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<title>cwgl-20230615</title></head><body><div style="display:none"><ix:header><ix:hidden><ix:nonNumeric contextRef="ib9908ad22037495ea6de4be087ad1ec2_D20230615-20230615" name="dei:EntityCentralIndexKey" id="id3VybDovL2RvY3MudjEvZG9jOjNiOGIxZWVkZDUzYjQ1N2ViY2JjNzU4NDZlN2U3MjYxL3NlYzozYjhiMWVlZGQ1M2I0NTdlYmNiYzc1ODQ2ZTdlNzI2MV80L2ZyYWc6M2RhYzAzNzhmMjQ5NDU4OWE1YWIxOWI2ODBkY2I3NzEvdGFibGU6YzBhYjQ2Yjc3NzhlNGI0Njk1NmViOTAyNmYxYWE0ZTIvdGFibGVyYW5nZTpjMGFiNDZiNzc3OGU0YjQ2OTU2ZWI5MDI2ZjFhYTRlMl8wLTEtMS0xLTU3NDY2_dd7f7ba2-a0fa-43d9-99cb-e535c41c5539">0001562151</ix:nonNumeric><ix:nonNumeric contextRef="ib9908ad22037495ea6de4be087ad1ec2_D20230615-20230615" name="dei:AmendmentFlag" id="id3VybDovL2RvY3MudjEvZG9jOjNiOGIxZWVkZDUzYjQ1N2ViY2JjNzU4NDZlN2U3MjYxL3NlYzozYjhiMWVlZGQ1M2I0NTdlYmNiYzc1ODQ2ZTdlNzI2MV80L2ZyYWc6M2RhYzAzNzhmMjQ5NDU4OWE1YWIxOWI2ODBkY2I3NzEvdGFibGU6YzBhYjQ2Yjc3NzhlNGI0Njk1NmViOTAyNmYxYWE0ZTIvdGFibGVyYW5nZTpjMGFiNDZiNzc3OGU0YjQ2OTU2ZWI5MDI2ZjFhYTRlMl8xLTEtMS0xLTU3NDY2_c1216e22-9a9f-4be1-accb-04d2b850f9df">false</ix:nonNumeric></ix:hidden><ix:references xml:lang="en-US"><link:schemaRef xlink:type="simple" xlink:href="cwgl-20230615.xsd"></link:schemaRef></ix:references><ix:resources><xbrli:context id="ib9908ad22037495ea6de4be087ad1ec2_D20230615-20230615"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001562151</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2023-06-15</xbrli:startDate><xbrli:endDate>2023-06-15</xbrli:endDate></xbrli:period></xbrli:context></ix:resources></ix:header></div><div id="i3b8b1eedd53b457ebcbc75846e7e7261_1"></div><div style="min-height:49.5pt;width:100%"><div><span><br/></span></div></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.089%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:0pt"><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:1pt solid #00000a;padding:0 1pt"></td></tr></table></div><div><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">UNITED STATES</span></div><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</span></div><div style="margin-bottom:6pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">WASHINGTON, DC 20549</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:21.875%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:11pt"><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:13pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:120%">FORM</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="ib9908ad22037495ea6de4be087ad1ec2_D20230615-20230615" name="dei:DocumentType" id="id3VybDovL2RvY3MudjEvZG9jOjNiOGIxZWVkZDUzYjQ1N2ViY2JjNzU4NDZlN2U3MjYxL3NlYzozYjhiMWVlZGQ1M2I0NTdlYmNiYzc1ODQ2ZTdlNzI2MV8xL2ZyYWc6NGZjZjhkYWEwN2E1NGIzMGExMzc1MThkMmMzNDhkMTMvdGV4dHJlZ2lvbjo0ZmNmOGRhYTA3YTU0YjMwYTEzNzUxOGQyYzM0OGQxM18zMDk_eed51d9b-f0b0-4a3e-8c9f-5110f764af83">8-K</ix:nonNumeric></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">CURRENT REPORT</span></div><div style="margin-bottom:9pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Date of report (Date of earliest event reported): <ix:nonNumeric contextRef="ib9908ad22037495ea6de4be087ad1ec2_D20230615-20230615" name="dei:DocumentPeriodEndDate" format="ixt:date-monthname-day-year-en" id="id3VybDovL2RvY3MudjEvZG9jOjNiOGIxZWVkZDUzYjQ1N2ViY2JjNzU4NDZlN2U3MjYxL3NlYzozYjhiMWVlZGQ1M2I0NTdlYmNiYzc1ODQ2ZTdlNzI2MV8xL2ZyYWc6NGZjZjhkYWEwN2E1NGIzMGExMzc1MThkMmMzNDhkMTMvdGV4dHJlZ2lvbjo0ZmNmOGRhYTA3YTU0YjMwYTEzNzUxOGQyYzM0OGQxM18yMjU_92a84634-1a09-48dd-b96e-b8204313f240">June 15, 2023</ix:nonNumeric></span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:21.875%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:11pt"><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="margin-top:10pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:22pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="ib9908ad22037495ea6de4be087ad1ec2_D20230615-20230615" name="dei:EntityRegistrantName" id="id3VybDovL2RvY3MudjEvZG9jOjNiOGIxZWVkZDUzYjQ1N2ViY2JjNzU4NDZlN2U3MjYxL3NlYzozYjhiMWVlZGQ1M2I0NTdlYmNiYzc1ODQ2ZTdlNzI2MV8xL2ZyYWc6NGZjZjhkYWEwN2E1NGIzMGExMzc1MThkMmMzNDhkMTMvdGV4dHJlZ2lvbjo0ZmNmOGRhYTA3YTU0YjMwYTEzNzUxOGQyYzM0OGQxM18zMDg_5e56eaa9-2797-4664-b0f8-76ae01f42cf6">CRIMSON WINE GROUP, LTD.