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EXHIBIT 10(af)

Change in Control & Severance Agreement

THIS CHANGE IN CONTROL & SEVERANCE AGREEMENT, dated as of December 16, 2021, is entered into between and among National Western Life Insurance Company, a Colorado corporation (“NWLIC”), National Western Life Group, Inc., a Delaware corporation (“NWLGI”), collectively referred to as (“NWL”), and Ross R. Moody (the “Executive”).

NWL and the Executive, intending to be legally bound hereby, agree that upon a Change in Control and upon a subsequent termination of employment, NWL shall take the actions described in Sections 4 and 5 below.  Additionally, NWL shall take the actions described in Section 6 below upon NWL’s termination of Executive without cause.

SECTION 1. CHANGE IN CONTROL. 

As used in this Agreement, a “Change in Control” shall be deemed to have occurred if:
(a) any person or group of persons (within the meaning of Section 13(d) of the Securities Exchange Act of 1934 as amended (the “Act”)), other than NWLGI or a subsidiary of NWLGI or an employee benefit plan sponsored by NWLGI or a subsidiary of NWLGI, acquires beneficial ownership (as defined in Section 13(d) (directly or indirectly) of (i) 50 percent or more of the outstanding securities of NWLGI entitled to vote in the elections of directors (or securities or rights convertible into or exchangeable for such securities) (“Stock”) of NWLGI, or (ii) Stock having a total number of votes that may be cast and elect a majority of the directors of NWLGI; or
(b) there shall have been a change in a majority of the members of the Board of Directors of NWLGI within a twelve-month period, unless the election or nomination for election by NWLGI’s stockholders of each new director during such twelve-month period was approved by the vote of two-thirds of the directors then still in office who were directors at the beginning of such twelve-month period; or
(c) the stockholders of NWLGI shall approve (i) any consolidation, merger, or other reorganization of NWLGI in which NWLGI is not the continuing or surviving corporation or pursuant to which shares of Stock would be converted into cash, securities, or other property, other than a merger of NWLGI in which holders of Stock immediately prior to the merger have either the same proportionate ownership of common stock of the surviving corporation immediately after the merger as immediately before or have more than 50 percent of the ownership of voting common stock of the surviving corporation immediately after the merger, or (ii) any sale, lease, exchange, or other transfer in one transaction or a series of related transactions of 50 percent or more of the assets of NWLGI; or
(d) there shall occur a liquidation or dissolution of NWLGI.

SECTION 2. TERM OF AGREEMENT. 

This Agreement shall commence on the date first set forth above and shall remain in effect until the third anniversary of a Change in Control for purposes of Sections 3, 4, and 5, and shall remain in effect for two years from December 16, 2021 for purposes of Section 6.  This Agreement terminates and voids any previously effective Change in Control & Severance Agreements between Executive and NWLIC.  Should there be multiple Change in Control events, each such Change in Control will extend the term of this Agreement until the third anniversary of such Change in Control for purposes of Sections 3, 4, and 5.

SECTION 3. TERMINATION OF EMPLOYMENT FOLLOWING A CHANGE IN CONTROL.
(a) Entitlement. The Executive shall be entitled to the payments and benefits provided under Section 5 below if, during the three-year period following a Change in Control, the Executive ceases to be employed by NWL or its successor for either of the following reasons:

EXHIBIT 10(af)

(1) Except as provided in subsection (b) or (c) below, NWL terminates the Executive’s employment; or
(2) The Executive terminates his employment after one or more of the following events occurs without the Executive’s express written consent:
(A) the Executive’s annual base salary and/or annual target bonus is materially reduced or any other material compensation or benefits arrangement for the Executive is materially reduced (and such reduction is unrelated to NWL or individual performance); or
(B) the Executive’s duties or responsibilities are negatively, and materially changed in a manner inconsistent with the Executive’s position (including status, offices, titles, and reporting requirements) or authority; or
(C) NWL requires the Executive’s work location or residence to be relocated more than 25 miles from its location as of the Change in Control; or
(D) NWL or its successor fails to offer the Executive a comparable position after the Change in Control.
(b) Termination for Cause. Notwithstanding subsection (a) above, the Executive shall not be entitled to the payments and benefits provided under Sections 5 or 6 below if the Executive’s employment with NWL is terminated for the willful and continued failure of the Executive to perform substantially the Executive’s duties owed to NWL or its affiliates after a written demand for substantial performance is delivered to the Executive specifically identifying the nature of such unacceptable performance.
(c) Termination Due to Death or Incapacity. If the Executive’s employment is terminated by reason of the Executive’s death or incapacity, this Agreement shall terminate automatically on the date of death or the date of determination by the Board that the incapacity of the Executive has occurred, as the case may be. “Incapacity” means any physical or mental illness or disability of the Executive which continues for a period of six consecutive months or more and which at any time after such six-month period the Board shall reasonably determine renders the Executive incapable of performing his duties.
(d) Notice of Termination. Any termination by NWL for cause or incapacity, or by the Executive for a reason described in Section 3(b) above, shall be communicated by a notice to the other party given in accordance with Section 10 below. The notice shall be in writing and shall (i) state the specific termination provision in the Agreement relied upon, (ii) to the extent applicable, set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under such provision, and (iii) specify the termination date (not more than 30 days after the giving of the notice).

