Document:

EX-10.20

 Exhibit 10.20 

FORM OF ESCROW AGREEMENT 
 This Escrow
Agreement (“Escrow Agreement”) dated this ____ day of ____ 2021 (the “Effective Date”), is entered into by and among COMPASS POINT RESEARCH & TRADING, LLC
(“Compass”), as representative of the placement agents, NewLake Capital Partners (the “Company”) and CADENCE BANK, N.A., as escrow agent (“Escrow Agent”). Compass
and the Company are referred to herein, individually, as a “Party” and, together, as the “Parties.” 

RECITALS 
 WHEREAS,
the Parties have entered into a Placement Agency Agreement, (the “Placement Agency Agreement”), whereby the Company will offer for sale shares of its common stock, par value $0.01 per share (the
“Securities”), pursuant to a prospectus included in the Company’s registration statement on Form S-11 (Commission File
No. 333-    ) (the “Offering”), through Ladenburg Thalmann & Co., Inc. and Compass, as placement agents (the “Placement
Agents”); 
 WHEREAS, the Parties propose to establish an escrow account (the “Escrow Account”)
to which subscription monies which are received by the Escrow Agent from the subscribers for the Securities (the “Investors”) or the Placement Agents in connection with the Offering (the “Subscription
Funds”) are to be credited; 
 WHEREAS, the Parties agree that the Subscription Funds shall be held in the Escrow
Account by the Escrow Agent and distributed, all in accordance with the terms of this Escrow Agreement; and 
 WHEREAS, the Parties
acknowledge and agree that the Escrow Agent is not a party to, is not bound by, and has no duties or obligations under the Placement Agency Agreement, that all references in this Escrow Agreement to the Placement Agency Agreement are for
convenience, and that the Escrow Agent shall have no implied duties beyond the express duties set forth in this Escrow Agreement. 
 NOW,
THEREFORE, in consideration of the promises and agreements of the Parties and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 

ARTICLE 1 
 ESCROW
AMOUNT 
 Section 1.01. Receipt of Escrow Amount. The Investors and/or the Placement Agents will
promptly deliver the Subscription Funds to the Escrow Agent following the execution of this Escrow Agreement, in immediately available funds for deposit into the Escrow Account. Subscription Funds so deposited are hereinafter referred to as
“Escrow Amounts.” Upon such deposit of any Escrow Amount, the Escrow Agent shall send notice to the Parties confirming receipt of the Escrow Amount. The Escrow Account shall be held in trust and shall not be subject to any
lien, attachment, trustee process or any other judicial process of any creditor of any Party. 

 Section 1.02 Investments. 

(a) The Escrow Agent is authorized and directed to deposit, transfer, and hold the Escrow Amount contained in the Escrow Account, as set forth
in Exhibit A hereto. 
 (b) The Parties acknowledge that the Escrow Agent is not providing investment supervision, recommendations or
advice. 
 Section 1.03 Disbursements. The Escrow Agent shall distribute the Escrow Amount solely as
follows: 
 (a) Instructions. Upon receipt by the Escrow Agent of a written instruction letter executed by Compass (the
“Written Instructions”), the Escrow Agent is hereby authorized and directed to release, within one Business Day, the funds in the Escrow Account, or any portion thereof, in accordance with such Written Instructions. 

(b) Judgment Disbursements. Upon receipt by the Escrow Agent of a copy of a final,
non-appealable order of the United States District Court for the Northern District of Texas or any of the courts of the State of Texas, in each case located in the City of Dallas and County of Dallas, or of
any courts to which an appeal may be taken from such specified courts (a “Final Decision”) directing the distribution of amounts from the Escrow Account, the Escrow Agent shall, promptly upon receipt of such Final Decision,
release the amounts in the Escrow Account or any portion thereof, within three Business Days, as directed in such Final Decision. In the event that the Escrow Agent obeys or complies with any such Final Decision, it shall not be liable to any of the
Parties or to any other person, firm, corporation or entity should, by reason of such compliance notwithstanding, such Final Decision be subsequently reversed, modified, annulled, set aside or vacated. 

(c) Remaining Funds. If on the date that is 14 calendar days after the Effective Date (or such earlier date as Compass shall designate
by written notice to the Escrow Agent) (the “Termination Date”), the Escrow Agent has not received the Written Instructions, then the Escrow Agent shall promptly refund to each Investor the amount of payment received from
such Investor which is then held in the Escrow Account or which thereafter clears the banking system, without interest thereon or deduction therefrom. 

(d) Form of Payment. All payments of the Escrow Amount or any portion thereof shall be made by wire transfer of immediately available
funds to the accounts set forth on Schedule 1 hereto or to the accounts set forth in the Written Instruction, as applicable. 

ARTICLE 2 
 PAYMENT
MATTERS 
 Section 2.01 Security Procedure For Funds Transfers. The Escrow Agent shall confirm each
funds transfer instruction received in the name of a Party by means of the security procedure selected by such Party and communicated to the Escrow Agent through a signed certificate in the form of Exhibit
B-1 attached hereto, which upon receipt by the Escrow Agent shall become a part of this Escrow Agreement. Once delivered to the Escrow Agent, Exhibit B-1 may
be revised or rescinded only by a writing signed by an authorized representative of the 

  
 2 

 
Party. Such revisions or rescissions shall be effective only after actual receipt and following such period of time as may be necessary to afford the Escrow Agent a reasonable opportunity to act
on it. If a revised Exhibit B-1 or a rescission of any existing Exhibit B-1 is delivered to the Escrow Agent by an entity that is a successor-in-interest to a Party, such document shall be accompanied by additional documentation reasonably satisfactory to the Escrow Agent showing that such entity has
succeeded to the rights and responsibilities of such Party under this Escrow Agreement. 
 The Parties understand that the Escrow
Agent’s inability to receive or confirm funds transfer instructions pursuant to the security procedure selected by such Party may result in a delay in accomplishing such funds transfer, and agree that the Escrow Agent shall not be liable for
any loss caused by any such delay. 
 Section 2.02 Income Tax Allocation and Reporting.  

