Document:

EX-10.3

 EXHIBIT 10.3 

FORM OF 
 TRANSITION
SERVICES AGREEMENT 
 THIS TRANSITION SERVICES AGREEMENT (this “Agreement”), effective as of November
    , 2013 (the “Effective Date”), is made and entered into by and among CATCHMARK TIMBER TRUST, INC., formerly known as WELLS TIMBERLAND REIT, INC., a Maryland corporation (the “Company”),
CATCHMARK TIMBER OPERATING PARTNERSHIP, L.P., formerly known as WELLS TIMBERLAND OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the “OP”), and WELLS REAL ESTATE FUNDS, INC., a Georgia corporation (“Wells
REF”). Certain capitalized terms shall have the meanings given to such terms in Section 1 hereof. 

W I T N E S S E T H 

WHEREAS, the Company has elected to be taxed as a REIT, and to invest its funds in investments permitted by the terms of the Charter and
Sections 856 through 860 of the Code; 
 WHEREAS, the Company is the general partner of the OP and conducts all of its business and makes
all investments through the OP; 
 WHEREAS, the Company is now self-managed as a result of its hiring of the Targeted Personnel (as defined
in the Master Self-Management Transition Agreement dated as of September 18, 2013 (the “Master Transition Agreement”)) to direct and perform the day-to-day business affairs of the Company; 

WHEREAS, the Company, the OP and Wells Timberland Management Organization LLC (“Wells TIMO”), which is owned and controlled
by Wells REF, were party to an Amended and Restated Advisory Agreement (the “Advisory Agreement”) effective as of July 1, 2013, which agreement has now terminated, and the parties hereto, together with Wells TIMO, remain party
to the Master Transition Agreement and certain related agreements; 
 WHEREAS, the Company and the OP desire to avail themselves of the
experience, sources of information and advice of Wells REF and its Affiliates to assist the Company in a successful transition from being externally managed to being self-managed and to have Wells REF and its
Affiliates undertake the services hereinafter set forth, at the request and subject to the supervision of the Company, all as provided herein; and 

WHEREAS, Wells REF is willing to undertake to render such services upon the request and subject to the supervision of the Company, on the
terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements
contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. Definitions. As used in this Agreement, the following terms have the definitions hereinafter indicated: 

Advisory Agreement. As such term is defined in the recitals of this Agreement. 

Affiliate or Affiliated. An Affiliate of another person includes only the following: (i) any person directly or indirectly
controlling, controlled by, or under common control with such other 

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

Board of Directors or Board. The persons holding such office, as of any particular time, under the Charter, whether they be the
Directors named therein or additional or successor Directors. 
 Bylaws. The Fourth Amended and Restated Bylaws of the Company, as
amended from time to time. 
 Cause. With respect to the termination of this Agreement, (i) fraud, criminal conduct, willful
misconduct or willful or grossly negligent breach of fiduciary duty or (ii) a material breach of this Agreement, provided that (a) the breaching party does not cure any such material breach within 60 days of receiving notice of such
material breach from the other parties, or (b) such material breach is not of a nature that can be remedied within such period. 

Code. The Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of
the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 

Company. As such term is defined in the preamble of this Agreement. 

Consulting Fee. As such term is defined in Section 6(a) of this Agreement. 

Charter. The Sixth Articles of Amendment and Restatement Charter of the Company, as amended from time to time. 

Director. A member of the Board of Directors. 

Effective Date. As such term is defined in the preamble of this Agreement. 

Independent Directors. Until such time as the Shares are listed on a national securities exchange, the term “Independent
Director” shall mean a Director who satisfies the independence requirements under the rules and regulations of the New York Stock Exchange as in effect from time to time. Upon a listing on a national securities exchange, the term
“Independent Director” shall mean a Director who satisfies the independence requirements under the rules and regulations of the national securities exchange on which the Shares are listed. 

OP. As such term is defined in the preamble of this Agreement. 

REIT. A real estate investment trust under Section 856 of the Code. 

Stockholders. The registered holders of the Shares. 

  
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 Shares. Shares of the Company’s common stock, par value $0.01 per share. 

Termination Date. The date of termination of this Agreement. 

Wells REF. As such term is defined in the preamble of this Agreement. 

Wells TIMO. As such term is defined in the recitals of this Agreement. 

