Document:

WELLS FARGO & COMPANY 8-K

 

Exhibit 4.10

 

[Face of Note]

 

Unless this certificate
is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the
name of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

 

	CUSIP
                                         NO. 95001HB91

	FACE
                                         AMOUNT:  $______________

	REGISTERED
                                         NO. __

	 

 

WELLS FARGO FINANCE LLC

 

MEDIUM-TERM NOTE, SERIES A

 

Fully and Unconditionally Guaranteed
by Wells Fargo & Company

 

Principal at Risk Securities Linked
to the iShares® MSCI EAFE ETF 

due September 29, 2022

 

WELLS FARGO FINANCE
LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,”
which term includes any successor corporation under and as defined in the Indenture hereinafter referred to), for value received,
hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Maturity Payment Amount (as defined
below), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public
and private debts, on the Stated Maturity Date. The “Initial Stated Maturity Date” shall be September 29,
2022. If the Calculation Day (as defined below) is not postponed, the Initial Stated Maturity Date will be the “Stated
Maturity Date.” If the Calculation Day is postponed, the “Stated Maturity Date” shall be the later
of (i) the Initial Stated Maturity Date and (ii) three Business Days (as defined below) after the Calculation Day as
postponed. This Security shall not bear any interest.

 

Any payments on this
Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for that
purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose.

 

“Face Amount”
shall mean, when used with respect to this Security, the amount set forth on the face of this Security as its “Face Amount.”

 

     

     

    

 

Determination of Maturity Payment
Amount

 

The “Maturity
Payment Amount” of this Security will equal:

 

		●	if the Ending Price is greater than the Starting Price: the Face Amount plus:

 

 

		●	if the Ending Price is less than or equal to the Starting Price, but greater than or equal to the Threshold Price: the Face
Amount; or

 

		●	if the Ending Price is less than the Threshold Price: the Face Amount minus:

 

 

All calculations with respect to the Maturity
Payment Amount will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded upward (e.g., 0.000005 would
be rounded to 0.00001); and the Maturity Payment Amount will be rounded to the nearest cent, with one-half cent rounded upward.

 

The “Fund”
shall mean the iShares® MSCI EAFE ETF.

 

The “Pricing
Date” shall mean September 25, 2019.

 

The “Starting
Price” is $65.14, the Fund Closing Price of the Fund on September 24, 2019.

 

The “Ending
Price” will be the Fund Closing Price of the Fund on the Calculation Day.

 

The “Threshold
Price” is $48.855, which is equal to 75% of the Starting Price.

 

The “Participation
Rate” is 146%.

 

“Business
Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
are authorized or required by law or regulation to close in New York, New York.

 

The “Fund
Closing Price” with respect to the Fund on any Trading Day means the product of (i) the Closing Price of one share
of the Fund (or one unit of any other security for which a Fund Closing Price must be determined) on such Trading Day and (ii) the
Adjustment Factor applicable to the Fund on such Trading Day.

 

The “Closing
Price” for one share of the Fund (or one unit of any other security for which a Closing Price must be determined) on
any Trading Day means the official closing price on such day published by the principal United States securities exchange registered
under the Securities

 

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Exchange Act of 1934, as amended, on which the Fund (or any such other security) is listed or admitted to
trading.

 

The “Adjustment
Factor” means, with respect to a share of the Fund (or one unit of any other security for which a Fund Closing Price
must be determined), 1.0, subject to adjustment in the event of certain events affecting the shares of the Fund. See “—Anti-dilution
Adjustments Relating to the Fund; Alternate Calculation—Anti-dilution Adjustments” below.

 

The “Underlying
Index” is the MSCI EAFE Index.

 

A “Trading
Day” means a day, as determined by the Calculation Agent, on which the Relevant Stock Exchange (as defined below) and
each Related Futures or Options Exchange (as defined below) with respect to the Fund, or any successor thereto, if applicable,
are scheduled to be open for trading for their respective regular trading sessions.

 

The “Relevant
Stock Exchange” for the Fund means the primary exchange or quotation system on which shares (or other applicable securities)
of the Fund are traded, as determined by the Calculation Agent.

 

The “Related
Futures or Options Exchange” for the Fund means each exchange or quotation system where trading has a material effect
(as determined by the Calculation Agent) on the overall market for futures or options contracts relating to the Fund.

 

The “Calculation
Day” shall be September 26, 2022. If such day is not a Trading Day, the Calculation Day will be postponed to the
next succeeding Trading Day. The Calculation Day is also subject to postponement due to the occurrence of a Market Disruption Event
(as defined below). If a Market Disruption Event occurs or is continuing on the Calculation Day, then the Calculation Day will
be postponed to the first succeeding Trading Day on which a Market Disruption Event has not occurred and is not continuing; however,
if such first succeeding Trading Day has not occurred as of the eighth Trading Day after the originally scheduled Calculation Day,
that eighth Trading Day shall be deemed to be the Calculation Day. If the Calculation Day has been postponed eight Trading Days
after the originally scheduled Calculation Day and a Market Disruption Event occurs or is continuing on such eighth Trading Day,
the Calculation Agent will determine the Closing Price of the Fund on such eighth Trading Day based on its good faith estimate
of the value of the shares (or other applicable securities) of the Fund as of the close of trading on such eighth Trading Day.

 

“Calculation
Agent Agreement” shall mean the Calculation Agent Agreement dated as of May 18, 2018 between the Company and the Calculation
Agent, as amended from time to time.

 

“Calculation
Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among
other things, the determination of the Maturity Payment Amount, the Starting Price and the Ending Price, which term shall, unless
the context otherwise requires, include its successors under such Calculation Agent Agreement. The initial Calculation Agent shall
be Wells Fargo Securities, LLC. Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent
from time to time

 

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after the initial issuance of this Security without the consent of the Holder of this Security and without notifying
the Holder of this Security.

 

Market Disruption Events 

 

A “Market
Disruption Event” means any of the following events as determined by the Calculation Agent in its sole discretion:

 

		(A)	The occurrence or existence of a material suspension of or limitation imposed on trading by the
Relevant Stock Exchange or otherwise relating to the shares (or other applicable securities) of the Fund or any Successor Fund
(as defined below) on the Relevant Stock Exchange at any time during the one-hour period that ends at the Close of Trading on such
day, whether by reason of movements in price exceeding limits permitted by such Relevant Stock Exchange or otherwise.

 

		(B)	The occurrence or existence of a material suspension of or limitation imposed on trading by any
Related Futures or Options Exchange or otherwise in futures or options contracts relating to the shares (or other applicable securities)
of the Fund or any Successor Fund on any Related Futures or Options Exchange at any time during the one-hour period that ends at
the Close of Trading on that day, whether by reason of movements in price exceeding limits permitted by the Related Futures or
Options Exchange or otherwise.

