONS 
 17.1.
NO RIGHTS TO AWARDS; NON-UNIFORM DETERMINATIONS. No Participant or any Eligible Participant shall have any claim to be granted any Award under the Plan. Neither the Company, its Affiliates nor the Committee is obligated to treat Participants
or Eligible Participants uniformly, and determinations made under the Plan may be made by the Committee selectively among Eligible Participants who receive, or are eligible to receive, Awards (whether or not such Eligible Participants are similarly
situated). 
 17.2. NO SHAREHOLDER RIGHTS. No Award gives a Participant any of the rights of a stockholder of the Company unless and
until Shares are in fact issued to such person in connection with such Award. 
 17.3. WITHHOLDING. The Company or any Affiliate
shall have the authority and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes (including the Participant’s FICA obligation) required by law to be
withheld with respect to any exercise, lapse of restriction or other taxable event arising as a result of the Plan. If Shares are surrendered to the Company to satisfy withholding obligations in excess of the minimum withholding obligation, such
Shares must have been held by the Participant as fully vested shares for such period of time, if any, as necessary to avoid the recognition of an expense under generally accepted accounting principles. The Company shall have the authority to require
a Participant to remit cash to the Company in lieu of the surrender of Shares for tax withholding obligations if the surrender of Shares in satisfaction of such withholding obligations would result in the Company’s recognition of expense under
generally accepted accounting principles. With respect to withholding required upon any taxable event under the Plan, the Committee may, at the time the Award is granted or thereafter, require or permit that any such withholding requirement be
satisfied, in whole or in part, by withholding from the Award Shares having a Fair Market Value on the date of withholding equal to the minimum amount (and not any greater amount) required to be withheld for tax purposes, all in accordance with such
procedures as the Committee establishes. 
 17.4. NO RIGHT TO CONTINUED SERVICE. Nothing in the Plan, any Award Certificate or any
other document or statement made with respect to the Plan, shall interfere with or limit in any way the right of the Company or any Affiliate to terminate any Participant’s employment or status as an officer, director or consultant at any time,
nor confer upon any Participant any right to continue as an employee, officer, director or consultant of the Company or any Affiliate, whether for the duration of a Participant’s Award or otherwise. 

17.5. UNFUNDED STATUS OF AWARDS. The Plan is intended to be an “unfunded” plan for incentive and deferred compensation. With
respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Certificate shall give the Participant any rights that are greater than those of a general creditor of the Company or any
Affiliate. This Plan is not intended to be subject to ERISA. 
 17.6. RELATIONSHIP TO OTHER BENEFITS. No payment under the Plan shall
be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or benefit plan of the Company or any Affiliate unless provided otherwise in such other plan. 

  
 17 

 17.7. EXPENSES. The expenses of administering the Plan shall be borne by the Company and,
if applicable, its Affiliates. The allocation of expenses among the Company and its Affiliates shall be as agreed to by the Company and the applicable Affiliates. 

17.8. TITLES AND HEADINGS. The titles and headings of the Sections in the Plan are for convenience of reference only, and in the event
of any conflict, the text of the Plan, rather than such titles or headings, shall control. 
 17.9. GENDER AND NUMBER. Except where
otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the singular shall include the plural. 

