Danielle Perkins

About Danielle Perkins

Danielle B. Perkins (age 35) is Senior Vice President, Wholesale Operations at Heritage Distilling Holding Company (ticker: CASK), serving in this role since February 2024 and with the company since 2018 . She brings 14 years of alcohol industry experience and oversees wholesale sales and distribution, including managing sales teams and distributor partners, setting goals and targets, and reporting performance to management; she previously led expansion into 20+ states for the company’s brands . Education: BA in Musical Theatre, Columbia College Chicago . Company- or role-level TSR/revenue/EBITDA performance metrics tied to her compensation were not disclosed in the 2025 proxy materials .

Past Roles

External Roles

Fixed Compensation

Multi-year summary of cash and reported equity values (named executive officer disclosure):

Notes:

• No target bonus %, actual bonus paid, or base-salary increase guidelines disclosed for Perkins; 2024 compensation mix was primarily cash salary with a modest RSU grant .

Performance Compensation

Perkins had no disclosed annual non-equity incentive payout in 2024 and no performance stock units; her 2024 equity was time/liquidity-based RSUs. The company did not disclose specific financial/operational performance metrics (revenue growth, EBITDA, TSR) tied to her pay for 2024 .

Equity Ownership & Alignment

• Beneficial ownership: 112,922 shares (less than 1% of outstanding) as of May 30, 2025 and July 23, 2025 .
• Outstanding equity awards: 2,500 RSUs granted 6/5/2024; double-trigger vesting; fair grant value $10,000 ($4.00 per share) as of grant .
• Options: None disclosed for Perkins .
• Hedging/pledging: Company policy prohibits directors, officers, and employees from hedging transactions and from buying on margin or pledging company stock; trading limited to open windows or Rule 10b5-1 plans .
• Ownership guidelines: No executive stock ownership guideline disclosures were identified in the proxy statements for 2025 .

Alignment factors and potential selling pressure:

• Prohibition on pledging/hedging reduces risk of forced selling/hedging misalignment .
• RSUs are double-trigger; no near-term option exercises; dilution risk from large company-wide equity authorizations may impact supply but is not insider-driven (see below) .

Employment Terms

• Role/tenure: SVP Wholesale since Feb 2024; with company since 2018 .
• Employment agreement/severance: No individual employment agreement, severance multiples, non-compete or garden leave terms disclosed for Perkins in 2025 proxies .
• Equity plan/change-of-control mechanics (plan-wide, applicable to her RSUs):
  • If awards are assumed/replaced in a “sale event” and the holder incurs a qualifying termination (without cause, death/disability, or resignation for good reason) within 24 months post-event, awards vest or are deemed earned in full (at target if performance-based) .
  • If not assumed/replaced: options cash-out if in the money; time-based RSUs vest in full and settle; performance awards paid at better of target or performance trend through the sale event .
  • Clawbacks: Awards subject to company recoupment/clawback policies and potential forfeiture for cause or specified breaches .
  • 280G: Payments reduced as needed to avoid excise tax under Sections 280G/4999 (no gross-up) .
• Equity plan scale and dilution context:
  • 2024 Plan share reserve increased to 5,000,000 (June 24, 2025) and later to 35,000,000 (Sept 18, 2025), expanding capacity for future grants/retention awards .

Compensation Structure Analysis

• Cash vs equity mix: 2024 pay was predominantly salary ($163k) with a small RSU grant ($10k), indicating limited equity leverage for 2024 retention/incentives at the individual level .
• Shift in equity vehicles: No options disclosed for Perkins; RSUs are double-trigger (service plus liquidity event), not tied to operating metrics, suggesting lower risk to the recipient than options/PSUs but weaker pay-for-performance linkage .
• Discretionary bonuses: None reported for 2024 .
• Award modifications/repricing: Plan prohibits option repricing/exchanges without stockholder approval .

Performance & Track Record (role-relevant)

• Business development: Led/oversaw expansion, distribution and sales in 20+ states, indicating execution in multi-state wholesale scaling .
• No controversies or legal proceedings associated with Perkins were disclosed in the proxies .

Risk Indicators & Red Flags (context)

• Pledging/hedging risk: Mitigated by explicit policy restrictions .
• Equity overhang/dilution: Company shareholders approved substantial share authorizations and reserved shares under the equity plan (raised to 35M), which can be dilutive but also provide retention currency for management; not specific to Perkins but affects alignment environment .
• Corporate strategic shift (context): 2025 financing and digital asset treasury strategy approvals, plus potential reverse split authorization, may increase share issuance and volatility—an ambient factor in assessing equity-based incentives and retention across the executive team; not individualized to Perkins .

Compensation Committee & Governance (context)

• Compensation Committee: Independent directors Dr. Eric S. Trevan (Chair), Dr. Jeffrey P. Wensel, and Matthew J. Swann oversee executive compensation and administer equity plans .
• Clawback, anti-hedging/pledging, and anti-repricing policies in place as noted above .

Investment Implications

• Pay-for-performance linkage: Perkins’ 2024 package reflects primarily fixed pay with time/liquidity RSUs; absence of disclosed operating metrics or cash bonus payouts indicates limited direct linkage to financial performance in 2024, which may reduce incentive cyclicality but also lowers high-powered performance alignment for the wholesale function .
• Retention outlook: Modest historical RSU value ($10k) suggests room for larger future grants; the 2024 Plan’s expansion to 35M shares increases flexibility for retention and performance equity tied to strategic priorities, potentially improving alignment if future awards adopt measurable KPIs (revenue/EBITDA/TSR) .
• Alignment and selling pressure: Beneficial ownership is small (<1%); no options; policy bans pledging/hedging—reducing forced-selling risks. Double-trigger RSUs mitigate near-term selling pressure absent a liquidity event; however, broader share issuances and capital actions may influence overall float dynamics and investor perception of insider alignment .

Key Takeaway: Perkins is an execution-focused wholesale leader with multi-state scaling experience. Her current compensation structure is light on performance-contingent pay. Watch for future RSU/PSU grants (post-plan expansion) to assess whether incentives evolve toward measurable wholesale KPIs (volume/mix, revenue growth, distribution breadth) that strengthen pay-for-performance alignment.

Citations:

• Biography, role, tenure, education, responsibilities:
• Compensation (salary, stock awards, totals, deferred comp):
• Outstanding RSUs, grant date, vesting terms, fair value:
• Beneficial ownership and %:
• Insider trading/hedging/pledging policy:
• Equity plan features (clawback, anti-repricing, sale-event treatment, 280G cutback):
• Equity plan share increases (5M then 35M):
• Compensation Committee composition:
• Strategic capital actions/dilution context and approvals: