Document:

EX-10.17

 Exhibit 10.17 

Execution Version 

GREENACREAGE REAL ESTATE CORP. 

COMMON STOCK WARRANT 
 This
Warrant (this “Warrant”), dated as of March 17, 2021 (the “Date of Grant”), is delivered by GreenAcreage Real Estate Corp. (the “Company”) to NLCP Holdings, LLC (“NL
Holdco”). Capitalized terms used in the text of this Warrant but not defined shall have the meanings set forth in Section 10 of this Warrant. 

RECITALS 
 A. WHEREAS, the
Board of Directors of the Company (the “Board”) has decided that is in the best interests of the Company for the Company to enter into that certain Agreement and Plan of Merger, dated as of March 2, 2021 (the “Merger
Agreement”), by and among the Company, NL Merger Sub, LLC (“Merger Sub”) and NewLake Capital Partners, Inc. (“NewLake”), pursuant to which NewLake will merge with and into Merger Sub
(the “Merger”) with Merger Sub surviving as a wholly-owned subsidiary of the Company; 
 B. WHEREAS, in connection
with the Merger and other transactions contemplated by the Merger Agreement (the “Transactions”) (including as consideration for, and as an inducement to, NL Holdco taking certain actions in furtherance of the Transactions, the
Board has decided that it is in the best interests of the Company for the Company to enter into this Warrant pursuant to which NL Holdco is granted the right to purchase shares of common stock of the Company (“Company Stock”) on the
terms and subject to the conditions set forth in this Warrant; and 
 C. WHEREAS, for U.S. federal income tax purposes, it is intended that
the Merger shall qualify as a “reorganization” within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”), that this Warrant and the Merger Agreement be, and hereby are adopted
as, a “plan of reorganization” for purposes of Sections 354 and 361 of the Code and Section 1.368-2(g) of the U.S. Treasury regulations promulgated under the Code and that this Warrant is
delivered pursuant to such plan of reorganization. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties to this Warrant, intending to be legally bound hereby, agree as follows: 
 1. Grant of
Purchase Right. Subject to the terms and conditions set forth in this Warrant, the Company hereby grants to NL Holdco the right (the “Purchase Right”) to purchase 602,392 shares of Company Stock (“Shares”)
at a purchase price of $24.00 per Share (the “Exercise Price”). The Purchase Right shall become exercisable in accordance with Section 2 below. 

2. Exercisability of Purchase Right. 

(a) The Purchase Right shall become exercisable on the date hereof (the “Exercisability Date”). 

3. Term of Purchase Right. The Purchase Right shall terminate on July 15, 2027, unless it is terminated at an earlier date pursuant to
the provisions of this Warrant. 

 4. Exercise Procedures. 

(a) Subject to the provisions of Sections 2 and 3 above, NL Holdco may exercise the Purchase Right, in whole or in part from time to time, on
or following the Exercisability Date by giving the Company written notice of intent to exercise, specifying the number of Shares as to which the Purchase Right is to be exercised and the method of payment. Payment of the Exercise Price shall be made
to the Company within thirty (30) days after the delivery of such written notice. NL Holdco shall pay the Exercise Price in cash by wire transfer of immediately available funds; provided that, in the event that NL Holdco exercises the
Purchase Right in connection with a Change of Control or upon or following a Public Offering, then, in lieu of paying the Exercise Price in cash, NL Holdco may authorize the Company to retain Shares that otherwise would be issuable upon exercise of
the Purchase Right having a total Fair Market Value on the date of exercise equal to the aggregate Exercise Price. The shares issued under this Warrant may be authorized but unissued shares of Company Stock or reacquired shares of Company Stock
available for issuance. Upon receipt by the Company of NL Holdco’s notice of intent to exercise, together with the Company’s receipt of proper payment of the Exercise Price, NL Holdco shall be deemed to be the holder of record of the
Shares for which the Purchase Right was then exercised, notwithstanding that the stock transfer books of the Company shall then be closed or that certificates representing such Shares shall not then be actually delivered to NL Holdco. 

(b) If this Warrant is exercised in part only, the Company shall, upon surrender of this Warrant, execute and deliver, within 10 days of the
date of such surrender, a new Warrant evidencing the rights of NL Holdco or its permitted assignee(s) to purchase the balance of the Shares purchasable hereunder. 

(c) The Purchase Right shall be subject to applicable federal, state and local tax withholding requirements. The Company may require that NL
Holdco pay to the Company the amount of any federal, state or local taxes that the Company is required to withhold with respect to the Purchase Right, or the Company may deduct from any amounts paid by the Company to NL Holdco the amount of any
withholding taxes due with respect the Purchase Right. 
 5. Change of Control. The Company shall give prior written notice to NL
Holdco of a Change of Control at least 10 days prior to the consummation thereof. In the event of a Change of Control in which NL Holdco does not exercise the Purchase Right, the Board, in its sole discretion, may take one of the following actions
with respect to all or a portion of the Purchase Right provided that it also takes the same action with respect to the Outstanding Options: 
 (i) determine
that the Purchase Right shall be assumed by, or replaced with a Purchase Right by, the surviving corporation (or a parent or subsidiary of the surviving corporation) or (ii) provide for the cancellation of the Purchase Right, in whole or in
part, in exchange for payment, in an amount equal to the amount, if any, by which the then Fair Market Value of the shares of Company Stock subject to such cancelled portion of the Purchase Right exceeds the Exercise Price of the Purchase Right,
which payment shall be made at the same time and based on the same terms and conditions as payment is made to stockholders of the Company with respect to such Change of Control. Such assumption or cancellation shall take place as of the date of the
Change of Control. Without limiting the foregoing, if the per share Fair Market Value of the Company Stock implied by the Change of Control equals or is less than the per share Exercise Price, the Company shall not be required to make any payment to
NL Holdco upon cancellation of the Purchase Right pursuant to 

