# EDGAR Filing Document

**Accession Number:** 0001868159
**File Stem:** 0001868159-26-000021
**Filing Date:** 2026-4
**Character Count:** 327536
**Document Hash:** 6d18882d80d472b0e98e1abfd8e39253
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001868159-26-000021.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0001868159-26-000021

**CONFORMED SUBMISSION TYPE**: DEF 14A

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20260609

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lineage, Inc.
- **CENTRAL INDEX KEY:** 0001868159
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DEF 14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42191
- **FILM NUMBER:** 26885611

**BUSINESS ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377
- **BUSINESS PHONE:** (800) 678-7271

**MAIL ADDRESS:**
- **STREET 1:** 46500 HUMBOLDT DRIVE
- **CITY:** NOVI
- **STATE:** MI
- **ZIP:** 48377

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Lineage Growth Properties, Inc.
- **DATE OF NAME CHANGE:** 20210617

?xml version='1.0' encoding='ASCII'? line-20260422

D

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**SCHEDULE 14A** 

**(Rule 14a-101)**

**INFORMATION REQUIRED IN PROXY STATEMENT** 

**SCHEDULE 14A INFORMATION** 

**Proxy Statement Pursuant to Section 14(a) of the**

**Securities Exchange Act of 1934**

**(Amendment No.)**

Filed by the Registrant ☒

Filed by a Party other than the Registrant ☐

Check the appropriate box:

☐ Preliminary Proxy Statement

☐ **Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2))**

☒ Definitive Proxy Statement

☐ Definitive Additional Materials

☐ Soliciting Material under §240.14a-12

**Lineage, Inc.**

**(Name of Registrant as Specified in its Charter)**

**(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)**

Payment of Filing Fee (Check all boxes that apply):

☒ No fee required.

☐ Fee paid previously with preliminary materials:

☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

![Proxy Statement Cover Design.jpg](line-20260422_g1.jpg)

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

![Lineage-RGB-Color.jpg](line-20260422_g3.jpg)

**April 23, 2026**

**A Letter From Our Chief Executive Officer**

Dear Stockholders,

2025 marked our first full year as a public company and proved to be a challenging period for Lineage and the cold

storage industry overall, shaped by a dynamic operating environment and uneven market conditions across our

footprint.

While the environment was challenging, I am proud of how our team responded.

Rather than remaining static, we took decisive steps to strengthen the business. We initiated cost-saving initiatives,

pursued selective portfolio optimization including asset sales, and accelerated improvements to our operating

processes, systems, and technology. These actions were undertaken with a long-term perspective, balancing

near-term discipline with continued investment in the future of the Company.

As the year progressed, we began to see encouraging signs. The back half of 2025 reflected improving occupancy

trends and a return toward more normal seasonality. While challenges remain, the business exited the year with

improved stability, which we expect to carry into 2026.

Lineage operates mission-critical infrastructure within a resilient global food supply chain, supported by a diversified

portfolio, long-standing customer relationships, and a deeply committed team. While 2025 was demanding, it

reinforced the importance of discipline, adaptability, and transparency.

We remain focused on executing our strategy, continuing to strengthen the business, and creating durable value for

our stockholders.

Thank you for your continued confidence in Lineage.

![Greg Photo.jpg](line-20260422_g4.jpg)

Sincerely,

![Greg Lehmkuhl Signature.jpg](line-20260422_g5.jpg)

**Greg Lehmkuhl**

**President, Chief Executive Officer & Director**

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

## Notice of 2026 Annual Meeting of Stockholders
**To be held on June 9, 2026**

![](line-20260422_g6.gif)

**To the Stockholders of Lineage, Inc.:**

The 2026 annual meeting of stockholders (the "Annual Meeting") of Lineage, Inc., a Maryland corporation

("Lineage," our "Company," "we," "our" or "us"), will be held virtually on June 9, 2026 at 8:30 a.m., Eastern

Daylight Time, to consider and vote on the following matters:

(1)The election of 10 individuals as directors, with each to serve on Lineage's board of directors until

Lineage's 2027 annual meeting of stockholders and until their respective successors are duly elected

and qualify;

(2)The ratification of the appointment of PricewaterhouseCoopers LLP as Lineage's independent

registered public accounting firm for the fiscal year ending December 31, 2026;

(3)The resolution to approve, on an advisory basis, the compensation of Lineage's named executive

officers, as more fully described in the accompanying proxy statement; and

(4)The transaction of such other business as may properly come before the Annual Meeting or any

postponement or adjournment thereof.

These items of business are described in the Proxy Statement that follows this notice. The close of business on

March 18, 2026 (the "record date") has been fixed by our board of directors as the record date for the

determination of the stockholders entitled to notice of, and to vote at, the Annual Meeting and any

postponement or adjournment thereof.

All stockholders as of the record date are cordially invited to attend the Annual Meeting, which will be conducted

via a live webcast. Whether or not you plan to attend the virtual Annual Meeting, in order to assure proper

representation of your shares at the Annual Meeting, we urge you to submit your proxy voting instructions.

To be admitted to the virtual Annual Meeting, you will need to log in to www.virtualshareholdermeeting.com/

LINE2026 using the control number found in the Notice Regarding the Availability of Proxy Materials, proxy card

or voting instruction form. The Annual Meeting will begin promptly at 8:30 a.m., Eastern Daylight Time, on

June 9, 2026. Online access to the webcast will open at approximately 8:15 a.m. Eastern Daylight Time. We

encourage you to access the meeting in advance of the designated start time. If you encounter any difficulties

accessing the virtual meeting during the check-in or meeting time, please call the technical assistance number

that will be posted on www.virtualshareholdermeeting.com/LINE2026.

If you are a registered holder of our shares as of the close of business on the record date, you may vote by

following the instructions for voting on the Notice Regarding the Availability of Proxy Materials or, if you received

a paper or electronic copy of our proxy materials, by following the instructions on your proxy card. **If you hold** 

**shares in "street name" through a broker or other financial institution, you must follow the instructions** 

**provided by your broker or other financial institution regarding how to authorize and instruct your** 

**broker or financial institution to vote your shares.**

---

| |
|:---|
| **By Order of the Board,** |
| /s/ Natalie Matsler |
| Natalie Matsler<br>Chief Legal Officer and Corporate Secretary<br>|

---

**Novi, Michigan**

**April 23, 2026**

This Notice of 2026 Annual Meeting of Stockholders and Proxy Statement are first being distributed or made

available, as the case may be, on or about April 23, 2026.

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

**Table Of Contents**

![](line-20260422_g7.gif)

---

| | |
|:---|:---|
|  | **Page** |
| **[GENERAL INFORMATION](#i50b9e85297d74d2092472e6f04be0d62)** | **[7](#i50b9e85297d74d2092472e6f04be0d62)** |
| **[PROPOSAL 1: ELECTION OF DIRECTORS](#i6c9214a2447845ebbb5663fc7fc89127)** | **[11](#i6c9214a2447845ebbb5663fc7fc89127)** |
| **[PROPOSAL 2: RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC](#iba8221dde05a422a8bb75cd5c0687ab1)**<br>**[ACCOUNTING FIRM](#iba8221dde05a422a8bb75cd5c0687ab1)**<br>| **[16](#iba8221dde05a422a8bb75cd5c0687ab1)** |
| **[INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FEES AND OTHER MATTERS](#i9f8a456f7ab24f648aecad78c2c8a04c)** | **[18](#i9f8a456f7ab24f648aecad78c2c8a04c)** |
| **[AUDIT COMMITTEE REPORT](#i9ff83fcdff8a48318b8c2c98ec17ef00)** | **[19](#i9ff83fcdff8a48318b8c2c98ec17ef00)** |
| **[PROPOSAL 3: ADVISORY (NON-BINDING) APPROVAL OF THE COMPENSATION OF THE](#i9b7918f616b349b08b9e9ffd14ccba2c)**<br>**[COMPANY'S NAMED EXECUTIVE OFFICERS](#i9b7918f616b349b08b9e9ffd14ccba2c)**<br>| **[20](#i9b7918f616b349b08b9e9ffd14ccba2c)** |
| **[BOARD AND COMMITTEE MATTERS](#iabc09e1504d24082980c1e11171a23c6)** | **[21](#iabc09e1504d24082980c1e11171a23c6)** |
| **[COMPENSATION OF DIRECTORS](#i7296991612eb4b5883243250822b2313)** | **[25](#i7296991612eb4b5883243250822b2313)** |
| **[INFORMATION REGARDING OUR EXECUTIVE OFFICERS](#id453b2c1443a4c1e9c44f066080e9839)** | **[27](#id453b2c1443a4c1e9c44f066080e9839)** |
| **[CORPORATE GOVERNANCE](#ie3c590c223b04aa4b6543fcf84d2985b)** | **[29](#ie3c590c223b04aa4b6543fcf84d2985b)** |
| **[EXECUTIVE COMPENSATION](#i14c00735665944ba80de7a302e33893a)** | **[34](#i14c00735665944ba80de7a302e33893a)** |
| **[CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#i41bd07d8ac804d44afb5acd8e1d56f33)** | **[76](#i41bd07d8ac804d44afb5acd8e1d56f33)** |
| **[SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT](#i38758789502c461db26a6a63ad0d2d1c)** | **[84](#i38758789502c461db26a6a63ad0d2d1c)** |
| **[SUBMISSION OF STOCKHOLDER PROPOSALS](#ie0c54deb6ba246b79957cc24dbe56e7e)** | **[87](#ie0c54deb6ba246b79957cc24dbe56e7e)** |
| **[DELIVERY OF MATERIALS](#i1f5962263d6f457d81cd40fda2f44e37)** | **[87](#i1f5962263d6f457d81cd40fda2f44e37)** |
| **[HOUSEHOLDING OF PROXY MATERIALS](#i551ed67d18fd4c38af02537a29bc3bff)** | **[88](#i551ed67d18fd4c38af02537a29bc3bff)** |
| **[ANNUAL REPORT](#i3756eee1fec14e3b97e1a4218ed5d606)** | **[88](#i3756eee1fec14e3b97e1a4218ed5d606)** |

---

![](line-20260422_g8.gif)

**Forward-Looking Statements**

Certain statements contained in this Proxy Statement, other than historical facts, may be considered forward-

looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements

include, but are not limited to statements about Lineage's plans, strategies, initiatives, and prospects and

statements about its future results of operations, capital expenditures and liquidity. These forward-looking

statements are based on current expectations, estimates and projections about the industry and markets in

which Lineage operates, and beliefs of, and assumptions made by, the Company. Such statements are subject

to known and unknown risks and uncertainties which could cause actual results to differ materially from those

projected or anticipated, including, but not limited to, the important factors discussed in our Annual Report on

Form 10-K for the year ended December 31, 2025 and in our other filings with the Securities and Exchange

Commission (the "SEC"). Forward-looking statements in this Proxy Statement speak only as of the date of this

Proxy Statement, and undue reliance should not be placed on such statements. We undertake no obligation to,

nor do we intend to, update, or otherwise revise, any such statements that may become untrue because of

subsequent events.

**Certain Terms Used in this Proxy Statement**

Unless specified or required by the context, references herein to "we," "our," "us," "Lineage," or the "Company"

refer to Lineage, Inc., a Maryland corporation, and its consolidated subsidiaries. References herein to "our

operating partnership" mean, prior to its conversion to a Maryland limited partnership in connection with the

formation transactions, Lineage OP, LLC, a Delaware limited liability company, and after such conversion,

Lineage OP, LP, a Maryland limited partnership. Lineage OP, LP is our direct subsidiary and is managed by us.

References herein to "Lineage Holdings" mean Lineage Logistics Holdings, LLC, our principal operating

subsidiary and a direct subsidiary of, and managed by, our operating partnership.

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

In general, references herein to "Bay Grove" are to Bay Grove Capital Group LLC ("BG Capital"), a private

owner-operator firm founded by our Co-Executive Chairmen, and its affiliated entities, including Bay Grove

Management Company, LLC ("Bay Grove Management") and Bay Grove Capital LLC ("Bay Grove Capital"), but

excluding BGLH and the Co-Executive Chairmen. In general, references to "BGLH" are to BG Lineage

Holdings, LLC, and its subsidiary BG Lineage Holdings LHR, LLC ("LHR"). BG Capital is the managing member

of Bay Grove Capital and Bay Grove Management, which is the managing member of BGLH. BG Capital is also

the manager of BG Maverick, LLC ("BG Maverick") and BG Cold, LLC ("BG Cold"). Our Co-Executive

Chairmen, Adam Forste and Kevin Marchetti, are the managing members of BG Capital.

**Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting to be held June 9,** 

**2026. The Proxy Statement and our 2025 Annual Report to Stockholders are available at:** 

**www.proxyvote.com.**

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

![Lineage-RGB-Color.jpg](line-20260422_g3.jpg)

**Proxy Statement for 2026 Annual Meeting of Stockholders to be held on June 9, 2026**

This Proxy Statement is being furnished to stockholders in connection with the solicitation of proxies by and on

behalf of the board of directors (the "Board") of Lineage, Inc. for exercise at the Company's 2026 annual

meeting of stockholders (the "Annual Meeting"). The Annual Meeting will be held in a virtual format only. This

Proxy Statement, the Notice of 2026 Annual Meeting of Stockholders and the related proxy card are first being

made available or sent to stockholders on or about April 23, 2026.

**General Information**

***When and where will the Annual Meeting be held?***

The Annual Meeting will be solely a virtual meeting of stockholders, and will be held on June 9, 2026, at 8:30

a.m., Eastern Daylight Time, via live webcast at www.virtualshareholdermeeting.com/LINE2026.

***Why are you holding a virtual Annual Meeting?***

We believe holding our Annual Meeting via live webcast is an environmentally-friendly way to provide expanded

access, improved communication and cost savings for our stockholders and the Company. The virtual meeting

provides the same rights to participate as an in-person meeting. Stockholders will not be permitted to physically

attend the Annual Meeting. During the Annual Meeting, you may submit questions and vote your shares

electronically.

***What items will be voted on at the Annual Meeting, and how does the Board recommend that I vote?***

The purpose of the Annual Meeting is to vote on the following items described in this proxy statement:

• **Proposal 1**: Election of the 10 director nominees listed in this Proxy Statement.

• **Proposal 2**: Ratification of the appointment of PricewaterhouseCoopers LLP as our independent

registered public accounting firm for 2026.

• **Proposal 3**: Advisory vote on the compensation of our named executive officers ("say-on-pay").

Our Board recommends a vote "FOR" the election of each of the nominees named in this Proxy Statement as

directors, to serve on our board of directors until our 2027 annual meeting of stockholders and until their

successors are duly elected and qualify and "FOR" Proposals 2 and 3. We do not anticipate any other matters

will come before the Annual Meeting. If other matters are properly presented at the meeting or any adjournment

or postponement thereof for consideration, and you are a stockholder of record and have submitted a proxy

card, the persons named in your proxy card will have discretion to vote on these matters for you.

***Who is entitled to vote at the Annual Meeting?***

Holders of record of shares of our common stock, par value $0.01 per share (our "Common Stock"), as of the

close of business on March 18, 2026 (the "record date") will be entitled to notice of and to vote at the Annual

Meeting and any continuation, postponement or adjournment thereof. At the close of business on the record

date, there were 227,140,448 shares of our Common Stock issued and outstanding and entitled to vote. Each

share of Common Stock is entitled to one vote.

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

***Who is entitled to participate in the Annual Meeting?***

Persons with evidence of stock ownership as of the record date, including both registered holders and

stockholders whose shares are held in street name, can participate in the virtual meeting by visiting

www.virtualshareholdermeeting.com/LINE2026. You will need the control number included on your Notice

Regarding the Availability of Proxy Materials (the "Notice"), on your proxy card, or on the instructions that

accompany your proxy materials. If you do not have a control number, please contact your broker or other

financial institution as soon as possible so that you can be provided with one. Questions pertinent to meeting

matters will be answered during the Annual Meeting, subject to time limitations. We will endeavor to answer as

many questions submitted by stockholders as time permits. We reserve the right to edit profanity or other

inappropriate language and to exclude questions regarding topics that are not pertinent to meeting matters or

Company business. If we receive substantially similar questions, we may group questions together and provide

a single response to avoid repetition. Additional information regarding stockholder questions and participation,

rules, procedures and technical support can be viewed 15 minutes prior to the meeting at

www.virtualshareholdermeeting.com/LINE2026. If you encounter any difficulties while accessing the virtual

meeting during the check-in or meeting time, you should call the technical assistance phone number that will be

posted on the virtual stockholder meeting log-in page, which will be made available 15 minutes prior to the start

time of the meeting.

***What is the difference between being a "record holder" and holding shares in "street name"?***

A record holder (also called a "registered holder") holds shares in his or her name directly with our transfer

agent, Computershare Trust Company, N.A. Shares held in "street name" means that shares are held in the

name of a broker or other financial institution on the holder's behalf.

***How do I vote if I am a record holder?***

We recommend that stockholders vote by proxy even if they plan to attend the Annual Meeting virtually. If you

are a stockholder of record, there are three ways to vote by proxy:

**•By internet:** You can vote over the internet at www.proxyvote.com by following the instructions on

the Notice or proxy card.

**•By telephone:** You can vote by telephone by calling 1-800-690-6903 and following the instructions

on the Notice or proxy card.

**•By mail:** You can vote by mail by signing, dating and mailing the proxy card, which you may have

received by mail.

Internet and telephone voting facilities for stockholders of record will be available 24 hours a day and will close

at 11:59 p.m., Eastern Time, on June 8, 2026.

You may also elect to participate in the Annual Meeting via live webcast, through which you may vote online

during the Annual Meeting prior to the closing of the polls. Any previous votes that you submitted by mail,

telephone or internet will be superseded.

***How do I vote if my shares are held in "street name"?***

If your shares are held by a broker or other financial institution, the Notice, or the proxy materials if you elected

to receive a hard copy, has been forwarded to you by your broker or other financial institution who is

considered, with respect to those shares, the stockholder of record. As the beneficial owner, you have the right

to direct your broker or other financial institution on how to vote your shares by following their instructions for

voting.

You may also elect to participate in the Annual Meeting via live webcast, through which you may vote online

during the Annual Meeting prior to the closing of the polls, and any previous votes that you submitted will be

superseded.

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

***How many shares must be present to hold the Annual Meeting?***

A quorum must be present at the Annual Meeting for any business to be conducted. The presence, virtually or

represented by proxy, at the Annual Meeting of holders of Common Stock entitled to cast a majority of all the

votes entitled to be cast at the Annual Meeting will constitute a quorum. Abstentions and broker non-votes are

each included in the determination of the number of shares present at the Annual Meeting for the purpose of

determining whether a quorum is present.

***What vote is required for each proposal?***

For Proposal 1, in an uncontested election, an affirmative vote of the majority of the total votes cast for and

against such nominee is required for the election of a director. The majority voting standard does not apply,

however, in a contested election where the number of director nominees exceeds the number of directors to be

elected at the Annual Meeting. In such circumstances, directors will instead be elected by a plurality of the votes

cast, which means that the nominees receiving the largest number of "for" votes would be elected as directors.

The election of directors at the Annual Meeting is not contested.

The approval of Proposals 2 and 3 requires the affirmative vote of a majority of votes cast on the proposal.

***How are abstentions and broker non-votes counted?***

Abstentions (shares present at the meeting or represented by proxy that are voted "abstain") and broker non-

votes (explained below) are counted for the purpose of establishing the presence of a quorum, but are not

counted as votes cast and will have no effect on the voting results for the applicable proposal.

***What is a "broker non-vote"?***

A broker non-vote occurs when there are both routine and non-routine matters and a nominee holding shares

for a beneficial owner (e.g., a broker) votes on at least one routine matter but does not vote on one or more

non-routine matters because such nominee does not have discretionary voting power for that particular matter

and has not received voting instructions from the beneficial owner. Broker non-votes occur for such non-routine

matters. The only routine item to be acted upon at the Annual Meeting with respect to which a broker or

nominee will be permitted to exercise voting discretion is the ratification of the appointment of

PricewaterhouseCoopers LLP as our independent registered public accounting firm for the 2026 fiscal year.

Therefore, if you hold your shares in street name and do not give the broker or nominee specific voting

instructions on the other proposals, your shares will not be voted on such other items, and a broker non-vote will

occur. Broker non-votes are not considered votes cast, and will therefore not have any effect on such proposals.

***What if I do not specify how my shares are to be voted?***

If you submit a proxy but do not indicate any voting instructions, the persons named as proxies will vote in

accordance with the recommendations of the Board.

***Can I revoke or change my vote after submitting a proxy?***

Yes. If you are a record holder and you have voted by internet, telephone or mail, you may change your vote

and revoke your proxy by:

• Sending a written statement to that effect to the attention of Corporate Secretary at Lineage, Inc.,

46500 Humboldt Drive, Novi, Michigan 48377, provided that such statement is received no later

than June 8, 2026.

• Voting again by internet or telephone at a later time before the closing of these voting facilities at

11:59 p.m. Eastern Time, on June 8, 2026.

• Submitting a properly signed proxy card with a later date that is received no later than June 8,

2026. •Attending the Annual Meeting via live webcast and voting online during the Annual Meeting prior to

the closing of the polls.

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

If you hold shares in street name, you may submit new voting instructions by contacting your broker or other

financial institution.

Your most recent proxy card or telephone or internet proxy is the one that is counted. Your attendance at the

Annual Meeting by itself will not revoke your proxy unless you give written notice of revocation to the Company

before your proxy is voted or you vote at the Annual Meeting.

***Why did I receive a Notice Regarding the Availability of Proxy Materials instead of a full set of*** 

***materials?***

Under rules adopted by the SEC, we are electing to furnish proxy materials, including this Proxy Statement and

our annual report for the fiscal year ended December 31, 2025 (the "Annual Report"), to our stockholders by

providing access to such documents on the internet, rather than mailing printed copies. If you received a Notice

by mail, you will not receive printed copies of the proxy materials unless you request them. Instead, the Notice

will instruct you how to access and review the proxy materials on the internet. If you would like printed copies of

the proxy materials, please follow the instructions in the Notice.

***What does it mean if I receive more than one Notice or more than one set of proxy materials?***

It means that your shares are held in more than one account at the transfer agent and/or with brokers or other

financial institutions. Please vote all of your shares. To ensure that all of your shares are voted, for each Notice

or set of proxy materials, please submit your proxy according to the instructions.

***I share an address with another stockholder. Why did we receive only one set of proxy materials?***

Some brokers and other financial institutions may be participating in the practice of "householding" proxy

materials. This means that only one copy of our proxy materials may be sent to multiple stockholders in your

household. If you hold your shares in street name and want to receive separate copies of the proxy materials in

the future, or if you are receiving multiple copies and would like to receive only one copy for your household,

you should contact the broker or other financial institution that holds your shares. Upon written request, we will

promptly deliver a separate copy of the proxy materials to any stockholder at a shared address to which a single

copy of those documents were delivered. To receive a separate copy of the proxy materials, you can contact

Investor Relations at (470) 801-6049. See "Householding of Proxy Materials" below for more information.

***Who is paying for this proxy solicitation?***

We will pay the cost of soliciting proxies. Proxies may be solicited on our behalf by directors, officers, or

employees (for no additional compensation) in person or by telephone, fax or email. Brokers and other financial

institutions will be requested to solicit proxies or authorizations from beneficial owners and will be reimbursed

for their reasonable expenses.

***Who will count the votes?***

Representatives of Broadridge Investor Communications Services ("Broadridge") will tabulate the votes, and a

representative of Broadridge will act as inspector of elections.

***Who should I contact if I have additional questions?***

You can contact our Investor Relations at (470) 801-6049. Stockholders who hold in street name should contact

the organization that holds their shares for additional information on how to vote.

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

**Proposal 1: Election Of Directors**

**Board of Directors**

Our board of directors is currently comprised of 10 directors: Adam Forste, Kevin Marchetti, Greg Lehmkuhl,

Shellye Archambeau, John Carrafiell, Joy Falotico, Luke Taylor, Michael Turner, Lynn Wentworth and James

Wyper. In accordance with our charter (the "Charter") and amended and restated bylaws (the "Bylaws"), each

director will hold office until our next annual meeting of stockholders following his or her election and until his or

her successor has been duly elected and qualifies, or until the director's earlier resignation, death or removal.

Our Stockholders Agreement (as defined below) requires us to nominate for election as directors at this Annual

Meeting six individuals designated by BGLH, one individual designated by Stonepeak Aspen Holdings LLC

(along with its affiliates, unless the context otherwise requires, "Stonepeak") and one individual designated by

BGO Cold Storage Holdings II, LP (along with its affiliates, unless the context otherwise requires,

"BentallGreenOak"). For additional information, see "Certain Relationships and Related Party Transactions—

Other Related Party Transactions—Stockholders Agreement." BGLH has designated Messrs. Forste, Marchetti

and Turner and Mses. Archambeau, Falotico, and Wentworth, Stonepeak has designated Mr. Wyper, and

BentallGreenOak has designated Mr. Carrafiell. As a result, and upon the recommendation of the Nominating

and Corporate Governance Committee, our Board has nominated each of these individuals, as well as Mr.

Lehmkuhl and Mr. Taylor, to stand for election as directors by the stockholders at the Annual Meeting, with each

to serve until our 2027 annual meeting of stockholders and until their respective successors are duly elected

and qualify, or until their earlier resignation, death or removal.

The shares of Common Stock represented by properly submitted proxies will be voted by the persons named

therein as proxy holders "FOR" the election of each of Messrs. Forste, Marchetti, Lehmkuhl, Carrafiell, Taylor,

Turner and Wyper and Mses. Archambeau, Falotico and Wentworth as directors, unless otherwise instructed. If

the candidacy of any of Messrs. Forste, Marchetti, Lehmkuhl, Carrafiell, Taylor, Turner, and Wyper and Mses.

Archambeau, Falotico, and Wentworth should, for any reason, be withdrawn prior to the Annual Meeting, the

proxies will be voted by the proxy holders in favor of such substituted candidates (if any) as shall be nominated

by our Board. Our Board has no reason to believe that, if elected, any of Messrs. Forste, Marchetti, Lehmkuhl,

Carrafiell, Taylor, Turner and Wyper and Mses. Archambeau, Falotico and Wentworth will be unable or unwilling

to serve as director.

**Information Regarding the Nominees for Election as Directors**

The following information is furnished as of April 23, 2026 regarding the nominees for election as directors.

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Adam Forste | 48 | Co-Executive Chairman |
| Kevin Marchetti | 48 | Co-Executive Chairman |
| Greg Lehmkuhl | 53 | President, Chief Executive Officer and Director |
| Shellye Archambeau | 63 | Director |
| John Carrafiell | 61 | Director |
| Joy Falotico | 58 | Director |
| Luke Taylor | 48 | Director |
| Michael Turner | 53 | Director |
| Lynn Wentworth | 67 | Director |
| James Wyper | 36 | Director |

---

**Adam Forste**

Adam Forste is a Co-Founder of our Company and has served as our Co-Executive Chairman since our

formation. Mr. Forste is also a co-founder of Bay Grove, our Company's original owner-operator, and has served

as a Managing Partner of Bay Grove since 2007. Prior to co-founding Bay Grove, Mr. Forste worked at KKR.

Mr. Forste began his career with Morgan Stanley in its investment banking group, both in New York and San

Francisco. He serves on the board of directors of the Global Cold Chain Foundation, Emergent Cold LatAm

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Lineage 2026 Proxy Statement<br>

Holdings LLC and Turvo LLC. Mr. Forste is also a Fulbright Fellow and a graduate of Dartmouth College. We

believe that, as a Co-Founder, Mr. Forste's prior management and board experience, as well as his experience

as an investment professional qualifies him to serve on our board of directors.

**Kevin Marchetti**

Kevin Marchetti is a Co-Founder of our Company and has served as our Co-Executive Chairman since our

formation. Mr. Marchetti is also a co-founder of Bay Grove, our Company's original owner-operator, and has

served as Managing Partner of Bay Grove since 2007. Prior to co-founding Bay Grove, Mr. Marchetti worked at

The Yucaipa Companies. Mr. Marchetti began his career with Morgan Stanley in its investment banking group in

San Francisco. He currently serves as a Trustee for the San Francisco Museum of Modern Art and previously

served on the board of directors of the Pittsburgh Penguins, The San Francisco Zoological Society and The

International Association of Refrigerated Warehouses. Mr. Marchetti is a graduate of Duke University. We

believe that, as a Co-Founder, Mr. Marchetti's prior management and board experience, as well as his

experience as an investment professional qualifies him to serve on our board of directors.

**Greg Lehmkuhl**

Greg Lehmkuhl has served as our President and Chief Executive Officer since June 2015 and as a director

since our initial public offering of Common Stock in July 2024 (our "IPO"). Prior to joining Lineage, he served in

various executive appointments for Con-Way, Inc. (NYSE: CNW) from 2001 to 2011, including President and

Corporate Executive Vice President and held management positions at Menlo Logistics, Delphi Automotive and

Penske Logistics. Mr. Lehmkuhl has also served on the board of directors of Agree Realty Corp. (NYSE: ADC)

since July 2018. Mr. Lehmkuhl received his Bachelor of Material and Logistics Management from Michigan

State University and an M.B.A. from Oakland University. We believe that Mr. Lehmkuhl's experience as a

director and company executive, including his experience in real estate, corporate governance and business

management, qualifies him to serve on our board of directors.

**Shellye Archambeau**

Shellye Archambeau has served on the board of directors of Lineage Holdings since April 2024 and on the

board of directors of Lineage since our IPO. From December 2002 until December 2017, Ms. Archambeau was

Chief Executive Officer of MetricStream, Inc., a leading provider of governance, risk, compliance and quality

management solutions. Prior to that, Ms. Archambeau served as Chief Marketing Officer and Executive Vice

President of Sales for Loudcloud, Inc., Chief Marketing Officer of NorthPoint Communications Group, Inc., and

President of Blockbuster Inc.'s e-commerce division. Before joining Blockbuster, she held domestic and

international executive positions at IBM. Ms. Archambeau has served on the boards of directors of Verizon

Communications Inc. (NYSE: VZ) since November 2013, Roper Technologies, Inc. (Nasdaq: ROP) since April

2018 and Okta, Inc. (Nasdaq: OKTA) since December 2018. Ms. Archambeau previously served on the boards

of directors of Nordstrom, Inc. (NYSE: JWN) from February 2015 to May 2022 and Arbitron Inc. from 2005 to

2013. Ms. Archambeau holds a Bachelor of Science from the Wharton School of the University of Pennsylvania.

We believe that Ms. Archambeau is qualified to serve as a member of our board of directors because of her

experience as a company executive, her valuable knowledge of technology, digital media and communications

platforms and her experience serving on other boards.

**John Carrafiell**

John Carrafiell has been a member of the board of directors of Lineage Holdings since March 2021 and on the

board of directors of Lineage since our IPO. Mr. Carrafiell has served as the co-Chief Executive Officer of

BentallGreenOak ("BGO"), a global real estate investment and private equity investment management firm,

since July 2021. Mr. Carrafiell was a co-Founder of GreenOak Real Estate in May 2010 prior to its 2019 merger

with Bentall Kennedy (owned by Sun Life Financial Inc.). He also serves as the chairman of the board of IREIT

by BGO, a logistics and industrial REIT launched in July 2023. Mr. Carrafiell has been a member of the board of

directors and audit committee of publicly-traded Klepierre, one of Europe's largest REITs, since January 2015

and has served as the chairman of the audit committee since July 2018. He has served on the board of

European data center company Bulk Infrastructure since December 2020, as a member then observer. Mr.

Carrafiell has previously served as a member of the board and the chairman of both the audit committee and

the operating committee of Canary Wharf from June 2004 to March 2009 and as a member of the board of

Shurgard, a leading European self-storage company, from October 2018 to February 2020. Mr. Carrafiell is a

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Lineage 2026 Proxy Statement<br>

former Executive Member of the Board of the European Public Real Estate Association. Mr. Carrafiell was

previously a member of the Supervisory Boards of publicly-traded Corio (Holland) and Deutsche Immobilien

Chancen Group (Germany). Mr. Carrafiell joined Morgan Stanley in 1987 and was based in Europe from

September 1989 to December 2009, as Head of European Real Estate from January 1995, and Global Head of

Real Estate and a member of the investment bank's six person global operating management committee from

December 2005 to March 2007. Mr. Carrafiell holds a B.A. in philosophy from Yale. We believe that Mr.

Carrafiell is qualified to serve on our board of directors because of his extensive real estate, investment and

public company experience.

**Joy Falotico**

Joy Falotico has served on the board of directors of Lineage Holdings since December 2022 and on the board

of directors of Lineage since our IPO. Ms. Falotico was formerly the President of Lincoln Motor at Ford Motor

Company from March 2018 to November 2022 and also served as Ford Motor Company's Chief Marketing

Officer from March 2018 until January 2021. Prior to that, Ms. Falotico served as Ford Motor Credit Company's

Chief Executive Officer from October 2016 to February 2018 and Chief Operating Officer prior to that period.

She has served in a number of leadership roles at Ford Motor Company and Ford Motor Credit Company since

1989. Ms. Falotico serves on the board of Alliant Energy Corp (Nasdaq: LNT), where she is the chair of the

audit committee and a member of the executive committee and the operations committee and Lincoln Electric

Holdings Inc. (Nasdaq: LECO) where she is a member of the audit and nominating and corporate governance

committees. She previously served on the board and executive committee of American Financial Services

Association and the board and audit committee of Ford Motor Credit Company and as the chair of the board of

FCE Bank, plc. Ms. Falotico holds a Bachelor of Science, Business Administration from Truman State University

and a M.B.A. from DePaul University. We believe that Ms. Falotico is qualified to serve on our board of directors

because of her extensive management, regulatory, board and leadership experience.