17.10. FRACTIONAL SHARES. No fractional Shares shall be issued and the Committee shall determine, in its discretion, whether cash shall
be given in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down. 
 17.11. GOVERNMENT
AND OTHER REGULATIONS. 
 (a) Notwithstanding any other provision of the Plan, no Participant who acquires Shares
pursuant to the Plan may, during any period of time that such Participant is an affiliate of the Company (within the meaning of the rules and regulations of the Securities and Exchange Commission under the 1933 Act), sell such Shares, unless such
offer and sale is made (i) pursuant to an effective registration statement under the 1933 Act, which is current and includes the Shares to be sold, or (ii) pursuant to an appropriate exemption from the registration requirement of the 1933
Act, such as that set forth in Rule 144 promulgated under the 1933 Act. 
 (b) Notwithstanding any other provision of the
Plan, if at any time the Committee shall determine that the registration, listing or qualification of the Shares covered by an Award upon any exchange or under any foreign, federal, state or local law or practice, or the consent or approval of any
governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of such Award or the purchase or receipt of Shares thereunder, no Shares may be purchased, delivered or received pursuant to such Award
unless and until such registration, listing, qualification, consent or approval shall have been effected or obtained free of any condition not acceptable to the Committee. Any Participant receiving or purchasing Shares pursuant to an Award shall
make such representations and agreements and furnish such information as the Committee may request to assure compliance with the foregoing or any other applicable legal requirements. The Company shall not be required to issue or deliver any
certificate or certificates for Shares under the Plan prior to the Committee’s determination that all related requirements have been fulfilled. The Company shall in no event be obligated to register any securities pursuant to the 1933 Act or
applicable state or foreign law or to take any other action in order to cause the issuance and delivery of such certificates to comply with any such law, regulation or requirement. 

17.12. GOVERNING LAW. To the extent not governed by federal law, the Plan and all Award Certificates shall be construed in accordance
with and governed by the laws of the State of Maryland. 
 17.13. ADDITIONAL PROVISIONS. Each Award Certificate may contain such
other terms and conditions as the Committee may determine; provided that such other terms and conditions are not inconsistent with the provisions of the Plan. 

  
 18 

 17.14. NO LIMITATIONS ON RIGHTS OF COMPANY. The grant of any Award shall not in any way
affect the right or power of the Company to make adjustments, reclassification or changes in its capital or business structure or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets. The Plan shall
not restrict the authority of the Company, for proper corporate purposes, to draft or assume awards, other than under the Plan, to or with respect to any person. If the Committee so directs, the Company may issue or transfer Shares to an Affiliate,
for such lawful consideration as the Committee may specify, upon the condition or understanding that the Affiliate will transfer such Shares to a Participant in accordance with the terms of an Award granted to such Participant and specified by the
Committee pursuant to the provisions of the Plan. 
 17.15. INDEMNIFICATION. Each person who is or shall have been a member of the
Committee, or of the Board, or an officer of the Company to whom authority was delegated in accordance with Article 4 shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense that may be imposed
upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the
Plan and against and from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such action, suit, or proceeding against him or her, provided he
or she shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf, unless such loss, cost, liability, or expense is a result of his or her own
willful misconduct or except as expressly provided by statute. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Articles of
Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 

17.16. SPECIAL PROVISIONS RELATED TO SECTION 409A OF THE CODE. 

(a) GENERAL. It is intended that the payments and benefits provided under the Plan and any Award shall either be exempt from the
application of, or comply with, the requirements of Section 409A of the Code. The Plan and all Award Certificates shall be construed in a manner that effects such intent. Nevertheless, the tax treatment of the benefits provided under the Plan
or any Award is not warranted or guaranteed. Neither the Company, its Affiliates nor their respective directors, officers, employees or advisers shall be held liable for any taxes, interest, penalties or other monetary amounts owed by any
Participant or other taxpayer as a result of the Plan or any Award. 
 (b) DEFINITIONAL RESTRICTIONS. Notwithstanding anything in the
Plan or in any Award Certificate to the contrary, to the extent that any amount or benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code (“Non-Exempt Deferred
Compensation”) would otherwise be payable or distributable, or a different form of payment (e.g., lump sum or installment) of such Non-Exempt Deferred Compensation would be effected, under the Plan or any Award Certificate by reason of the
occurrence of a Change in Control, or the Participant’s Disability or separation from service, such amount or benefit will not be payable or distributable to the Participant, and/or such different form of payment will not be effected, by reason
of such circumstance unless the circumstances giving rise to such Change in Control, Disability or separation from service meet any description or definition of “change in control event”, “disability” or “separation from
service”, as the case may be, in Section 409A of the Code and applicable regulations (without giving effect to any elective provisions that may be available under such definition). This provision does not prohibit the vesting of any Award
upon a Change in Control, Disability or separation from service, however defined. If this provision prevents the payment or distribution of any amount or benefit, such payment or distribution shall be made on the next earliest payment or
distribution date or event specified in the 

