Document:

EX-10.3

 Exhibit 10.3 

FORM OF EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered
into by and between Modern Media Acquisition Corp. S.A. (the “Company”) and Petrus (“Pierre”) Schreuder (“Executive”). The Company and Executive are hereinafter collectively referred to as
the “Parties”, and individually referred to as a “Party”. The Agreement shall become effective upon the closing and effective date (“Effective Date”) of the proposed
merger contemplated in the letter of intent between Modern Media Acquisition Corp. and Akazoo Limited, dated October 25, 2018 (the “Merger”). 

RECITALS 

A.    The Company desires assurance of the association and services of Executive in order to retain
Executive’s experience, skills, abilities, background and knowledge, and is willing to engage Executive’s services on the terms and conditions set forth in this Agreement. 

B.    Executive desires to be in the employ of the Company, and is willing to accept such employment on the terms
and conditions set forth in this Agreement. 
 AGREEMENT 

In consideration of the foregoing Recitals and the mutual promises and covenants herein contained, and for other good and valuable
consideration, the Parties, intending to be legally bound, agree as follows: 
  

	 	1.	 EMPLOYMENT. 

1.1    Title. Effective as of the Effective Date, Executive’s position shall be Chief Financial Officer.

 1.2    Term. The period of Executive’s at-will employment
under the terms of this Agreement is referred to herein as the “Term.” Subject to Section 4 below, the Parties agree that Executive’s employment may be terminated at any time with or without cause or notice, for any
reason or no reason. 
 1.3    Duties; Location. Executive shall have the customary powers,
responsibilities and authorities of a chief financial officer of a corporation of the size, type and nature of the Company, as it exists from time to time. Executive shall report to the Company’s Chief Executive Officer
(“CEO”). Executive’s principal place of employment during the Term shall be in London, England and Athens, Greece, subject to reasonable business travel as may be required from time-to-time, provided, however, that Executive may relocate during the Term to the New York Tri-State Area, USA, as determined in Executive’s sole and exclusive
discretion.  
 1.4    Governing Agreement. The
employment relationship between the Parties shall be governed by this Agreement and any other provisions of agreements between Executive and the Company setting forth compensation, benefits, or equity to which Executive is or may be entitled or
local laws applicable to local operating companies with whom Executive may have ancillary agreements. 

 1.5    Employing Entity. The Parties agree that the
Parties may mutually agree to assign the Company’s rights, duties and obligations hereunder to affiliated entities to the extent that employment by such local entity would avoid adverse tax implications for either Executive or the Company. In
the event of such an assignment, the Parties agree that the assignee shall be primarily liable for all Company obligations and duties hereunder but that the Company shall assume any liabilities hereunder should the local entity be unable to fulfill
such obligations and duties hereunder. For avoidance of doubt, if the local entity is unable to fulfill the severance obligations hereunder, the Company agrees to satisfy them. 

 

	 	2.	 LOYALTY; NONCOMPETITION; NONSOLICITATION.

 2.1    Loyalty. During Executive’s employment by the Company, Executive shall
devote substantially all the standard business hours of the Company to the performance of Executive’s duties under this Agreement. Notwithstanding the foregoing, except as otherwise agreed to in writing, Executive shall have the right to
perform such incidental services as are necessary in connection with (a) his private investments, (b) his charitable or community activities, (c) his participation in trade or professional organizations, and (d) his service on
the board of directors (or comparable body) of any third-party corporate entity that is not a Competitive Entity (as defined in Section 2.3), so long as these activities do not materially interfere with Executive’s duties hereunder and,
with respect to (d), Executive obtains prior Company consent, which consent will not be unreasonably withheld. Executive may also provide services to other parties as an advisor or consultant. Notwithstanding anything to the contrary above,
Executive is permitted to continue his work and affiliation with Freremon Limited and Addison Consult bvba. 

2.2    Agreement not to Participate in Company’s Competitors. During the Term, Executive agrees not to
acquire, assume or participate in, directly or indirectly, any position, investment or interest known by Executive to be in competition with the business of the Company or any of its Affiliates (as defined below). Ownership by Executive, in
professionally managed funds over which the Executive does not have control or discretion in investment decisions, or as a passive investment, of less than five percent (5%) of the outstanding shares of capital stock of any corporation with one or
more classes of its capital stock listed on a national securities exchange or publicly traded on a national securities exchange or in the over-the-counter market shall
not constitute a breach of this Section. For purposes of this Agreement, “Affiliate” means, with respect to any specific entity, any other entity that, directly or indirectly, through one or more intermediaries, controls, is
controlled by or is under common control with such specified entity. Notwithstanding the above, in the event that the Company or any of its Affiliates undertakes a business line after the Merger that is in competition with a pre-existing venture in which Executive has an interest, Executive shall not be required to divest himself from such venture provided that Executive relinquishes operational control of such competitive venture. 

2.3    Covenant not to Compete. To the extent permitted by the laws of the jurisdiction in which Executive
primarily performs services for the Company, during the Term and for a period of twelve (12) months thereafter (the “Restricted Period”), Executive shall not engage in competition with the Company, either directly or
indirectly, in any manner or capacity, as 

  
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adviser, principal, agent, affiliate, promoter, partner, officer, director, employee, in any phase of the business of developing, manufacturing and marketing of digital music streaming services
(a “Competitive Entity”), except with the prior written consent of the Company. Notwithstanding anything to the contrary herein, nothing in this Section 2.3 shall prevent Executive from working for a non-competitive division, department, subsidiary, or affiliate of a Competitive Entity, provided that Executive does not provide any advice or counsel to the Competitive Entity on activities competitive with the
Company during the Restricted Period. 
 2.4    Nonsolicitation. During the Restricted Period, Executive
shall not: (i) solicit or induce, or attempt to solicit or induce, any employee of the Company or its Affiliates to leave the employ of the Company or such Affiliate; or (ii) solicit or attempt to solicit the business of any client or
customer of the Company or its Affiliates with respect to competitive products or services offered by a Competitive Entity. 

2.5    Acknowledgements. Executive acknowledges and agrees that his services to the Company pursuant to this
Agreement are unique and extraordinary and that in the course of performing such services Executive shall have access to and knowledge of significant confidential, proprietary, and trade secret information belonging to the Company. Executive agrees
that the covenant not to compete and the nonsolicitation obligations imposed by this Section 2 are reasonable in duration, geographic area, and scope and are necessary to protect the Company’s legitimate business interests in its goodwill,
its confidential, proprietary, and trade secret information, and its investment in the unique and extraordinary services to be provided by Executive pursuant to this Agreement. If, at the time of enforcement of this Section 2, a court holds
that the covenant not to compete and/or the nonsolicitation obligations described herein are unreasonable or unenforceable under the circumstances then existing, then the Parties agree that the maximum duration, scope, and/or geographic area legally
permissible under such circumstances will be substituted for the duration, scope and/or area stated herein. 
  

	 	3.	 COMPENSATION OF THE EXECUTIVE.

 3.1    Base Salary. The Company shall pay Executive a base salary (the
“Base Salary”) at the annualized rate of $450,000.00 USD, payable in regular periodic payments in accordance with the Company’s normal payroll practices. The Base Salary shall be prorated for any partial year of
employment on the basis of a 365-day fiscal year. The Company may increase, but not decrease (except in connection with a Company-wide decrease in executive compensation applied on a proportional basis to
Executive as the reductions in base salary are applied to other similarly situated executive officers, and in no case exceed an aggregate reduction of 10% during the Term), Executive’s Base Salary from time to time, and if so increased,
“Base Salary” shall include such increases for purposes of this Agreement. 
 3.2    Bonuses. For
each of calendar years 2019 and 2020, Executive shall be eligible to receive a cash bonus (the “Annual Performance Bonus”) in an amount up to 60% of Executive’s then-current Base Salary on the Company’s attainment
of certain financial and/or business milestones (the “Milestones”). The Milestones will be established annually by the Company’s Board of Directors (“Board”) or the Remuneration Committee in
consultation with the CEO, provided that, for 2019 and 2020, such Milestones will be based on revenue and premium subscriber target values outlined in the budget approved by the Company Board on a yearly basis.

  
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The Milestones for 2019 will be established and communicated to Executive within 30 days after the Effective Date. The Milestones for subsequent years will be established and communicated to
Executive by no later than January 7th of each subsequent year. The Company agrees that the audited achievement of the Milestones will result in the payment of an Annual Performance Bonus on a
progressive scale based on the following framework – if the Company achieves at least 85% of the Milestones for the year then the Annual Performance Bonus will be 15% of Executive’s Base Salary, if the Company achieves at least 100% of the
Milestones for the year then the Annual Performance Bonus will be 40% of his Base Salary, and if the Company achieves at least 115% of the Milestones for the year then the Annual Performance Bonus will be 60% of his Base Salary. The degree of the
Company’s Milestone performance shall be determined according to reasonable criteria and communicated, within 15 days of the completion of the annual audited financial report, by the Remuneration Committee. The annual cash bonus will be paid by
no later than April 30th. After 2020, the Milestones may be adjusted in the reasonable discretion of the Remuneration Committee of the Board (the Milestones may continue to be based on Company
revenue targets or may be based on other reasonable business and financial milestones), notwithstanding that the maximum bonus amount (60% of Base Salary) and scale (as outlined above) may not be decreased without the prior consent of Executive.