</ix:nonNumeric></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">(Exact Name of Registrant as Specified in Charter)</span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.642%"><tr><td style="width:1.0%"></td><td style="width:2.830%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td 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id="id3VybDovL2RvY3MudjEvZG9jOjNiOGIxZWVkZDUzYjQ1N2ViY2JjNzU4NDZlN2U3MjYxL3NlYzozYjhiMWVlZGQ1M2I0NTdlYmNiYzc1ODQ2ZTdlNzI2MV8xL2ZyYWc6NGZjZjhkYWEwN2E1NGIzMGExMzc1MThkMmMzNDhkMTMvdGFibGU6ODNiOGVmNmM0M2Y5NDMwYWI3NWY5NDRiMGFiMzc3YzgvdGFibGVyYW5nZTo4M2I4ZWY2YzQzZjk0MzBhYjc1Zjk0NGIwYWIzNzdjOF8zLTYtMS0xLTU3NDY2_d5dece32-17d3-4193-9ba3-87a212ac9419">94558</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">(Address of Principal Executive Offices)</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">(Zip Code)</span></td><td 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style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">(Former Name or Former Address, if Changed Since Last Report)</span></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.702%"><tr><td style="width:1.0%"></td><td style="width:18.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.900%"></td><td style="width:0.1%"></td></tr><tr style="height:24pt"><td colspan="15" rowspan="10" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="ib9908ad22037495ea6de4be087ad1ec2_D20230615-20230615" name="dei:WrittenCommunications" format="ixt-sec:boolballotbox" 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id="id3VybDovL2RvY3MudjEvZG9jOjNiOGIxZWVkZDUzYjQ1N2ViY2JjNzU4NDZlN2U3MjYxL3NlYzozYjhiMWVlZGQ1M2I0NTdlYmNiYzc1ODQ2ZTdlNzI2MV8xL2ZyYWc6NGZjZjhkYWEwN2E1NGIzMGExMzc1MThkMmMzNDhkMTMvdGFibGU6Y2MxODI2MzZlYjUzNDM5OWI4ZjgzOWUzOGM5OWM4YmYvdGFibGVyYW5nZTpjYzE4MjYzNmViNTM0Mzk5YjhmODM5ZTM4Yzk5YzhiZl8wLTAtMS0xLTU3NDY2L3RleHRyZWdpb246OTgzNDQ1NDBjMjY5NDQzYzg0NjM3NDM1N2RiNWRhYzBfMjY5_bbaf8bf4-8c51-4196-ab14-655e08187bff">&#9744;</ix:nonNumeric>   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="ib9908ad22037495ea6de4be087ad1ec2_D20230615-20230615" name="dei:PreCommencementTenderOffer" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOjNiOGIxZWVkZDUzYjQ1N2ViY2JjNzU4NDZlN2U3MjYxL3NlYzozYjhiMWVlZGQ1M2I0NTdlYmNiYzc1ODQ2ZTdlNzI2MV8xL2ZyYWc6NGZjZjhkYWEwN2E1NGIzMGExMzc1MThkMmMzNDhkMTMvdGFibGU6Y2MxODI2MzZlYjUzNDM5OWI4ZjgzOWUzOGM5OWM4YmYvdGFibGVyYW5nZTpjYzE4MjYzNmViNTM0Mzk5YjhmODM5ZTM4Yzk5YzhiZl8wLTAtMS0xLTU3NDY2L3RleHRyZWdpb246OTgzNDQ1NDBjMjY5NDQzYzg0NjM3NDM1N2RiNWRhYzBfMzYy_63600c61-9c9c-46bf-9e70-43e4c2fa8798">&#9744;</ix:nonNumeric>   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="ib9908ad22037495ea6de4be087ad1ec2_D20230615-20230615" name="dei:PreCommencementIssuerTenderOffer" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOjNiOGIxZWVkZDUzYjQ1N2ViY2JjNzU4NDZlN2U3MjYxL3NlYzozYjhiMWVlZGQ1M2I0NTdlYmNiYzc1ODQ2ZTdlNzI2MV8xL2ZyYWc6NGZjZjhkYWEwN2E1NGIzMGExMzc1MThkMmMzNDhkMTMvdGFibGU6Y2MxODI2MzZlYjUzNDM5OWI4ZjgzOWUzOGM5OWM4YmYvdGFibGVyYW5nZTpjYzE4MjYzNmViNTM0Mzk5YjhmODM5ZTM4Yzk5YzhiZl8wLTAtMS0xLTU3NDY2L3RleHRyZWdpb246OTgzNDQ1NDBjMjY5NDQzYzg0NjM3NDM1N2RiNWRhYzBfNDcx_9cc619e5-d0b5-4f1a-ac32-5242262070f6">&#9744;</ix:nonNumeric>   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Securities registered pursuant to Section 12(b) of the Act: None. