NewLake Capital Partners, Inc.

To further align the interests of our executive officers with the interests of our stockholders and to further focus our executive officers on our long-term performance, in 2021, we began granting awards in the form of RSUs and performance stock units (“PSUs”) to certain officers, including our named executive officers, and board members in connection with the the Plan. The Plan is administered by our compensation committee, which interprets the Plan and has broad discretion to select the eligible persons to whom awards will be granted, as well as the type, size and terms and conditions of each award, including the amount of cash or number of shares subject to awards and the expiration date of, and the vesting schedule or other restrictions (including, without limitation, restrictive covenants) applicable to, awards.

The Plan will automatically terminate on August 12, 2031, the date which is ten years following the effective date of the Plan. Awards granted before the termination of the Plan may extend beyond that date in accordance with their terms.

RSUs are subject to restrictions on transfer and may be subject to a risk of forfeiture if the award recipient ceases to be an employee or director of the Company prior to vesting of the award. Each RSU represents the right to receive one share of common stock upon vesting. Each vested RSU is also entitled to receive an accumulated dividend payment equal to the dividend paid on each share of common stock during the vesting period.

The earning of PSUs is contingent upon meeting performance hurdles based on the achievement of relative total shareholder return, as measured against a peer group of companies, and absolute compounded annual growth in stock price during each performance period. The actual number of PSUs earned will range from 0% to 200% depending on the performance levels achieved. The performance periods for PSUs are three years. PSU's are recorded at fair value, which involves using a Monte Carlo simulation for future stock prices of the Company and its corresponding peer group. Refer to Note 9 - Stock Based Compensation of our Annual Report on Form 10-K filed with the SEC on March 6, 2025 for further details around the PSU valuation method.

PSUs are subject to restrictions on transfer and may be subject to a risk of forfeiture if the award recipient ceases to be an employee of the Company prior to issuance of the award. Each PSU represents the right to receive one share of common stock upon the achievement of the performance hurdles during the performance period. Each issued PSU is also entitled to receive an accumulated dividend payment equal to the dividend paid on each share of common stock during the performance period. If PSUs do not meet the performance hurdles and are cancelled, no dividends are paid on the cancelled units.