SECTION 4. OBLIGATIONS OF NWL UPON A CHANGE IN CONTROL. 
Except as described in Sections 5 and 6 below, NWL shall have no obligations to Executive upon a Change in Control.

SECTION 5. OBLIGATIONS OF NWL UPON TERMINATION OF EMPLOYMENT FOLLOWING A CHANGE IN CONTROL. 

Upon termination of the Executive subsequent to a Change in Control, the Executive shall be entitled to receive payments and benefits from NWL as follows:
(a) Termination Due to a Qualifying Event. If the Executive’s employment with NWL is terminated as the result of an event described in Section 3(a) above, the Executive shall be entitled to receive the following payments and benefits from NWL:
(1) NWL shall pay the Executive in a single sum in cash, within ten business days after his termination date, the aggregate of the following amounts:

EXHIBIT 10(af)

(A) the sum of the Executive’s currently effective annual base salary through the termination date and any accrued vacation pay; and
(B) an amount equal to two times the sum of the Executive’s annual base salary plus his target bonus; and
(2) NWL shall, at its sole expense as incurred, reimburse the Executive up to $50,000 for expenses and costs related to outplacement services, the provider of which shall be selected by the Executive in his sole discretion; and
(3) NWL shall continue to provide the Executive with use of the Executive’s company car for one year following the termination date; and
(4) NWL shall pay or reimburse the Executive, up to $75,000, for legal fees and expenses incurred as a result of any dispute resolution process entered into by the Executive to enforce this Agreement.
(b) Termination Due to Death or Incapacity. If the Executive’s employment is terminated by reason of the Executive’s death or incapacity, this Agreement shall terminate without further obligations to the Executive or to the Executive’s legal representatives under this Agreement other than for the timely payment of the Executive’s currently effective annual base salary through the termination date, any accrued vacation pay, and any compensation that the Executive previously elected to defer.
(c) Termination For Cause. If the Executive’s employment is terminated for a reason described in Section 3(b) above or if the Executive voluntarily terminates employment (other than for a reason described in Section 3(a)(2) above), this Agreement shall terminate without further obligations to the Executive under this Agreement other than for the timely payment to the Executive of his currently effective annual base salary through the termination date and of any compensation that the Executive previously elected to defer.
(d) Possible Reduction in Payments and Benefits. Following any Change in Control, to the extent that any amount of pay or benefits provided to the Executive under this Agreement would cause the Executive to be subject to excise tax under sections 280G and 4999, or successor provisions, of the Internal Revenue Code of 1986, as amended (the “Code”), and after taking into consideration all other amounts payable to the Executive under other NWL plans, programs, policies, and arrangements, then the amount of pay and benefits provided under this Agreement shall be reduced (first by any pay, and then, to the extent necessary, by any benefits), to the extent necessary to avoid imposition of any such excise taxes. However, if it shall be determined that the Executive would not receive a net after-tax benefit (taking into account income, employment, and any excise taxes) resulting from application of the reduction, then no reduction shall be made with respect to pay or benefits due the Executive. All determinations of the amount of the reduction shall be made by tax counsel selected by NWL’s independent auditors, and the cost of making such determination shall be borne entirely by NWL.

SECTION 6: INVOLUNTARY TERMINATION WITHOUT CAUSE OR DISABILITY. 
In the event that NWL terminates the Executive’s employment with NWL for any reason other than as described in Sections 3(b) or 3(c) above, and such termination does not occur within three years after a Change in Control, then, after executing the release of claims described in Section 6(d), the Executive shall be entitled to receive the following payments and benefits:
(a) Severance. NWL shall pay to the Executive in a single lump sum, within 10 business days following the date of the employment termination, an amount equal to two times the sum of the Executive’s annual base salary plus his target bonus.