(a) Except as stated herein, the Escrow Agent does not have any interest in the Escrow Amount but is serving as escrow holder only and having
only possession thereof. Any payments of income and principal from the Escrow Amount shall be subject to withholding and information reporting regulations then in force with respect to federal, state or local taxes. For federal and state income tax
purposes, the Company shall be treated as the owner of the Escrow Amount and thus shall take into account in filing its income tax returns all items of income, gain, loss and deduction with respect to the Escrow Amount. If and to the extent any
amount of the Escrow Amount is actually distributed to Company, interest may be imputed on such amount, as required by Section 483 or 1274 of the Internal Revenue Code of 1986, as amended (the “Code”). 

(b) Prior to the closing of the Offering, each Party shall provide the Escrow Agent with certified tax identification numbers by furnishing
appropriate forms W-9 or W-8 and/or such other forms and documents that the Escrow Agent may reasonably request. Each Party understands that if such tax reporting
documentation is not provided and certified to the Escrow Agent, the Escrow Agent may be required by the Code, and the regulations promulgated thereunder, to withhold a portion of any interest or other income earned on the investment of the Escrow
Amount. 
 (c) To the extent that the Escrow Agent becomes liable for the payment of any taxes in respect of income derived from the
investment of the Escrow Amount, the Escrow Agent shall satisfy such liability to the extent possible from the Escrow Amount in the Escrow Account. [    ] shall indemnify, defend and hold the Escrow Agent harmless from and
against any tax, late payment, interest, penalty or other cost or expense that may be assessed against the Escrow Agent on or with respect to the Escrow Amount and the investment thereof unless such tax, late payment, interest, penalty or other
expenses was directly caused by the gross negligence, willful misconduct or fraud of the Escrow Agent. The indemnification provided by this Section 2.02(c) is in addition to the indemnification provided in
Section 4.01 and shall survive the resignation or removal of the Escrow Agent. 

  
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 Section 2.03 Termination. Upon the disbursement of all of
the funds remaining in the Escrow Account in accordance with Section 1.03, including any interest or earnings thereon, this Escrow Agreement shall automatically terminate and be of no further force and effect. 

ARTICLE 3 
 DUTIES OF
THE ESCROW AGENT 
 Section 3.01 Scope of Responsibility. Notwithstanding any provision to the
contrary, the Escrow Agent is obligated only to perform the duties specifically set forth in this Escrow Agreement, which shall be deemed purely ministerial in nature. Under no circumstances will the Escrow Agent be deemed to be a fiduciary to any
Party or any other person under this Escrow Agreement. The Escrow Agent will not be responsible or liable for the failure of any Party to perform in accordance with this Escrow Agreement. The Escrow Agent shall neither be responsible for, nor
chargeable with, knowledge of the terms and conditions of any other agreement, instrument or document other than this Escrow Agreement, whether or not an original or a copy of such agreement has been provided to the Escrow Agent; and the Escrow
Agent shall have no duty to know or inquire as to the performance or nonperformance of any provision of any such agreement, instrument or document. References in this Escrow Agreement to any other agreement, instrument or document are for the
convenience of the Parties, and the Escrow Agent has no duties or obligations with respect thereto. This Escrow Agreement sets forth all matters pertinent to the escrow, contemplated hereunder, and no additional obligations of the Escrow Agent shall
be inferred or implied from the terms of this Escrow Agreement or any other agreement. 
 Section 3.02
Attorneys and Agents. The Escrow Agent shall be entitled to rely on and shall not be liable for any action taken or omitted to be taken by the Escrow Agent in accordance with the advice of counsel or other professionals retained or
consulted by the Escrow Agent. The Escrow Agent shall be reimbursed as set forth in Section 4.04 for any and all reasonable compensation (fees, expenses and other costs) paid and/or reimbursed to such counsel and/or
professionals. The Escrow Agent may perform any and all of its duties through its agent, representatives, attorneys, custodians and/or nominees. 

Section 3.03 Reliance. The Escrow Agent shall not be liable for any action taken or not taken by it in
accordance with the direction or consent of the Parties or their respective agents, representatives, successors or assigns. The Escrow Agent shall not be liable for acting or refraining from acting upon any notice, request, consent, direction,
requisition, certificate, order, affidavit, letter or other paper or document reasonably believed by it to be genuine and correct and to have been signed or sent by the proper person or persons, without further inquiry into the person’s or
persons’ authority. 
 Section 3.04 Right Not Duty Undertaken. The permissive rights of the Escrow
Agent to do things enumerated in this Escrow Agreement shall not be construed as duties. 
 Section 3.05 No
Financial Obligation. No provision of this Escrow Agreement shall require the Escrow Agent to risk or advance its own funds or otherwise incur any financial liability or potential financial liability in the performance of its duties or the
exercise of its rights under this Escrow Agreement. 

  
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 ARTICLE 4 

PROVISIONS CONCERNING THE ESCROW AGENT 

Section 4.01 Indemnification. The Parties shall severally, but not jointly, defend and hold harmless the
Escrow Agent from and against any and all loss, liability, cost, damage and expense, including, without limitation, reasonable attorneys’ fees and expenses or other professional fees and expenses which the Escrow Agent may suffer or incur by
reason of any action, claim or proceeding brought against the Escrow Agent, arising out of or relating in any way to this Escrow Agreement or any transaction to which this Escrow Agreement relates, and shall each pay their respective share of the
same at once upon presentation of any costs incurred by Escrow Agent; unless such loss, liability, cost, damage or expense shall have been finally adjudicated to have been caused by the willful misconduct, gross negligence or fraud of the Escrow
Agent. The provisions of this Section 4.01 survive the resignation or removal of the Escrow Agent. 