2. Appointment. Each of the Company and the OP hereby retains Wells REF to provide consulting, support and transitional services to
them on the terms and conditions set forth in this Agreement, and Wells REF hereby accepts such appointment. Each of the Company and the OP agree that this appointment does not render Wells REF an advisor to the Company because, among other reasons,
the Company’s employees are the persons responsible for directing and performing the day-to-day business affairs of the Company. 
 3.
Duties of Wells REF. As requested by the Company, Wells REF, either directly or by engaging an Affiliate, shall provide consulting, support and transitional services to the Company as set forth on Schedule A hereto. 

Wells REF may delegate any of the foregoing duties to any person so long as Wells REF or any Affiliate remains responsible for the performance
of such duties. 
 4. Obligations of the Company and the OP. The Company and the OP shall, to the extent the Company deems necessary
and appropriate to enable the provision of such consulting, support and transitional services by Wells REF and its Affiliates and designees, use commercially reasonable efforts to, in accordance with applicable law: (i) provide timely responses
to any information requested by Wells REF and its Affiliates and designees; (ii) provide access to the Company’s and the OP’s facilities, employees, assets and information and records regarding employment and personnel matters or
otherwise as reasonably requested by Wells REF and its Affiliates and designees; and (iii) obtain and maintain all hardware and other equipment, leases and contracts in the ordinary course of business consistent with past practice. Wells REF
and its Affiliates and designees, when on the property of the Company or the OP or when given access to any equipment, computer, software, network or files owned or controlled by the Company or the OP, will conform to, and abide by, the reasonable
policies and procedures of the Company and the OP concerning health, safety, security and privacy which have been made known to Wells REF or its applicable Affiliates or designees in advance. Wells REF and its Affiliates and designees shall be
entitled to rely on any instructions or other information provided by authorized personnel designated by the Company, including on instructions and other information provided by the Board, and Wells REF shall not be in breach of or default under
this Agreement solely as a result of any such reliance and, subject to Section 14 hereof, Wells REF shall not have any liability to the Company or the OP for acting in accordance with such instructions. 

5. Obligations of Wells REF. The performance of services pursuant to this Agreement shall be consistent with the standards applicable
under the Advisory Agreement, and Wells REF shall maintain sufficiently skilled personnel during the term of this Agreement to ensure that Wells REF performs under this Agreement satisfactorily, including the retention of any third-party contractors
retained in accordance with Section 3 hereof. Notwithstanding the foregoing, the parties acknowledge and agree that the scope of services to be provided by Wells REF and its 

  
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Affiliates hereunder include services considered outside the scope of the Advisory Agreement and is limited to the services set forth on Schedule A hereto, which are substantially less
than the day-to-day management services provided pursuant to the Advisory Agreement. 
 6. Fees. 

Commencing on the Effective Date, Wells REF shall be entitled to receive a consulting fee in consideration for the services rendered under
this Agreement in an amount equal to $22,875 per month (the “Consulting Fee”). The Consulting Fee shall be payable monthly in arrears by the Company in cash. 

7. Expenses. 
 (a) In
addition to the compensation paid to Wells REF pursuant to Section 6, the Company or the OP shall pay directly or reimburse Wells REF for any third-party expenses paid or incurred by Wells REF and its Affiliates on behalf of the Company or the
OP in connection with the services it provides to the Company pursuant to this Agreement; provided, however, that Wells REF shall obtain the Company’s or the OP’s written approval prior to incurring any third-party expenses for the account
of, or reimbursable by, the Company or the OP. In the event that Wells REF does not obtain the Company’s or the OP’s written approval prior to incurring any third-party expenses for the account of, or reimbursable by, the Company or the
OP, Wells REF shall be responsible for the payment of any fees paid to and expenses incurred by a third-party consultant engaged by Wells REF to perform services otherwise required to be provided by Wells REF. 

(b) Notwithstanding anything else in this Agreement to the contrary, the Company shall not be required to reimburse Wells REF for any
administrative service expenses, including Wells REF overhead, personnel costs and costs of goods used in the performance of services hereunder. 