  
 19 

 
Award Certificate that is permissible under Section 409A of the Code. If this provision prevents the application of a different form of payment of any amount or benefit, such payment shall
be made in the same form as would have applied absent such designated event or circumstance. 
 (c) ALLOCATION AMONG POSSIBLE
EXEMPTIONS. If any one or more Awards granted under the Plan to a Participant could qualify for any separation pay exemption described in Treas. Reg. Section 1.409A-1(b)(9), but such Awards in the aggregate exceed the dollar limit permitted
for the separation pay exemptions, the Company (acting through the Committee or the Chief Financial Officer) shall determine which Awards or portions thereof will be subject to such exemptions. 

(d) SIX-MONTH DELAY IN CERTAIN CIRCUMSTANCES. Notwithstanding anything in the Plan or in any Award Certificate to the contrary, if any
amount or benefit that would constitute Non-Exempt Deferred Compensation for purposes of Section 409A of the Code would otherwise be payable or distributable under this Plan or any Award Certificate by reason of a Participant’s separation
from service during a period in which the Participant is a Specified Employee (as defined below), then, subject to any permissible acceleration of payment by the Committee under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order),
(j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes): 
 (i) the amount of such Non-Exempt
Deferred Compensation that would otherwise be payable during the six-month period immediately following the Participant’s separation from service will be accumulated through and paid or provided on the first day of the seventh month following
the Participant’s separation from service (or, if the Participant dies during such period, within 30 days after the Participant’s death) (in either case, the “Required Delay Period”), and 

(ii) the normal payment or distribution schedule for any remaining payments or distributions will resume at the end of the
Required Delay Period. 
 For purposes of this Plan, the term “Specified Employee” has the meaning given such term in Section 409A of the
Code and the final regulations thereunder, provided, however, that, as permitted in such final regulations, the Company’s Specified Employees and its application of the six-month delay rule of 409A(a)(2)(B)(i) of the Code shall be determined in
accordance with rules adopted by the Board or any committee of the Board, which shall be applied consistently with respect to all nonqualified deferred compensation arrangements of the Company, including this Plan. 

(e) GRANTS TO EMPLOYEES OF AFFILIATES. Eligible Participants who are service providers to an Affiliate may be granted Options or SARs
under this Plan only if the Affiliate qualifies as an “eligible issuer of service recipient stock” within the meaning of Treas. Reg. Section 1.409A-1(b)(5)(iii)(E) of the final regulations under Section 409A of the Code. 

(f) FAIR MARKET VALUE OF UNLISTED SHARES. If the Shares are not listed on a securities exchange, the Fair Market Value of the Shares as
of any given date shall, for purposes of the Plan and any Award, be determined by such method as the Committee determines in good faith to be reasonable and in compliance with Section 409A of the Code. 

(g) DESIGN LIMITS ON OPTIONS AND SARS. Notwithstanding anything in this Plan or any Award Certificate, no Option or SAR granted under
this Plan shall (i) provide for Dividend Equivalents or (ii) have any feature for the deferral of compensation other than the deferral of recognition of income until the exercise or disposition of the Option or SAR. 

  
 20 

 (h) TIMING OF DISTRIBUTION OF DIVIDEND EQUIVALENTS. Unless otherwise provided in the
applicable Award Certificate, any Dividend Equivalents granted with respect to an Award hereunder will be paid or distributed no later than the 15th day of the 3rd month following the later of (i) the calendar year in which the corresponding
dividends were paid to shareholders, or (ii) the first calendar year in which the Participant’s right to such Dividends Equivalents is no longer subject to a substantial risk of forfeiture. 