**Luke Taylor**

Luke Taylor has served on the board of directors of Lineage Holdings since May 2018 and on the board of

directors of Lineage since our IPO. Mr. Taylor serves as Co-President of Stonepeak, a global infrastructure and

real assets investment management firm, where he has served in various roles, including Co-Chief Operating

Officer and Senior Managing Director, since 2011. Mr. Taylor is a member of the Stonepeak Executive

Committee and a member of all of Stonepeak's investment committees. In these roles, Mr. Taylor shares broad

responsibilities across investing and oversight of the firm's day-to-day business. Mr. Taylor has been investing

across the infrastructure space for over 20 years, has served on the board of Stonepeak Infrastructure Logistics

Platform since March 2021 and is a former director of Evolve Transition Infrastructure LP (NYSEAM: SNMP),

Paradigm Energy Partners, Hygo Energy Transition Ltd., Ironclad Energy Partners, LLC, TRAC Intermodal,

Casper Crude to Rail Holdings LLC and Tidewater Holdings. Prior to joining Stonepeak, Mr. Taylor was a Senior

Vice President with Macquarie Capital. Mr. Taylor has a Bachelor of Commerce and a Master of Business

(Distinction) from the University of Otago (New Zealand). We believe that Mr. Taylor is qualified to serve on our

board of directors because of his extensive experience as an infrastructure and real assets investment

professional, including his experience in finance and mergers and acquisitions.

**Michael Turner**

Michael Turner has served on the board of directors of Lineage Holdings since September 2020 and on the

board of directors of Lineage since our IPO. Mr. Turner has served as the Chief Executive Officer of Superkey

Insurance LLC, an insurance services provider which he co-founded, since April 2024. Mr. Turner was formerly

President of Oxford Properties Group and was the chair of Oxford's investment committee and executive

committee from April 2018 to April 2023, during which time he also served as Global Head of Real Estate for

OMERS (Oxford's shareholder) where he was a member of their management investment committee and

transaction approval committee. Previously, Mr. Turner held the positions of Executive Vice President and

Senior Vice President at Oxford Properties Group from June of 2010 to April 2018. Prior to joining Oxford, Mr.

Turner was Executive Vice President at CBRE Group, Inc. (NYSE:CBRE), a leading global real estate

investment services provider. Mr. Turner serves on the board of directors of Riot Platforms Inc. (Nasdaq: RIOT),

where he is the chairman of the audit committee and serves on the compensation and human resources

committee and governance and nominating committee. He has also served as a board member for several

investment and asset management companies, including M7 Real Estate (UK), Honest Buildings (sold to

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Lineage 2026 Proxy Statement<br>

Procore Technologies, Inc. (NYSE: PCOR)) and R-Labs. Mr. Turner holds a Bachelor of Arts from the University

of British Columbia, a Master of Planning from Queen's University and a Master of Finance from the University

of Toronto, and is a Chartered Financial Analyst (CFA). We believe that Mr. Turner is qualified to serve on our

board of directors because of his extensive real estate investment, financial reporting and management and

board experience.

**Lynn Wentworth**

Lynn Wentworth has served on the board of directors of Lineage Holdings since June 2022 and on the board of

directors of Lineage since our IPO. Additionally, Ms. Wentworth has served on the board of directors of Graphic

Packaging Holding Company (NYSE: GPK) since November 2009, where she chairs the compensation and

management development committee and is a member of the nominating and corporate governance committee,

and Benchmark Electronics, Inc. (NYSE: BHE) since June 2021, where she chairs the audit committee and

serves on the nominating, sustainability and governance committee. Ms. Wentworth was a director and chair of

the audit committee for CyrusOne, Inc. from 2014 until its acquisition by a consortium led by KKR and Global

Infrastructure Partners in March 2022 and had served as chair of the board of directors since May 2021. She

was also a director and chair of the audit committee of Cincinnati Bell, Inc. from 2008 until its acquisition by

Macquarie Asset Management in September 2021 and had served as chair of the board of directors since May

2019. She served as the Senior Vice President, Chief Financial Officer and Treasurer of BlueLinx Holdings Inc.

(NYSE: BXC) until her retirement in 2008. Prior to joining BlueLinx in 2007, Ms. Wentworth was with BellSouth

Corporation from 1985 to 2007, where she served as Vice President and Chief Financial Officer for the

Communications Group from 2004 to 2007 and Vice President Treasurer from 2003 to 2004. Ms. Wentworth

holds a Bachelor of Science in Business Administration from Babson College, a Master's degree in taxation

from Bentley College and a M.B.A. from Georgia State University. In 2024, Ms. Wentworth completed a climate

certification program through Competent Boards. In 2025, Ms. Wentworth completed a Nasdaq & NYU cyber

scholar certification for board members and a Stanford University generative AI certification program. We

believe that Ms. Wentworth is qualified to serve on our board of directors and as our lead independent director

because of her public accounting and corporate finance experience, including her service as Chief Financial

Officer of a public company, as well as her extensive board and corporate governance experience.

**James Wyper**

James Wyper has served on the board of directors of Lineage Holdings since May 2018 and on the board of

directors of Lineage since our IPO. Mr. Wyper serves as Senior Managing Director, Head of US Private Equity

and Head of Transportation and Logistics at Stonepeak, where he has served in various roles since 2013. Prior

to joining Stonepeak, Mr. Wyper was a member of Credit Suisse's Global Energy group, where he focused on

the power and renewables sector. Mr. Wyper serves on a number of private company boards, and previously

served as a director of a number of other Stonepeak portfolio companies. He holds a B.A. in Economics from

Yale University. We believe that Mr. Wyper is qualified to serve on our board of directors because of his

extensive experience as an infrastructure investment professional, including his experience in finance and

mergers and acquisitions.

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Lineage 2026 Proxy Statement<br>

**Skills and Experience of Director Nominees**

The following table sets forth the name and experience of each of our director nominees.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Director** <br>**Since**<sup>(1)</sup><br>| **Finance &** <br>**Accounting**<br>| **Real** <br>**Estate**<br>| **Executive/**<br>**Senior** <br>**Leadership**<br>| **Logistics** | **Global/**<br>**International**<br>| **Technology** | **Risk** <br>**Management**<br>|
| Adam Forste | 2008 | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
| Kevin Marchetti | 2008 | ✔ | ✔ | ✔ | ✔ | ✔ |  |  |
| Greg Lehmkuhl | 2015 | ✔ | ✔ | ✔ | ✔ | ✔ |  | ✔ |
| Shellye Archambeau | 2024 | ✔ |  | ✔ |  | ✔ | ✔ | ✔ |
| John Carrafiell | 2021 | ✔ | ✔ | ✔ |  | ✔ |  | ✔ |
| Joy Falotico | 2022 | ✔ | ✔ | ✔ |  | ✔ | ✔ | ✔ |
| Luke Taylor | 2018 | ✔ | ✔ | ✔ | ✔ | ✔ |  |  |
| Michael Turner | 2020 | ✔ | ✔ | ✔ |  | ✔ | ✔ | ✔ |
| Lynn Wentworth | 2022 | ✔ | ✔ | ✔ |  |  | ✔ | ✔ |
| James Wyper | 2018 | ✔ | ✔ |  | ✔ | ✔ |  |  |

---

_____________________

(1)Includes service on the board of directors of Lineage, Inc. and service on the board of directors or its equivalent of any Lineage

predecessor, including Lineage Holdings.

**Our board of directors recommends a vote "FOR" the election of each of Messrs. Forste, Marchetti,** 

**Lehmkuhl, Carrafiell, Taylor, Turner and Wyper and Mses. Archambeau, Falotico and Wentworth as** 

**directors.**

Election of each of the nominees requires the affirmative vote of the majority of total votes cast with respect to

his or her election (that is, the number of votes cast "FOR" the nominee must exceed the number of votes cast

"AGAINST" the nominee). Votes cast includes votes against but excludes abstentions and broker non-votes with

respect to a nominee's election, and abstentions and broker non-votes will have no effect on the election of any

director (although they will be considered present for the purpose of determining the presence of a quorum).

The majority voting standard does not apply, however, in a contested election where the number of director

nominees exceeds the number of directors to be elected at an Annual Meeting. In such circumstances, directors

will instead be elected by a plurality of all the votes cast at the Annual Meeting at which a quorum is present.

The election of directors at our Annual Meeting this year is not contested. Proxies solicited by our board of

directors will be voted "FOR" each of Messrs. Forste, Marchetti, Lehmkuhl, Carrafiell, Taylor, Turner and Wyper

and Mses. Archambeau, Falotico and Wentworth as directors, unless otherwise instructed.

In accordance with our Charter and our Bylaws, any vacancies occurring on our Board, including vacancies

occurring as a result of the death, resignation, or removal of a director, or due to an increase in the size of the

Board, may be filled only by the affirmative vote of a majority of the remaining directors in office, even if the

the removal or resignation of a BGLH Director, Stonepeak Director, or BentallGreenOak Director (each as

defined below), our Stockholders Agreement requires us to nominate for election an individual designated by

the applicable investor to fill the vacancy. See "Certain Relationships and Related Party Transactions—Other

Related Party Transactions—Stockholders Agreement." Any director elected to fill a vacancy will serve until the

next annual meeting of stockholders and until a successor is duly elected and qualifies or his or her earlier

resignation, death or removal.

There are no familial relationships among any of the members of our Board or executive officers.

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Lineage 2026 Proxy Statement<br>

**Proposal 2: Ratification Of Appointment Of Independent Registered Public** 

**Accounting Firm**

**Ratification of Appointment of PricewaterhouseCoopers LLP**

The Audit Committee has appointed PricewaterhouseCoopers LLP ("PwC") as our independent registered

public accounting firm for the fiscal year ending December 31, 2026. PwC was our independent registered

public accounting firm for the fiscal year ended December 31, 2025. Our Board is requesting that our

stockholders ratify the appointment of PwC as our independent registered public accounting firm for the fiscal

year ending December 31, 2026.

Neither our Bylaws nor our other governing documents or applicable law require stockholder ratification of the

Audit Committee's appointment of PwC as our independent registered public accounting firm. However, our

Board is submitting the appointment of PwC to the stockholders for ratification as a matter of good corporate

practice. In the event that ratification of this appointment of independent registered public accounting firm is not

approved at the Annual Meeting, the Audit Committee will review its future selection of our independent

registered public accounting firm. Even if the selection is ratified, the Audit Committee, in its discretion, may

direct the appointment of a different independent registered public accounting firm at any time during the year if

it determines that such a change would be in our best interests.

Representatives of PwC are expected to attend the Annual Meeting and will be provided with an opportunity to

make a statement if so desired and to respond to appropriate inquiries from stockholders.

**Our board of directors recommends a vote "FOR" the ratification of the appointment of PwC as our** 

**independent registered public accounting firm for the 2026 fiscal year.**

A majority of all the votes cast on this proposal at the Annual Meeting is required for its approval. Proxies

solicited by our Board will be voted "FOR" this proposal, unless otherwise instructed. Abstentions will not be

counted as votes cast and will have no effect on the result of the vote, although they will be considered present

for the purpose of determining the presence of a quorum. Because this proposal is considered "routine," we do

not expect there to be any broker non-votes.

**Change in Independent Registered Public Accounting Firm in 2025**

KPMG LLP ("KPMG"), our auditor from 2020 to April 2025, audited our consolidated financial statements for the

fiscal years ended December 31, 2024 and 2023 and also provided certain tax services. As reported in our

Current Report on Form 8-K filed with the SEC on April 7, 2025 (the "April Form 8-K"), the Audit Committee

approved the dismissal of KPMG on April 1, 2025, effective following the filing of the Company's Form 10-Q for

the quarterly period ended March 31, 2025, and appointed PwC as our independent registered public

accounting firm for the fiscal year ending December 31, 2025, subject to completion of PwC's standard client

acceptance procedures.

The audit reports of KPMG on the Company's consolidated financial statements as of and for the fiscal years

ended December 31, 2024 and 2023, did not contain an adverse opinion or a disclaimer of opinion, nor were

the reports qualified or modified as to uncertainty, audit scope, or accounting principles.

During the fiscal years ended December 31, 2024 and 2023, and during the subsequent interim period through

April 1, 2025, there were no "disagreements" (as that term is defined in Item 304(a)(1)(iv) of Regulation S-K)

between the Company and KPMG on any matter of accounting principles or practices, financial statement

disclosure, or auditing scope or procedures, which, if not resolved to the satisfaction of KPMG, would have

caused KPMG to make reference to the subject matter of the disagreement in connection with its report on the

Company's consolidated financial statements for such years. During the fiscal years ended December 31, 2024

and 2023 and the subsequent interim period through April 1, 2025, there were no "reportable events" (as that

term is defined in Item 304(a)(1)(v) of Regulation S-K), except for the material weakness in the Company's

internal control over financial reporting as of December 31, 2023 relating to the Company's failure to timely

complete its risk assessment and design, implement, and/or effectively operate controls for a sufficient period of

time, as previously reported in the registration statement on Form S-11 (File No. 333-280470) that was declared

effective by the SEC on July 24, 2024. This material weakness was remediated as of December 31, 2024, as

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Lineage 2026 Proxy Statement<br>

previously reported in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed

with the SEC on February 26, 2025. The Audit Committee discussed this matter with KPMG, and the Company

has authorized KPMG to respond fully to any inquiries of PwC with respect to this matter.

We provided KPMG with a copy of the disclosures to be included in the April Form 8-K and requested that

KPMG provide a letter addressed to the SEC stating whether KPMG agrees with the statements contained in

the April Form 8-K as they relate to KPMG. A copy of such letter dated April 7, 2025 was attached as Exhibit

16.1 to the April Form 8-K.

During the Company's years ended December 31, 2024 and 2023, and the subsequent interim period through

April 1, 2025 (prior to the selection of PwC), neither the Company nor anyone on its behalf consulted with PwC

with respect to (a) the application of accounting principles to a specified transaction, either completed or

proposed, or the type of audit opinion that might be rendered with respect to the Company's consolidated

financial statements, and neither a written report nor oral advice was provided to the Company by PwC that

PwC concluded was an important factor considered by the Company in reaching a decision as to any

accounting, auditing, or financial reporting issue, or (b) any matter that was either the subject of a

"disagreement" or a "reportable event" (as those terms are described in Item 304(a)(1)(iv) and (v), respectively,

of Regulation S-K).

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Lineage 2026 Proxy Statement<br>

**Independent Registered Public Accounting Firm Fees And Other Matters**

**Independent Registered Public Accounting Firm Fees**

The following table presents fees for professional audit services and other services rendered to us by

PricewaterhouseCoopers LLP, our independent registered public accounting firm, for our fiscal year ended

December 31, 2025.

---

| | |
|:---|:---|
|  | **2025** |
| Audit Fees<sup>(1)</sup> ................................................................................................................................................... | $8667479 |
| Audit-Related Fees<sup>(2)</sup> .................................................................................................................................... | 206000 |
| Tax Fees<sup>(3)</sup> ...................................................................................................................................................... |  |
| All Other Fees<sup>(4)</sup> ............................................................................................................................................ | 2000 |
| **Total ...............................................................................................................................................................** | $8875479 |

---

_____________________

(1)Audit Fees include: audits of our consolidated financial statements and internal control over financial reporting, interim reviews,

statutory audits, review of Form S-3 and S-4, comfort letters, consents, and assistance with and review of other documents filed with

the SEC. Also included in this line are out-of-pocket expenses incurred in the performance of audit services.

(2)Audit-Related Fees include sustainability attestation reports.

(3)There were no Tax Fees incurred in 2025.

(4)All Other Fees include a subscription for a license for financial statement disclosure research.

**Former Independent Registered Public Accounting Firm Fees**

The following table presents fees for professional audit services and other services rendered to us by KPMG

LLP, our former independent registered public accounting firm, for our fiscal year ended December 31, 2024.

---

| | |
|:---|:---|
|  | **2024** |
| Audit Fees<sup>(1)</sup> ................................................................................................................................................... | $9149568 |
| Audit-Related Fees<sup>(2)</sup> .................................................................................................................................... |  |
| Tax Fees<sup>(3)</sup> ...................................................................................................................................................... | 28309 |
| All Other Fees<sup>(4)</sup> ............................................................................................................................................. |  |
| **Total ................................................................................................................................................................** | $9177877 |

---

_____________________

(1)Audit Fees include: audits of the consolidated financial statements included in our Annual Report on Form 10-K and the consolidated

financial statements included on Form S-11, interim reviews of the consolidated financial statements included in our quarterly reports

on Form 10-Q, statutory audits, review of Form S-11, comfort letters, consents, and assistance with and review of other documents

filed with the SEC.

(2)There were no Audit-Related Fees incurred in 2024.

(3)Tax Fees include tax compliance, tax planning, tax advisory and related tax services.

(4)There were no Other Fees incurred in 2024.

The Audit Committee's charter provides that the Audit Committee shall pre-approve all audit and non-audit

service provided to the Company by the independent auditor, unless the engagement is entered into pursuant to

appropriate preapproval policies established by the Audit Committee or if such service falls within available

exceptions under SEC rules. Other than with respect to the annual audit of the Company's consolidated

financial statements, the chair of the Audit Committee is authorized to pre-approve other audit services and non-

audit services provided to the Company by the independent auditor on behalf of the Audit Committee and each

such pre-approval decision will be presented to the full Audit Committee at its next scheduled meeting. Since

our IPO, all fees paid to KPMG and PricewaterhouseCoopers LLP were pre-approved by our Audit Committee

or the Audit Committee of Lineage Holdings.

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Lineage 2026 Proxy Statement<br>

**Audit Committee Report**

The Audit Committee oversees the Company's financial reporting process on behalf of the Board. Management

has the primary responsibility for the financial statements, the reporting process, and maintaining an effective

system of internal controls over financial reporting. The Company's independent auditors are engaged to audit

and express an opinion on the conformity of the Company's financial statements to United States generally

accepted accounting principles.

In addition to fulfilling its oversight responsibilities as set forth in its charter and as further described in the

section titled "Board and Committee Matters—Board Committees—Audit Committee," the Audit Committee has

done the following things:

• Prior to the filing of the Company's Annual Report on Form 10-K for the fiscal year ended

December 31, 2025, reviewed and discussed with management and PwC, as the Company's

independent registered public accounting firm at such time, the Company's audited financial

statements for the fiscal year ended December 31, 2025.

• Discussed with PwC the matters required to be discussed by the applicable requirements of the

Public Company Accounting Oversight Board (the "PCAOB") and the SEC.

• Evaluated PwC's qualifications, performance and independence (consistent with SEC

requirements), which included the receipt and review of the written disclosures and the letter from

PwC required by applicable requirements of the PCAOB regarding PwC's communications with the

Audit Committee concerning independence and discussions with PwC regarding its independence.

Based on the reviews and discussions described above, the Audit Committee recommended to the Board that

the Company's audited financial statements be included in its Annual Report on Form 10-K for the fiscal year

ended December 31, 2025 filed with the SEC.

**Submitted by the Audit Committee of the Company's Board of Directors**

**Joy Falotico (Chair)**

**Lynn Wentworth**

**Michael Turner**

*The foregoing Report of the Audit Committee shall not be deemed under the Securities Act of 1933, as* 

*amended (the "Securities Act"), or the Securities Exchange Act of 1934, as amended (the "Exchange Act"), to* 

*be (i) "soliciting material" or "filed" or (ii) incorporated by reference by any general statement into any filing made* 

*by us with the SEC, except to the extent that we specifically incorporate such report by reference.*

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Lineage 2026 Proxy Statement<br>

**Proposal 3: Advisory (Non-binding) Approval Of The Compensation Of** 

**The Company's Named Executive Officers**

As required by Rule 14a-21 of the Exchange Act and in accordance with the Dodd-Frank Wall Street Reform

and Consumer Protection Act of 2010 (the "Dodd-Frank Act"), we are providing our stockholders with the

opportunity to vote to approve, on an advisory and non-binding basis, the compensation of our named executive

officers as disclosed in accordance with SEC rules in this Proxy Statement (the "Say-on-Pay Vote"). The Board

has adopted a policy providing for an annual Say-on-Pay Vote. Unless the Board modifies its policy on the

frequency of future Say-on-Pay Votes, we will bring these proposals to our stockholders annually, and the next

Say-on-Pay Vote will be held at the 2027 annual meeting of stockholders.

The compensation of our named executive officers as disclosed in this Proxy Statement includes the disclosure

under "Executive Compensation—Compensation Discussion and Analysis," the compensation tables and the

other narrative executive compensation disclosure in this Proxy Statement, as required by SEC rules. This Say-

on-Pay Vote is not intended to address any specific item of compensation, but rather the overall compensation

of our named executive officers and our compensation philosophy, policies and practices, as described in this

Proxy Statement.

**Accordingly, the following advisory and non-binding resolution will be presented to our stockholders at the** 

**Annual Meeting:**

RESOLVED, that the stockholders of the Company approve, on an advisory (non-binding) basis, the 2025

compensation payable to our named executive officers as disclosed in accordance with Securities and

Exchange Commission rules in the Company's Proxy Statement for the Company's 2026 Annual Meeting,

including the disclosure under "Executive Compensation—Compensation Discussion and Analysis," the

compensation tables and other narrative executive compensation disclosures in the Proxy Statement relating

to the Company's 2026 Annual Meeting.

This Say-on-Pay Vote is advisory and will not be binding on us, our Board or the Talent and Compensation

Committee, nor will it create or imply any change in the duties of us, our Board or the Talent and Compensation

Committee. However, our Board and the Talent and Compensation Committee value the opinions of our

stockholders and will consider the voting results when making future decisions regarding compensation of our

named executive officers.

**Our Board recommends a vote "FOR" the approval, on an advisory basis, of the compensation of our** 

**named executive officers as disclosed in accordance with SEC rules in this Proxy Statement, including** 

**the disclosure under "Executive Compensation—Compensation Discussion and Analysis," the** 

**compensation tables and the other narrative executive compensation disclosures in this Proxy** 

**Statement.**

A majority of all the votes cast on this proposal at the Annual Meeting at which a quorum is present is required

for its approval. Proxies solicited by our Board will be voted "FOR" this proposal, unless otherwise instructed.

Abstentions and broker non-votes will not be counted as votes cast and will have no effect on the result of the

vote, although they will be considered present for the purpose of determining the presence of a quorum.

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Lineage 2026 Proxy Statement<br>

**Board And Committee Matters**

**Board of Directors**

Our Board is responsible for overseeing the management of our business and affairs. Our Board conducts its

business through meetings and actions taken by written consent in lieu of meetings. During the year ended

December 31, 2025, our Board held five meetings. Other than Mr. Taylor, all of the directors then serving on our

Board attended at least 75% of the aggregate meetings of our Board and of the committees of our Board on

which they served during the period in which they served in 2025. Our Board's policy, as set forth in the

Corporate Governance Guidelines, is to expect the attendance by each director at all meetings of our Board and

all committees on which the director sits. We do not maintain a formal policy regarding director attendance at

the Annual Meeting; however, it is expected that absent compelling circumstances directors will attend.

**Composition of the Board of Directors**

Our Charter and Bylaws provide that our board of directors will consist of such number of directors as may from

time to time be fixed by our board of directors, but may not be more than 15 or fewer than the minimum number

permitted by Maryland law, which is one. So long as BGLH, Stonepeak, BentallGreenOak, Mr. Forste and Mr.

Marchetti, in each case, together with their respective affiliates, continue to beneficially own a certain

percentage of the total outstanding equity interests in our Company, we will agree to nominate for election as

our directors individuals designated by the applicable investor as specified in our Stockholders Agreement.

Each director will serve until our next annual meeting of stockholders and until his or her successor is duly

elected and qualifies or until the director's earlier death, resignation, or removal. For a description of our board

of directors and each of BGLH's, Stonepeak's, BentallGreenOak's, Mr. Forste's and Mr. Marchetti's right to

require us to nominate its designees, see "Certain Relationships and Related Party Transactions—Other

Related Party Transactions—Stockholders Agreement."

**Controlled Company Exception**

Affiliates of Bay Grove continue to beneficially own shares representing more than 50% of the voting power of

shares of our Common Stock eligible to vote in the election of directors. As a result, we are a "controlled

company" within the meaning of The Nasdaq Stock Market LLC ("Nasdaq") corporate governance standards

and may elect not to comply with certain corporate governance standards, including that: (1) a majority of our

board of directors consist of independent directors, (2) our board of directors have a compensation committee

that is comprised entirely of independent directors with a written charter addressing the committee's purpose

and responsibilities and (3) our board of directors have a nominating and corporate governance committee that

is comprised entirely of independent directors with a written charter addressing the committee's purpose and

responsibilities. Although a majority of our board of directors consists of independent directors, our Talent and

Compensation and Nominating and Corporate Governance Committees are not composed entirely of

independent directors, and we may utilize any of these exemptions until the time we cease to be a "controlled

company." Accordingly, to the extent and for so long as we utilize these exemptions, you will not have the same

protections afforded to stockholders of companies that are subject to all of these corporate governance

requirements. In the event that we cease to be a "controlled company" and shares of our Common Stock

continue to be listed on Nasdaq, we will be required to comply with these provisions within the applicable

transition periods.

**Director Independence**

Our board of directors has determined that each of Mses. Archambeau, Falotico and Wentworth and Messrs.

Carrafiell, Taylor, Turner and Wyper is an "independent director" as such term is defined by the applicable rules and

regulations of Nasdaq.

**Board Committees**

Our board of directors has four standing committees: an Audit Committee, a Talent and Compensation

Committee, an Equity Award Committee and a Nominating and Corporate Governance Committee. The

principal functions of each committee are briefly described below. Additionally, our board of directors may from

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Lineage 2026 Proxy Statement<br>

time to time establish other committees to facilitate the board's oversight of management of the business and

affairs of our Company. The charter of each committee is available on our website at https://ir.onelineage.com

under "Governance Documents" of the "Governance" tab. Our website is not part of this Proxy Statement.

**Audit Committee**

The principal functions of the Audit Committee are to oversee the following:

• Our accounting and financial reporting processes;

• The integrity of our consolidated financial statements and financial reporting process;

• Our systems of disclosure controls and procedures and internal control over financial reporting;

• Our compliance with financial, legal and regulatory requirements;

• Reviewing and approving or ratifying related person transactions;

• The performance of our internal audit functions; and

• Our overall risk exposure and management and overseeing the management of our financial risks

and information technology risks, including cybersecurity and data privacy risks.

The Audit Committee is also responsible for engaging, evaluating, compensating, and overseeing an

independent registered public accounting firm, reviewing with the independent registered public accounting firm

the plans for and results of the audit engagement, approving services that may be provided by the independent

registered public accounting firm, including audit and non-audit services, reviewing the independence of the

independent registered public accounting firm, considering the range of audit and non-audit fees and reviewing

the adequacy of our internal accounting controls. The Audit Committee also will prepare the Audit Committee

report required by SEC regulations.

Our Audit Committee, which met nine times in 2025, is currently composed of Mses. Falotico and Wentworth

and Mr. Turner. Ms. Falotico serves as chair of our Audit Committee. Our board of directors has determined

affirmatively that (i) each of Mses. Falotico and Wentworth and Mr. Turner qualify as an "audit committee

financial expert" as such term has been defined by the SEC in Item 407(d)(5) of Regulation S-K, (ii) each

member of our Audit Committee is "financially literate" as that term is defined by Nasdaq listing standards and

(iii) each member of the Audit Committee meets the definition for "independence" for the purposes of serving on

our Audit Committee under Nasdaq listing standards and Rule 10A-3 under the Exchange Act.

**Talent and Compensation Committee**

The principal functions of the Talent and Compensation Committee include:

• Reviewing and approving, or recommending for approval by the board of directors, the

compensation of our Chief Executive Officer and our other executive officers;

• Making recommendations to the board of directors with respect to director compensation;

• Reviewing and approving, or recommending for approval by the board of directors, our incentive

compensation and equity-based plans and arrangements; provided that if the Talent and

Compensation Committee is not comprised of at least two directors who are each a "non-employee

director" under Rule 16b-3 of the Exchange Act, grants of equity-based awards to individuals who

are subject to the reporting requirements of Section 16 of the Exchange Act must be approved and

administered by either the board of directors or the Equity Award Committee;

• Reviewing and discussing with management our compensation discussion and analysis required by

SEC regulations and recommending to the board of directors that such compensation discussion

and analysis be included in our proxy statement or annual report, as applicable;

• Administering our clawback policy; provided that if the Talent and Compensation Committee is not

comprised of at least two directors who are each a "non-employee director" under Rule 16b-3 of the

Exchange Act, any proposed recovery of equity compensation from individuals who are subject to

the reporting requirements of Section 16 of the Exchange Act must be approved by either the board

of directors or the Equity Award Committee;

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Lineage 2026 Proxy Statement<br>

• Overseeing executive officer succession planning; and

• Preparing the Talent and Compensation Committee Report required by SEC regulations.

The Talent and Compensation Committee has the authority, in its sole discretion, to retain or obtain the advice

of a compensation consultant, legal counsel or other adviser as it deems appropriate. The Talent and

Compensation Committee may form and delegate authority to subcommittees consisting of one or more

members when it deems appropriate.

Our Talent and Compensation Committee, which met six times in 2025, is currently composed of Messrs.

Forste, Carrafiell, Turner and Wyper and Ms. Wentworth. Mr. Forste, one of our Co-Executive Chairmen, serves

as chair of our Talent and Compensation Committee and participates in the deliberations of the Talent and

Compensation Committee in determining director and executive compensation. Our board of directors has

determined affirmatively that Messrs. Carrafiell, Turner and Wyper and Ms. Wentworth meet the definition for

"independence" for the purpose of serving on our Talent and Compensation Committee under applicable rules

of Nasdaq and Mr. Turner and Ms. Wentworth meet the definition of a "non-employee director" for the purpose

of serving on our Talent and Compensation Committee under Rule 16b-3 of the Exchange Act.

**Compensation Consultants**

In accordance with its authority under its charter, the Talent and Compensation Committee has engaged the

services of Pay Governance LLC ("Pay Governance") as its independent outside compensation consultant. As

requested by the Talent and Compensation Committee, in 2025, Pay Governance's services to the Talent and

Compensation Committee included:

• Advising the Talent and Compensation Committee on director and executive compensation trends

and regulatory developments;

• Assisting in the review and establishment of our executive officer and director compensation;

• Assisting with the design of our executive compensation structure, including both short- and long-

term incentive programs;

• Development of a peer group of companies for determining competitive compensation rates; and

• Assisting in the development of executive severance arrangements.

All executive compensation services provided by Pay Governance during 2025 were conducted under the

direction or authority of the Talent and Compensation Committee, and all work performed by Pay Governance

was approved by the Talent and Compensation Committee. Neither Pay Governance nor any of its affiliates

maintains any other direct or indirect business relationships with us or any of our subsidiaries. The Talent and

Compensation Committee evaluated whether any work provided by Pay Governance raised any conflict of

interest for services performed during 2025 and determined that it did not.

Additionally, during 2025, Pay Governance did not provide any services to us other than regarding executive,

employee and director compensation and broad-based plans that do not discriminate in scope, terms, or

operation in favor of our executive officers or directors, and that are available generally to all salaried

employees.

**Equity Award Committee**

The principal functions of the Equity Award Committee include:

• Approving, upon recommendation from the Talent and Compensation Committee, and administering

grants of equity-based awards to individuals subject to the provisions of Section 16 of the Exchange

Act;

• Reviewing and approving redemptions of our equity securities held by individuals and entities

subject to the provisions of Section 16 of the Exchange Act;

• Reviewing and approving repurchases of our and our subsidiaries' equity securities from, and

issuances of our and our subsidiaries' equity securities to, individuals and entities subject to the

provisions of Section 16 of the Exchange Act; and

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Lineage 2026 Proxy Statement<br>

• Reviewing and approving any proposed recovery of equity compensation pursuant to our clawback

policy from any individual subject to the provisions of Section 16 of the Exchange Act.

The Equity Award Committee has the authority, in its sole discretion, to retain or obtain the advice of a

compensation consultant, legal counsel or other adviser as it deems appropriate. Our Equity Award Committee

is currently composed of Ms. Wentworth and Mr. Turner. Ms. Wentworth serves as chair of our Equity Award

Committee. Our board of directors has determined affirmatively that each member of the Equity Award

Committee meets the definition for "independence" for the purpose of serving on a compensation committee

under applicable rules of Nasdaq and meets the definition of a "non-employee director" under Rule 16b-3 of the

Exchange Act.

**Nominating and Corporate Governance Committee**

The principal functions of the Nominating and Corporate Governance Committee include:

• Identifying individuals qualified to become members of our board of directors consistent with the

stockholders agreement and criteria approved by our board of directors;

• Reviewing director independence, experience and expertise and making recommendations to our

board of directors;

• Reviewing the committee structure of the board of directors and recommending directors to serve

as members of each committee of the board of directors;

• Periodically reviewing our board of directors' leadership structure and recommending any proposed

changes to our board of directors;

• Developing and recommending to the board of directors a set of corporate governance guidelines

applicable to us and, from time to time as it deems appropriate, reviewing such guidelines and

recommending changes to the board of directors for approval as necessary; and

• Overseeing the self-evaluations of the board of directors and its committees.

Our Nominating and Corporate Governance Committee, which met four times in 2025, is currently composed of

Messrs. Forste and Marchetti and Ms. Archambeau. Mr. Marchetti serves as chair of our Nominating and

Corporate Governance Committee. Our board of directors has determined affirmatively that Ms. Archambeau

meets the definition of independence under Nasdaq listing standards.

**Talent and Compensation Committee Interlocks and Insider Participation**

During 2025, the following individuals served on the Talent and Compensation Committee for all or part of the

year: Messrs. Forste, Carrafiell, Turner and Wyper, and Ms. Wentworth. Except for Mr. Forste, our Co-

Executive Chairman, no member of the Talent and Compensation Committee who served during 2025 was an

officer or employee of the Company or any of its subsidiaries during the year, was formerly a Company officer or

had any relationship otherwise requiring disclosure as Talent and Compensation Committee Interlock pursuant

to Item 407(e)(4) of Regulation S-K.

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Lineage 2026 Proxy Statement<br>

**Compensation Of Directors**

**Director Compensation**

2025 Director Compensation

**Non-Employee Director Compensation Program**

Our Board has approved and implemented a compensation program (the "Director Compensation Program") for

our non-employee directors (other than directors designated by Stonepeak or BentallGreenOak) (each, an

"Eligible Director") that consists of annual cash retainer fees and long-term equity awards. An "Eligible Director"

does not include any executive director or Executive Chairman. The material terms of the Director

Compensation Program for 2025 are summarized below.

