On January 27, 2023, Fresh Vine Wine, Inc. entered into a Global Mutual Compromise, Release and Settlement Agreement dated January 27, 2023 with Janelle Anderson, Damian Novak and Rick Nechio. Effective February 20, 2023, and as contemplated by the Settlement Agreement, Damian Novak resigned as Executive Chairman of the Company and removed himself from his management duties with the Company. Mr. Novak continues to serve as director of the Company.

Pursuant to the Settlement Agreement, Mr. Novak has agreed to resign from the Company's Board of Directors promptly following completion of pending capital raising efforts involving a contemplated subscription rights offering. Also pursuant to the Settlement Agreement, Rick Nechio, the Company's interim Chief Executive Officer resigned from the Board effective February 20, 2023. Mr. Nechio continues to serve as interim Chief Executive Officer of the Company while the Company searches for a permanent principal executive officer.

Effective February 20, 2023, the Board appointed Michael Pruitt to serve as Non-Executive Chair of the Board. Effective February 20, 2023, the Board elected Michelle Hawkins Whetstone as a director of the Company to fill the vacancy resulting from Rick Nechio's resignation from the Board. Ms. Whetstone, age 55, is a native of Napa Valley, California with 35 years of experience in the hospitality industry and over 15 years of experience in the wine industry.

Since 2009, Ms. Whetstone has partnered with Jamey Whetstone, the Company's winemaker, to help grow the Whetstone Wine Cellars wine label. During that time, Ms. Whetstone oversaw the acquisition, restoration, and grand opening of the historic chateau in the heart of the Napa Valley that serves as Whetstone Wine Cellars' headquarters and tasting room, and oversees Whetstone Wine Cellars' daily business operations and the production of events at the property. Prior to Whetstone Wine Cellars, Ms. Whetstone owned and operated a design business and furniture retail stores located in Texas and California.

Ms. Whetstone began her career in the travel industry after graduating from Echols International Travel and Transportation School in San Francisco in 1987, and worked in sales for Thai Airways International and Garuda Indonesia Airlines.