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Emerging growth company <ix:nonNumeric contextRef="ib9908ad22037495ea6de4be087ad1ec2_D20230615-20230615" name="dei:EntityEmergingGrowthCompany" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOjNiOGIxZWVkZDUzYjQ1N2ViY2JjNzU4NDZlN2U3MjYxL3NlYzozYjhiMWVlZGQ1M2I0NTdlYmNiYzc1ODQ2ZTdlNzI2MV8xL2ZyYWc6NGZjZjhkYWEwN2E1NGIzMGExMzc1MThkMmMzNDhkMTMvdGFibGU6Y2MxODI2MzZlYjUzNDM5OWI4ZjgzOWUzOGM5OWM4YmYvdGFibGVyYW5nZTpjYzE4MjYzNmViNTM0Mzk5YjhmODM5ZTM4Yzk5YzhiZl8wLTAtMS0xLTU3NDY2L3RleHRyZWdpb246OTgzNDQ1NDBjMjY5NDQzYzg0NjM3NDM1N2RiNWRhYzBfOTEw_f9fa979c-60af-4606-bc1f-eae9a0e771f4">&#9744;</ix:nonNumeric></span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></div></td></tr><tr style="height:24pt"><td colspan="15" style="display:none"></td></tr><tr style="height:24pt"><td colspan="15" style="display:none"></td></tr><tr style="height:24pt"><td colspan="15" style="display:none"></td></tr><tr style="height:24pt"><td colspan="15" style="display:none"></td></tr><tr style="height:24pt"><td colspan="15" style="display:none"></td></tr><tr style="height:24pt"><td colspan="15" style="display:none"></td></tr><tr style="height:24pt"><td colspan="15" style="display:none"></td></tr><tr style="height:24pt"><td colspan="15" style="display:none"></td></tr><tr style="height:24pt"><td colspan="15" style="display:none"></td></tr></table></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span><br/></span></div><div><span><br/></span></div></div></div><div id="i3b8b1eedd53b457ebcbc75846e7e7261_7"></div><hr style="page-break-after:always"/><div style="min-height:72pt;width:100%"><div><span><br/></span></div></div><div style="-sec-extract:summary;margin-bottom:12pt;padding-left:72pt;text-indent:-72pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Item 1.01.&#160;&#160;&#160;&#160;Entry into a Material Definitive Agreement.</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">On June 15, 2023 (the &#8220;Effective Date&#8221;), Crimson Wine Group, Ltd., Pine Ridge Winery, LLC, Chamisal Vineyards, LLC, and Double Canyon Vineyards, LLC (the foregoing, collectively &#8220;Borrowers&#8221;) entered into the Fifth Amendment to Credit Agreement (the &#8220;Fifth Amendment&#8221;) with American AgCredit, FLCA (the &#8220;Lender&#8221;), which amends that certain Credit Agreement, dated March 22, 2013 among Borrowers and Lender (as previously amended, the &#8220;Credit Agreement&#8221;), in order to, among other things: (a) amend provisions related to the interest rate applicable to the borrowings under the Credit Agreement to substitute the London Interbank Offered Rate with the Secured Overnight Financing Rate; (b) extend each of the Revolving Loan Termination Date, the Term Revolving Loan Conversion Date and the Term Revolving Loan Termination Date to May 31, 2028; (c) incorporate changes to reflect current documentation standards for credit agreements as contemplated by the Loan Syndications and Trading Association; (d) add a covenant for Borrowers to maintain flood insurance with respect to certain flood hazard properties if required by the Lender or by law; (e) amend the restrictions on restricted payments in connection with redemptions of security interests from officers, directors and employees and distributions to the Company&#8217;s stockholders (in each case, subject to certain conditions) to increase the applicable limits to (i) $30 million in the aggregate from the Effective Date until the Revolving Loan Termination Date and (ii) $15 million annually in any fiscal year; (f) replace the existing Consolidated Working Capital Ratio financial covenant with a minimum Consolidated Fixed Charge Coverage Ratio financial covenant of 1.15:1.00 as of the last day of any fiscal quarter; (g) decrease the existing Leverage Ratio financial covenant to a maximum Leverage Ratio of 4.50:1.00; and (h) increase the existing consolidated Adjusted Funded Debt to Consolidated Adjusted Total Capitalization ratio (expressed as a percentage) to a maximum ratio of 55%.