(c) Expenses incurred by Wells REF on behalf of the Company or the OP and payable pursuant to this Section 7 shall be reimbursed no less
than monthly to Wells REF. Wells REF shall deliver a statement within 20 days of the end of any calendar month documenting the expenses of the Company during such month which are to be reimbursed pursuant to this Section 7 and shall also
deliver such statement to the Company within 20 days of the Termination Date. 
 8. Other Activities of Wells REF. Nothing herein
contained shall prevent Wells REF or any of its Affiliates from engaging in or earning fees from other activities, including, without limitation, the rendering of advice to other persons (including other REITs) and the management of other programs
advised, sponsored or organized by Wells REF or its Affiliates; nor shall this Agreement limit or restrict the right of any director, officer, employee or stockholder of Wells REF or its Affiliates to engage in or earn fees from any other business
or to render services of any kind to any other partnership, corporation, firm, individual, trust or association. Wells REF and its Affiliates may, with respect to any investment in which the Company is a participant, also render advice and service
to each and every other participant therein. 
 9. Relationship of Wells REF and Company. The Company and the OP, on the one hand,
and Wells REF, on the other hand, are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers or impose any liability as such on either of them. 

  
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 10. Term. The term of this Agreement shall commence on the Effective Date and shall
continue until June 30, 2014 unless otherwise terminated in accordance with this Agreement. Notwithstanding the foregoing, this Agreement may be terminated (i) by the Company immediately for Cause, (ii) by Wells REF immediately for
Cause, or (iii) by the Company or Wells REF upon 60 days’ written notice without Cause. 
 11. Assignment to an Affiliate.
This Agreement may be assigned by Wells REF to an Affiliate with the approval of the Board, including a majority of the Independent Directors. Wells REF may assign any rights to receive fees or other payments under this Agreement without obtaining
the approval of the Board. This Agreement shall not be assigned by the Company or the OP without the consent of Wells REF, except in the case of an assignment by the Company or the OP to a corporation or other organization which is a successor to
all of the assets, rights and obligations of the Company or the OP, as the case may be, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company and the OP is bound by
this Agreement. 
 12. Payments to and Duties of Wells REF upon Termination. 

(a) After the Termination Date, Wells REF shall not be entitled to compensation for further services hereunder except it shall be entitled to
receive from the Company within 30 days after the Termination Date all unpaid reimbursements of expenses and all earned but unpaid Consulting Fees payable to Wells REF prior to termination of this Agreement. Notwithstanding the foregoing, if the
Company terminates this Agreement without Cause pursuant to Section 10 prior to June 30, 2014, Wells REF shall be entitled to payment of the Consulting Fee through June 30, 2014, with such compensation to be paid pursuant to this
Section 12. 
 (b) Wells REF shall promptly upon termination: 

(i) pay over to the Company all money collected and held for the account of the Company pursuant to this Agreement, after
deducting any earned but unpaid fees and reimbursement for its expenses to which it is then entitled; 
 (ii) deliver to the
Company a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Company; and 

(iii) deliver to the Company all assets and documents of the Company then in the custody of Wells REF, and any reasonable
expenses associated with delivery of such assets and documents shall be reimbursed by the Company to Wells REF. 
 13. Indemnification by
the Company. The Company shall indemnify and hold harmless Wells REF and its Affiliates, including their respective officers, directors, managers, partners and employees, from all liability, claims, damages, taxes or losses and related expenses,
including reasonable attorneys’ fees and costs (collectively, “Losses”), arising in the performance of their duties hereunder, subject to any limitations imposed by the laws of the State of Maryland. Notwithstanding the
foregoing, Wells REF shall not be entitled to indemnification or be held harmless pursuant to this Section 13 for any activity for which Wells REF shall be required to indemnify or hold harmless the Company pursuant to Section 14. 

  
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 14. Indemnification by Wells REF. Wells REF shall indemnify and hold harmless the Company
and its Affiliates, including their respective officers, directors, managers, partners and employees, from all Losses to the extent that such Losses are incurred by reason of Wells REF’s bad faith, fraud, willful misconduct, gross negligence or
reckless disregard of its duties under this Agreement. 
 15. Limitation on Liability. Notwithstanding any other provision contained
in this Agreement, the Company, the OP and Wells REF agree that neither Wells REF, on one hand, or the Company and the OP, on the other hand, will be liable to the other party, whether based on contract, tort (including negligence), warranty or any
other legal or equitable grounds, for any special, indirect, punitive, incidental or consequential losses, damages or expenses of such party. 

