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|        |                                                                     | PAGE |
|-------------|--------------------------------------------------------------------------|------|
| ARTICLE I   | DEFINITIONS                                                              | 1    |
| 1.01        | Certain Defined Terms                                                    | 1    |
| 1.02        | Other Interpretive Positions                                             | 24   |
| 1.03        | Accounting Principles                                                    | 26   |
| ARTICLE II  | THE CREDITS                                                              | 27   |
| 2.01        | Amounts and Terms of Commitments                                         | 27   |
| 2.02        | Loan Accounts                                                            | 28   |
| 2.03        | Procedure for Revolving Loan and Term Revolving Loan Borrowing           | 28   |
| 2.04        | Procedure for Swingline Loan Borrowing                                   | 30   |
| 2.05        | Conversion of Term Revolving Loan to Term Loan                           | 31   |
| 2.06        | Conversion and Continuation Elections; Fixed Rate Election for Term Loan | 31   |
| 2.07        | Termination or Reduction of Commitments                                  | 33   |
| 2.08        | Optional Prepayments                                                     | 33   |
| 2.09        | Mandatory Prepayments                                                    | 34   |
| 2.10        | Repayment                                                                | 35   |
| 2.11        | Interest                                                                 | 35   |
| 2.12        | Fees                                                                     | 36   |
| 2.13        | Computation of Fees and Interest                                         | 37   |
| 2.14        | Payments by Borrowers                                                    | 38   |
| 2.15        | Allocation of Payments After Event of Default                            | 38   |
| 2.16        | Payments by the Lenders to Agent                                         | 39   |
| 2.17        | Sharing of Payments, Return of Payments, Etc                             | 40   |
| 2.18        | Security                                                                 | 40   |
| 2.19        | Farm Credit Stock                                                        | 40   |
| 2.20        | Borrower Representative                                                  | 41   |
| 2.21        | Non-Funding Lenders                                                      | 41   |
| 2.22        | Prepayment Premium                                                       | 43   |
| ARTICLE III | THE LETTERS OF CREDIT                                                    | 44   |
| 3.01        | The Letter of Credit Subfacility                                         | 44   |
| 3.02        | Issuance, Amendment and Renewal of Letters of Credit                     | 45   |
| 3.03        | Risk Participations, Drawings and Reimbursements                         | 47   |
| 3.04        | Repayment of Participations                                              | 48   |
| 3.05        | Role of the Issuing Banks                                                | 49   |
| 3.06        | Obligations Absolute                                                     | 50   |
| 3.07        | Cash Collateral Pledge                                                   | 51   |
| 3.08        | Letter of Credit Fees                                                    | 51   |
| 3.09        | Uniform Customs and Practice                                             | 51   |

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| ARTICLE IV | TAXES, YIELD PROTECTION AND ILLEGALITY                       | 52 |
|------------|--------------------------------------------------------------|----|
| 4.01       | Taxes                                                        | 52 |
| 4.02       | Illegality                                                   | 53 |
| 4.03       | Increased Costs and Reduction of Return                      | 53 |
| 4.04       | Funding Losses                                               | 55 |
| 4.05       | Inability to Determine Rates                                 | 55 |
| 4.06       | Reserves on LIBOR Loans                                      | 56 |
| 4.07       | Certificates of Lenders                                      | 56 |
| 4.08       | Substitution of Lenders                                      | 56 |
| 4.09       | Survival                                                     | 56 |
| ARTICLE V  | CONDITIONS PRECEDENT                                         | 56 |
| 5.01       | Conditions of Effectiveness                                  | 56 |
| 5.02       | Conditions to All Credit Extensions                          | 59 |
| ARTICLE VI | REPRESENTATIONS AND WARRANTIES                               | 60 |
| 6.01       | Corporate Existence and Power                                | 60 |
| 6.02       | Corporate Authorization; No Contravention                    | 61 |
| 6.03       | Governmental Authorization                                   | 61 |
| 6.04       | Binding Effect                                               | 61 |
| 6.05       | Litigation                                                   | 61 |
| 6.06       | No Default                                                   | 62 |
| 6.07       | ERISA Compliance                                             | 62 |
| 6.08       | Use of Proceeds; Margin Regulations                          | 62 |
| 6.09       | Real Property                                                | 62 |
| 6.10       | Taxes                                                        | 63 |
| 6.11       | Financial Condition                                          | 63 |
| 6.12       | Environmental Matters                                        | 64 |
| 6.13       | Collateral Documents                                         | 64 |
| 6.14       | Regulated Entities                                           | 64 |
| 6.15       | No Burdensome Restrictions                                   | 64 |
| 6.16       | Copyrights, Patents, Trademarks and Licenses, Etc.           | 65 |
| 6.17       | Subsidiaries                                                 | 65 |
| 6.18       | Insurance                                                    | 65 |
| 6.19       | Solvency                                                     | 65 |
| 6.20       | Tax Shelter Regulations                                      | 65 |
| 6.21       | Full Disclosure                                              | 66 |
| 6.22       | Depository Accounts                                          | 66 |
| 6.23       | Brokers’ Fees                                          | 66 |
| 6.24       | Foreign Assets Control Regulations and Anti-Money Laundering | 66 |
| 6.25       | Patriot Act                                                  | 66 |