EXHIBIT 10(af)

(b) Incentive Programs. The period (the “Extension Period”) beginning on the date when the termination of employment is effective and ending on the earlier of (1) the third-year anniversary of the date when the employment termination is effective, or (2) the date of the Executive’s death shall be counted as employment with NWL for purposes of vesting in each of the incentive awards heretofore or hereafter granted to the Executive, any contrary provisions of such awards or the applicable plan notwithstanding. The term “incentive award” shall include, without limitation, all awards with respect to equity or derivative securities of NWLGI, and all cash incentive awards. This Subsection shall not be construed to require NWLGI to grant any new awards to the Executive during the Extension Period. The parties understand and agree that the Extension Period also counts as employment with NWL for purposes of determining the expiration date of any incentive award granted and held by the Executive when employment terminates.
(c) Financial Counseling. For a one-year period after termination of employment, NWL shall provide the Executive with professional financial counseling services comparable in scope and value to the financial counseling services made available to the Executive immediately prior to such termination of employment and not to exceed $35,000.
(d) Release of Claims. As a condition to the receipt of the payments and benefits described in this Section 6, the Executive shall be required to execute a release of all claims arising out of the Executive’s employment or the termination thereof including, but not limited to, any claim of discrimination under state or federal law.
(e) No Mitigation. The Executive shall not be required to mitigate the amount of any payment or benefit contemplated by this Section 6, nor shall any such payment or benefit be reduced by any earnings or benefits that the Executive may receive from any other source.
SECTION 7. TERMINATION OF NONCOMPETITION RESTRICTIONS; NONDISCLOSURE.
(a) Termination of Noncompetition Restrictions. If the Executive terminates his employment with NWL for a reason described in Section 3(a)(2) above during the first year following the Change in Control, or if NWL terminates the Executive’s employment other than for a reason described in Section 3(b) above during such first year, then, effective as of the termination date, the Executive shall cease to be subject to the terms of any noncompetition agreement with NWL previously entered into. If the event described above occurs during the second year following the Change in Control, then, effective as of the termination date, the Executive shall be subject to the terms of any noncompetition agreement with NWL previously entered into for one year thereafter. If the event described above occurs during the third year following the Change in Control, then, effective as of the termination date, the Executive shall be subject to the terms of any noncompetition agreement with NWL previously entered into for two years thereafter.
(b) Nondisclosure. The Executive shall not (other than in the good faith performance of his services to NWL before termination of employment) disclose or make known to anyone other than employees of NWL, or use for the benefit of himself or herself or any other person, firm, operation, or entity unrelated to NWL, any knowledge, information, or materials, whether tangible or intangible, belonging to NWL, about the products, services, know-how, customers, business plans, or financial, marketing, pricing, compensation, and other proprietary matter relating to NWL. On or before the Executive’s termination of employment with NWL, the Executive shall deliver to NWL any and all confidential information in his possession.

EXHIBIT 10(af)

SECTION 8. SUCCESSORS. 
NWL shall require any successor (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business or assets of NWL, by agreement in form and substance satisfactory to the Executive, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that NWL would be required to perform if no such succession had taken place. Failure of NWL to obtain such assumption and agreement prior to the effectiveness of any such succession will be a breach of this Agreement and entitle the Executive to compensation from NWL in the same amount and on the same terms as the Executive would be entitled to had NWL terminated the Executive for any reason other than cause or incapacity on the succession date (and assuming a Change in Control had occurred prior to such succession date).

SECTION 9. NON-ASSIGNABILITY. 

This Agreement is personal in nature and neither of the parties shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations under it, except as provided in Section 8. Without limiting the foregoing, the Executive’s right to receive payments under this Agreement shall not be assignable or transferable, whether by pledge, creation of a security interest, or otherwise, other than a transfer by his will or by the laws of descent or distribution, and, in the event of any attempted assignment or transfer by the Executive contrary to this Section, NWL shall have no liability to pay any amount so attempted to be assigned or transferred.

SECTION 10. NOTICES. 