 

		(C)	The occurrence or existence of any event, other than an early closure, that materially disrupts
or impairs the ability of market participants in general to effect transactions in, or obtain market values for, shares (or other
applicable securities) of the Fund or any Successor Fund on the Relevant Stock Exchange at any time during the one-hour period
that ends at the Close of Trading on that day.

 

		(D)	The occurrence or existence of any event, other than an early closure, that materially disrupts
or impairs the ability of market participants in general to effect transactions in, or obtain market values for, futures or options
contracts relating to shares (or other applicable securities) of the Fund or any Successor Fund on any Related Futures or Options
Exchange at any time during the one-hour period that ends at the Close of Trading on that day.

 

		(E)	The closure of the Relevant Stock Exchange or any Related Futures or Options Exchange with respect
to the Fund or any Successor Fund prior to its Scheduled Closing Time unless the earlier closing time is announced by the Relevant
Stock Exchange or Related Futures or Options Exchange, as applicable, at least one hour prior to the earlier of (1) the actual
closing time for the regular trading session on such Relevant Stock Exchange or Related Futures or Options Exchange, as applicable,
and (2) the submission deadline for orders to be entered into the Relevant Stock Exchange or Related Futures or Options Exchange,
as applicable, system for execution at the Close of Trading on that day.

 

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		(F)	The Relevant Stock Exchange or any Related Futures or Options Exchange with respect to the Fund
or any Successor Fund fails to open for trading during its regular trading session.

 

For purposes of determining
whether a Market Disruption Event has occurred:

 

		(1)	“Close of Trading” means the Scheduled Closing Time of the Relevant Stock Exchange
with respect to the Fund or any Successor Fund; and

 

		(2)	the “Scheduled Closing Time” of the Relevant Stock Exchange or any Related Futures
or Options Exchange on any Trading Day for the Fund or any Successor Fund means the scheduled weekday closing time of such Relevant
Stock Exchange or Related Futures or Options Exchange on such Trading Day, without regard to after hours or any other trading outside
the regular trading session hours.

 

Anti-dilution Adjustments Relating
to the Fund; Alternate Calculation

 

Anti-dilution Adjustments

 

The Calculation Agent
will adjust the Adjustment Factor as specified below if any of the events specified below occurs with respect to the Fund and the
effective date or ex-dividend date, as applicable, for such event is after the Pricing Date and on or prior to the Calculation
Day.

 

The adjustments specified
below do not cover all events that could affect the Fund. The Calculation Agent may, in its sole discretion, make additional adjustments
to any terms of this Security upon the occurrence of other events that affect or could potentially affect the market price of,
or shareholder rights in, the Fund, with a view to offsetting, to the extent practical, any such change, and preserving the relative
investment risks of this Security. In addition, the Calculation Agent may, in its sole discretion, make adjustments or a series
of adjustments that differ from those described herein if the Calculation Agent determines that such adjustments do not properly
reflect the economic consequences of the events specified herein or would not preserve the relative investment risks of this Security.
All determinations made by the Calculation Agent in making any adjustments to the terms of this Security, including adjustments
that are in addition to, or that differ from, those described herein, will be made in good faith and a commercially reasonable
manner, with the aim of ensuring an equitable result. In determining whether to make any adjustment to the terms of this Security,
the Calculation Agent may consider any adjustment made by the Options Clearing Corporation or any other equity derivatives clearing
organization on options contracts on the Fund.

 

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For any event described
below, the Calculation Agent will not be required to adjust the Adjustment Factor unless the adjustment would result in a change
to the Adjustment Factor then in effect of at least 0.10%. The Adjustment Factor resulting from any adjustment will be rounded
up or down, as appropriate, to the nearest one-hundred thousandth.

 

		(A)	Stock Splits and Reverse Stock Splits

 

If a stock split or reverse
stock split has occurred, then once such split has become effective, the Adjustment Factor will be adjusted to equal the product
of the prior Adjustment Factor and the number of securities which a holder of one share (or other applicable security) of the Fund
before the effective date of such stock split or reverse stock split would have owned or been entitled to receive immediately following
the applicable effective date.

 

		(B)	Stock Dividends

 

If a dividend or distribution
of shares (or other applicable securities) to which this Security is linked has been made by the Fund ratably to all holders of
record of such shares (or other applicable security), then the Adjustment Factor will be adjusted on the ex-dividend date to equal
the prior Adjustment Factor plus the product of the prior Adjustment Factor and the number of shares (or other applicable security)
of the Fund which a holder of one share (or other applicable security) of the Fund before the ex-dividend date would have owned
or been entitled to receive immediately following that date; provided, however, that no adjustment will be made for a distribution
for which the number of securities of the Fund paid or distributed is based on a fixed cash equivalent value.

 

		(C)	Extraordinary Dividends

 

If an Extraordinary Dividend
(as defined below) has occurred, then the Adjustment Factor will be adjusted on the ex-dividend date to equal the product of the
prior Adjustment Factor and a fraction, the numerator of which is the Closing Price per share (or other applicable security) of
the Fund on the Trading Day preceding the ex-dividend date, and the denominator of which is the amount by which the Closing Price
per share (or other applicable security) of the Fund on the Trading Day preceding the ex-dividend date exceeds the Extraordinary
Dividend Amount (as defined below).

 

For purposes of determining
whether an Extraordinary Dividend has occurred:

 

		(1)	“Extraordinary Dividend” means any cash dividend or distribution (or portion
thereof) that the Calculation Agent determines, in its sole discretion, is extraordinary or special; and

 

		(2)	“Extraordinary Dividend Amount” with respect to an Extraordinary Dividend for
the securities of the Fund will equal the amount per share (or other applicable security) of the Fund of the applicable cash dividend
or 

 

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	 	 	distribution that is attributable to the Extraordinary Dividend, as determined by the Calculation Agent in its sole discretion.

 

A distribution on the securities
of the Fund described below under the section entitled “—Reorganization Events” below that also constitutes an
Extraordinary Dividend will only cause an adjustment pursuant to that “—Reorganization Events” section.

 

		(D)	Other Distributions

 

If the Fund declares or makes
a distribution to all holders of the shares (or other applicable security) of the Fund of any non-cash assets, excluding dividends
or distributions described under the section entitled “—Stock Dividends” above, then the Calculation Agent may,
in its sole discretion, make such adjustment (if any) to the Adjustment Factor as it deems appropriate in the circumstances. If
the Calculation Agent determines to make an adjustment pursuant to this paragraph, it will do so with a view to offsetting, to
the extent practical, any change in the economic position of a holder of this Security that results solely from the applicable
event.