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| ARTICLE VII  | AFFIRMATIVE COVENANTS                                                                 | 67 |
|--------------|---------------------------------------------------------------------------------------|----|
| 7.01         | Financial Statements                                                                  | 67 |
| 7.02         | Certificates; Other Information                                                       | 68 |
| 7.03         | Notices                                                                               | 68 |
| 7.04         | Preservation of Corporate Existence, Etc.                                             | 70 |
| 7.05         | Maintenance of Property                                                               | 70 |
| 7.06         | Insurance                                                                             | 70 |
| 7.07         | Payment of Obligations                                                                | 71 |
| 7.08         | Compliance with Laws                                                                  | 71 |
| 7.09         | Compliance with ERISA                                                                 | 72 |
| 7.10         | Inspection of Property and Books and Records                                          | 72 |
| 7.11         | Environmental Laws                                                                    | 73 |
| 7.12         | Use of Proceeds                                                                       | 73 |
| 7.13         | Further Assurances                                                                    | 74 |
| 7.14         | Cash Management Systems                                                               | 74 |
| 7.15         | Landlord Agreements                                                                   | 74 |
| 7.16         | Environmental Matters                                                                 | 74 |
| 7.17         | Condemnation                                                                          | 75 |
| ARTICLE VIII | NEGATIVE COVENANTS                                                                    | 75 |
| 8.01         | Limitation on Liens                                                                   | 75 |
| 8.02         | Disposition of Assets                                                                 | 77 |
| 8.03         | Consolidations and Mergers                                                            | 78 |
| 8.04         | Acquisitions; Loans and Investments                                                   | 78 |
| 8.05         | Limitation on Indebtedness                                                            | 79 |
| 8.06         | Transactions with Affiliates                                                          | 79 |
| 8.07         | Use of Proceeds                                                                       | 79 |
| 8.08         | Contingent Obligations                                                                | 79 |
| 8.09         | Joint Ventures                                                                        | 80 |
| 8.10         | Lease Obligations                                                                     | 80 |
| 8.11         | Restricted Payments                                                                   | 80 |
| 8.12         | Compliance with ERISA                                                                 | 81 |
| 8.13         | Change in Business                                                                    | 81 |
| 8.14         | Accounting Changes                                                                    | 81 |
| 8.15         | Consolidated Working Capital Ratio                                                    | 81 |
| 8.16         | Leverage Ratio                                                                        | 81 |
| 8.17         | Consolidated Adjusted Funded Debt to Consolidated Adjusted Total Capitalization Ratio | 81 |
| 8.18         | No Negative Pledges                                                                   | 82 |
| 8.19         | Depository Account                                                                    | 82 |
| 8.20         | OFAC; Patriot Act                                                                     | 82 |
| 8.21         | Sale-Leasebacks                                                                       | 82 |