Effective as of January 1, 2025, the Director Compensation Program consisted of the following components for

Eligible Directors:

**Cash Compensation**

**•Annual Retainer:** $120,000

**•Lead Independent Director Retainer:** $50,000

**•Annual Committee Chair Retainers:**

**◦Audit Committee:** $30,000

**◦Talent and Compensation Committee:** $25,000

**◦Nominating and Corporate Governance Committee:** $20,000

◦ **Investment Committee:** $25,000

◦ **Other Committees (excluding Equity Award Committee):** $25,000

**•Annual Non-Chair Committee Member Retainers:**

**◦Audit Committee:** $15,000

**◦Talent and Compensation Committee:** $15,000 (decreased to $12,500 effective January

1, 2026)

**◦Nominating and Corporate Governance Committee:** $10,000

**◦Investment Committee:** $10,000

**◦Other Committees (excluding Equity Award Committee):** $10,000

Annual cash retainers are paid in quarterly installments in advance and are pro-rated for any partial calendar

quarter of service. In addition, under the Director Compensation Program, we reimburse all of our directors for

any out-of-pocket business expenses incurred by them in connection with their board service, up to $30,000

annually.

**Equity Compensation**

**Initial Award:** Each Eligible Director who is initially elected or appointed to serve on the Board following

January 1st of a calendar year will be granted an award of restricted stock units ("RSUs") at the time of the

election or appointment with a value of approximately $200,000. Each initial grant will vest in full on the earlier

to occur of (i) the one-year anniversary of the applicable grant date and (ii) the date of the next annual meeting

following the grant date, subject to the director's continued service through the applicable vesting date. Initial

grants to Eligible Directors who are elected or appointed other than at an annual meeting of our stockholders

will be pro-rated.

**Annual Award:** Each Eligible Director who is serving on the Board as of the date of each annual meeting of the

Company's stockholders beginning in 2025 will be granted, on such annual meeting date, an award of RSUs

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Lineage 2026 Proxy Statement<br>

with a value of approximately $200,000, which will vest in full on the earlier to occur of (i) the one-year

anniversary of the applicable grant date and (ii) the date of the next annual meeting following the grant date,

subject to the director's continued service through the applicable vesting date.

Compensation under the Director Compensation Program is subject to the annual limits on non-employee

director compensation set forth in the Amended and Restated Lineage 2024 Incentive Award Plan (the "2024

Plan").

**2025 Director Compensation Table**

The following table sets forth compensation paid to or earned by our non-employee directors during the year

ended December 31, 2025. None of Mr. Forste, Mr. Marchetti, Mr. Carrafiell, Mr. Taylor nor Mr. Wyper received

any compensation for their services as a member of our Board in 2025. In addition, Mr. Lehmkuhl, our President

and Chief Executive Officer, is not included in the table below because he did not receive any additional

compensation for his service on our Board. Mr. Lehmkuhl's compensation for his services as President and

Chief Executive Officer is described under "Executive Compensation" below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Fees Earned or** <br>**Paid in Cash** <br>**($)**<br>| **Stock** <br>**Awards**<sup>(1)</sup><br>**($)**<br>| **All Other** <br>**Compensation** <br>**($)**<br>| **Total**<br>**($)**<br>|
| Shellye Archambeau | 130000 | 200030 |  | 330030 |
| Joy Falotico | 150000 | 200030 |  | 350030 |
| Michael Turner | 150000 | 200030 |  | 350030 |
| Lynn Wentworth | 200000 | 200030 |  | 400030 |

---

_____________________

(1)Amounts reflect the full grant-date fair value of awards of RSUs granted during 2025 computed in accordance with ASC Topic 718.

As of December 31, 2025, our non-employee directors held the aggregate numbers of unvested RSUs set forth

in the table below. None of Mr. Forste, Mr. Marchetti, Mr. Carrafiell, Mr. Taylor nor Mr. Wyper held any unvested

RSUs as of December 31, 2025.

---

| | |
|:---|:---|
| **Name** | **RSU**<br>**Awards (#)**<br>|
| Shellye Archambeau | 4,490 |
| Joy Falotico | 4,490 |
| Michael Turner | 4,490 |
| Lynn Wentworth | 4,490 |

---

Messrs. Forste and Marchetti, each of whom served on the board of directors of Lineage, Inc., received

distributions from Bay Grove, BGLH and/or their respective affiliates and/or our affiliates in respect of their direct

and indirect ownership interests in such entities and in respect of the services agreement. See "Certain

Relationships and Related Party Transactions." Such amounts are distributions in respect of Messrs. Forste's

and Marchetti's equity ownership interests in such entities and are not considered compensation paid by us.

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Lineage 2026 Proxy Statement<br>

**Information Regarding Our Executive Officers**

Our Co-Executive Chairmen are Adam Forste and Kevin Marchetti, and our President and Chief Executive

Officer is Greg Lehmkuhl. For Messrs. Forste's, Marchetti's and Lehmkuhl's biographies, please see "Proposal

1: Election of Directors—Information Regarding the Nominees for Election as Directors." The following

information is furnished as of April 23, 2026 regarding our executive officers.

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Adam Forste | 48 | Co-Executive Chairman |
| Kevin Marchetti | 48 | Co-Executive Chairman |
| Greg Lehmkuhl | 53 | President, Chief Executive Officer and Director |
| Robb LeMasters | 48 | Chief Financial Officer |
| Jeffrey Rivera | 53 | Global Chief Operations Officer |
| Sudarsan Thattai | 52 | Chief Transformation Officer |
| Kelly Burlage | 49 | Chief Human Resources Officer |
| Natalie Matsler | 50 | Chief Legal Officer and Corporate Secretary |
| Timothy Smith | 61 | Chief Commercial Officer |
| Brian McGowan | 52 | Chief Network Optimization Officer |
| Gregory Bryan | 62 | Chief Integrated Solutions Officer |
| Abigail Fleming | 44 | Chief Accounting Officer |

---

**Executive Officers**

**Robb LeMasters**

Robb LeMasters has served as our Chief Financial Officer since November 2025. Prior to joining Lineage, he

served in various financial and executive leadership positions at BWX Technologies, Inc. (NYSE: BWXT) from

July 2020 to May 2025, including as BWXT's Chief Financial Officer from November 2021 to May 2025. He also

served on BWXT's Board of Directors from July 2015 to April 2020. Prior to joining BWXT, Mr. LeMasters was a

Managing Director at Blue Harbour, L.P., a multi-billion dollar investment firm, a position he held since 2011.

Prior to that, he was a Founding Partner of Theleme Partners from 2009 to September 2011. He also served as

a Partner at The Children's Investment Fund from 2008 to 2009 and a Vice President in the Relative Value/

Event-Driven Group at Highbridge Capital Management from 2005 to 2008. Mr. LeMasters began his career as

an analyst at Morgan Stanley & Co. in the Mergers and Acquisitions Group and subsequently joined Forstmann

Little & Co. as an analyst. Mr. LeMasters received a Bachelor of Science from the University of Pennsylvania

and a Master of Business Administration from Harvard Business School.

**Jeffrey Rivera**

Jeffrey Rivera has served as our Global Chief Operations Officer since August 2016. Prior to that, he served as Senior

Vice President of Operations since July 2015. Prior to joining Lineage, he served in various leadership positions at

Con-Way Freight, Inc. Menlo Logistics and General Motors (NYSE: GM). Mr. Rivera currently serves as the board vice

president of the Coalition of Temporary Shelters Detroit and serves on the board of Kem Krest. Mr. Rivera received a

B.S. in Mechanical Engineering from Michigan Technical University and a M.S. in Manufacturing Systems from

Stanford University.

**Sudarsan Thattai**

Sudarsan Thattai has served as our Chief Transformation Officer since February 2013 and previously served as

our Chief Information Officer from February 2013 until April 2026. Prior to joining Lineage, he served as Senior

Vice President of IT Services at UTi Worldwide Inc. and has held technology leadership positions at Cisco

Systems and DFS Group. Mr. Thattai received a B.Sc in Computer Science and a M.Sc in Management

Information Technology from University of Sunderland.

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Lineage 2026 Proxy Statement<br>

**Kelly Burlage**

Kelly Burlage has served as our Chief Human Resources Officer since November 2025. Prior to November

2025, she served as our Vice President, Global Talent Acquisition and HR Operations since August 2021. Prior

to joining Lineage, she served as Vice President Global Human Resources and Talent Acquisition at Livingston

International and held leadership positions at Randrr and ATI Physical Therapy. Ms. Burlage received her

Bachelor's degree in Public Relations and Communications from Illinois State University.

**Natalie Matsler**

Natalie Matsler has served as our Chief Legal Officer and Corporate Secretary since May 2022. Ms. Matsler

rejoined Lineage from McCourt Partners, a private investment platform, where she was a member of the

executive team from April 2021 to May 2022 and successfully led several projects in real estate development

featuring green technology and resilient design. Ms. Matsler originally joined Lineage in 2014, serving in several

legal leadership roles, including Senior Vice President and Deputy General Counsel, through April 2021. Ms.

Matsler began her legal career at Latham & Watkins LLP and continued on to Downey Savings and Loan

Association and U.S. Bank. Ms. Matsler holds a bachelor's degree from the University of California at Los

Angeles and her J.D. from the University of California at Los Angeles School of Law.

**Timothy Smith**

Timothy Smith has served as our Chief Commercial Officer since February 2022. Prior to that, he served as our

Executive Vice President of Sales and Business Development since January 2011. Prior to joining Lineage, he

served in various management positions at Millard Refrigerated Services, CHEP and The Hershey Company.

Mr. Smith received a bachelor's degree from St. Lawrence University and an M.B.A. from Stetson University.

**Brian McGowan**

Brian McGowan has served as our Chief Network Optimization Officer since May 2022. Previously, he served

as our President Eastern US Operations and Executive Vice President, Continuous Improvement since

September 2019 and our Senior Vice President of Lean since July 2015. Prior to joining Lineage, Mr. McGowan

served as Vice President of Lean for Con-Way Freight and held leadership positions at Menlo Worldwide and

the Ford Motor Company. He holds a bachelor's degree and an M.B.A. from Wayne State University.

**Gregory Bryan**

Gregory Bryan has served as our Chief Integrated Solutions Officer since June 2023. Prior to that, he served as

our President of Global Logistics since November 2022 and our Executive Vice President of Logistics since

January 2016. Prior to joining Lineage, Mr. Bryan served as Senior Vice President of Operations for C&S

Wholesale Grocers and held transportation leadership positions at Americold Logistics and Ryder Integrated

Solutions. He holds a bachelor's degree and a Master of Business Administration from Pennsylvania State

University.

**Abigail Fleming**

Abigail Fleming has served as our Chief Accounting Officer and Senior Vice President since January 2024. Prior

to joining Lineage, Ms. Fleming served as Vice President and Chief Accounting Officer for Visteon Corporation,

a global automotive supplier, from August 2020 to January 2024. She also served as Executive Director and

Assistant Controller of Tenneco Inc. (formerly Federal-Mogul, LLC) from March 2017 to August 2020, and

Director, Capital Markets and Accounting Advisory Services at PricewaterhouseCoopers LLP from March 2015

to March 2017. Ms. Fleming began her career at PricewaterhouseCoopers LLP in August 2004 and is a certified

public accountant. She holds a bachelor's degree from Albion College and a M.S. in accounting from Western

Michigan University.

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Lineage 2026 Proxy Statement<br>

**Corporate Governance**

**Corporate Governance Profile**

We have structured our corporate governance in a manner we believe closely aligns our interests with those of

our stockholders. Notable features of our corporate governance structure include the following:

• Our Board is not classified and each of our directors is subject to election annually, and our charter

provides that we may not elect to be subject to the provision of the Maryland General Corporation

Law ("MGCL") that would permit us to classify our Board, unless we receive prior approval from

stockholders;

• We have a Lead Independent Director;

• A majority of our Board consists of independent directors;

• We have a fully independent Audit Committee and independent director representation on our

Talent and Compensation and Nominating and Corporate Governance Committees, and our

independent directors meet regularly in executive sessions without the presence of our corporate

officers or non-independent directors;

• At least one of our directors qualifies as an "audit committee financial expert" by applicable SEC

regulations, and all members of the audit committee are financially literate in accordance with

Nasdaq listing standards;

• We have opted out of the business combination and control share acquisition statutes in the MGCL;

• We do not have a stockholder rights plan, and we will not adopt a stockholder rights plan in the

future without (i) the approval of our stockholders or (ii) seeking ratification from our stockholders

within 12 months of adoption of the plan if our Board determines, in the exercise of its duties under

applicable law, that it is in our best interest to adopt a rights plan without the delay of seeking prior

stockholder approval;

• We have adopted a stock ownership policy that requires each non-employee director, the chief

executive officer and each other named executive officer to own a certain amount of specified

equity interests in our Company; and

• Our bylaws provide that our stockholders may alter or repeal any provision of our bylaws and adopt

new bylaws if any such alteration, repeal or adoption is approved by the affirmative vote of a

majority of all votes entitled to be cast on the matter.

Our directors stay informed about our business by attending meetings of our Board and the committees on

which they serve and through supplemental reports and communications.

**Board Leadership Structure**

Our Corporate Governance Guidelines provide our independent directors the flexibility to elect a lead director if

the chairperson or co-executive chairperson of the board of directors is a member of management or does not

otherwise qualify as independent. Since our Co-Executive Chairmen, Mr. Forste and Mr. Marchetti, are

members of management, Ms. Wentworth has been elected to serve as our lead independent director. Our

Board believes that having a lead independent director is in our best interest. The responsibilities of our lead

independent director include (i) presiding over all meetings of the Board at which neither Co-Executive

Chairman is present, including any executive sessions of the independent directors, (ii) approving the board of

directors' meeting schedules and agendas and (iii) acting as the liaison between the independent directors and

the Chief Executive Officer and the Co-Executive Chairmen of the Board.

Our board of directors and our Nominating and Corporate Governance Committee will continue to periodically

review our leadership structure and may make such changes in the future as it deems appropriate.

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Lineage 2026 Proxy Statement<br>

**Risk Oversight**

One of the key functions of our Board is informed oversight of our risk management process. Our Board is

responsible for overseeing this oversight function directly, with support from its four standing committees, the

Audit Committee, Talent and Compensation Committee, Equity Award Committee and Nominating and

Corporate Governance Committee, each of which addresses risks specific to their respective areas of oversight

as described under "Board and Committee Matters" above. Our Board and its standing committees also receive

reports from management on matters considered to enable our Board and each committee to understand and

discuss risk identification and risk management.

Our Board has generally delegated the cybersecurity risk oversight function to the Audit Committee. The Audit

Committee monitors the design and implementation of our cybersecurity risk management program. The Audit

Committee reports to the full Board regarding its activities, including those related to cybersecurity. Audit

Committee members also receive presentations on cybersecurity topics as part of the Board's continuing

education on topics that impact public companies.

The Board believes that the composition of its committees, and the distribution of the particular expertise of

each committee's members, makes this an appropriate structure to monitor effectively such risks.

**Code of Conduct**

Our board of directors has adopted a Code of Conduct that applies to our directors, officers and employees.

Among other matters, our Code of Conduct is designed to deter wrongdoing and to promote:

• Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between

personal and professional relationships;

• Full, fair, accurate, timely and understandable disclosure in our SEC reports and other public communications;

• Compliance with applicable governmental laws, rules and regulations;

• Prompt internal reporting of violations of the Code of Conduct to appropriate persons identified in the Code of

Conduct;

• Accountability for adherence to the Code of Conduct;

• The protection of the Company's legitimate business interests, including its assets and corporate

opportunities; and

• Confidentiality of information entrusted to directors, officers and employees by our Company and our

customers.

Any waiver of the Code of Conduct for our directors or executive officers must be approved by a majority of our

independent directors, and any such waiver shall be promptly disclosed as required by law and Nasdaq

regulations. The Code of Conduct is available on our website at https://ir.onelineage.com under "Governance

Documents" of the "Governance" tab. Our website is not part of this Proxy Statement. We will also provide the

Code of Conduct, free of charge, to stockholders who request it. Requests should be directed to our Corporate

Secretary at Lineage, Inc., 46500 Humboldt Drive, Novi, Michigan 48377.

**Corporate Governance Guidelines**

Our board of directors has adopted Corporate Governance Guidelines that address significant issues of

corporate governance and set forth procedures by which our Board carries out its responsibilities. Among the

areas addressed by the Corporate Governance Guidelines are independence of our Board, separate sessions

of independent directors, director orientation and continuing education, director responsibilities, compensation,

board access to senior management and independent advisors, self-evaluation of our Board and committees,

director attendance, standing committees and succession planning. The Corporate Governance Guidelines are

available on our website at https://ir.onelineage.com under "Governance Documents" of the "Governance" tab.

Our website is not part of this Proxy Statement.

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Lineage 2026 Proxy Statement<br>

**Director Independence**

The Corporate Governance Guidelines provide that, except as otherwise provided by the applicable Nasdaq

rules, a majority of the directors serving on our Board must be independent as required under the Nasdaq rules.

Our board of directors has determined that each of Mses. Archambeau, Falotico and Wentworth and Messrs.

Carrafiell, Taylor, Turner and Wyper is an "independent director" as such term is defined by the applicable rules

and regulations of Nasdaq. See "Board and Committee Matters—Composition of the Board of Directors" and

"Board and Committee Matters—Controlled Company Exception."

**Identification of Director Candidates**

In accordance with its written charter, the Nominating and Corporate Governance Committee is responsible for

recommending director candidates to our Board for consideration as nominees to stand for election at our

annual meetings of stockholders. Director candidates are recommended for nomination for election as directors

in accordance with the procedures set forth in the written charter of the Nominating and Corporate Governance

Committee.

Pursuant to the Stockholders Agreement, we are required to nominate for election as directors at any meeting of

our stockholders individuals designated by certain of our stockholders, subject to certain conditions. For

additional information, see "Certain Relationships and Related Party Transactions—Other Related Party

Transactions—Stockholders Agreement."

We seek highly qualified director candidates with a high level of personal and professional integrity, strong

ethics and values and the ability to make mature business judgments. The Nominating and Corporate

Governance Committee may also consider experience in corporate management; experience as a board

member of another publicly held company; professional and academic experience relevant to the Company's

industry; strength of leadership skills; experience in finance and accounting and executive compensation

practices; whether the candidate has the time required for preparation, participation, and attendance at Board

meetings and committee meetings, if applicable; and other relevant background or experience.

The Nominating and Corporate Governance Committee routinely maintains a list of potential director candidates

and skill sets required by our Board. Upon determining the need for additional or replacement Board members,

the Nominating and Corporate Governance Committee will assess potential director candidates included on the

list as well as other appropriate potential director candidates based upon information it receives regarding such

potential candidates or otherwise possesses, which assessment may be supplemented by additional inquiries.

In conducting this assessment, the Nominating and Corporate Governance Committee will consider knowledge,

experience, skills, background and such other factors as it deems appropriate in light of our current needs and

those of our Board. The Nominating and Corporate Governance Committee may seek input on such director

candidates from other directors, including the Chairperson of our Board and our Chief Executive Officer, and

recommend director candidates to our Board for nomination. The Nominating and Corporate Governance

Committee does not solicit director nominations, but it will consider recommendations by stockholders with

respect to elections to be held at an annual meeting of stockholders. The Nominating and Corporate

Governance Committee will evaluate nominees recommended by stockholders against the same criteria that it

uses to evaluate other nominees. The Nominating and Corporate Governance Committee may, in its sole

discretion, engage one or more search firms or other consultants, experts or professionals to assist in, among

other things, identifying director candidates or gathering information regarding the background and experience

of director candidates. If the Nominating and Corporate Governance Committee engages any such third party,

the Nominating and Corporate Governance Committee will have sole authority to approve any fees or terms of

retention relating to these services.

**Board and Committee Evaluation Process**

Our Board recognizes that a rigorous evaluation process is essential to strong corporate governance practices.

Under the oversight of the full Board, our Nominating and Corporate Governance Committee facilitates an

evaluation of its performance and effectiveness, as well as that of the Audit Committee and Talent and

Compensation Committee and the full Board. The purpose of the evaluation is to elicit feedback on an

anonymous basis concerning how the Board and committees are meeting their responsibilities and to identify

opportunities for improvement and ways to enhance the Board's and committees' effectiveness.

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Lineage 2026 Proxy Statement<br>

To facilitate this discussion in 2025, each director had a one-on-one conversation with our Lead Independent

Director and received a questionnaire that covered a range of topics, including: the Board's role, composition,

and committee structure; the Board's focus on the Company's leadership and succession planning, operations

and strategy, and risk management; and the Board's and each committee's respective meetings and materials.

Responses to the questionnaire were analyzed by a third party to identify key findings and trends, strengths and

opportunities for enhancement. The Nominating and Corporate Governance Committee reviewed the third-party

analysis of the questionnaire responses, engaged in dialogue with our Lead Independent Director to further

solicit feedback, and reported the results to the full Board. Each committee and the full Board reviewed and

discussed their respective evaluation results as well as action items and plans for future development.

**Stock Ownership Policy**

Our Board has adopted a Stock Ownership Policy for our non-employee directors, executive officers, and such

other highly compensated individuals as may be designated to participate by the Talent and Compensation

Committee. The Stock Ownership Policy requires (a) our Chief Executive Officer to maintain beneficial

ownership of a number of Company Securities (as defined in the Stock Ownership Policy) having a value equal

to or greater than six times their annual base salary, (b) our Chief Operating Officer and Chief Financial Officer

to maintain beneficial ownership of a number of Company Securities having a value equal to or greater than

four times their annual base salary, (c) other executive officers to maintain beneficial ownership of a number of

Company Securities having a value equal to or greater than three times their annual base salary and (d) our

non-employee directors to maintain beneficial ownership of a number of Company Securities having a value

equal to or greater than five times their annual cash retainer, not including committee membership or

chairmanship retainers. Participants are required to comply with the Stock Ownership Policy by the later of July

24, 2029 or the fifth anniversary of his or her appointment as an executive officer, director, or designation as a

participant.

**Policy on Insider Trading**

Our Board has adopted an Insider Trading Compliance Policy and Procedures which governs the purchase,

sale and/or other disposition of our securities by our directors, officers and employees that is reasonably

designed to promote compliance with insider trading laws, rules and regulations and Nasdaq rules. A copy of

our Insider Trading Compliance Policy and Procedures was included as Exhibit 19.1 to our Annual Report on

Form 10-K for the year ended December 31, 2025.

**Hedging and Speculative Trading**

Our Board has adopted, as part of our insider trading policy, prohibitions against our officers, directors and

employees, including any entities controlled by individuals subject to the insider trading policy, from engaging in

transactions of a speculative nature involving our securities at any time, including, but not limited to, the

purchase or sale of options and short sales of our securities. In addition, such persons are prohibited from

engaging in certain forms of hedging or monetization transactions, such as zero-cost collars and forward sale

contracts, margin purchases of our securities.

**Personal Loans to Executive Officers and Directors**

We comply with, and operate in a manner consistent with, applicable law prohibiting extensions of credit in the

form of personal loans to or for the benefit of our directors and executive officers.

**Communications with the Board of Directors by Stockholders and Other Interested** 

**Persons**

Any stockholder or other interested party who would like to communicate with the independent members of the

Board or the chairperson of any of the committees of the Board should send such communications to the

attention of our Corporate Secretary at our office at 46500 Humboldt Drive, Novi, Michigan 48377. Each

communication received will be reviewed to determine whether the communication requires immediate action.

All appropriate communications received, or a summary of such communications, will be sent to the appropriate

member(s) of our Board. However, we reserve the right to disregard any communication we determine is unduly

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Lineage 2026 Proxy Statement<br>

hostile, threatening or illegal; does not reasonably relate to us or our business; or is similarly inappropriate. Our

Corporate Secretary, or his or her delegate, has the authority to disregard any inappropriate communications or

to take other appropriate actions with respect to any such inappropriate communications.

**Executive Sessions of Independent Directors**

Our independent directors meet in executive sessions typically following each regularly scheduled meeting of

our Board, but in any event not less than twice per year. These executive sessions of our Board are presided

over by the Lead Independent Director or another of the independent directors selected on an ad-hoc basis.

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Lineage 2026 Proxy Statement<br>

**Executive Compensation**

**Compensation Discussion and Analysis**

**General**

In this Compensation Discussion and Analysis, we provide an overview and analysis of the compensation

awarded to or earned by our named executive officers identified in the Summary Compensation Table below

(each, an "NEO") during 2025, including the elements of our compensation program for NEOs, material

compensation decisions made under that program for 2025 and the material factors considered in making those

decisions. Our NEOs for the year ended December 31, 2025 are:

• Greg Lehmkuhl, President and Chief Executive Officer;

• Robb LeMasters, Chief Financial Officer;

• Jeffrey Rivera, Global Chief Operations Officer;

• Sudarsan Thattai, Chief Transformation Officer;

• Tim Smith, Chief Commercial Officer;

• Rob Crisci, former Chief Financial Officer; and

• Sean Vanderelzen, former Chief Human Resources Officer and President, Europe\*

\* Mr. Vanderelzen currently serves as our President, North America East.

**Compensation Governance and Best Practices**

We are committed to having strong governance standards with respect to our compensation programs,

procedures and practices. Our key compensation practices that were in place during 2025 include the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **What We Do** |  | **What We Do Not Do** |
| ✓ | Deliver a majority of executive compensation in <br>performance-based, at-risk compensation.<br>| X | Do not grant uncapped cash incentives. |
| ✓ | Emphasize the use of equity compensation to <br>promote executive retention and reward long-term <br>value creation.<br>| X | Do not provide single-trigger payments or benefits <br>upon a change in control.<br>|
| ✓ | Conduct annual say-on-pay advisory vote for <br>stockholders.<br>| X | Do not guarantee annual salary or target bonus <br>increases.<br>|
| ✓ | Engage an independent compensation consultant <br>to advise our Talent and Compensation <br>Committee.<br>| X | Do not maintain defined benefit pension plans or <br>supplemental executive retirement plans.<br>|
| ✓ | Maintain robust executive and director stock <br>ownership guidelines.<br>|  |  |
| ✓ | Maintain a clawback policy for recovery of <br>erroneously awarded compensation.<br>|  |  |
| ✓ | Conduct annual assessment of compensation-<br>related risks.<br>|  |  |
| ✓ | Measure and reward absolute and relative <br>performance.<br>|  |  |
| ✓ | Prohibit hedging and trading in derivatives of <br>Lineage securities.<br>|  |  |

---

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Lineage 2026 Proxy Statement<br>

**Stockholder Advisory Vote on Executive Compensation**

At our 2025 annual meeting of stockholders, our stockholders voted, on a non-binding, advisory basis, to

approve the compensation of our NEOs (with an approval representing approximately 84% of the votes cast on

the proposal). Our Talent and Compensation Committee reviewed the result of the stockholders' advisory vote

on executive compensation and used it as a guide in establishing our executive compensation program.

**Executive Compensation Objectives and Philosophy**

The key objective of our executive compensation program is to attract, motivate, and retain valued leaders who

create an inclusive and diverse environment and have the skills and experience necessary to successfully

execute on our strategic plan to maximize stockholder value. The fundamental elements and core principles of

our executive compensation program are as follows:

• Paying for performance is our central compensation tenet: Reinforce pay-for-performance and

individual accountability through the grant of performance-based cash and equity-based award

opportunities.

• Provide a total pay program that is competitive in terms of level and design: In combination with the

above, align with market on vesting periods that encourage our top talent to stay with our Company

long term. This supports our investment in talent specifically trained to run our unique business.

• Our compensation supports the attainment of key business, strategic and human capital goals

aimed at driving long-term stockholder value: The components of our compensation program are

specifically designed to support each driver of our business. We have compensation elements

supporting progress toward annual strategic priorities and strong long-term stockholder return.

• Emphasize alignment across our business by tailoring compensation to reflect organization level

and impact to the business with greater focus on variable/performance-based compensation at

higher levels.

We strive to be market competitive on all elements of compensation, with significant upside for strong individual

and Company performance. In addition, we factor in an executive's experience, performance, scope of position

and the competitive demand for proven executive talent, as described further below under "—Determination of

Executive Compensation."

**Pay-for-Performance**

A significant portion of our NEO's total compensation is delivered in at-risk, performance-based pay that is

strongly aligned with the Company's financial, operational, and strategic performance, as well as long-term

value creation for our stockholders. At the outset, compensation levels for our NEOs are benchmarked against a

targeted group of companies that represent our competition for business and talent (additional information

provided in the "Use of Comparative Market Data" section below).

Our incentive plans are based on performance metrics and goals that are rigorously determined to promote

Company performance and enhance stockholder value. The short-term incentive compensation plan ("STIP") is

weighted 70% on Company overall financial performance, measured by Management Adjusted EBITDA (as

defined in the "Company Performance Objective—Management Adjusted EBITDA" section below) and 30% on

individual performance objectives. For our Chief Executive Officer, these individual performance objectives were

predominantly financially oriented in 2025, with 67% based on return on assets performance and the remaining

33% based on Company mergers and acquisitions objectives. As a result, the STIP is largely performance-

based and delivers payouts only when the Company meets or exceeds the threshold level of its rigorously set

performance goals. In addition, 70% of the STIP for our NEOs is denominated in performance-vesting RSUs,

further tying incentive payout value to the Company's share price and, ultimately, to our stockholders'

experience.

From an equity-based long-term incentive ("LTI") perspective, approximately 60% of total LTI awarded to our

NEOs in 2024 and 2025 as part of our annual equity awards program was delivered through performance-

vesting equity awards that can only be earned over a multi-year performance period. The remaining 40% was

delivered through time-vesting equity awards that vest in annual installments over a period of three years, with

![](line-20260422_g9.gif)

<sup>(1)</sup> Target annual direct compensation ("Target Value") reflects the sum of base salary, target annual short-term incentive and the value of

equity-based long-term incentives granted in the year, calculated in accordance with ASC Topic 718, excluding, in the case of 2024, pre-IPO

equity awards and the IPO Award described on Pages 35 - 37 of our 2025 Proxy Statement.

<sup>(2)</sup> In this CD&A, "Realizable Value" reflects the sum of: (i) base salary for the year; (ii) the actual annual short-term incentive award paid for

the year, including the value of the portion paid in performance-vesting RSUs; and (iii) the value of performance-vesting LTIP units and

RSUs based on certain performance assumptions and Lineage's closing share price as of December 31, 2025.

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Lineage 2026 Proxy Statement<br>

the ultimate value dependent on our share price performance. Two metrics are used to determine performance-

vesting equity payouts, if any — Adjusted Core Funds from Operations per share ("AFFO per share") (weighted

60%) and Same Warehouse Net Operating Income ("NOI") (weighted 40%). Overall performance may then be

modified by +/- 20% depending on the Company's three-year relative Total Shareholder Return ("TSR") to the

S&P 500 for 2024 awards and to the MSCI US REIT Index for 2025 awards. The metrics are explained in more

detail in the "Equity-Based Long-Term Incentive Awards" section below.

The actual value of compensation realized by our NEOs will depend on performance relative to the goals

established under our annual short-term incentive and performance-vesting annual RSU & LTIP unit programs,

as discussed in "Compensation Discussion and Analysis—Elements of Compensation—Short-Term Incentive

Compensation—2025 Annual Bonus Program" and "Compensation Discussion and Analysis—Elements of

Compensation—Equity-Based Long-Term Incentive Awards—2025 Annual Awards—Performance-Vesting

Annual RSU & LTIP Unit Awards" sections, respectively. It is important to note that for long-term incentive

awards, the Summary Compensation Table reports only the grant date fair value of the awards granted during

the applicable year. The difference between the grant date fair value of the award and the final value of the

award when, and if, it vests can be significant and is driven by Company performance, including changes in

share price.

The charts below illustrate the target annual direct compensation ("Target Value")<sup>(1)</sup> and the realizable value of

the CEO's annual direct compensation ("Realizable Value")<sup>(2)</sup> for pay delivered in 2024 and 2025. This

comparison demonstrates how the CEO's compensation outcomes are directly affected by (i) the Company's

performance against our financial and operational goals, (ii) our relative TSR modifier, and (iii) given that LTI

awards were used to deliver approximately 95% of Mr. Lehmkuhl's Target Value in 2024 and 84% in 2025, our

share price performance.

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Lineage 2026 Proxy Statement<br>

The Company's performance against the 2024 AFFO per share goal is currently trending at threshold

performance levels, while no payout is expected for the same warehouse NOI portion due to anticipated

performance below the threshold goal. In addition, any equity earned based on financial performance are

expected to be reduced by 20% due to our relative TSR modifier, as our TSR decreased approximately -54%

from our IPO price on July 25, 2024 to December 31, 2025 (assumes that dividends are reinvested on the ex-

dividend date). Finally, the Realizable Value of LTI awards is directly affected by the decline in our share price.

The combined impact of our financial results for the 2024 award and share price performance is reflected in the

charts below. The decrease is shown relative to the 2024 Target Value.

**2024 CEO Compensation: Target Value vs. Realizable Value**<sup>\*</sup>

*(in thousands)*

![2024-CEO Comp- Target vs Realizable.jpg](line-20260422_g10.jpg)

_____________________

\*The illustration shows the separate impacts of our (i) AFFO per share and same warehouse NOI performance, (ii) relative TSR

performance, and (iii) share price decrease. Share price decrease is valued using the difference between Lineage's closing share price

as of December 31, 2025 and the grant-date fair value of the equity award.

As the chart above shows as of December 31, 2025, the Realizable Value compared to the CEO's 2024 Target

Value is down approximately 75% due to the cumulative impact of operating performance, negative relative TSR

modifier and Company share price.

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Lineage 2026 Proxy Statement<br>

Similarly, Realizable Value for the CEO's 2025 compensation will depend on our operating and share price

performance. In the chart below, Realizable Value for 2025 is presented assuming target payout, threshold

payout and no payout of performance-vesting RSUs and LTIP units to illustrate that these awards have the

potential for no payout as of December 31, 2025. The decrease is shown relative to the Target Value of 2025

compensation.