 

		(E)	Reorganization Events

 

If the Fund, or any Successor
Fund, is subject to a merger, combination, consolidation or statutory exchange of securities with another exchange traded fund,
and the Fund to which this Security is linked is not the surviving entity (a “Reorganization Event”), then,
on or after the date of such event, the Calculation Agent shall, in its sole discretion, make an adjustment to the Adjustment Factor
or the method of determining the Maturity Payment Amount or any other terms of this Security as the Calculation Agent determines
appropriate to account for the economic effect on this Security of such event, and determine the effective date of that adjustment.
If the Calculation Agent determines that no adjustment that it could make will produce a commercially reasonable result, then the
Calculation Agent may deem such event a Liquidation Event (as defined below).

 

Liquidation Events

 

If the Fund is de-listed,
liquidated or otherwise terminated (a “Liquidation Event”), and a successor or substitute exchange traded fund
exists that the Calculation Agent determines, in its sole discretion, to be comparable to the Fund, then, upon the Calculation
Agent’s notification of that determination to the Trustee and the Company, any subsequent Fund Closing Price for the Fund
will be determined by reference to the Fund Closing Price of such successor or substitute exchange traded fund (such exchange traded
fund being referred to herein as a “Successor Fund”), with such adjustments as the Calculation Agent determines
are appropriate to account for the economic effect of such substitution on the holder of this Security.

 

If the Fund undergoes
a Liquidation Event prior to, and such Liquidation Event is continuing on, the date that any Fund Closing Price of the Fund is
to be determined and the

 

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Calculation Agent determines that no Successor Fund is available at such time, then the Calculation Agent
will, in its discretion, calculate the Fund Closing Price for the Fund on such date by a computation methodology that the Calculation
Agent determines will as closely as reasonably possible replicate the Fund, provided that if the Calculation Agent determines in
its discretion that it is not practicable to replicate the Fund (including but not limited to the instance in which the sponsor
of the Underlying Index discontinues publication of the Underlying Index), then the Calculation Agent will calculate the Fund Closing
Price for the Fund in accordance with the formula last used to calculate such Fund Closing Price before such Liquidation Event,
but using only those securities that were held by the Fund immediately prior to such Liquidation Event without any rebalancing
or substitution of such securities following such Liquidation Event.

 

If a Successor Fund
is selected or the Calculation Agent calculates the Fund Closing Price as a substitute for the Fund, such Successor Fund or Fund
Closing Price will be used as a substitute for the Fund for all purposes, including for purposes of determining whether a Market
Disruption Event exists.

 

If any event is both
a Reorganization Event and a Liquidation Event, such event will be treated as a Reorganization Event for purposes of this Security
unless the Calculation Agent makes the determination referenced in the last sentence of the section entitled “—Anti-dilution
Adjustments—Reorganization Events” above.

 

Alternate Calculation

 

If at any time the
method of calculating the Fund or a Successor Fund, or the Underlying Index, is changed in a material respect, or if the Fund or
a Successor Fund is in any other way modified so that the Fund does not, in the opinion of the Calculation Agent, fairly represent
the price of the securities of the Fund or such Successor Fund had such changes or modifications not been made, then the Calculation
Agent may, at the close of business in New York City on the date that any Fund Closing Price is to be determined, make such calculations
and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a Closing Price
of an exchange traded fund comparable to the Fund or such Successor Fund, as the case may be, as if such changes or modifications
had not been made, and calculate the Fund Closing Price and the Maturity Payment Amount with reference to such adjusted Closing
Price of the Fund or such Successor Fund, as applicable.

 

Calculation Agent

 

The Calculation Agent
will determine the Maturity Payment Amount, the Starting Price and the Ending Price. In addition, the Calculation Agent will (i) determine
if adjustments are required to the Fund Closing Price and/or the Adjustment Factor under the circumstances described in this Security,
(ii) if the Fund undergoes a Liquidation Event, select a Successor Fund or, if no Successor Fund is available, determine the
Fund Closing Price of the Fund, (iii) determine the Fund Closing Price under the circumstances described in this Security,
and (iv) determine whether a Market Disruption Event or non-Trading Day has occurred.

 

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The Company covenants
that, so long as this Security is Outstanding, there shall at all times be a Calculation Agent (which shall be a broker-dealer,
bank or other financial institution) with respect to this Security.

 

All determinations
made by the Calculation Agent with respect to this Security will be at the sole discretion of the Calculation Agent and, in the
absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holder of this Security.

 

Tax Considerations

 

The Company agrees,
and by acceptance of a beneficial ownership interest in this Security each Holder of this Security will be deemed to have agreed
(in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States federal income
tax purposes to characterize and treat this Security as a prepaid derivative contract that is an “open transaction.”

 

Redemption and Repayment

 

This Security is not
subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to September 29,
2022. This Security is not entitled to any sinking fund.

 

Acceleration

 

If an Event of Default,
as defined in the Indenture, with respect to this Security shall occur and be continuing, the Maturity Payment Amount (calculated
as set forth in the next sentence) of this Security may be declared due and payable in the manner and with the effect provided
in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to
the Maturity Payment Amount hereof calculated as provided herein as though the date of acceleration was the Calculation Day.

  

 

 

Reference is hereby
made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

 

Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized
agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

 

[The remainder of this page
has been left intentionally blank]

 

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IN WITNESS WHEREOF, the
Company has caused this instrument to be duly executed.

 

DATED:

  

	
 

	
WELLS FARGO FINANCE LLC

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Its:

	
 

 

	
 

	
Attest:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Its:

	
 

 

TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

This is one of the Securities of the 

series designated therein described

in the within-mentioned Indenture.

 

	
CITIBANK, N.A.,

	
 

	
 

	
as Trustee

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Authorized Signature

	
 

	
 

	
 

	
 

	
 

	
OR

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, N.A., 

	
 

	
 

	
as Authenticating Agent for the Trustee

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Authorized Signature

	
 

 

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[Reverse of Note]

 

WELLS FARGO FINANCE LLC

 

MEDIUM-TERM NOTE, SERIES A

 

Fully and Unconditionally Guaranteed
by Wells Fargo & Company

 

Principal at Risk Securities Linked
to the iShares® MSCI EAFE ETF

due September 29, 2022

 

This Security is one
of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued
in one or more series under an indenture dated as of April 25, 2018, as amended or supplemented from time to time (herein called
the “Indenture”), among the Company, as issuer, Wells Fargo & Company, as guarantor (the “Guarantor”)
and Citibank, N.A., as trustee (herein called the “Trustee,” which term includes any successor trustee under
the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantor, the Trustee and the Holders of the
Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of
the series of the Securities designated as Medium-Term Notes, Series A, of the Company. The amount payable on the Securities of
this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based indices, exchange
traded funds, securities, commodities, currencies, statistical measures of economic or financial performance, or a basket comprised
of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate. The Securities
of this series may mature at different times, be redeemable at different times or not at all, be repayable at the option of the
Holder at different times or not at all and be denominated in different currencies.

 

The Securities are
issuable only in registered form without coupons and will be either (a) book-entry securities represented by one or more Global
Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities issued to and registered
in the names of, the beneficial owners or their nominees.

 

The Company agrees,
to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against
a Holder of this Security.

