ELWT · Elauwit Connection, Inc.

These restricted stock units, which convert into common stock on a one-for-one basis, were granted under the Elauwit Connection, Inc. 2025 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on the first anniversary of the date of grant.

These restricted stock units, which convert into common stock on a one-for-one basis, were granted under the Elauwit Connection, Inc. 2025 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on the first anniversary of the date of grant.

These restricted stock units, which convert into common stock on a one-for-one basis, were granted under the Elauwit Connection, Inc. 2025 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on the first anniversary of the date of grant.

These restricted stock units, which convert into common stock on a one-for-one basis, were granted under the Elauwit Connection, Inc. 2025 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on the first anniversary of the date of grant.

These restricted stock units, which convert into common stock on a one-for-one basis, were granted under the Elauwit Connection, Inc. 2025 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on the first anniversary of the date of grant.

These restricted stock units, which convert into common stock on a one-for-one basis, were granted under the Elauwit Connection, Inc. 2025 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on the first anniversary of the date of grant.

These restricted stock units, which convert into common stock on a one-for-one basis, were granted under the Elauwit Connection, Inc. 2025 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on the first anniversary of the date of grant.

These restricted stock units, which convert into common stock on a one-for-one basis, were granted under the Elauwit Connection, Inc. 2025 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on the first anniversary of the date of grant.

These restricted stock units, which convert into common stock on a one-for-one basis, were granted under the Elauwit Connection, Inc. 2025 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on the first anniversary of the date of grant.

This option was granted under the Elauwit Connection, Inc. 2025 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vests on the first anniversary of the date of grant.

These restricted stock units, which convert into common stock on a one-for-one basis, were granted under the Elauwit Connection, Inc. 2025 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on the first anniversary of the date of grant.

These restricted stock units, which convert into common stock on a one-for-one basis, were granted under the Elauwit Connection, Inc. 2025 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on the first anniversary of the date of grant.

These restricted stock units, which convert into common stock on a one-for-one basis, were granted under the Elauwit Connection, Inc. 2025 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on the first anniversary of the date of grant.

These restricted stock units, which convert into common stock on a one-for-one basis, were granted under the Elauwit Connection, Inc. 2025 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on the first anniversary of the date of grant.

These restricted stock units, which convert into common stock on a one-for-one basis, were granted under the Elauwit Connection, Inc. 2025 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on the first anniversary of the date of grant.

These restricted stock units, which convert into common stock on a one-for-one basis, were granted under the Elauwit Connection, Inc. 2025 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on the first anniversary of the date of grant.

These restricted stock units, which convert into common stock on a one-for-one basis, were granted under the Elauwit Connection, Inc. 2025 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on the first anniversary of the date of grant.

These restricted stock units, which convert into common stock on a one-for-one basis, were granted under the Elauwit Connection, Inc. 2025 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award agreement, vest on the first anniversary of the grant date.

The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.43 to $6.6996, inclusive. The reporting person undertakes to provide to Elauwit Connection, Inc., any security holder of Elauwit Connection, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

Baron Hunter Group, LLC and the issuer entered into a put-call agreement on August 20, 2024, as amended on August 11, 2025 (the "Agreement"), which was approved by the issuer's board of directors, whereby the issuer granted Baron Hunter Group, LLC a put option to sell to the issuer up to $1,000,000 of the value of the issuer's common stock at a discount of 10% of the issuer's initial public offering ("IPO") issue price, as described further in the final prospectus used in the issuer's IPO which was filed with the Securities and Exchange Commission on November 4, 2025. The IPO closed on November 6, 2025, resulting in the acquisition of the put option for 123,456 shares.

(Continued from footnote 1) On November 13, 2025, Baron Hunter Group, LLC exercised its put option and is reporting the subsequent disposition of 123,456 shares to the issuer in accordance with Rule 16b-3(e). Other than these shares which were disposed to the issuer by operation of law, the reporting persons' shares remain subject to their lock-up agreement with the underwriter of the IPO.

Mr. McDonough is the managing member of Baron Hunter Group, LLC.

Steele Creek Partners LLC and the issuer entered into a put-call agreement on August 20, 2024, as amended on August 11, 2025 (the "Agreement"), which was approved by the issuer's board of directors, whereby the issuer granted Steele Creek Partners LLC a put option to sell to the issuer up to $1,000,000 of the value of the issuer's common stock at a discount of 10% of the issuer's initial public offering ("IPO") issue price, as described further in the final prospectus used in the issuer's IPO which was filed with the Securities and Exchange Commission on November 4, 2025. The IPO closed on November 6, 2025, resulting in the acquisition of the put option for 123,456 shares.

