Trinity Capital Inc.

We believe that our executive compensation program appropriately aligns executive compensation with both company and individual performance. As described above, the Compensation Committee considers a number of individual and corporate performance factors and metrics each year in setting executive compensation and determining incentive compensation payout levels. The Compensation Committee considers, among other things, our net investment income, return on average equity, dividend yield, net asset value growth, assets under management growth, deployment of capital, capitalization, portfolio activity and growth in total assets, as well as other strategic items of importance, for the relevant year against our BDC peers. The objective in analyzing these performance factors is to ensure that executive compensation is appropriately tied to the Company’s performance in a given year. Although we are an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) and therefore not subject to an annual “say-on-pay” advisory vote, we regularly engage with our stockholders to solicit feedback on our executive compensation program and policies.

Based on stockholder feedback received during 2023, the Compensation Committee’s comprehensive assessment of our corporate performance in 2023 and 2024, and the change in executive positions of Messrs. S. Brown and K. Brown in 2024 and Mr. Harder serving his first full calendar year as Chief Operating Officer in 2024, the Compensation Committee adjusted 2024 salaries and target bonus opportunities for our NEOs and approved the 2024 annual long-term incentive awards for our NEOs, as discussed above. We believe that our 2024 executive compensation appropriately balances stockholder feedback with a desire to create meaningful performance and retention incentives for our NEOs.