 3.3    Expense Reimbursements; Car Allowance. The Company will reimburse Executive for all business
expenses, including but not limited to communications and mobile communication expenses, transport, lodging, and business related travel expenses, that Executive incurs in conducting his duties hereunder, pursuant to the Company’s usual expense
reimbursement policies, but in no event later than ninety (90) days after the end of the calendar month following the month in which such expenses were incurred by Executive; provided that Executive supplies the appropriate substantiation for
such expenses no later than the end of the calendar month following the month in which such expenses were incurred by Executive. In addition to such reimbursements as described herein, the Company will also pay Executive a monthly stipend of no less
than $5,000 to be allocated to on-going monthly expenses in the course of business, travel, and transport and car expenses that are not conducive to, or practical for, reimbursement. 

3.4    Employment Taxes. All of Executive’s compensation (whether paid to Executive or Executive’s
estate), including, to the extent applicable, any taxable reimbursements or stipends, shall be subject to customary withholding taxes and any other employment taxes, to the extent required by the law based on Executive’s domicile or place of
work, as applicable. 
 3.5    Benefits. At the Company’s expense, the Executive shall, in accordance
with Company policy and the applicable plan documents, be eligible to participate in benefits under any benefit plan or arrangement, including medical, dental, vision, disability and life insurance programs, that may be in effect from time to time
and made available to the Company’s senior management employees, subject to the terms and conditions of those benefit plans. Such plans shall have international coverage. 

3.6    Holidays and Vacation. Executive shall receive 25 days of paid vacation per year, which cannot be
taken in one increment, but which shall accrue if not used in any year and be paid to Executive or carried forward to subsequent years consistent with Company policy. In addition to such paid vacation, Executive shall receive all paid Company
holidays in accordance with Company policy. 

  
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 3.7    Long Term Incentive Plan (LTIP). The Company will
establish a long-term incentive program (LTIP) for Executive. The first LTIP awards will cover the 3 year period 2019-2021, consisting of various equity incentive instruments, but whose value shall be 75% of Executive’s annual Base Salary for
the year at issue (such value is the “Yearly LTIP Value”) subject to and on the terms described in Sections 3.7.1 and 3.7.2 as follows: 

3.7.1    Annual Stock Option Award. By no later than February 15th of each calendar year during the Term (or, in the case of calendar year 2019, by no later than thirty (30) days after the closing of the Merger), and provided that Executive remains an employee
of the Company or its Affiliates as of the date of grant of the stock option, the Company shall grant to Executive an option to purchase shares of the Company’s common stock under the Company’s 2019 Omnibus Equity Incentive Plan (the
“Plan”), where each such option will have a grant date value of 50% of the Yearly LTIP Value (for example, $168,750 USD for calendar year 2019), at an exercise price that is equal to the fair market value of the common stock
on the date of grant (each annual grant referred to as an “Option”). The “value” of each Option for this purpose will be the fair value of the Option on the date of grant based on a Black-Scholes or any similar
option valuation methodology utilized by the Company for determining the fair value of its stock options for financial reporting purposes. Subject to the accelerated vesting provisions set forth herein, prior to a Termination of Service (as defined
in the Plan ), the Option will vest and become exercisable as to 1/36th of the shares subject to the Option monthly, so that the Option will be fully vested and exercisable three (3) years from the date of grant. 

3.7.2    Annual Restricted Stock Unit Award. By no later than February 15th of each calendar year during the Term (or, in the case of calendar year 2019, by no later than thirty (30) days after the closing of the Merger), and provided that Executive remains an employee
of the Company or its Affiliates as of the date of grant of an RSU Award, the Company shall also grant to Executive an award of restricted stock units with respect to shares of the Company’s common stock, covering a number of shares having a
fair market value equal to 50% of the Yearly LTIP Value (for example, $168,750.00 USD for calendar year 2019) (each annual grant referred to as an “RSU Award”). With respect to the RSU Award in 2019 (the “2019 RSU
Award”), subject to the accelerated vesting provisions set forth herein, prior to a Termination of Service (as defined in the Plan ), 50% of the 2019 RSU Award will be subject to vesting based upon the audited achievement of mutually
agreed upon Company revenue targets for financial years 2019-2021, and 50% of the 2019 RSU Award will be subject to vesting tied to the achievement of mutually agreed upon total shareholder return (TSR) goals for financial years 2019-2021 as
compared against the Company’s peer group, including Spotify and Tencent Music, if applicable. The aforementioned goals will be established as of the date the 2019 RSU Award is granted. For each subsequent financial year after 2019 during the
Term of this Agreement, the Company will approve an additional grant of RSUs, in each case covering shares of Company common stock having a fair market value equal to 50% of the Yearly LTIP Value on the date of grant, and subject to vesting based on
the attainment of reasonable performance targets (revenue and TSR) over the course of 3 year 

  
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periods (e.g., the 2020 RSU Award would vest at the end of 2022 based on performance goals for that three-year period), as such goals are established in good faith by the Company’s
Remuneration Committee. The performance goals for all RSUs are subject to equitable adjustment for acquisitions and any other corporate transactions that materially affect the performance targets. 

3.7.3    As soon as practicable after the Merger, the Company agrees to register any shares of
capital stock issued pursuant to awards under the Plan, including shares of common stock issued to Executive, on a Form S-8 or other similar registration statement and will use its best efforts to maintain the
effectiveness of such registration during all times that such shares of capital stock remain outstanding. 
  

	 	4.	 TERMINATION. 

4.1    Termination by the Company. Executive’s employment with the Company is at will and may be
terminated by the Company at any time and for any reason, or for no reason, including, but not limited to, under the following conditions: 

4.1.1    Termination by the Company for Cause. The Company may terminate Executive’s
employment under this Agreement for “Cause” by delivery of written notice to Executive. Any notice of termination given pursuant to this Section 4.1.1 shall effect termination as of the date of the notice, or as of such other date as
specified in the notice. 
 4.1.2    Termination by the Company without Cause. The Company
may terminate Executive’s employment under this Agreement without Cause at any time and for any reason, or for no reason. Such termination shall be effective on the date Executive is so informed, or as otherwise specified by the Company. 

4.2    Termination by Resignation of Executive. Executive’s employment with the Company is at will and
may be terminated by Executive at any time and for any reason, or for no reason, including via a resignation for Good Reason in accordance with the procedures set forth in Section 4.6.3 below. 

4.3    Termination for Death or Complete Disability. Executive’s employment with the Company shall
automatically terminate effective upon the date of Executive’s death or Complete Disability (as defined below). 

4.4    Termination by Mutual Agreement of the Parties. Executive’s employment with the Company may be
terminated at any time upon a mutual agreement in writing of the Parties. Any such termination of employment shall have the consequences specified in such agreement. 

4.5    Compensation Upon Termination. 

4.5.1    Death or Complete Disability. If, during the Term of this Agreement,
Executive’s employment shall be terminated by death or Complete Disability, the Company shall pay to Executive, his estate, or his heirs, as applicable, (i) any Base 

  
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Salary owed to Executive through the date of termination; (ii) expenses reimbursement amounts owed to Executive; (iii) all unpaid bonuses Executive accrued for any already completed
calendar years prior to the termination date; (iv) a cash lump sum in respect to accrued and unused vacation benefits earned through the date of termination at the rate in effect at the time of termination; (v) any payments and benefits to
which Executive (or his estate) is entitled pursuant to the terms of any employee benefit or compensation plan or program in which he participates (or participated); and (vi) any amount to which Executive is entitled pursuant to any other
written agreements between the Company or any of its Affiliates and Executive (the amounts in (i) through (vi) above being the “Termination Amounts”). The Company shall pay Executive: (A) the amounts contained in
items (i) through (iv) within ten (10) days following such termination (or in the case of any performance bonuses based on completed calendar years, upon the Company’s receipt of its completed financial statements or other information
confirming achievement of the performance milestones, if applicable); (B) any payments associated with (v) in accordance to the terms of such plans or programs; and (C) any such amounts in (vi) in accordance with the terms of such
agreements. Additionally, in the case of Executive’s death or complete disability, Executive or his estate or heirs shall be beneficiaries to all amounts, proceeds and benefits provisioned by a Company sponsored life insurance program providing
death and disability benefits, administered to the Executive within a period of four (4) months from closing of the Merger. In the case of Executive’s death or complete disability within this four (4) month period, and where such an
insurance policy is not active, has not come into effect yet or is under renewal or renegotiation, then the Executive, or his estate or heirs shall be due $1 million USD as an additional Termination Amount. . 

4.5.2    Termination For Cause or Resignation without Good Reason. If, during the Term of
this Agreement, Executive’s employment is terminated by the Company for Cause, or Executive resigns his employment hereunder without Good Reason, the Company shall pay Executive the Termination Amounts. The Company shall thereafter have no
further obligations to Executive under this Agreement, except as otherwise provided by law. 

4.5.3    Termination Without Cause or Resignation For Good Reason. If the Company terminates
Executive’s employment without Cause, or if Executive resigns for Good Reason, the Company shall pay Executive the Termination Amounts. In addition, subject to Executive furnishing to the Company an executed Release within a reasonable time
period specified therein but which in no event will be greater than forty-five (45) days after the date of termination, and allowing the Release to become effective in accordance with its terms, Executive shall be entitled to:
(1) severance in the form of a lump sum payment equivalent to (i) if Executive’s termination occurs prior to a four (4) month period before a Change in Control, twelve (12) months of his Base Salary (at the Base Salary rate
in effect at the time of termination, but prior to any reduction triggering Good Reason); or (ii) if Executive’s termination occurs within four (4) months before, on or after a Change in Control, eighteen (18) months of his Base
Salary (at the Base Salary rate in effect at the time of termination, but prior to any reduction triggering Good Reason); (2) payment of 100% of Executive’s premiums to cover COBRA for the Executive and his eligible dependents for a period of
twelve (12) 

  
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months following the termination date; (3) a pro-rata Annual Performance Bonus for the year of termination, where the amount of the pro-rata bonus is the Executive’s maximum bonus opportunity (60% of Executive’s then Base Salary) multiplied by a fraction, the numerator of which shall be the number of full and partial months Executive
worked for the Company during the year of termination and the denominator of which shall be 12; and (4) immediate accelerated vesting of any unvested equity, whether such equity is subject to time-based or performance-based vesting, including,
without limitation, any shares of restricted stock, restricted stock units and unvested outstanding stock option(s) (including, but not limited to, accelerated vesting of any outstanding Options or RSU Awards under Section 3.7 of this
Agreement), and provided further that any contractual limitations or restrictions on the rights of Executive to sell or transfer any capital stock of the Company shall lapse and no longer apply upon his termination from employment under this
Section. The payments under (1) and (3) above will be made on the Company’s first regular payroll date after the effective date of the Release, and the reimbursement or payment of COBRA premiums will be made as those premium payments
become due for Executive, provided that any such payment that is scheduled to be paid before the effective date of the Release shall accrue and be paid in the first payroll period that follows such effective date. 