For the purpose of this Agreement, notices and all other communications provided for shall be in writing and shall be deemed to have been given when delivered or mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

															
	If to the Executive:		If to NWL:		
					
	Ross R. Moody		National Western Life Insurance Company
	1710 Cromwell Hill	10801 N. MoPac Expy, Bldg 3	
	Austin, TX 78703		Austin, TX 78759		
			Attention: Chief Legal Officer	

or to such other address as either party may have furnished to the other in writing. Notices of change of address shall be effective only upon receipt.

SECTION 11. GOVERNING LAW. 
The validity, interpretation, construction, and performance of this Agreement shall be governed by the laws of the State of Texas without reference to principles of conflict of laws.

EXHIBIT 10(af)

SECTION 12. SETTLEMENT OF DISPUTES; ARBITRATION. 
If there has been a Change in Control and any dispute arises between the Executive and NWL as to the validity, enforceability, and/or interpretation of any right or benefit afforded by this Agreement, at the Executive’s option, such dispute shall be resolved by binding arbitration proceedings in accordance with the rules of the American Arbitration Association. The arbitrators shall presume that the rights and/or benefits afforded by this Agreement that are in dispute are valid and enforceable and that the Executive is entitled to such rights and/or benefits. NWL shall be precluded from asserting that such rights and/or benefits are not valid, binding, and enforceable and shall stipulate before such arbitrators that NWL is bound by all the provisions of this Agreement. The burden of overcoming by clear and convincing evidence the presumption that the Executive is entitled to such rights and/or benefits shall be on NWL. The arbitrators shall have no discretion to award punitive damages to the Executive if it is found that NWL’s actions or failures to act which led to the Executive’s submitting a dispute to arbitration and/or NWL’s actions or failures to act during the pendency of the arbitration proceeding make such an award appropriate in the circumstances. The results of any arbitration shall be conclusive on both parties and shall not be subject to judicial interference or review on any ground whatsoever, including without limitation any claim that NWL was wrongfully induced to enter into this Agreement to arbitrate such a dispute.

SECTION 13. MISCELLANEOUS.
(a) This Agreement contains the entire understanding with the Executive with respect to its subject manner and supersedes any and all prior agreements or understandings, written or oral, relating to the subject matter. No provisions of this Agreement may be amended unless such amendment is agreed to in writing signed by the Executive and NWL.
(b) The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.
(c) This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same Agreement.
(d) NWL may withhold from any benefits payable under this Agreement all Federal, state, local, or other taxes as shall be required pursuant to any law or governmental regulation or ruling.
(e) The captions of this Agreement are not part of its provisions and shall have no force or effect. 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered as of the day and year first set forth above.

															
	National Western Life Group, Inc.		Executive	
					
	/S/ Brian M. Pribyl			/S/ Ross R. Moody	
	By: Brian M. Pribyl		Ross R. Moody	
					
	National Western Life Insurance Company		
					
	/S/ Rey Perez				
	By: Rey PerezExhibit 4.1

 

FORM OF UNDERWRITER’S WARRANT

 

THIS WARRANT AND THE UNDERLYING SECURITIES
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “Securities
ACT”) OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT AS TO SUCH SECURITIES UNDER THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION THEREFROM.

 

This
Warrant is subject to restrictions on transfer and may not be sold, transferred, assigned, pledged, or hypothecated, or be the subject
of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of this Warrant
or the Shares acquirable upon exercise hereof, other than in compliance with Rule 5110(E) of the Financial Industry Regulatory Authority,
Inc. and Section 8 hereof. 

 

WARRANT

 

To Subscribe for and Purchase

Shares of Common Stock of

 

Fresh
Vine Wine, Inc.

 

Date: December 17, 2021

 

THIS CERTIFIES THAT, for value
received, [________________________], or its registered assigns, (herein referred to as the “Purchaser” or “holder”),
is entitled to subscribe for and purchase from Fresh Vine Wine, Inc., a Nevada corporation (herein called the “Company”),
Eighty-Two Thousand Five Hundred (82,500) shares (the “Shares”) of common stock, par value $0.001 per share (the “Common
Stock”), of the Company (subject to adjustment as noted below) at the exercise price of $12.00 per Share (the “Warrant
Purchase Price”) (subject to adjustment as noted below). This Warrant may only be exercised during the Exercise Period specified
herein. This Warrant has been issued pursuant to the Underwriting Agreement, dated December 13, 2021, between the Company and The Oak
Ridge Financial Services Group, Inc. as representative of the several underwriters listed in Schedule I thereto, in connection with a
public offering (the “Offering”) of 2,200,000 shares of Common Stock.