16. Notices. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some
other method of giving such notice, report or other communication is required by the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the
addresses set forth herein: 
  

			
	 To the Board and the Company:
	  	 CatchMark Timber Trust, Inc.
 6200 The
Corners Parkway
 Norcross, Georgia 30097-3365
  

Attention: Chief Executive Officer

		
	 To the OP:
	  	 CatchMark Timber Operating Partnership, L.P.

6200 The Corners Parkway
 Norcross, Georgia 30097-3365

 
 Attention: Chief Executive
Officer
  of CatchMark Timber Trust, Inc.,
  General Partner

		
	 To Wells REF:
	  	 Wells Real Estate Funds, Inc.
 6200 The
Corners Parkway
 Norcross, Georgia 30097-3365
  

Attention: President

 Any party may at any time give notice in writing to the other parties of a change in its address for the
purposes of this Section 16. 
 17. Modification. This Agreement shall not be changed, modified, terminated or discharged, in
whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees. 
 18.
Severability. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may
be invalid or unenforceable in whole or in part. 

  
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 19. Governing Law. This Agreement will be governed by the laws of the State of Georgia,
without regard to the conflicts of law principles of such State. The parties hereto consent and submit to the exclusive jurisdiction of the courts (State and federal) located in the State of Georgia in connection with any controversy arising under
this Agreement or its subject matter. The parties hereby waive any objection they may have in any such action based on lack of personal jurisdiction, improper venue or inconvenient forum. The parties further agree that service of any process,
summons, notice or document by U.S. registered mail to its respective address set forth below shall be effective local service for any litigation brought in such courts. 

20. Construction. The parties have participated jointly in the drafting of this Agreement, and each party was represented by counsel in
the negotiation of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 
 21. Entire Agreement. This Agreement
contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or
written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. 

22. Indulgences, not Waivers. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or
privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege,
nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in
writing and is signed by the party asserted to have granted such waiver. 
 23. Gender. Words used herein regardless of the number
and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

24. Titles not to Affect Interpretation. The titles of paragraphs and subparagraphs contained in this Agreement are for convenience
only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 
 25.
Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and
the same instrument. This Agreement shall become binding when the counterparts hereof, taken together, bear the signatures of all of the parties reflected hereon as the signatories. 

  
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 26. Survival. The provisions of Sections 1, 12 through 24 and 26 shall survive termination
of this Agreement. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Transition Services Agreement as of the
date and year first above written. 
  

			
	CATCHMARK TIMBER TRUST, INC.
		
	By:	 	  

		 	 Brian M. Davis
		 	 Senior Vice President, Chief Financial Officer,
 Treasurer and Assistant Secretary
	
	CATCHMARK TIMBER OPERATING PARTNERSHIP, L.P.
		
	 By:
	 	    CatchMark Timber Trust, Inc., its
    General Partner
		
	 By:
	 	  

		 	 Brian M. Davis
		 	 Senior Vice President, Chief Financial Officer,
 Treasurer and Assistant Secretary
	
	 WELLS REAL ESTATE FUNDS, INC.

		
	 By:
	 	  

		 	 Name:
		 	 Title:

 SCHEDULE A 

TRANSITION SERVICES: 
 Information technology
infrastructure design and implementation 
  

	 	•	 	Support the selection and implementation of a new financial application toolset. 

  

	 	•	 	Create a financial data history archive. 

  

	 	•	 	Establish service contracts with technology utility service providers. 

  

	 	•	 	Migrate legacy email and files to the new utility platforms. 

  

	 	•	 	Support the marketing web identity launch. 

  

	 	•	 	Web Domain redirects 

  

	 	•	 	Email under new web domain 

 Human Resources 

 

	 	•	 	Vendor selection and setup for payroll and human resources information system (HRIS). 

  

	 	•	 	Selection and implantation of all health, welfare and retirement programs. 

  

	 	•	 	Establish all HR related policies and procedures. Documentation via Employee Handbook and applicable Plan Documents (i.e. PTO, Severance). 

 

	 	•	 	Establish/document guidelines and best practices for recruiting, employee relations performance management. 

  

	 	•	 	Training of Target Employees on all HRIS and related systems. 

 Treasury and cash management infrastructure
design and implementation 
  

	 	•	 	Procuring and implementing remote deposit console, check printer with signature card, check stock and postage machine. 