  
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clause (ii) of this Section 5. Any payments pursuant to clause (ii) of this Section 5 shall be in the same form as provided to stockholders of the Company with respect to such
Change of Control, which may include cash, Company Stock, or stock of any purchaser or successor entity. For the avoidance of doubt, this Purchase Right shall remain outstanding and exercisable in accordance with its terms from and after a Public
Offering. 
 6. Adjustments. If there is any change in the number or kind of shares of Company Stock outstanding (i) by reason
of a stock dividend, spinoff, recapitalization, stock split, or combination or exchange of shares, (ii) by reason of a merger, reorganization or consolidation, (iii) by reason of a reclassification or change in par value, or (iv) by reason
of any other extraordinary or unusual event affecting the outstanding Company Stock as a class without the Company’s receipt of consideration, or if the value of outstanding shares of Company Stock is substantially reduced as a result of a
spinoff or the Company’s payment of an extraordinary dividend or distribution, the kind and number of shares covered by the Purchase Right, the kind and number of shares issued and to be issued under the Purchase Right, and the price per share
or the applicable market value of the Purchase Right shall be equitably adjusted to reflect any increase or decrease in the number of, or change in the kind or value of, the issued shares of Company Stock to preclude the enlargement or dilution of
rights and benefits under this Warrant. When the Company makes any required adjustment pursuant to this Section 6, the Company shall promptly deliver to NL Holdco a certificate setting forth (x) a statement of the facts requiring such
adjustment, (y) the Purchase Price after such adjustment and (z) the kind and number of shares covered by the Purchase Right after such adjustment. 

7. Right of First Refusal; Repurchase Right. 

(a) Pre-Public Offering. 

(i) Offer. Prior to the consummation of a Public Offering, if at any time NL Holdco desires to sell, encumber, or otherwise dispose of
shares of Company Stock that were distributed to NL Holdco under this Warrant and that are transferable, NL Holdco may do so only pursuant to a bona fide written offer, and the individual shall first offer the shares to the Company by giving the
Company written notice disclosing: (A) the name of the proposed transferee of the Company Stock, (B) the certificate number and number of shares of Company Stock proposed to be transferred or encumbered, (C) the proposed price (which,
in the case of an assignment or distribution to New Holdco’s members, shall be deemed to be the Fair Market Value of the Common Stock), (D) all other terms of the proposed transfer, and (E) a written copy of the proposed offer. Within 90
days after receipt of such notice, the Company shall have the right to purchase all or part of such Company Stock at the price and on the terms described in the written notice and shall pay such price in a lump sum within such 90-day period or such later time as described in the written notice. 
 (ii) Sale. In the event
the Company (or a stockholder, as described below) does not exercise its option to purchase Company Stock, as provided in subsection (i) above, NL Holdco shall have the right to sell, encumber, or otherwise dispose of the shares of Company
Stock described in subsection (i) at the price and on the terms of the transfer set forth in the written notice to the Company; provided, that such transfer is (A) in compliance with the Company’s charter and bylaws and any
other agreement to which New Holdco is subject, and (B) 

  
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effected within 15 days after the expiration of the 90-day Company option period. If the transfer is not effected within such period, the Company must
again be given an option to purchase, as provided in subsection (i) above. 
 (iii) Assignment of Rights. The Board, in its
sole discretion, may waive the Company’s right of first refusal and repurchase right under this Section 7. If the Company’s right of first refusal or repurchase right is so waived, the Board may, in its sole discretion, assign such
right to any other person or persons as determined by the Board and in accordance with the Company’s charter and bylaws and applicable law. To the extent that a stockholder has been given such right and does not purchase his or her allotment,
the other stockholders shall have the right to purchase such allotment on the same basis. 
 (b) Public Offering. On and after the
consummation of a Public Offering, the Company shall have no further right to purchase shares of Company Stock under this Section 7. The requirements of this Section 7 shall lapse and cease to be effective upon a Public Offering. 