(i) PERMITTED ACCELERATION. The Company shall have the sole authority to make any accelerated distribution permissible under Treas. Reg.
section 1.409A-3(j)(4) to Participants of deferred amounts, provided that such distribution(s) meets the requirements of Treas. Reg. Section 1.409A-3(j)(4). 

(j) TIMING OF RELEASE OF CLAIMS. Whenever an Award conditions a payment or benefit on the Participant’s execution and
non-revocation of a release of claims, such release must be executed and all revocation periods shall have expired within 60 days after the date of termination of the Participant’s employment; failing which such payment or benefit shall be
forfeited. If such payment or benefit is exempt from Section 409A of the Code, the Company may elect to make or commence payment at any time during such 60-day period. If such payment or benefit constitutes Non-Exempt Deferred Compensation,
then, subject to subsection (d) above, (i) if such 60-day period begins and ends in a single calendar year, the Company may make or commence payment at any time during such period at its discretion, and (ii) if such 60-day period
begins in one calendar year and ends in the next calendar year, the payment shall be made or commence during the second such calendar year (or any later date specified for such payment under the applicable Award), even if such signing and
non-revocation of the release occur during the first such calendar year included within such 60-day period. 
 (k) INSTALLMENT
PAYMENTS. If, pursuant to an Award, a Participant is entitled to a series of installment payments, such Participant’s right to the series of installment payments shall be treated as a right to a series of separate payments and not to a
single payment. For purposes of the preceding sentence, the term “series of installment payments” has the meaning provided in Treas. Reg. Section 1.409A-2(b)(2)(iii) (or any successor thereto). 

The foregoing is hereby acknowledged as being the Amended and Restated CatchMark Timber Trust, Inc. 2005 Long-Term Incentive Plan as adopted
by the Board on October 25, 2013. 
  

			
	CATCHMARK TIMBER TRUST, INC.
		
	By:	 	/s/ BRIAN M. DAVIS
	Name:	 	Brian M. Davis
	Title:	 	Senior Vice President, Chief Financial Officer and Assistant Secretary

  
 21EX-10.3

 EXHIBIT 10.3 

CATCHMARK TIMBER TRUST, INC. 

AMENDED AND RESTATED INDEPENDENT DIRECTOR COMPENSATION PLAN 

ARTICLE 1 
 PURPOSE

 1.1. BACKGROUND. The Plan is considered to be and shall be operated as a subplan of the Equity Incentive Plan. 

1.2. PURPOSE. The purpose of the Plan is to attract, retain and compensate highly-qualified individuals who are not employees of
the Company or any of its Affiliates for service as members of the Board by providing them with competitive compensation and an ownership interest in the Stock of the Company. The Company intends that the Plan will benefit the Company and its
stockholders by allowing Independent Directors to have a personal financial stake in the Company through an ownership interest in the Stock and will closely associate the interests of Independent Directors with that of the Company’s
stockholders. 
 1.3. ELIGIBILITY. Independent Directors of the Company who are Eligible Participants, as defined below, shall
automatically be participants in the Plan. 
 ARTICLE 2 

DEFINITIONS 
 2.1.
DEFINITIONS. Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Equity Incentive Plan. Unless the context clearly indicates otherwise, the following terms shall have the following
meanings: 
  

	 	(a)	“Annual Stock Retainer” means with respect to each Independent Director for each Plan Year, the dollar value to be delivered in the form of annual stock awards under the Plan, as established from time to time
by the Board and set forth in Schedule I hereto. 

  

	 	(b)	“Base Cash Retainer” means the annual cash retainer (excluding any Supplemental Cash Retainer, Meeting Fees and expenses) payable by the Company to an Independent Director pursuant to Section 5.1 hereof
for service as a director of the Company; as established from time to time by the Board and set forth in Schedule I hereto. 

  

	 	(c)	“Board” means the Board of Directors of the Company. 

  

	 	(d)	“Charter” means the articles of incorporation of the Company, as such articles of incorporation may be amended from time to time 

 

	 	(e)	“Company” means CatchMark Timber Trust, Inc., a Maryland corporation, or any successor corporation. 

