The Trump administration cancelled some humanitarian immigration programs in summer 2025. Subsequent reports surfaced of Walmart losing staff at locations in Florida and Texas. These shortages led to extending wait times for customers, cancelling of curbside pickup services, and tightening work schedules, resulting in a ?manufactured safety crisis.?1 Foreign skilled workers utilizing H-1B visas play a significant role in Walmart?s operations. The Company is the visa program?s largest retail sector participant sponsoring approximately 2,400 H-1B visas in the first half of 2025.2 In September 2025, President Trump raised the annual fee on skilled foreign workers from $215 to $100,000.3 Walmart reportedly paused job offers to H-1B employees following the announcement, but the company has not disclosed how it intends to address the issue for the long-term. Immigration policy changes may increase transportation costs for Walmart. Walmart privately owns over 12,000 tractors and approximately 92,000 trailers4, and employs 16,000 class A drivers.5  The Company also works with independent trucking companies as part of its supply chain.6 Truckers have been targeted by the current administration. The State Department halted the issuance of worker visas for commercial truck drivers in August 2025.7 An executive order in April 2025 introduced regulations making it difficult for certain immigrants to operate large vehicles.8 The Department of Transportation threatened to withdraw federal funding from certain states if they do not revoke commercial driver?s licenses from non-U.S. residents determined to be ?improperly issued?.9 The trucking industry faces a driver shortage, and with 18% of professional drivers being born abroad, there are concerns this will strain the supply chain and increase costs.10 Walmart relies heavily on U.S. agricultural production. Approximately 70% of produce sold in Walmart stores comes from U.S. suppliers,11 and the Company sold $1.49 billion of local produce in 2025.12 Immigrants are increasingly relied upon at American farms. One study found unauthorized immigrant farmworkers account for 42% of hired farmworkers and 25% of all agricultural workers in the United States.13 Labor shortages from agricultural sector deportations could lead to lower yields and higher costs for consumers and sellers.14 We urge shareholders to vote FOR this proposal. 1 https://www.consumeraffairs.com/news/walmart-grapples-with-staffing-crisis-after-migrant-work-permits-are-suspended-070725.html 2 https://www.msn.com/en-gb/news/other/walmart-responds-to-trumps-100000-h-1b-visa-fee-hike-and-foreign-workers-wont-be-happy/ar-AA1OZb2Y?ocid=BingNewsVerp 3 https://www.cnn.com/2025/09/20/business/h-1b-fee-trump-immigration-workers 4 https://www.ttnews.com/private-carriers/rankings/2025 5 https://careers.walmart.com/us/en/home/careers-areas/supply-chain-and-transportation/drivers 6 https://www.sec.gov/ix?doc=/Archives/edgar/data/0000104169/000010416925000021/wmt-20250131.htm 7 https://x.com/SecRubio/status/1958644528253948015 8 https://calmatters.org/economy/2025/11/immigrant-drivers/ 9 https://www.reuters.com/world/us-may-withhold-304-million-minnesota-over-foreign-truck-driver-licenses-2025-12-01/ 10 https://www.msn.com/en-us/money/general/ice-crackdown-could-drive-out-614-000-truckers-biggest-labor-shortfall-ever/ar-AA1QmHFy?ocid=BingNewsVerp 11 https://corporate.walmart.com/news/2008/07/01/walmart-commits-to-americas-farmers-as-produce-aisles-go-local 12 https://corporate.walmart.com/content/dam/corporate/documents/esgreport/2025/FY2025-Walmart-ESG-Report.pdf 13 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5384966 14 https://www.newsweek.com/trump-mass-deportation-farms-breaking-point-2064190