Section 4.02 Limitation of Liability. THE ESCROW AGENT SHALL NOT BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY
(I) DAMAGES, LOSSES OR EXPENSES ARISING OUT OF THE SERVICES PROVIDED HEREUNDER, OTHER THAN DAMAGES, LOSSES OR EXPENSES WHICH HAVE BEEN FINALLY ADJUDICATED TO HAVE RESULTED FROM THE ESCROW AGENT’S GROSS NEGLIGENCE, WILLFUL MISCONDUCT OR
FRAUD, OR (II) SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES OR LOSSES OF ANY KIND WHATSOEVER (INCLUDING WITHOUT LIMITATION LOST PROFITS), OTHER THAN DAMAGES, LOSSES OR EXPENSES WHICH HAVE BEEN FINALLY ADJUDIATED TO HAVE RESULTED FROM THE ESCROW
AGENT’S GROSS NEGLIGENCE, WILLFUL MISCONDUCT OR FRAUD, EVEN IF THE ESCROW AGENT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES OR DAMAGES AND REGARDLESS OF THE FORM OF ACTION. 

Section 4.03 Resignation or Removal. The Escrow Agent may resign by furnishing written notice of its
resignation to the Parties, and the Parties may remove the Escrow Agent by furnishing to the Escrow Agent a joint written notice of its removal along with payment of all fees and expenses to which it is entitled through the date of termination. Such
resignation or removal, as the case may be, shall be effective 30 days after the delivery of such notice or upon the earlier appointment by the Parties of a successor escrow agent, and the Escrow Agent’s sole responsibility after the
effectiveness of such resignation or removal shall be to safely keep the Escrow Amount, and to deliver the same to the successor escrow agent appointed by the Parties, as evidenced by a joint written notice filed with the Escrow Agent or in
accordance with a court order. If the Parties have failed to appoint a successor escrow agent prior to the expiration of 30 days following the delivery of such notice of resignation or removal, the Escrow Agent may petition any court of competent
jurisdiction for the appointment of a successor escrow agent or for other appropriate relief, and any such resulting appointment shall be binding upon the Parties. 

  
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 Section 4.04 Compensation. The Escrow Agent shall be
entitled to compensation for its services as stated in the fee schedule attached hereto as Exhibit C, which compensation shall be paid by the Company and may be deducted from any disbursement to the Company pursuant to the Written
Instructions. The fee agreed upon for the services rendered hereunder is intended as full compensation for the Escrow Agent’s services as contemplated by this Escrow Agreement; provided, however, that in the event that the
conditions for the disbursement of funds under this Escrow Agreement are not fulfilled, or the Escrow Agent renders any service not contemplated in this Escrow Agreement, or there is any assignment of interest in the subject matter of this Escrow
Agreement, or any material modification hereof, or if any material controversy arises hereunder, or the Escrow Agent is made a party to any litigation pertaining to this Escrow Agreement or the subject matter hereof, then the Escrow Agent shall be
compensated for such extraordinary services and reimbursed for all costs and expenses, including reasonable attorneys’ fees and expenses, occasioned by any such delay, controversy, litigation or event. 

Section 4.05 Disagreements. If any conflict, disagreement or dispute arises between, among or involving any
of the Parties hereto concerning the meaning or validity of any provision hereunder or concerning any other matter relating to this Escrow Agreement, or the Escrow Agent is in doubt as to the action to be taken hereunder, the Escrow Agent may, at
its option, retain the Escrow Amount until the Escrow Agent (i) receives a final non-appealable order of a court of competent jurisdiction or a final non-appealable
arbitration decision directing delivery of the Escrow Amount or (ii) receives a written agreement executed by each of the Parties involved in such disagreement or dispute directing delivery of the Escrow Amount, and in each of the cases above,
the Escrow Agent shall be authorized to disburse the Escrow Amount in accordance with such final court order, arbitration decision, or agreement, or (iii) files an interpleader action in any court of competent jurisdiction, and upon the filing
thereof, the Escrow Agent shall be relieved of all liability as to the Escrow Amount and shall be entitled to recover reasonable attorneys’ fees, expenses and other costs incurred in commencing and maintaining any such interpleader action as
provided under Section 4.04. The Escrow Agent shall be entitled to act on any such agreement, court order or arbitration decision without further question, inquiry or consent. 

Section 4.06 Purchase or Consolidation. Any corporation or association into which the Escrow Agent may be
converted or merged, or with which it may be consolidated, or to which it may sell or transfer all or substantially all of its corporate trust business and assets as a whole or substantially as a whole, or any corporation or association resulting
from any such conversion, sale, purchase, consolidation or transfer to which the Escrow Agent is a party, shall be and become the successor escrow agent under this Escrow Agreement and shall have and succeed to the rights, powers, duties, immunities
and privileges as its predecessor, without the execution or filing of any instrument or paper or the performance of any further act. 

Section 4.07 Attachment; Compliance with Legal Orders. In the event that any portion of the Escrow Amount
shall be attached, garnished or levied upon by any court order, or the delivery thereof shall be stayed or enjoined by an order of a court, or any order, judgment or decree shall be made or entered by any court order affecting the Escrow Amount, the
Escrow Agent is hereby expressly authorized, in its sole discretion, to respond as it deems appropriate or to comply with all writs, orders or decrees so entered or issued, or which it is advised by legal counsel of its own choosing is binding upon
it, whether with or without jurisdiction. In the event that the Escrow Agent obeys or complies with any such writ, order or decree it shall not be liable to any of the Parties or to any other person, firm or corporation, should, by reason of such
compliance notwithstanding, such writ, order or decree be subsequently reversed, modified, annulled, set aside or vacated. 