 

Guarantee

 

The
Securities of this series are fully and unconditionally guaranteed by the Guarantor as and to the extent set forth in the Indenture.

 

Modification and Waivers 

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the Guarantor and the rights

 

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of the Holders of the Securities of each series to be affected under the Indenture at any time
by the Company, the Guarantor and the Trustee with the consent of the Holders of a majority in principal amount of the Securities
at the time Outstanding of all series to be affected, acting together as a class. The Indenture also contains provisions permitting
the Holders of a majority in principal amount of the Securities of all series at the time Outstanding affected by certain provisions
of the Indenture, acting together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by
the Company or the Guarantor with those provisions of the Indenture. Certain past defaults under the Indenture and their consequences
may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time
Outstanding, on behalf of the Holders of all Securities of such series. Solely for the purpose of determining whether any consent,
waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given
or taken by the Holders of Outstanding Securities in the requisite aggregate principal amount, the principal amount of this Security
will be deemed to be equal to the amount set forth on the face hereof as the “Face Amount” hereof. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security.

 

Defeasance

 

Section 403 and
Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating to
defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants, upon compliance
by the Company or the Guarantor with certain conditions set forth therein, shall not apply to this Security. The remaining provisions
of Section 401 of the Indenture shall apply to this Security.

 

Authorized Denominations

 

This Security is issuable
only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which is an integral multiple
of $1,000.

 

Registration of Transfer

 

Upon due presentment
for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a new
Security or Securities of this series, with the same terms as this Security, in authorized denominations for an equal aggregate
Face Amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations provided
therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection
therewith.

 

This Security is exchangeable
for definitive Securities in registered form only if (x) the Depositary notifies the Company that it is unwilling or unable
to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the
Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days after the Company
receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this Security
shall be exchangeable for definitive

 

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Securities in registered form and notifies the Trustee thereof or (z) an Event of Default
with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to
the preceding sentence, it shall be exchangeable for definitive Securities in registered form, having the same date of issuance,
Stated Maturity Date and other terms and of authorized denominations aggregating a like amount.

 

This Security may not
be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary
or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of
such successor. Except as provided above, owners of beneficial interests in this Global Security will not be entitled to receive
physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture.

 

Prior to due presentment
of this Security for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor
or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or
not this Security be overdue, and neither the Company, the Guarantor, the Trustee nor any such agent shall be affected by notice
to the contrary.

 

Obligation of the Company Absolute

 

No reference herein
to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the Maturity Payment Amount at the times, place and rate, and in the coin or currency, herein
prescribed, except as otherwise provided in this Security.

 

No Personal Recourse

 

No recourse shall be
had for the payment of the Maturity Payment Amount or for any claim based hereon, or otherwise in respect hereof, or based on or
in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director,
as such, past, present or future, of the Company or any successor corporation or of the Guarantor or any successor corporation,
whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise,
all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and
released.

 

Defined Terms

 

All terms used in this
Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise defined
in this Security.

 

Governing Law

 

This Security shall
be governed by and construed in accordance with the law of the State of New York, without regard to principles of conflicts of
laws.

 

    13

     

    

 

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written
out in full according to applicable laws or regulations:

	
 

	
 

	
 

	
TEN COM

	
--

	
as tenants in common

	
 

	
 

	
 

	
TEN ENT

	
--

	
as tenants by the entireties

	
 

	
 

	
 

	
JT TEN

	
--

	
as joint tenants with right

	
 

	
 

	
of survivorship and not

	
 

	
 

	
as tenants in common

 

	
UNIF GIFT MIN ACT 

	--	
 

	
Custodian

	
 

	
 

	 	
(Cust)

	
 

	
(Minor)

 

	
Under Uniform Gifts to Minors Act

	
 

	
 

	
 

	
(State)

	
 

 

                Additional abbreviations may also be used though not in the above list.

 

                FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto

 

	
Please Insert Social Security or

	
 

	
Other Identifying Number of Assignee

	
 

	
 

	
 

 

	
 

	
 

	
 

	
(Please print or type name and address including postal zip code of Assignee)

 

    14

     

    

 

the within Security of WELLS FARGO FINANCE LLC and does hereby irrevocably constitute and appoint __________________ attorney to transfer the said Security on the books of the Company, with full power of substitution in the premises.

 

	
Dated: 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

NOTICE: 
The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular,
without alteration or enlargement or any change whatever.

 

    15Form
of Representative’s Warrant to Purchase Common Stock

 

THE
REGISTERED HOLDER OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE
WARRANT EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN,
PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT OR CAUSE IT TO BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT, OR CALL
TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THIS PURCHASE WARRANT BY ANY PERSON FOR A PERIOD OF ONE
HUNDRED EIGHTY (180) DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER THAN (I) NEWBRIDGE SECURITIES CORP. OR
AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF GAUCHO GROUP HOLDINGS,
INC. OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER AND IN ACCORDANCE WITH FINRA RULE 5110(G).

 

THIS
PURCHASE WARRANT IS VOID AFTER 5:00 P.M., EASTERN TIME, [●].1

 

PURCHASE
WARRANT

 

For
the Purchase of [●] Shares of Common Stock

of

GAUCHO GROUP HOLDINGS, INC.

 

1. Purchase
Warrant. THIS CERTIFIES THAT, pursuant to that certain Underwriting Agreement, dated [●] (the “Underwriting
Agreement”), by and between GAUCHO GROUP HOLDINGS, INC. (the “Company”), and Newbridge Securities
Corp., as representative of the underwriters named on Annex A thereto, providing for the public offering (the “Offering”)
of common stock, par value US$0.01 per share, of the Company (the “Common Stock”), Newbridge Securities Corp.
or its assigns (“Holder”), as registered owner of this Purchase Warrant, is entitled, at any time or from time
to time on or after [●] (the “Commencement Date”)2, and at or before 5:00 p.m., Eastern
time, [●]3 (the “Expiration Date”), but not thereafter, to subscribe for, purchase
and receive, in whole or in part, up to [●]4 shares of Common Stock (the “Shares”),
subject to adjustment as provided in Section 6 hereof. If the Expiration Date is a day on which banking institutions are
authorized by law or executive order to close, then this Purchase Warrant may be exercised on the next succeeding day which is
not such a day in accordance with the terms herein. During the period commencing on the date hereof and ending on the Expiration
Date, the Company agrees not to take any action that would terminate this Purchase Warrant. This Purchase Warrant is initially
exercisable at $[●] per Share5; provided, however, that upon the occurrence of any of
the events specified in Section 6 hereof, the rights granted by this Purchase Warrant, including the exercise price per Share
and the number of Shares to be received upon such exercise, shall be adjusted as therein specified. This Purchase Warrant is being
issued pursuant to the Underwriting Agreement providing for the Offering. The term “Effective Date” shall mean
the effective date of the registration statement in connection with the Offering. The term “Exercise Price”
shall mean the initial exercise price or the adjusted exercise price, depending on the context.