4.6    Definitions. For purposes of this Agreement, the following terms shall have the following meanings:

 4.6.1    Complete Disability. “Complete Disability” means that
Executive is determined to be permanently disabled pursuant to the Company’s long term disability plan and is receiving disability benefits under such plan, or, if no such plan exists, means permanent and total disability as defined in
Section 22(e)(3) of the Internal Revenue Code of 1986, as amended. 
 4.6.2    Cause.
“Cause” for the Company to terminate Executive’s employment hereunder shall mean the occurrence of any of the following events: 

(i)    The willful failure, disregard or refusal by Executive to perform his material duties or obligations under this
Agreement or to follow lawful directions received by Executive from the Board (other than because of incapacity due to physical or mental illness); 

(ii)    Any grossly negligent act by Executive having the effect of materially injuring (whether financially or otherwise)
the business or reputation of the Company or any willful act by Executive intended to cause such material injury, except any acts (A) made by Executive in connection with the enforcement of his rights, whether under this Agreement, any other
agreement between the Company or any affiliate and Executive, or pursuant to applicable law (e.g. disparagement, etc.) or (B) which are required by law or pursuant to a subpoena or demand by a governmental or regulatory body; 

(iii)    Executive’s conviction for any felony involving moral turpitude (including entry of a nolo contendere
plea); 

  
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 (iv)    Executive’s misappropriation or embezzlement of the
property of the Company or its Affiliates (which would qualify as a felony under local criminal law); or 

(v)    Willful and material breach by Executive of this Agreement and/or of his Proprietary Information and Inventions
Agreement (“PIIA”); provided, however, that, any such termination of Executive under 4.6.2(i), (ii), or (iv), shall only be deemed for Cause pursuant to this definition if: (1) the Company gives the Executive
written notice of the condition(s) alleged to constitute Cause, which notice shall describe such condition(s); and (2) the Executive fails to remedy such condition(s) (if curable) within thirty (30) days following receipt of the written
notice. 
 4.6.3    Good Reason. For purposes of this Agreement, and subject to the caveat
at the end of this Section, “Good Reason” for Executive to terminate his employment hereunder shall mean the occurrence of any of the following events without Executive’s prior written consent: 

(i)    any reduction by the Company of Executive’s Base Salary as initially set forth herein, provided, however, that
if such reduction occurs in connection with a Company-wide decrease in executive compensation of no more than 10% in the aggregate during the Term, such reduction shall not constitute Good Reason for Executive to terminate his employment; 

(ii)    a material breach by the Company (or any of its affiliates) of this Agreement or any other written agreement
between the Company or any of its affiliates and Executive; 
 (iii)    any change in Executive’s job title, except
as contemplated in Section 1.1 above; 
 (iv)    a material adverse change in Executive’s duties, authority,
responsibilities or reporting relationships, with such determination being made with reference to the greatest extent of your duties, titles, authority, responsibilities or reporting relationships, etc. as increased (but not decreased) from time to
time; 
 (v)    any failure of the Company or any affiliate to timely pay Executive any amount owed to Executive under
this Agreement or any other written agreement plan or program between the Company, any affiliates and Executive; 

(vi)    relocation of Executive’s principal place of employment by more than thirty-five (35) miles from London,
England; 
 (vii)    any reduction in Executive’s bonus eligibility or a reduction of the maximum Annual
Performance Bonus to an amount less than 60% of the Base Salary; 
 (viii)    the assignment to Executive of duties
materially inconsistent with his position with the Company; 
 (ix)    the Company’s failure to obtain an agreement
from any successor or assignee to assume and agree to perform this Agreement, or 

  
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 (x)    a Change in Control. 

Provided, however, that, any such termination by the Executive shall only be deemed for Good Reason pursuant to this definition if: (1) the
Executive gives the Company written notice of his intent to terminate for Good Reason by no later than thirty (30) days after the event or condition(s) which Executive believes constitutes Good Reason; which notice shall describe such
condition(s); (2) the Company fails to remedy such condition(s) within thirty (30) days following receipt of the written notice (the “Cure Period”); and (3) Executive voluntarily terminates his employment within
thirty (30) days following the end of the Cure Period. 
 4.6.4    Definition of Change
in Control. For purposes of this Agreement, “Change in Control” shall mean the occurrence, in a single transaction or in a series of related transactions, of any one or more of the following events (excluding in any case transactions
in which the Company or its successors issues securities to investors primarily for capital raising purposes): 

(i)    the acquisition by a third party (or more than one party acting as a group) of securities of the Company
representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation or similar transaction, provided that a Change of Control shall not be deemed
to have occurred if such third party (or a member of such group) owns in excess of 5% of the Company’s voting power as of the date of this Agreement; 

(ii)    a merger, consolidation or similar transaction following which the Stockholders of the Company immediately prior
thereto do not own at least fifty percent (50%) of the combined outstanding voting power of the surviving entity (or that entity’s parent) in such merger, consolidation or similar transaction; 

(iii)    the dissolution or liquidation of the Company; 

(iv)    the sale, lease, exclusive license or other disposition of all or substantially all of the assets of the Company;
or 
 (v)    within any twenty-four (24) month period, the Incumbent
Directors (as defined in the Plan) shall cease to constitute at least a majority of the Board or the board of directors of any successor to the Company; provided, however, that any director elected to the Board, or nominated for
election, by a majority of the Incumbent Directors then still in office, shall be deemed to be an Incumbent Director for purposes of this paragraph (e), but excluding, for this purpose, any such individual whose initial assumption of office occurs
as a result of either an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of an individual, entity or “group” other
than the Board. 
 4.7    Survival of Certain Sections. Any provision of this Agreement that must survive
termination of this Agreement if necessary to effectuate the intent of the Parties will survive such termination, including Sections 2.3, 2.4, 3, 6, 7, 8, 9, 11, 12, 13, 16 and 17. 

  
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 4.8    Application of Internal Revenue Code
Section 409A. Notwithstanding anything to the contrary set forth herein, any payments and benefits provided under this Agreement (the “Severance Benefits”) that constitute “deferred
compensation” within the meaning of Section 409A of the Code and the regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”) shall
not commence in connection with Executive’s termination of employment unless and until Executive has also incurred a “separation from service” (as such term is defined in Treasury Regulation
Section 1.409A-1(h) (“Separation From Service”), unless the Company reasonably determines that such amounts may be provided to Executive without causing Executive to incur the
additional 20% tax under Section 409A. 
 It is intended that each installment of the Severance Benefits payments provided for in this
Agreement is a separate “payment” for purposes of Treasury Regulation Section 1.409A-2(b)(2)(i). For the avoidance of doubt, it is intended that payments of the Severance Benefits set forth in
this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Section 409A provided under Treasury Regulation Sections 1.409A-1 (b) (4), 1.409A-1(b)(5) and 1.409A-1(b)(9). However, if the Company (or, if applicable, the successor entity thereto)
determines that the Severance Benefits constitute “deferred compensation” under Section 409A and Executive is, on the termination of service, a “specified employee” of the Company or any successor entity thereto, as such
term is defined in Section 409A(a)(2)(B)(i) of the Code, then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, the timing of the Severance Benefit payments shall be
delayed until the earlier to occur of: (i) the date that is six months and one day after Executive’s Separation From Service, or (ii) the date of Executive’s death (such applicable date, the “Specified Employee Initial
Payment Date”), the Company (or the successor entity thereto, as applicable) shall (A) pay to Executive a lump sum amount equal to the sum of the Severance Benefit payments that Executive would otherwise have received through the
Specified Employee Initial Payment Date if the commencement of the payment of the Severance Benefits had not been so delayed pursuant to this Section and (B) commence paying the balance of the Severance Benefits in accordance with the
applicable payment schedules set forth in this Agreement. 
 Notwithstanding anything to the contrary set forth herein, Executive
shall receive the Severance Benefits described above, if and only if Executive duly executes and returns to the Company within the applicable time period set forth therein, but in no event more than forty-five days following Separation From Service,
the Release and permits the release of claims contained therein to become effective in accordance with its terms. Notwithstanding any other payment schedule set forth in this Agreement, none of the Severance Benefits will be paid or otherwise
delivered prior to the effective date of the Release. Except to the extent that payments may be delayed until the Specified Employee Initial Payment Date pursuant to the preceding paragraph, on the first regular payroll pay day following the
effective date of the Release, the Company will pay Executive the Severance Benefits Executive would otherwise have received under the Agreement on or prior to such date but for the delay in payment related to the effectiveness of the Release, with
the balance of the Severance Benefits being paid as originally scheduled. All amounts payable under the Agreement will be subject to standard payroll taxes and deductions. 