8. Stockholders’ or Other Agreement. The Board may require that NL Holdco execute any stockholders’ agreement, voting
agreement, right of first refusal and co-sale agreement or similar agreement, with respect to any Company Stock or other stock issued or distributed pursuant to this Warrant, if and to the extent that a
majority of the stockholders of the Company are required to execute such agreement. Notwithstanding the provisions of Section 7, if the Board requires that NL Holdco execute a stockholder or other agreement with respect to any Company Stock
distributed pursuant to this Warrant, which contains a right of first refusal or repurchase right, the provisions of such stockholder or other agreement shall govern and Section 7 shall not apply to such Company Stock, unless the Board
determines otherwise. 
 9. Restrictions on Exercise. Only NL Holdco may exercise the Purchase Right during the term of the Purchase
Right, to the extent that the Purchase Right is exercisable pursuant to this Warrant; provided, however, that notwithstanding anything in this Agreement to the contrary, NL Holdco may assign or distribute the Purchase Right or the Shares to NL
Holdco’s members. In the event that the Purchase Right is distributed to NL Holdco’s members, NL Holdco shall promptly reimburse the Company for its reasonable and
out-of-pocket costs and expenses incurred in connection with such assignment or distribution of such Purchase Right (including the preparation of new Warrants in the
name of NL Holdco’s members evidencing their proportionate rights in the Purchase Right resulting from such assignment or distribution). 

10. Definitions. 
 (a) A
“Change of Control” shall be deemed to have occurred if: 
 (i) Any “person,” as such term is used in Sections
13(d) and 14(d) of the Exchange Act, becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of
the voting power of the then outstanding securities of the Company; or 
 (ii) The consummation of (A) a merger or consolidation of
the Company with another corporation where the stockholders of the Company, immediately prior to the merger or consolidation, will not beneficially own, immediately after the merger or consolidation, shares

  
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entitling such stockholders to more than 50% of all votes to which all stockholders of the surviving corporation would be entitled in the election of directors, (B) a sale or other
disposition of all or substantially all of the assets of the Company, in a single transaction or series of related transactions, or (C) a liquidation or dissolution of the Company. 

Notwithstanding anything to the contrary herein, a Change of Control shall not be deemed to occur as a result of (A) a transaction or series of related
transactions pursuant to which the Company issues securities (including to stockholders of the Company immediately prior to such transaction or series of related transactions) in a bona fide sale for capital raising purposes, (B) a Public
Offering, (C) a transaction or series of related transactions in which the person who becomes such beneficial owner is a stockholder of the Company immediately prior to such transaction or series of related transactions and, as a result of such
transaction or series of related transactions, such person does not become the beneficial owner of all or substantially all of the then-outstanding securities of the Company, or (D) a transaction in which the Company becomes a subsidiary of
another corporation and in which the stockholders of the Company, immediately prior to the transaction, will beneficially own, immediately after the transaction, shares entitling such stockholders to more than 50% of all votes to which all
stockholders of the parent corporation would be entitled in the election of directors. 
 (b) “Exchange Act” shall mean the
Securities Exchange Act of 1934, as amended. 
 (c) “Fair Market Value” of the Shares or Company Stock means (i) if
the principal trading market for the Company Stock is a national securities exchange (including, for the avoidance of doubt, a national securities exchange outside of the United States), the last reported sale price during regular trading hours of
Company Stock on the relevant date or (if there were no trades on that date) the last reported sale price during the regular trading hours on the latest preceding date upon which a sale was reported, (ii) if the Company Stock is not principally
traded on such exchange, the mean between the last reported “bid” and “asked” prices of Company Stock during regular trading hours on the relevant date, as reported on the OTC Bulletin Board, or (iii) if the Company Stock is not
publicly traded or, if publicly traded, is not so reported, the Fair Market Value per share shall be as reasonably determined by the Board acting in good faith, through a reasonable and industry-standard valuation method; provided, that, with
respect to a Change of Control, the Fair Market Value shall be the value of a share of Company Stock implied by the Change of Control. 

(d) “Outstanding Options” shall mean those certain option grant agreements, dated as of July 15, 2020, by and between
the Company and each of Kathleen Barthmaier, David Carroll, Gordon DuGan, Wilson Pringle and Jeffrey Lefleur, for so long as such option grant agreements remain exercisable. 

(e) “Public Offering” shall mean the earlier to occur of (i) the effective date of a registration statement for an
initial public offering of the Shares or (ii) the consummation of a transaction as a result of which the stockholders of the Company immediately prior to such transaction receive consideration in the form of securities readily tradable on an
established securities market. 

  
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 11. No Other Rights. The grant of the Purchase Right shall not confer upon NL Holdco
any claim or right to be granted any other Purchase Right. 
 12. Compliance with Law. This Warrant, the exercise of the Purchase
Right and the obligations of the Company to issue or transfer shares of Company Stock under this Warrant shall be subject to all applicable laws, rules, and regulations and any required approvals by governmental agencies. The Company may, upon the
advice of legal counsel, require that NL Holdco represent that NL Holdco is purchasing Shares for NL Holdco’s own account and not with a view to or for sale in connection with any distribution of the Shares (other than to NL Holdco’s
members), or such other customary representation as the Board reasonably deems appropriate. If applicable, certificates representing shares of Company Stock issued or transferred under this Warrant will be subject to such stop-transfer orders and
other restrictions as may be required by applicable laws, regulations and interpretations, including any requirement that a legend be placed thereon. 