**2025 CEO Compensation: Target Value vs. Realizable Value**<sup>\*</sup>

*(in thousands)*

![2025.jpg](line-20260422_g11.jpg)

_____________________

\*The illustration combines the impact of potential performance outcomes and share price decrease into each Realizable Value

calculation, as it displays Realizable Value for either (a) target performance, (b) threshold performance, or (c) below threshold

performance, including the -20% relative TSR modifier being applied to each calculation, as indicated in the chart. The equity is valued

using Lineage's closing share price as of December 31, 2025.

As shown in the 2024 chart above, Realizable Value is well below Target Value when evaluating current

performance of 2024 LTI awards and layering on the decrease in share price and current relative TSR

performance. Similarly, as shown in the 2025 chart, Realizable Value is also well below Target Value when

evaluating the decrease in share price and current relative TSR performance. This indicates strong alignment

between pay, performance and stockholder experience. The charts above are also reflective of the expected

outcome for the rest of our NEOs who received annual awards in 2024 and 2025.

**Determination of Executive Compensation**

**Role of Talent and Compensation Committee**

Our Talent and Compensation Committee is responsible for establishing and overseeing our executive

compensation programs and annually reviews and determines the compensation to be provided to our Chief

Executive Officer and our other NEOs, except with respect to equity compensation awards which are

determined by either the full board of directors or by action of our Equity Award Committee, consisting of two

"non-employee directors" (within the meaning of Rule 16b-3 of the Exchange Act).

In setting executive compensation, the Talent and Compensation Committee considers a number of factors,

including the recommendations of our Chief Executive Officer (other than with respect to his own

compensation), current and past total compensation, competitive market data and analysis provided by the

Talent and Compensation Committee's independent compensation consultant, Company performance and each

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Lineage 2026 Proxy Statement<br>

executive's impact on performance, each executive's relative scope of responsibility and potential, each

executive's individual performance and demonstrated leadership, and internal equity pay considerations.

**Role of Compensation Consultant**

In order to design a competitive executive compensation program that will continue to attract top executive

talent and reflect our compensation philosophy, our Talent and Compensation Committee has retained Pay

Governance as an independent compensation consultant to provide executive compensation advisory services,

help evaluate our compensation philosophy and objectives and provide guidance in administering our executive

compensation program.

**Role of the CEO**

At the end of each performance year, our Chief Executive Officer assesses the contributions of each executive

officer and recommends to our Talent and Compensation Committee the compensation to be awarded based on

numerous factors, future contributions, leadership abilities, external market competitiveness, internal pay

comparisons, retention risk and other factors deemed relevant. The Talent and Compensation Committee

considers this information and makes final compensation determinations for our executive officers. Our Chief

Executive Officer does not participate in any deliberations regarding his own compensation.

**Use of Comparative Market Data**

**Use of Market Data**

The Talent and Compensation Committee periodically examines pay practices and pay data for a peer group of

16 companies as a source of market data to better understand the competitiveness of our compensation

program and its various elements. Specifically, we review the range of market compensation between the 25th

and 75th percentiles of our peer group as well as compensation survey data to develop an understanding of

market pay levels for each position.

The external market data reviewed for our 2025 executive compensation program included peer group proxy

data and broad industry-comparative compensation surveys. The Talent and Compensation Committee reviews

the composition of the peer group on an annual basis and considers the following criteria:

• Industries that attract and retain similar talent;

• Global presence and brand recognition;

• Organizational complexity;

• Comparable size based on annual revenue, market capitalization, Adjusted earnings before

interest, taxes, depreciation, and amortization ("EBITDA"), and number of team members; and

• High-growth profile.

Based on the above, the peer group used for assessing 2025 compensation levels for our NEOs was as follows:

• Americold Realty Trust, Inc.

• C.H. Robinson Worldwide, Inc.

• Conagra Brands, Inc.

• Digital Realty Trust, Inc.

• Equinix, Inc.

• Extra Space Storage Inc.

• Hilton Worldwide Holdings Inc.

• Hyatt Hotels Corporation

• J.B. Hunt Transport Services, Inc.

• Kellanova

• Norfolk Southern Corporation

• Old Dominion Freight Line, Inc.

• Prologis, Inc.

• Public Storage

• Simon Property Group, Inc.

• US Foods Holding Corp.

For 2025, the Talent and Compensation Committee reviewed but did not remove or add any companies that

were in the 2024 peer group.

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Lineage 2026 Proxy Statement<br>

The Talent and Compensation Committee reviewed the total compensation of our Company's executives

relative to compensation of comparable positions among the peer companies but did not set 2025 executive

compensation levels at a specific target percentile within the peer group or any other comparator group. The

Talent and Compensation Committee does not establish compensation levels solely based on a review of

competitive data, and also considers a number of other factors, including: Company performance relative to our

stakeholder priorities, each executive's impact and criticality to our strategy and mission, relative scope of

responsibility and potential, individual performance and demonstrated leadership, and internal equity pay

considerations. 2025 NEO total compensation levels varied by individual within the peer group range.

**Elements of Compensation**

**Pay Mix**

In establishing an appropriate mix of fixed and variable pay to reward and retain our NEOs, we consider

Company-wide and individual performance. The Talent and Compensation Committee balances the importance

of meeting our short-term business goals with the need to create stockholder value and drive growth over the

long-term. Our compensation framework heavily weights variable compensation to reward achievements

against pre-established, quantifiable financial performance objectives and individual strategic performance

objectives.

**The primary components of our executive compensation program and the purposes of each are set** 

**forth below:**

---

| | |
|:---|:---|
| **Pay Component** | **Purpose** |
| **Base Salary** | •To recognize an executive's immediate contribution to the organization<br>•To compensate for assuming a significant level of responsibility<br>•To provide financial stability<br>•To be market competitive<br>|
| **Short-Term** <br>**Incentives**<br>| •To reinforce the optimization of operating results throughout the year<br>•To pay for performance and reinforce individual accountability<br>•To reinforce the achievement of Lineage's goals<br>•To drive stockholder value<br>•To ensure both short- and long-term goals of the Company are met via <br>compensation elements<br>|
| **Long-Term** <br>**Incentives**<br>| •To hold executives accountable for long-term decisions<br>•To reinforce collaboration between key leaders throughout the organization for long-<br>term goals<br>•To retain key talent over the long term<br>•To share success with stockholders<br>•To build executive stock ownership and stockholder value<br>•To be competitive in the markets where we compete for executive talent<br>|
| **Benefits** | •To provide competitive employee benefit packages in order to attract and retain <br>highly qualified personnel<br>•To avoid materially different approaches to benefit strategy among executive and <br>non-executive populations<br>•To be cost effective through shared expense with executives<br>•To be tax-effective<br>|

---

**Base Salary**

The base salaries of our NEOs are an important part of their total compensation package and are intended to

reflect their respective positions, duties and responsibilities. The base salary levels of our NEOs are intended to

position each individual's base salary competitively in the labor market in which we compete for talent, as well

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Lineage 2026 Proxy Statement<br>

as to reflect additional considerations set forth above under "Determination of Executive Compensation." Our

NEOs' 2025 base salaries are set forth below:

---

| | |
|:---|:---|
| **Name** | **2025 Annual Base Salary** |
| Greg Lehmkuhl ................................................................................................................... | $1200000 |
| Robb LeMasters ................................................................................................................. | $700000 |
| Jeffrey Rivera ...................................................................................................................... | $660000 |
| Sudarsan Thattai ................................................................................................................ | $650000 |
| Timothy Smith ..................................................................................................................... | $550000 |
| Rob Crisci ............................................................................................................................ | $700000 |
| Sean Vanderelzen .............................................................................................................. | $550000 |

---

Mr. LeMasters' annual base salary was approved in connection with his commencement of employment and

prorated for the period of his employment which commenced on November 10, 2025. Our other NEOs' 2025

base salaries remained at the same level as in 2024. In connection with Mr. Crisci's transition from Chief

Financial Officer to Special Advisor to the CFO, we entered into a Transition Agreement with him on October 31,

2025 (the "Transition Agreement"), pursuant to which his annual base salary was adjusted to $15,000 per week,

effective as of November 10, 2025. The Transition Agreement is summarized under the section entitled

"Narrative to Summary Compensation Table and Grants of Plan-Based Awards Table - Crisci Transition

Agreement."

**Short-Term Incentive Compensation**

**2025 Annual Bonus Program**

Our short-term incentive compensation plan has been designed to attract and retain key talent and reward

executives based on performance against key financial and strategic priorities.

Each NEO is eligible to receive annual bonus opportunities in the form of cash and an award of performance-

vesting RSUs that vest and become payable based on the attainment of individual and/or Company

performance goals, based on a specified target annual bonus award amount, expressed as a percentage of the

NEO's base salary. In 2025, each of our NEOs, other than Mr. LeMasters who became bonus eligible in 2026,

participated in our annual cash and performance-vesting RSU based bonus program at the following target

percentages of base salary:

---

| | |
|:---|:---|
| **Name** | **Target Bonus as a Percentage of** <br>**Base Salary**<br>|
| Greg Lehmkuhl ................................................................................................ | 175% |
| Robb LeMasters .............................................................................................. | —% |
| Jeffrey Rivera ................................................................................................... | 125% |
| Sudarsan Thattai ............................................................................................. | 100% |
| Timothy Smith .................................................................................................. | 100% |
| Rob Crisci ......................................................................................................... | 125% |
| Sean Vanderelzen ........................................................................................... | 100% |

---

Mr. LeMasters was not eligible to receive a bonus under the annual bonus program for 2025. His target annual

bonus for 2026 is 125% of his annual base salary. Our other NEOs' target bonus opportunities as a percentage

of base salary remained at the same level as in 2024. Pursuant to the terms of his Transition Agreement, Mr.

Crisci remained eligible to receive an annual bonus for 2025.

The annual bonus program for each of our NEOs (other than Mr. LeMasters) in 2025 included the following two

primary components:

(i)Performance-vesting RSU portion based on Company overall financial performance, measured by

Management Adjusted EBITDA (as defined below), weighted at 70%; and

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Lineage 2026 Proxy Statement<br>

(ii)Cash portion based on individual performance objectives, as set forth below for each NEO,

weighted at 30%.

The number of performance-vesting RSUs granted to each NEO in connection with the 2025 annual bonus plan

are set forth below under "—Grants of Plan-Based Awards in 2025."

In connection with the 2025 annual bonus program, on April 17, 2025, the Talent and Compensation Committee

(i) approved, and the Company entered into, amended and restated employment agreements with each of Mr.

Lehmkuhl and Mr. Crisci, and (ii) adopted and approved an amended and restated Executive Severance Plan

(the "Severance Plan"), in each case in order to reflect that, commencing in 2025, the annual bonus

opportunities of our NEOs may be offered and delivered in the form of cash and/or performance-vesting equity

awards.

**Company Performance Objective—Management Adjusted EBITDA**

Seventy percent of each NEO's annual bonus is in the form of performance-vesting RSUs and based on the

extent to which the Management Adjusted EBITDA objective is achieved. The following table provides threshold,

target and maximum targets for the Management Adjusted EBITDA objective and provides actual 2025 results

and achievement as a percentage of target. For the Management Adjusted EBITDA objective, each NEO

receives a 0% payout below threshold performance, a 20% payout of target at threshold performance, a 100%

payout of target at target performance, and a 200% payout of target at maximum performance. For all NEOs,

the payout for performance between percentages is interpolated on a straight-line basis.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Financial** <br>**Objective**<br>| **Threshold** <br>(20% <br>Payout)<sup>(1)</sup><br>| **Target** <br>(100% <br>Payout)<sup>(1)</sup><br>| **Maximum** <br>(200% <br>Payout)<sup>(1)</sup><br>| **Result**<sup>(1)</sup> | **Achievement** | **Payout**<br> **(% of Target)**<br>|
| Management <br>Adjusted EBITDA .<br>| $1168.8 | $1375.0 | $1581.3 | $1264.2 | 91.9% | 56.8% |

---

_____________________

(1)Amounts in millions.

Management Adjusted EBITDA is calculated as Adjusted EBITDA with additional adjustments to exclude current

year acquisitions, dispositions, closed operations, annual bonus program expense, other certain one-time items

(both favorable and unfavorable), and/or fees paid to Bay Grove in accordance with the terms of the transition

services agreement, as determined by the Talent and Compensation Committee. For 2025, Management

Adjusted EBITDA was calculated as Adjusted EBITDA with adjustments to remove approximately $34 million of

profit resulting from certain acquisitions that were completed in calendar year 2025. For a reconciliation of

Adjusted EBITDA to net income, see Part II Item 7. Management's Discussion and Analysis of Financial

Condition and Results of Operations, section Non-GAAP Financial Measures on pages 76-78 of our Annual

Report on Form 10-K for the year ended December 31, 2025.

**Individual Performance Objectives**

Thirty percent of each NEO's annual bonus is in the form of cash and is based on achievement of individual

performance objectives. The individual performance objectives vary by NEO depending on their specific

responsibilities, and payout percentages at threshold (where applicable) and maximum performance varied by

objective. For each NEO, the payout for performance between threshold and target and between target and

maximum is interpolated on a straight-line basis. Performance below threshold results in a 0% payout for the

individual performance objectives.

The following is a summary of each of our NEOs' individual objectives for 2025 (other than Mr. LeMasters who

became bonus eligible in 2026):

• Mr. Lehmkuhl's individual objectives included goals relating to our Company's return on assets

(67% of individual objectives) and Company mergers and acquisitions (33% of individual

objectives).

• Mr. Rivera's individual objectives included goals relating to capital projects, forecasting, reduction of

employee turnover, productivity, budget and other operational goals (weightings per goal ranging

from 10% to 25% of individual objectives).

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Lineage 2026 Proxy Statement<br>

• Mr. Thattai's individual objectives included operational, strategic, customer and budget goals

relating to our Company's global business, including the deployment of operating systems,

warehouse system conversions and core-strategic customer facing technology products, as well as

a goal relating to talent management (weightings per goal ranging from 10% to 40% of individual

objectives).

• Mr. Smith's individual objectives included goals relating to talent and structure of the commercial

department, customer experience, revenue, pricing, new business development, occupancy and

capital deployment (weightings per goal ranging from 5% to 25% of individual objectives), and his

performance achievement also gave consideration to the successful signing of a significant

customer transaction.

• Mr. Crisci's individual objectives included goals relating to the talent and structure of the finance

department, forecasting and investor guidance, long term financial planning, communication with

investors and stakeholders (weightings per goal ranging from 15% to 25% of individual objectives).

• Mr. Vanderelzen's individual objectives included goals relating to capital projects, forecasting,

reduction of employee turnover, talent management, budget and other operational and human

resource goals (weightings per goal ranging from 5% to 15% of individual objectives).

Following the end of 2025, our Talent and Compensation Committee reviewed and evaluated the performance

of each NEO (other than Mr. LeMasters who became bonus eligible in 2026) and determined the extent to which

the NEO satisfied his individual performance objectives. The Talent and Compensation Committee consulted

with Mr. Lehmkuhl regarding each other NEO's performance with respect to such NEO's individual objectives.

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Lineage 2026 Proxy Statement<br>

**2025 Annual Bonus Payouts**

The following table summarizes each NEO's 2025 annual bonus plan objectives described above, including the

applicable weighting, achievement as a percentage of target performance, payout percentage and payout

amount.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Objective** | **Weighting** | **Achievement** | **Payout** (% of <br>Target Bonus)<br>| **Cash** <br>**Payout**<br>| **Earned** <br>**RSUs**<br>|
| Greg Lehmkuhl .. | Management Adjusted <br>EBITDA<br>| 70% | 91.9% | 56.8% | $— | 13756 |
|  | Individual Performance <br>Objectives<br>| 30% | 96% | 33.3% | $210000 |  |
| Robb <br>LeMasters<sup>(1)</sup> ........<br>|  | —% | —% | —% | $— |  |
|  |  | —% | —% | —% | $— |  |
| Jeffrey Rivera ..... | Management Adjusted <br>EBITDA<br>| 70% | 91.9% | 56.8% | $— | 5405 |
|  | Individual Performance <br>Objectives<br>| 30% | 79% | 79% | $195525 |  |
| Sudarsan <br>Thattai ..................<br>| Management Adjusted <br>EBITDA<br>| 70% | 91.9% | 56.8% | $— | 4258 |
|  | Individual Performance <br>Objectives<br>| 30% | 57% | 57% | $111150 |  |
| Timothy Smith .... | Management Adjusted <br>EBITDA<br>| 70% | 91.9% | 56.8% | $— | 3603 |
|  | Individual Performance <br>Objectives<br>| 30% | 51% | 51% | $84150 |  |
| Rob Crisci ........... | Management Adjusted <br>EBITDA<br>| 70% | 91.9% | 56.8% | $— | 5732 |
|  | Individual Performance <br>Objectives<br>| 30% | 50% | 50% | $133716 |  |
| Sean <br>Vanderelzen ........<br>| Management Adjusted <br>EBITDA<br>| 70% | 91.9% | 56.8% | $— | 3603 |
|  | Individual Performance <br>Objectives<br>| 30% | 110% | 110% | $181500 |  |

---

_____________________

(1)Mr. LeMasters was not eligible to receive a bonus under the annual bonus program for 2025.

**2026 Annual Bonus Program**

On March 11, 2026, the Talent and Compensation Committee approved the Company's 2026 annual bonus

program (the "2026 Bonus Program") for the Company's NEOs. Under the 2026 Bonus Program, our NEOs will

be eligible to receive annual bonus opportunities in the form of cash and performance-vesting RSUs that vest

and become payable based on the attainment of individual and/or Company performance goals. In connection

with the approval of the 2026 Bonus Program, on March 11, 2026, the Equity Award Committee of our board of

directors approved the grant of performance-vesting RSUs to our NEOs under the 2026 Bonus Program.

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Lineage 2026 Proxy Statement<br>

**Equity-Based Long-Term Incentive Awards**

We view equity-based compensation as a critical component of our balanced total compensation program.

Equity-based compensation creates an ownership culture among our employees that provides an incentive to

contribute to the continued growth and development of our business and aligns the interest of executives with

those of our stockholders.

**2025 Annual Awards**

In 2025 we granted certain employees, including our NEOs, equity-based awards under the 2024 Plan as part

of our annual equity award program, consisting of time-vesting and performance-vesting RSUs covering shares

of our common stock and/or LTIP units in our operating partnership ("annual awards"). Performance-vesting

LTIP unit awards are granted reflecting the maximum number of LTIP units that may be earned based on the

achievement of the applicable performance criteria and thereafter become vested (including all distribution

equivalent units). Mr. Lehmkuhl elected to receive his 2025 annual award equally in the form of RSUs and LTIP

units, as set forth in the table below. Mr. Vanderelzen elected to receive his 2025 annual award wholly in the

form of RSUs, as set forth in the table below. Each other NEO elected to receive his 2025 annual award wholly

in the form of LTIP units, as set forth in the table below. LTIP units are subject to the applicable terms and

conditions of the partnership agreement of our operating partnership, and are eligible to receive certain

distributions from our operating partnership.

The annual awards granted to our NEOs in 2025 (other than Mr. LeMasters who received a sign-on equity

award which is described in further detail below) are set forth in the table below. These equity awards were

granted in recognition of the impact of global macroeconomic challenges in our business, increased competition

for our executive talent and certain critical commercial and operational initiatives underway in our business.

---

| | | |
|:---|:---|:---|
| **Name** | **RSUs (#)\*** | **LTIP Units (#)\*** |
| Greg Lehmkuhl ...................................................................................... | 144875 | 262226 |
| Robb LeMasters .................................................................................... |  |  |
| Jeffrey Rivera ......................................................................................... |  | 80934 |
| Sudarsan Thattai ................................................................................... |  | 80934 |
| Timothy Smith ........................................................................................ |  | 51798 |
| Rob Crisci ............................................................................................... |  | 48561 |
| Sean Vanderelzen ................................................................................. | 21464 |  |

---

_____________________

\*Includes all time-vesting and performance-vesting RSUs and LTIP unit awards, as applicable. For performance-vesting LTIP unit

awards, represents the number of LTIP units based on maximum performance and includes all distribution equivalent units, which

reflects the number of LTIP units subject to the award at the time of grant.

**Time-Vesting Annual RSU & LTIP Unit Awards**

Pursuant to the time-vesting annual awards granted to our NEOs, each executive will be eligible to vest in a

number of RSU and/or LTIP units, as applicable, based on the executive's continued service with the Company.

Time-vesting annual awards represent approximately 40% of each NEO's total long-term incentive annual

award opportunity, and will vest in annual installments over a period of three years, subject to the executive's

continued service through the applicable vesting date.

The treatment of time-vesting equity awards in the event an executive's service is terminated by us without

cause, by the executive for good reason, or due to the executive's retirement, death, disability or, if applicable, a

non-renewal of the executive's employment agreement by the Company or a family disability (each as defined

in the applicable award agreement, a "qualifying termination") is summarized below under the section entitled

"Potential Payments Upon Termination or Change in Control—Long-Term Incentive Equity Awards—Time-

Vesting RSU Awards and LTIP Unit Awards."

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Lineage 2026 Proxy Statement<br>

The table below sets forth the number of time-vesting RSUs and/or LTIP units, as applicable, that were granted

as time-vesting annual awards to each of our NEOs in 2025:

---

| | | |
|:---|:---|:---|
| **Name** | **Time-Vesting RSUs** <br>**(#)**<br>| **Time-Vesting LTIP** <br>**Units (#)**<br>|
| Greg Lehmkuhl ...................................................................................... | 57950 | 57951 |
| Robb LeMasters .................................................................................... |  |  |
| Jeffrey Rivera ......................................................................................... |  | 17886 |
| Sudarsan Thattai ................................................................................... |  | 17886 |
| Timothy Smith ........................................................................................ |  | 11447 |
| Rob Crisci ............................................................................................... |  | 10732 |
| Sean Vanderelzen ................................................................................. | 8586 |  |

---

**Performance-Vesting Annual RSU & LTIP Unit Awards**

Performance-vesting awards represent approximately 60% of each NEO's total long-term incentive annual

award opportunity. Pursuant to the performance-vesting annual awards granted to our NEOs, each executive is

eligible to vest in a number of RSU and/or LTIP units, as applicable, ranging from either (a) 0% to 100% of the

total number of LTIP units granted (which will be equal to the maximum number of units that may vest), or (b)

0% to 200% of the total number of RSUs granted, based on the Company's attainment of specified performance

goals relating to (i) AFFO per share weighted 60%; (ii) same warehouse NOI growth weighted 40%; and (iii) a

+/- 20% modifier applicable to the outcome of the financial performance metrics, based on the Company's

relative TSR during the performance period commencing on January 1, 2025 and ending on December 31,

2027 (the "Performance Period"), subject to the executive's continued service with the Company.

The table below sets forth the number of performance-vesting RSU and/or LTIP units, as applicable, that were

granted as annual awards to each of our NEOs in 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Performance-**<br>**Vesting RSUs**<sup>(1)</sup><br>| **Performance-Vesting LTIP Units**<sup>(1)(2)</sup> | **Performance-Vesting LTIP Units**<sup>(1)(2)</sup> |
| **Name** | **Total RSUs (#)** | **Total** <br>**LTIP Units (#)**<br>| **"Base"** <br>**LTIP Units (#)**<br>|
| Greg Lehmkuhl ............................................................... | 86925 | 204275 | 173851 |
| Robb LeMasters ............................................................. |  |  |  |
| Jeffrey Rivera .................................................................. |  | 63048 | 53658 |
| Sudarsan Thattai ............................................................ |  | 63048 | 53658 |
| Timothy Smith ................................................................. |  | 40351 | 34341 |
| Rob Crisci ........................................................................ |  | 37829 | 32195 |
| Sean Vanderelzen ......................................................... | 12878 |  |  |

---

_____________________

(1)Sixty percent (60%) of the RSUs and/or base LTIP units, as applicable, are eligible to vest with respect to the AFFO per share goals

(the "AFFO per share units"), and forty percent (40%) of the RSUs and/or base LTIP units, as applicable, are eligible to vest with

respect to the same warehouse NOI goals (the "NOI units").

(2)Represents the number of LTIP units based on maximum performance and includes all distribution equivalent units, which reflects the

number of LTIP units subject to the award at the time of grant. The LTIP units included in the "Total LTIP Units" column that are not

"base" LTIP units represent distribution equivalent units (as defined and described below) that will vest, if at all, following the end of the

applicable Performance Period based upon the number of base LTIP units that become performance-vested, as described below.

In the event that the Company achieves AFFO per share and/or same warehouse NOI growth during the

applicable Performance Period at the "threshold," "target" or "maximum" level as specified in the applicable

award agreement, a number of AFFO per share units and NOI units (as applicable) will become performance-

vested with respect to a percentage of such units, as set forth in the table below. Because the number of LTIP

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Lineage 2026 Proxy Statement<br>

units granted is based on maximum performance, the vesting percentages applicable to each award have been

scaled proportionally in order to reflect the number of units granted.

---

| | | |
|:---|:---|:---|
|  | **Performance Vesting** <br>**Percentage (RSUs)**<br>| **Performance Vesting** <br>**Percentage (Base** <br>**LTIP Units)**<br>|
| **Below "Threshold Level" .........................................................** | 0% | 0% |
| **"Threshold Level" ......................................................................** | 50% | 25% |
| **"Target Level" .............................................................................** | 100% | 50% |
| **"Maximum Level" .......................................................................** | 200% | 100% |

---

The number of RSU and/or LTIP units, as applicable, that performance-vest based on the foregoing will be

modified by multiplying such number of units by a percentage determined in accordance with the following table,

based on the Company's TSR relative to the TSR of the MSCI US REIT Index over the applicable Performance

Period:

---

| | | |
|:---|:---|:---|
|  | **MSCI US REIT Index** <br>**Relative TSR** <br>**Performance**<br>| **Modifying Percentage** |
| **"Threshold Level" ............................................................** | 25th Percentile | 80% |
| **"Target Level" ...................................................................** | 50th Percentile | 100% |
| **"Maximum Level" .............................................................** | 75th Percentile | 120% |

---

In the event that the applicable performance goal is achieved at less than the "threshold" level, none of the

applicable RSU and/or LTIP units will vest. If the applicable performance goal falls between the levels specified

above, the performance-vesting percentage or modifying percentage (as applicable) will be determined using

straight-line linear interpolation between such levels.

With respect to each performance-vesting award of LTIP units, an additional number of LTIP units subject to the

award (the "distribution equivalent units") having a value equal to the dividends declared during the

Performance Period in respect of the shares of our common stock corresponding to the base units that become

performance vested (less any actual distributions made with respect to such units) will vest as of the completion

of the Performance Period. For purposes of calculating the number of distribution equivalent units, the dividend

amount will be adjusted (plus or minus) to reflect the gain or loss on such amount had the dividends been

reinvested in shares of our common stock on the applicable payment dates. Any distribution equivalent units

that do not become vested and earned will be cancelled and forfeited upon the completion of the Performance

Period.

Except as otherwise described above, and subject to certain exceptions, any performance-vesting RSUs and/or

LTIP units, as applicable, that have not fully vested as of the date on which an executive's service terminates for

any reason will be cancelled and forfeited by the executive.

The treatment of the performance-vesting equity awards in the event of a qualifying termination or "change in

control" of the Company (as defined in the 2024 Plan) is summarized below under the section entitled "Potential

Payments Upon Termination or Change in Control—Long-Term Incentive Equity Awards—Performance-Vesting

RSU Awards and LTIP Unit Awards."

**2025 Crisci Special Award**

In addition to his 2025 annual award, on April 1, 2025, the Equity Award Committee granted Mr. Crisci a special

one-time award of 87,859 time-vesting RSUs (the "2025 Crisci Special Award") in connection with his leadership

of our financial operations during and subsequent to our initial public offering. Fifty percent (50%) of the award

vested on April 1, 2026, and the remaining fifty percent (50%) will vest on April 1, 2027, subject to Mr. Crisci's

continued service through the applicable vesting date.

If Mr. Crisci's service is terminated by the Company due to his death or disability, the award will vest with

respect to an additional number of RSUs that would have vested had Mr. Crisci remained in service through the

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Lineage 2026 Proxy Statement<br>

vesting date immediately following the date of such termination. Upon Mr. Crisci's termination of service for any

other reason, any then-unvested RSUs subject to the award will automatically be cancelled and forfeited.

**2025 Vanderelzen Special Award**

In addition to his 2025 annual award, on January 1, 2025, the Equity Award Committee granted Mr. Vanderelzen

a special one-time award of 17,074 time-vesting LTIP units in our operating partnership (the "2025 Vanderelzen

Special Award") in connection with his assignment and relocation acceptance as President, Europe, while

maintaining the responsibility as Global Chief Human Resources Officer. Fifty percent (50%) of the award

vested on January 1, 2026, and the remaining fifty percent (50%) will vest on January 1, 2027, subject to Mr.

Vanderelzen's continued service through the applicable vesting date.

If Mr. Vanderelzen's service is terminated by the Company without cause, by him for good reason, or due to his

retirement, death or disability, the award will vest with respect to an additional number of LTIP units that would

have vested had Mr. Vanderelzen remained in service through the vesting date immediately following the date

of such termination. Upon Mr. Vanderelzen's termination of service for any other reason, any then-unvested

LTIP units subject to the award will automatically be cancelled and forfeited.

**2025 LeMasters Sign-On Equity Award**

In connection with Mr. LeMasters' appointment as our Chief Financial Officer, effective as of November 10,

2025, Mr. LeMasters received a grant of 40,569 time-vesting LTIP units in our operating partnership on

November 10, 2025 and a grant of 143,005 performance-vesting LTIP units on April 1, 2026. Mr. LeMasters is

not entitled to receive any 2026 Annual Award other than the grants described in this section.

If Mr. LeMasters' service is terminated by the Company without cause, by him for good reason, or due to his

retirement, death or disability, (i) the time-vesting LTIP units award will vest with respect to an additional number

of time-vesting LTIP units that would have vested had Mr. LeMasters remained in service through the first

regularly scheduled vesting date following the date of such termination and (ii) (A) if a qualifying termination of

employment occurs during the three-year performance period, a pro-rated portion of the performance-vesting

LTIP units award will remain outstanding and become eligible to vest upon the administrator's certification

following such performance period and (B) if a qualifying termination of employment occurs following the three-

year performance period but before the administrator's certification, the performance-vesting LTIP units will

remain outstanding and become eligible to vest upon the administrator's certification. Upon Mr. LeMasters'

termination of service for any other reason, any then-unvested LTIP units subject to an award will automatically

be cancelled and forfeited.

**Employee Benefits and Perquisites**

**Retirement Savings**

We maintain a 401(k) retirement savings plan for our employees, including our NEOs, who satisfy certain

eligibility requirements. Our NEOs are eligible to participate in the 401(k) plan on the same terms as other full-

time employees. In 2025, contributions made by participants in the 401(k) plan were matched up to a specified

percentage of the employee contributions, and these matching contributions are fully vested when made by our

Company. We believe that providing a vehicle for tax-deferred retirement savings though our 401(k) plan, and

making fully vested matching contributions, adds to the overall desirability of our executive compensation

package and further incentivizes our employees, including our NEOs, in accordance with our compensation

policies.

**Health and Welfare Plans**

All of our full-time employees, including our NEOs, are eligible to participate in our health and welfare plans,

including medical, dental and vision benefits, medical and dependent care flexible spending accounts, short-

term and long-term disability insurance, and life insurance.

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Lineage 2026 Proxy Statement<br>

**Other Perquisites**

We provided certain perquisites to our NEOs in 2025, including Company-paid annual executive physicals, and

company-paid legal, tax, and estate planning fees. We and Mr. Vanderelzen are parties to an international long-

term assignment letter, dated December 10, 2024 (the "Assignment Agreement"), pursuant to which he was

eligible until December 2025 for certain assignment-specific allowances including relocation and goods and

services reimbursements and allowances, property management allowance, and home leave to offset cost of

living and exchange rate differences and international health insurance coverage for Mr. Vanderelzen and his

spouse. The Assignment Agreement further provides Mr. Vanderelzen with tax services in connection with the

preparation of his U.S. and Netherlands tax returns, which will be prepared by a third-party accounting firm, at

the Company's expense during, and for a period not to exceed two years after, the completion of his assignment

as well as a tax equalization payment (which excludes payment for personal income, gift tax, estate tax, and

personal tax planning).

**Severance and Change in Control Arrangements**

We previously entered into employment agreements with each of Mr. Lehmkuhl and Mr. Crisci and adopted the

Lineage, Inc. Executive Severance Plan. As discussed in the section titled "—Compensation Discussion and

Analysis—Elements of Compensation—Annual Bonus Program" above, on April 17, 2025, the Talent and

Compensation Committee approved, and the Company entered into, amended and restated employment

agreements with each of Mr. Lehmkuhl and Mr. Crisci, and the Talent and Compensation Committee amended

the Severance Plan, in each case in order to reflect the terms of the 2025 Annual Bonus Program which provide

for the grant of equity awards as a component of annual bonus opportunities. Each of Messrs. LeMasters,

Rivera, Thattai, Smith and Vanderelzen are participants in the Severance Plan.

Our Talent and Compensation Committee believes that these types of arrangements are necessary to attract

and retain executive talent and are a customary component of executive compensation. A description of these

arrangements, as well as information on the estimated payments and benefits that our NEOs would have been

eligible to receive as of December 31, 2025, are set forth in "—Potential Payments Upon Termination or Change

in Control" below.

**Other Policies and Considerations**

**Clawback Policy**

We have adopted a compensation recovery policy that requires the recovery of certain erroneously paid

incentive compensation received by our Section 16 officers on or after July 24, 2024, as required by new SEC

rules and Nasdaq Listing Standards implemented pursuant to the Dodd-Frank Act, and which can be recovered

from time-vesting or performance-vesting equity compensation (in addition to other forms of compensation).

**Hedging and Speculative Trading**

As discussed in the section titled "Corporate Governance—Hedging and Speculative Trading" above, we have

adopted certain prohibitions against our officers, directors and employees, including any entities controlled by

individuals subject to the insider trading policy, from engaging in transactions of a speculative nature involving

our securities.

**Stock Ownership Guidelines**

As discussed in the section titled "Corporate Governance—Stock Ownership Policy" above, we have adopted

stock ownership guidelines that are applicable to our executive officers, including our NEOs, and to our non-

employee directors.