All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in
accordance with the requirements of Section 409A to the extent that such reimbursements or in-kind benefits are subject to Section 409A. All reimbursements for expenses

  
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paid pursuant hereto that constitute taxable income to Executive shall in no event be paid later than the end of the calendar year next following the calendar year in which Executive incurs such
expense or pays such related tax. Unless otherwise permitted by Section 409A, the right to reimbursement or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for
another benefit and the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, respectively, in any other taxable year. 
  

	 	5.	 CONFIDENTIAL AND PROPRIETARY INFORMATION.

 As a condition of employment Executive agrees to execute the PIIA. 

 

	 	6.	 ASSIGNMENT AND BINDING EFFECT.

 This Agreement shall be binding upon and inure to the benefit of Executive and Executive’s heirs, executors,
personal representatives, assigns, administrators and legal representatives. Because of the unique and personal nature of Executive’s duties under this Agreement, neither this Agreement nor any rights or obligations under this Agreement shall
be assignable by Executive. This Agreement shall be binding upon and inure to the benefit of the Company and its successors, assigns and legal representatives. Any such successor of the Company will be deemed substituted for the Company under the
terms of this Agreement for all purposes. For this purpose, “successor” means any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or
substantially all of the assets or business of the Company. 
  

	 	7.	 NOTICES. 

All notices or demands of any kind required or permitted to be given by the Company or Executive under this Agreement shall be given in writing
and shall be personally delivered (and receipted for) or faxed during normal business hours or mailed by certified mail, return receipt requested, postage prepaid, addressed as follows: 

If to the Company: 

(      )
                     
 Attn:
                     
 If to
Executive: 

[                       
         ] 
 Any such written notice shall be deemed given on the earlier of the date on which such notice
is personally delivered or three (3) days after its deposit in the United States mail as specified above. Either Party may change its address for notices by giving notice to the other Party in the manner specified in this Section. 

  
 12 

	 	8.	 CHOICE OF LAW. 

This Agreement shall be construed and interpreted in accordance with the internal laws of the State of New York without regard to its conflict
of laws principles. 
  

	 	9.	 INTEGRATION. 

This Agreement, including Exhibit A and the PIIA, contains the complete, final and exclusive agreement of the Parties relating to the
terms and conditions of Executive’s employment and the termination of Executive’s employment, and supersedes all prior and contemporaneous oral and written employment agreements. 

 

	 	10.	 AMENDMENT. 

This Agreement cannot be amended or modified except by a written agreement signed by Executive and the Company. 

 

	 	11.	 WAIVER. 

No term, covenant or condition of this Agreement or any breach thereof shall be deemed waived, except with the written consent of the Party
against whom the wavier is claimed, and any waiver or any such term, covenant, condition or breach shall not be deemed to be a waiver of any preceding or succeeding breach of the same or any other term, covenant, condition or breach. 

 

	 	12.	 SEVERABILITY. 

The finding by a court of competent jurisdiction of the unenforceability, invalidity or illegality of any provision of this Agreement shall not
render any other provision of this Agreement unenforceable, invalid or illegal. Such court shall have the authority to modify or replace the invalid or unenforceable term or provision with a valid and enforceable term or provision, which most
accurately represents the Parties’ intention with respect to the invalid or unenforceable term, or provision. 
  

	 	13.	 INTERPRETATION; CONSTRUCTION. 

The headings set forth in this Agreement are for convenience of reference only and shall not be used in interpreting this Agreement. This
Agreement has been drafted by legal counsel representing the Company, but the Executive has been encouraged to consult with, and has consulted with, Executive’s own independent counsel and tax advisors with respect to the terms of this
Agreement. The Parties acknowledge that each Party and its counsel has reviewed and revised, or had an opportunity to review and revise, this Agreement, and any rule of construction to the effect that any ambiguities are to be resolved against the
drafting party shall not be employed in the interpretation of this Agreement. 

  
 13 

	 	14.	 REPRESENTATIONS AND WARRANTIES. 

Executive represents and warrants that Executive is not restricted or prohibited, contractually or otherwise, from entering into and performing
each of the terms and covenants contained in this Agreement, and that Executive’s execution and performance of this Agreement will not violate or breach any other agreements between the Executive and any other person or entity. 

 

	 	15.	 COUNTERPARTS. 

This Agreement may be executed in two counterparts, each of which shall be deemed an original, all of which together shall contribute one and
the same instrument. Signatures to this Agreement transmitted by fax, by email in “portable document format” (“.pdf”) or by any other electronic means intended to preserve the original graphic and pictorial appearance of this
Agreement shall have the same effect as physical delivery of the paper document bearing original signature. 
  

	 	16.	 ARBITRATION. 

To ensure the rapid and economical resolution of disputes that may arise in connection with the Executive’s employment with the Company,
Executive and the Company agree that any and all disputes, claims, or causes of action, in law or equity, arising from or relating to Executive’s employment, or the termination of that employment, will be resolved, to the fullest extent
permitted by law, by final, binding and confidential arbitration pursuant to the Federal Arbitration Act in the location of Executive’s primary work location conducted by the Judicial Arbitration and Mediation Services/Endispute, Inc.
(“JAMS”), or its successors, under the then current rules of JAMS for employment disputes; provided that the arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of the dispute and to
award such relief as would otherwise be permitted by law; and (b) issue a written arbitration decision including the arbitrator’s essential findings and conclusions and a statement of the award. Accordingly, Executive and the Company
hereby waive any right to a jury trial. Both Executive and the Company shall be entitled to all rights and remedies that either Executive or the Company would be entitled to pursue in a court of law. The Company shall pay any JAMS filing fee and
shall pay the arbitrator’s fee. Nothing in this Agreement is intended to prevent either Executive or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration.
Notwithstanding the foregoing, Executive and the Company each have the right to resolve any issue or dispute involving confidential, proprietary or trade secret information, or intellectual property rights, by Court action instead of arbitration.

  

	 	17.	 INDEMNIFICATION. 

Without limiting the Company’s requirements under local or Luxembourg law, to the extent more favorable to Executive than Delaware law,
the Company shall defend and indemnify Executive in his capacity as an officer of the Company to the fullest extent permitted under the Delaware General Corporation Law (“DGCL”) as if the Company were incorporated in Delaware. The Company
shall also maintain a policy for indemnifying its officers and directors during the Term and for no less than six years after the date upon which Executive’s employment 

  
 14 

 
with the Company terminates, including but not limited to the Executive, for all actions permitted under the DGCL taken in good faith pursuit of their duties for the Company, including but not
limited to maintaining an appropriate level of Directors and Officers Liability coverage and maintaining the inclusion of such provisions in the Company’s by-laws or articles of incorporation, as
applicable and customary. The rights to indemnification and requirement to maintain related insurance shall survive any expiration or termination of this Agreement. 
  

	 	18.	 TRADE SECRETS OF OTHERS.

 It is the understanding of both the Company and Executive that Executive shall not divulge to the Company and/or its
subsidiaries any confidential information or trade secrets belonging to others, including Executive’s former employers, nor shall the Company and/or its Affiliates seek to elicit from Executive any such information. Consistent with the
foregoing, Executive shall not provide to the Company and/or its Affiliates, and the Company and/or its Affiliates shall not request, any documents or copies of documents containing such information. 

  
 15 

 IN WITNESS WHEREOF, the
Parties have executed this Agreement as of the date first above written. 
  

			
	MODERN MEDIA ACQUISITION CORP. S.A.
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	Dated:	 	 

  

	
	EXECUTIVE:
	
	   

	PETRUS (“PIERRE”) SCHREUDER

  

			
	Dated:	 	 

 EXHIBIT A 

RELEASE AND WAIVER OF CLAIMS 

TO BE SIGNED ON OR FOLLOWING THE SEPARATION DATE ONLY 

In consideration of the payments and other benefits set forth in the Employment Agreement effective as of
                        , to which this form is attached, I, Petrus (“Pierre”) Schreuder, hereby furnish
Modern Media Acquisition Corp. S.A. (the “Company”), with the following release and waiver (“Release and Waiver”). 

In exchange for the consideration provided to me by the Employment Agreement that I am not otherwise entitled to receive, I hereby generally
and completely release the Company and its current and former directors, officers, employees, stockholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns (collectively, the
“Released Parties”) from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to or on the date that I
sign this Agreement (collectively, the “Released Claims”). Except as provided below, the Released Claims include, but are not limited to: (a) all claims arising out of or in any way related to my employment with the
Company, or the termination of that employment; (b) all claims related to my compensation or benefits from the Company including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock
options, or any other ownership interests in the Company; (c) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including claims for fraud,
defamation, emotional distress, and discharge in violation of public policy; and (e) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, misclassification, attorneys’ fees, or other
claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (the “ADEA”), the fair
employment practices statutes of the state or states in which I have provided services to the Company and/or any other federal, state or local law, regulation or other requirement. Notwithstanding the foregoing, the following are not included in the
Released Claims (the “Excluded Claims”): (a) any rights or claims under the Agreement or any other written agreement between the Company and me, including any stock option award agreement or plan, (b) any rights or
claims that may arise as a result of events occurring after the date this Release and Waiver is executed or which otherwise cannot lawfully be waived, (c) any indemnification rights I may have as a former officer or director of the Company or
its subsidiaries or affiliated companies, including any rights or claims for indemnification I may have pursuant to any written indemnification agreement with the Company to which I am a party, the charter, bylaws, or operating agreements of the
Company, or under applicable law; (d) any claims for benefits under any directors’ and officers’ liability policy maintained by the Company or its subsidiaries or affiliated companies in accordance with the terms of such policy,
(e) any rights or claims under any employee benefit or compensation plan or program in which I participate or participated (or was eligible to participate), (f) any rights or claims to unemployment compensation, and (g) reimbursement for
business expenses which are consistent with the Company’s reimbursement policy. I hereby represent and warrant that, other than the Excluded Claims, I am not aware of any claims I have or might have against any of the Released Parties that are
not included in the Released Claims. 

