Here's a video of me performing the third lamination on The Old Faithful so you can better visualize the technique. Lightly wet your work surface and hand, stretch out into square shape without tearing, fold over from side to side, then top to bottom. That's it!
It is helpful for me to to think of laminating as just another way of performing a fold. In a stretch and fold, you stretch a portion of the dough up then fold it over the middle then repeat until you've worked all the way around the loaf. In a coil fold, you stretch by lifting the dough up folding the edges under and then repeat for the remaining sides.
In lamination, you stretch in all directions first then fold the edges over one by one into a nice square package.
In each of these methods, the goal is to lengthen the gluten strands (by stretching them out in a straight line) and then organizing and structuring the dough (by folding it over and on to itself). If you think about it, traditional kneading does much the same thing (stretch by pushing, fold the dough over, turn the dough, repeat). Same with slap and folds (the dough stretches as it is slapped down), Rubaud, etc. The end goal is the same: a strong, organized dough that can retain the gas produced by the yeast activity.
I hope this is helpful!