**Section 409A of the Internal Revenue Code**

The Talent and Compensation Committee takes into account whether components of the compensation for our

executive officers will be adversely impacted by the penalty tax imposed by Section 409A of the Internal

Revenue Code (the "Code") and aims to structure these components to be compliant with or exempt from

Section 409A of the Code to avoid such potential adverse tax consequences.

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

**Deductibility of Executive Compensation**

Section 162(m) of the Code denies a publicly-traded corporation a federal income tax deduction for

remuneration in excess of $1 million per year per person paid to executives designated in Section 162(m) of the

Code, including, but not limited to, its chief executive officer, chief financial officer, and the next three highly

compensated executive officers. However, we believe that maintaining the discretion to provide compensation

that is non-deductible allows us to provide compensation tailored to the needs of our Company and our named

executive officers and is an important part of our responsibilities and benefits our stockholders.

**Accounting for Share-Based Compensation**

We follow Financial Accounting Standard Board Accounting Standards Codification Topic 718, ("ASC Topic

718"), for our share-based compensation awards. ASC Topic 718 requires companies to measure the

compensation expense for all share-based payment awards made to employees and directors based on the

grant date "fair value" of these awards.

**Equity Grant Practices**

We do not grant equity awards in anticipation of the release of material, nonpublic information or time the

release of material, nonpublic information based on equity award grant dates, vesting events, or sale events. In

2025, we did not grant any stock option or stock appreciation rights awards. We have not timed the disclosure of

material nonpublic information for the purpose of affecting the value of executive compensation for NEO grants in

2025. 51

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

**Talent and Compensation Committee Report**

The Talent and Compensation Committee has reviewed and discussed the Compensation Discussion and

Analysis set forth above and discussed its contents with the Company's management. Based on the review and

discussions, the Talent and Compensation Committee recommended to the board of directors of the Company

that the Compensation Discussion and Analysis be included in this Proxy Statement and incorporated by

reference into our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

**Talent and Compensation Committee of the Board of Directors**

Adam Forste (Chair)

John Carrafiell

Michael Turner

Lynn Wentworth

James Wyper

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

**2025 Executive Compensation**

**Summary Compensation Table**

The following table sets forth information concerning the compensation of our NEOs for the years ended

December 31, 2025, 2024, and 2023.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year** | **Salary**<br>**($)**<br>| **Bonus** <br>**($)**<br>| **Stock**<br>**Awards**<sup>(1)</sup><br>**($)**<br>| **Non-Equity** <br>**Incentive Plan** <br>**Compensation**<sup>(2)</sup><br>**($)**<br>| **All Other** <br>**Compensation**<sup>(3)</sup><br>**($)**<br>| **Total**<br>**($)**<br>|
| Greg Lehmkuhl ................... | *President and Chief Executive Officer* | *President and Chief Executive Officer* | *President and Chief Executive Officer* | *President and Chief Executive Officer* | *President and Chief Executive Officer* | *President and Chief Executive Officer* | *President and Chief Executive Officer* |
|  | 2025 | 1200000 |  | 18294193 | 210000 | 260594 | 19964787 |
|  | 2024 | 1200000 | 4000000 | 62492311 | 1207769 | 441362 | 69341442 |
|  | 2023 | 1197693 |  | 5433313 | 3764950 | 1183994 | 11579950 |
| Robb LeMasters ................. | *Chief Financial Officer* | *Chief Financial Officer* | *Chief Financial Officer* | *Chief Financial Officer* | *Chief Financial Officer* | *Chief Financial Officer* | *Chief Financial Officer* |
|  | 2025 | 67308 |  | 1370015 |  |  | 1437323 |
| Jeffrey Rivera ...................... | *Global Chief Operations Officer* | *Global Chief Operations Officer* | *Global Chief Operations Officer* | *Global Chief Operations Officer* | *Global Chief Operations Officer* | *Global Chief Operations Officer* | *Global Chief Operations Officer* |
|  | 2025 | 660000 |  | 3173893 | 195525 | 122943 | 4152361 |
|  | 2024 | 660000 | 1306605 | 10456820 | 630119 | 29421 | 13082965 |
|  | 2023 | 651923 |  | 923356 | 1296722 | 274328 | 3146329 |
| Sudarsan Thattai ................ | *Chief Transformation Officer* | *Chief Transformation Officer* | *Chief Transformation Officer* | *Chief Transformation Officer* | *Chief Transformation Officer* | *Chief Transformation Officer* | *Chief Transformation Officer* |
|  | 2025 | 647500 |  | 3051339 | 111150 | 93809 | 3903798 |
|  | 2024 | 640770 | 1250000 | 27217224 | 395750 | 11887 | 29515631 |
|  | 2023 | 621924 |  | 1255135 | 1083564 | 226895 | 3187518 |
| Timothy Smith ..................... | *Chief Commercial Officer* | *Chief Commercial Officer* | *Chief Commercial Officer* | *Chief Commercial Officer* | *Chief Commercial Officer* | *Chief Commercial Officer* | *Chief Commercial Officer* |
|  | 2025 | 550000 |  | 2046697 | 84150 | 137256 | 2818103 |
|  | 2024 | 538462 | 1250000 | 10076773 | 318215 | 23707 | 12207157 |
| Rob Crisci ............................ | *Former Chief Financial Officer* | *Former Chief Financial Officer* | *Former Chief Financial Officer* | *Former Chief Financial Officer* | *Former Chief Financial Officer* | *Former Chief Financial Officer* | *Former Chief Financial Officer* |
|  | 2025 | 709231 |  | 7170437 | 133716 | 70841 | 8084225 |
|  | 2024 | 700000 | 1250000 | 16666276 | 621058 | 11346 | 19248680 |
|  | 2023 | 465769 |  | 14367378 | 1112053 | 14987 | 15960187 |
| Sean Vanderelzen .............. | *Former Chief Human Resources Officer and President, Europe* | *Former Chief Human Resources Officer and President, Europe* | *Former Chief Human Resources Officer and President, Europe* | *Former Chief Human Resources Officer and President, Europe* | *Former Chief Human Resources Officer and President, Europe* | *Former Chief Human Resources Officer and President, Europe* | *Former Chief Human Resources Officer and President, Europe* |
|  | 2025 | 550000 |  | 2631328 | 181500 | 414877 | 3777705 |
|  | 2024 | 538462 | 1363210 | 7936535 | 425046 | 60986 | 10324239 |
|  | 2023 | 515578 |  | 833017 | 967204 | 298766 | 2614565 |

---

_____________________

(1)Amounts shown for 2025 represent the aggregate grant date fair value of (i) time-vesting LTIP unit awards, (ii) performance-vesting LTIP "base"

units, (iii) time-vesting RSUs, and (iv) performance-vesting RSUs. All such amounts were calculated in accordance with ASC Topic 718. For

performance-vesting LTIP units and performance-vesting RSUs, amounts shown are based on grant date fair value utilizing a Monte Carlo

simulation for the market vesting condition and probable outcome of performance (at target levels) of the financial performance conditions as of

the applicable measurement date, calculated under ASC Topic 718. The aggregate grant date fair value of the performance-vesting LTIP

"base" units and performance-vesting RSUs granted to our NEOs in 2025, assuming maximum performance, is set forth in the table below. For

additional information on the valuation assumptions for 2025, refer to Note 18 to our consolidated financial statements for the fiscal year ended

December 31, 2025, included in our Annual Report on Form 10-K for the year ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Performance-**<br>**Vesting LTIP Units** <br>**at Target ($)**<br>| **Performance-**<br>**Vesting LTIP Units** <br>**at Maximum ($)**<br>| **Performance-**<br>**Vesting RSUs at** <br>**Target ($)**<br>| **Performance-**<br>**Vesting RSUs at** <br>**Maximum ($)**<br>|
| Greg Lehmkuhl ................................. | 5172097 | 10344135 | 5172038 | 10344075 |
| Robb LeMasters ............................... | N/A | N/A | N/A | N/A |
| Jeffrey Rivera .................................... | 1596326 | 3192651 | N/A | N/A |
| Sudarsan Thattai .............................. | 1596326 | 3192651 | N/A | N/A |
| Timothy Smith ................................... | 1021675 | 2043290 | N/A | N/A |
| Rob Crisci .......................................... | 957831 | 1915603 | N/A | N/A |
| Sean Vanderelzen ............................ | N/A | N/A | 766241 | 1532482 |

---

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

(2)Amounts shown in this column represent amounts earned under the cash portion of our annual bonus program for the year shown and

paid in cash in the first quarter of the following year. For a description of our annual bonus program see "—Compensation Discussion

and Analysis—Elements of Compensation—Short-Term Incentive Compensation—2025 Annual Bonus Program" above.

(3)The following table sets forth the amount of each other item of compensation paid to, or on behalf of, our NEOs during 2025 included in

the "All Other Compensation" column. Amounts for each other item of compensation are valued based on the aggregate incremental

cost to us, in each case without taking into account the value of any income tax deduction for which we may be eligible.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Company**<br>**401(k) Match**<sup>(a)</sup><br>**($)**<br>| **Personal Use**<br>**of Company**<br>**Aircraft**<sup>(b)</sup><br>**($)**<br>| **International** <br>**Assignment** <br>**Benefits**<sup>(c)</sup><br>**($)**<br>| **Tax Gross**<br>**-Ups**<sup>(d)</sup><br>**($)**<br>| **Financial** <br>**Services**<sup>(e)</sup><br>**($)**<br>| **Other**<sup>(f)</sup><br>**($)**<br>| **Total**<br>**($)**<br>|
| Greg Lehmkuhl ................... | 9733 | 19115 |  |  | 43113 | 188633 | 260594 |
| Robb LeMasters ................. |  |  |  |  |  |  |  |
| Jeffrey Rivera ...................... | 14000 |  |  |  | 36025 | 72918 | 122943 |
| Sudarsan Thattai ................ | 7000 |  |  |  |  | 86809 | 93809 |
| Timothy Smith ..................... | 14000 |  |  |  | 35433 | 87823 | 137256 |
| Rob Crisci ............................ | 11977 |  |  |  |  | 58864 | 70841 |
| Sean Vanderelzen .............. | 13971 |  | 190781 | 121492 |  | 88633 | 414877 |

---

_____________________

(a)For 2025, we matched 100% of the first 3% and 50% of the next 2% percent of eligible compensation (subject to applicable limits

under the Code) contributed on a pre-tax basis to our 401(k) plan.

(b)Amounts in this column reflect the taxable benefit received by Mr. Lehmkuhl in connection with the use of the Company's aircraft for

business travel while accompanied by friends and/or family members.

(c)Amounts in this column reflect allowances and fees paid by the Company related to the relocation of Mr. Vanderelzen in connection

with his assignment as President, Europe, including (i) relocation reimbursement/allowance - $26,042, (ii) goods and services

reimbursement/allowance - $112,151, (iii) property management allowance - $6,000, and (iv) home leave - $46,588.

(d)Amounts in this column reflects a tax gross-up on benefits in relation to Mr. Vanderelzen's international assignment as President,

Europe.

(e)Amounts in this column reflect fees paid by the Company for tax and estate planning services.

(f)Amounts in this column are based on the aggregate incremental cost to our Company for Company-paid life insurance premiums

(Mr. Lehmkuhl- $1,518; Mr. Rivera - $1,518; Mr. Thattai - $1,518; Mr. Smith - $4,356; Mr. Crisci - $1,518; and Mr. Vanderelzen -

$1,518), annual executive medical examinations (Mr. Lehmkuhl- $2,500; Mr. Rivera - $2,500; Mr. Thattai - $2,500; Mr. Smith - $3,000;

Mr. Crisci - $3,500; and Mr. Vanderelzen - $2,500) and a payout of accrued but unused paid time off that was paid out following an

amendment to the Company's paid time off policy (Mr. Lehmkuhl- $184,615; Mr. Rivera - $68,900; Mr. Thattai - $82,791; Mr. Smith -

$80,467; Mr. Crisci - $53,846; and Mr. Vanderelzen - $84,615).

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

**Grants of Plan-Based Awards in 2025**

The following table provides information relating to grants of plan-based awards made during 2025.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Estimated Future Payouts Under** <br>**Non-Equity Incentive Plan** <br>**Awards**<sup>(1)</sup> | **Estimated Future Payouts Under** <br>**Non-Equity Incentive Plan** <br>**Awards**<sup>(1)</sup> | **Estimated Future Payouts Under** <br>**Non-Equity Incentive Plan** <br>**Awards**<sup>(1)</sup> | **Estimated Future Payouts** <br>**Under Equity Incentive Plan** <br>**Awards**<sup>(2)</sup> | **Estimated Future Payouts** <br>**Under Equity Incentive Plan** <br>**Awards**<sup>(2)</sup> | **Estimated Future Payouts** <br>**Under Equity Incentive Plan** <br>**Awards**<sup>(2)</sup> | **All Other** <br>**Stock** <br>**Awards:** <br>**Number of** <br>**Shares of** <br>**Stock or** <br>**Units**<sup>(5)</sup><br>**(#)** | **Grant** <br>**Date Fair** <br>**Value of** <br>**Stock and** <br>**Option** <br>**Awards**<sup>(6)</sup><br>**($)** |
| **Name** | **Grant**<br>**Date**<sup>(3)</sup><br>| **Date of** <br>**Approval**<sup>(4)</sup><br>| **Threshold**<br>**($)**<br>| **Target**<br>**($)**<br>| **Maximum**<br>**($)**<br>| **Threshold**<br>**(#)**<br>| **Target**<br>**(#)**<br>| **Maximum**<br>**(#)**<br>| **All Other** <br>**Stock** <br>**Awards:** <br>**Number of** <br>**Shares of** <br>**Stock or** <br>**Units**<sup>(5)</sup><br>**(#)** | **Grant** <br>**Date Fair** <br>**Value of** <br>**Stock and** <br>**Option** <br>**Awards**<sup>(6)</sup><br>**($)** |
| **Greg Lehmkuhl** |  |  |  |  |  |  |  |  |  |  |
| Annual Bonus (Cash) ........... |  |  | 126000 | 630000 | 1260000 |  |  |  |  |  |
| Annual Bonus <br>(Performance-Vesting <br>Award) ...............................<br>| 3/18/2025 | 3/18/2025 |  |  |  | 4844 | 24218 | 48436 |  | 1470033 |
| LTIP Units (Time-Vesting <br>Annual Award) .................<br>| 4/17/2025 | 4/17/2025 |  |  |  |  |  |  | 57951 | 3240040 |
| Time-Vesting RSU (Time-<br>Vesting Annual Award) ....<br>| 4/17/2025 | 4/17/2025 |  |  |  |  |  |  | 57950 | 3239985 |
| LTIP Units (Performance-<br>Vesting Annual Award) ..<br>| 4/17/2025 | 4/17/2025 |  |  |  | 43463 | 86926 | 173851 |  | 5172097 |
| Performance-Vesting RSU <br>(Performance-Vesting <br>Annual Award) ..................<br>| 4/17/2025 | 4/17/2025 |  |  |  | 43463 | 86925 | 173850 |  | 5172038 |
| **Robb LeMasters** |  |  |  |  |  |  |  |  |  |  |
| LTIP Units (Time-Vesting <br>Annual Award) .................<br>| 11/10/2025 | 10/17/2025 |  |  |  |  |  |  | 40569 | 1370015 |
| **Jeffrey Rivera** |  |  |  |  |  |  |  |  |  |  |
| Annual Bonus (Cash) ........... |  |  | 123750 | 247500 | 495000 |  |  |  |  |  |
| Annual Bonus <br>(Performance-Vesting <br>Award) ...............................<br>| 3/18/2025 | 3/18/2025 |  |  |  | 1903 | 9515 | 19030 |  | 577561 |
| LTIP Units (Time-Vesting <br>Annual Award) ..................<br>| 4/17/2025 | 4/17/2025 |  |  |  |  |  |  | 17886 | 1000006 |
| LTIP Units (Performance-<br>Vesting Annual Award) ....<br>| 4/17/2025 | 4/17/2025 |  |  |  | 13415 | 26829 | 53658 |  | 1596326 |
| **Sudarsan Thattai** |  |  |  |  |  |  |  |  |  |  |
| Annual Bonus (Cash) ........... |  |  | 97500 | 195000 | 390000 |  |  |  |  |  |
| Annual Bonus <br>(Performance-Vesting <br>Award) ...............................<br>| 3/18/2025 | 3/18/2025 |  |  |  | 1500 | 7496 | 14992 |  | 455007 |
| LTIP Units (Time-Vesting <br>Annual Award) ..................<br>| 4/17/2025 | 4/17/2025 |  |  |  |  |  |  | 17886 | 1000006 |
| LTIP Units (Performance-<br>Vesting Annual Award) ....<br>| 4/17/2025 | 4/17/2025 |  |  |  | 13415 | 26829 | 53658 |  | 1596326 |
| **Timothy Smith** |  |  |  |  |  |  |  |  |  |  |
| Annual Bonus (Cash) |  |  | 82500 | 165000 | 330000 |  |  |  |  |  |
| Annual Bonus <br>(Performance-Vesting <br>Award) ...............................<br>| 3/18/2025 | 3/18/2025 |  |  |  | 1269 | 6343 | 12686 |  | 385020 |
| LTIP Units (Time-Vesting <br>Annual Award) ..................<br>| 4/17/2025 | 4/17/2025 |  |  |  |  |  |  | 11447 | 640002 |
| LTIP Units (Performance-<br>Vesting Annual Award)<br>| 4/17/2025 | 4/17/2025 |  |  |  | 8586 | 17171 | 34341 |  | 1021675 |
| **Rob Crisci** |  |  |  |  |  |  |  |  |  |  |
| Annual Bonus (Cash) ........... |  |  | 133716 | 267432 | 534863 |  |  |  |  |  |
| Annual Bonus <br>(Performance-Vesting <br>Award) ...............................<br>| 3/18/2025 | 3/18/2025 |  |  |  | 2019 | 10091 | 20182 |  | 612524 |
| Time-Vesting RSU (Time-<br>Vesting Special Award) ...<br>| 4/1/2025 | 3/25/2025 |  |  |  |  |  |  | 87859 | 5000056 |
| LTIP Units (Time-Vesting <br>Annual Award) ..................<br>| 4/17/2025 | 4/17/2025 |  |  |  |  |  |  | 10732 | 600026 |
| LTIP Units (Performance-<br>Vesting Annual Award) ....<br>| 4/17/2025 | 4/17/2025 |  |  |  | 8049 | 16098 | 32195 |  | 957831 |

---

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Estimated Future Payouts Under** <br>**Non-Equity Incentive Plan** <br>**Awards**<sup>(1)</sup> | **Estimated Future Payouts Under** <br>**Non-Equity Incentive Plan** <br>**Awards**<sup>(1)</sup> | **Estimated Future Payouts Under** <br>**Non-Equity Incentive Plan** <br>**Awards**<sup>(1)</sup> | **Estimated Future Payouts** <br>**Under Equity Incentive Plan** <br>**Awards**<sup>(2)</sup> | **Estimated Future Payouts** <br>**Under Equity Incentive Plan** <br>**Awards**<sup>(2)</sup> | **Estimated Future Payouts** <br>**Under Equity Incentive Plan** <br>**Awards**<sup>(2)</sup> | **All Other** <br>**Stock** <br>**Awards:** <br>**Number of** <br>**Shares of** <br>**Stock or** <br>**Units**<sup>(5)</sup><br>**(#)** | **Grant** <br>**Date Fair** <br>**Value of** <br>**Stock and** <br>**Option** <br>**Awards**<sup>(6)</sup><br>**($)** |
| **Name** | **Grant**<br>**Date**<sup>(3)</sup><br>| **Date of** <br>**Approval**<sup>(4)</sup><br>| **Threshold**<br>**($)**<br>| **Target**<br>**($)**<br>| **Maximum**<br>**($)**<br>| **Threshold**<br>**(#)**<br>| **Target**<br>**(#)**<br>| **Maximum**<br>**(#)**<br>| **All Other** <br>**Stock** <br>**Awards:** <br>**Number of** <br>**Shares of** <br>**Stock or** <br>**Units**<sup>(5)</sup><br>**(#)** | **Grant** <br>**Date Fair** <br>**Value of** <br>**Stock and** <br>**Option** <br>**Awards**<sup>(6)</sup><br>**($)** |
| **Sean Vanderelzen** |  |  |  |  |  |  |  |  |  |  |
| Annual Bonus (Cash) ........... |  |  | 82500 | 165000 | 330000 |  |  |  |  |  |
| LTIP Units (Time-Vesting <br>Special Award) .................<br>| 1/1/2025 | 12/10/2024 |  |  |  |  |  |  | 17074 | 1000024 |
| Annual Bonus <br>(Performance-Vesting <br>Award) ...............................<br>| 3/18/2025 | 3/18/2025 |  |  |  | 1269 | 6343 | 12686 |  | 385020 |
| Time-Vesting RSU (Time-<br>Vesting Annual Award) ....<br>| 4/17/2025 | 4/17/2025 |  |  |  |  |  |  | 8586 | 480043 |
| Performance-Vesting RSU <br>(Performance-Vesting <br>Annual Award) ..................<br>| 4/17/2025 | 4/17/2025 |  |  |  | 6439 | 12878 | 25756 |  | 766241 |

---

_____________________

(1)Reflects threshold, target and maximum payment opportunities of the cash-based portion of the 2025 annual bonus program. For a

description of our annual bonus plan, see "Compensation Discussion and Analysis—Elements of Compensation—Short-Term Incentive

Compensation—2025 Annual Bonus Program" above. The actual amounts paid in the first quarter of 2026 under our 2025 annual

bonus program are disclosed in the "Summary Compensation Table" under the "Non–Equity Incentive Plan Compensation" column.

(2)With respect to the annual bonus, reflects threshold, target and maximum payment opportunities of the equity-based portion of the

2025 annual bonus program. The vesting provisions for the annual bonus program performance-vesting RSUs are described above in

the section titled "Compensation Discussion and Analysis—Elements of Compensation—Short-Term Incentive Compensation—2025

Annual Bonus Program." With respect to performance-vesting annual awards, reflects performance-vesting LTIP "base" units and

RSUs granted during 2025. The vesting provisions for the performance-vesting annual awards of LTIP "base" units and RSUs are

described above in the section titled "Compensation Discussion and Analysis—Elements of Compensation—Equity-Based Long-Term

Incentive Awards—2025 Annual Awards—Performance-Vesting Annual RSU & LTIP Unit Awards."

(3)Represents the grant date determined for financial statement reporting purposes pursuant to ASC Topic 718.

(4)Represents the date on which the applicable issuer took action to grant the applicable award (to the extent the date differs from the

grant date determined for financial statement reporting purposes pursuant to ASC Topic 718).

(5)Reflects time-vesting LTIP units and time-vesting RSUs granted during 2025. The vesting provisions for the time-vesting LTIP units and

time-vesting RSUs are described above in the sections titled "Compensation Discussion and Analysis—Elements of Compensation—

Equity-Based Long-Term Incentive Awards."

(6)Amounts shown in this column represent the aggregate grant date fair value of the awards calculated in accordance with ASC Topic

718. For performance-vesting LTIP units, amounts shown are based on grant date fair value of the "base" units utilizing a Monte Carlo

simulation for the market vesting condition and probable outcome (at target levels) of performance of the financial performance

conditions as of the grant date, calculated under ASC Topic 718. For additional information on the valuation assumptions for 2025,

refer to Note 18 to our consolidated financial statements for the fiscal year ended December 31, 2025, included in our Annual Report

on Form 10-K for the year ended December 31, 2025.

**Narrative to Summary Compensation Table and Grants of Plan-Based Awards Table**

**Named Executive Officer Employment Agreements**

We previously entered into an amended and restated employment agreement with each of Mr. Lehmkuhl and

Mr. Crisci and the Assignment Agreement with Mr. Vanderelzen. On October 17, 2025, we entered into an

employment offer letter with Mr. LeMasters. The material terms of the Employment Agreements, the Assignment

Agreement and Mr. LeMasters' offer letter are described below, each as in effect during 2025.

As discussed in the section titled "Compensation Discussion and Analysis—Elements of Compensation—Short-

Term Incentive Compensation—2025 Annual Bonus Program" above, on April 17, 2025, we entered into

amended and restated employment agreements with Messrs. Lehmkuhl and Crisci in order to reflect that,

commencing in 2025, the annual bonus opportunities of our NEOs, including Messrs. Lehmkuhl and Crisci, may

be in the form of cash and/or performance-vesting equity awards.

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

**Greg Lehmkuhl**

**Amended Employment Agreement**

In connection with our IPO, on July 26, 2024, we entered into an amended and restated employment agreement

with Mr. Lehmkuhl (the "Amended Lehmkuhl Agreement") which provided for Mr. Lehmkuhl's continued

employment with our Company as our Chief Executive Officer. In connection with the 2025 annual bonus plan

modification to introduce an equity award component, on April 17, 2025, we entered into a second amended

and restated employment agreement with Mr. Lehmkuhl (the "Second Amended Lehmkuhl Agreement") that

amended and restated in its entirety the Amended Lehmkuhl Agreement. The Second Amended Lehmkuhl

Agreement is summarized below under the section entitled "Lehmkuhl Second Amended Employment

Agreement."

The term of employment under the Amended Lehmkuhl Agreement provided for an initial five year term of

employment commencing on July 26, 2024, with automatic successive one-year renewals, unless either the

Company or the executive provides notice of such party's intention not to renew the term at least 90 days prior

to the expiration of the then-current term. Pursuant to the Amended Lehmkuhl Agreement, Mr. Lehmkuhl was

entitled to receive an annual base salary of $1,200,000 per year, subject to annual review and increase by our

Talent and Compensation Committee in its sole discretion. Mr. Lehmkuhl's 2025 annual base salary was

$1,200,000.

The Amended Lehmkuhl Agreement provided that Mr. Lehmkuhl was eligible to earn annual cash performance

bonuses, based on the attainment of Company, individual and/or performance objectives as determined by our

board of directors, with target and maximum bonus opportunities equal to 175% and 350%, respectively, of

Mr. Lehmkuhl's annual base salary. The target and maximum bonus amounts were permitted to be increased

(but not reduced) by our Talent and Compensation Committee in its sole discretion. Mr. Lehmkuhl's 2025 target

annual bonus was equal to 175% of his annual base salary.

The Amended Lehmkuhl Agreement provided that Mr. Lehmkuhl was eligible to receive annual equity-based

awards under the 2024 Plan as determined by our board of directors or a committee thereof in its sole

discretion.

The Amended Lehmkuhl Agreement also included a "best pay cap" under Section 280G of the Code, pursuant

to which any "parachute payments" that become payable to Mr. Lehmkuhl would either be paid in full or reduced

so that such payments are not subject to the excise tax under Section 4999 of the Code, whichever resulted in

the better after-tax treatment to Mr. Lehmkuhl.

In addition, the Amended Lehmkuhl Agreement contained customary confidentiality and assignment of

inventions provisions, as well as (i) non-compete restrictions effective during employment and for 24 months

thereafter, and (ii) customer, supplier and service provider non-solicitation provisions, effective during

employment and for 24 months thereafter.

The severance benefits and payments which were payable to Mr. Lehmkuhl under the Amended Lehmkuhl

Agreement upon certain qualifying terminations of his employment are summarized below under the

section entitled "Potential Payments Upon Termination or Change in Control."

**Lehmkuhl Second Amended Employment Agreement**

The material terms of the Second Amended Lehmkuhl Agreement are substantially the same as the Amended

Lehmkuhl Agreement, except as follows:

• The Second Amended Lehmkuhl Agreement provides that the annual bonus opportunities of Mr.

Lehmkuhl may be in the form of cash and/or performance-vesting equity-based awards;

• The Second Amended Lehmkuhl Agreement provides that, in the event of a qualifying termination

of employment, any unpaid prior year bonus payable to the executive in connection with such

termination will be paid in cash in an amount equal to the aggregate value of such bonus that is

earned for the prior fiscal year; provided that, the value of any portion of such bonus that was

issued in the form of an equity-based award will be determined based on the closing price of our

common stock on the termination date (or, if the termination date is not a trading day, on the last

trading day immediately prior to the termination date); and

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

• The Second Amended Lehmkuhl Agreement provides that, in the event of a qualifying termination,

the pro-rated annual bonus payable to Mr. Lehmkuhl for the year of such termination will be paid in

cash in an amount equal to the aggregate value of the actual annual bonus that would have been

earned by Mr. Lehmkuhl for such year; provided that, the value of any portion of such bonus that

was issued in the form of an equity-based award will be determined based on the closing price of

our common stock on the last day of the applicable performance period (or, if the last day of the

applicable performance period is not a trading day, on the last trading day immediately prior to the

last day of the applicable performance period).

**Rob Crisci**

**Crisci Amended Employment Agreement**

In connection with our IPO, on July 26, 2024, we entered into an amended and restated employment agreement

with Mr. Crisci (the "Amended Crisci Agreement"), which provided for Mr. Crisci's employment with our

Company as our Chief Financial Officer. In connection with the 2025 annual bonus plan modification to

introduce an equity award component, on April 17, 2025, we entered into a second amended and restated

employment agreement with Mr. Crisci (the "Second Amended Crisci Agreement") that amended and restated in

its entirety the Amended Crisci Agreement. The Second Amended Crisci Agreement is summarized below under

the section entitled "Crisci Second Amended Employment Agreement." In connection with Mr. Crisci's

retirement as Chief Financial Officer and appointment of his successor, we entered into a Transition Agreement

on October 31, 2025 that terminated the Crisci Second Amended Employment Agreement and provided for Mr.

Crisci's resignation as Chief Financial Officer and his continued employment with our Company as a special

advisor to the CFO. The Transition Agreement is summarized below under the section entitled "—Crisci

Transition Agreement."

The term of employment under the Amended Crisci Agreement was three years commencing on April 19, 2023,

following which the employment relationship was to remain at-will. Pursuant to the Amended Crisci Agreement,

Mr. Crisci was entitled to receive an annual base salary of $700,000 per year, pro-rated for any partial years of

employment, subject to annual review and increase by our Talent and Compensation Committee in its sole

discretion.

The Amended Crisci Agreement provided that Mr. Crisci was eligible to earn annual cash performance bonuses,

based on the attainment of Company, individual and/or performance objectives as determined by our Company

with a target bonus opportunity equal to 125% of Mr. Crisci's annual base salary.

The Amended Crisci Agreement provided that Mr. Crisci was eligible to receive annual equity-based awards

under the 2024 Plan as determined by our board of directors or a committee thereof in its sole discretion.

The Amended Crisci Agreement included a "best pay cap" under Section 280G of the Code, pursuant to which

any "parachute payments" that become payable to Mr. Crisci would either be paid in full or reduced so that such

payments are not subject to the excise tax under Section 4999 of the Code, whichever results in the better after-

tax treatment to Mr. Crisci.

Mr. Crisci previously entered into a Proprietary Information, Inventions, Non-Solicitation Agreement and a

Confidentiality Agreement, which contained customary confidentiality and assignment of inventions provisions,

as well as (i) standard non-solicitation of personnel and business relationships provisions, effective during

employment and for 24 months thereafter and (ii) a non-disparagement provision.

The severance benefits and payments which were payable to Mr. Crisci under the Amended Crisci Agreement

upon certain qualifying terminations of his employment are summarized below under the section entitled "—

Potential Payments Upon Termination or Change in Control."

**Crisci Second Amended Employment Agreement**

The material terms of the Second Amended Crisci Agreement were substantially the same as the Amended

Crisci Agreement, except as follows:

• The Second Amended Crisci Agreement provided that the annual bonus opportunities of Mr. Crisci

may be in the form of cash and/or performance-vesting equity-based awards; and

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

• The Second Amended Crisci Agreement provided that, in the event of a qualifying termination of

employment, any unpaid prior year bonus payable to the executive in connection with such

termination will be paid in cash in an amount equal to the aggregate value of such bonus that is

earned for the prior fiscal year; provided that, the value of any portion of such bonus that was

issued in the form of an equity-based award will be determined based on the closing price of our

common stock on the termination date (or, if the termination date is not a trading day, on the last

trading day immediately prior to the termination date).

**Crisci Transition Agreement**

We and Mr. Crisci are parties to a Transition Agreement, dated October 31, 2025 that is expected to run through

April 2, 2027 (unless Mr. Crisci's employment is terminated by the Company for Cause, as a result of his death

or disability, or due to his voluntary resignation), pursuant to which Mr. Crisci remains an employee in a senior

advisory role and (i) receives a weekly base salary of $15,000, (ii) remained eligible to receive his annual bonus

for calendar year 2025 and (iii) is eligible to receive a one-time retention bonus amount of $80,000, to be paid

following Mr. Crisci's separation from service with the Company, subject to his execution and non-revocation of

a release of claims and compliance with certain restrictive covenants. Further, equity awards previously granted

to Mr. Crisci will continue to vest upon the terms set forth in the respective award agreements. The Transition

Agreement replaced and superseded the Second Amended Crisci Agreement and the Amended Crisci

Agreement.

**Robb LeMasters**

**Robb LeMasters Offer Letter**

We and Mr. LeMasters are parties to an offer letter, dated October 17, 2025, pursuant to which he will receive

an annual base salary of $700,000 and, beginning for the 2026 calendar year, be eligible for a target annual

performance-based bonus equal to 125% of his base salary payable in cash, equity-based awards or a

combination thereof. In addition, pursuant to the offer letter, Mr. LeMasters became entitled to a sign-on equity

incentive award of long-term incentive plan units of Lineage OP, LP with an aggregate targeted value of

$3,425,000, based on the closing price per share of the Company's common stock on November 10, 2025 and

assuming target performance for the performance-vesting portion. Forty percent (40%) of the sign-on equity

award, which was granted to Mr. LeMasters upon his commencement of employment, will vest in three

substantially equal annual installments on each anniversary of Mr. LeMasters' commencement of employment,

subject to his continued service with the Company through the applicable vesting date, and the remaining sixty

percent (60%) of the sign-on equity award, which was granted in April 2026, is subject to performance-based

vesting criteria that was established by the Equity Award Committee of the Board and measured over a three-

year performance period commencing on January 1, 2026 and ending on December 31, 2028. Mr. LeMasters

also participates in our Severance Plan.

