NewLake Capital Partners, Inc.

Our board of directors established a non-employee director compensation program upon the closing of our initial public offering with the following components:

We pay our chair of our board of directors, Mr. DuGan, who is an independent director, an annual cash retainer of $60,000 payable in advance in quarterly installments in conjunction with quarterly meetings of our board of directors.

We pay each of Mr. Carr, Ms. Johnson, Mr. Kadens, Mr. Martay, Ms. Rollman and Mr. Weinstein an annual cash retainer of $40,000 payable in advance in equal quarterly installments in conjunction with quarterly meetings of our board of directors.

We pay the chair of our audit committee an annual cash retainer of $17,500. We paid the chair of our compensation committee an annual cash retainer of $12,500. Effective June 5, 2025, the chair of our compensation committee will be paid an annual cash retainer of $15,000. We paid the chair of our ESG committee an annual cash retainer of $11,500. Effective June 5, 2025, we will pay the chair of our ESG committee an annual cash retainer of $10,000. We paid the chair of our nominating and corporate governance committee an annual cash retainer of $7,500. Effective June 5, 2025, we will pay the chair of our nominating and corporate governance committee an annual cash retainer of $10,000. We paid each of the chairs of our investment committee an annual cash retainer of $8,750. Effective June 5, 2025, we will have one chair of the investment committee and we will pay such chair an annual cash retainer of $10,000. We pay each member of our board of directors who sits on two or more committees but is not a chair of a committee an annual cash retainer of $10,000. These payments are payable in advance in equal quarterly installments. We pay each member of our board of directors a $1,500 meeting attendance fee for each board meeting attended, beginning with the eleventh board meeting held per annum. We pay each board member a $1,500 meeting attendance fee for each committee meeting attended, beginning with the eleventh meeting of each committee held per annum.

Each of our directors, except for Mr. Coniglio, may elect to receive RSUs in lieu of cash compensation. The election is to be made at the time of the annual meeting each year and is effective until the subsequent annual meeting. During 2024, Mr. Kadens elected to receive RSUs in lieu of cash compensation. Mr. Coniglio does not receive any additional compensation in exchange for his service on our board of directors.

The RSUs granted in connection with the Plan in the form of stock awards to directors will vest on the earlier of (i) the first anniversary of the date of grant and (ii) the date of the Company's 2025 Annual Meeting of Stockholders, subject to continued employment or service until the applicable vesting date.