Jennifer L. Locke - 09 Feb 2023 Form 4 Insider Report for Crimson Wine Group, Ltd (CWGL)

Role: CHIEF EXECUTIVE OFFICER
Signature: /s/ Jennifer L. Locke
Issuer symbol: CWGL
Transactions as of: 09 Feb 2023
Net transactions value: $0
Form type: 4
Filing time: 27 Mar 2023, 17:56:10 UTC
Previous filing: 07 Jul 2021
Next filing: 11 Mar 2024
SEC: View on sec.gov

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CWGL	Employee Stock Option (Right to buy)	Award	$0	+50,000		$0.000000	50,000	09 Feb 2023	Common Stock	50,000	$7.50	Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The option as to 12,500 shares of common stock of Crimson Wine Group, Ltd. ("CWGL") vested on February 9, 2023, and the remainder of the option vests in three equal annual installments beginning on February 9, 2024.
F2	On March 11, 2022, the reporting person was granted an option to purchase 500,000 shares of CWGL common stock. The option vests in four installments based on CWGL's satisfaction of certain performance-based requirements for each of the fiscal years ending December 31, 2022, 2023, 2024, and 2025. The performance-based requirement for the fiscal year ended December 31, 2022 was met, resulting in the vesting of the option as to 50,000 shares of CWGL common stock.

Content

The option as to 12,500 shares of common stock of Crimson Wine Group, Ltd. ("CWGL") vested on February 9, 2023, and the remainder of the option vests in three equal annual installments beginning on February 9, 2024.

On March 11, 2022, the reporting person was granted an option to purchase 500,000 shares of CWGL common stock. The option vests in four installments based on CWGL's satisfaction of certain performance-based requirements for each of the fiscal years ending December 31, 2022, 2023, 2024, and 2025. The performance-based requirement for the fiscal year ended December 31, 2022 was met, resulting in the vesting of the option as to 50,000 shares of CWGL common stock.