Item 4 — Purpose of Transaction
On October 28, 2026, the Reporting Persons commenced litigation against the Issuer in the Circuit Court for Baltimore County, Maryland, to compel the Issuer to call, notice and hold a special meeting of holders of the Series A Preferred Stock to elect two additional trustees pursuant to Section 8(a) of the Articles Supplementary. The Reporting Persons' nominees are Alexander Kachmar and David Cacciapaglia. The Reporting Persons delivered their initial written demand on May 26, 2026, and reiterated their demand, as holders of record of more than 10% of the Series A Preferred Stock, on October 16, 2026. The Reporting Persons believe that the Trust's failure to set a record date or meeting date for the exercise of the Series A Preferred Stockholders' election rights under Section 8(a) raises serious questions concerning the Board's discharge of its responsibilities under the Trust's governing documents. This failure to honor the preferred stockholders' contractual governance rights is further indicative of the broader governance concerns surrounding Power REIT, which were reflected in Institutional Shareholder Services (ISS), the leading independent proxy advisory firm, recommending that shareholders WITHHOLD their votes for David H. Lesser, Dionisio D'Aguilar, Patrick R. Haynes III, and William S. Susman, citing continued concerns regarding the Board's governance practices. The Reporting Persons urge the independent trustees to exercise their independent judgment and take prompt action to ensure that the Trust honors the rights afforded to Series A Preferred Stockholders under the Articles Supplementary. Continued inaction is not a neutral posture.