On June 16, 2023, Jesse and Joel Stanley (Co-Founders') announced that in the June 9 letter, the Co-Founders stated their view that Charlotte's Web Holdings, Inc should not re-elect certain members of the current Board upon the expiration of their current terms at the Company's 2023 annual meeting of shareholders and also proposed that any resulting vacancies be filled by the appointment of Jesse and Joel Stanley and Angela McElwee. To facilitate the replacement of the the Company Directors with the Proposed Nominees, the Co-Founders proposed to the Issuer that the Company Directors agree not to stand for election at the Annual Meeting and that the Board waives the Company's advance notice requirements to allow the Proposed Nominees to stand for election uncontested at the Annual Meeting. The Co-Founders noted that they had submitted instructions to withhold their votes on the election of the Company Directors and stated their belief that other unaffiliated shareholders also intended to withhold their votes on the election of the the Company Directors at the Annual Meeting.

On June 13, 2023, the Co-Founders issued a press release disclosing the Board's failure to engage with the Co-Founders regarding the issues raised in the June 12 Press Release and repeating the Co-Founders' plans to withhold their votes for the election of the Company Directors at the Annual Meeting. In the June 13 Press Release, the Co-Founders also called for an independent chair to preside over the Annual Meeting. In addition, Jesse and Joel Stanley encourage fellow shareholders to withhold votes for john held, Jacques Tortoroli, Thomas M. Lardieri, and John D. Held.

doing so will help bring about the positive change that charlotte's web needs.