 

This Warrant is subject to
the following provisions, terms and conditions:

 

1. The
Warrant exercise period (the “Exercise Period”) for this Warrant shall begin on the one year anniversary of the effective
date of the Offering and shall then continue for four years from the start of the exercise period. As used herein, the “effective
date of the Offering” means December 13, 2021.

 

     

     

    

 

2. The
rights represented by this Warrant may be exercised, in whole or in part, by the holder hereof as follows:

 

(a) The holder
hereof shall deliver to the Company written notice of exercise of this Warrant and in connection therewith shall surrender this Warrant
(properly endorsed if required) at the principal office of the Company and pay the Warrant Purchase Price for such Shares as provided
for herein. This Warrant shall be deemed to have been exercised on the first date on which all of the foregoing have been delivered to
the Company.

 

(b) The holder
hereof shall pay the Warrant Purchase Price (i) in immediately available funds or (ii) by “cashless exercise”, in which event
the Company shall issue to the holder hereof a number of Shares determined as follows:

 

X = Y * [(A-B)/A]

 

where:

 

X = the number of Shares to
be issued to the holder.

 

Y = the total
number of Shares with respect to which this Warrant is being exercised.

 

A = the fair
market value of one Share at the time the “cashless exercise” election is made.

 

B = the Warrant
Purchase Price then in effect for the Shares at the time the “cashless exercise” election is made.

 

For purposes of this Warrant, the fair
market value of one Share as of a particular date shall be determined as follows: (i) if the Common Stock is traded on a U.S. national
securities exchange, the value shall be deemed to be the average of the closing prices of the Common Stock on such exchange over the 10-Trading
Day period ending on the Trading Day prior to the net exercise election; (ii) if clause (i) is not applicable, the value shall be deemed
to be the average of the closing bid or sale prices (whichever is applicable) of the Common Stock on the principal securities exchange
or securities market on which the Common Stock trades over the 10-Trading Day period ending on the Trading Day prior to the net exercise
election; and (iii) if none of the foregoing is applicable, the value shall be the fair market value of one share of Common Stock mutually
agreed upon by the holder and the Company; provided, that if the Company and the holder are unable to agree upon the fair market value
of a Share, then the Board of Directors of the Company shall use its good faith judgment to determine the fair market value, and such
determination shall be binding upon all parties absent demonstrable error.

 

For purposes of this Warrant, “Trading
Day” means any day on which the Common Stock is traded on a U.S. stock exchange or, if inapplicable, the principal securities
exchange or securities market on which the Common Stock is then traded.

 

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(c) Upon
exercise of this Warrant, the Company shall promptly (but in no event later than three Trading Days after the date this Warrant is exercised
in accordance with its terms) issue or cause to be issued and cause to be delivered to or upon the written order of the holder and in
such name or names as the holder may designate (provided that, if the holder directs the Company to deliver a certificate for the Shares
in a name other than that of the holder or an affiliate (as defined in Rule 405 under the Securities Act of 1933, as amended (the “Securities
Act”)) of the holder, it shall deliver to the Company on the date of exercise an opinion of counsel reasonably satisfactory
to the Company to the effect that the issuance of such Shares in such other name may be made pursuant to an available exemption from the
registration requirements of the Securities Act and all applicable state securities or blue sky laws), a certificate for the Shares issuable
upon such exercise or credit for such Shares through the facilities of The Depository Trust Company (“DTC”) to the
account designated by the holder (with any restrictive legends required by applicable securities laws). The form of delivery of the Shares
acquired upon exercise will be at the election of the holder, subject to the other terms of this Warrant. The holder, or any person permissibly
so designated by the holder to receive the Shares acquired upon exercise hereof, shall be deemed to have become the holder of record of
such Shares as of the date notice of exercise of payment of the applicable Warrant Purchase Price is made in accordance with the terms
hereof.

 

(d) If by
the fifth Trading Day after the date this Warrant is exercised in accordance with this Section 2 the Company fails to deliver the required
number of Shares in the manner required pursuant to Section 2(c), then, in addition to any other remedy the holder may have at law
or in equity (including a decree of specific performance or injunctive relief), the holder hereof will have the right to rescind such
exercise.