  
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 Section 4.08 Force Majeure. The Escrow Agent shall not be
responsible or liable for any failure or delay in the performance of its obligations under this Escrow Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation,
acts of God; earthquakes, fire, flood; wars, acts of terrorism, civil or military disturbances, sabotage, epidemic, riots, interruptions, loss or malfunctions of utilities, computer (hardware or software) or communication services, accidents, labor
disputes, acts of civil or military authority or governmental action; it being understood that the Escrow Agent shall use commercially reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as
soon as reasonably practicable under the circumstances. 
 ARTICLE 5 

MISCELLANEOUS 

Section 5.01 Successors and Assigns. This Escrow Agreement shall be binding on and inure to the benefit of
the Parties and the Escrow Agent and their respective successors and permitted assigns. No other persons shall have any rights under this Escrow Agreement. Neither Party shall assign its interest under this Escrow Agreement without the prior written
consent of the other Party and the Escrow Agent (such consent not to be unreasonably withheld). 
 Section 5.02
Escheat. The Parties are aware that under applicable state law, property which is presumed abandoned may under certain circumstances escheat to the applicable state. The Escrow Agent shall have no liability to the Parties, their
respective heirs, legal representatives, successors and assigns, or any other party, should any or all of the Escrow Amount escheat by operation of law. 

Section 5.03 Notices. All notices, requests, demands and other communications required under this Escrow
Agreement shall be in writing, in English, and shall be deemed to have been duly given if delivered (i) personally, with confirmation of delivery (ii) by facsimile transmission with written confirmation of receipt, (iii) by overnight
delivery with a reputable national overnight delivery service and confirmation of delivery, (iv) by certified mail, return receipt requested, and postage prepaid, or (v) by electronic mail, return receipt requested, accompanied by a PDF
signature or similar version of the relevant document bearing an authorized signature of the party or parties delivering the same. If any notice is mailed, it shall be deemed given five (5) Business Days after the date such notice is deposited
in the United States mail. If notice is given to a Party or the Escrow Agent, it shall be given at the address for such Party or the Escrow Agent set forth below. It shall be the responsibility of the Parties to notify the Escrow Agent and the other
Parties in writing of any name or address changes. In the case of communications delivered to the Escrow Agent, such communications shall be deemed to have been given on the date received by the Escrow Agent. For purposes of this Agreement,
“Business Day” shall mean any day other than a Saturday, Sunday or any other day on which the Escrow Agent located at the notice address set forth below is authorized or required by law or executive order to remain closed. 

  
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 If to Compass to:  

Christopher Nealon, President 
 Compass Point Research &
Trading, LLC 
 1055 Thomas Jefferson St., NW, Suite 303 

Washington, DC 20007 
 Phone: (202)
540-7315 
 cnealon@compasspointllc.com 

If to Company, to:  
 Anthony Coniglio 

NewLake Capital Partners, Inc. 
 27 Pine Street, Suite 50 

New Canaan, CT 06840 
 Phone: (203)
594-1402 
 Aconiglio@newlake.com 

with a copy (which shall not constitute notice) to: 

Robert K. Smith 
 Hunton Andrews Kurth LLP 

2200 Pennsylvania Avenue, NW 
 Washington, D.C. 20052 

(202) 955-1611 
 If to
the Escrow Agent, to:  
 Cadence Bank, N.A. 
 2800
Post Oak Blvd. Suite 3400 
 Houston TX 77056 
 Attention:
Treasury Management Client Support 
 Fax: (713) 871-4115 

Phone: (800)-329-0289 

Email: Treasurymanagement@cadencebank.com 
 with a copy
(which shall not constitute notice) to: 
 Cadence Bank, N.A. 

2800 Post Oak Blvd. Suite 3400 
 Houston TX 77056 

Attn: Taylore Haftek 
 SVP, Director of Treasury Management Client
Support 
 Phone: 713.871.3987 
 Email:
taylore.haftek@cadencebank.com 

  
 8 

 Section 5.04 Governing Law. This Escrow Agreement, and any
matter or dispute arising hereunder or in connection with this Escrow Agreement, will be governed by and construed in accordance with the laws of the state of Texas without giving effect to the laws or rules of the state of Texas relating to
conflict of laws. 
 Section 5.05 Jurisdiction. Any legal suit, action or proceeding arising out of or
based upon this Escrow Agreement or the transactions contemplated hereby or thereby may be instituted in the United States District Court for the Northern District of Texas or the courts of the State of Texas, in each case located in the City of
Dallas and County of Dallas, and each Party and the Escrow Agent irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of process, summons, notice or other document by mail to such
Party’s or the Escrow Agent’s, as applicable, address set forth herein shall be effective service of process for any suit, action or other proceeding brought in any such court. The Parties and the Escrow Agent irrevocably and
unconditionally waive any objection to the laying of venue of any suit, action or any proceeding in such courts and irrevocably waive and agree not to plead or claim in any such court that any such suit, action or proceeding brought in any such
court has been brought in an inconvenient forum. 
 Section 5.06 Entire Agreement. This Escrow Agreement,
the Placement Agency Agreement and the instruments delivered thereunder set forth the entire agreement and understanding of the Parties and the Escrow Agent related to the Escrow Amount. 

Section 5.07 Amendment. This Escrow Agreement may be amended, modified, superseded, rescinded or canceled
only by a written instrument which references this Escrow Agreement executed by the Parties and the Escrow Agent. 

