On April 10, 2023, Mr. Charles W. Winters II resigned as a director of Alpine 4 Holdings, Inc., effective at the end of that same day. Mr. Winters' notice of resignation was conveyed in a letter of resignation. In his Resignation Letter, Mr. Winters stated that he had serious concerns regarding the operations, policies, and practices of the Company.

The Company disputes the claims made by Mr. Winters in his Resignation Letter, including his characterizations of the Company, the Board, the CEO, and other Company management. Mr. Winters' criticisms expressed in the Resignation Letter are ones he first voiced as early as 13 months ago, beginning around the time his position as a sales executive with the Company was terminated for cause, and also after the Company Board adopted a rotating chairmanship that meant Mr. Winters would at present no longer be chairman. When Mr. Winters' claims were originally raised, Company CEO Kent Wilson directed that an independent outside investigation be instituted, and thereafter the well-regarded independent investigatory law firm Littler Mendelson, P.C. (“Littler”) was engaged to investigate Mr. Winters' claims and to review the appropriateness of his termination for cause from his sales position.

In addition, the Board convened two special committees of independent dis-interested board members, one to review claims in which the Company and its auditor agreed that good governance required further investigation into the possible validity of the claims, and one to review evidence of concerning conduct by Mr. Winters that appeared to violate the fiduciary duty that Mr. Winters owed to the Company and its Board. The Littler and the Special Committees' investigatory efforts arrived at the conclusions that Mr. Winters' claims of problems in the operations, policies, and practices of the Company were unfounded, that the termination of his employment with the Company as a sales executive was justified, and that he had engaged in conduct that violated his fiduciary duty to the Company and the Board, and moreover that there is evidence that these violations of fiduciary duty were committed in bad faith. Copies of various reports generated during these investigations were shared with Mr. Winters, including an executive summary of the Littler report.