13. No Stockholder Rights. NL Holdco shall not have any of the rights and privileges of a stockholder with respect to the Shares
subject to the Purchase Right until the Shares have been issued upon the valid exercise of the Purchase Right. 
 14. Unfunded
Obligation. The obligations of the Company under this Warrant shall be unfunded. The Company shall not be required to establish any special or separate fund or to make any other segregation of assets to assure the payment of any amount under
this Warrant. In no event shall interest be paid or accrued on any Purchase Right. 
 15. No Fractional Shares. No fractional shares
of Company Stock shall be issued or delivered pursuant to this Warrant or any Purchase Right. Cash shall be paid in lieu of fractional shares based on the Fair Market Value of such fractional share of Company Stock. 

16. Prohibition on Certain Transactions. Prior to a Public Offering, the Purchase Right, together with the shares of Company Stock
subject to the Purchase Right during the period prior to exercise, shall not be the subject of any short position, put equivalent position (as such term is defined in Rule 16a-1(h) under the Exchange Act) or
call equivalent position (as such term is defined Rule 16a-1(b) of the Exchange Act). 
 17.
Prohibition on Pledges, Gifts, Hypothecations or other Transfers. Prior to a Public Offering, the Purchase Right, together with the shares of Company Stock subject to the Purchase Right during the period prior to exercise, shall not be the
subject of any pledges, gifts, hypothecations or other transfers, other than pursuant to the Company’s repurchase rights, in connection with a Change of Control or in connection with a distribution or assignment to NL Holdco’s members.

 18. Amendment. Neither this Warrant nor any term hereof may be changed, waived, discharged or terminated other than by an
instrument in writing signed by the Company and NL Holdco. 
 19. Applicable Law. The validity, construction, interpretation and
effect of this Warrant shall be governed by and construed in accordance with the laws of the State of Maryland, without giving effect to the conflicts of laws provisions thereof. 

  
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 20. Taxes. Notwithstanding anything in this Warrant to the contrary, NL Holdco shall
be solely responsible for the tax consequences of this Warrant, and in no event shall the Company have any responsibility or liability if the Purchase Right does not meet NL Holdco’s anticipated or expected tax treatment under the Code. The
Company does not represent or warrant that this Warrant complies with any provision of federal, state, local or other tax law. 
 21.
Entire Agreement. This Warrant contains the entire understanding between the Company and NL Holdco with respect to the matter set forth herein, and shall supersede all prior and contemporaneous agreements and understandings, inducements or
conditions, express or implied, oral or written. No other statements, representations, explanatory materials or examples, oral or written, may amend this Warrant in any manner. Except as expressly contemplated in Section 7(a)(iii) and
Section 9 of this Warrant, this Warrant is not assignable or otherwise transferable by either party to this Warrant absent the prior written consent of the other party to this Warrant (which, in the case of the written consent of the Company,
shall require the prior approval of the Board). This Warrant shall be binding upon and enforceable against the Company and its successors and assigns. 

22. Remedies; Severability. Each party hereto stipulates that the remedies at law available to such party in the event of any default
or threatened default by the other party in the performance of or compliance with any of the terms of this Warrant are not and will not be adequate and that, to the fullest extent permitted, such terms may be specifically enforced by a decree for
the specific performance of any agreement contained herein or by an injunction against a violation of any of the terms hereof or otherwise, without the necessity of posting a bond or other collateral. The invalidity or unenforceability of any
provision of this Warrant in any jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction, or affect any other provision of this Warrant, which shall remain in full force and effect. 

23. Notice. Any notice to the Company provided for in this Warrant shall be addressed to the Company in care of the Chief Executive
Officer at the corporate headquarters of the Company, and any notice to NL Holdco shall be addressed to NL Holdco at the current address shown in the stock ledger or similar records of the Company, or to such other address as NL Holdco may designate
to the Company in writing. Any notice shall be delivered by hand or electronic mail, sent by telecopy or enclosed in a properly sealed envelope addressed as stated above, registered and deposited, postage prepaid, in a post office regularly
maintained by the United States Postal Service. 
 [SIGNATURE PAGE FOLLOWS] 

 IN WHITNESS WHEREOF, each of the Company and NL Holdco has caused one of its duly
authorized officers to execute and attest this Warrant effective as of the Date of Grant. 
  

					
	GREENACREAGE REAL ESTATE CORP.
		
	By:	 	 /s/ David Weinstein

		 	Name:	 	David Weinstein
		 	Title:	 	Chief Executive Officer

 IN WHITNESS WHEREOF, each of the Company and NL Holdco has caused one of its duly
authorized officers to execute and attest this Warrant effective as of the Date of Grant. 
  

					
	NLCP HOLDINGS, LLC
		
	By:	 	 /s/ Anthony Coniglio

		 	Name:	 	Anthony Coniglio
		 	Title:	 	PresidentEX-10.18

 Exhibit 10.18 

EXECUTION 
 NEWLAKE CAPITAL
PARTNERS, INC. 
 FORM OF NONQUALIFIED STOCK OPTION GRANT AGREEMENT 

This Nonqualified Stock Option Grant Agreement (the “Agreement”), dated as of
[                ], 20     (the “Date of Grant”), is delivered by NewLake Capital Partners, Inc. (the “Company”) to
[                ] (the “Grantee”). Capitalized terms used in the text of this Agreement but not defined shall have the meanings set forth in
Section 10 of this Agreement. 
 RECITALS 

A. The Board of Directors of the Company (the “Board”) has decided to make this nonqualified stock option grant to purchase
shares of common stock of the Company (“Company Stock”) as an inducement for the Grantee to promote the best interests of the Company and its stockholders. 