 

 

1
Date that is five years from the Effective Date.

2
Closing Date.

3
Date that is five years from the Effective Date.

4
8% of the Shares sold in the Offering.

5
120% of the price of the Shares sold in the Offering.

 

    	1

    	 

    

 

2. Exercise.

 

2.1 Exercise
Form. In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and completed and
delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased
payable in cash by wire transfer of immediately available funds to an account designated by the Company or by certified check
or official bank check to the order of the Company. If the subscription rights represented hereby shall not be exercised at or
before 5:00 p.m., Eastern time, on the Expiration Date, this Purchase Warrant shall become and be void without further force or
effect, and all rights represented hereby shall cease and expire.

 

2.2 Cashless
Exercise. At any time after the Commencement Date, in lieu of exercising this Purchase Warrant by payment of cash or check
payable to the order of the Company pursuant to Section 2.1 above, Holder may elect to receive the number of Shares equal
to the value of this Purchase Warrant (or the portion thereof being exercised) by surrender of this Purchase Warrant to the Company,
together with the exercise form attached hereto, in which event the Company shall issue to Holder Shares in accordance with the
following formula:

 

X
=

Y(A-B)

A

 

Where,

 

X
= The number of Shares to be issued to Holder;

Y
= The number of Shares that would be issuable upon exercise of this Purchase Warrant if such exercise were by means of a cash
exercise pursuant to Section 2.1 rather than a cashless exercise pursuant to this Section 2.2;

A
= The fair market value of one Share, as determined in accordance with the provisions of this Section 2; and

B
= The Exercise Price in effect under this Purchase Warrant at the time the election to exercise this Purchase Warrant on a cashless
basis is made pursuant to this Section 2.

 

For
purposes of this Section 2.2, the fair market value of a Share is defined as follows:

 

(i) if
the Common Stock are traded on a national securities exchange, the fair market value shall be deemed to be the closing sales price
on such exchange on the Trading Day immediately prior to the date the exercise form is submitted to the Company in connection
with the exercise of this Purchase Warrant; or

 

(ii) if
the Common Stock are traded over-the-counter (i.e., on the OTCQB or OTCQX Markets operated by OTC Markets Group, Inc., or any
similar over-the-counter market), the fair market value shall be deemed to be the five day average closing price (or if not applicable,
the five day average closing bid price) immediately prior to the date the exercise form is submitted to the Company in connection
with the exercise of this Purchase Warrant; or

 

    	2

    	 

    

 

(iii) if
there is no active public market for the Common Stock, the value shall be the fair market value thereof, as determined in good
faith by the Company’s Board of Directors.

 

“Trading
Day” means a date on which the Common Stock are traded on the NYSE, the Nasdaq Capital Market, the Nasdaq Global Market,
the Nasdaq Global Select Market, the NYSE American or the OTC Bulletin Board or OTC Market (or any successors to any of the foregoing).

 

For
the avoidance of doubt, if there is no effective registration statement registering, or no current prospectus available for, the
resale of the Shares underlying this Purchase Warrant by the Holder, then this Purchase Warrant may be exercised, in whole or
in part, at such time by means of a cashless exercise in accordance with the provisions of this Purchase Warrant.

 

2.3 Mechanics
of Exercise.

 

(i) Delivery
of Shares Upon Exercise. The Company shall use commercially reasonable efforts to cause the Shares purchased hereunder to
be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s prime broker with The Depository
Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant
in such system and either (A) there is an effective registration statement permitting the issuance of the Shares or resale of
the Shares or (B) this Purchase Warrant is being exercised via cashless exercise, and otherwise by delivery to the address specified
by the Holder in the Notice of Exercise by the date that is five Trading Days after the latest of (A) the delivery to the Company
of the Notice of Exercise, (B) surrender of this Purchase Warrant (if required) and (C) receipt by the Company of the aggregate
Exercise Price as set forth above (including by cashless exercise, if permitted) (such date, the “Share Delivery Date”).
The Shares shall be deemed to have been issued, and the Holder or any other person so designated to be named therein shall be
deemed to have become a holder of record of such Shares for all purposes, as of the date the Purchase Warrant has been exercised
and payment to the Company of the aggregate Exercise Price (or by cashless exercise, if permitted) has been received by the Company
and all taxes required to be paid by the Holder, if any, pursuant to Section 2.3(vi) prior to the issuance of such Shares
have been paid.

 

(ii) Delivery
of New Warrants Upon Exercise. If this Purchase Warrant shall have been exercised in part, the Company shall, at the written
request of the Holder and upon surrender of this Purchase Warrant, at the time of delivery of the Shares, deliver to the Holder
a new Purchase Warrant evidencing the rights of the Holder to purchase the unpurchased Shares called for by this Purchase Warrant,
which new Purchase Warrant shall in all other respects be identical with this Purchase Warrant.

 

(iii) Rescission
Rights. If the Company fails to cause its transfer agent to transmit to the Holder the Shares pursuant to Section 2.3(i)
by the Share Delivery Date, unless such failure was not caused by the fault or negligence of the Company, then the Holder
will have the right to rescind such exercise upon written notice to the Company within one Trading Day after the Share Delivery
Date.

 

    	3

    	 

    

 

(iv) Compensation
for Buy-In on Failure to Timely Deliver Shares Upon Exercise. In addition to any other rights available to the Holder, if
the Holder has taken all actions necessary under the terms of this Purchase Warrant for such Holder to receive the Shares, if
the Company fails to cause the Transfer Agent to transmit to the Holder the Shares pursuant to an exercise on or before the Share
Delivery Date, unless such failure was not caused by the fault or negligence of the Company, and if after such date the Holder
is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise
purchases, Common Stock to deliver in satisfaction of a sale by the Holder of the which the Holder anticipated receiving upon
such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which
(x) the Holder’s total purchase price (including brokerage commissions and any other applicable fees, if any) for the Common
Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Shares that the Company was required to deliver
to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase
obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Purchase Warrant and equivalent
number of Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to
the Holder the number of Common Stock that would have been issued had the Company timely complied with its exercise and delivery
obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In
with respect to an attempted exercise of Shares with an aggregate sale price giving rise to such purchase obligation of $10,000,
under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall
provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of
the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies
available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive
relief with respect to the Company’s failure to timely deliver Common Stock upon exercise of the Purchase Warrant as required
pursuant to the terms hereof.

 

(v) Charges,
Taxes and Expenses. Issuance of Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental
expense in respect of the issuance of such Shares, all of which taxes and expenses shall be paid by the Company, and such Shares
shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however,
that, in the event Shares are to be issued in a name other than the name of the Holder, this Purchase Warrant when surrendered
for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require,
as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall
pay all transfer agent fees required for same-day processing of any Notice of Exercise.

