Long-tenured founder and former CEO with deep company-specific expertise; STAG's 3-year TSR of +26.5% outperforms both the compensation peer group median (+19.9pp gap vs. threshold of 65pp) and the ^FNER — FTSE NAREIT All Equity REITs Index (+16.0pp gap vs. 65pp threshold), so no TSR trigger fires; no overboarding, attendance, or independence concerns noted.

Independent director since 2020 with strong data analytics and technology credentials relevant to STAG's operations; serves as Audit Committee Chair and qualifies as an audit committee financial expert; TSR trigger does not apply given STAG's strong outperformance versus both the peer group and the ^FNER — FTSE NAREIT All Equity REITs Index; no overboarding or attendance concerns.

Independent director since 2014 with extensive operational, logistics, and public-company board experience relevant to STAG's industrial tenant base; STAG's 3-year TSR handily outperforms both the peer group median and the ^FNER — FTSE NAREIT All Equity REITs Index, so no TSR trigger fires; no overboarding or attendance issues identified.

President and CEO serving as a director since 2022; subject to the same TSR trigger as all other directors, but STAG's 3-year TSR of +26.5% outperforms the peer group by +6.6pp (well below the 65pp threshold for strong-positive TSR) and outperforms the ^FNER — FTSE NAREIT All Equity REITs Index by +16.0pp (well below the 65pp threshold); no overboarding or attendance concerns.

Independent director since 2018 with substantial supply chain and logistics experience highly relevant to STAG's industrial REIT strategy; chairs the Nominating and Corporate Governance Committee; no TSR trigger fires given STAG's outperformance; no overboarding or attendance concerns.

Independent director since 2011 with approximately 40 years of real estate investment experience including leadership at AEW; chairs the Compensation Committee; STAG's 3-year TSR outperformance versus both the peer group and the ^FNER — FTSE NAREIT All Equity REITs Index means no TSR trigger fires; no overboarding or attendance concerns.

Independent Chairman of the Board since 2011 with extensive CEO, CFO, and real estate financial experience; STAG's 3-year TSR of +26.5% outperforms both the peer group median and the ^FNER — FTSE NAREIT All Equity REITs Index by well under the 65pp threshold applicable at this positive TSR level; no overboarding or attendance concerns.

Independent director since 2011 with deep real estate finance and investment experience; serves on the Audit Committee and qualifies as an audit committee financial expert; STAG's strong relative TSR means no trigger fires versus either the peer group or the ^FNER — FTSE NAREIT All Equity REITs Index; no overboarding or attendance concerns.

Independent director since 2012 who is a sitting CEO of CubeSmart (NYSE: CUBE); under the policy a sitting CEO may hold up to 1 outside public board seat, and this is his only disclosed outside public board seat, so the overboarding trigger does not fire; STAG's TSR outperformance means the TSR trigger does not apply; no attendance concerns.

Independent director since 2011 with extensive REIT financial and CFO experience; serves on the Audit Committee and qualifies as an audit committee financial expert; STAG's 3-year TSR outperforms the peer group and the ^FNER — FTSE NAREIT All Equity REITs Index by well under the 65pp threshold; no overboarding or attendance concerns.

Independent director since 2024 — fewer than 24 months of tenure — and is therefore fully exempt from the TSR trigger under the policy's new-director exemption; brings real estate development and urban planning expertise relevant to STAG's portfolio; no overboarding or attendance concerns.