  

	 	(f)	“Effective Date” of the Plan means January 1, 2014. 

  

	 	(g)	“Eligible Participant” means any person who is an Independent Director on the Effective Date or becomes an Independent Director while this Plan is in effect. 

 

	 	(h)	“Equity Award” means stock options, stock awards, restricted stock, restricted stock units, stock appreciation rights, or other awards based on or derived from the Stock which are authorized under the Equity
Incentive Plan for award to Independent Directors. 

	 	(i)	“Equity Incentive Plan” means the CatchMark Timber Trust, Inc. Amended and Restated Long-Term Incentive Plan, and any subsequent equity compensation plan approved by the stockholders and designated by the
Board as the Equity Incentive Plan for purposes of this Plan. 

  

	 	(j)	“Independent Director” has the meaning given such term in the Charter. 

  

	 	(k)	“Meeting Fees” means fees for attending a meeting of the Board or one of its committees as set forth in Section 5.3 hereof. 

 

	 	(l)	“Non-Executive Chair” means the Independent Director who has been designated by the Board as the Non-Executive Chair under the Company’s Bylaws. 

 

	 	(m)	“Plan” means this CatchMark Timber Trust, Inc. Amended and Restated Independent Director Compensation Plan, as amended from time to time. 

 

	 	(n)	“Plan Year(s)” means the approximate twelve-month periods between annual meetings of the stockholders of the Company, which, for purposes of the Plan, are the periods for which annual retainers are earned;
provided that the first Plan Year shall begin on the Effective Date and extend until the first annual stockholders meeting. 

  

	 	(o)	“Stock” means the Class A common stock, par value $0.01 per share, of the Company. 

  

	 	(p)	“Supplemental Cash Retainer” means the supplemental annual cash retainer (excluding Base Cash Retainer, Meeting Fees and expenses) payable by the Company to an Independent Director pursuant to Section 5.2
hereof for service as Non-Executive Chair or chair of a committee of the Board; as established from time to time by the Board and set forth in Schedule I hereto. 

ARTICLE 3 

ADMINISTRATION 
 3.1.
ADMINISTRATION. The Plan shall be administered by the Board. Subject to the provisions of the Plan, the Board shall be authorized to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan,
and to make all other determinations necessary or advisable for the administration of the Plan. The Board’s interpretation of the Plan, and all actions taken and determinations made by the Board pursuant to the powers vested in it hereunder,
shall be conclusive and binding upon all parties concerned including the Company, its stockholders and persons granted awards under the Plan. The Board may appoint a plan administrator to carry out the ministerial functions of the Plan, but the
administrator shall have no other authority or powers of the Board. 
 3.2. RELIANCE. In administering the Plan, the Board may rely
upon any information furnished by the Company, its public accountants and other experts. No individual will have personal liability by reason of anything done or omitted to be done by the Company or the Board in connection with the Plan. This
limitation of liability shall not be exclusive of any other limitation of liability to which any such person may be entitled under the Company’s articles of incorporation or otherwise. 

  
 2 

 3.3. INDEMNIFICATION. Each person who is or has been a member of the Board or who
otherwise participates in the administration or operation of this Plan shall be indemnified by the Company against, and held harmless from, any loss, cost, liability or expense that may be imposed upon or incurred by him or her in connection with or
resulting from any claim, action, suit or proceeding in which such person may be involved by reason of any action taken or failure to act under the Plan and shall be fully reimbursed by the Company for any and all amounts paid by such person in
satisfaction of judgment against him or her in any such action, suit or proceeding, provided he or she will give the Company an opportunity, by written notice to the Board, to defend the same at the Company’s own expense before he or she
undertakes to defend it on his or her own behalf. This right of indemnification shall not be exclusive of any other rights of indemnification to which any such person may be entitled under the Company’s Charter, bylaws, contract or Maryland
law. 
 ARTICLE 4 