B. The Board is authorized to appoint a committee of the Board to administer the Option (as defined below) and this Agreement. If a committee
is appointed, all references in this Agreement to the “Board” shall be deemed to refer to the committee. 
 NOW, THEREFORE, the
parties to this Agreement, intending to be legally bound hereby, agree as follows: 
 1. Grant of Option. Subject to the terms and
conditions set forth in this Agreement, the Company hereby grants to the Grantee a nonqualified stock option (the “Option”) to purchase
[                ] shares of Company Stock (“Shares”) at a purchase price (the “Exercise Price”) of
$[                ]per Share. The Option shall become vested and exercisable according to Section 2 below. 

2. Vesting and Exercisability of Option. 

(a) The Option shall be fully vested as of the Date of Grant. The Option shall become exercisable upon the second anniversary of the Date of
Grant (the “Exercisability Date”). 
 (b) The Board may accelerate the exercisability of all or a part of the Option at any
time for any reason. 
 3. Term of Option. 

(a) The Option shall have a term of seven years from the Date of Grant and shall terminate at the expiration of that period, unless it is
terminated at an earlier date pursuant to the provisions of this Agreement. 
 (b) The Option shall automatically terminate upon the date on
which the Grantee ceases to be employed by, or provide service to, the Company for Cause. 
 (c) In addition, notwithstanding the prior
provisions of this Section 3, if the Grantee materially breaches the terms of any release of claims, non-compete, non- interference, non-disparagement or
confidentiality covenant between the Company and the Grantee pursuant to a written agreement between the Company and the Grantee, during or following the Grantee’s employment or service, the Option shall immediately terminate upon such breach.

  
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 4. Exercise Procedures. 

(a) Subject to the provisions of Sections 2 and 3 above, the Grantee may exercise part or all of the exercisable Option on or following the
Exercisability Date by giving the Company written notice of intent to exercise in the manner provided in this Agreement, specifying the number of Shares as to which the Option is to be exercised and the method of payment. Payment of the Exercise
Price shall be made in accordance with procedures established by the Board from time to time prior to issuance of the Shares. The Grantee shall pay the Exercise Price in cash at such time as may be specified by the Board; provided that, in
the event that the Grantee exercises the Option in connection with a Change of Control or upon or following a Public Offering, then, in lieu of paying the Exercise Price in cash, the Grantee may authorize the Company to retain Shares that otherwise
would be issuable upon exercise of the Option having a total Fair Market Value on the date of exercise equal to the aggregate Exercise Price. The shares issued under this Agreement may be authorized but unissued shares of Company Stock or reacquired
shares of Company Stock. 
 (b) The Option shall be subject to applicable federal (including FICA), state and local tax withholding
requirements. The Company may require that the Grantee or other person receiving or exercising the Option pay to the Company the amount of any federal, state or local taxes that the Company is required to withhold with respect to the Option, or the
Company may deduct from other wages paid by the Company the amount of any withholding taxes due with respect the Option. 
 5. Change of
Control. In the event of a Change of Control, the Board, in its sole discretion, may take one of the following actions with respect to all or a portion of the Option: (i) determine that the Option, to the extent outstanding and not
exercised shall be assumed by, or replaced with an option by the surviving corporation (or a parent or subsidiary of the surviving corporation) or (ii) provide for the cancellation of the Option, in whole or in part, in exchange for payment, in
an amount, if any, equal to the amount by which the then Fair Market Value of the shares of Company Stock subject to the cancelled portion of the Option exceeds the Exercise Price of the Option, which payment shall be made at the same time and based
on the same terms and conditions as payment is made to stockholders of the Company with respect to such Change of Control. Such assumption or cancellation shall take place as of the date of the Change of Control. Without limiting the foregoing, if
the per share Fair Market Value of the Company Stock implied by the Change of Control equals or is less than the per share Exercise Price, the Company shall not be required to make any payment to the Grantee upon cancellation of the Option pursuant
to this Section 5. Any payments pursuant to clause (ii) of this Section 5 shall be in the same form as provided to stockholders of the Company with respect to such Change of Control, which may include cash, Company Stock, or stock of
any purchaser or successor entity. For the avoidance of doubt, this Option shall remain outstanding and exercisable in accordance with its terms from and after a Public Offering. 

