On May 9, 2022, Joel Cutler tendered his resignation as a member of the Board of Directors of the Lemonade, Inc., including all committees thereof, effective immediately. Mr. Cutler had served as a Class III director and as a member of the Audit Committee and Compensation Committee. Following the resignation of Mr. Cutler, on May 10, 2022, in order to achieve an equal balance of membership among the classes of directors, the Board determined to move Michael Eisenberg from Class I with a term expiring at the 2024 Annual Meeting of Stockholders to Class III with a term expiring at the 2023 Annual Meeting of Stockholders.

Accordingly, on the same date, Mr. Eisenberg, who was a Class I director, resigned as a director and was immediately elected by the Board as a Class III director. The resignation and re-election of Mr. Eisenberg was effected solely to rebalance the Board's classes and, for all other purposes, including committee service and compensation, Mr. Eisenberg's service on the Board is deemed to have continued uninterrupted. The Board now consists of two Class I directors, three Class II directors, and two Class III directors.

The current Class I Directors are now Daniel Schreiber and Caryn Seidman-Becker; the current Class II Directors are Shai Wininger, Irina Novoselsky and Mwashuma Nyatta; and the current Class III Directors are Michael Eisenberg and Silvija Martincevic. On April 14, 2022, Ms. Seidman-Becker tendered her resignation as member of the Board, including all committees thereof, effective upon the conclusion of the Annual Meeting.