Sec Form 4 Filing - Echevarria Maria I. @ Gaucho Group Holdings, Inc. - 2022-12-17

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Echevarria Maria I. 2. Issuer Name and Ticker or Trading Symbol Gaucho Group Holdings, Inc. [ VINO] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) CFO (Last) (First) (Middle) 14 BENMORE TER. 3. Date of Earliest Transaction (MM/DD/YY) 12/17/2022 (Street) BAYONNE,, NJ07002 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock( 1 ) 12/18/2022 M 478 A $ 7.5 7,645 D Common Stock( 1 ) 12/31/2022 M 16,667 A $ 1.16 24,312 D Common Stock 01/23/2023 A 14,112 A $ 1.35 15,028 I See Footnote( 2 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Restricted Stock Unit $ 7.5 12/18/2022 M 478 ( 1 ) 12/18/2022 Common Stock 478 $ 7.5 0 D Restricted Stock Unit $ 1.16 12/31/2022 M 16,667 ( 3 ) 12/31/2024 Common Stock 33,333 $ 1.16 33,333 D Stock Option $ 69.36 ( 4 ) 07/08/2024 Common Stock 861 861 D Stock Option $ 69.36 ( 5 ) 01/31/2024 Common Stock 417 417 D Stock Option $ 97.08 ( 6 ) 09/20/2023 Common Stock 167 167 D Stock Option $ 138.6 ( 7 ) 02/14/2023 Common Stock 139 139 D Stock Option $ 198 12/17/2022 J 278 ( 8 ) 12/17/2022 Common Stock 278 $ 0 0 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Echevarria Maria I. 14 BENMORE TER. BAYONNE,, NJ07002 CFO Signatures /s/Maria I. Echevarria 01/25/2023 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Vesting of restricted stock units issued pursuant to 2018 Equity Incentive Plan. ( 2 )Issued to and held in Ms. Echevarria's 401(k) account. ( 3 )Restricted stock units issued pursuant to 2018 Equity Incentive Plan; 16,667 vest on date of grant; 16,667 on second anniversary of date of grant; 16,666 on third anniversary of date of grant. ( 4 )Stock options granted pursuant to 2018 Equity Incentive Plan; options to acquire 216 shares vest on 7/8/20; thereafter options to acquire 54 shares vest every three months, and options to acquire 51 shares vest on 7/8/23. ( 5 )Options granted pursuant to Gaucho's 2018 Equity Incentive Plan; options to acquire 105 shares vest on 1/31/20; thereafter options to acquire 26 shares vest every three months. ( 6 )Stock options granted pursuant to 2018 Equity Incentive Plan; all vested as of 9/20/22. ( 7 )Stock options granted pursuant to 2016 Equity Incentive Plan; all vested as of 2/14/22. ( 8 )Stock options granted pursuant to 2016 Equity Incentive Plan; options expired with no value received.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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