 I expressly waive and relinquish any and all rights and benefits under any applicable law or
statute providing, in substance, that a general release does not extend to claims which a party does not know or suspect to exist in his or his favor at the time of executing the release, which if known by him or his would have materially affected
the terms of such release. 
 I acknowledge that, among other rights, I am waiving and releasing any rights I may have under ADEA, that this
Release and Waiver is knowing and voluntary, and that the consideration given for this Release and Waiver is in addition to anything of value to which I was already entitled as an executive of the Company. If I am 40 years of age or older upon
execution of this Release and Waiver, I further acknowledge that I have been advised, as required by the Older Workers Benefit Protection Act, that: (a) the release and waiver granted herein does not relate to claims under the ADEA which may
arise after this Release and Waiver is executed; (b) I should consult with an attorney prior to executing this Release and Waiver; and (c) I have twenty-one (21) days from the date of
termination of my employment with the Company in which to consider this Release and Waiver (although I may choose voluntarily to execute this Release and Waiver earlier); (d) I have seven (7) days following the execution of this Release and
Waiver to revoke my consent to this Release and Waiver; and (e) this Release and Waiver shall not be effective until the seven (7) day revocation period has expired without my having previously revoked this Release and Waiver. 

I acknowledge my continuing obligations under my Proprietary Information and Inventions Agreement. Pursuant to the Proprietary Information and
Inventions Agreement I understand that among other things, I must not use or disclose any confidential or proprietary information of the Company and I must immediately return all Company property and documents (including all embodiments of
proprietary information) and all copies thereof in my possession or control. 
 This Release and Waiver constitutes the complete, final and
exclusive embodiment of the entire agreement between the Company and me with regard to the subject matter hereof. I am not relying on any promise or representation by the Company that is not expressly stated herein. This Release and Waiver may only
be modified by a writing signed by both me and a duly authorized officer of the Company. 
  

									
					
	Date:	 	                                
                    	 		 	By:Exhibit

EXHIBIT 10.1
SEVERANCE AGREEMENT
This Severance Agreement (“Agreement”) dated as of the last date set forth on the signature page hereof but effective as of the Effective Date defined in Paragraph 25, is made and entered into between Crimson Wine Group, Ltd., a Delaware corporation, on behalf of itself, its parent and its subsidiaries, (collectively the “Company”), and Patrick DeLong (“Employee”). The Company and Employee may be referred to collectively herein as the “Parties.” 

RECITALS AND ACKNOWLEDGMENTS

A.Employee was employed by the Company in the position of President and Chief Executive Officer and was employed pursuant a Letter Agreement dated June 19, 2007 (the “Letter Agreement”).
B.The Parties have determined that it is on our mutual best interests for you to resign and for your employment with the Company to terminate effective June 3, 2019 (the “Departure Date”).
C.In acknowledgement and appreciation for Employee’s long service to the Company, in satisfaction of the severance provisions of the Letter Agreement, and in consideration of Employee’s releases and other agreements set forth in this Agreement, the Company has agreed to pay to Employee the severance payments and benefits as described in this Agreement.
D.With the exception of the Severance (as defined below), the Accrued Benefits (as defined below), and the Additional Payment (as defined below), Employee acknowledges the receipt of all wages, salary, bonuses, benefits, expense reimbursement or any other monies owed by Company to Employee and acknowledges Employee is not entitled to any additional future compensation from the Company.
E.Employee and the Company agree that they have voluntarily and knowingly entered into this Agreement.
NOW, THEREFORE, IN RELIANCE OF THE ABOVE RECITALS AND IN CONSIDERATION of the promises, covenants and agreements contained herein, Employee and the Company hereby agree to the following terms of this Agreement.
TERMS OF SEVERANCE
1.Resignation; Company Announcement; Public Statement. Effective as of the Departure Date, and without any further action on your part, you hereby resign your position as President and Chief Executive Officer and from all other positions you hold with the Company as of the Departure Date and you further agree to sign any additional documentation the Company requires to give effect to such resignation and cessation of employment. The Company and Employee agree that, until announced in accordance with this Agreement, Employee’s departure and any announcement concerning Employee’s departure is confidential information and governed by the confidentiality and disclosure restrictions set forth in Paragraph 15 of this Agreement.  The Company and Employee agree that the initial announcement and communication of Employee’s departure to the Company’s other employees and management, and then to the public, shall be conducted in accordance with the communication plan outlined in this Paragraph 1:

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a.    Company Announcement. Employee agrees not to make any announcement of or engage in discussions concerning his departure with other employees of the Company (other than the with members of the Company’s Board of Directors (the “Board”), the Director of HR and such other staff approved by the Board) until the Company has announced Employee’s departure as provided herein. The Company agrees to make an internal announcement as set forth in Exhibit A-1 (“Departure Date Announcement”).   
b.    Public Announcement. Employee agrees not to make any public announcement of his departure until after the Departure Date and any public statement by Employee shall be consistent with the message and language of the Departure Date Announcement.   
2.    Severance.  In consideration of Employee’s covenants and releases set forth in this Agreement and provided that Employee signs and does not revoke this Agreement, and subject to Employee’s compliance with the other terms and conditions of this Agreement, the Company will pay or provide to Employee the following as severance benefits (the “Severance”):
a.    Severance Payments.  The Company shall pay Employee an amount equal to the sum of (i) twelve (12) months of Employee’s regular base salary in effect on the Departure Date (which is a gross amount of $359,000), plus (ii) 50% of Employee’s regular base salary reflecting Employee’s annual incentive target in effect on the Departure Date (which is a gross amount of $179,500), minus (iii) the Required Deductions (as defined below) (collectively, the “Severance Amount”), in accordance with the Company’s regular payroll processes.  Company shall pay the Severance Amount to Employee in equal installment payments beginning on the first regularly scheduled payroll date (the “Severance Commencement Date”) following the Effective Date, and continuing until the Severance Amount is paid in full.
b.    Additional Payment.  An additional lump sum payment equal to $16,000 minus the Required Deductions, which is intended to represent approximately twelve (12) months of what is charged to COBRA qualified beneficiaries for the same medical coverage options elected by Employee immediately prior to Employee’s Departure Date (“Additional Payment”), which Additional Payment will also be paid during the first regularly scheduled payroll following the Effective Date.  For the avoidance of doubt, if Employee is eligible to elect, and timely elects COBRA, Employee is responsible for paying Employee’s own COBRA premiums, on an after-tax basis (and Employee may, if Employee so chooses, use these Additional Payments to pay for such COBRA coverage).
Employee understands that (i) the Additional Payment is an additional benefit for which Employee is not eligible unless Employee elects to sign this Agreement, and (ii) Employee will forfeit the Additional Payment if he does not sign or he signs and revokes the Agreement within the revocation period, the last day of which shall be no later than 60 days after Employee’s Departure Date.  To the extent required by Section 409A (as defined in Paragraph 27, below) the Departure Date is the date of Employee’s “Separation from Service” as defined in Treasury Regulation Section 1.409A-1(h) (applying the default rules of Treasury Regulation Section 1.409A-1(h)).
3.    Accrued Benefits.  Employee shall also be paid all earned and unpaid base wages and any accrued but unused vacation/PTO if any, through the Departure Date (“Accrued Benefits”). Employee understands that Employee is entitled to Employee’s Accrued Benefits regardless of whether Employee signs this Agreement.
4.    Acknowledgement.  Employee affirms and warrants that Employee has appropriately received all compensation, wages, expense reimbursements, bonuses, incentive compensation, vacation pay/PTO, sick pay, benefits and other payments to which Employee was entitled (hereinafter “Monies”), including, but not limited to, those under the Fair Labor Standards 

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Act and any other federal, state, or local wage and hour law, regulation or ordinance.  Except for the Severance and Accrued Benefits set forth in Paragraphs 2 and 3, Employee expressly acknowledges and agrees that the Company does not now owe and will not in the future owe Employee any additional Monies of any kind whatsoever.  Employee further affirms and warrants that Employee has appropriately received any leave (paid and unpaid) to which Employee was entitled, including, but not limited to, leave under the Family and Medical Leave Act and any other federal, state, or local leave or disability accommodation law, regulation or ordinance.  
5.    Required Deductions.  The Company shall deduct any federal and state withholding taxes, Social Security (FICA) withholding, Medicare, any deductions requested by Employee, and any other amounts required by applicable law from any payments made by the Company to Employee pursuant to this Agreement (collectively the “Required Deductions”).
6.    Company’s Obligations Contingent Upon Employee Compliance.  The Company’s obligation to pay the Additional Payment and any other obligations of the Company under this Agreement are contingent upon Employee’s compliance with all of the terms, conditions and covenants of Employee provided in this Agreement.
7.    Employee’s Address.  All payments made to Employee pursuant to this Agreement will be made by mail to Employee at the last known address of Employee that Company has on record.  Employee is responsible to notify the Company of any change in Employee’s address. 
RELEASE OF CLAIMS
8.    Employee’s General Release of Releasees.  In exchange and consideration for the Company’s payment of the Additional Payment, and other good and valuable consideration, the receipt and sufficiency of which is acknowledged, and with the intent of binding Employee and Employee’s successors, dependents, heirs, and assigns, effective as of the date Employee executes this Agreement, Employee hereby covenants not to sue and releases and discharges the Company, including the Company’s parent entities, subsidiaries, affiliates, and their respective present or former officers, directors, members, managers, shareholders, partners, trustees, supervisors, employees, attorneys, consultants, receivers, insurers, agents and representatives and their respective heirs, predecessors, successors, and assigns, (collectively the “Releasees”) from any and all rights, claims, demands, actions, causes of action, judgments, costs, expenses, and liabilities of any kind or nature whatsoever in law, equity or otherwise, whether known or unknown, suspected or unsuspected, which existed or may have existed or which do exist, including but not limited to those which may be based in whole or in part on, or may arise from or may be related to or concerning (a) Employee’s employment with the Company, (b) the termination of Employee’s employment with the Company, and (c) any actions or omissions by any of the Releasees prior to the date this Agreement is executed by Employee, including but not limited to the following:  
a.    Any claim by Employee for employment discrimination or harassment, whether on the basis of race, age, sex, national origin, religion, sexual orientation, marital status, veterans status, disability, union membership, or any other protected basis, retaliation or wrongdoing of any kind, including but not limited to claims arising under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Equal Pay Act, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Employee Retirement Income Security Act, the Worker Adjustment and Retraining Notification Act, the Genetic Information Nondiscrimination Act, the Lilly Ledbetter Fair Pay Act of 2009, the Fair Credit Reporting Act, the False Claims Act, the Sarbanes-Oxley Act, the Uniformed Services Employment and Reemployment 