  

	 	•	 	Creating new bank accounts and updating company information. 

  

	 	•	 	Updating bank account access/permissions. 

  

	 	•	 	Training Target Employees on accounts payable and treasury functions. 

 Marketing and Investor
Communications Support 
  

	 	•	 	Update website and other electronic media to represent CatchMark name change. 

  

	 	•	 	Other website updates, as necessary, due to transition to publicly listed company. 

  

	 	•	 	Oversight of copywriting, ongoing edits, etc. 

  

	 	•	 	Working with and transitioning duties with vendors for specific projects and mail house needs. 

 Physical
Move of CatchMark from 6200 The Corners Parkway to new office location 
  

	 	•	 	Site selection and planning (technology specific). 

  

	 	•	 	Establish internet and phone circuits. 

  

	 	•	 	Select and implement telephony solution. 

  

	 	•	 	Build out local network and wireless solutions. 

  

	 	•	 	Select and implement imaging solution (print, scan, copy, fax, etc.). 

  

	 	•	 	Deploy new workstations (computers). 

  

	 	•	 	Establish site security measures (technology specific). 

  
 A-1 

	 	•	 	Establish relationships and contracts with technology support providers for site specific services. 

SUPPORT SERVICES: 
 Client Services and DST on-going
support services 
  

	 	•	 	Escalated service issues. 

  

	 	•	 	NIGO resolution. 

  

	 	•	 	Inbound investor emails. 

  

	 	•	 	DST call center training and oversight. 

  

	 	•	 	Proxy oversight and support. 

  

	 	•	 	Tax form preparation oversight, validation and approval. 

  

	 	•	 	DST Vision & FANmail approvals. 

  

	 	•	 	DST project management oversight. 

  

	 	•	 	DST work queue oversight and review. 

  

	 	•	 	DST invoice review and reconciliation. 

  

	 	•	 	Product accounting support. 

 Compliance and risk management support 

 

	 	•	 	Information requests and data reporting requests. 

  

	 	•	 	Written inquiry response support. 

  

	 	•	 	Quarterly statement oversight and approval. 

 Investor Communications services 

 

	 	•	 	Provide oversight and review of investor and FA communications. 

  

	 	•	 	Coordinate investor communications with transfer agent. 

  

	 	•	 	Validate investor and FA mailing lists. 

  

	 	•	 	Coordinate statement inserts. 

  

	 	•	 	Investor forms—updates and reviews. 

 Infrastructure support (while residing at current office
location) 
  

	 	•	 	Technical helpdesk. 

  

	 	•	 	Utilities support—Phones, Network, Imaging, Desktops/Laptops. 

  

	 	•	 	Application Support. 

 LISTING SERVICES: 

Listing Project Management 
  

	 	•	 	Negotiations of Post-Listing contract with DST and/or other parties. 

  

	 	•	 	Contract oversight and management. 

  

	 	•	 	Listing plan project management. 

  

	 	•	 	Provide consultative services for listing decisions. 

  

	 	•	 	Reverse split oversight and validation. 

  

	 	•	 	B to A share conversion oversight. 

  

	 	•	 	Custodian support. 

  
 A-2 

	 	•	 	Broker Dealer and Financial Advisor back-office support. 

  

	 	•	 	Cost basis reporting, production and validation. 

  

	 	•	 	Training Targeted Personnel to transition DST relationship internally 

 Administrative support following
listing process 
  

	 	•	 	Provide consultative services for post-listing environment 

  
 A-3EX-10.4

 EXHIBIT 10.4 

PREFERRED STOCK REDEMPTION AGREEMENT 

THIS PREFERRED STOCK REDEMPTION AGREEMENT (this “Agreement”) is made and entered into effective as of September 18, 2013
(the “Effective Date”), by and between Wells Real Estate Funds, Inc., a Georgia corporation (“Wells REF”), CatchMark Timber Trust, Inc., formerly known as Wells Timberland REIT, Inc., a Maryland corporation (the
“Company”), Leo F. Wells, III, President and Chairman of the Board of the Company, and Douglas P. Williams, Executive Vice President, Secretary, Treasurer and director of the Company. This Agreement is being entered into pursuant to
that certain Master Self-Management Transition Agreement dated September 18, 2013 (the “Master Transition Agreement”) by and among the Company, Wells REF, CatchMark Timber Operating Partnership, L.P., formerly known as Wells
Timberland Operating Partnership, L.P., a Delaware limited partnership, and Wells Timberland Management Organization, LLC, a Georgia limited liability company. Wells REF, the Company and Messrs. Wells and Williams are sometimes referred to herein
collectively as the “Parties.” 
 WHEREAS, the Company has issued and outstanding a series of preferred stock designated as Series
A Preferred Stock (the “Series A Preferred Stock”) and a series of preferred stock designated as Series B Preferred Stock (the “Series B Preferred Stock”); 