 

3. Transfer
- General Restrictions. The Holder agrees by his, her or its acceptance hereof, that such Holder will not: (a) sell, transfer,
assign, pledge or hypothecate this Purchase Warrant for a period of one hundred eighty (180) days following the Effective Date
to anyone other than: (i) Newbridge Securities Corp. or another underwriter or a selected dealer participating in the Offering,
or (ii) a bona fide officer or partner of Newbridge Securities Corp. or of any such underwriter or selected dealer, in each case
in accordance with FINRA Conduct Rule 5110(g)(1), or (b) cause this Purchase Warrant or the securities issuable hereunder to be
the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition
of this Purchase Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(g)(2). One hundred eighty (180)
days after the Effective Date, transfers to others may be made subject to compliance with or exemptions from applicable securities
laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly
executed and completed, together with this Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith.
The Company shall within five (5) business days transfer this Purchase Warrant on the books of the Company and shall execute and
deliver a new Purchase Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right
to purchase the aggregate number of Shares purchasable hereunder or such portion of such number as shall be contemplated by any
such assignment. The Company shall register this Purchase Warrant, upon records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and
treat the registered Holder of this Purchase Warrant as the absolute owner hereof for the purpose of any exercise hereof or any
distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

    	4

    	 

    

 

4. Registration.
The Company shall be required to keep a registration statement effective on Form S-1 (or Form S-3, if the Company is eligible
to use such form) until such date that is the earlier of the date when all of the Shares underlying this Purchase Warrant have
been publicly sold by the Holder or such time as Rule 144 or another similar exemption under the Securities Act of 1933, as amended,
is available for the sale of all of such Holder’s Shares underlying this Purchase Warrant without limitation during a three-month
period without registration. 

 

5. New
Purchase Warrants to be Issued.

 

5.1 Partial
Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned
in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for
cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or
transfer tax if exercised pursuant to Section 2 hereto, the Company shall cause to be delivered to the Holder without charge
a new Purchase Warrant of like tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to
purchase the number of Shares purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned.

 

5.2 Replacement
on Loss. Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation
of this Purchase Warrant, the Company, at its own expense, shall execute and deliver a new Purchase Warrant of like tenor and
date. Any such new Purchase Warrant executed and delivered as a result of such loss, theft, mutilation or destruction shall constitute
a substitute contractual obligation on the part of the Company.

 

6. Adjustments.

 

6.1 Adjustments
to Exercise Price and Number of Shares. The Exercise Price and the number of Shares underlying this Purchase Warrant shall
be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1 Share
Dividends; Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of
outstanding Common Stock is increased by a stock dividend payable in Common Stock or by a split up of Common Stock, spin off,
reclassification, corporate rearrangement, scheme of arrangement or other similar transaction, then, on the effective day thereof,
the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Common Stock, and
the Exercise Price shall be proportionately decreased. Any adjustment made pursuant to this Section 6.1.1 shall become
effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

6.1.2 Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 6.1.1 above, if at any time during which this
Purchase Warrant is outstanding the Company grants, issues or sells any securities of the Company which by their terms are convertible
into or exercisable for Common Stock (“Common Stock Equivalents”) or other rights to purchase stock, warrants,
securities or other property, pro rata to all of the record holders of the Common Stock (the “Purchase Rights”),
and not the Holder, then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate
Purchase Rights which the Holder could have acquired if the Holder had held the number of Common Stock acquirable upon complete
exercise of this Purchase Warrant immediately before the date on which a record is taken for the grant, issuance or sale of such
Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common Stock are to be determined
for the grant, issue or sale of such Purchase Rights. The provisions of this Section 6.1.2 will not apply to any grant,
issuance or sale of Ordinary Share Equivalents or other rights to purchase stock, warrants, securities or other property of the
Company which is not made pro rata to all of the record holders of Common Stock.

 

    	5

    	 

    

 

6.1.3 Aggregation
of Shares. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Common Stock is decreased by a consolidation, combination or reclassification of Common Stock or other similar event, then, on
the effective date thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding
Shares, and the Exercise Price shall be proportionately increased.

 

6.1.4 Replacement
of Shares upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Common Stock other
than a change covered by Section 6.1.1, 6.1.2 or 6.1.3 hereof or that solely affects the par value of such Common
Stock, or in the case of any share reconstruction or amalgamation or merger or consolidation of the Company with or into another
corporation or other entity (other than a consolidation or share reconstruction or amalgamation in which the Company is the continuing
corporation and that does not result in any reclassification or reorganization of the outstanding Common Stock), or in the case
of any sale or conveyance to another corporation or entity of the property of the Company as an entirety or substantially as an
entirety, or in the case any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another
person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other
securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, or in the case
the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization
of the Common Stock or any compulsory share exchange pursuant to which the Common Stock are effectively converted into or exchanged
for other securities, cash or property, or (in the case the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another person or group of persons, whereby such other Person or group
acquires more than 50% of the outstanding Common Stock (not including any Common Stock held by the other Person or other Persons
making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement
or other business combination), then the Holder of this Purchase Warrant shall have the right thereafter (until the expiration
of the right of exercise of this Purchase Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price
payable hereunder immediately prior to such event, the kind and amount of shares of stock or other securities or property (including
cash) receivable upon such reclassification, reorganization, share reconstruction or amalgamation, or consolidation, or upon a
dissolution following any such sale or transfer, by a Holder of the number of Shares of the Company obtainable upon exercise of
this Purchase Warrant immediately prior to such event; and if any reclassification also results in a change in Shares covered
by Section 6.1.1, 6.1.2 or 6.1.3, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2
or 6.1.3 and this Section 6.1.4. The provisions of this Section 6.1.4 shall similarly apply to successive
reclassifications, reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers.

 

6.1.5 Changes
in Form of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this Section
6.1, and any Purchase Warrant issued after such change may state the same Exercise Price and the same number of Shares as
are stated in the initial Purchase Warrant. The acceptance by the Holder of the issuance of a new Purchase Warrant reflecting
a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Commencement Date
or the computation thereof.

 

    	6

    	 

    

 

6.2 Substitute
Purchase Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the Company
with or into, another corporation or other entity (other than a consolidation or share reconstruction or amalgamation which does
not result in any reclassification or change of the outstanding Common Stock), the corporation or other entity formed by such
consolidation or share reconstruction or amalgamation shall execute and deliver to the Holder a supplemental Purchase Warrant
providing that the holder of each Purchase Warrant then outstanding or to be outstanding shall have the right thereafter (until
the stated expiration of such Purchase Warrant) to receive, upon exercise of such Purchase Warrant, the kind and amount of shares
of stock and other securities and property receivable upon such consolidation or share reconstruction or amalgamation, by a holder
of the number of Shares of the Company for which such Purchase Warrant might have been exercised immediately prior to such consolidation,
share reconstruction or amalgamation, sale or transfer. Such supplemental Purchase Warrant shall provide for adjustments which
shall be identical to the adjustments provided for in this Section 6. The above provision of this Section shall similarly
apply to successive consolidations or share reconstructions or amalgamations.