</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Capitalized terms under this Item 1.01, unless otherwise defined herein, have the meaning assigned to them under the Credit Agreement. The foregoing description of the Fifth Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Fifth Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.</span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Item 2.03.&#160;&#160;&#160;&#160;Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The information set forth in Item 1.01 above is incorporated by reference into this Item 2.03.</span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Item 9.01.&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</span></div><div style="margin-bottom:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">(d) Exhibits.</span></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:72pt;width:100%"><div><span><br/></span></div></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:9.959%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:87.841%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exhibit Number</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">Description</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">10.1</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline" href="a5thamendmenttocreditagr.htm">Fifth</a><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline" href="a5thamendmenttocreditagr.htm"> Amendment to Credit Agreement, dated </a><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline" href="a5thamendmenttocreditagr.htm">June 15</a><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline" href="a5thamendmenttocreditagr.htm">, 2023, by and among Crimson Wine Group, Ltd., Pine Ridge Winery, LLC, Chamisal Vineyards, LLC, Double Canyon Vineyards, LLC and American AgCredit, FLCA</a><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline" href="a5thamendmenttocreditagr.htm">.</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">104</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Cover Page Interactive Data File (cover page XBRL tags are embedded within the Inline XBRL document).</span></div></td></tr></table></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:72pt;width:100%"><div><span><br/></span></div></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">SIGNATURES</span></div><div style="text-align:center"><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</span></div><div style="text-indent:36pt"><span><br/></span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Dated:  June 16, 2023</span></div><div style="padding-left:234pt"><span><br/></span></div><div style="padding-left:234pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">CRIMSON WINE GROUP, LTD.</span></div><div style="padding-left:234pt"><span><br/></span></div><div style="padding-left:234pt"><span><br/></span></div><div style="padding-left:234pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">By:  </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">/s/ Karen L. Diepholz&#160;&#160;&#160;&#160;</span></div><div style="padding-left:234pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Name:  Karen L. Diepholz</span></div><div style="padding-left:261pt;text-indent:-27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Title:  Chief Financial Officer</span></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div></body></html>
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cwgl-20230615
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
June 15, 2023
CRIMSON WINE GROUP, LTD.