 

(e) In the
event that this Warrant has not been exercised prior to the end of the Exercise Period and the fair market value of one Share as determined
in accordance with the provisions hereof exceeds the Warrant Purchase Price on the last day of the Exercise Period, on such date this
Warrant will be automatically exercised pursuant to the cashless exercise provisions set forth in Section 2(b); provided, that the holder
hereof, upon the request of the Company, must surrender to the Company of this Warrant within 30 days of a request for delivery of thereof
by the Company. If the holder hereof does not surrender this Warrant within such time period, this Warrant will be deemed to not have
been exercised under this Section 2(e) and will terminate and no longer be exercisable.

 

3. The Company represents
and warrants that this Warrant has been duly authorized by all necessary corporate action, has been duly executed and delivered and is
a legal and binding obligation of the Company, enforceable against the Company in accordance with the terms of this Warrant, except as
such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the rights of creditors generally
and subject to general principles of equity. The Company covenants and agrees that all Shares which may be issued upon the exercise of
the rights represented by this Warrant according to the terms hereof have been duly authorized and will, upon issuance and payment therefor,
be validly issued and fully paid. The Company further covenants and agrees that during the period within which the rights represented
by this Warrant may be exercised, the Company will at all times have authorized, and reserved for the purpose of issue upon exercise of
the subscription rights evidenced by this Warrant, a sufficient number of its shares of Common Stock to provide for the exercise of the
rights represented by this Warrant, free from preemptive rights or other actual contingent purchase rights other than those held by a
holder of this Warrant (as a result of holding this Warrant).

 

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4. The Company will
pay any documentary stamp taxes attributable to the issuance of Shares upon the exercise of this Warrant; provided, however, that
the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration of any certificates
for Warrants, or Shares issued upon exercise of this Warrant, in a name other than that of the Purchaser. The Purchaser shall be responsible
for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving Shares upon exercise hereof.

 

5. The above provisions
are, however, subject to the following:

 

(a) The Warrant
Purchase Price shall, from and after the date of issuance of this Warrant, be subject to adjustment from time to time as hereinafter provided.
Upon each adjustment of the Warrant Purchase Price, the holder of this Warrant shall thereafter be entitled to purchase, at the Warrant
Purchase Price resulting from such adjustment, the number of Shares obtained by multiplying the Warrant Purchase Price in effect immediately
prior to such adjustment by the number of Shares purchasable pursuant hereto immediately prior to such adjustment and dividing the product
thereof by the Warrant Purchase Price resulting from such adjustment.

 

(b) In case
the Company shall at any time subdivide its outstanding shares of Common Stock into a greater number of shares, the Warrant Purchase Price
in effect immediately prior to such subdivision shall be proportionately reduced, and conversely, in case the outstanding shares of Common
Stock shall be combined into a smaller number of shares, the Warrant Purchase Price in effect immediately prior to such combination shall
be proportionately increased.

 

(c) If any
capital reorganization or reclassification of the capital stock of the Company, shall be effected in such a way that holders of Common
Stock shall be entitled to receive stock or securities with respect to or in exchange for Common Stock, then, as a condition of such reorganization,
reclassification or consolidation, lawful and adequate provision shall be made whereby the holder hereof shall thereafter have the right
to purchase and receive, upon the basis and upon the terms and conditions specified in this Warrant and in lieu of the Shares immediately
theretofore purchasable and receivable upon the exercise of the rights represented hereby, such shares of stock or securities as may be
issued or payable with respect to or in exchange for a number of Shares equal to the number of Shares immediately theretofore purchasable
and receivable upon the exercise of the rights represented hereby had such reorganization, reclassification or consolidation not taken
place, and in any such case appropriate provision shall be made with respect to the rights and interests of the holder of this Warrant
to the end that the provisions hereof (including without limitation provisions for adjustments of the warrant purchase price and of the
number of shares purchasable upon the exercise of this Warrant) shall thereafter be applicable, as nearly as may be, in relation to any
shares of stock or securities thereafter deliverable upon the exercise hereof.

 

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(d) Upon
any adjustment of the Warrant Purchase Price or any adjustment of any material terms hereof, then and in each such case an officer of
the Company shall, as soon as practicable after the occurrence of any event that requires an adjustment or readjustment, give signed written
notice thereof, by first–class mail, postage prepaid, addressed to the registered holder of this Warrant at the address of such
holder as shown on the books of the Company, which notice shall state the Warrant Purchase Price resulting from such adjustment, any material
change in the terms of the Warrant, and the increase or decrease, if any, in the number of Shares purchasable at such price upon the exercise
of this Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based.