Section 5.08 Waivers. The failure of any Party or the Escrow Agent at any time or times to require
performance of any provision under this Escrow Agreement shall in no manner affect the right at a later time to enforce the same performance. A waiver by any Party or the Escrow Agent of any such condition or breach of any term, covenant,
representation or warranty contained in this Escrow Agreement, in any one or more instances, shall neither be construed as a further or continuing waiver of any such condition or breach nor a waiver of any other condition or breach of any other
term, covenant, representation or warranty contained in this Escrow Agreement. 
 Section 5.09 Headings.
Section headings of this Escrow Agreement have been inserted for convenience of reference only and shall in no way restrict or otherwise modify any of the terms or provisions of this Escrow Agreement. 

Section 5.10 Counterparts. This Escrow Agreement may be executed in one or more counterparts, each of which
when executed shall be deemed to be an original and such counterparts shall together constitute one and the same instrument. 

  
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 Section 5.11 Delivery by Electronic Transmission. This
Escrow Agreement and any signed agreement entered into in connection herewith or contemplated hereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine or by .pdf attachment to electronic mail,
shall be treated in all manner and respects as an original contract and shall be considered to have the same binding legal effects as if it were the original signed version thereof delivered in person. 

[Signature Pages Follow] 

  
 10 

 IN WITNESS WHEREOF, this Escrow Agreement has been duly executed as of the date first
written above. 
  

					
	COMPANY:
	
	NEW LAKE CAPITAL PARTNERS, INC.
		
	By:	 	
                     
                    

		 	Name:	 	
                     
                

		 	Title:	 	  

	
	COMPASS:
	
	COMPASS POINT RESEARCH & TRADING, LLC
		
	By:	 	      

		 	Name:	 	Christopher A. Nealon
		 	Title:	 	President & COO
	
	ESCROW AGENT:
	
	CADENCE BANK, NA
		
	By:	 	      

		 	Name:	 	Lori Johnson
		 	Title:	 	 Senior Vice President
 Treasury Management
Sales

 [Signature Page to Escrow Agreement]EX-10.21

 Exhibit 10.21 

FORM OF SECURITIES PURCHASE AGREEMENT 

THIS SECURITIES PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of the ______ day of __________, 2021, by
and between New Lake Capital Partners, Inc., a Maryland corporation (the “Company”) and the purchaser executing the purchase signature page attached hereto (the “Purchaser”). For the purposes of this Agreement,
“subsidiary” means each direct and indirect subsidiary of the Company, including, without limitation, NLCP Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”). 

WHEREAS, the Company has prepared and filed with the Securities and Exchange Commission (the “SEC”), in accordance with the
provisions of the Securities Act of 1933, as amended (the “Securities Act”), and the applicable rules and regulations thereunder, a registration statement on Form S-11 (Commission File No. 333-                ), including a prospectus relating to the securities to be issued and sold pursuant to this Agreement. The
term “Registration Statement” as used herein refers to such registration statement (including all financial schedules and exhibits), as amended or as supplemented, and includes information contained in the prospectus thereto (the
“Prospectus”) filed with the SEC pursuant to Rule 424(b) of the rules under the Securities Act and deemed to be part thereof at the time of effectiveness (the “Effective Date”) pursuant to Rule 430A of the rules
under the Securities Act; and 
 WHEREAS, the Company intends to pay each of Ladenburg Thalmann & Co., Inc. and Compass Point
Research & Trading, LLC (together, the “Placement Agents”) a fee in respect of the sale of Shares (as defined below) to Purchaser, and the Company has entered into a Placement Agency Agreement (the “Placement Agency
Agreement”) with the Placement Agents that contains certain customary representations, warranties, covenants and agreements of the Company for the benefit of the Placement Agents. 

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the
receipt and adequacy of which are hereby acknowledged, the Company and Purchaser agree as follows: 
 ARTICLE 1 

PURCHASE AND SALE 
 1.1.
Closing. Purchaser shall purchase from the Company, and the Company shall issue and sell to Purchaser, a number of shares (each a “Share” and, collectively, the “Shares”) of common stock of the Company, par
value $0.01 per share (the “Common Stock”) equal to Purchaser’s subscription amount as set forth on the signature page hereto (the “Subscription Amount”) divided by the Purchase Price (as defined below). Upon
satisfaction of the condition set forth in Section 1.3, the closing shall occur at the offices of the Company on ___________, 2021, or at such other place or on such other date as the parties shall mutually agree, but in no event later than the
second (2nd) Trading Day (as defined below in Section 3.3) following the date hereof (or, if this Agreement is executed after 4:30 p.m. New York City time, the third (3rd) Trading Day) (the “Closing”). 
 1.2. Per Share Purchase Price.
The per Share purchase price shall be equal to $_____ (the “Purchase Price”). 
 1.3. Closing Conditions.
Purchaser’s obligation to purchase the Shares will be subject only to the Placement Agency Agreement having been executed by the parties thereto and the termination rights set forth in the Placement Agency Agreement having not been exercised.

 ARTICLE 2 

REPRESENTATIONS AND WARRANTIES 

2.1. Representations and Warranties of the Company. The Company makes the following representations and warranties as of the date
hereof and as of the date of the Closing to Purchaser: 

 (a) Organization and Qualification of the Company. The Company is an
entity duly incorporated, validly existing and in good standing under the laws of the State of Maryland, with the requisite corporate power and authority to own and use its properties and assets and to carry on its business as currently conducted
except where the failure to be in good standing, as the case may be, would not have or reasonably be expected to result in a Material Adverse Effect (as defined below). The Company is duly qualified to conduct business and is in good standing as a
foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by the Company makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case
may be, would not have or reasonably be expected to result in (i) a material adverse effect on the legality, validity or enforceability of this Agreement or that certain Escrow Agreement dated as of the date hereof, by and among the Company,
the Placement Agents and Cadence Bank, N.A. (the “Escrow Agreement,” and together with this Agreement, the “Transaction Agreements”) or (ii) a material adverse effect on the Company’s ability to perform in
any material respect on a timely basis its obligations under the Transaction Agreements (any of (i) or (ii) ( a “Material Adverse Effect”). 