WHEREAS, all or any portion of the Series A Preferred Stock or Series B Preferred Stock may be redeemed by the Company at a price per share
equal to the Series A Issue Price (as defined in the Sixth Articles of Amendment and Restatement of the Company (the “Charter”)) or Series B Issue Price (as defined in the Charter), as the case may be, plus all dividends accrued but
unpaid thereon; 
 WHEREAS, Wells REF is the holder of 100.0% of the issued and outstanding shares of Series A Preferred Stock and 100.0% of
the issued and outstanding shares of Series B Preferred Stock (collectively, the “Preferred Shares”); 
 WHEREAS, in
connection with the purchase of the Preferred Shares by Wells REF, the Company’s board of directors (the “Board of Directors”) previously exempted Wells REF from the Aggregate Share Ownership Limit (as defined in the Charter)
and named Wells REF as an Excepted Holder (as defined in the Charter); 
 WHEREAS, Wells REF has waived the requirement that dividends on
the Series A Preferred Stock accrue daily at an annual rate of 8.5% of the Series A Issue Price and dividends on the Series B Preferred Stock accrue daily at an annual rate of 8.5% of the Series B Issue Price and further consented that dividends on
the Series A Preferred Stock accrue daily at an annual rate of 1.0% of the Series A Issue Price and dividends on the Series B Preferred Stock accrue daily at an annual rate of 1.0% of the Series B Issue Price, effective as of May 9, 2011
(collectively, the “Dividend Waivers”); and 
 WHEREAS, Wells REF desires to sell, transfer, grant, convey and assign to
the Company, and the Company desires to purchase, acquire and redeem from Wells REF, the Preferred Shares and their respective accrued and unpaid dividends, on the terms and conditions set forth herein. 

 NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants and
agreements set forth in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows: 

1. Recitals. The foregoing recitals are made a part of this Agreement. 

2. Redemption of Preferred Shares. Wells REF hereby agrees to sell, transfer, grant, convey and assign the Preferred Shares to
the Company, and the Company hereby agrees to purchase, receive, acquire and redeem the Preferred Shares and their respective accrued and unpaid dividends from Wells REF, upon the closing date of the Company’s underwritten public offering of
shares of Class A common stock (the “Redemption Date”), for a cash redemption price that shall be negotiated in good faith by the Parties and determined on or before the Redemption Date (the “Redemption
Price”); provided, however, that this Agreement shall automatically terminate and be of no further force or effect without further action by any Party if the Preferred Shares are not redeemed on or before December 31, 2014. Wells REF
hereby agrees that the Dividend Waivers shall continue to be in effect through at least the earlier of the Redemption Date or June 30, 2014 (provided, however, that this period may be extended by the Company until December 31, 2014 so long
as the Company is using good faith efforts to complete a listed public offering of its shares or other liquidity event that would result in the redemption of the Preferred Shares at the previously agreed-upon Redemption Price); and, thereafter,
until such time as the Dividend Waivers may be prospectively revoked in writing by Wells REF. 
 3. Representations and Warranties of
Wells REF. Wells REF hereby represents and warrants to the Company as follows, as of the Effective Date and the Redemption Date: 

(a) Wells REF is the lawful owner of record and the beneficial owner of the Preferred Shares, free and clear of all liens, encumbrances, claims
and other charges thereon of every kind. 
 (b) Other than this Agreement, Wells REF is not a party to or bound by any written or oral
contract or agreement which grants to any individual, corporation or other entity any option or right of first refusal or other right to purchase or otherwise acquire the Preferred Shares (or any portion thereof) at any time, or upon the happening
of any stated event. Wells REF has not sold, transferred, granted, conveyed or assigned any other right or interest in or to the Preferred Shares (or any portion thereof). 

