UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.
Effective September 1, 2022, Fresh Vine Wine, Inc. (the “Company”) entered into an Employment Transition and Consulting Agreement (the “Transition Agreement”) with Elliot. Savoie, the Company’s former interim Chief Financial Officer. Pursuant to the Transition Agreement, Mr. Savoie agreed to remain employed by the Company through November 30, 2022 in order to provide for an orderly transition of his roles and responsibilities within the Company, after which the Company agreed to engage Mr. Savoie as a consultant for a nine month period commencing December 1, 2022 and expiring August 31, 2023 in exchange for a $5,000 monthly consulting fee.
On March 20, 2023, the Company and Mr. Savoie entered into an Amendment to the Transition Agreement (the “Amendment”) pursuant to which the parties agreed that the consulting period (and the Company’s obligation to make monthly consulting payments) would terminate on March 31, 2023. In exchange for accelerating the expiration of the consulting period, the Company agreed to forgive Mr. Savoie’s obligation to pay approximately $101,000 owed by him to the Company, which the parties previously agreed would be payable on or prior to March 1, 2024.
The foregoing summary of the Amendment is qualified in all respects by the Amendment itself, a copy of which is filed herewith as Exhibit 10.1 and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 10.1 | Amendment dated March 20, 2023 to Employment Transition and Consulting Agreement by and between Fresh Vine Wine, Inc. and Elliot Savoie | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURE
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.
| FRESH VINE WINE, INC. | ||
| Date: March 22, 2023 | By: | /s/ Rick Nechio |
| Rick Nechio | ||
| Interim Chief Executive Officer | ||
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