 

6.3 Elimination
of Fractional Interests. The Company shall not be required to issue fractions of Shares upon the exercise of this Purchase
Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of the parties
that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may be, to the nearest whole
number of Shares or other securities, properties or rights.

 

6.4 Notice
to Holder.

 

6.4.1 Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 6, the Company
shall promptly provide the Holder with a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Shares and setting forth a brief statement of the facts requiring such adjustment.

 

6.4.2 Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock , (C)
the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any
shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in
connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale
or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock
are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall provide the Holder with, at least
10 days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record
is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken,
the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights
or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share
exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of
record shall be entitled to exchange their Common Stock for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer or share exchange; provided that the failure to provide such notice or any defect
therein or in the provision thereof shall not affect the validity of the corporate action required to be specified in such notice.
The Holder shall remain entitled to exercise this Purchase Warrant during the period commencing on the date of such notice to
the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

    	7

    	 

    

 

7. Reservation
and Listing; Registration Rights.

 

7.1 The
Company shall at all times reserve and keep available out of its authorized Common Stock, solely for the purpose of issuance upon
exercise of this Purchase Warrant, such number of Shares or other securities, properties or rights as shall be issuable upon the
exercise thereof. The Company covenants and agrees that, upon exercise of this Purchase Warrant and payment of the Exercise Price
therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall be duly and validly
issued, fully paid and non-assessable and not subject to preemptive or similar rights of any stockholder and free and clear of
all liens, taxes and charges. As long as this Purchase Warrant shall be outstanding, the Company shall use commercially reasonable
efforts to cause all Shares issuable upon exercise of this Purchase Warrant to be listed (subject to official notice of issuance)
on all national securities exchanges (or, if applicable, on the OTCQB or OTCQX Markets operated by OTC Markets Group, Inc., or
any similar over-the-counter market) on which the Shares issued to the public in the Offering may then be listed and/or quoted.

 

7.2 To
the extent the Company does not maintain an effective registration statement for the Shares and cashless exercise is unavailable
to any Holder under Section 2.2 hereof pursuant to which all of the Shares issuable upon exercise of this Purchase Warrant
under Section 2.2 would be tradable upon exercise of this Purchase Warrant upon issuance, and in the further event that
the Company files a registration statement with the Securities and Exchange Commission to register its Common Stock (other than
a registration statement on Form S-4 or S-8, or on another form, or in another context, in which such “piggyback”
registration would be inappropriate), then, for the term of this Purchase Warrant, the Company shall give written notice of such
proposed filing to the Holder as soon as practicable but in no event less than 20 days before the anticipated filing date, which
notice shall describe the amount and type of securities to be included in such offering, the intended method(s) of distribution,
and the name of the proposed managing underwriter or underwriters, if any, of the offering, and offer to the Holder in such notice
the opportunity to register the sale of such number of Shares as such Holder may request in writing within five days following
receipt of such notice (a “Piggyback Registration”). The Company shall use commercially reasonable efforts
to cause such Shares to be included in such registration and shall use commercially reasonable efforts to cause the managing underwriter
or underwriters of a proposed underwritten offering to permit the Shares requested to be included in a Piggyback Registration
on the same terms and conditions as any similar securities of the Company and to permit the sale or other disposition of such
Shares in accordance with the intended method(s) of distribution thereof. All Holders proposing to distribute their securities
through a Piggyback Registration that involves an underwriter or underwriters shall enter into an underwriting agreement in customary
form with the underwriter or underwriters selected for such Piggyback Registration. Notwithstanding the provisions of this Section
7.2, such right to request Piggyback Registration shall terminate on the fifth anniversary of the Effective Date, in accordance
with FINRA Rule 5110(f)(2)(G)(v).

 

    	8

    	 

    

 

8. Certain
Notice Requirements.

 

8.1 Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holder the right to vote or consent or to
receive notice as a stockholder for the election of directors or any other matter, or as having any rights whatsoever as a stockholder
of the Company. If, however, at any time prior to the expiration of this Purchase Warrant and its exercise, any of the events
described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such
event at least fifteen (15) days prior to the date fixed as a record date or the date of closing the transfer books (the “Notice
Date”) for the determination of the stockholders entitled to such dividend, distribution, conversion or exchange of
securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice
shall specify such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing,
the Company shall deliver to each Holder a copy of each notice given to the other stockholders of the Company at the same time
and in the same manner that such notice is given to the stockholders; provided, however, that the Company shall not be obligated
to provide any written notice under this Section 8 if it makes a public announcement of the applicable event via nationally
distributed press release or via a publicly available and legally compliant filing with the U.S. Securities and Exchange Commission.

 

8.2 Events
Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of
the following events: (i) if the Company shall take a record of the holders of its shares for the purpose of entitling them to
receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out
of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company, (ii)
the Company shall offer to all the holders of its shares any additional shares of capital stock of the Company or securities convertible
into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii)
a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation or share reconstruction
or amalgamation) or a sale of all or substantially all of its property, assets and business shall be proposed.

 

8.3 Notice
of Change in Exercise Price; Notice of Exercise Price. The Company shall, within five (5) business days after an event requiring
a change in the Exercise Price pursuant to Section 6 hereof, send notice to the Holder of such event and change (“Price
Notice”). The Price Notice shall describe the event causing the change and the method of calculating the same and shall
be certified as being true and accurate by the Company’s Chief Executive Officer and Chief Financial Officer. The Company
shall, within five (5) business days after receipt by the Company of a written request by the Holder, send notice to the Holder
of the Exercise Price then in effect and the number of Shares or the amount, if any, of other shares of stock, securities or assets
then issuable upon exercise of this Purchase Warrant and shall be certified as being true and accurate by the Company’s
Chief Executive Officer and Chief Financial Officer.

 

8.4 Transmittal
of Notices. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing and shall
be deemed to have been duly made when (1) hand delivered, (2) mailed by express mail or private courier service, or (3) if sent
by electronic mail, on the day the notice was sent if during regular business hours and, if sent outside of regular business hours,
on the following business day, to following addresses or to such other addresses as the Company or Holder may designate by notice
to the other party:

 

If
to the Holder:

 

Newbridge
Securities Corp.

1451
W. Cypress Creek Road, Suite 300

Fort
Lauderdale, FL, US, 33309

Attention:
Bruce Jordan

Email:
bjordan@newbridgesecurities.com

 

    	9

    	 

    

 

with
a copy (which shall not constitute notice) to:

 

Dickinson
Wright PLLC

350
E. las Olas Blvd., Suite 1750

Ft.
Lauderdale, FL 33301

Attention:
Joel D. Mayersohn, Esq.