SHARES 
 4.1. SOURCE OF
SHARES FOR THE PLAN. The shares of Stock and/or Equity Awards that may be issued pursuant to the Plan shall be issued under the Equity Incentive Plan, subject to all of the terms and conditions of the Equity Incentive Plan. The terms
contained in the Equity Incentive Plan are incorporated into and made a part of this Plan with respect to Equity Awards granted pursuant hereto, and any such awards shall be governed by and construed in accordance with the Equity Incentive Plan. In
the event of any actual or alleged conflict between the provisions of the Equity Incentive Plan and the provisions of this Plan, the provisions of the Equity Incentive Plan shall be controlling and determinative. This Plan does not constitute a
separate source of shares for the grant of the Equity Awards described herein. 
 ARTICLE 5 

CASH COMPENSATION 
 5.1.
BASE CASH RETAINER. Each Eligible Participant shall be paid a Base Cash Retainer for service as a director during each Plan Year, payable in such form as shall be elected by the Eligible Participant in accordance with Section 7.1.
The amount of the Base Cash Retainer shall be established from time to time by the Board. The amount of the Base Cash Retainer is set forth in Schedule I, as amended from time to time by the Board. The Base Cash Retainer shall be payable in
approximately equal quarterly installments in advance, beginning on the date of the annual stockholders meeting; provided, however, that for the first Plan Year, the first installment shall begin on the Effective Date and be prorated based on the
number of full months in such quarter after the Effective Date. Each person who first becomes an Eligible Participant on a date other than the Effective Date or an annual meeting date shall be paid a pro rata amount of the Base Cash Retainer for
that Plan Year to reflect the actual number of days served in the Plan Year. 
 5.2. SUPPLEMENTAL CASH RETAINER. The
Non-Executive Chair and the chairs of each committee of the Board may be paid a Supplemental Cash Retainer during a Plan Year, payable at the same times [and in the same form] as installments of the Base Cash Retainer are paid. The amount of the
Supplemental Cash Retainers shall be established from time to time by the Board, and shall be set forth in Schedule I, as amended from time to time by the Board. A prorata Supplemental Cash Retainer will be paid to any Eligible Participant who is
elected by the Board to a position eligible for a Supplemental Cash Retainer on a date other than the beginning of a Plan Year, to reflect the actual number of days served in such eligible capacity during the Plan Year. 

  
 3 

 5.3. MEETING FEES. Each Eligible Participant shall be paid a meeting fee for each meeting
of the Board or committee thereof in which he or she participates, payable in such form as shall be elected by the Eligible Participant in accordance with Section 7.3. The amount of the fees shall be established from time to time by the Board
and shall be set forth in Schedule I, as amended from time to time by the Board. For purposes of this provision, casual or unscheduled conferences among directors shall not constitute an official meeting. Meeting Fees shall be payable within thirty
(30) days following the date of the applicable meeting(s) to which they relate. 
 5.4. EXPENSE REIMBURSEMENT. All
Eligible Participants shall be reimbursed for reasonable travel expenses in connection with attendance at meetings of the Board and its committees, or other Company functions at which the Chief Executive Officer or the Non-Executive Chair requests
the director to participate. Notwithstanding the foregoing, the Company’s reimbursement obligations pursuant to this Section 5.4 shall be limited to expenses incurred while the Independent Director serves on the Board in the capacity as an
Independent Director. Such payments will be made within thirty (30) days after delivery of the Independent Director’s written requests for payment, accompanied by such evidence of expenses incurred as the Company may reasonably require,
but in no event later than the December 31 following the year in which the expense was incurred. The amount reimbursable in any one tax year shall not affect the amount reimbursable in any other tax year. Independent Directors’ right to
reimbursement pursuant to this Section 5.4 shall not be subject to liquidation or exchange for another benefit. 
 ARTICLE 6 