(Continued from footnote 1) On November 13, 2025, Steele Creek Partners LLC exercised its put option and is reporting the subsequent disposition of 123,456 shares to the issuer in accordance with Rule 16b-3(e). Other than these shares which were disposed to the issuer by operation of law, the reporting persons' shares remain subject to their lock-up agreement with the underwriter of the IPO.

Mr. Rubens is the managing member of Steele Creek Partners LLC.

Steele Creek Partners LLC and the issuer entered into a put-call agreement on August 20, 2024, as amended on August 11, 2025 (the "Agreement"), which was approved by the issuer's board of directors, whereby the issuer granted Steele Creek Partners LLC a put option to sell to the issuer up to $1,000,000 of the value of the issuer's common stock at a discount of 10% of the issuer's initial public offering ("IPO") issue price, as described further in the final prospectus used in the issuer's IPO which was filed with the Securities and Exchange Commission on November 4, 2025. The IPO closed on November 6, 2025, resulting in the acquisition of the put option for 123,456 shares.

(Continued from footnote 1) On November 13, 2025, Steele Creek Partners LLC exercised its put option and is reporting the subsequent disposition of 123,456 shares to the issuer in accordance with Rule 16b-3(e). Other than these shares which were disposed to the issuer by operation of law, the reporting persons' shares remain subject to their lock-up agreement with the underwriter of the IPO.

Mr. Rubens is the managing member of Steele Creek Partners LLC.

Baron Hunter Group, LLC and the issuer entered into a put-call agreement on August 20, 2024, as amended on August 11, 2025 (the "Agreement"), which was approved by the issuer's board of directors, whereby the issuer granted Baron Hunter Group, LLC a put option to sell to the issuer up to $1,000,000 of the value of the issuer's common stock at a discount of 10% of the issuer's initial public offering ("IPO") issue price, as described further in the final prospectus used in the issuer's IPO which was filed with the Securities and Exchange Commission on November 4, 2025. The IPO closed on November 6, 2025, resulting in the acquisition of the put option for 123,456 shares.

(Continued from footnote 1) On November 13, 2025, Baron Hunter Group, LLC exercised its put option and is reporting the subsequent disposition of 123,456 shares to the issuer in accordance with Rule 16b-3(e). Other than these shares which were disposed to the issuer by operation of law, the reporting persons' shares remain subject to their lock-up agreement with the underwriter of the IPO.

Mr. McDonough is the managing member of Baron Hunter Group, LLC.

Baron Hunter Group, LLC and the issuer entered into a put-call agreement on August 20, 2024, as amended on August 11, 2025 (the "Agreement"), which was approved by the issuer's board of directors, whereby the issuer granted Baron Hunter Group, LLC a put option to sell to the issuer up to $1,000,000 of the value of the issuer's common stock at a discount of 10% of the issuer's initial public offering ("IPO") issue price, as described further in the final prospectus used in the issuer's IPO which was filed with the Securities and Exchange Commission on November 4, 2025. The IPO closed on November 6, 2025, resulting in the acquisition of the put option for 123,456 shares.

(Continued from footnote 1) On November 13, 2025, Baron Hunter Group, LLC exercised its put option and is reporting the subsequent disposition of 123,456 shares to the issuer in accordance with Rule 16b-3(e). Other than these shares which were disposed to the issuer by operation of law, the reporting persons' shares remain subject to their lock-up agreement with the underwriter of the IPO.

Mr. McDonough is the managing member of Baron Hunter Group, LLC.

Steele Creek Partners LLC and the issuer entered into a put-call agreement on August 20, 2024, as amended on August 11, 2025 (the "Agreement"), which was approved by the issuer's board of directors, whereby the issuer granted Steele Creek Partners LLC a put option to sell to the issuer up to $1,000,000 of the value of the issuer's common stock at a discount of 10% of the issuer's initial public offering ("IPO") issue price, as described further in the final prospectus used in the issuer's IPO which was filed with the Securities and Exchange Commission on November 4, 2025. The IPO closed on November 6, 2025, resulting in the acquisition of the put option for 123,456 shares.

(Continued from footnote 1) On November 13, 2025, Steele Creek Partners LLC exercised its put option and is reporting the subsequent disposition of 123,456 shares to the issuer in accordance with Rule 16b-3(e). Other than these shares which were disposed to the issuer by operation of law, the reporting persons' shares remain subject to their lock-up agreement with the underwriter of the IPO.

Mr. Rubens is the managing member of Steele Creek Partners LLC.