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Rights Act, the Occupational Safety and Health Act, the California Fair Employment and Housing Act; or the California Constitution;  
b.    Any claim in tort that Releasees negligently, intentionally, maliciously, or wantonly caused damage to Employee, including but not limited to slander, defamation, or invasion of privacy;
c.    Any claim under federal, state, or local law that Releasees inflicted emotional distress either intentionally or negligently on Employee;
d.    Any claim under federal, state, or local law against any of the Releasees sounding in contract, oral or written (including but not limited to the Letter Agreement), express or implied, or any other agreement or promise; 
e.    Any claim under federal, state, or local law that Releasees engaged in any unfair business practices, including under the California Business and Professions Code;
f.    Any claim that the Releasees owe any sort of compensation, money or any other employment benefit to Employee, (including wages, bonus, incentive compensation, commissions, accrued vacation pay, sick leave, holiday pay, meal/rest periods, severance pay, overtime, penalties, any wage and/or hour violation), or claim to entitlement under any leave laws, health or medical insurance, pension or retirement benefits, or any other employment benefits, including any claims under the Fair Labor Standards Act, the California Labor Code, the Family Medical Leave Act or the California Family Rights Act; and
g.    Any claim in tort or under federal, state, or local law that Employee was wrongfully or constructively discharged from Employee’s employment at the Company.
9.    Employee Waiver of California Civil Code Section 1542.  Except for the Severance and other obligations of the Company under this Agreement, Employee expressly waives and relinquishes any and all rights and benefits afforded to Employee by Section 1542 of the Civil Code of the State of California (“Section 1542”), and do so understanding and acknowledging the significance of such specific waiver of Section 1542.  Section 1542 states as follows:
“A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.”
Employee hereby expressly waives and relinquishes all rights and benefits under Section 1542 and any law or legal principle of similar effect in any jurisdiction with respect to the releases granted in this Agreement.  Notwithstanding the provisions of Section 1542, and for the purpose of implementing a full and complete release and discharge of the Releasees, Employee expressly acknowledges that this Agreement and the general release set forth in Paragraph 8 are intended to, and do, include and discharge all claims which Employee does not know or suspect to exist as of the date Employee signs this Agreement. Furthermore, Employee acknowledges that Employee consciously intends these consequences even as to claims for damages that may exist, and which, if known, would materially affect Employee’s decision to execute this waiver and release, regardless of whether Employee’s lack of knowledge is the result of ignorance, oversight, error, negligence, or any other cause.  Employee further agrees that the Company may introduce this Agreement as evidence in any subsequent proceeding as an affirmative bar to such a proceeding or to enforce the specific provisions contained herein.

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10.    Release of Claims for Attorney’s Fees.  Except as stated in this Agreement, Employee understands and agrees that Employee is releasing and giving up any claims for attorney’s fees and costs.
11.    No Release for Certain Events.  Employee understands that Employee is not releasing or giving up any claims for any events or actions that happen after the date Employee executes this Agreement.  In addition, this Agreement does not release, and nothing in this Agreement shall be construed to release, (A) any right to file an administrative charge or complaint with the Equal Employment Opportunity Commission, the Department of Fair Employment and Housing, the Occupational Safety and Health Administration, and the Securities and Exchange Commission (“SEC”) or other similar federal or state administrative agencies, although the Employee waives any right to monetary relief related to such a charge or administrative complaint; provided, however, that nothing herein shall be construed to waive or limit Employee’s ability to receive any bounty or award for information provided to the SEC concerning suspected violations of law; (B) claims to unemployment or other rights which cannot be waived by law; (C) any rights to vested benefits, such as pension or retirement benefits, the rights to which are governed by the terms of the applicable plan documents and award agreements; (D) any claims arising out of, based upon, or seeking to enforce any provision of this Agreement; and (E) any rights to indemnity for acts taken by Employee in his capacity as an officer of the Company including any rights to coverage under any applicable D&O policy. 
12.    Confirmation.  Subject to the exceptions stated in Paragraphs 11 and 13, Employee represents and warrants that Employee is not aware, to the best of Employee’s knowledge, of any conduct on Employee’s part or on the part of another Company employee that violated the law or otherwise exposed the Company to any liability, whether criminal or civil, whether to any government, individual or other entity, and that Employee is not aware of any material violations by the Company and/or its employees, officers, directors and agents of any statute, regulation or other rules that have not been addressed by Company through appropriate compliance and/or corrective action.  Further, Employee represents and warrants that Employee has not suffered any sexual harassment or sexual abuse in connection with Employee’s employment by the Company, or by any officer, manager, employee, agent, customer or supplier of the Company; that Employee is not currently aware of any facts or circumstances that would give rise to a sexual harassment or sexual abuse claim against the Company and/or any of the Releasees; and that this Agreement and the Severance are not a settlement or payment related to a sexual harassment or sexual abuse claim.
13.    Permitted Disclosures. Employee is hereby advised, and by Employee’s signature below, Employee acknowledges that, nothing in this Agreement, or in any agreement between Employee and the Company, prohibits or limits Employee (or Employee’s attorney) from initiating communications directly with, responding to any inquiry from, volunteering information to, or providing testimony before, the Securities and Exchange Commission (the “SEC”), the Department of Justice, the Financial Industry Regulatory Authority, Inc., or any other self-regulatory organization, governmental, law enforcement, or regulatory authority, regarding this Agreement and its underlying facts and circumstances, or any reporting of, investigation into, or proceeding regarding suspected violations of law, and that Employee is not required to advise or seek permission from the Company before engaging in any such activity. Employee further recognizes that, in connection with any such activity, Employee must inform such authority of the confidential nature of any confidential information that Employee provides, provided, further, that Employee is not permitted to reveal any information that is protected by the attorney-client privilege or attorney-work product protection or any other privilege belonging to the Company. Furthermore, nothing contained in this Agreement is intended to prohibit or restrict Employee in any way from making any disclosure of information required by law. Additionally, Employee understands and acknowledges that Employee 

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is hereby notified that, under the Defend Trade Secrets Act (specifically, 18 U.S.C. §1833), Employee cannot be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and (ii) solely for the purpose of reporting or investigating a suspected violation of law. Employee also understands that Employee may not be held so liable for disclosures made in a complaint or other document filed in a lawsuit or other proceeding, if that filing is made under seal.  Employee further acknowledges and agrees that, notwithstanding anything to the contrary in this Agreement or in any agreement between the Employee and the Company, the Company is expressly permitted to make any disclosures required by applicable law, including without limitation any disclosures required by the SEC.
14.    Employee Representations. Employee represents, covenants and states to the Company as of the date Employee signs this Agreement that (a) Employee has not filed any claims, complaints, charges or lawsuits against any of the Releasees with any governmental agency or state or federal court, (b) the Company’s provision of any of the Severance is not required by any of the Company’s policies or procedures or by any act or omission by any Releasee and is an additional benefit for which Employee is not eligible unless Employee elects to sign this Agreement, and (c) that upon being paid the amounts required by Paragraph 2 hereof, Company is not further indebted or obligated to Employee in any amount for any reason, including any fringe benefits or other forms of compensation, other than for the Severance and Accrued Benefits assuming Employee complies with the terms of this Agreement.  Employee agrees and promises, to the extent permitted by law and subject to the provisions of Paragraphs 11 and 13, never to file a lawsuit or complaint with any federal or state court making any claims that are released in this Agreement.  If Employee violates this promise and files a complaint, claim, or lawsuit making a claim released in this Agreement, Company shall not be obligated to pay any of the Additional Payment and Employee agrees to pay all of Company’s attorney’s fees and expenses spent defending against such lawsuit or claim.   
CONFIDENTIALITY, NON-SOLICITATION, MUTUAL NON-DISPARAGEMENT AND OTHER COVENANTS
15.    Disclosures Concerning Severance Agreement.  Subject to the exceptions stated in Paragraphs 11 and 13, Employee agrees to keep the terms of this Agreement confidential and not make any public statement about, not disclose to any third party, the fact of, or contents or terms of this Agreement, unless necessary to implement or enforce its terms, or to seek tax or legal advice regarding this Agreement.  Employee will not disclose information about this Agreement to Employee’s spouse or Employee’s financial, tax and legal advisors, until they have first been advised of this confidentiality provision.  Specifically, Employee will not disclose any information about this Agreement, or the Severance made pursuant to this Agreement, to any current or former employee of the Company.  In the event that Employee’s attorney, financial or tax advisor, or spouse engages in conduct that would breach this paragraph, such conduct shall constitute a breach of this paragraph just as if Employee had engaged in such conduct. Employee understands and agrees that any disclosures in violation of this paragraph shall constitute and be treated as a material breach of this Agreement.  If lawfully subpoenaed by a court of this jurisdiction, Employee agrees to provide the Company written notice of such a subpoena within five (5) days of receipt.
16.    Mutual Non Disparagement; Social Media.  To the fullest extent permitted by law, and subject to the exceptions stated in Paragraphs 11 and 13, Employee agrees that, from and after the date Employee signs this Agreement, Employee will not disparage any Releasee or publish or disseminate information, whether oral or written (which includes, but is not limited to, statements made directly, indirectly or through any third person on or through any online, social media, 