EQUITY COMPENSATION 
 6.1.
STOCK AWARDS. Subject to share availability under the Equity Incentive Plan, on the day following an annual stockholders meeting, each Eligible Participant in service on such date shall receive an award of Restricted Stock (the
“Annual Stock Grant”). The Annual Stock Grant shall have the following terms and conditions: 
 (a) Number of Shares. The
number of shares in the Annual Stock Grant to an Eligible Participant shall be determined by multiplying the Proration Factor (as defined below) by the amount determined by (A) dividing the Annual Stock Retainer as in effect for that Plan Year,
by the Fair Market Value of the Stock on the Grant Date, and (B) rounding to the nearest whole number. The Proration Factor is a fraction, the numerator of which is the number of full months of service as an Independent Director between the
Grant Date and the next annual stockholders’ meeting date, and the denominator of which is 12. 
 (b) Vesting. Unless and until
provided otherwise by the Board, the Restricted Stock granted pursuant to Section 6.1(a) shall vest and become non-forfeitable as to one-third (1/3) of the shares on each of the first three (3) anniversaries of the Grant Date;
provided, however, that the shares of Restricted Stock shall become fully vested on the earlier occurrence of (i) the termination of the Independent Director’s service as a director of the Company due to his or her death, Disability or
termination without Cause (as defined in the Equity Incentive Plan) or (ii) a Change in Control of the Company (as defined in the Equity Incentive Plan). If the Independent Director’s service as a director of the Company terminates other
than as described in clause (i) of the foregoing sentence, then the Independent Director shall forfeit all of his or her right, title and interest in and to any unvested shares of Restricted Stock as of the date of such termination from the
Board and such Restricted Stock shall be reconveyed to the Company without further consideration or any act or action by the Independent Director. 

(c) Other Plan Conditions. To the extent not specified herein, the Stock Grants shall be subject to the terms and conditions of the
Equity Incentive Plan. 

  
 4 

 6.2. ADJUSTMENTS. For the avoidance of doubt, the adjustment provisions of the
Equity Incentive Plan (along with all of the other provisions of the Equity Incentive Plan) shall apply with respect to all Equity Awards granted pursuant to this Plan. 

6.3. AWARD CERTIFICATES. All unvested Equity Awards granted pursuant to this Plan shall be evidenced by a written award
certificate, which shall include such provisions, not inconsistent with the Plan or the Equity Incentive Plan, as may be specified by the Board. 

ARTICLE 7 
 ALTERNATIVE
FORM OF PAYMENT 
 FOR RETAINERS AND MEETING FEES 

7.1. PAYMENT OF BASE CASH RETAINER. At the election of each Eligible Participant, the Base Cash Retainer for a given Plan Year shall be
either (i) payable in cash, in equal quarterly payments payable on the date of the annual stockholders meeting (i.e., the first day of the Plan Year) and on the three, six and nine month anniversaries thereof, or (ii) subject to share
availability under the Equity Incentive Plan, payable by a grant on the day following the annual shareholders meeting (the “Base Cash Retainer Stock Grant Date”) of a number of Shares determined by (A) dividing the Base Cash Retainer
as in effect for that Plan Year, by the Fair Market Value of the Stock on the Base Cash Retainer Stock Grant Date, and (B) rounding to the nearest whole number. Any Shares granted under the Plan as the Base Cash Retainer under clause
(ii) above will be 100% vested and nonforfeitable as of the Base Cash Retainer Stock Grant Date, and the Eligible Participant receiving such Shares (or his or her custodian, if any) will have immediate rights of ownership in the Shares,
including the right to vote the Shares and the right to receive dividends or other distributions thereon. 
 7.2. PAYMENT OF SUPPLEMENTAL
CASH RETAINER. At the election of each Eligible Participant, the Supplemental Cash Retainer for a given Plan Year shall be either (i) payable in cash, in equal quarterly payments payable on the date of the annual stockholders meeting (i.e.,
the first day of the Plan Year) and on the three, six and nine month anniversaries thereof, or (ii) subject to share availability under the Equity Incentive Plan, payable by a grant on the day following the annual shareholders meeting (the
“Supplemental Cash Retainer Stock Grant Date”) of a number of Shares determined by (A) dividing the Supplemental Cash Retainer as in effect for that Plan Year, by the Fair Market Value of the Stock on the Supplemental Cash Retainer
Stock Grant Date, and (B) rounding to the nearest whole number. Any Shares granted under the Plan as the Base Cash Retainer under clause (ii) above will be 100% vested and nonforfeitable as of the Base Cash Retainer Stock Grant Date, and
the Eligible Participant receiving such Shares (or his or her custodian, if any) will have immediate rights of ownership in the Shares, including the right to vote the Shares and the right to receive dividends or other distributions thereon. 