  
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 6. Adjustments. If there is any change in the number or kind of shares of Company
Stock outstanding (i) by reason of a stock dividend, spinoff, recapitalization, stock split, or combination or exchange of shares, (ii) by reason of a merger, reorganization or consolidation, (iii) by reason of a reclassification or change
in par value, or (iv) by reason of any other extraordinary or unusual event affecting the outstanding Company Stock as a class without the Company’s receipt of consideration, or if the value of outstanding shares of Company Stock is
substantially reduced as a result of a spinoff or the Company’s payment of an extraordinary dividend or distribution, the kind and number of shares covered by the Option, the kind and number of shares issued and to be issued under the Option,
and the price per share or the applicable market value of the Option shall be equitably adjusted by the Board, in such a manner as the Board deems appropriate, to reflect any increase or decrease in the number of, or change in the kind or value of,
the issued shares of Company Stock to preclude, to the extent practicable, the enlargement or dilution of rights and benefits under this Agreement; provided, however, that any fractional shares resulting from such adjustment shall be
eliminated. Any adjustments to the Option shall be consistent with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), to the extent applicable. Any adjustments determined by the Board shall be final,
binding and conclusive. 
 7. Right of First Refusal; Repurchase Right. 

(a) Pre-Public Offering. 

(i) Offer. Prior to the consummation of a Public Offering, if at any time an individual desires to sell, encumber, or otherwise
dispose of shares of Company Stock that were distributed to him or her under this Agreement and that are transferable, the individual may do so only pursuant to a bona fide written offer, and the individual shall first offer the shares to the
Company by giving the Company written notice disclosing: (A) the name of the proposed transferee of the Company Stock, (B) the certificate number and number of shares of Company Stock proposed to be transferred or encumbered, (C) the
proposed price, (D) all other terms of the proposed transfer, and (E) a written copy of the proposed offer. Within 90 days after receipt of such notice, the Company shall have the option to purchase all or part of such Company Stock at the
price and on the terms described in the written notice and shall pay such price in a lump sum within such 90-day period or such later time as described in the written notice. 

(ii) Sale. In the event the Company (or a stockholder, as described below) does not exercise the option to purchase Company Stock, as
provided in subsection (i) above, the individual shall have the right to sell, encumber, or otherwise dispose of the shares of Company Stock described in subsection (i) at the price and on the terms of the transfer set forth in the written
notice to the Company, provided that such transfer is (A) in compliance with the Company’s charter and bylaws and any other agreement to which stockholders of the Company are subject, and (B) effected within 15 days after the
expiration of the option period. If the transfer is not effected within such period, the Company must again be given an option to purchase, as provided above. 

(iii) Assignment of Rights. The Board, in its sole discretion, may waive the Company’s right of first refusal and repurchase
right under this Section 7(a). If 

  
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the Company’s right of first refusal or repurchase right is so waived, the Board may, in its sole discretion, assign such right to any other person or persons as determined by the Board and
in accordance with the Company’s charter and bylaws and applicable law. To the extent that a stockholder has been given such right and does not purchase his or her allotment, the other stockholders shall have the right to purchase such
allotment on the same basis. 
 (iv) Purchase by the Company. Prior to the consummation of a Public Offering, if the Grantee ceases
to be employed by, or provide service to, the Company, the Company shall have the right to purchase all or part of any Company Stock distributed to the Grantee under this Agreement at its then current Fair Market Value at any time upon or following
such termination; provided, that, in the event that the Grantee’s employment or service is terminated by the Company for Cause, or the Grantee materially breaches the terms of any release of claims,
non-compete, non-interference, non-disparagement or confidentiality covenant pursuant to a written agreement between the Company
and the Grantee at any time, then the repurchase price shall be equal to the lesser of the then current Fair Market Value or the Exercise Price. Such repurchase shall be made in accordance with applicable law and shall be made in accordance with
applicable accounting rules to avoid adverse accounting treatment. 
 (b) Public Offering. On and after the consummation of a Public
Offering, the Company shall have no further right to purchase shares of Company Stock under this Section 7. The requirements of this Section 7 shall lapse and cease to be effective upon a Public Offering. 

8. Stockholders’ or Other Agreement. The Board may require that the Grantee execute any stockholders’ agreement, voting
agreement, right of first refusal and co-sale agreement or similar agreement, with respect to any Company Stock or other stock issued or distributed pursuant to this Agreement, if and to the extent that a
majority of the stockholders of the Company are required to execute such agreement. Notwithstanding the provisions of Section 7, if the Board requires that the Grantee execute a stockholder or other agreement with respect to any Company Stock
distributed pursuant to this Agreement, which contains a right of first refusal or repurchase right, the provisions of such stockholder or other agreement shall govern and Section 7 shall not apply to such Company Stock, unless the Board
determines otherwise. 
 9. Restrictions on Exercise. Only the Grantee may exercise the Option during the Grantee’s lifetime
and, after the Grantee’s death, the Option shall be exercisable (subject to the limitations specified in this Agreement) solely by the legal representatives of the Grantee, or by the person who acquires the right to exercise the Option by will
or by the laws of descent and distribution, to the extent that the Option is exercisable pursuant to this Agreement. 
 10.
Definitions. 
 (a) “Cause” shall mean (i) the Grantee’s material breach of the terms of any agreement
with the Company (including any restrictive covenant obligations), (ii) the Grantee’s conviction of or plea of nolo contendere to a felony or other crime involving fraud, theft or dishonesty, (iii) the Grantee’s violation of
any law, rule or regulation that has caused or is reasonably expected to cause material damage to the Operating Partnership or the Company (including damage to the property or reputation of the Operating Partnership or the Company),

  
 4 

 
(iv) the Grantee’s material failure to comply with the Company’s material employment policies communicated in writing (including any code of conduct), or (v) the Grantee’s
willful misconduct in the performance of the Grantee’s duties; provided, with respect to clauses (iii) or (v), provided the Grantee has not cured such circumstance (to the extent susceptible to cure) within 30 days following written
notice by the Company of such circumstance. For this purpose, “willful” means the Grantee acted in bad faith and without reasonable belief that the action or omission was in the best interests of the Operating Partnership or the Company.