(c) Wells REF has full legal power and authority to execute and deliver this Agreement and to perform all of its obligations hereunder. The
execution, delivery and performance of this Agreement have been duly authorized and approved by all necessary action of Wells REF and this Agreement has been duly executed and delivered by Wells REF. This Agreement constitutes the valid and binding
obligation of Wells REF, enforceable against Wells REF in accordance with its terms. 

  
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 (d) There is no authorization, consent, order or approval of, or notice to or filing with, any
Federal, state, local or other governmental agency or instrumentality required to be obtained or given in order for Wells REF to sell, transfer, grant, convey and assign the Preferred Shares to the Company and to fully perform its other obligations
hereunder. 
 4. Representations and Warranties of the Company. The Company hereby represents and warrants to Wells REF as
follows, as of the Effective Date and the Redemption Date: 
 (a) The Company has full legal power and authority to execute and deliver this
Agreement and to perform all of its obligations hereunder. The execution, delivery and performance of this Agreement have been duly authorized and approved by all necessary action of the Company and this Agreement has been duly executed and
delivered by the Company. This Agreement constitutes the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. 

(b) There is no authorization, consent, order or approval of, or notice to or filing with, any Federal, state, local or other governmental
agency or instrumentality required to be obtained or given in order for the Company to purchase, receive, acquire and redeem the Preferred Shares and to fully perform its other obligations hereunder. 

5. Officer and Director Resignations. 

(a) Mr. Wells hereby agrees to resign as President and Chairman of the Board of the Company, effective on the Hire Date (as defined in the
Master Transition Agreement). 
 (b) Mr. Williams hereby agrees to resign as Executive Vice President, Secretary and Treasurer of the
Company, effective on the Hire Date. 
 (c) In connection with the Company’s redemption of the Preferred Shares Messrs. Wells and
Williams each hereby agree to resign as a director of the Company, effective on the Redemption Date. 
 6. Excepted Holder Status.
Effective as of the Redemption Date, Wells REF hereby consents to the removal of the waiver of the Aggregate Share Ownership Limit and to the elimination of its status as an Excepted Holder, which were previously granted to Wells REF by the
Board of Directors. 
 7. Survival of Representations and Warranties. All representations, warranties, covenants and
agreements of the Parties set forth in this Agreement shall survive the execution and delivery hereof. 
 8.
Indemnification. Each of the Company and Wells REF hereby indemnifies and holds the other harmless from and against any and all damage, loss, liability, 

  
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deficiency, cost and expense (including without limitation reasonable attorneys’ fees) resulting from or arising out of any misrepresentation, breach or inaccuracy of any of the
representations, warranties, covenants or agreements made by the Company or Wells REF in this Agreement and any suit, action, investigation or proceeding incident thereto. 

9. Further Assurances. Each of the Parties hereby agrees that they will, from time to time, execute and deliver, or cause to be
executed and delivered, such further instruments and documents as may be required to transfer and deliver the Preferred Shares to the Company and to otherwise carry out the intention of the Parties and facilitate the performance of this Agreement.

 10. Miscellaneous. 

(a) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Maryland, without
regard to principles of conflicts of laws. 
 (b) Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the Parties and their respective successors and assigns. 
 (c) Entire Agreement; Modification; Waiver. This Agreement sets
forth the entire understanding of the Parties and supersedes all prior oral or written agreements between the Parties with respect to the subject matter hereof. This Agreement shall not be changed, modified or amended except by a written instrument
signed by the Parties. 
 (d) Titles and Headings. Titles and headings to sections herein are inserted for convenience of reference
only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 
 (e) Execution in
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. 

[Signature page follows.] 

  
 -4- 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date. 

 

			
	WELLS REAL ESTATE FUNDS, INC.
		
	By:	 	/s/ LEO F. WELLS, III
		 	Leo F. Wells, III
		 	Chief Executive Officer

  

			
	CATCHMARK TIMBER TRUST, INC.
		
	By:	 	 /s/ BRIAN DAVIS

		 	Brian Davis
		 	Senior Vice President, Chief Financial Officer, Treasurer and Assistant Secretary

  

	
	LEO F. WELLS, III
	
	 /S/ LEO F. WELLS, III

	Leo F. Wells, III

  

	
	DOUGLAS P. WILLIAMS
	
	 /S/ DOUGLAS P. WILLIAMS

	Douglas P. Williams

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