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electronic, digital or other media), that is derogatory in any manner to any Releasee or its business or his/her personal reputation, whether such information was acquired before, during or after Employee’s employment with the Company. The Company also agrees that it will instruct its executive officers and members of the Board, as constituted as of the Departure Date, not to disparage Employee or publish or disseminate information, whether oral or written (which includes, but is not limited to, statements made directly, indirectly or through any third person on or through any online, social media, electronic, digital or other media), that is derogatory in any manner to Employee or his business or personal reputation, whether such information was acquired before, during or after Employee’s employment with the Company.  However, Employee acknowledges and agrees that the Company's officers and members of the Board are permitted to discuss Employee's employment and performance internally and confidentially as required to conduct business, or to make any legally required disclosures, or if otherwise required under law, in each such instance as reasonably determined by the Company or pursuant to the advice of the Company’s legal counsel. In addition, within five (5) business days of the Departure Date, Employee agrees to update Employee’s profile on social media websites (such as LinkedIn) to reflect that Employee is no longer an employee of the Company. The Parties understand and agree that any disclosures in violation of this Paragraph 16 shall constitute and be treated as a material breach of this Agreement.
17.    Non-Solicitation. For a period of twelve (12) months after the Departure Date, Employee shall not, either for Employee’s own account or for any other person or entity, solicit, induce or encourage any Company employee to leave his or her employment, or knowingly induce or knowingly attempt to induce any such employee to terminate or breach his or her employment agreement with the Company, if any. 
RETURN OF EMPLOYER PROPERTY AND PROPRIETARY INFORMATION
18.    Confidentiality; Return of Company Property.  On the Departure Date, Employee shall immediately turn over to the Company any and all the Company’s equipment, cellular telephone, iPhone/blackberry, tablets, laptop computers, hand-held electronic devices, files, documents, and other materials which were given to Employee by the Company for Employee’s use during Employee’s employment or which are otherwise in Employee’s possession, custody or control on the Departure Date, including, without limitation, all corporate credit cards, employee identification badges, and all building keys and access cards, in each case, in the same condition as such materials were in when given to Employee by the Company (normal wear and tear excepted). Employee will also return any Proprietary Information (as that term is defined herein).  Employee shall have no right to retain any copies of any material qualifying as Proprietary Information for any reason whatsoever after the Departure Date without the express written consent of the Company. 
19.    Definition of Proprietary Information.  For purposes of this Agreement, “Proprietary Information” shall include, but shall not be limited to, the following: (i) identity of clients, customers, suppliers, retailers, distributors or investors in, of or to the Company or potential clients, customers, suppliers, retailers, distributors or investors in, of or to the Company; (ii) any written, typed or printed lists or other materials identifying the clients, customers, suppliers, retailers, distributors or investors in, of or to the Company, or potential clients, customers, suppliers, retailers, distributors or investors in, of or to the Company; (iii) any Company financial information, including without limitation, any payroll, accounting, employee benefits and related human resources information; (iv) any and all data or information involving the formulas, ingredients, processes, techniques, programs, methods, suppliers or contacts employed by the Company in the conduct of its business; (v) any lists, documents, manuals, records, forms or other materials used by the Company in the conduct of its business; (vi) any descriptive materials describing the processes, methods or 

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procedures employed by the Company in the conduct of its business; (vii) any processes for or involving any of the Company’s products or contemplated or proposed products; and (viii) any other secret or confidential information or material concerning the Company’s business, affairs or products.  The terms “list,” “document,” or their equivalent as used in this Paragraph 19, are not limited to a physical writing or compilation, but also include any and all information whatsoever regarding the subject matter of the “list” or “document,” whether or not such compilation has been reduced to writing.  
20.    Treatment of Proprietary Information.  It is understood and agreed that, in the course of Employee’s employment, Employee has received, dealt with, and had access to the Company’s confidential and Proprietary Information.  Employee recognizes and acknowledges that the Proprietary Information of the Company is a valuable and unique asset of the Company.  The Employee agrees that, subject to the exceptions stated in Paragraphs 11 and 13, Employee has not, in any fashion, form or manner, directly or indirectly, retained, made copies of, divulged, disclosed or communicated to any person, firm, company, partnership, corporation or business organization or entity, in any manner whatsoever, except when it was necessary or required in the normal course of the Employee's employment and for the benefit of the Company, or with the express prior written consent of the Company, any of the Company’s Proprietary Information or any information of any kind, nature or description whatsoever concerning any matters affecting or relating to the Company’s business or affairs or any of its Proprietary Information.  Employee also agrees that, subject to the exceptions stated in Paragraphs 11 and 13, Employee shall not, during or at any time after Employee’s termination of employment with the Company, disclose any Proprietary Information, or any part thereof, to any person, firm, company, partnership, corporation or business organization or entity for any reason or purpose whatsoever, without the express and prior written permission of the Company, or use the Proprietary Information for Employee’s own commercial purposes, or for the commercial purposes of an employer or a company in which the Employee has or shares an ownership or beneficial interest, now or in the future. 
REMEDIES
21.    To the extent Employee breaches any provisions of this Agreement, including the covenants and agreements set forth in Paragraphs 15 through 20, the Company shall have no further obligation to pay the Additional Payment to Employee pursuant to this Agreement. In addition, the Employee agrees that violations of the obligations created by Paragraphs 15 through 20 may cause irreparable harm to the Company. THE PARTIES THEREFORE AGREE THAT, IN THE EVENT THAT EMPLOYEE VIOLATES ANY OF HIS OBLIGATIONS UNDER PARAGRAPHS 15 THROUGH 20, THE COMPANY WILL BE ENTITLED TO OBTAIN INJUNCTIVE RELIEF TO ENJOIN SUCH ACTION AND/OR SEEK DAMAGES.
NO ADMISSION OF WRONGDOING
22.    Employee acknowledges that neither this Agreement nor anything contained herein shall be admissible in any proceeding as evidence of or an admission by the Company of any wrongdoing or violation of its policies and procedures, or of any law or regulation.  Further, by making this Agreement, the Company does not admit, and specifically denies, any fault, liability, or wrongdoing.  Notwithstanding the foregoing, this Agreement may be introduced into a proceeding solely for the purpose of enforcing this Agreement.  
ACKNOWLEDGEMENT OF WAIVER OF CLAIMS UNDER ADEA;  
PERIOD FOR REVIEW AND REVOCATION

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23.    Employee acknowledges that Employee is waiving and releasing any rights Employee may have under the Age Discrimination in Employment Act of 1967, as amended (“ADEA”) and that this waiver and release is knowing and voluntary.  Employee agrees that this waiver and release does not apply to any claims or rights that may arise under the ADEA after the date Employee signs this Agreement.  Employee acknowledges that Employee has been encouraged and advised by this writing that Employee should consult with an attorney before signing this Agreement and the releases contained herein.  Employee understands that it is Employee’s decision whether or not Employee consults with an attorney. Employee acknowledges and represents that Employee has received all advice Employee deems necessary concerning this Agreement.
24.    To satisfy the requirements of the Older Workers Benefit Protection Act (“OWBPA”), Employee understands and agrees that Employee has a period of twenty-one (21) days after receiving this Agreement to review and consider it before signing it.  Employee understands that Employee may use as much of this twenty-one (21) day period as Employee wishes before signing this Agreement.  If Employee signs this Agreement before the end of this twenty-one (21) day period, Employee waives any rights under the ADEA and the OWBPA to twenty-one (21) days to consider the terms of this Agreement. The Company and Employee also agree that any changes made to the Agreement, whether material or immaterial, do not restart the running of the twenty-one (21) day period.
25.    Employee may revoke this Agreement within seven (7) days after Employee signs it by giving notice in writing to the Company at: Crimson Wine Group, 2700 Napa Valley Corporate Drive, Suite B, Napa, CA 94558, Attn: Tracy Leisek, Director of HR.  If Employee revokes this Agreement within seven (7) days, it will not be effective or enforceable and Employee will not receive the Additional Payment. This Agreement shall not become effective or enforceable until the revocation period has expired, which date of expiration shall be the “Effective Date” of this Agreement.  In the event there is a dispute as to whether appropriate notice was timely received, all payments due under this Agreement will be stayed until that dispute is resolved, and it is determined that the notice was not timely received such that the Agreement was not revoked.

