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 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 pay the chair of our compensation committee an annual cash retainer of $12,500. We pay the chair of our ESG committee an annual cash retainer of $11,500. We pay the chair of our nominating and corporate governance committee an annual cash retainer of $7,500. We pay each of the chairs of our investment committee an annual cash retainer of $8,750. 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. Mr. Coniglio does not receive any additional compensation in exchange for his service on our board of directors.

The RSUs will vest on the first anniversary of the date of grant, subject to continued employment or service until the applicable vesting date.