 (b) A “Change of Control” shall be deemed` to have occurred if: 

(i) Any “person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act becomes a “beneficial owner” (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the voting power of the then outstanding securities of the Company; or 

(ii) The consummation of (A) a merger or consolidation of the Company with another corporation where the stockholders of the Company,
immediately prior to the merger or consolidation, will not beneficially own, immediately after the merger or consolidation, shares entitling such stockholders to more than 50% of all votes to which all stockholders of the surviving corporation would
be entitled in the election of directors, (B) a sale or other disposition of all or substantially all of the assets of the Company, in a single transaction or series of related transactions, or (C) a liquidation or dissolution of the
Company. 
 Notwithstanding anything to the contrary herein, a Change of Control shall not be deemed to occur as a result of (A) a transaction or
series of related transactions pursuant to which the Company issues securities (including to shareholders of the Company immediately prior to such transaction or series of related transactions) in a bona fide sale for capital raising purposes,
(B) a Public Offering, (C) a transaction or series of related transactions in which the person who becomes such beneficial owner is a shareholder of the Company immediately prior to such transaction or series of related transactions and,
as a result of such transaction or series of related transactions, such person does not become the beneficial owner of all or substantially all of the then-outstanding securities of the Company, or (D) a transaction in which the Company becomes
a subsidiary of another corporation and in which the stockholders of the Company, immediately prior to the transaction, will beneficially own, immediately after the transaction, shares entitling such stockholders to more than 50% of all votes to
which all stockholders of the parent corporation would be entitled in the election of directors. 
 (c) “Disability” shall
mean the Grantee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less
than 12 months. 
 (d) “Employed by, or provide service to, the Company,” and correlative terms, shall refer to employment
or service as an employee, non-employee director or consultant of the Company or any direct or indirect subsidiary of the Company (including, without limitation, NLCP Operating Partnership LP), unless the
Committee determines otherwise. 

  
 5 

 (e) “Exchange Act” shall mean the Securities Exchange Act of 1934, as
amended. 
 (f) “Fair Market Value” of Company Stock means (i) if the principal trading market for the Company Stock
is a national securities exchange, the last reported sale price during regular trading hours of Company Stock on the relevant date or (if there were no trades on that date) the last reported sale price during the regular trading hours on the latest
preceding date upon which a sale was reported, (ii) if the Company Stock is not principally traded on such exchange, the mean between the last reported “bid” and “asked” prices of Company Stock during regular trading hours
on the relevant date, as reported on the OTC Bulletin Board, or (iii) if the Company Stock is not publicly traded or, if publicly traded, is not so reported, the Fair Market Value per share shall be as reasonably determined by the Board acting
in good faith, through a reasonable and industry-standard valuation method; provided, that, with respect to a Change of Control, the Fair Market Value shall be the value of a share of Company Stock implied by the Change of Control. 

(g) “Operating Partnership” shall mean NLCP Operating Partnership LP or any successor thereto. 

(h) “Public Offering” shall mean the initial registration of the Company Stock under section 12(g) of the Exchange Act, and
the provisions of this Agreement that refer to a Public Offering shall remain effective thereafter for so long as such stock is so registered. 

11. No Employment or Other Rights. The grant of the Option shall not confer upon the Grantee any claim or right to be granted any other
option or award or any right to be retained by or in the employ or service of the Company and shall not interfere in any way with the right of the Company to terminate the Grantee’s employment or service at any time. The right of the Company to
terminate at will the Grantee’s employment or service at any time for any reason is specifically reserved. 
 12.
Administration. The Board shall have full power and authority to administer and interpret this Agreement, to make factual determinations and to adopt or amend such rules, regulations, agreements and instruments for implementing this Agreement
and for the conduct of its business as it deems necessary or advisable, in its sole discretion. The Board’s interpretations of this Agreement and all decisions and determinations of the Board shall be final, binding and conclusive on the
Grantee, the Grantee’s beneficiaries and any other person having or claiming an interest under this Agreement. All powers of the Board shall be executed in its sole discretion, in the best interest of the Company, not as a fiduciary, and in
keeping with the objectives of this Agreement. 
 13. Compliance with Law. This Agreement, the exercise of the Option and the
obligations of the Company to issue or transfer shares of Company Stock under this Agreement shall be subject to all applicable laws, rules, and regulations and such approvals by governmental agencies as may be deemed necessary by the Board,
including such actions as Company counsel shall deem necessary or appropriate to comply with relevant securities laws and regulations. The Board may modify the Option to bring the Option into compliance with any applicable law or

  
 6 

 
regulation. The Company may require that the Grantee (or other person exercising the Option after the Grantee’s death) represent that the Grantee is purchasing Shares for the Grantee’s
own account and not with a view to or for sale in connection with any distribution of the Shares, or such other customary representation as the Board reasonably deems appropriate. If applicable, certificates representing shares of Company Stock
issued or transferred under this Agreement will be subject to such stop-transfer orders and other restrictions as may be required by applicable laws, regulations and interpretations, including any requirement that a legend be placed thereon. 