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

  
 5 

 7.4. TIMING AND MANNER OF PAYMENT ELECTION. Each Eligible Participant shall elect the form
of payment desired for his or her Base Cash Retainer, Supplemental Cash Retainer and Meeting Fees for a Plan Year by delivering a valid Election Form to the [Secretary] of the Company prior to the beginning of such Plan Year, which will be effective
as of the first day of the Plan Year beginning after the [Secretary] receives the Eligible Participant’s Election Form. The Election Form signed by the Eligible Participant prior to the Plan Year will be irrevocable for the coming Plan Year.
However, prior to the commencement of the following Plan Year, an Eligible Participant may change his or her election for future Plan Years by executing and delivering a new Election Form. If an Eligible Participant fails to deliver a new Election
Form prior to the commencement of the new Plan Year, his or her Election Form in effect during the previous Plan Year shall continue in effect during the new Plan Year. If no Election Form is filed or effective, the Base Cash Retainer, Supplemental
Cash Retainer and Meeting Fees will be paid in cash. 
 ARTICLE 8 

AMENDMENT, MODIFICATION AND TERMINATION 

8.1. AMENDMENT, MODIFICATION AND TERMINATION. The Board may terminate or suspend the Plan at any time, without stockholder approval.
The Board may amend the Plan at any time and for any reason without stockholder approval; provided, however, that the Board may condition any amendment on the approval of stockholders of the Company if such approval is necessary or deemed advisable
with respect to tax, securities or other applicable laws, policies or regulations. No termination, modification or amendment of the Plan may, without the consent of an Independent Director, adversely affect an Independent Director’s rights
under an award granted prior thereto. 
 ARTICLE 9 

GENERAL PROVISIONS 
 9.1.
DURATION OF THE PLAN. The Plan shall remain in effect until terminated by the Board or the earlier termination or expiration of the Equity Incentive Plan, including any successor plans. 

9.2. EXPENSES OF THE PLAN. The expenses of administering the Plan shall be borne by the Company. 

The foregoing is hereby acknowledged as being the CatchMark Timber Trust, Inc. Amended and Restated Independent Director Compensation Plan,
adopted by the Board on October 24, 2013. 
  

			
	CATCHMARK TIMBER TRUST, INC.
		
	By:	 	/S/ BRIAN M. DAVIS
	Its:	 	 Senior Vice President and
 Chief Financial
Officer

  
 6 

 SCHEDULE I 

DIRECTOR COMPENSATION SCHEDULE 
 The
following shall remain in effect until changed by the Board: 
 Annual Retainer: 

 

													
	 Position Held
	  	Base
Cash Retainer	 	  	Supplemental
Cash Retainer	 	  	Annual Stock
Retainer (FMV)	 
	 Non-Executive Chair
	  	$	30,000	  	  	$	20,000	  	  	$	30,000	  
	 Audit Committee Chair
	  	$	30,000	  	  	$	10,000	  	  	$	30,000	  
	 Compensation Committee Chair
	  	$	30,000	  	  	$	7,500	  	  	$	30,000	  
	 Nominating and Corporate Governance Committee Chair
	  	$	30,000	  	  	$	5,000	  	  	$	30,000	  
	 Other Independent Directors
	  	$	30,000	  	  	 	—  	  	  	$	30,000	  

 Meeting Fees: 
 Board
meeting attended in-person: $2,000 
 Committee meeting attended in-person: $1,500 (or $2,500 for an Audit Committee meeting) 

  
 SII-1

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