 

(e) In case
any time:

 

(i) there shall be any capital reorganization,
or reclassification of the capital stock of the Company; or

 

(ii) there shall be a voluntary
or involuntary dissolution, liquidation or winding up of the Company;

 

then, in any one or
more of said cases, the Company shall give written notice, by first-class mail, postage prepaid, addressed to the registered holder of
this Warrant at the address of such holder as shown on the books of the Company, of the date on which (A) the books of the Company shall
close or a record shall be taken for such distribution or subscription rights, or (B) such reorganization, reclassification or consolidation,
dissolution, liquidation or winding up, or conversion or redemption shall take place, as the case may be. Such notice shall also specify
the date as of which the holders of capital stock of record shall participate in such distribution or subscription rights, or shall be
entitled to exchange their capital stock for securities or other property deliverable upon such reorganization, reclassification, consolidation,
dissolution, liquidation or winding up, or conversion or redemption, as the case may be. Such written notice shall be given at least 20
days prior to the action in question and not less than 20 days prior to the record date or the date on which the Company’s transfer
books are closed in respect thereto, unless such notice period is waived in writing by the registered holder of this Warrant.

 

(f) If any
event occurs as to which in the opinion of the Board of Directors of the Company the other provisions of this Section 5 are not strictly
applicable or if strictly applicable would not fairly protect the purchase rights of the holder of this Warrant or of the Common Stock
in accordance with the essential intent and principles of such provisions, then the Board of Directors shall make an adjustment in the
application of such provisions, in accordance with such essential intent and principles, so as to protect such purchase rights as aforesaid.

 

6. This Warrant shall
not entitle the holder hereof to any voting rights or other rights as a shareholder of the Company.

 

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7. If at any time during
the term of the Warrant there is not an effective registration statement under the Securities Act covering the resale of the Shares and
the Company shall determine to prepare and file with the Securities and Exchange Commission a registration statement relating to an offering
for the account of others under the Securities Act of any of its equity securities, other than on Form S-4 or Form S-8 (each as promulgated
under the Securities Act) or their then equivalents relating to equity securities to be issued solely in connection with any acquisition
of any entity or business or equity securities issuable in connection with the stock option or other employee benefit plans, then the
Company shall send to the holder hereof a written notice of such determination and, if within 15 days after the date of such notice, the
holder hereof shall so request in writing, the Company shall include in such registration statement all or any part of the Shares the
holder hereof requests to be registered, subject to customary underwriter cutbacks applicable to all holders of registration rights and
any limitations imposed by applicable law. The holder may have shares registered pursuant to this Section 7 on not more than two
occasions, and under no circumstances may shares be registered under this Section 7 more than seven years from the effective date
of the offering. The Company shall bear any costs of a registration described in this Section 7, provided that, (i) all underwriting
discounts and commissions attributable to any Shares so registered will be borne by the holder; and (ii) any fees and expenses of counsel
for the selling shareholders will be payable by such shareholders pro rata.

 

8. This Warrant is
exchangeable, upon the surrender hereof by the holder hereof at the principal office of the Company, for new Warrants of like tenor representing
in the aggregate the right to subscribe for and purchase the number of shares which may be subscribed for and purchased hereunder, each
of such new Warrants to represent the right to subscribe for and purchase such number of shares as shall be designated by said holder
hereof at the time of such surrender. Subject to compliance with applicable securities laws and the other terms of this Warrant, this
Warrant may be assigned or transferred by the holder and this Warrant shall be binding on and inure to the benefit of the parties hereto
and their respective transferees, successors and assigns. Notwithstanding the foregoing, pursuant to Rule 5110(e) of the Financial Industry
Regulatory Authority, Inc. (“FINRA”), this Warrant shall not be sold during the Offering, or sold, transferred, assigned,
pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the
effective economic disposition of this Warrant or the Shares acquirable upon exercise hereof, by any person for a period of one year immediately
following the effective date of the Offering, except as provided in paragraph (e)(2) of Rule 5110(e) of the FINRA.

 

9. Each certificate
for the securities purchased under this Warrant shall bear a legend as follows (or substantially similar legend) unless such securities
have been registered under the Securities Act of 1933, as amended (the “Act”):

 

“The securities
represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Act”), or applicable
state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise transferred except pursuant to an
effective registration statement under the Act, or pursuant to an exemption from registration under the Act and applicable state law which,
in the opinion of counsel to the Company, is available.”