14. No Stockholder Rights. Neither the Grantee, nor any person entitled to exercise the Grantee’s rights in the event of the
Grantee’s death, shall have any of the rights and privileges of a stockholder with respect to the Shares subject to the Option, until certificates for Shares have been issued upon the exercise of the Option. 

15. Unfunded Obligation. The obligations of the Company under this Agreement shall be unfunded. The Company shall not be required to
establish any special or separate fund or to make any other segregation of assets to assure the payment of any amount under this Agreement. In no event shall interest be paid or accrued on any Option. 

16. No Fractional Shares. No fractional shares of Company Stock shall be issued or delivered pursuant to this Agreement or any Option.
Cash shall be paid in lieu of fractional shares. 
 17. Prohibition on Certain Transactions. Prior to the date the Company first
becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Option, together with the shares of Company Stock subject to the Option during the period prior to exercise, shall not be the subject of any short
position, put equivalent position (as such term is defined in Rule 16a-1(h) under the Exchange Act) or call equivalent position (as such term is defined Rule 16a-1(b) of
the Exchange Act). 
 18. Prohibition on Pledges, Gifts, Hypothecations or other Transfers. Until the date the Company first becomes
subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Option, together with the shares of Company Stock subject to the Option during the period prior to exercise, shall not be the subject of any pledges, gifts,
hypothecations or other transfers, other than pursuant to the Company’s repurchase rights or in connection with a Change of Control of the Company. 

19. Lock-Up Period. If so requested by the Company or any representative of the underwriters
(the “Managing Underwriter”) in connection with any underwritten offering of securities of the Company, the Grantee (including any successor or assigns) shall not sell, dispose of, transfer, make any short sale of, grant any option
for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any shares or other securities of the Company held by the Grantee (other than those included in the registration) during the 30-day period preceding and the 180-day period following the effective date of a registration statement filed by the Company for such underwriting (or such longer period, not
to exceed 34 days after the expiration of the 180-day period, as the Managing Underwriter or the Company shall request in order to facilitate compliance with applicable FINRA rules or any successor or similar
rules or regulations) (the “Market Standoff Period”). The Grantee agrees to execute and deliver such other agreements as may be reasonably requested by the Company and/or the Managing

  
 7 

 
Underwriter which are consistent with the foregoing or which are necessary to give further effect thereto. The Company may impose stop-transfer instructions with respect to securities subject to
the foregoing restrictions until the end of such Market Standoff Period. 
 20. Amendment. The Board may amend this Agreement and the
Option at any time, provided that, amendment of this Agreement or the Option shall not impair the rights of the Grantee unless the Grantee consents or unless the Board acts under Section 13. 

21. Applicable Law. The validity, construction, interpretation and effect of this Agreement shall be governed by and construed in
accordance with the laws of the State of Maryland, without giving effect to the conflicts of laws provisions thereof. 
 22. Taxes and
Section 409A. This Agreement is intended to be construed and administered such that the Option qualifies for an exemption from the requirements of section 409A of the Code. Notwithstanding anything in this Agreement to the
contrary, the Grantee shall be solely responsible for the tax consequences of this Agreement, and in no event shall the Company have any responsibility or liability if the Option does not meet the applicable requirements of section 409A of the Code.
Although the Company intends to administer this Agreement to prevent taxation under section 409A of the Code, the Company does not represent or warrant that this Agreement complies with any provision of federal, state, local or other tax law. 

23. Entire Agreement. This Agreement contains the entire understanding between the Company and Grantee with respect to the matter set
forth herein, and shall supersede all prior and contemporaneous agreements and understandings, inducements or conditions, express or implied, oral or written. No other statements, representations, explanatory materials or examples, oral or written,
may amend this Agreement in any manner. This Agreement shall be binding upon and enforceable against the Company and its successors and assigns. 

24. Notice. Any notice to the Company provided for in this Agreement shall be addressed to the Company in care of the Chief Executive
Officer at the corporate headquarters of the Company, and any notice to the Grantee shall be addressed to such Grantee at the current address shown on the payroll of the Company, or to such other address as the Grantee may designate to the Company
in writing. Any notice shall be delivered by hand or electronic mail, sent by telecopy or enclosed in a properly sealed envelope addressed as stated above, registered and deposited, postage prepaid, in a post office regularly maintained by the
United States Postal Service. 
 [SIGNATURE PAGE FOLLOWS] 

 IN WHITNESS WHEREOF, the Company has caused its duly authorized officers to execute and attest this
Agreement, and the Grantee has executed this Agreement, effective as of the Date of Grant. 
  

					
	NEWLAKE CAPITAL PARTNERS, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 I hereby accept the Option described in this Agreement, and I agree to be bound by the terms of this Agreement. 

 

					
	GRANTEE
		
	By:	 	  

		 	Name:

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