**Sean Vanderelzen**

We and Mr. Vanderelzen are parties to an Assignment Agreement, which provides that Mr. Vanderelzen will

serve as our President of Europe and Chief Human Resources Officer during the period commencing on

January 1, 2025 and ending December 31, 2026 (the "Original Assignment Period"). The letter provides that

during the Original Assignment Period, Mr. Vanderelzen was eligible to receive the following compensation and

benefits: (i) an annual base salary at the same level as in effect immediately prior to the effective date of his

global assignment; (ii) bonus and other incentive compensation opportunities based on the Company's U.S.

practices; (iii) continued eligibility to participate in the Severance Plan; (iv) continued eligibility to participate in

the Company's retirement and welfare plans, and (v) certain tax, relocation, travel and other expatriate benefits,

reimbursements and allowances including assignment-specific allowances, international health insurance

coverage for Mr. Vanderelzen and his spouse, certain tax preparation benefits and a tax equalization payment.

Mr. Vanderelzen's annual base salary for the last completed fiscal year is set forth in the Summary

Compensation Table above. Mr. Vanderelzen also participates in our Severance Plan.

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

In connection with Mr. Vanderelzen's appointment as our President, North America East in December 2025 and

subsequent relocation to the United States, the provisions of the Assignment Agreement, other than certain tax

related benefits and payments (as briefly summarized above), are no longer applicable.

**Outstanding Equity Awards at Fiscal Year-End Table**

The following table sets forth information regarding outstanding unvested incentive equity awards held by our

NEOs as of December 31, 2025. No stock options were outstanding as of December 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Stock Awards** | **Stock Awards** | **Stock Awards** | **Stock Awards** | **Stock Awards** | **Stock Awards** |
|  |  |  |  |  | **Equity Incentive**<br>**Plan Awards:**<br>| **Equity Incentive**<br>**Plan Awards:**<br>|
| **Name** | **Grant Date** | **Grant Date** | **Number of** <br>**Shares or Units** <br>**of Stock That** <br>**Have Not Vested** <br>**(#)**<br>| **Market Value of** <br>**Shares or Units** <br>**of Stock That** <br>**Have Not** <br>**Vested**<sup>(1)</sup><br>**($)**<br>| **Number of** <br>**Unearned** <br>**Shares, Units or** <br>**Other Rights** <br>**That Have Not** <br>**Vested**<br>**(#)**<br>| **Market or Payout** <br>**Value of** <br>**Unearned** <br>**Shares, Units or** <br>**Other Rights** <br>**That Have Not** <br>**Vested**<sup>(1)</sup><br>**($)**<br>|
| **Greg Lehmkuhl ..............** | 7/26/2024 | (2) | 178948 | 6263180 |  |  |
|  | 8/26/2024 | (3) |  |  | 268355 | 9392425 |
|  | 3/18/2025 | (4) |  |  | 24218 | 847630 |
|  | 4/17/2025 | (5) |  |  | 35359 | 1237565 |
|  | 4/17/2025 | (6) |  |  | 34770 | 1216950 |
|  | 4/17/2025 | (7) | 57950 | 2028250 |  |  |
|  | 4/17/2025 | (8) | 57951 | 2028285 |  |  |
| **Robb LeMasters ............** | 11/10/2025 | (9) | 40569 | 1419915 |  |  |
| **Jeffrey Rivera .................** | 7/26/2024 | (10) | 53796 | 1882860 |  |  |
|  | 7/26/2024 | (2) | 10527 | 368445 |  |  |
|  | 8/26/2024 | (3) |  |  | 15787 | 552545 |
|  | 3/18/2025 | (4) |  |  | 9515 | 333025 |
|  | 4/17/2025 | (5) |  |  | 10914 | 381990 |
|  | 4/17/2025 | (8) | 17886 | 626010 |  |  |
| **Sudarsan Thattai ...........** | 7/26/2024 | (10) | 124858 | 4370030 |  |  |
|  | 7/26/2024 | (2) | 35088 | 1228080 |  |  |
|  | 8/26/2024 | (3) |  |  | 52619 | 1841665 |
|  | 3/18/2025 | (4) |  |  | 7496 | 262360 |
|  | 4/17/2025 | (5) |  |  | 10914 | 381990 |
|  | 4/17/2025 | (8) | 17886 | 626010 |  |  |
| **Timothy Smith ...............** | 7/26/2024 | (10) | 33823 | 1183805 |  |  |
|  | 7/26/2024 | (2) | 17544 | 614040 |  |  |
|  | 8/26/2024 | (3) |  |  | 26310 | 920850 |
|  | 3/18/2025 | (4) |  |  | 6343 | 222005 |
|  | 4/17/2025 | (5) |  |  | 6986 | 244510 |
|  | 4/17/2025 | (8) | 11447 | 400645 |  |  |
| **Rob Crisci .......................** | 7/26/2024 | (10) | 37038 | 1296330 |  |  |
|  | 7/26/2024 | (2) | 35088 | 1228080 |  |  |
|  | 8/26/2024 | (3) |  |  | 52619 | 1841665 |
|  | 3/18/2025 | (4) |  |  | 10091 | 353185 |
|  | 4/1/2025 | (11) | 87859 | 3075065 |  |  |
|  | 4/17/2025 | (5) |  |  | 6549 | 229215 |

---

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Stock Awards** | **Stock Awards** | **Stock Awards** | **Stock Awards** | **Stock Awards** | **Stock Awards** |
|  |  |  |  |  | **Equity Incentive**<br>**Plan Awards:**<br>| **Equity Incentive**<br>**Plan Awards:**<br>|
| **Name** | **Grant Date** | **Grant Date** | **Number of** <br>**Shares or Units** <br>**of Stock That** <br>**Have Not Vested** <br>**(#)**<br>| **Market Value of** <br>**Shares or Units** <br>**of Stock That** <br>**Have Not** <br>**Vested**<sup>(1)</sup><br>**($)**<br>| **Number of** <br>**Unearned** <br>**Shares, Units or** <br>**Other Rights** <br>**That Have Not** <br>**Vested**<br>**(#)**<br>| **Market or Payout** <br>**Value of** <br>**Unearned** <br>**Shares, Units or** <br>**Other Rights** <br>**That Have Not** <br>**Vested**<sup>(1)</sup><br>**($)**<br>|
|  | 4/17/2025 | (8) | 10732 | 375620 |  |  |
| **Sean Vanderelzen .........** | 7/26/2024 | (10) | 14982 | 524370 |  |  |
|  | 7/26/2024 | (12) | 14982 | 524370 |  |  |
|  | 7/26/2024 | (2) | 12282 | 429870 |  |  |
|  | 8/26/2024 | (3) |  |  | 18419 | 644665 |
|  | 1/1/2025 | (13) | 17074 | 597590 |  |  |
|  | 3/18/2025 | (4) |  |  | 6343 | 222005 |
|  | 4/17/2025 | (6) |  |  | 5152 | 180320 |
|  | 4/17/2025 | (7) | 8586 | 300510 |  |  |

---

_____________________

(1)Reflects the number of unvested units subject to the applicable RSU or LTIP unit award as of December 31, 2025 shown in the table

multiplied by the per share closing price of our common stock on December 31, 2025, which was $35.00 per share.

(2)Reflects the time-vesting annual awards of LTIP units that vest in substantially equal annual installments on each of the first three

anniversaries of April 1, 2024, subject to the NEO's continued employment or service with the Company through the applicable vesting

date. These awards are subject to certain accelerated vesting provisions in connection with a qualifying termination of the NEO's

employment, as further described under the section titled "—Potential Payments Upon Termination or Change in Control—Long-Term

Incentive Equity Awards— Time-Vesting RSU Awards and LTIP Unit Awards."

(3)Reflects the performance-vesting annual awards of LTIP units that vest based on the Company's attainment of specified performance

goals relating to (i) AFFO per share, (ii) same warehouse NOI growth, and (iii) TSR relative to the TSR of the S&P 500, during the

performance period commencing on January 1, 2024 (for the AFFO per share and same warehouse NOI goals) or the date of

completion of our IPO (for the relative TSR goal), and ending on December 31, 2026, subject to the NEO's continued employment or

service with the Company through the end of the performance period. Amounts shown assume the Company's achievement of the

AFFO per share goals at target level of performance and the same warehouse NOI goals at threshold performance, in each case, as

modified by the relative TSR modifier at 80% and with applicable adjustments to reflect the truncated performance period (based on

where performance was tracking as of December 31, 2025). These awards are subject to certain accelerated vesting provisions in

connection with a qualifying termination of the NEO's employment, as further described under the section titled "—Potential Payments

Upon Termination or Change in Control—Long-Term Incentive Equity Awards—Performance-Vesting RSU Awards and LTIP Unit

Awards."

(4)Reflects the performance-vesting RSUs granted in connection with the 2025 annual bonus plan that vest based on the Company's

attainment of specified performance goals relating to Management Adjusted EBITDA during the performance period commencing on

January 1, 2025, and ending on December 31, 2025, subject to the NEO's continued employment or service with the Company through

the end of the performance period. Amounts shown reflect the Company's achievement of the Management Adjusted EBITDA goal at

target performance. The actual payout percentage was at 91.9% of target.

(5)Reflects the performance-vesting annual awards of LTIP units that vest based on the Company's attainment of specified performance

goals relating to (i) AFFO per share, (ii) same warehouse NOI growth, and (iii) TSR relative to the TSR of the MSCI US REIT Index,

during the performance period commencing on January 1, 2025, and ending on December 31, 2027, subject to the NEO's continued

employment or service with the Company through the end of the performance period. Amounts shown assume the Company's

achievement of the AFFO per share goals and the same warehouse NOI goals at threshold performance, in each case, as modified by

the relative TSR modifier at 80% and with applicable adjustments to reflect the truncated performance period (based on where

performance was tracking as of December 31, 2025). These awards are subject to certain accelerated vesting provisions in connection

with a qualifying termination of the NEO's employment, as further described under the section titled "—Potential Payments Upon

Termination or Change in Control—Long-Term Incentive Equity Awards—Performance-Vesting RSU Awards and LTIP Unit Awards."

(6)Reflects the performance-vesting annual awards of RSUs that vest based on the Company's attainment of specified performance goals

relating to (i) AFFO per share, (ii) same warehouse NOI growth, and (iii) TSR relative to the TSR of the MSCI US REIT Index, during

the performance period commencing on January 1, 2025, and ending on December 31, 2027, subject to the NEO's continued

employment or service with the Company through the end of the performance period. Amounts shown assume the Company's

achievement of the AFFO per share goals and the same warehouse NOI goals at threshold performance, in each case, as modified by

the relative TSR modifier at 80% and with applicable adjustments to reflect the truncated performance period (based on where

performance was tracking as of December 31, 2025). These awards are subject to certain accelerated vesting provisions in connection

with a qualifying termination of the NEO's employment, as further described under the section titled "—Potential Payments Upon

Termination or Change in Control—Long-Term Incentive Equity Awards—Performance-Vesting RSU Awards and LTIP Unit Awards."

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

(7)Reflects the time-vesting annual awards of RSUs that vest in substantially equal annual installments on each of the first three

anniversaries of April 1, 2025, subject to the NEO's continued employment or service with the Company through the applicable vesting

date. These awards are subject to certain accelerated vesting provisions in connection with a qualifying termination of the NEO's

employment, as further described under the section titled "—Potential Payments Upon Termination or Change in Control—Long-Term

Incentive Equity Awards— Time-Vesting RSU Awards and LTIP Unit Awards."

(8)Reflects the time-vesting annual awards of LTIP Units that vest in substantially equal annual installments on each of the first three

anniversaries of April 1, 2025, subject to the NEO's continued employment or service with the Company through the applicable vesting

date. These awards are subject to certain accelerated vesting provisions in connection with a qualifying termination of the NEO's

employment, as further described under the section titled "—Potential Payments Upon Termination or Change in Control—Long-Term

Incentive Equity Awards— Time-Vesting RSU Awards and LTIP Unit Awards."

(9)Reflects the time-vesting LeMasters Sign-On Equity Award of LTIP Units that vest in substantially equal annual installments on each of

the first three anniversaries of November 10, 2025, subject to the NEO's continued employment or service with the Company through

the applicable vesting date. These awards are subject to certain accelerated vesting provisions in connection with a qualifying

termination of the NEO's employment, as further described under the section titled "—Elements of Compensation—Equity-Based

Long-Term Incentive Awards—2025 LeMasters Sign-On Equity Award."

(10)Reflects the time-vesting LTIP units granted in replacement of outstanding unvested Class C Units in LLH MGMT Profits, LLC and LLH

MGMT Profits II, LLC ("LMEP Units"), that vest in substantially equal annual installments on each of the first three anniversaries of April

1, 2024, subject to the NEO's continued employment or service with the Company through the applicable vesting date. These awards

are subject to certain accelerated vesting provisions in connection with a qualifying termination of the NEO's employment, as further

described under the section titled "—Potential Payments Upon Termination or Change in Control—Long-Term Incentive Equity Awards

— Time-Vesting RSU Awards and LTIP Unit Awards."

(11)Reflects the time-vesting Crisci Special Award of RSUs that vest in substantially equal annual installments on each of the first two

anniversaries of April 1, 2025, subject to the NEO's continued employment or service with the Company through the applicable vesting

date. These awards are subject to certain accelerated vesting provisions in connection with a qualifying termination of the NEO's

employment, as further described under the section titled "—Elements of Compensation—Equity-Based Long-Term Incentive Awards—

2025 Crisci Special Award."

(12)Reflects the time-vesting RSUs granted in replacement of outstanding unvested LMEP Units, that vest in substantially equal annual

installments on each of the first three anniversaries of April 1, 2024, subject to the NEO's continued employment or service with the

Company through the applicable vesting date. These awards are subject to certain accelerated vesting provisions in connection with a

qualifying termination of the NEO's employment, as further described under the section titled "—Potential Payments Upon Termination

or Change in Control—Long-Term Incentive Equity Awards— Time-Vesting RSU Awards and LTIP Unit Awards."

(13)Reflects the time-vesting Vanderelzen Special Award of LTIP Units that vest in substantially equal annual installments on each of the

first two anniversaries of January 1, 2025, subject to the NEO's continued employment or service with the Company through the

applicable vesting date. These awards are subject to certain accelerated vesting provisions in connection with a qualifying termination

of the NEO's employment, as further described under the section titled "—Elements of Compensation—Equity-Based Long-Term

Incentive Awards—2025 Vanderelzen Special Award."

**Option Exercises and Stock Vested in 2025**

The following table sets forth information regarding vesting of stock awards held by our NEOs during fiscal year

2025. No stock options were exercised by our NEOs during fiscal year 2025.

---

| | | |
|:---|:---|:---|
|  | **Stock Awards** | **Stock Awards** |
| **Name** | **Number of Shares** <br>**Acquired on** <br>**Vesting**<br>**(#)**<br>| **Value Realized on** <br>**Vesting**<sup>(1)</sup><br>**($)**<br>|
| Greg Lehmkuhl ............................................................................................ | 89474 | 5091965 |
| Robb LeMasters .......................................................................................... |  |  |
| Jeffrey Rivera ............................................................................................... | 32160 | 1830226 |
| Sudarsan Thattai ......................................................................................... | 79972 | 4551207 |
| Timothy Smith .............................................................................................. | 25683 | 1461620 |
| Rob Crisci ..................................................................................................... | 36062 | 2052288 |
| Sean Vanderelzen ....................................................................................... | 21122 | 1202053 |

---

_____________________

(1)Amounts are calculated by multiplying the number of LTIP units or common shares vested by the market value of a share of our

common stock on the vesting date.

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

**Nonqualified Deferred Compensation Table**

We maintain the Lineage Logistics Holdings, LLC Deferred Compensation Plan (the "Deferred Compensation

Plan") for a select group of our highly compensated employees, in which all of our NEOs are eligible to

participate. The following table contains information regarding the Deferred Compensation Plan.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Executive** <br>**Contributions** <br>**in Last Year**<sup>(1)</sup><br>**($)**<br>| **Registrant** <br>**Contributions** <br>**in Last Year**<br>**($)**<br>| **Aggregate** <br>**Earnings in** <br>**Last Year**<br>**($)**<br>| **Aggregate** <br>**Withdrawals/**<br>**Distributions**<br>**($)**<br>| **Aggregate** <br>**Balance at** <br>**Last Year End**<br>**($)**<br>|
| Greg Lehmkuhl ........................ |  |  |  |  |  |
| Robb LeMasters ...................... |  |  |  |  |  |
| Jeffrey Rivera ........................... | 66000 |  | 144020 |  | 852882 |
| Sudarsan Thattai ..................... |  |  |  |  |  |
| Timothy Smith .......................... |  |  |  |  |  |
| Rob Crisci ................................. |  |  |  |  |  |
| Sean Vanderelzen ................... | 84113 |  | 50994 |  | 397828 |

---

_____________________

(1)Each of Messrs. Rivera's and Vanderelzen's 2025 contributions to the Deferred Compensation Plan consists of a portion of their 2025

annual base salary, and the amounts are included as compensation in the "Summary Compensation Table" for 2025.

Under the Deferred Compensation Plan, eligible employees, including our NEOs, are permitted to defer receipt

of a minimum of 10% up to a maximum of 75% of their base salary and a minimum of 10% up to a maximum of

100% of their annual cash bonus, commissions and/or other cash compensation earned during a plan year.

The amounts deferred under the Deferred Compensation Plan are deemed to be invested in investment

alternatives chosen by the participant from a range of choices established by the plan administrator. The

balances of participant accounts are adjusted to reflect the earnings that would have been obtained if the

participant contributions had actually been invested in the applicable investment alternatives.

Participants may allocate their deferred compensation to (i) a retirement account or (ii) one or more flex

accounts (i.e. separation accounts and specified date accounts). Participants may also elect whether to receive

distributions of their account balances in a single lump sum amount or in annual installments to be paid over a

period not to exceed five years (with respect to specified date accounts) or 10 years (with respect to retirement

and separation accounts).

We may from time to time in our sole discretion, credit discretionary Company contributions in the form of

matching, profit sharing or other contributions, to any participant's retirement account, in any amount. Company

contributions shall vest on the schedule specified by the plan administrator (unless they are "make-up matching

contributions" or "supplemental matching contributions" which vest at the rate provided under the 401(k) plan),

and shall become 100% vested if while the participant is employed, such participant dies, becomes disabled, or

there is a change in control (as defined in the Deferred Compensation Plan), the participant attains age 65, or

accelerated vesting is otherwise provided for by the participating employer.

A participant's account becomes payable upon the first to occur of the payment date or events applicable to

such account, including: (i) the calendar year specified by the participant, (ii) a separation from service, (iii)

death, or (iv) an unforeseeable emergency (upon request of participant and approval of the plan administrator).

Notwithstanding the foregoing, the plan administrator in its discretion may cash-out small balances and/or

accelerate or delay payments to the extent permitted under Section 409A of the Code.

Payment of a participant's account will be made or commence, as applicable, as follows: (i) in the case of a

specified date account, on the first day of the month specified by the participant, (ii) in the case of a separation

from service (other than death), in the calendar year following the year in which the separation from service

occurs, unless, with respect to a retirement or separation account, the participant elected a later year (specified

date account balances will be paid in a single lump sum, regardless of whether payment commenced pursuant

to the preceding subclause (i), as of the date of separation from service), (iii) in the case of death (regardless of

whether the participant is an employee at the time of death), all remaining vested account balances shall be

paid to his or her beneficiary in a single lump sum no later than December 31 of the year following the year in

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Lineage 2026 Proxy Statement<br>

which the participant's death occurs, (iv) in the case of an unforeseeable emergency, in a single lump sum

within the 90-day period following the plan administrator's approval of the payment. In the case of a change in

control (as defined in the Deferred Compensation Plan) of our Company, a participant who experiences a

separation from service in the same calendar year, or within 24 months following such Change in Control will

receive all of their unpaid account balances in a single lump sum in the calendar year following the separation

from service.

The Deferred Compensation Plan is administered by our Company, which has the authority to appoint or

delegate the administration of the plan to a committee. The Deferred Compensation Plan is an unfunded plan

for Federal tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974, as

amended. A "rabbi trust" has been established to satisfy our obligations under the Deferred Compensation Plan.

**Potential Payments Upon Termination or Change in Control**

**Amended Employment Agreement—Mr. Lehmkuhl**

Under the Amended Lehmkuhl Agreement, in the event of a termination of Mr. Lehmkuhl's employment by our

Company without cause or by Mr. Lehmkuhl for good reason (each as defined in the Amended Lehmkuhl

Agreement), Mr. Lehmkuhl would have been eligible to receive the following severance payments and benefits:

(i)a cash amount equal to two times (2x) (or, in the event such termination occurs on or within 18

months following a "change in control" (as defined in the 2024 Plan), three times (3x)) the sum of

(A) his then current annual base salary and (B) his then-current target annual cash bonus, payable

in substantially equal installments in accordance with the Company's customary payroll practices;

(ii)a cash amount equal to Mr. Lehmkuhl's annual bonus that would have otherwise been earned by

him for the year in which the termination occurs (determined in accordance with the Amended

Lehmkuhl Agreement and pro-rated based on the number of days employed during such year) (the

"Pro-Rata Annual Bonus"), plus any unpaid annual cash bonus for any prior completed year (the

"Prior Year Bonus"), payable no later than March 15 of the year following the year in which the

termination occurs; and

(iii)Company-subsidized healthcare coverage at the same levels as in effect on the date of termination

for up to 24 months (or, in the event such termination occurs on or within 18 months following a

change in control, 36 months) following the applicable date of termination.

In addition, the Amended Lehmkuhl Agreement provided that in the event of a termination of Mr. Lehmkuhl's

employment due to his death, disability, family disability or retirement (each as defined in the Amended

Lehmkuhl Agreement), Mr. Lehmkuhl would have been eligible to receive the Pro-Rata Annual Bonus, plus any

Prior Year Bonus, as set forth above.

In consideration of the severance payments and benefits described above, Mr. Lehmkuhl would have been

required to execute a general release of claims in favor of the Company and its affiliates.

**Second Amended Employment Agreement—Mr. Lehmkuhl**

Under the Second Amended Lehmkuhl Agreement, in the event of a termination of Mr. Lehmkuhl's employment

by our Company without cause or by Mr. Lehmkuhl for good reason (each as defined in the Second Amended

Lehmkuhl Agreement), Mr. Lehmkuhl would have been eligible to receive the following severance payments and

benefits:

(i)a cash amount equal to two times (2x) (or, in the event such termination occurs on or within 18

months following a "change in control" (as defined in the 2024 Plan), three times (3x)) the sum of

(A) his then current annual base salary and (B) the aggregate value of his then-current target

annual bonus, payable in substantially equal installments in accordance with the Company's

customary payroll practices;

(ii)a cash amount equal to Mr. Lehmkuhl's annual bonus that would have otherwise been earned by

him for the year in which the termination occurs (determined in accordance with the Second

Amended Lehmkuhl Agreement and pro-rated based on the number of days employed during such

year) (the "Amended Pro-Rata Annual Bonus"), plus any unpaid annual bonus for any prior

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Lineage 2026 Proxy Statement<br>

completed year (determined in accordance with the Second Amended Lehmkuhl Agreement) (the

"Amended Prior Year Bonus"), payable no later than March 15 of the year following the year in

which the termination occurs; and

(iii)Company-subsidized healthcare coverage at the same levels as in effect on the date of termination

for up to 24 months (or, in the event such termination occurs on or within 18 months following a

change in control, 36 months) following the applicable date of termination.

In addition, the Second Amended Lehmkuhl Agreement provides that in the event of a termination of

Mr. Lehmkuhl's employment due to his death, disability, family disability or retirement (each as defined in the

Second Amended Lehmkuhl Agreement), Mr. Lehmkuhl is eligible to receive the Amended Pro-Rata Annual

Bonus, plus any Amended Prior Year Bonus, as set forth above.

In consideration of the severance payments and benefits described above, Mr. Lehmkuhl will be required to

execute a general release of claims in favor of the Company and its affiliates.

**Amended Employment Agreement—Mr. Crisci**

Under the Amended Crisci Agreement, in the event of a termination of Mr. Crisci's employment by the Company

without cause or by Mr. Crisci for good reason (each as defined in the Amended Crisci Agreement), Mr. Crisci

would have been eligible to receive the following severance payments and benefits:

(i)a cash amount equal to one times (1x) (or, in the event that such termination occurs on or within 18

months following a change in control, one and one-half times (1.5x)) the sum of (A) his then-current

annual base salary and (B) his then-current target annual cash bonus, payable in substantially

equal installments in accordance with the Company's customary payroll practices;

(ii)any Prior Year Bonus, payable no later than 60 days following the termination date; and

(iii)Company-subsidized healthcare coverage at the same levels as in effect on the date of termination

for up to 12 months (or, in the event that such termination occurs on or within 18 months following a

change in control, 18 months) following the applicable date of termination.

In addition, the Amended Crisci Agreement provided that in the event of a termination of Mr. Crisci's

employment upon the expiration of his amended Employment Agreement, or due to his death, disability, or

retirement (each as defined in his Amended Crisci Agreement), Mr. Crisci would have been eligible to receive

the Prior Year Bonus, payable no later than 60 days following the termination date.

In consideration of the severance payments and benefits described above, Mr. Crisci would have been required

to execute a general release of claims in favor of the Company and its affiliates.

**Second Amended Employment Agreement—Mr. Crisci**

Under the Second Amended Crisci Agreement, in the event of a termination of Mr. Crisci's employment by the

Company without cause or by Mr. Crisci for good reason (each as defined in the Amended Crisci Agreement),

Mr. Crisci would have been eligible to receive the following severance payments and benefits:

(i)a cash amount equal to one times (1x) (or, in the event that such termination occurs on or within 18

months following a change in control, one and one-half times (1.5x)) the sum of (A) his then-current

annual base salary and (B) the aggregate value of his then-current target annual bonus, payable in

substantially equal installments in accordance with the Company's customary payroll practices;

(ii)the Amended Prior Year Bonus, payable no later than 60 days following the termination date; and

(iii)Company-subsidized healthcare coverage at the same levels as in effect on the date of termination

for up to 12 months (or, in the event that such termination occurs on or within 18 months following a

change in control, 18 months) following the applicable date of termination.

In addition, the Second Amended Crisci Agreement provided that in the event of a termination of Mr. Crisci's

employment upon the expiration of his amended Employment Agreement, or due to his death, disability, or

retirement (each as defined in his Second Amended Crisci Agreement), Mr. Crisci would have been eligible to

receive the Amended Prior Year Bonus, payable no later than 60 days following the termination date.

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Lineage 2026 Proxy Statement<br>

In consideration of the severance payments and benefits described above, Mr. Crisci would have been required

to execute a general release of claims in favor of the Company and its affiliates.

**Transition Agreement - Mr. Crisci**

Under the Transition Agreement, because such agreement terminated the Second Amended Crisci Agreement

(subject to certain exceptions relating to Mr. Crisci's ongoing obligations thereunder), Mr. Crisci is not eligible to

receive the severance payments and benefits described above under the Second Amended Crisci Agreement.

The Transition Agreement is expected to run through April 2, 2027 (unless Mr. Crisci's employment is terminated

by the Company for Cause, as a result of his death or disability, or due to his voluntary resignation), pursuant to

which Mr. Crisci remains an employee in a senior advisory role and (i) receives a weekly base salary of

$15,000, (ii) remained eligible to receive his annual bonus for calendar year 2025 and (iii) is eligible to receive a

one-time retention bonus amount of $80,000, to be paid following Mr. Crisci's separation from service with the

Company, subject to his execution and non-revocation of a release of claims and compliance with certain

restrictive covenants. Further, equity awards previously granted to Mr. Crisci will continue to vest upon the terms

set forth in the respective award agreements and continue to be eligible for accelerated vesting in the case of a

change in control, death or disability. In the case of a change in control as of December 31, 2025, the value of

such accelerated equity awards would have been $939,540 (based on the assumptions set forth in footnotes (3)

and (7) to the Estimated Potential Payments table below), and in the case of death or disability, the value of

such accelerated awards would have been $3,540,215 (based on the assumptions set forth in footnotes (2) and

(7) to the Estimated Potential Payments table below)).

**Long-Term Incentive Equity Awards**

The time-vesting and performance-vesting equity incentive awards (other than the performance-vesting RSUs

comprising the equity component of the annual bonus program) granted to our NEOs are subject to certain

accelerated vesting provisions in connection with a qualifying termination of the NEO's employment or change

in control of the Company.

**Time-Vesting RSU Awards and LTIP Unit Awards**

In the event of a qualifying termination, the time-vesting annual awards will vest with respect to an additional

number of RSUs and/or LTIP units, as applicable, that would have vested had the executive remained in

continuous service through the first regularly scheduled vesting date following the date of such termination.

Upon an executive's termination of service for any other reason, any then-unvested RSUs and/or LTIP units

subject to the time-vesting annual award will automatically be cancelled and forfeited by the executive.

**Performance-Vesting RSU Awards and LTIP Unit Awards**

In the event of a "change in control" of the Company, a number of the RSUs and/or LTIP units, as applicable

equal to the number of RSUs and/or LTIP units, as applicable, that would have performance-vested in

accordance with the performance-vesting schedule described above (if any) assuming the applicable

Performance Period ended as of the date of the change in control (with such adjustments to AFFO per share

goals and/or same warehouse NOI goals as determined by the 2024 Plan administrator to reflect the truncated

performance period) will vest immediately prior to the change in control. Any RSU and/or LTIP units, as

applicable, that do not vest will be cancelled and forfeited as of the date of the change in control.

In the event of a qualifying termination prior to the completion of the applicable Performance Period, the

performance-vesting award will remain outstanding and eligible to performance vest in accordance with the

performance vesting schedule described above, and the number of RSUs and/or LTIP units, as applicable, that

vest upon the completion of the Performance Period will be determined on a pro rata basis, based on the

number of days that the executive was employed during the Performance Period. Any RSUs and/or LTIP units,

as applicable, that do not become fully vested will be cancelled and forfeited upon the completion of the

Performance Period.

In the event of a qualifying termination following the completion of the applicable Performance Period but prior

to the 2024 Plan administrator's determination of performance as described above, the performance-vesting

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Lineage 2026 Proxy Statement<br>

award will remain outstanding and eligible to performance vest in accordance with the performance vesting

schedule described above upon such determination by the plan administrator.

Except as otherwise described above, any performance-vesting RSUs and/or LTIP units, as applicable, that

have not fully vested as of the date on which an executive's service terminates for any reason will be cancelled

and forfeited by the executive.

**Amended and Restated Executive Severance Plan**

In connection with our IPO offering, we adopted the Executive Severance Plan. As discussed in the section

titled "—Compensation Discussion and Analysis—Elements of Compensation—Short-Term Incentive

Compensation— 2025 Annual Bonus Program" above, on April 17, 2025, our Talent and Compensation

Committee approved an amendment and restatement to the Severance Plan in order to reflect that,

commencing in 2025, the annual bonus opportunities of our NEOs may be in the form of cash and/or

performance-vesting equity awards. In 2025, each of Messrs. LeMasters, Rivera, Thattai, Smith and

Vanderelzen were participants in the Severance Plan. Messrs. Lehmkuhl and Crisci do not participate in the

Severance Plan. The description below summarizes the material terms of the Severance Plan.

In connection with the adoption of the Severance Plan, the Company entered into a participation agreement

with each of the applicable executives with respect to their participation in the Severance Plan. Pursuant to the

participation agreement, any prior employment agreement or offer letter between the participant and us (or any

of our affiliates) will terminate.

Under the Severance Plan and the applicable participation agreement, in the event that Mr. LeMasters', Mr.

Rivera's, Mr. Thattai's, Mr. Smith's or Mr. Vanderelzen's employment with the Company is terminated by the

Company without cause (other than by reason of death or disability) or by the participant for good reason (each,

as defined in the Severance Plan), the participant is entitled to receive the following:

• A severance payment in an amount equal to one times (1x) (or, in the event that such termination

occurs on or within 18 months following a "change in control" (as defined in the Severance Plan),

one and one-half times (1.5x)) the sum of (A) the participant's annual base salary and (B) the

participant's target annual bonus, payable in a lump-sum cash payment within 60 days following the

participant's termination date;

• Any Amended Prior Year Bonus, payable in a lump-sum cash payment within 60 days following the

participant's termination date; and

• Payment or reimbursement by the Company of premiums for healthcare continuation coverage

under COBRA for the participant and his or her dependents for up to 12 months (or, in the event

that such termination occurs on or within 18 months following a change in control, 18 months) after

the termination date.

In addition, in the event that Mr. LeMasters', Mr. Rivera's, Mr. Thattai's, Mr. Smith's or Mr. Vanderelzen's

employment with the Company is terminated due to the participant's death, disability or retirement (each as

defined in the Severance Plan), the participant is eligible to receive the Amended Prior Year Bonus, payable no

later than 60 days following the termination date.

A participant's right to receive the severance or other benefits described above is subject to the participant

signing, delivering and not revoking a general release agreement in a form generally used by the Company.

The Severance Plan further provides that, to the extent that any payment or benefit received by a participant in

connection with a change in control (as defined in the Severance Plan) would be subject to an excise tax under

Section 4999 of the Code, as amended, such payments and/or benefits will be subject to a "best pay cap"

reduction if such reduction would result in a greater net after-tax benefit to the participant than receiving the full

amount of such payments.

Each participation agreement entered into with the applicable executives contains a confidentiality covenant by

the executive that extends indefinitely, a non-disparagement covenant, a noncompetition covenant that extends

during the executive's employment and for a period of two years following a termination of the executive's

employment, and a service provider and customer non-solicitation covenant that extends during the executive's

employment and for a period of two years following a termination of the executive's employment.

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Lineage 2026 Proxy Statement<br>

The Company may amend or terminate the Severance Plan at any time and for any reason, provided that a

participant's right to receive payments and benefits under the Severance Plan may not, without the participant's

written consent, be adversely affected by an amendment or termination of the Severance Plan made within 12

months prior to the participant's termination of employment or within 12 months before and after a change of

control. The Company is required to provide notice to participants within 15 days of any amendment or

termination of the Severance Plan.

We entered into an amendment (the "Vanderelzen Severance Amendment") to Mr. Vanderelzen's Participation

Agreement under our Severance Plan, which provides that the severance multiple applicable to Mr.