(Exact Name of Registrant as Specified in Charter)
Delaware
000-54866
13-3607383
(State or Other Jurisdiction
of Incorporation)
(Commission File
Number)
(IRS Employer
Identification No.)
5901 Silverado Trail
,
Napa
,
California
94558
(Address of Principal Executive Offices)
(Zip Code)
(
800
)
486-0503
(Registrant's telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act: None.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01.    Entry into a Material Definitive Agreement.
On June 15, 2023 (the "Effective Date"), Crimson Wine Group, Ltd., Pine Ridge Winery, LLC, Chamisal Vineyards, LLC, and Double Canyon Vineyards, LLC (the foregoing, collectively "Borrowers") entered into the Fifth Amendment to Credit Agreement (the "Fifth Amendment") with American AgCredit, FLCA (the "Lender"), which amends that certain Credit Agreement, dated March 22, 2013 among Borrowers and Lender (as previously amended, the "Credit Agreement"), in order to, among other things: (a) amend provisions related to the interest rate applicable to the borrowings under the Credit Agreement to substitute the London Interbank Offered Rate with the Secured Overnight Financing Rate; (b) extend each of the Revolving Loan Termination Date, the Term Revolving Loan Conversion Date and the Term Revolving Loan Termination Date to May 31, 2028; (c) incorporate changes to reflect current documentation standards for credit agreements as contemplated by the Loan Syndications and Trading Association; (d) add a covenant for Borrowers to maintain flood insurance with respect to certain flood hazard properties if required by the Lender or by law; (e) amend the restrictions on restricted payments in connection with redemptions of security interests from officers, directors and employees and distributions to the Company's stockholders (in each case, subject to certain conditions) to increase the applicable limits to (i) $30 million in the aggregate from the Effective Date until the Revolving Loan Termination Date and (ii) $15 million annually in any fiscal year; (f) replace the existing Consolidated Working Capital Ratio financial covenant with a minimum Consolidated Fixed Charge Coverage Ratio financial covenant of 1.15:1.00 as of the last day of any fiscal quarter; (g) decrease the existing Leverage Ratio financial covenant to a maximum Leverage Ratio of 4.50:1.00; and (h) increase the existing consolidated Adjusted Funded Debt to Consolidated Adjusted Total Capitalization ratio (expressed as a percentage) to a maximum ratio of 55%.
Capitalized terms under this Item 1.01, unless otherwise defined herein, have the meaning assigned to them under the Credit Agreement. The foregoing description of the Fifth Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Fifth Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item 2.03.    Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 above is incorporated by reference into this Item 2.03.
Item 9.01.    Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number
Description
10.1
Fifth
Amendment to Credit Agreement, dated
June 15
, 2023, by and among Crimson Wine Group, Ltd., Pine Ridge Winery, LLC, Chamisal Vineyards, LLC, Double Canyon Vineyards, LLC and American AgCredit, FLCA
.
104
Cover Page Interactive Data File (cover page XBRL tags are embedded within the Inline XBRL document).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated:  June 16, 2023
CRIMSON WINE GROUP, LTD.
By:
/s/ Karen L. Diepholz
Name:  Karen L. Diepholz
Title:  Chief Financial Officer