(b) Good Standing of the Operating Partnership. The Operating Partnership has been duly formed, is validly existing and in good standing
as a limited partnership under the laws of the State of Delaware with full partnership power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement and to enter into and perform
its obligations under this Agreement except where the failure to be so qualified or in good standing, as the case may be, would not have or reasonably be expected to result in a Material Adverse Effect. The Operating Partnership is duly qualified as
a foreign partnership to transact business and in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of its businesses, except where the failure to be
so qualified or in good standing would not, singly or in the aggregate, result in a Material Adverse Effect. The Company is the sole general partner of the Operating Partnership. The ownership of the Operating Partnership is as set forth in the
Registration Statement and the Prospectus. 
 (c) Good Standing of Subsidiaries. Each “significant subsidiary” of the
Company (as such term is defined in Rule 1-02(w) of Regulation S-x) (each, a “Subsidiary”) has been duly organized, is validly existing and in good
standing under the laws of the jurisdiction of its incorporation or organization, has corporate or similar power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement and the
Prospectus, and is duly qualified to transact business and in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of its business, except where the
failure to be so qualified or in good standing would not, singly or in the aggregate, result in a Material Adverse Effect. All of the issued and outstanding capital stock or other ownership interests of each significant subsidiary has been duly
authorized and validly issued, is (as applicable) fully paid and non-assessable and is owned by the Company, directly or through subsidiaries, free and clear of any security interest, mortgage, pledge, lien,
encumbrance, claim or equity. None of the outstanding shares of capital stock or other ownership interests of any significant subsidiary was issued in violation of the preemptive or similar rights of any securityholder of such significant
subsidiary. 
 (d) Authorization; Enforcement. Each of the Transactions Agreements has been duly authorized, executed and
delivered by the Company. Each of the Transaction Agreements when executed and delivered in accordance with the terms hereof and thereof, will constitute valid and binding obligations of the Company enforceable against the Company in accordance with
their terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally; and (ii) as limited by laws relating to
the availability of specific performance, injunctive relief or other equitable remedies. 
 (e) No Conflicts. The execution,
delivery and performance of the Transaction Agreements by the Company and the consummation by the Company of the transactions contemplated thereby do not and will not (i) conflict with or violate any provision of the Company’s Articles of
Amendment and Restatement or Bylaws, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or
cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company debt or otherwise) or other understanding to which the Company is a party or by which any property or
asset of the Company is bound or affected, or (iii) result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company is subject (including
federal and state securities laws and regulations), or by which any property or asset of the Company is bound or affected; except in the case of each of clauses (ii) and (iii), such as would not have or reasonably be expected to result in a
Material Adverse Effect or a material adverse effect on the business affairs, business, earnings, condition (financial or otherwise), results of operations, stockholders’ equity, properties, management or prospects of the Company and its
subsidiaries considered as one enterprise (including all of the properties of the Company and its subsidiaries), whether or not arising in the ordinary course of business. 

  
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 (f) Filings, Consents and Approvals. The Company is not required to obtain any
consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other person in connection with the execution, delivery and
performance by the Company of the Transaction Agreements, other than (i) the filing with the SEC of the Registration Statement and the declaration of the Registration Statement being effective and (ii) such as have already been obtained.

 (g) Capitalization. All of the outstanding shares of the Company’s Common Stock are, and all of the Shares, when issued,
will be, duly authorized, validly issued, fully paid and nonassessable, and free and clear of all liens created by the Company. The Shares will be, issued in material compliance with all applicable federal and state securities laws, including
available exemptions therefrom, and none of such issuances were, and the issuance of the Shares will not be, made in violation of any pre-emptive or other rights. The Company has reserved from its duly
authorized capital stock the number of shares of Common Stock issuable pursuant to this Agreement. The issuance of the Shares will not trigger any anti-dilution rights of any existing securities of the Company. 

(h) Registration Statement. The Registration Statement has become effective under the Securities Act, and no stop order
suspending the effectiveness of the Registration Statement is in effect, and no proceedings for such purpose are pending before or threatened by the SEC; and any request on the part of the SEC for additional information has been complied with. 

2.2. Representations and Warranties of Purchaser. Purchaser hereby represents and warrants as of the date hereof and as of the date of
the Closing to the Company as follows: 
 (a) Organization; Authority. If Purchaser is not a natural person, such Purchaser is an
entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization with full right, corporate, limited liability or partnership power and authority to enter into and to consummate the transactions
contemplated by the Transaction Agreements and otherwise to carry out its obligations thereunder. The execution, delivery and performance by Purchaser of the transactions contemplated by the Transaction Agreements has been duly authorized by all
necessary corporate or similar action on the part of Purchaser. The Transaction Agreements to which it is a party have been duly executed by Purchaser, and when delivered by Purchaser in accordance with the terms thereof, will constitute valid and
legally binding obligations of Purchaser, enforceable against it in accordance with their terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement
of creditors’ rights generally and (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies. 

(b) No Governmental Review. Purchaser understands that no United States federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the Shares or the fairness or suitability of the investment in the Shares, nor have such authorities passed upon or endorsed the merits of the offering of the Shares. 