 

    6

     

    

 

The securities evidenced by this Warrant shall
not be transferred unless and until: (i) the Company has received the opinion of counsel for the holder that the securities may be transferred
pursuant to an exemption from registration under the Act and applicable state securities laws, the availability of which is established
to the reasonable satisfaction of the counsel of the Company, or (ii) a registration statement relating to the offer and sale of such
securities has been filed by the Company and declared effective by the U.S. Securities and Exchange Commission and compliance with applicable
state securities law has been established.

 

10. The Company will
not be required upon the exercise of this Warrant to issue fractions of Shares, but may, at its option, either (a) purchase such fraction
for an amount in cash equal to the current value of such fractional Share computed on the basis of the closing market price of the Common
Stock as quoted on the principal exchange or trading facility on which the Common Stock is traded on the Trading Day immediately preceding
the day upon which this Warrant was surrendered for exercise in accordance with Section 2 hereof, or (b) round the fractional Share up
to the nearest full Share and issue such full Share. By accepting this Warrant, the holder hereof expressly waives any right to receive
any fractional Share upon exercise of a Warrant, except as expressly provided in this Section 10.

 

11. If this Warrant
is exercised for less than all of the then-current number of Shares purchasable hereunder, then the Company shall, concurrently with the
issue of the Shares purchased by the holder hereof upon such exercise in accordance with Section 2, issue a new warrant exercisable for
the remaining number of Shares purchasable under this Warrant.

 

12. Upon receipt by
the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant and security reasonably
satisfactory to it (which may include a customary and reasonable indemnity, which shall not include a surety bond, if requested), the
Company shall execute and deliver a new warrant of like tenor as the Warrant so lost, stolen, destroyed or mutilated.

 

13. This Warrant shall
be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflict of laws
principles thereof. The Company and the holder agree that the prevailing party(ies) in any action or proceeding arising out of or relating
to this Warrant 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.

 

14. All modifications
or amendments of this Warrant shall require the written consent of and be signed by the party against whom enforcement of the modification
or amendment is sought.

 

15. This Warrant (together
with the other agreements and documents being delivered pursuant to or in connection with this 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.

 

16. This 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 Warrant or any provisions herein contained.

 

[Signature Page Follows]

 

    7

     

    

 

IN WITNESS WHEREOF, Fresh
Vine Wine, Inc. has caused this Warrant to be signed by its duly authorized officer and this Warrant to be dated as of the date set forth
above.

 

	 	Fresh Vine Wine, Inc.
	 	 	 
	 	By:	 
	 	Name: 	Damian Novak
	 	Title:	Executive Chairman

 

	Acknowledged and agreed:	 	 
	 	 	 
	[__________________________________]	 	 

 

	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

     

     

    

 

SUBSCRIPTION FORM

 

To be Executed by the Holder of this Warrant
if such Holder

Desires to Exercise this Warrant in Whole or in Part

 

To: Fresh Vine Wine, Inc. (the
“Company”)

 

The undersigned
___________________________________

 

Please insert tax identification number of
Subscriber:

 

_______________________________

 

hereby irrevocably elects to exercise the right
of purchase represented by this Warrant for, and to purchase thereunder, ___________ shares of Common Stock (the “Shares”)
provided for therein.

 

Payment of the Warrant Purchase Price for the
Shares shall take the form of [Check the applicable box below]:

 

		☐	Immediately available U.S. funds; or

 

		☐	the cancellation of such number of Shares as is necessary to satisfy the Warrant Purchase Price with respect
to the “cashless exercise” of the number of Shares set forth above in accordance with the formula set forth in Section 2(b)(ii)
of the Warrant.

 

The undersigned requests that such Shares be registered
in the name of the undersigned or in such other name specified below:

 

Name: ______________________________________________________________________________________________

 

The Shares shall be delivered as follows:

 

___________________________________________________________________________________________________

___________________________________________________________________________________________________

___________________________________________________________________________________________________ 

 

and, if such number of Shares does not constitute
all shares purchasable under the Warrant, that a new Warrant for the balance remaining of such shares be registered in the name of, and
delivered to, the undersigned at the address stated above.

 

Unless the undersigned has selected the “cashless
exercise” option provided for in Section 2(b)(ii) of the Warrant, the undersigned hereby represents and warrants that the undersigned
is acquiring the Shares for its own account for investment purposes only, and not for resale or with a view to distribution of such shares
or any part thereof.

 

	Dated:	 	 

 

	Name of Holder:	 	 

 

	 	 	 
	Signature	 	 
	 	 	 
	Title

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