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| ARTICLE IX | EVENTS OF DEFAULT                                  | 82  |
|------------|----------------------------------------------------|-----|
| 9.01       | Event of Default                                   | 82  |
| 9.02       | Remedies                                           | 84  |
| 9.03       | Rights Not Exclusive                               | 85  |
| ARTICLE X  | AGENT                                              | 85  |
| 10.01      | Appointment and Authorization; “Agent” | 85  |
| 10.02      | Delegation of Duties                               | 86  |
| 10.03      | Liability of Agent                                 | 86  |
| 10.04      | Reliance by Agent                                  | 86  |
| 10.05      | Notice of Default                                  | 87  |
| 10.06      | Credit Decision                                    | 87  |
| 10.07      | Indemnification of Related Persons                 | 87  |
| 10.08      | Agents in Individual Capacity                      | 88  |
| 10.09      | Successor Agent                                    | 88  |
| 10.10      | Withholding Tax                                    | 88  |
| 10.11      | Collateral Matters                                 | 90  |
| 10.12      | Swap Obligations                                   | 90  |
| 10.13      | Co-Agents                                          | 90  |
| ARTICLE XI | MISCELLANEOUS                                      | 91  |
| 11.01      | Amendments and Waivers                             | 91  |
| 11.02      | Notices                                            | 92  |
| 11.03      | No Waiver; Cumulative Remedies                     | 92  |
| 11.04      | Costs and Expenses                                 | 92  |
| 11.05      | Indemnity                                          | 93  |
| 11.06      | Marshalling; Payments Set Aside                    | 94  |
| 11.07      | Successors and Assigns                             | 94  |
| 11.08      | Assignments, Participations, Etc.                  | 95  |
| 11.09      | Confidentiality                                    | 96  |
| 11.10      | Set-off                                            | 97  |
| 11.11      | Actions in Concert                                 | 97  |
| 11.12      | Automatic Debits of Fees                           | 97  |
| 11.13      | Notification of Addresses, Lending Offices, Etc    | 97  |
| 11.14      | Severability                                       | 98  |
| 11.15      | No Third Parties Benefited                         | 98  |
| 11.16      | Governing Law and Jurisdiction                     | 98  |
| 11.17      | Waiver of Jury Trial; Judicial Reference           | 98  |
| 11.18      | USA Patriot Act Notice                             | 100 |
| 11.19      | Entire Agreement                                   | 100 |
| 11.20      | Counterparts; Facsimile Signatures                 | 101 |

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| Schedule 2.01  | Commitments and Pro Rata Shares        |
|----------------|----------------------------------------|
| Schedule 6.05  | Litigation                             |
| Schedule 6.07  | ERISA                                  |
| Schedule 6.09  | Closing Date Mortgaged Properties      |
| Schedule 6.17  | Subsidiaries                           |
| Schedule 6.18  | Insurance Matters                      |
| Schedule 6.22  | Depository Accounts                    |
| Schedule 8.01  | Permitted Liens                        |
| Schedule 8.02  | Permitted Dispositions                 |
| Schedule 8.04  | Existing Investments                   |
| Schedule 8.05  | Existing Indebtedness                  |
| Schedule 8.08  | Contingent Obligations                 |
| Schedule 11.02 | Lending Offices; Addresses for Notices |

| Exhibit A | Notice of Borrowing                       |
|-----------|-------------------------------------------|
| Exhibit B | Form of Notice of Conversion/Continuation |
| Exhibit C | Form of Compliance Certificate            |
| Exhibit D | Form of Assignment and Acceptance         |