(c) Sales; Short Selling. From and after the date Purchaser received any information about the existence of this offering, Purchaser has
not offered, pledged, sold, contracted to sell, sold any option or contract to purchase, purchased any option or contract to sell, granted any option, right or warrant to purchase, loaned, or otherwise transferred or disposed of, directly or
indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, entered into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of
ownership of the Common Stock, or directly or indirectly, through related parties, affiliates or otherwise sold “short” or “short against the box” (as those terms are generally understood, provided that, for the avoidance of
doubt, the locating and/or borrowing of shares of Common Stock shall not be included in this Section 2.2(d)) any equity security of the Company. 

  
 3 

 (d) Information Regarding Purchaser. Purchaser has provided the Company with true,
complete, and correct information regarding all applicable items set forth on Purchaser’s signature page to this Agreement. 
 (e)
Placement Agents as Beneficiaries. Purchaser expressly acknowledges and agrees that all representations, warranties, covenants and agreements made or given by the Purchaser to the Company herein, are also irrevocably made and given for the
benefit of the Placement Agents and that the Placement Agents shall be third party beneficiaries thereof and are entitled to rely on the same in connection with the placement of the Shares as if such representations, warranties, covenants and
agreements, as applicable, were made directly to the Placement Agents. 
 (f) Non-Reliance on
Placement Agents. Purchaser understands that the Placement Agents have acted solely as the agents of the Company in this placement of the Shares and not to the Purchaser. Purchaser further acknowledges that (i) the Placement Agents,
their affiliates, and their respective representatives make no representation or warranty with regard to the merits of the offering of the Shares or as to the completeness or accuracy of any information or materials such Purchaser may have received
in connection therewith, and Purchaser has not relied and will not rely on any information, representations or advice furnished by or on behalf of any of the Placement Agents, their affiliates or their respective representatives, orally or in
writing, in making a decision to purchase the Shares, (ii) it will be responsible for conducting its own due diligence investigation with respect to the Company and the offer and sale of the Shares, (iii) it will be purchasing Shares based
on the results of its own due diligence investigation of the Company and (iv) it has negotiated the offer and sale of the Shares directly with the Company, and the Placement Agents will not be responsible for the ultimate success of any such
investment. 
 (g) Purchaser Status. At the time such Purchaser was offered the Shares, it was, and as of the date hereof
is, an institutional investor as such term is defined in the blue sky laws of the jurisdiction where the Purchaser is a bona fide resident or domiciled, as the case may be. 

ARTICLE 3 
 MISCELLANEOUS

 3.1. Fees and Expenses. Each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if
any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. 

3.2. Entire Agreement. This Agreement, together with the annexes, exhibits and schedules thereto, contains the entire understanding of
the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 3.3. Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in
writing and shall be deemed given and effective on the earliest of (a) the time of transmission, if such notice or communication is delivered via facsimile or email attachment at the facsimile number or email address specified on the signature
pages attached hereto prior to 6:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile or email address at the facsimile number or
email address on the signature pages attached hereto on a day that is not a Trading Day or later than 6:30 p.m. (New York City time) on any Trading Day, (c) the Trading Day following the date of mailing, if sent by U.S. nationally recognized
overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications is set forth on the signature pages attached hereto. For purposes of this Agreement,
“Trading Day” shall mean a day on which the Company’s Common Stock is traded on a national securities exchange or over-the-counter market, or, if the
Company’s Common Stock is not then eligible for trading on a national securities exchange or over-the-counter market, any day except Saturday, Sunday and any day on
which banking institutions in the State of New York are authorized or required by law or other governmental action to close. 

  
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 3.4. Amendments; Waivers. No provision of this Agreement may be waived or amended
except in a written instrument signed, in the case of an amendment, by the Company and Purchaser or, in the case of a waiver, by the party against whom enforcement of any such waiver is sought. No waiver of any default with respect to any provision,
condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of either
party to exercise any right hereunder in any manner impair the exercise of any such right. 
 3.5. Construction. The headings herein
are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party. 
 3.6. Successors and Assigns. This
Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. Neither Company nor Purchaser may assign this Agreement or any rights or obligations hereunder without the prior written consent of
the other party. 
 3.7. Termination. In the event that the Company and the Placement Agents do not enter into Placement Agency
Agreement or it is terminated by the Placement Agents pursuant to the terms thereof, this Agreement shall terminate without any further action or obligation on the part of the parties hereto. 

3.8. Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be
governed by and construed and enforced in accordance with the laws of the State of New York. 
 3.9. Survival. The representations,
warranties, agreements and covenants contained herein shall survive the Closing and delivery of the Shares. 
 3.10. Execution. This
Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it
being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such
signature is executed) with the same force and effect as if such facsimile signature page were an original thereof. 
 3.11. Severability.
If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the
parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Agreement. 

3.12. Replacement of Shares. If any certificate or instrument evidencing any of the Shares is mutilated, lost, stolen or destroyed, the
Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof, or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the
Company of such loss, theft or destruction and customary and reasonable indemnity, if requested, but not the posting of any surety or similar bond. The applicants for a new certificate or instrument under such circumstances shall also pay any
reasonable third-party costs associated with the issuance of such replacement certificate. 
 3.13. Exculpation of the Placement Agents.
Each party hereto agrees for the express benefit of the Placement Agents, their affiliates and their respective representatives that: 

(a) None of the Placement Agents, their affiliates or their representatives: (i) have any duties or obligations under this Agreement;
(ii) shall be liable for any improper payment made in accordance with this Agreement and the information provided herein by the Company; (iii) make any representation or warranty, or have any responsibilities as to the validity, accuracy,
value or genuineness of any information, certificates or documentation delivered by or on behalf of the Company pursuant to this Agreement; or (iv) shall be liable (x) for any action taken, suffered or omitted by any of them in good faith
and reasonably believed to be authorized or within the discretion or rights or powers conferred upon it by this Agreement or (y) for anything which any of them may do or refrain from doing in connection with this Agreement, except for such
party’s own gross negligence or willful misconduct or required by law. 

