Eric S. Trevan
About Eric S. Trevan
Eric S. Trevan, Ph.D. (age 48) is an independent director of Heritage Distilling Holding Company, Inc. (CASK) since 2022. He is an economist focused on Native economies and complex public–private financial arrangements, an Assistant Professor at California State University San Marcos (since 2020), and President of Local Solutions, an AI market analytics firm (since 2019). He holds a Ph.D. from Arizona State University (Watts College), an MPA from Central Michigan University, and a BA from Western Michigan University; he is a tribal citizen of the Match-E-Be-Nash-She-Wish Band of Pottawatomi Indians (Gun Lake Tribe) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| California State University San Marcos | Assistant Professor | 2020–present | Academic expertise in innovation, business, and economic policy for Tribal Nations |
| Local Solutions (AI market analytics) | President | Jan 2019–present | Leads AI-driven market analytics; specialization in complex financial arrangements |
| The Evergreen State College | Visiting Scholar (Innovation, Business & Economic Policy for Tribal Nations) | 2016–2021 | Thought leadership on Native economies and policy |
| U.S. Treasury | Policy Advisor to Treasury Tribal Advisory Committee | Prior service (dates not specified) | Advisory role on Native economic policy |
External Roles
| Organization | Role | Since | Notes |
|---|---|---|---|
| Twelve Clans Inc. (Ho-Chunk Nation sovereign wealth fund) | Chairman | 2021 | Sovereign wealth governance |
| Gun Lake Investments (non-gaming investment arm of Gun Lake Tribe) | Director | 2022 | Tribal investment oversight |
| Northern Initiatives (non-profit CDFI) | Director | 2022 | Community development finance |
| Noo-Kayet Development Corporation (Port Gamble S’Klallam Tribe) | Director | 2017 | Economic development arm governance |
| Cheyenne & Arapaho Business Development Corporation | Director | 2019 | Economic development governance |
Board Governance
| Governance Item | Details |
|---|---|
| Independence | Board determined Dr. Trevan meets Nasdaq and SEC independence standards; only independent directors serve on Audit, Compensation, and Nominating & Corporate Governance Committees . |
| Committees | Audit (member), Compensation (chair), Technology & Cryptocurrency (member); Nominating & Corporate Governance (not listed) . |
| Committee Chair Roles | Chairs Compensation Committee . |
| Board leadership | CEO is Chair; independent directors may meet in executive session at each meeting’s end . |
| Attendance | Annual meeting attendance is expected for all directors; specific attendance rates not disclosed . |
| Potential committee changes | Under August 2025 subscription agreements, the Technology & Cryptocurrency Committee is to be reconstituted as a Digital Assets Committee comprised solely of new directors designated by Story Foundation; Story may designate 3–5 directors and appoint them to Audit, NCG, and Compensation Committees . |
Fixed Compensation
| Component | Amount | Timing/Notes |
|---|---|---|
| Board retainer (non-employee directors) | $40,000 per year | Payable quarterly . |
| Committee Chair fee (per committee) | $5,000 per quarter | Audit, Compensation, Nominating & Corporate Governance, Technology & Cryptocurrency . |
| Committee Member fee (per committee) | $2,500 per quarter | Audit, Compensation, Nominating & Corporate Governance, Technology & Cryptocurrency . |
| Program implication for Dr. Trevan (roles as of June 2025) | $40,000 base + $20,000 Comp chair + $10,000 Audit member + $10,000 Tech/Crypto member = $80,000 per year | Derived from disclosed fee schedule and committee assignments . |
| 2024 Director Compensation (Reported) | Cash Fees | Stock Awards | Total |
|---|---|---|---|
| Eric S. Trevan | $10,000 | $8,000 | $18,000 |
| Notes | Directors deferred cash fees to 2025; stock awards reflect grant-date fair value under ASC 718 . |
Performance Compensation
| Element | Detail |
|---|---|
| Equity awards policy (directors) | One-time initial RSU award to new non-employee directors, vesting in arrears in two equal tranches on first and second anniversaries; optional one-time initial stock options; annual grant eligibility per Board under 2024 Plan . |
| Performance metrics | No director-specific performance metrics disclosed for equity awards; Compensation Committee administers 2024 Plan with anti-repricing and clawback provisions . |
| 2024 equity value (Eric S. Trevan) | $8,000 grant-date fair value (type not explicitly specified; table categorizes as stock awards) . |
Other Directorships & Interlocks
| Company | Public/Private | Role | Potential Interlock Relevance |
|---|---|---|---|
| Twelve Clans Inc. | Private (sovereign wealth fund) | Chairman | Sovereign wealth oversight; no CASK-related transactions disclosed . |
| Gun Lake Investments | Private | Director | Tribal investments; no CASK-related transactions disclosed . |
| Northern Initiatives | Non-profit CDFI | Director | Community finance; no CASK-related transactions disclosed . |
| Noo-Kayet Development Corporation | Private (tribal) | Director | Economic development; no CASK-related transactions disclosed . |
| Cheyenne & Arapaho BDC | Private (tribal) | Director | Economic development; no CASK-related transactions disclosed . |
Related-party transactions: Audit Committee reviews transactions >$120,000 with directors/executives/immediate family; no Trevan-related transactions disclosed .
Expertise & Qualifications
- Economist specialized in Native economies, complex financial arrangements bridging public and private policy; AI market analytics leadership (President of Local Solutions) .
- Academic and policy credentials: Assistant Professor (CSUSM), former Visiting Scholar (Evergreen), Policy Advisor to Treasury Tribal Advisory Committee .
- Governance breadth across tribal sovereign wealth and economic development entities .
Equity Ownership
| As-of Date | Shares Beneficially Owned | % of Class |
|---|---|---|
| May 30, 2025 | 107,394 | <1% |
| July 23, 2025 | 107,394 | <1% |
| Notes | Beneficial ownership percentages based on 12,050,386 shares (May 30) and 15,401,989 shares (July 23) outstanding; no options listed for Trevan; policy prohibits hedging/pledging . |
Governance Assessment
- Strengths: Independent director; chairs Compensation Committee (key governance lever for pay discipline); serves on Audit (financial oversight) and Technology & Cryptocurrency (risk/innovation) committees. Compensation program is cash retainer plus committee fees with RSU eligibility; company has insider trading policy prohibiting hedging and pledging, supporting ownership alignment .
- Ownership alignment: Holds 107,394 shares; <1% of class; no pledging allowed under policy .
- Risks/Red flags:
- Board reconstitution risk: Subscription Agreements give Story Foundation rights to nominate 3–5 directors, reconstitute Technology & Cryptocurrency into Digital Assets Committee comprised solely of Story designees, and place designees on Audit/NCG/Comp committees; this may dilute independence balance and committee continuity (including Trevan’s roles) .
- Change-of-control/dilution backdrop: Massive pre-funded warrants (370,378,890 shares), advisory equity and warrants, authorized share increases, and reverse split proposals imply significant future dilution and governance stress; Nasdaq may deem a change-of-control depending on concentration of voting power and committee control, elevating investor confidence risk .
- Attendance: Annual meeting attendance expected, but no disclosed attendance rates; no disclosed say-on-pay outcomes or director-specific shareholder feedback in these filings .
No Trevan-specific related-party transactions, tax gross-ups, or option repricings disclosed; Section 16 compliance note: initial Form 3s post-IPO were filed late but subsequently cured for all executives/directors .