After finding out that she's cursed by Vecna by having the first vision last night at school with the rest of the group and trying to find Chrissy's files, Max spent the whole night writing letters for her friends and you while everyone was asleep.

By the time it was morning and everyone was awake, the redhead started to give the letters one by one, making it pretty obvious that it was only to open if something bad happened to her, which is pretty probable.

She left Mike's basement in search of you, since Nancy made you go to sleep in her room at around five in the morning after you didn't sleep while being worried about Max.

She opens the door to find you just waking up and a sigh leaves her before stepping closer and giving you the letter, not making eye contact. "Don't open yet, it's just... if something happens to me." She says while crossing her arms.

Max didn't even want to give you this specific letter now. It's the one where she wrote the most, she just put all her feelings for you in it, which she finds stupid too since she was the one who ended everything. You're her ex, she feels terrible by still worrying so much.