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| PERFORMANCE PRICING GRID –REVOLVING LOAN, TERM REVOLVING LOANS, TERM LOAN AND UNUSED LINE FEES |
|------------------------------------------------------------------------------------------------------|
|   Tier                                                                                | Leverage Ratio  | RevolvingLoanLIBORMargin  | RevolvingLoanBaseRate Margin  | RevolvingLoanUnused LineFee  |  Term Revolving Loan/Term LoanLIBORMargin  | Term Revolving Loan/Term Loan BaseRateMargin  | Term RevolvingLoanUnused LineFee  |
| 1                                                                                                    | < 2.50 | 1.50% | 0.50% | 0.25% | 1.625% | 0.50% | 0.25% |
| 2                                                                                                    | ≥ 2.50 < 3.50 | 1.75% | 0.75% | 0.25% | 1.875% | 0.75% | 0.25% |
| 3                                                                                                    | ≥ 3.50 < 4.50 | 2.00% | 1.00% | 0.25% | 2.125% | 1.00% | 0.25% |
| 4                                                                                                    | ≥ 4.50 | 2.25% | 1.25% | 0.375% | 2.375% | 1.25% | 0.375% |
|                                                                                                 |   |   |   |   |   |   |   |

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| AMERICAN AGCREDIT, FLCA, as Agent,   Issuing Bank, Swingline Lender and as a LenderBy:           _____________________________Name:       _____________________________Title:         _____________________________ |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |
|--------|

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| Lender                  | Revolving Loan Commitment | Pro Rata Share  |
|-------------------------|---------------------------|----------------------|
| American AgCredit, FLCA | $10,000,000               | 100%                 |
|                    |                      |                 |
| Total                   | $10,000,000               | 100%                 |

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| Lender                  | Term Revolving Loan Commitment | Pro Rata Share  |
|-------------------------|--------------------------------|----------------------|
| American AgCredit, FLCA | $50,000,000                    | 100%                 |
|                    |                           |                 |
| Total                   | $50,000,000                    | 100%                 |

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| Provider           | Plan Type                    | Borrower                 |
|--------------------|------------------------------|--------------------------|
| Anthem Blue Cross  | Medical, Dental & Vision | Pine Ridge Winery, LLC.  |
| Kaiser             | Medical                      | Pine Ridge Winery, LLC.  |
| The Standard       | Life Insurance & EAP     | Pine Ridge Winery, LLC.  |
| Discovery Benefits | FSA & COBRA              | Pine Ridge Winery, LLC.  |
| DRS                | 401k                         | Crimson Wine Group, Ltd. |

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| Property                                                | County | APN                                                                |
|---------------------------------------------------------|--------|--------------------------------------------------------------------|
| Carneros - V31 - Buhman                                 | Napa   | 047-030-019-000                                                    |
| Oakville - V25 - Dos Olivos                             | Napa   | 031-050-035-000                                                    |
| Rutherford - V40 –Rutherford Ridge                | Napa   | 027-440-020-000027-440-025-000                                |
| Stag's Leap - V27 –Pine Ridge (Lovell/Langstroth) | Napa   | 039-040-034-000                                                    |
| Alexander Valley - V10 –Home Ranch (A)       | Sonoma | 118-090-011-000118-090-012-000118-090-013-000118-070-014-000  |
| Alexander Valley - V11 –Home Ranch (B)       | Sonoma | 118-080-009-000118-080-014-000118-080-019-000                 |
| Alexander Valley - V13 –River Road           | Sonoma | 116-250-001-000116-250-002-000                                     |
| Alexander Valley - V14 –Ellis (Lone Oak)     | Sonoma | 141-190-047-000                                                    |
| Russian River - V12 –Keyhole Ranch                | Sonoma | 110-080-018-000110-080-022-000                                     |

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| 1.   | The following are subsidiaries of Crimson Wine Group, Ltd.: Pine Ridge Winery, LLC, Chamisal Vineyards, LLC and Double Canyon Vineyards, LLC. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | Seghesio Wineries, IC-DISC, Incorporated, a Delaware corporation, is a subsidiary of Pine Ridge Winery, LLC. |
|----------------|--------------------------------------------------------------------------------------------------------------|