SECTION 409A
26.    This Agreement is intended to comply with Section 409A of the Internal Revenue Code (the “Code”) (“Section 409A”), or an exemption thereto and shall be construed and administered in accordance with Section 409A.  If Employee is a “Specified Employee” of the Company for purposes of Section 409A at the time his Separation from Service, and if no exception from Section 409A applies in whole or in part, the Severance Amount or Additional Payment or any other payments due pursuant to this Agreement will be made to Employee by the Company on the first day of the seventh month following the date of the Employee’s Separation from Service (the “409A Payment Date”).  Should this Paragraph 26 result in a delay of payments to Employee, the Company will begin to make the payments as described in this Paragraph 26, provided that any amounts that would have been payable earlier but for the application of this Paragraph 26, will be paid in lump-sums on the 409A Payment Date(s). For purposes of this provision, the term Specified Employee has the meaning in Section 409A(a)(2)(B)(i) of the Code, or any successor provision and the issued treasury regulations and rulings.  
27.    Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that comply with Section 409A or an applicable exemption.  Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service, as a short-term deferral, 

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or as a settlement payment pursuant to a bona fide legal dispute, shall be excluded from Section 409A to the maximum extent possible.  For purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii), each installment payment provided under Paragraph 2 of this Agreement shall each be treated as a separate payment.  To the extent required under Section 409A, any payments to be made under this Agreement upon a termination of employment shall only be made upon a “Separation from Service.” Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by the Employee on account of non-compliance with Section 409A.  Neither the time nor schedule of any payment under this Agreement may be accelerated or subject to further deferral except as permitted by Section 409A and the applicable regulations. Employee does not any right to make any election regarding the time or form of any payment due under this Agreement.  
MISCELLANEOUS
28.    Entire Agreement.  This Agreement constitutes and contains the entire agreement and understanding between the Parties and supersedes all prior negotiations and all agreements proposed or otherwise, whether written or oral, concerning the subject matter hereof.  The Company has made no promises to Employee other than those contained in this Agreement. This Agreement may not be modified, or any provision waived, except by a signed written agreement of the affected parties.  Notwithstanding the foregoing, the continuing obligations contained in any confidential information and/or privacy agreement, shall remain in full force and effect whether or not Employee executes this Agreement.  
29.    No Presumption against the Drafter.  Employee agrees that this Agreement has been negotiated and that no provision contained herein shall be interpreted against any party because that party drafted the provision.
30.    Choice of Law.  This Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of California, without regard to principles of conflict of laws.  Any action at law, suit in equity, or other judicial proceedings related to any provision of this Agreement shall be instituted only in courts with venue in the State of California.  The Parties hereby submit to the personal jurisdiction of the State of California courts for the purpose of this Agreement. 
31.    No Assignment.  Employee represents and agrees that Employee has not heretofore assigned or transferred, or purported to have assigned or transferred, to any person whomsoever, any claim or portion thereof or interest therein, and Employee agrees to indemnify, defend and hold harmless each and all of the Releasees against any and all claims based on, arising out of, or in connection with any such transfer or assignment, or purported transfer or assignment, of any claims or any portion thereof or interest therein.  
32.    Binding.  This Agreement shall be binding upon Employee and Employee’s heirs, representatives, executors, administrators, successors and assigns, and shall inure to the benefit of each and all of the Releasees, and to their heirs, representatives, executors, administrators, successors and assigns.  
33.    Capacity.  Each of the individuals or entities signing this Agreement represent and warrant to the others that he, she, or it has the right, power, and authority to sign this Agreement on his or her behalf, or on behalf of the Company or other business entity for which he or she has signed, as the case may be, and to sign all other documents and perform all other acts as may be necessary in relation to this Agreement.  Employee further represents and warrants that in negotiating and executing this Agreement, Employee is not, and has not been, under the influence of any drugs, 

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medications or other substances which might in any way impair Employee’s judgment or ability to understand the terms of this Agreement.
34.    Further Documents and Acts.  Each of the parties will cooperate in good faith with each other, and execute and deliver such further documents and perform such other acts as may be reasonably necessary or appropriate to consummate and carry into effect the transactions contemplated by this Agreement.
35.    No Reliance.  Employee represents and acknowledges that in executing this Agreement Employee does not rely upon, and has not relied upon, any representation or statement not set forth herein made by any Releasee or by their agents, representatives, or attorneys with regard to the subject matter, basis or effect of this Agreement or otherwise.
36.    No Re-Hire.  Employee understands and agrees that Employee’s employment with the Company has terminated, that Employee will not be reemployed by the Company, or any company that is owned by the Company, or any entity, subsidiary, or affiliate that is owned or operated by the Company, and that Employee will not apply for or otherwise seek employment with such entities, at any time. Employee understands and agrees that this provision is not retaliatory in nature, and is not evidence of retaliation, but is intended to confirm and clarify the intentions of the Parties to avoid confusion or dispute, and further agrees that this is a material term of this Agreement.
37.    Bear Own Fees and Costs.  Each of the Parties will pay his, her, or its own attorneys’ fees, costs and expenses, if any, relative to the negotiation and preparation of this Agreement.
38.    Cooperation.  In the event that the Company or any of its affiliates becomes involved in any civil or criminal litigation, administrative proceeding or governmental investigation, Employee shall, upon request, provide reasonable cooperation and assistance to the Company, including without limitation, furnishing relevant information, attending meetings, and providing statements and testimony.  The Company will reimburse Employee for all reasonable and necessary expenses Employee incurs in complying with this paragraph.  If necessary for any employer of Employee, the Company will provide Employee with a proper subpoena in order to obtain Employee’s reasonable cooperation with and assistance to the Company.
39.    Interpretation.  The language in all parts of this Agreement will be in all cases construed simply according to its fair meaning and not strictly for or against any party. Whenever the context requires, all words used in the singular will be construed to have been used in the plural, and vice versa, and each gender will include any other gender.  The captions of the sections or paragraphs of this Agreement are for the convenience only and will not affect the construction or interpretation of any of the provisions herein.
40.    Severability.  Should any part, term or provision of this Agreement, with the exception of the releases embodied in Paragraphs 8, 9, 10 and 23, be declared or determined by any Court or other tribunal of appropriate jurisdiction to be invalid or unenforceable, any such invalid or unenforceable part, term or provision shall be deemed stricken and severed from this Agreement and any and all of the other terms of the Agreement shall remain in full force and effect to the fullest extent permitted by law.  The releases embodied in Paragraphs 8, 9, 10 and 23 are the essence of this Agreement and should Paragraphs 8, 9, 10 or 23 be deemed invalid or unenforceable, this Agreement may be declared null and void by the Company and any consideration received under this Agreement shall be returned to the Company.  
41.    Dispute Resolution.  In any disagreement, controversy, claim, action, proceeding or dispute between Employee and any Releasee, brought to interpret or enforce the provisions of 

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this Agreement, the prevailing party or parties shall recover his, her or its reasonable attorneys’ fees and costs.
42.    Counterparts.  This Agreement may be executed in any number of counterparts, all of which together shall constitute one original Agreement, and it may be executed by a signature transmitted via facsimile or email.
43.    Understanding.  Each Party confirms and represents to the other Party that such Party (1) has read this Agreement, (2) understands the terms hereof, (3) has sought or has had the opportunity to seek the advice of legal counsel, (4) finds it to be a fair and reasonable compromise of all disputed and potential claims, defenses, and issues, (5) is executing this Agreement as a voluntary act, and (6) agrees to be bound by and to faithfully execute the terms of this Agreement.  
[Remainder of Page Intentionally Blank; Signature Page Follows on Next Page]

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PLEASE READ THIS AGREEMENT CAREFULLY.  IT CONTAINS A GENERAL RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.  EMPLOYEE IS ENCOURAGED AND ADVISED TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS AGREEMENT.  EMPLOYEE UNDERSTANDS THAT IT IS EMPLOYEE’S DECISION WHETHER OR NOT TO CONSULT WITH AN ATTORNEY.  EMPLOYEE ACKNOWLEDGES THAT EMPLOYEE HAS READ THIS AGREEMENT, UNDERSTANDS THE TERMS AND CONSEQUENCES OF THIS AGREEMENT AND IS SIGNING IT FREELY, KNOWINGLY AND VOLUNTARILY.
By signing this Agreement before the twenty-one (21) day period described above in Paragraph 24 expires, Employee waives Employee’s right under the ADEA and the OWBPA to twenty-one (21) days to consider the terms of this Agreement.  In any case, however, Employee retains the right to revoke this Agreement within seven (7) days, as described above in Paragraph 25.
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the dates set forth below:

Dated: 6/9/2019                            EMPLOYEE:

/s/ Patrick DeLong         
Patrick DeLong

Dated: 6/7/2019                            COMPANY:

CRIMSON WINE GROUP, LTD.

/s/ John Cumming        
John Cumming, Chairman of the Board
	
		
	 
	 

	 
	 

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Exhibit A-1
Departure Date Announcement

On the Departure Date, the Company informed only those members of senior management with a need to know of the Employee’s departure and resignation.

On June 5, 2019 John Cumming, Chairman, will send the following communication to all Employees along with the attached letter from Employee:
Dear Crimson Wine Group employees,
 Effective June 3, 2019, Pat DeLong resigned from his position as President and Chief Executive Officer of the Company.  Since joining Crimson Wine Group in 2007, Pat has held various positions in the company including Chief Financial Officer, Chief Operations Officer, and most recently President and Chief Executive Officer. I appreciate all of Pat’s dedication and efforts over these years and wish him success in his future endeavors. 
 
As Chairman, I speak on behalf of the Board of Directors in letting you know that we have great confidence in the Crimson team. As such, beginning immediately, Nicolas Quille will be appointed Interim President and CEO while also continuing to fill his positions of Chief Winemaking and Operations Officer. We will begin an executive search for a new President and CEO. The Board’s goal is to secure a new leader that embodies the culture of the Company.  
 
While I know change is hard, we appreciate your support through this transition and commit to you that we will search for the best person to lead Crimson into the future.
 
We expect to make a public announcement of this development later today or tomorrow.  Until then, please remember that as a public company, we all have an obligation to not disclose information such as this outside of the Company other than through formal procedures we have set up internally.

 Sincerely,
 
John Cumming

The Company will file a Form 8-K as required by applicable law.

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