Email:
jmayersohn@dickinsonwright.com

 

If
to the Company:

 

Gaucho
Group Holdings, Inc.

135
Fifth Avenue, 10th Floor

New
York, NY 10010

Attention:
Scott C. Mathis

Email:
smathis@gauchoholdings.com

 

with
a copy (which shall not constitute notice) to:

 

Burns,
Figa & Will, P.C.

6400
S. Fiddler’s Green Circle, Suite 1000

Greenwood
Village, CO 80111

Attention:
Victoria B. Bantz, Esq.

Email:
vbantz@bfwlaw.com

 

9. Miscellaneous.

 

9.1 Amendments.
The Company and the Holder may from time to time supplement, modify or amend this Purchase Warrant by a written agreement signed
by the Company and the Holder. All modifications or amendments shall require the written consent of and be signed by the party
against whom enforcement of the modification or amendment is sought.

 

9.2 Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of this Purchase Warrant.

 

9.3 Entire
Agreement. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection
with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof,
and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4 Binding
Effect. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and
their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed
to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions
herein contained.

 

    	10

    	 

    

 

9.5 Governing
Law; Submission to Jurisdiction; Trial by Jury. This Purchase Warrant shall be governed by and construed and enforced in accordance
with the internal laws of the State of Florida, without giving effect to conflict of laws principles thereof. The Company hereby
agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Warrant shall be
brought and enforced in the U.S. federal and state courts in the Seventeenth Judicial Circuit Court in and for Palm Beach Country,
Florida or the United States District Court for the Southern District of Florida, Fort Lauderdale Division, and irrevocably submits
to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction
and that such courts represent an inconvenient forum. Such mailing shall be deemed personal service and shall be legal and binding
upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing party(ies) in any such
action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses relating
to such action or proceeding and/or incurred in connection with the preparation therefor. The Company (on its behalf and, to the
extent permitted by applicable law, on behalf of its stockholders and affiliates) and the Holder hereby irrevocably waive, to
the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating
to this Purchase Warrant or the transactions contemplated hereby.

 

9.6 Waiver,
etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall
not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant
or any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase
Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be
effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such
waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver
of any other or subsequent breach, non-compliance or non-fulfillment.

 

9.7 Successors
and Assigns. Subject to applicable securities laws, this Purchase Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Purchase Warrant are intended to be for the benefit of any Holder from time to time
of this Purchase Warrant and shall be enforceable by the Holder or holder of this Purchase Warrant.

 

9.8 Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Purchase Warrant or any stock certificate relating to
the Shares, if stock certificates are issued, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory
to it (which, in the case of the Purchase Warrant, shall not include the posting of any bond), and upon surrender and cancellation
of such Purchase Warrant or stock certificate, if stock certificates are issued, if mutilated, the Company will make and deliver
a new Purchase Warrant or stock certificate, if stock certificates are issued, of like tenor and dated as of such cancellation,
in lieu of such Purchase Warrant or stock certificate, if stock certificates are issued.

 

9.9 Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Purchase Warrant. The Company agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the provisions of this Purchase Warrant and hereby agrees to
waive and not to assert the defense in any action for specific performance or other equitable remedy that a remedy at law would
be adequate.

 

9.10 Severability.
Wherever possible, each provision of this Purchase Warrant shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Purchase Warrant shall be prohibited by or invalid under applicable law, such provision
shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or
the remaining provisions of this Purchase Warrant.

 

9.11 Execution
in Counterparts. This Purchase Warrant may be executed in one or more counterparts, and by the different parties hereto in
separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and
the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and
delivered to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic
transmission.

 

[Signature
Page Follows]

 

    	11

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Purchase Warrant to be signed by its duly authorized officer as of the ______ day
of                          .

 

GAUCHO
GROUP HOLDINGS, INC.

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

Acknowledged
and Agreed

 

Newbridge
Securities Corp.

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	12

    	 

    

 

Form
of Exercise

 

The
undersigned holder hereby exercises the right to purchase _________________ shares (“Warrant Shares”) of GAUCHO
GROUP HOLDINGS, INC. (the “Company”), evidenced by the attached Purchase Warrant (the “Purchase
Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the
Purchase Warrant. Please issue the Warrant Shares as to which the Purchase Warrant is exercised in accordance with the instructions
given below and, if applicable, a new Purchase Warrant representing the number of Warrant Shares for which the Purchase Warrant
has not been exercised.

 

1.
Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as:

 

____________
a “Cash Exercise” with respect to _________________ Warrant Shares; and/or

 

____________
a “Cashless Exercise” with respect to _______________ Warrant Shares.

 

2.
Payment of Exercise Price. In the event that the holder has elected a Cash Exercise with respect to some or all of the
Warrant Shares to be issued pursuant hereto, the holder shall pay the aggregate Exercise Price in the sum of $________ to the
Company in accordance with the terms of the Purchase Warrant.

 

3.
Delivery of Warrant Shares. The Company shall deliver to the holder __________ Warrant Shares in accordance with the terms
of the Purchase Warrant. Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified
below:

 

_______________________________

 

The
Warrant Shares shall be delivered to the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

Date:
_______________ __, ______

 

Name
of Registered Holder

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	13

    	 

    

 

INSTRUCTIONS
FOR REGISTRATION OF SECURITIES

 

	Name:	 	 
	 	(Print
    in Block Letters)	 
	 	 	 
	Address:	 	 
	 	 	 
	 	 	 
	 	 	 

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or
enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by
a firm having membership on a registered national securities exchange.

 

    	14

    	 

    

 

FORM
OF ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned registered owner of this Purchase Warrant hereby sells, assigns and transfers unto the Assignee
named below all of the rights of the undersigned to purchase ordinary shares, par value $0.01 per share, of Gaucho Group Holdings,
Inc. (the “Company”), evidenced by this Purchase Warrant, with respect to the number of shares set forth
below.

 

	Name
    of Assignee	 	Address
    and Phone Number	 	No.
    of Shares
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

The
undersigned also represents that, by assignment hereof, the Assignee acknowledges that this Purchase Warrant and the ordinary
shares to be issued upon exercise hereof or conversion thereof are being acquired for investment and that the Assignee will not
offer, sell or otherwise dispose of this Purchase Warrant or any ordinary shares to be issued upon exercise hereof or conversion
thereof except under circumstances which will not result in a violation of the Securities Act of 1933, as amended, or any state
securities laws. Further, the Assignee has acknowledged that upon exercise of this Purchase Warrant, the Assignee shall, if requested
by the Company, confirm in writing, in a form satisfactory to the Company, that the ordinary shares so purchased are being acquired
for investment and not with a view toward distribution or resale.

 

	 
	Signature
    of Holder
	 
	Date

 

The
undersigned assignee agrees to be bound by all of the terms and conditions of this Purchase Warrant.

 

	 
	Signature
    of Assignee
	 
	Date

 

    	15

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