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| Issuer                                                  | Coverage                                                                                                                                                                                                                                                       | Deductible                        |
|---------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|
| Great American                                          | Commercial Package Policy· Blanket Building including Wine Caves· Blanket Business Personal Property· Blanket Business Income/Extra Expense· Equipment Breakdown· Blanket Mobile Agriculture Equipment  |  $10,000$10,000N/A$10,000N/A |
| Underwriters at Lloyds                                  | Wine Stock Throughput                                                                                                                                                                                                                                          | $10,000/1,000/100,000             |
| Great American                                          | Commercial General Liability                                                                                                                                                                                                                                   |                              |
| Great American                                          | Commercial Automobile Policy                                                                                                                                                                                                                                   | $1,000                            |
| Great American                                          | Umbrella Liability                                                                                                                                                                                                                                             |                              |
| Great American                                          | Excess Liability                                                                                                                                                                                                                                               |                              |
| Continental Casualty Company                            | Crime Coverage                                                                                                                                                                                                                                                 | $25,000/1,000                     |
| U.S. Specialty Insurance Company                        | Special Crime Coverage                                                                                                                                                                                                                                         |                              |
| ACE Westchester Fire Insurance Company                  | Fiduciary Liability                                                                                                                                                                                                                                            |                              |
| Carolina Casualty Insurance Company (Monitor Liability) | Employment Practices Liability Insurance                                                                                                                                                                                                                       | $15,000 (retentions)              |
| Federal Insurance Company                               | ForeFront Portfolio 3.0                                                                                                                                                                                                                                        | $25,000/5,000 (retentions)        |
| ACE Westchester Fire Insurance Company                  | Directors and Officers Liability                                                                                                                                                                                                                               | $500,000/250,000 (retentions)     |
| Allied World Assurance Company (U.S.), Inc.             | Lead Side A Directors and Officers Liability Side A DIC Coverage                                                                                                                                                                                               | $500,000 (retentions)             |
| The Hartford                                            | Workers’ Compensation                                                                                                                                                                                                                                    |                              |

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| Account                       | Bank        | Account #  |
|-------------------------------|-------------|------------|
|                          |        |       |
| Crimson Operating Account     | Wells Fargo | 4124218330 |
| Pine Ridge Payroll Account    | Wells Fargo | 4122176779 |
| Chamisal Vineyards Account    | Wells Fargo | 4122176787 |
| Double Canyon Account         | Wells Fargo | 4122176795 |
| Short Term Investment Account | Wells Fargo | 29576006   |

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|   | Re: | Credit Agreement, dated as of March 22, 2013 (as extended, renewed, amended or restated from time to time, the “Credit Agreement”), among Crimson Wine Group, Ltd. and the other Persons signatory thereto as “Borrowers”, the several financial institutions from time to time party thereto as “Lenders”, and American AgCredit, FLCA, as Agent |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | Re: | Credit Agreement, dated as of March 22, 2013 (as extended, renewed, amended or restated from time to time, the “Credit Agreement”), among Crimson Wine Group, Ltd. and the other Persons signatory thereto as “Borrowers”, the several financial institutions from time to time party thereto as “Lenders”, and American AgCredit, FLCA, as Agent |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| To: | American AgCredit, FLCA, as Agent; Crimson Wine Group, Ltd, a Delaware corporation |
|-----|------------------------------------------------------------------------------------|

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|   | (C) | Payment Instructions: |
|--------|-----|-----------------------|

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| Adjusted Pro Rata Share ofthe Aggregate Revolving Loan Commitment:$_______________Adjusted Pro Rata Share of Revolving Loans:$_______________Adjusted Pro Rata Share ofthe Aggregate Term Revolving Loan Commitment:Adjusted Pro Rata Share of Term Revolving Loans: $_______________Adjusted Pro Rata Share:_______________%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | [ASSIGNOR]By:        __________________                                                   Title:     __________________                                                  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Pro Rata Share ofthe Aggregate Revolving Loan Commitment:$_______________Pro Rata Share of Revolving Loans:$_______________Pro Rata Share ofthe Aggregate Term Revolving Loan Commitment:$_______________Pro Rata Share of Term Revolving Loans:$_______________Pro Rata Share:_______________%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | [ASSIGNEE]By:      ___________________                                                    Title:   ___________________                                                        |
| CONSENTED TO this ____ dayof ________________, ___:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|  By:                                                                Title:                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| ACKNOWLEDGED AND CONSENTED TO this _____ day of _______________, _____:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| AMERICAN AGCREDIT, FLCA, as AgentBy:                                                      Title:                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

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