  
 5 

 (b) The Placement Agents, their affiliates and their respective representatives shall be
entitled to (1) rely on, and shall be protected in acting upon, any certificate, instrument, opinion, notice, letter or any other document or security delivered to any of them by or on behalf of the Company and (2) be indemnified by the
Company for acting as Placement Agent hereunder pursuant the indemnification provisions set forth in the Placement Agency Agreement. 
 3.14.
Indemnification of Placement Agents. The Purchaser agrees to indemnify and hold harmless the Placement Agents, their affiliates and their respective representatives from and against all losses, liabilities, claims, damages,
costs, fees and expenses whatsoever (including, but not limited to, any and all expenses incurred in investigating, preparing or defending against any litigation commenced or threatened) based upon or arising out of any improper payment or
settlement of the Shares made in accordance with this Agreement and the information provided herein by the Purchaser. 
 (Signature Pages
Follow) 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be
duly executed by their respective authorized signatories as of the date first indicated above. 
  

	
	NEW LAKE CAPITAL PARTNERS, INC.
	
	By:
	Name:
	Title:

 Address for Notice: 
 New
Lake Capital Partners, Inc. 
 27 Pine Street, Suite 50 
 New
Canaan, CT 06840 
 Attention: David Weinstein 
 With a copy to
(which shall not constitute notice): 
 Hunton Andrews Kurth LLP 

2200 Pennsylvania Avenue NW 
 Washington, DC 20037 

Facsimile: (202) 778-2201 

Attn: Robert K. Smith and James V. Davidson 
 Subscription
Amount: $_______________________________ 
 Purchase Price Per Share: $________________________ 

Total Shares: _______________________ 
 Please
confirm that the foregoing correctly sets forth the agreement between us by signing in the space provided below for that purpose. 
 Dated as of:
_____________ __, 2021 
  

                          
                                         
              
 PURCHASER 

By:_______________________________________ 
 Print
Name:_________________________________ 
 Title:______________________________________ 

Address:___________________________________ 

  
 7 

 Annex I 

Closing and Delivery of the Shares and Funds. 

1. Closing. The Purchasers will be notified in advance by the Placement Agents, in accordance with Rule
15c6-1 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) of the time and date of the Closing. At the Closing, the Company shall cause Equiniti Trust
Company (the “Transfer Agent”) to deliver to the Purchaser the number of Shares set forth on the signature page to the Agreement registered in the name of the Purchaser or, if so indicated on the Purchaser Questionnaire attached
hereto as Exhibit A-1, in the name of a nominee designated by the Purchaser and (b) the aggregate purchase price for the Shares being purchased by the Purchaser will be delivered by or on
behalf of the Purchaser to the Company. 
 2. Delivery of Funds. The Purchaser shall settle the Shares purchased by such Purchaser
through DTC’s Deposit/Withdrawal at Custodian (“DWAC”) delivery system or full fast transfer to the designated accounts or shall receive the Shares in book-entry format in the name of the beneficial holder. Purchaser shall remit
no later than one (1) business day after the execution of the Agreement by the Purchaser, by wire transfer the amount of funds equal to the aggregate purchase price for the Shares being purchased by the
Purchaser to the following account designated by the Company and the Placement Agents pursuant to the terms of that certain Escrow Agreement (the “Escrow Agreement”) dated as of the date hereof, by and among the Company, the
Placement Agents and Cadence Bank, N.A. (the “Escrow Agent”): 
 Cadence Bank, N.A. 

ABA # 
 Account Name: 

Account Number:
 Such funds shall be held in
escrow until the Closing and delivered by the Escrow Agent on behalf of the Purchasers to the Company upon the satisfaction, in the sole judgment of the Placement Agents, of the conditions set forth in Section 1.3 of the Agreement. 

3. Delivery of Shares. No later than one (1) business day after the
execution of the Agreement by the Purchaser, the Purchaser, if the Shares are to be issued in street name on behalf of the Purchaser, shall direct the broker-dealer at which the account or accounts to be credited with the Shares being
purchased by such Purchaser are maintained, which broker/dealer shall be a DTC participant, to set up a DWAC or full fast transfer instructing the Transfer Agent, to credit such account or accounts with the Shares. Such DWAC or full fast transfer
instruction shall indicate the settlement date for the deposit of the Shares, which date shall be provided to the Purchaser by the Placement Agents. Simultaneously with the delivery to the Company by the Escrow Agent of the funds held in escrow
pursuant to Section 2 above, the Company shall direct the Transfer Agent to credit the Purchaser’s account or accounts with the Shares pursuant to the information contained in the DWAC or full fast transfer instructions. 

The Shares shall be issued in book-entry format. Simultaneously with the delivery to the Company by the Escrow Agent of the funds held in
escrow pursuant to Section 2 above, the Company shall direct the Transfer Agent to issue the Shares pursuant to the ownership information provided by the Purchaser. 

  
 8 

 EXHIBIT A-1 

PURCHASER QUESTIONNAIRE 

Pursuant to Section 1 of Annex I to the Agreement, please provide us with the following information: 

1. The exact name that your Shares are to be registered in. You may use a nominee name if appropriate: 

2. The relationship between the Purchaser and the registered holder listed in response to item 1 above: 

3. The mailing address of the registered holder listed in response to item 1 above: 

4. The Social Security Number or Tax Identification Number of the registered holder listed in the response to item 1 above: 

5. Name of DTC Participant (broker-dealer at which the account or accounts to be credited with the Shares are maintained), if applicable: 

6. DTC Participant Number, if applicable: 
 7. Name of
Account at DTC Participant being credited with the Shares, if applicable: 
 8. Account Number at DTC Participant being credited with the Shares, if
applicable: 

  
 9

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