Vanderelzen's cash severance will be equal to 2x (rather than 1x, or 1.5x, as contemplated above) if Mr.

Vanderelzen experiences a severance-qualifying termination of employment, in either case, in connection with

the completion of his global assignment, including by reason of the Company's failure to continue Mr.

Vanderelzen's employment in his then current position or failure to offer him a position at a level that is at least

comparable within the Company's management structure to his then current position. Following the end of Mr.

Vanderelzen's international assignment in December 2025, the terms of the Vanderelzen Severance

Amendment were not applicable as of December 31, 2025 and do not apply in his current role as President,

North America East.

**Estimated Potential Payments**

The following table summarizes the payments that would be made to our NEOs (other than Mr. Crisci) upon the

occurrence of certain qualifying terminations of employment or a change in control, in any case, occurring on

December 31, 2025. Amounts shown do not include (i) accrued but unpaid base salary through the date of

termination or (ii) other benefits earned or accrued by the NEO during his employment that are available to all

salaried employees, such as accrued vacation. Mr. Crisci's payments are described above under "Transition

Agreement - Mr. Crisci."

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name**<sup>(1)</sup> | **Benefits** | **Termination** <br>**Without** <br>**Cause or for** <br>**Good Reason** <br>**(no Change** <br>**in Control)**<sup>(2)</sup><br>**($)**<br>| **Change in** <br>**Control (no** <br>**Termination)**<sup>(3)</sup><br>**($)**<br>| **Termination** <br>**Without** <br>**Cause or for** <br>**Good Reason** <br>**in Connection** <br>**with a Change** <br>**in Control**<sup>(4)</sup><br>**($)**<br>| **Termination** <br>**due to** <br>**Death or** <br>**Disability**<sup>(2)</sup><br>**($)**<br>| **Termination** <br>**due to** <br>**Retirement** <br>**or Family** <br>**Disability**<sup>(2)(5)</sup><br>**($)**<br>| **Termination** <br>**due to** <br>**Company** <br>**Nonrenewal**<sup>(2)(6)</sup><br>**($)**<br>|
| Greg Lehmkuhl | Cash <br>Severance ......<br>| 7291460 |  | 10591460 | 691460 | 691460 |  |
|  | Equity <br>Acceleration<sup>(7)</sup> <br>| 7621775 | 4791465 | 7621775 | 7621775 | 7621775 | 7621775 |
|  | Continued <br>Healthcare<sup>(8)</sup> ..<br>| 34251 |  | 51376 |  |  |  |
|  | **Total ...............** | 14947486 | 4791465 | 18264611 | 8313235 | 8313235 | 7621775 |
| Robb LeMasters | Cash <br>Severance ......<br>| 1575000 |  | 2362500 |  |  |  |
|  | Equity <br>Acceleration<sup>(7)</sup> <br>| 473305 |  | 473305 | 473305 | 473305 |  |
|  | Continued <br>Healthcare<sup>(8)</sup> ..<br>|  |  |  |  |  |  |
|  | **Total ...............** | 2048305 |  | 2835805 | 473305 | 473305 |  |
| Jeffrey Rivera | Cash <br>Severance ......<br>| 1485000 |  | 2227500 |  |  |  |
|  | Equity <br>Acceleration<sup>(7)</sup> <br>| 1518930 | 281890 | 1518930 | 1518930 | 1518930 |  |
|  | Continued <br>Healthcare<sup>(8)</sup> ..<br>| 31813 |  | 47720 |  |  |  |
|  | **Total ...............** | 3035743 | 281890 | 3794150 | 1518930 | 1518930 |  |
| Sudarsan Thattai | Cash <br>Severance ......<br>| 1300000 |  | 1950000 |  |  |  |

---

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Lineage 2026 Proxy Statement<br>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name**<sup>(1)</sup> | **Benefits** | **Termination** <br>**Without** <br>**Cause or for** <br>**Good Reason** <br>**(no Change** <br>**in Control)**<sup>(2)</sup><br>**($)**<br>| **Change in** <br>**Control (no** <br>**Termination)**<sup>(3)</sup><br>**($)**<br>| **Termination** <br>**Without** <br>**Cause or for** <br>**Good Reason** <br>**in Connection** <br>**with a Change** <br>**in Control**<sup>(4)</sup><br>**($)**<br>| **Termination** <br>**due to** <br>**Death or** <br>**Disability**<sup>(2)</sup><br>**($)**<br>| **Termination** <br>**due to** <br>**Retirement** <br>**or Family** <br>**Disability**<sup>(2)(5)</sup><br>**($)**<br>| **Termination** <br>**due to** <br>**Company** <br>**Nonrenewal**<sup>(2)(6)</sup><br>**($)**<br>|
|  | Equity <br>Acceleration<sup>(7)</sup> <br>| 3623025 | 939540 | 3623025 | 3623025 | 3623025 |  |
|  | Continued <br>Healthcare<sup>(8)</sup> ..<br>| 31813 |  | 47720 |  |  |  |
|  | **Total ...............** | 4954838 | 939540 | 5620745 | 3623025 | 3623025 |  |
| Timothy Smith | Cash <br>Severance ......<br>| 1100000 |  | 1650000 |  |  |  |
|  | Equity <br>Acceleration<sup>(7)</sup> <br>| 1340115 | 469770 | 1340115 | 1340115 | 1340115 |  |
|  | Continued <br>Healthcare<sup>(8)</sup> ..<br>| 29608 |  | 44412 |  |  |  |
|  | **Total ...............** | 2469723 | 469770 | 3034527 | 1340115 | 1340115 |  |
| Sean Vanderelzen | Cash <br>Severance ......<br>| 1100000 |  | 1650000 |  |  |  |
|  | Equity <br>Acceleration<sup>(7)</sup> <br>| 1353660 | 328860 | 1353660 | 1353660 | 1353660 |  |
|  | Continued <br>Healthcare<sup>(8)</sup> ..<br>| 18368 |  | 27552 |  |  |  |
|  | **Total ...............** | 2472028 | 328860 | 3031212 | 1353660 | 1353660 |  |

---

_____________________

(1)For Estimated Potential Payment information for Rob Crisci, please see the section titled "—Potential Payments Upon Termination or

Change in Control—Transition Agreement - Mr. Crisci."

(2)Performance-vesting awards are reflected: (a) assuming actual level of performance as of December 31, 2025 for each such award

(which the Company determined to be (i) for awards granted in 2024, between threshold and target for the AFFO per share goals and

below threshold for the same warehouse NOI goals, in each case, as modified by the relative TSR modifier at 80%; and (ii) for awards

granted in 2025, below threshold for the AFFO per share goals and the same warehouse NOI goals, in each case, as modified by the

relative TSR modifier at 80%) and (b) prorated for the portion of the three-year performance period completed as of December 31,

2025 (with applicable adjustments to reflect the truncated performance period). For unvested time-vesting awards, includes the portion

of the award that would have become vested upon the next regularly scheduled vesting date following December 31, 2025.

(3)Assumes (i) a change in control was consummated on December 31, 2025 and (ii) that the time-vesting awards are assumed or

substituted in connection with the change in control. For performance-vesting awards, includes the portion of the award that would

have become vested assuming the applicable performance period ended on December 31, 2025, assuming actual level of

performance as of December 31, 2025 for each such award (which the Company determined to be (i) for awards granted in 2024,

between threshold and target for the AFFO per share goals and below threshold for the same warehouse NOI goals, in each case, as

modified by the relative TSR modifier at 80%; and (ii) for awards granted in 2025, below threshold for the AFFO per Share goals and

the same warehouse NOI goals, in each case, as modified by the relative TSR modifier at 80%). Unvested time-vesting awards will not

accelerate if assumed or substituted.

(4)Assumes a change in control was consummated on December 31, 2025. For performance-vesting awards, includes the portion of the

award that would have become vested assuming the applicable performance period ended on December 31, 2025, assuming actual

level of performance as of December 31, 2025 for each such award (which the Company determined to be (i) for awards granted in

2024, between threshold and target for the AFFO per share goals and below threshold for the same warehouse NOI goals, in each

case, as modified by the relative TSR modifier at 80%; and (ii) for awards granted in 2025, below threshold for the AFFO per share

goals and the same warehouse NOI goals, in each case, as modified by the relative TSR modifier at 80%). For unvested time-vesting

awards, includes the portion of the award that would have become vested upon the next regularly scheduled vesting date following

December 31, 2025.

(5)Amounts in this column reflect benefits payable for the NEOs in event of a termination of their employment due to retirement, and with

respect to Mr. Lehmkuhl, a family disability.

(6)Amounts in this column reflect benefits payable for Mr. Lehmkuhl in event of a termination of his employment due to a non-renewal of

Mr. Lehmkuhl's employment agreement by the Company.

(7)Values reflect the number of accelerated LTIP units and/or RSUs, as applicable, multiplied by the per share closing market price of

shares of our common stock on December 31, 2025 ($35.00 per share).

(8)Amounts reflect the value of the applicable months of healthcare coverage pursuant to the NEO's employment agreement or

Severance Plan, as applicable, using our 2026 COBRA premium rate.

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

**CEO Pay Ratio**

As required by Section 953(b) of the Dodd-Frank Act, and Item 402(u) of Regulation S-K, we are providing the

following information about the relationship of the 2025 annual total compensation of our CEO and the median

of the annual total compensation of our employees (other than the CEO).

For 2025, our last completed fiscal year:

• The annual total compensation of our CEO was $19,964,787; and

• The median of the annual total compensation of our employees (other than our CEO) was $56,102.

Based on this information, for 2025, we estimate the ratio of the annual total compensation of our CEO to the

median of the annual total compensation of all employees to be 356:1.

We identified our median employee for the 2025 pay ratio analysis using the methodology and the material

assumptions, adjustments, and estimates described below. Because the SEC rules for identifying the median

employee and calculating the pay ratio permit companies to use various methodologies, assumptions,

exemptions, and estimates, the pay ratios reported by other companies may not be comparable with the ratio

that we have provided. The pay ratio included in this information is a reasonable estimate calculated in a

manner consistent with Item 402(u) of Regulation S-K.

• We determined that, as of December 31, 2025, our employee population of full-time, part-time and

temporary employees consisted of 24,353 individuals, excluding our CEO.

• As permitted by the pay ratio rules, we excluded certain non-US employees that represent less than 5%

of our entire employee population as follows:

• 5 employees from South Africa and

• 90 employees from India.

• To identify the "median employee" from our employee population, we utilized a consistently applied

compensation measure as permitted by the rules. This measure is the sum of base salary and target

bonus for the period January 1, 2025 through December 31, 2025. Base salary earnings for any full-

time and part-time employees who were hired after January 1, 2025 were annualized. Earnings of

employees outside of the U.S. were converted to U.S. dollars using currency exchange rates effective

as of December 31, 2025.

• We then identified our median employee from our employee population by arraying and sorting the

employees by the foregoing consistently applied compensation measure and choosing the employee

ranked in the middle of the population. This median employee is an hourly employee based in the U.S.

• The annual total compensation for our CEO represents the amount reported for our CEO in the "Total"

column of our 2025 Summary Compensation Table included on page [52](#i8b62f47270744c1e985b304b98a4f7cc_49) of this Proxy Statement.

• After identifying the median employee using the consistently applied compensation measure as

described above, we then estimated annual total compensation of our median employee based on the

same methodology to determine our named executive officers' annual total compensation disclosed in

our 2025 Summary Compensation Table.

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

**Pay Versus Performance**

As required by Section 953(a) of the Dodd-Frank Act, and Item 402(v) of Regulation S-K, we are providing the

following information about the relationship between compensation actually paid to our NEOs and certain

financial performance metrics of the Company using a methodology that has been prescribed by the SEC. As

permitted by Item 402(v) of Regulation S-K, we are providing such disclosure beginning in 2024, because we

were not required to report pursuant to Section 13(a) or 15(d) of the Exchange Act prior to such year.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Value of Initial Fixed $100** <br>**Investment Based on:**<sup>(4)</sup> | **Value of Initial Fixed $100** <br>**Investment Based on:**<sup>(4)</sup> |  |  |
| **Fiscal** <br>**Year**<sup>(1)</sup><br>| **Summary** <br>**Compensation** <br>**Table Total for** <br>**PEO**<sup>(2)</sup><br>| **Compensation** <br>**Actually Paid** <br>**to PEO**<sup>(3)</sup><br>| **Average** <br>**Summary** <br>**Compensation** <br>**Table Total for** <br>**Non-PEO** <br>**NEOs**<sup>(2)</sup><br>| **Average** <br>**Compensation** <br>**Actually Paid** <br>**to Non-PEO** <br>**NEOs**<sup>(3)</sup><br>| **Total** <br>**Shareholder** <br>**Return**<br>| **Peer Group** <br>**Total** <br>**Shareholder** <br>**Return**<sup>(5)</sup><br>| **Net** <br>**Income** <br>**(Loss)**<br>**($ millions)**<br>| **Management** <br>**Adjusted** <br>**EBITDA**<sup>(6)</sup><br>**($ millions)**<br>|
| 2025 | $19964787 | $(10299864) | $4028919 | $(585062) | $45 | $106 | $(113) | $1264 |
| 2024 | $69341442 | $44760458 | $18513608 | $12329788 | $72 | $103 | $(751) | $1342 |

---

_____________________

(1)Mr. Lehmkuhl served as our Principal Executive Officer (PEO) during 2024 and 2025. Our non-PEO named executive officers (NEOs)

for 2025 were Messrs. Crisci, LeMasters, Rivera, Smith, Thattai, and Vanderelzen and for 2024 were Messrs. Crisci, Rivera, Smith,

and Thattai.

(2)Amounts reported represent, as applicable: (i) the total compensation reported in the Summary Compensation Table ("SCT") for each

respective year in the case of our PEO and (ii) the average of the total compensation reported in the Summary Compensation Table for

each respective year for our non-PEO NEOs.

(3)The following amounts were deducted from / added to SCT total compensation in accordance with the SEC-mandated adjustments to

calculate Compensation Actually Paid (CAP) to our PEO and average CAP to our non-PEO NEOs.

**PEO SCT Total to CAP Reconciliation**

---

| | |
|:---|:---|
| **Fiscal Year** | **2025** |
| SCT Total | $19964787 |
| - Grant Date Fair Value of Option Awards and Stock Awards Granted in Fiscal Year | $(18294193) |
| + Fair Value at Fiscal Year-End of Outstanding and Unvested Option Awards and Stock <br>Awards Granted in Fiscal Year<br>| $9986480 |
| +/- Change in Fair Value of Outstanding and Unvested Option Awards and Stock Awards <br>Granted in Prior Fiscal Years<br>| $(22693331) |
| + Fair Value at Vesting of Option Awards and Stock Awards Granted in Fiscal Year That <br>Vested During Fiscal Year<br>| $— |
| +/- Change in Fair Value as of Vesting Date of Option Awards and Stock Awards <br>Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied <br>During Fiscal Year<br>| $(148527) |
| - Fair Value as of Prior Fiscal Year-End of Option Awards and Stock Awards Granted in <br>Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year<br>| $— |
| + Dividends or Other Earnings Paid on Stock or Option Awards in the Fiscal Year Prior <br>to the Vesting Date that are not otherwise included in the Total Compensation for the <br>Fiscal Year<br>| $884920 |
| **Compensation Actually Paid** | **$(10299864)** |

---

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

**Non-PEO NEO Average SCT Total to Average CAP Reconciliation**

---

| | |
|:---|:---|
| **Fiscal Year** | **2025** |
| SCT Total | $4028919 |
| - Grant Date Fair Value of Option Awards and Stock Awards Granted in Fiscal Year | $(3240618) |
| + Fair Value at Fiscal Year-End of Outstanding and Unvested Option Awards and Stock <br>Awards Granted in Fiscal Year<br>| $1890041 |
| +/- Change in Fair Value of Outstanding and Unvested Option Awards and Stock Awards <br>Granted in Prior Fiscal Years<br>| $(3433977) |
| + Fair Value at Vesting of Option Awards and Stock Awards Granted in Fiscal Year That <br>Vested During Fiscal Year<br>| $— |
| +/- Change in Fair Value as of Vesting Date of Option Awards and Stock Awards <br>Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied <br>During Fiscal Year<br>| $(53950) |
| - Fair Value as of Prior Fiscal Year-End of Option Awards and Stock Awards Granted in <br>Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year<br>| $— |
| + Dividends or Other Earnings Paid on Stock or Option Awards in the Fiscal Year Prior <br>to the Vesting Date that are not otherwise included in the Total Compensation for the <br>Fiscal Year<br>| $224523 |
| **Compensation Actually Paid** | **$(585062)** |

---

Fair value or change in fair value, as applicable, of equity awards in the "Compensation Actually Paid" columns was determined by

reference to (i) for solely time-vesting RSU and/or LTIP unit awards, the closing price per share on the applicable year-end date(s) or, in the

case of vesting dates, the closing price per share on the applicable vesting date(s); (ii) for performance-vesting RSU and/or LTIP unit

awards (excluding any market-based awards), the same valuation methodology as RSU and/or LTIP unit awards above except that the

year-end values are multiplied by the probability of achievement of the applicable performance objective as of the applicable date; and (iii)

for market-based awards, the fair value calculated by a Monte Carlo simulation model as of the applicable year-end date(s), which utilizes

multiple input variables, including expected volatility of our share price and other assumptions appropriate for determining fair value, to

estimate the probability of satisfying the performance objective established for the award, including the expected volatility of our share price

relative to the applicable comparative index and a risk-free interest rate of derived from linear interpolation of the term structure of Treasury

Constant Maturities yield rates for the applicable period. For additional information on the assumptions used to calculate the valuation of the

awards, see the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31,

2025. (4)Pursuant to rules of the SEC, the comparison assumes $100 was invested on July 26, 2024 (i.e., the date we became a publicly traded

company) in our common stock.

(5)The Peer Group for which Total Shareholder Return is provided in the table is the MSCI US REIT Index ("RMZ"), which is used for the

Company's stock performance chart in the 2025 Form 10-K.

(6)Management Adjusted EBITDA is a non-GAAP measure and is calculated as Adjusted EBITDA with additional adjustments to exclude

current year acquisitions, dispositions, closed operations, annual bonus program expense, other certain one-time items (both favorable

and unfavorable), and/or fees paid to Bay Grove in accordance with the terms of the operating services agreement, as determined by

the Talent and Compensation Committee. In addition, Management Adjusted EBITDA is not adjusted for our share of EBITDA related to

certain joint ventures or the allocation of our consolidated EBITDA attributable to noncontrolling interests. For 2025, Management

Adjusted EBITDA was calculated as Adjusted EBITDA with adjustments to remove approximately $34 million of profit resulting from

certain acquisitions that were completed in calendar year 2025. For a reconciliation of Adjusted EBITDA to net income, see Part II Item

7. Management's Discussion and Analysis of Financial Condition and Results of Operations, section Non-GAAP Financial Measures on

pages 76-78 of our Annual Report on Form 10-K for the year ended December 31, 2025.

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

**Pay Versus Performance Relationship Descriptions**

The chart below illustrates the relationship between the PEO and other NEO average CAP amounts and the

Company's and Peer Group TSR during the period 2024-2025 assuming $100 initial investment on July 26,

2024. ![15393162788990](line-20260422_g12.gif)

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

The charts below illustrate the relationship between the PEO and other NEO average CAP amounts and the

Company's Net Income and Management Adjusted EBITDA during the period 2024- 2025.

![15393162789555](line-20260422_g13.gif)

![15393162789578](line-20260422_g14.gif)

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

**Tabular List of Most Important Performance Measures**

The following table lists the three financial performance measures that we believe represent the most important

financial performance measures the Company used to link CAP to our NEOs for fiscal 2025 to our performance

as further described in our "Compensation Discussion and Analysis" in this proxy statement within the sections

titled "— Short-Term Incentive Compensation" and "—Equity-Based Long-Term Incentive Awards."

---

| |
|:---|
| **Most Important Performance Measures** |
| Management Adjusted EBITDA |
| Adjusted Core Funds From Operations (i.e., "AFFO per share") |
| Same Warehouse Net Operating Income Growth (i.e., "same <br>warehouse NOI" growth)<br>|

---

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

**Equity Compensation Plan Information**

The following table provides information as of December 31, 2025, with respect to the shares of the Company's

common stock that may be issued under the Company's existing compensation plans.

---

| | | | |
|:---|:---|:---|:---|
| **Plan Category** | **Number of** <br>**Securities to be** <br>**Issued Upon** <br>**Exercise of** <br>**Outstanding** <br>**Options, Warrants** <br>**and Rights**<br>| **Weighted Average** <br>**Exercise Price of** <br>**Outstanding** <br>**Options, Warrants** <br>**and Rights**<br>| **Number of Securities** <br>**Remaining Available** <br>**for Future Issuance** <br>**Under Equity** <br>**Compensation Plans**<sup>(1)</sup><br>|
| Equity compensation plans approved by security <br>holders<sup>(2)</sup><br>| 6320745 | $— | 7500191 |
| Equity compensation plans not approved by <br>security holders<br>|  | $— |  |
| Total | 6320745 | $— | 7500191 |

---

_____________________

(1)Includes shares available for future grants of RSUs and other stock-based awards and shares issuable upon redemption of LTIP units

available to be granted under the 2024 Plan.

(2)Consists of the 2024 Plan.

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

**Certain Relationships And Related Party Transactions**

Related party transactions are transactions in which we are a participant where the amount involved exceeds

$120,000 and a member of our board of directors or a director nominee, an executive officer or a holder of more

than 5% of our voting securities (or an immediate family member of any of the foregoing) has a direct or indirect

material interest. The following is a summary of related party transactions since the beginning of our last fiscal

year, other than compensation arrangements that are described under the sections of this proxy statement

entitled "Board and Committee Matters—Compensation of Directors" and "Executive Compensation."

**Transactions with BG Lineage Holdings, LLC**

BGLH, an entity indirectly controlled by our Co-Executive Chairmen, Adam Forste and Kevin Marchetti, is

currently our majority stockholder. As of March 18, 2026, BGLH directly held approximately 68% of our

outstanding shares of Common Stock, and together with its voting and dispositive power over Legacy OP Units

(through LHR), beneficially owned approximately 71% of our outstanding shares of Common Stock.

During the year ended December 31, 2025, we distributed $331.4 million in dividends to BGLH. All dividends

paid during the year ended December 31, 2025 were paid pro-rata to all stockholders.

Messrs. Forste and Marchetti indirectly own Class B units of BGLH entitling them to receive a portion of

distributions from BGLH in accordance with its operating agreement. For the year ended December 31, 2025,

Mr. Forste or his personal holding entities received approximately $1.4 million of these dividends and Mr.

Marchetti or his personal holding entities received approximately $1.3 million of these dividends.

In addition, BG Cold, an entity indirectly controlled by Messrs. Forste and Marchetti, holds all Class C units in

BGLH, which represent the right to receive varying specified percentages of distributions on, and proceeds from

redemptions and repurchases of, Class A units in BGLH held by other investors in BGLH (the "Founders Equity

Share"). The Founders Equity Share also includes rights of BG Cold to receive varying specified percentages of

distributions on, and proceeds from redemptions and repurchases of, Legacy Class A OP Units held by other

investors in Lineage OP, LP, discussed below. See "—Transactions with Operating Partnership."

BGLH intends to wind down its holding of our shares of Common Stock over a period of up to three years

following our IPO in July 2024, during which period it will settle all legacy investor equity held through BGLH. To

do this, BGLH generally expects to distribute our shares in kind to its investors in multiple settlements of their

equity interests in BGLH. These investors have made revocable elections as to whether they want a cash

settlement pursuant to which we will repurchase our shares of Common Stock distributed by BGLH to such

investors (a "Cash Settlement"), or whether they instead want a securities settlement such that they can

continue holding the shares until such time as they individually determine to arrange their own dispositions (a

"Securities Settlement"). BGLH has a contractual right to require us to conduct offerings of shares of our

Common Stock from time to time in order to facilitate Cash Settlements. See "—Other Related Party

Transactions—Registration Rights Agreements" below. To the extent a Cash Settlement is elected, each of

Messrs. Forste and Marchetti and BG Cold will have an interest in any cash payments made by us in

repurchasing any of the distributed securities from BG Cold or any of the respective personal holding entities of

Messrs. Forste or Marchetti in such Cash Settlement. In addition, (i) to the extent that Stonepeak elects a Cash

Settlement, Messrs. Taylor and Wyper may have an interest in any cash payments made by us in repurchasing

any of the distributed securities from Stonepeak in such Cash Settlement, and (ii) to the extent that

BentallGreenOak elects a Cash Settlement, Mr. Carrafiell may have an interest in any cash payments made by

us in repurchasing any of the distributed securities from BentallGreenOak in such Cash Settlement. See "—

Other Related Party Transactions—Registration Rights Agreement, and —Other Related Party Transactions—

Stockholders Agreement" below. After July 26, 2027, all rights to receive the Founders Equity Share will

terminate, and at such time we currently expect that BGLH will have distributed all of our shares of Common

Stock to its legacy investors and will cease to hold any of our shares.

**Transactions with Operating Partnership**

**Partnership Agreement**

In connection with the formation transactions upon IPO, we entered into a partnership agreement, as amended,

for Lineage OP, LP. Pursuant to the partnership agreement, members of our operating partnership have rights

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

beginning 14 months after the issuance of the OP units to require our operating partnership to redeem all or part

of their OP units (excluding any Legacy OP Units) for cash equal to the then-current market value of an equal

number of shares of our Common Stock (determined in accordance with and subject to adjustment under the

partnership agreement) or, at our election, to exchange their OP units for shares of our Common Stock on a

one-for-one basis subject to certain adjustments and the restrictions on ownership and transfer of our stock set

forth in our Charter. "Legacy OP Units" means units of partnership interest in our operating partnership that

represent rights of legacy investors in our operating partnership that were outstanding as of the date of our IPO.

Each Legacy OP Unit represents the same proportionate share of ownership in our operating partnership as a

single OP unit. The Legacy OP Units are made up of both Legacy Class A OP Units and Legacy Class B OP

Units. Except for a one-time special redemption and top-up rights with respect to Legacy Class A-4 OP Units

that have expired, Legacy OP Units do not have any redemption rights prior to being reclassified as OP units,

but once a Legacy OP Unit has been so reclassified (assuming it is not otherwise in the process of a Cash

Settlement), it will have the same redemption rights as the other OP units at any time and will not be subject to

the 14-month waiting period. These reclassifications, and any related sales to us of the OP units, will occur at

such times as directed by LHR, acting as legacy holder representative on behalf of the Legacy OP Unit holders.

LHR is a subsidiary of BGLH.

**Other Transactions**

For the year ended December 31, 2025, our operating partnership distributed $22.1 million with respect to its

Legacy Class B OP Units. Of those distributions, Mr. Forste or his personal holding entities received

approximately $6.9 million, and Mr. Marchetti or his personal holding entities received approximately $7.0

million.

In addition, prior to the IPO, BG Cold held all Class C units in our operating partnership, which represented the

right to receive the Founders Equity Share at our operating partnership and entitled BG Cold to receive varying

specified percentages of distributions on, and proceeds from redemptions and repurchases of, Class A units

held by other investors in our operating partnership. In connection with the formation transactions, the Founders

Equity Share in respect of each Class A unit was reclassified, along with the Class A units, into Legacy Class A

OP Units with A-Piece Sub-Units and C-Piece Sub-Units, which provide for an equivalent interest in favor of BG

Cold solely from Legacy Class A OP Units (and not with respect to any other OP units). For the year ended

December 31, 2025, our operating partnership distributed $1.4 million with respect to its Class C units (or

Founders Equity Share), all of which was received by BG Cold. Of those distributions, Mr. Forste or his personal

holding entities received approximately $0.5 million and Mr. Marchetti or his personal holding entities received

approximately $0.5 million.

Over a period of up to three years following the closing of our IPO, our operating partnership will settle all legacy

investor equity held through the Legacy OP Unit class by reclassifying Legacy OP Units into OP units. LHR, a

subsidiary of BGLH, serves as the legacy holder representative appointed by holders of Legacy OP Units to act

as their representative in connection with these settlements and any associated repurchases by the operating

partnership pursuant to revocable elections concerning Cash Settlement or Securities Settlement of the

corresponding Legacy OP Units.

**Transactions with Lineage Holdings**

Lineage Holdings is a direct subsidiary of, and managed by, our operating partnership. Prior to the formation

transactions, an affiliate of BG Capital, BG Maverick, which is indirectly controlled by Messrs. Forste and

Marchetti, held an equity accrual right (the "equity accrual right") at Lineage Holdings that provided BG Maverick

with an equity interest in Lineage Holdings that increased in amount each quarter. Prior to the IPO, we amended

the operating agreement of Lineage Holdings to, among other things, reclassify the fixed equity accrual amount

held by BG Maverick into OP Units ("OPEUs"). The OPEUs are exchangeable in the future (after a two-year

holding period) on a one-for-one basis for OP units, subject to certain adjustments, and no additional OPEUs

will be created in respect of any equity accrual right. During the year ended December 31, 2025, Lineage

Holdings distributed $1.3 million to Mr. Forste or his personal holding entities and $1.3 million to Mr. Marchetti or

his personal holding entities in respect of OPEUs.

Lineage Holdings has also used a portion of its funds to reimburse Bay Grove for its expenses. See "—

Transactions with Bay Grove."

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

**Transactions with Bay Grove**

On July 24, 2024, we entered into a transition services agreement with Bay Grove Management, an affiliate of

BG Capital, pursuant to which Bay Grove Management agreed to provide us with certain transition services

supporting capital deployment and mergers and acquisitions activity through July 26, 2027, unless earlier

terminated pursuant to the terms of the agreement, to help us build our full internal capability during that period.

We have agreed to pay Bay Grove Management an annual fee equal to $8.0 million, or $24.0 million in the

aggregate for the three-year period, which is payable in advance in equal quarterly installments.

We have also agreed to reimburse Bay Grove Management for all its out-of-pocket expenses incurred or

accrued in connection with the performance of the services under the transition services agreement. The

transition services agreement will automatically terminate on July 26, 2027, and may be terminated by mutual

written consent of us and Bay Grove, but is otherwise not terminable by either party prior to expiration of the

term other than for "Cause" (as defined in the transition services agreement), which will be triggered only in the

event that either Messrs. Forste or Marchetti is convicted of certain felonies and continues to remain active in

Bay Grove's services to our business.

On July 24, 2024, Lineage Holdings also entered into an expense reimbursement and indemnification

agreement with BGLH, the LHR, and Bay Grove Management, pursuant to which Lineage Holdings has agreed

to (i) advance to or reimburse such entities for all of their expenses in any way related to our Company,

including expenses incurred in connection with the coordinated settlement process that will occur for up to three

years following our IPO in July 2024 for all legacy investors in both BGLH and our operating partnership and (ii)

indemnify such entities to the fullest extent permitted by applicable law against liabilities that may arise in any

way related to our Company, including liabilities incurred in connection with or as a result of the coordinated

settlement process.

For the year ended December 31, 2025, Bay Grove Management received an aggregate of $9.8 million,

comprised of $8.0 million in fees and $1.8 million of expense reimbursement, pursuant to the transition services

agreement and the expense reimbursement and indemnification agreement. Messrs. Forste and Marchetti

beneficially own a portion of the equity of BG Capital. Bay Grove Management applies all such compensation to

its operating expenses. Because of their beneficial ownership of BG Capital, Messrs. Forste and Marchetti

directly or indirectly benefitted from such amounts received by Bay Grove. Of these amounts, Mr. Forste or his

personal holding entities directly or indirectly benefitted from approximately $4.2 million and Mr. Marchetti or his

personal holding entities directly or indirectly benefitted from approximately $4.2 million.

**Other Related Party Transactions**

**Registration Rights Agreements**

On July 24, 2024, we entered into a registration rights agreement with BGLH. Pursuant to the registration rights

agreement, we granted BGLH and certain of its affiliates with certain "demand" registration rights and

"piggyback" registration rights, including rights to demand that we undertake a public offering of shares of our

Common Stock for our own account and use the net proceeds from such offering to purchase or redeem shares

of Common Stock held by individuals designated by BGLH, with respect to 155,275,349 shares of Common

Stock held by BGLH and 21,029,599 shares of Common Stock issuable upon redemption of 21,029,599 OP

units as of March 18, 2026. The registration rights agreement also provides that we will pay certain expenses

relating to such registrations and indemnify the registration rights holders against certain liabilities that may

arise under the Securities Act.

On July 24, 2024, we entered into a registration rights agreement with holders of registrable securities (including

Mr. Forste, Mr. Marchetti, Stonepeak and BentallGreenOak), pursuant to which we granted them with certain

resale registration rights with respect to shares of Common Stock that they may receive upon distributions from

BGLH or upon exchange of OP units (including any OP units received in any reclassification of Legacy OP

Units). The registration rights agreements also provide that we will pay certain expenses relating to such

registrations and indemnify the registration rights holders against certain liabilities which may arise under the

Securities Act.

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

**Stockholders Agreement**

On July 24, 2024, we entered into a stockholders agreement (the "Stockholders Agreement") with BGLH, D1

Master Holdco II LLC and its affiliates ("D1 Capital"), Stonepeak, BentallGreenOak, Mr. Forste and Mr.

Marchetti. The Stockholders Agreement requires us to nominate to our board of directors a number of

individuals designated by BGLH, Stonepeak, BentallGreenOak, Mr. Forste and Mr. Marchetti, in each case, as

described in further detail below.

The Stockholders Agreement requires us to nominate for election as our directors at any meeting of our

stockholders a number of individuals designated by BGLH (each a "BGLH Director") such that, following the

election of any directors and taking into account any director continuing to serve as such without the need for

re-election, the number of BGLH Directors serving as directors of our Company will be equal to: (1) if BGLH and

its affiliates together continue to beneficially own at least 50% of the outstanding shares of Common Stock,

OPEUs held by persons other than the operating partnership and OP units (including OP units issuable upon

reclassification of Legacy OP Units) held by persons other than us (collectively, the "total outstanding interests")

as of the record date for such meeting, the lowest whole number that is greater than 50% of the total number of

directors comprising our board of directors; (2) if BGLH and its affiliates together continue to beneficially own at

least 40% (but less than 50%) of the total outstanding interests as of the record date for such meeting, the

lowest whole number that is at least 40% of the total number of directors comprising our board of directors; (3) if

BGLH and its affiliates together continue to beneficially own at least 30% (but less than 40%) of the total

outstanding interests as of the record date for such meeting, the lowest whole number that is at least 30% of the

total number of directors comprising our board of directors; (4) if BGLH and its affiliates together continue to

beneficially own at least 20% (but less than 30%) of the total outstanding interests as of the record date for such

meeting, the lowest whole number that is at least 20% of the total number of directors comprising our board of

directors; and (5) if BGLH and its affiliates together continue to beneficially own at least 5% (but less than 20%)

of the total outstanding interests as of the record date for such meeting, the lowest whole number that is at least

10% of the total number of directors comprising our board of directors. BGLH has designated Mr. Forste, Mr.

Marchetti, Shellye Archambeau, Joy Falotico, Michael Turner and Lynn Wentworth to be nominated for re-

election to serve as the BGLH Directors until Lineage's 2027 annual meeting of stockholders.

Following the date that BGLH is no longer entitled to designate at least two BGLH Directors, the Stockholders

Agreement requires us to nominate for election as our directors at any meeting of our stockholders one

individual designated by each of Mr. Forste (the "Forste Director") and Mr. Marchetti (the "Marchetti Director") if,

as of the record date for such meeting, Mr. Forste, together with his affiliates, or Mr. Marchetti, together with his

affiliates, as applicable, continue to beneficially own a number of total outstanding interests representing at least

1.76% of the total outstanding interests outstanding as of July 26, 2024. BGLH is entitled to designate at least

two BGLH Directors; accordingly, neither Mr. Forste nor Mr. Marchetti will be able to designate directors.

The Stockholders Agreement also requires us to nominate for election as our directors at any meeting of our

stockholders a number of individuals designated by Stonepeak (each a "Stonepeak Director") as follows: (1) two

Stonepeak Directors if Stonepeak and its affiliates together continue to own at least 25% of the shares of

Common Stock outstanding as of the record date for such meeting (calculated with respect to its share of any

Common Stock held through BGLH as if no Founders Equity Share was due in respect of any BGLH equity held

by Stonepeak and its affiliates); (2) one Stonepeak Director if Stonepeak and its affiliates together continue to

own (x) at least 10% (but less than 25%) of the shares of Common Stock outstanding as of the record date for

such meeting (calculated with respect to its share of any Common Stock held through BGLH as if no Founders

Equity Share was due in respect of any BGLH equity held by Stonepeak and its affiliates) or (y) any BGLH

equity. If at any time Stonepeak has the right to designate two individuals for election as directors under the

Stockholders Agreement and there are less than two Stonepeak Directors serving on the board of directors, the

Stonepeak Director serving on the board of directors will have the power to cast two votes with respect to any

matters presented to the board of directors. As of the record date for the Annual Meeting, Stonepeak fell below

the threshold described in (1) above and, as a result, has designated one individual, James Wyper, to be

nominated for election to serve as the Stonepeak Director until Lineage's 2027 annual meeting of stockholders.

Luke Taylor, Stonepeak's other director designee at the time of our IPO, was nominated by the Board for re-

election to serve as a director until Lineage's 2027 annual meeting of stockholders.

In addition, for so long as BentallGreenOak owns (x) at least 10% of the total outstanding interests as of the

record date for such meeting (calculated with respect to its share of any Common Stock held through BGLH as

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Lineage 2026 Proxy Statement<br>

if no Founders Equity Share was due in respect of any BGLH equity held by BGO and its affiliates) or (y) any

BGLH equity, the Stockholders Agreement requires us to nominate for election as our directors at any meeting

of our stockholders one individual designated by BentallGreenOak (the "BentallGreenOak Director"). We have

agreed that the BentallGreenOak Director shall not be appointed to serve as (i) the chairperson of our board of

directors or (ii) the chairperson of any committee of our board of directors. BentallGreenOak has designated

John Carrafiell to be nominated for re-election to serve as the BentallGreenOak Director until Lineage's 2027

annual meeting of stockholders.

For so long as the Stockholders Agreement remains in effect with respect to each of BGLH, Stonepeak,

BentallGreenOak, Mr. Forste or Mr. Marchetti, such investor's director may not be removed without the consent

Director, Stonepeak Director, BentallGreenOak Director, Forste Director or Marchetti Director, the Stockholders

Agreement requires us to nominate for election an individual designated by the applicable investor to fill the

vacancy. In addition, the Stockholders Agreement requires that any action with the purpose of, or that would

have the effect of, discontinuing our qualification as a domestically controlled qualified investment entity will

require the consent of each of Stonepeak, D1 Capital and BentallGreenOak for so long as each such entity is

entitled to receive shares of our Common Stock upon a distribution in kind from BGLH to owners of its equity.

The Stockholders Agreement will terminate with respect to each of BGLH, Stonepeak, D1 Capital,

BentallGreenOak, Mr. Forste and Mr. Marchetti at the earlier to occur of (i) the applicable investor is no longer

entitled to nominate a director pursuant to the Stockholders Agreement (or, with respect to D1 Capital, on the

date when D1 Capital ceases to own (x) 10% or more of the total outstanding interests (calculated with respect

to its share of any Common Stock held through BGLH as if no Founders Equity Share was due in respect of any

BGLH equity held by D1 Capital and its affiliates) or (y) any BGLH equity) or (ii) the date on which the applicable

investor requests that the Stockholders Agreement terminate with respect to itself.

In addition, the Stockholders Agreement provides that we, on our own behalf and in our capacity as the general

partner of our operating partnership, must use commercially reasonable efforts to (i) structure certain significant

exit transactions (including mergers, consolidations and sales of substantially all of our assets or the assets of

our operating partnership and its subsidiaries) in a manner that is tax-deferred to Messrs. Marchetti and Forste,

their respective estate planning vehicles, family members and controlled affiliates, does not cause such parties

to recognize gain for federal income tax purposes, and provides for substantially similar tax protections after

such transactions, and (ii) cause our operating partnership or its subsidiaries to continuously maintain sufficient

levels of indebtedness that are allocable for federal income tax purposes to Messrs. Marchetti and Forste and

their respective personal holding entities to prevent them from recognizing gain as a result of any negative tax

capital account or insufficient debt allocation, provided that such amount of debt shall not be required to exceed

the amount allocable to the parties immediately following our IPO, subject to certain exceptions. The

Stockholders Agreement further provides that, prior to entering into an agreement to consummate such an exit

transaction, the parties will negotiate in good faith on a tax-deferred structure that is reasonably acceptable to

Messrs. Marchetti and Forste, their respective estate planning vehicles, family members and controlled

affiliates. If the parties are unable to reach agreement after 45 days of negotiation, our recommended tax

deferred structure will prevail. If material terms of the proposed transaction are modified or changed, the

negotiation period will be extended by 30 days. In connection with the obligation to maintain sufficient liability

allocations, if we or our operating partnership believes insufficient liabilities may be allocated to Messrs.

Marchetti and Forste and their respective personal holding entities, we shall, and shall cause our subsidiaries

to, provide Messrs. Marchetti and Forste, their respective estate planning vehicles, family members and

controlled affiliates with an opportunity to guarantee indebtedness. In December 2024, certain controlled

affiliates of Messrs. Marchetti and Forste agreed to make capital contributions to us in the event we fail to pay

our obligations under the 2.22% Guaranteed Senior Notes, Series A, and 2.52% Guaranteed Senior Notes,

Series B, issued by Lineage Logistics, LLC and certain other requirements are met. These rights granted to

Messrs. Marchetti and Forste, their respective estate planning vehicles, family members and controlled affiliates

will last with respect to each as long as such person (or his estate planning vehicles, family members and

controlled affiliates) has not disposed of more than 60% of his interest in us or obtained a fair market value

adjusted tax basis as a result of the death of Messrs. Marchetti or Forste, respectively.

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Lineage 2026 Proxy Statement<br>

**Rollover equity in BGLH or operating partnership**

Rollover equity in the form of BGLH units or units in our operating partnership was issued prior to the IPO by

BGLH to various sellers of assets acquired as part of the purchase price consideration. Some of those sellers

who received rollover equity in BGLH or our operating partnership were provided with separate classes of equity

of BGLH or our operating partnership that in some cases included special one-time redemption features with

minimum value guarantees and/or the alternative option to elect cash or equity top-up rights to achieve a certain

minimum equity valuation at a specific date (collectively, the "Guarantee Rights"). Prior to our IPO, the

obligations in respect of the Guarantee Rights resided with BGLH and its subsidiaries, where BGLH units were

issued (the "BGLH Guarantee Rights"), and with our operating partnership and its subsidiaries, where units in

our operating partnership were issued.

In connection with the formation transactions, on July 24, 2024, Lineage, our operating partnership and Lineage

Holdings entered into a put option agreement (the "Put Option Agreement") to ensure that the financial

obligations associated with all Guarantee Rights proportionately impact investors. Pursuant to the Put Option

Agreement, each of those entities has agreed to provide successive special repurchase rights and cash and

equity top-up rights to such legacy investors that mirror those given by BGLH to its investors (the "Rollover

Holder Put Option") and those given by our operating partnership to its investors, in each case in connection

with the Guarantee Rights (the "Lineage OP Put Option").

• Pursuant to the Rollover Holder Put Option, BGLH had the right to (i) distribute (in various

installments from September 2024 through December 2025 (the "Rollover Holder Put Exercise

Window")) up to 2,036,738 shares of our Common Stock to its investors holding BGLH Guarantee

Rights, and such investors have the individual right to cause Lineage to purchase any or all of such

shares of our Common Stock distributed to such persons by BGLH for an amount equal to the

guaranteed minimum value intrinsic to the BGLH Guarantee Rights (at a guaranteed minimum price

or, in some cases, if greater, the then-current fair market value of the shares of our Common Stock),

which amounts differ for different such investors, or (ii) in some cases demand a top-up, through a

cash payment or through the issuance of additional shares of our Common Stock without payment

therefor, or any combination thereof, in the amount by which the guaranteed minimum value

exceeds the then-current fair market value of the shares of our Common Stock (if at all) at various

specified times during the Rollover Holder Put Exercise Window.

• Pursuant to the Lineage OP Put Option, during the Rollover Holder Put Exercise Window: (i) our

operating partnership has similar rights to cause us to purchase up to 319,006 Legacy Class A-4

OP units for (A) $34.0 million (less certain distributions received after June 26, 2024) if our share

price is less than $100.86, (B) an amount that ranges from $34.0 million to $36.1 million (less

certain distributions received after June 26, 2024) if our share price is between $100.86 to $113.25,

or, (C) if our share price is $113.25 or higher, the product of such share price (less certain

distributions received after June 26, 2024) and the number of Legacy Class A-4 OP units sold back

to us; and (ii) our operating partnership has similar cash or equity top-up rights if the guaranteed

minimum value of $106.59 (less certain distributions received after June 26, 2024) exceeds the

then-current fair market value of such Legacy Class A-4 OP units.

During the year ended December 31, 2025, in connection with the exercise of certain BGLH Guarantee Rights

by the holders thereof, BGLH distributed 1,784,395 shares of our common stock to such holders in redemption

of their Class A units in BGLH, and we purchased all of the shares so distributed for aggregate cash payments

of $220.3 million. Messrs. Forste and Marchetti beneficially own a portion of the equity of BG Cold, which holds

all BGLH's Class C units (or Founders Equity Share). No shares were distributed with respect to BGLH's Class

C units in connection with BGLH's redemptions of its Class A units.

During the year ended December 31, 2025, in connection with the exercise of certain Guarantee Rights in our

operating partnership by the holders thereof, our operating partnership redeemed certain Legacy Class A OP

units in our operating partnership for aggregate cash payments of $23.0 million. Messrs. Forste and Marchetti

beneficially own a portion of the equity of BG Cold, which holds all Class C-Piece sub-units of our operating

partnership's Legacy Class A OP units (or Founders Equity Share). No OP Units were distributed with respect to

BGLH's Class C-Piece sub-units in connection with our redemptions of Legacy Class A OP units.

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Lineage 2026 Proxy Statement<br>

As of December 31, 2025, all Guarantee Rights have been satisfied, and we have no further obligations under

the Put Option Agreement.

**Director and Officer Indemnification Agreements**

We have entered into indemnification agreements with our directors and executive officers. These agreements

require us to indemnify these individuals to the maximum extent permitted under Maryland law and our charter

against liabilities that may arise by reason of their service to us, and to advance expenses incurred as a result

of any proceeding against them as to which they could be indemnified upon our receipt of certain affirmations

and undertakings. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to

directors or executive officers, we have been informed that in the opinion of the SEC, such indemnification is

against public policy and is therefore unenforceable.

There is currently no pending material litigation or proceeding involving any of our directors, officers or

employees for which indemnification is sought.

**Employment Compensation**

We employ Scott Lehmkuhl as Director, Information Technology. He is the brother of Greg Lehmkuhl, our Chief

Executive Officer. Mr. Scott Lehmkuhl's compensation is based on his education, experience and the

responsibilities of his position. For the year ended December 31, 2025, Mr. Scott Lehmkuhl received total

compensation of approximately $308,000. Mr. Scott Lehmkuhl's 2025 compensation includes an award of RSUs

under the 2024 Plan with a value of approximately $45,000 that will vest and settle as shares of the Company's

common stock in equal installments over the next three years.

We employ Jayse Bryan as a General Manager. He is the son of Greg Bryan, our Chief Integrated Solutions

Officer. Mr. Jayse Bryan's compensation is based on his education, experience and the responsibilities of his

position. For the year ended December 31, 2025, Mr. Jayse Bryan received total compensation of

approximately $242,000. Mr. Jayse Bryan's 2025 compensation includes an award of RSUs under the 2024

Plan with a value of approximately $8,000 that will vest and settle as shares of the Company's common stock in

equal installments over the next three years. Mr. Jayse Bryan's 2025 compensation also includes relocation

support worth approximately $54,000 in order to assume the new role of General Manager in a different region

of the United States.

**Restrictive Covenants Agreements**

On July 24, 2024, we entered into a restrictive covenants agreement with each of Messrs. Forste and Marchetti,

pursuant to which Messrs. Forste and Marchetti have agreed that for a period ending on the earlier of July 26,

2027 or the date on which they cease to own, directly or indirectly, any equity interest in Lineage, Inc., they will

not compete with our business.

**Emergent Cold LatAm Holdings LLC**

As of December 31, 2025, Lineage owned 8.8% of the investment interests in Emergent Cold LatAm Holdings

LLC ("Emergent Cold LatAm" or "LatAm") as well as a right to receive an additional portion of certain profits

generated by Emergent Cold LatAm, which could represent up to 10.0% of the additional profits generated on

invested capital. In addition, Mr. Forste beneficially owns investment interests representing less than 1.0% of

Emergent Cold LatAm and serves as chairman of the board of directors of Emergent Cold LatAm. Certain of our

legacy investors, including affiliates of Stonepeak and D1 Capital, also beneficially own investment interests in

Emergent Cold LatAm, and certain persons affiliated with Stonepeak and D1 Capital hold seats on the board of

directors of Emergent Cold LatAm. Neither we nor Mr. Forste control Emergent Cold LatAm. We have an option

to purchase Emergent Cold LatAm through June 23, 2027.

**Statement of Policy Regarding Transactions with Related Persons**

We have adopted a written statement of policy regarding transactions with related persons, which we refer to as

our "related person policy." Our related person policy requires that a "related person" (as defined as in

paragraph (a) of Item 404 of Regulation S-K) must promptly disclose to us any "related person

transaction" (defined as any transaction that is anticipated would be reportable by us under Item 404(a) of

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Lineage 2026 Proxy Statement<br>

Regulation S-K in which we were or are to be a participant and the amount involved exceeds $120,000 and in

which any related person had or will have a direct or indirect material interest) and all material facts with respect

thereto. We will then promptly communicate that information to our Audit Committee. No related person

transaction will be executed without the approval or ratification of our Audit Committee. It is our policy that

directors interested in a related person transaction will recuse themselves from any vote on a related person

transaction in which they have an interest.

**Interest of Certain Persons in Matters to be Acted Upon**

Other than with respect to the election of directors, none of our directors, nominees for director, executive

officers, any person who has served as a director or executive officer since the beginning of the last fiscal year,

or their associates have any interest, direct or indirect, by security holdings or otherwise, in any of the matters to

be acted upon at the Annual Meeting as described in this Proxy Statement.

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Lineage 2026 Proxy Statement<br>

**Security Ownership Of Certain Beneficial Owners And Management**

The following table sets forth certain information regarding the beneficial ownership of shares of our Common

Stock, including shares of our Common Stock into which OP units are exchangeable, as of March 18, 2026, the

record date, for (1) each person who is known by us to be the beneficial owner of 5% or more of our outstanding

Common Stock, (2) each of our directors, director nominees and named executive officers and (3) all of our

directors, director nominees and executive officers as a group. Each person named in the table has sole voting

and investment power with respect to all of the shares of our Common Stock shown as beneficially owned by

such person, except as otherwise set forth in the notes to the table. On the record date there were

approximately 227,140,448 shares of our Common Stock outstanding.

The SEC has defined "beneficial ownership" of a security to mean the possession, directly or indirectly, of voting

power and/or investment power over such security. A stockholder is also deemed to be, as of any date, the

beneficial owner of all securities that such stockholder has the right to acquire within 60 days after that date

through (1) the exercise or vesting of any right, including RSUs, to acquire shares of Common Stock, or (2) the

exchange of OP units (including those OP units issuable upon conversion of OPEUs or LTIP units, and OP units

resulting from the reclassification of Legacy OP Units that were held prior to our IPO) for shares of our Common

Stock upon redemption of outstanding OP units. OPEUs have been included in the table even though the right

to redeem the OPEUs are subject to a two year holding period following our IPO in order to give a complete

picture of potential OP units outstanding. Please see "Certain Relationships and Related Party Transactions" for

more information regarding the OPEUs and Legacy OP Units.

Bay Grove Capital Group LLC ("BG Capital") is a private owner-operator firm founded by our Co-Executive

Chairmen. References herein to BGLH is to BG Lineage Holdings, LLC, and its subsidiary BG Lineage

Holdings LHR, LLC. BG Capital is the indirect managing member of BGLH. Our Co-Executive Chairmen, Adam

Forste and Kevin Marchetti, are the managing members of BG Capital. BG Capital is also the managing

member of BG Maverick, LLC and BG Cold, LLC.

Unless otherwise indicated, the address of each named person is c/o Lineage, Inc., 46500 Humboldt Drive,

Novi, Michigan 48377. No shares beneficially owned by any executive officer, director or director nominee have

been pledged as security.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Beneficial Owner** | **Number of** <br>**Shares of** <br>**Common** <br>**Stock**<sup>(1)</sup><br>| **Number of** <br>**Rights to** <br>**Acquire** <br>**Shares of** <br>**Common** <br>**Stock**<sup>(2)</sup><br>| **Total Number** <br>**of Shares of** <br>**Common** <br>**Stock** <br>**Beneficially** <br>**Owned**<br>| **Percentage** <br>**of Common** <br>**Stock** <br>**Beneficially** <br>**Owned**<sup>(3)</sup><br>|
| **Greater than 5% Stockholders** |  |  |  |  |
| BG Capital<sup>(4)</sup> | 155275349 | 22490747 | 177766096 | 71.2% |
| Norges Bank<sup>(5)</sup> | 13939391 |  | 13939391 | 6.1% |
| **Directors, Nominees and Named** <br>**Executive Officers**<br>|  |  |  |  |
| Adam Forste<sup>(6)</sup> | 155574729 | 22511762 | 178086491 | 71.3% |
| Kevin Marchetti<sup>(7)</sup> | 155562807 | 22511767 | 178074574 | 71.3% |
| Greg Lehmkuhl<sup>(8)</sup> | 9761 | 217581 | 227342 | \* |
| Shellye Archambeau | 3132 |  | 3132 | \* |
| John Carrafiell |  |  |  |  |
| Joy Falotico | 9537 |  | 9537 | \* |
| Luke Taylor |  |  |  |  |
| Michael Turner | 2632 |  | 2632 | \* |
| Lynn Wentworth | 8246 |  | 8246 | \* |
| James Wyper |  |  |  |  |
| Robb LeMasters | 89500 |  | 89500 | \* |
| Jeff Rivera<sup>(9)</sup> | 8684 | 70283 | 78967 | \* |

---

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Lineage 2026 Proxy Statement<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Beneficial Owner** | **Number of** <br>**Shares of** <br>**Common** <br>**Stock**<sup>(1)</sup><br>| **Number of** <br>**Rights to** <br>**Acquire** <br>**Shares of** <br>**Common** <br>**Stock**<sup>(2)</sup><br>| **Total Number** <br>**of Shares of** <br>**Common** <br>**Stock** <br>**Beneficially** <br>**Owned**<br>| **Percentage** <br>**of Common** <br>**Stock** <br>**Beneficially** <br>**Owned**<sup>(3)</sup><br>|
| Sudarsan Thattai<sup>(10)</sup> | 10563 | 165907 | 176470 | \* |
| Timothy Smith<sup>(11)</sup> | 2489 | 55181 | 57670 | \* |
| Rob Crisci<sup>(12)</sup> | 24207 | 119631 | 143838 | \* |
| Sean Vanderelzen<sup>(13)</sup> | 15617 | 46153 | 61770 | \* |
| **All Directors, Nominees and Executive** <br>**Officers as a Group, excluding Messrs.** <br>**Forste and Marchetti (17 persons)**<sup>(14)</sup><br>| **174981** | **655333** | **830314** | **\*** |
| **All Directors, Nominees and Executive** <br>**Officers as a Group (19 persons)**<sup>(15)</sup><br>| **156037168** | **23188115** | **179225283** | **71.6%** |

---

_____________________

\*Represents less than 1.0%.

(1)Represents shares of common stock held. For our directors and executive officers (other than Messrs. Forste and Marchetti, who have

voting and dispositive control over all of the shares of common stock held by BGLH), does not include any shares of our common stock

that are held by BGLH and may be distributed from time to time by BGLH to such directors and executive officers as members of

BGLH, to the extent applicable. Over the course of the first three years following our IPO, all of the shares held by BGLH will be

distributed to its members in accordance with their respective interests.

(2)Represents rights to acquire shares of common stock, such as OP Units, LTIP units, RSUs and OPEUs. For our directors and

executive officers (other than Messrs. Forste and Marchetti, who have voting and dispositive control over all Legacy OP Units), does

not include any shares of our common stock that are issuable upon conversion of Legacy OP Units to OP Units, to the extent

applicable.

(3)On the record date, there were 227,140,448 shares of our common stock and 23,073,492 OP units (excluding OP units held by us and

including (i) 21,029,599 Legacy OP Units and (ii) 1,461,148 OPEUs) outstanding. For the individual unit holders, also includes the

vested LTIP units, and unvested RSUs and LTIPs that vest within 60 days of the record date and are held by such holder. Assumes,

for the holder of such units, that (a) OPEUs and LTIP units have been exchanged for OP units, and Legacy OP Units have been

reclassified into OP units, on a one-for-one basis and, in each case, and (b) OP units and RSUs have been exchanged for common

stock on a one-for-one basis. OPEUs will be exchangeable at BG Capital's election for OP units on a one-for-one basis, subject to

adjustment in certain circumstances, at any time beginning two years after the IPO. Holders of OP units have the right beginning 14

months after the issuance of the OP units to require our operating partnership to redeem all or part of their OP units (excluding any

Legacy OP Units) for cash equal to the then-current market value of an equal number of shares of our common stock or, at our

election, to exchange their OP units for shares of our common stock on a one-for-one basis, subject to certain adjustments and the

restrictions on ownership and transfer of our common stock set forth in our charter. Legacy OP Units do not have any redemption rights

prior to being reclassified as OP units, but once a Legacy OP Unit has been so reclassified, it will have the same redemption rights as

the other OP units at any time and will not be subject to the 14-month waiting period. Over the course of the first three years following

our IPO, all of the Legacy OP Units will be reclassified into OP units.

(4)Includes 155,275,349 shares of our common stock held directly by BGLH, and deemed beneficially owned by BG Capital, BGLH, BG

Cold, Adam Forste and Kevin Marchetti. BGLH is managed indirectly, and BG Cold is managed directly, by BG Capital, which is

managed by a management committee comprised of Adam Forste and Kevin Marchetti, our Co-Executive Chairmen, who share voting

and investment power over these shares. Also includes 21,029,599 shares of our common stock that may be issuable upon

reclassification of Legacy OP Units, representing all the outstanding Legacy OP Units. BGLH indirectly has the power to vote and

dispose of all Legacy OP Units, which are thus deemed beneficially owned by BG Capital, BGLH, BG Cold, Adam Forste, and Kevin

Marchetti. For BG Capital, Adam Forste, and Kevin Marchetti, also includes 1,461,148 shares of common stock issuable in exchange

for OPEUs held by BG Maverick, which is managed by BG Capital. BG Capital, BGLH, BG Gold and Messrs. Forste and Marchetti

each disclaims beneficial ownership of these securities, except to the extent of any pecuniary interest therein.

(5)Based on an amendment to Schedule 13G filed with the SEC on July 22, 2025, by Norges Bank, reporting beneficial ownership as of

June 30, 2025 of shares of common stock invested on behalf of the Government of Norway. The address of Norges Bank is

Bankplassen 2, PO Box 1179 Sentrum, Oslo, NO-0107, Oslo, Norway.

(6)Includes the securities beneficially owned by BG Capital and discussed in Footnote 4. Also includes, (i) 109,266 shares of common

stock held directly and (i) 190,114 shares of common stock and 21,015 OP units held indirectly through an estate planning entity. Mr.

Forste disclaims beneficial ownership of the securities beneficially owned by each of these entities, except to the extent of any

pecuniary interest therein.

(7)Includes the securities beneficially owned by BG Capital and discussed in Footnote 4. Also includes, (i) 113,690 shares of common

stock held directly, and (i) 173,768 shares of common stock and 21,020 OP units held indirectly through an estate planning entity. Mr.

Marchetti disclaims beneficial ownership of the securities beneficially owned by each of these entities, except to the extent of any

pecuniary interest therein.

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Lineage 2026 Proxy Statement<br>

(8)Column 2 represents (i) 89,474 vested LTIP units and (ii) 19,316 RSUs and 108,791 LTIP units that vest within 60 days after the record

date.

(9)Column 2 represents (i) 32,160 vested LTIP units and (ii) 38,123 LTIP units that vest within 60 days after the record date.

(10)Column 2 represents (i) 79,972 vested LTIP units and (ii) 85,935 LTIP units that vest within 60 days after the record date.

(11)Column 2 represents (i) 25,683 vested LTIP units and (ii) 29,498 LTIP units that vest within 60 days after the record date.

(12)Column 2 represents (i) 36,062 vested LTIP units and (ii) 43,929 RSUs and 39,640 LTIP units that vest within 60 days after the record

date.

(13)Column 2 represents (i) 22,168 vested LTIP units and (ii) 10,353 RSUs and 13,632 LTIP units that vest within 60 days after the record

date.

(14)Represents beneficial ownership by directors, nominees and executive officers as a group, but excluding beneficial ownership of

shares by Messrs. Forste and Marchetti. Column 2 includes (i) 291,157 vested LTIP units and (ii) 32,474 RSUs and 331,702 LTIP units

that vest within 60 days after the record date.

(15)Represents beneficial ownership by directors, nominees and executive officers as a group including Messrs. Forste and Marchetti. See

footnotes 6, 7 and 14.

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

**Submission Of Stockholder Proposals**

Any stockholder intending to present a proposal at our 2027 annual meeting of stockholders and have the

proposal included in the proxy statement and proxy card for such meeting (pursuant to Rule 14a-8 of the

Exchange Act) must, in addition to complying with the applicable laws and regulations governing submissions of

such proposals, submit the proposal in writing to us no later than December 24, 2026 and must otherwise

comply with the requirements of the SEC's proxy rules.

Our current Bylaws provide that any stockholder intending to nominate a director or present a stockholder

proposal of other business for consideration at the 2027 annual meeting of stockholders, but not intending for

such a nomination or proposal to be considered for inclusion in our Company's proxy statement and proxy card

relating to such meeting (i.e., not pursuant to Rule 14a-8 of the Exchange Act), must notify us in writing no

earlier than the 150th day and not later than 5:00 p.m., Eastern Time, on the 120th day prior to the first

anniversary of the date of the proxy statement for the immediately preceding annual meeting of stockholders;

provided, however, that in the event that the annual meeting of stockholders is not held within 30 days before or

after the anniversary of the date of the preceding year's annual meeting of stockholders, to be timely, notice by

the stockholder must be received no earlier than the 150th day prior to the date of such annual meeting and not

later than 5:00 p.m., Eastern Time, on the later of the 120th day prior to the date of such annual meeting of

stockholders, as originally convened, or the tenth day following the day on which public announcement of the

date of such meeting is first made. Accordingly, to submit a director candidate for consideration for nomination

at our 2027 annual meeting of stockholders, stockholders must submit the recommendation, in writing, by 5:00

p.m., Eastern Time, on December 24, 2026, but in no event earlier than November 24, 2026.

In addition to satisfying the foregoing requirements under our current Bylaws, to comply with the universal proxy

rules, stockholders who intend to solicit proxies in support of director nominees other than the Company's

nominees for our annual meeting to be held in 2027 must provide notice that sets forth the information required

by Rule 14a-19 under the Exchange Act.

Any such nomination or proposal should be sent to our Corporate Secretary at Lineage, Inc., 46500 Humboldt

Drive, Novi, Michigan 48377 and, to the extent applicable, must include the information and other materials

required by our then-current Bylaws.

In connection with our solicitation of proxies for our 2027 Annual Meeting, we intend to file a proxy statement

and WHITE proxy card with the SEC. Stockholders may obtain our proxy statement (and any amendments and

supplements thereto) and other documents as and when filed with the SEC without charge from the SEC's

website at www.sec.gov.

**Delivery Of Materials**

In accordance with rules adopted by the SEC, instead of mailing a printed copy of our proxy materials to our

stockholders, we are, except as described below, furnishing proxy materials, including this Proxy Statement and

our 2025 Annual Report to stockholders, by providing access to these documents on the Internet. Accordingly,

on or about April 23, 2026, a Notice Regarding the Availability of Proxy Materials will be sent to our beneficial

owners of Common Stock. The Notice provides instructions for accessing our proxy materials on the Internet

and instructions for receiving printed copies of the proxy materials without charge by mail or electronically by

email. If you are a beneficial holder of shares of our Common Stock, please follow the instructions included in

the Notice.

The Notice provides you with instructions regarding the following: (1) viewing our proxy materials for the Annual

Meeting on the Internet; (2) voting your shares; (3) requesting a printed copy of the proxy materials; and

(4) instructing us to send our future proxy materials to you. We believe the delivery options allow us to provide

our stockholders with the proxy materials they need, while lowering the cost of the delivery of the materials and

reducing the environmental impact of printing and mailing. If you choose to receive future proxy materials by

email, you will receive an email next year with instructions containing a link to view those proxy materials and a

link to the proxy voting site. Your election to receive proxy materials by email will remain in effect until you

terminate it.

In addition, certain stockholders of record of our Common Stock will be sent, by mail, this Proxy Statement, the

Notice of 2026 Annual Meeting of Stockholders and the related proxy card on or about April 23, 2026.

![Workiva-Logo-Shield.jpg](line-20260422_g2.jpg)

Lineage 2026 Proxy Statement<br>

**Householding Of Proxy Materials**

The rules of the SEC permit companies and intermediaries (such as brokerage firms, banks, broker-dealers or

other similar organizations) to satisfy the delivery requirements for the Notice and proxy materials with respect

to two or more stockholders sharing the same address by delivering a single Notice or copy of the proxy

materials, as the case may be, addressed to each of those stockholders. This practice, commonly referred to as

"householding," is designed to reduce our printing and postage costs. Stockholders that hold shares in "street

name" (as described below) may contact their intermediaries to request information about householding.

If you have received notice from your broker, nominee or other intermediary, or us that your household will

receive only one copy of our proxy materials, you will be deemed to have consented to this process unless you

specifically revoke your consent or provide instructions to the contrary. If you received only one copy of our

proxy materials and wish to receive a separate copy for each stockholder at your household, or if, at any time,

you wish to resume receiving separate proxy materials, or if you are receiving multiple statements and reports

and wish to receive only one, please notify your broker, nominee or other intermediary if your shares are held in

a brokerage account, or us if you hold registered shares. If, at any time, such a record stockholder no longer

wishes to participate in "householding" and would prefer to receive a separate set of our proxy materials, such

stockholder should so notify us by directing written requests to: Lineage, Inc., 46500 Humboldt Drive, Novi,

Michigan 48377, Attn: Corporate Secretary or by calling our investor relations contact at (470) 801-6049.

**Annual Report**

Our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 is being mailed with this Proxy

Statement to those stockholders that receive this Proxy Statement in the mail. Stockholders that receive the

Notice can access our 2025 Annual Report at www.proxyvote.com.

We make available, free of charge on our website, all of our filings that are made electronically with the SEC,

including Forms 10-K, 10-Q and 8-K. These filings are available on our website at https://ir.onelineage.com

under "SEC Filings" of the "Financials" tab. Copies of our Annual Report on Form 10-K for the fiscal year ended

December 31, 2025 filed with the SEC (exclusive of exhibits and documents incorporated by reference), are

also available without charge to stockholders upon written request addressed to Lineage, Inc. at our principal

executive offices, which are currently located at Lineage, Inc., 46500 Humboldt Drive, Novi, Michigan 48377,

Attention: Lineage Investor Relations. Copies of exhibits and basic documents filed with the Annual Report on

Form 10-K or referenced therein will be furnished to stockholders upon written request and payment of a

nominal fee in connection with the furnishing of such documents.

**Your vote is important**. Please promptly vote your shares by following the instructions for voting on the Notice

or, if you received a paper or electronic copy of our proxy materials, by completing, signing, dating and returning

your proxy card or by internet or telephone voting as described on your proxy card.

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| |
|:---|
| By Order of the Board |
| /s/ Natalie Matsler |
| Natalie Matsler<br>Chief Legal Officer and Corporate Secretary<br>|

---

Novi, Michigan

April 23, 2026

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