Adam D. Howell
About Adam D. Howell
Adam D. Howell, age 38, has served as Chief Financial Officer of Crimson Wine Group (CWGL) since December 2023. He is a Certified Public Accountant and previously held finance leadership roles at The Duckhorn Portfolio, Inc. (public luxury wine company) from 2018–2023, most recently as SVP, Finance & Accounting (Dec-2022 to Dec-2023) and VP, Finance (May-2020 to Dec-2022) . During his tenure window, company Pay vs. Performance disclosures show CWGL net income of $0.851M in 2024 vs. $3.123M in 2023 and cumulative TSR improving from 71.52 to 76.97 (value of a $100 investment), contextualizing pay-for-performance alignment across the leadership team .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Duckhorn Portfolio, Inc. | SVP, Finance & Accounting | Dec 2022 – Dec 2023 | Senior finance leadership at a public luxury wine company; oversight of finance and accounting |
| The Duckhorn Portfolio, Inc. | VP, Finance | May 2020 – Dec 2022 | Oversight of corporate finance, financial reporting, and tax |
| The Duckhorn Portfolio, Inc. | Finance roles (unspecified) | 2018 – May 2020 | Progressively senior roles pre-2020 at a public wine company |
External Roles
No public company directorships or external committee roles disclosed for Mr. Howell .
Fixed Compensation
| Component | FY 2024 | Notes |
|---|---|---|
| Base Salary | $315,000 | Reported in Summary Compensation Table |
| Target Annual Bonus % | Up to 40% of base salary | Per employment agreement |
| Car Allowance | $10,200 per year | Per employment agreement |
| All Other Compensation | $17,888 | Includes 401(k), car allowance, health club reimbursements |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual/Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Annual Cash Bonus (Stub-Year 2024) | Performance objectives tied to successful completion of YE23 close & audit and Q1’24 close | Discretionary | Up to 40% target framework | $50,000 (50% paid within 10 days of YE23 close/audit; 50% within 10 days of Q1’24 close) | Paid upon milestone completion in early 2024 |
| Stock Options (Grant 3/22/2024) | Annual/cumulative Adjusted EBITDA (performance-based) + time-based | N/A | Tranche-level performance conditions | 115,000 options granted (grant-date fair value $300,396 in SCT) | 5 tranches; expire 3/22/2034; exercise price $5.78 |
Notes:
- Company states it does not have a formal compensation plan; annual incentives are discretionary considering Company and individual performance .
- Option award amounts are non-cash at grant and contingent on meeting time- and performance-based vesting .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of 5/23/2025) | “—” shares; no percent reported for Mr. Howell in the beneficial ownership table based on 20,586,027 shares outstanding |
| Outstanding Options (12/31/2024) | 115,000 unearned performance-based options (no exercisable or unexercisable tranches shown for Howell at year-end 2024) |
| Option Terms (3/22/2024 grant) | Exercise price $5.78; expiration 3/22/2034; 5 tranches; performance and time-based vesting tied to Adjusted EBITDA |
| Exercises During 2024 | Company-wide disclosure: no exercises, forfeitures or expirations during 2024; 1,273,000 options outstanding; 284,700 vested and exercisable (aggregate) |
| Stock Ownership Guidelines | Company has no formal stock ownership requirement |
| Hedging/Pledging | Prohibited: no short sales, no margin purchases, no pledging, and no hedging/monetization transactions |
Employment Terms
- Appointment/start: Appointed CFO effective December 12, 2023 ; served since December 2023 .
- Bonus target: Up to 40% of base salary; goals mutually agreed with Company; discretionary framework .
- Severance (termination without Cause or resignation with Good Reason): Cash severance equal to 12 months base salary, paid over 12 months .
- Change of Control and equity acceleration: Full acceleration of option vesting upon (i) Change of Control, (ii) termination without Cause, or (iii) resignation for Good Reason (single-trigger acceleration on CoC) .
- Perquisites/benefits: Eligible for long-term incentive plan; $10,200 annual car allowance; standard company benefits .
Investment Implications
- Pay-for-performance alignment: Equity is delivered entirely as performance-and time-based stock options tied to Adjusted EBITDA, which strengthens alignment with profitability and capital discipline; 2024 SCT shows $300k option grant value with no time-vested RSUs, signaling higher at-risk pay vs. guaranteed equity .
- Retention and selling pressure: As of 12/31/2024, Howell had only unearned options; no exercises company-wide in 2024 and the company’s prohibition on pledging/hedging lowers near-term selling pressure risk. Watch for performance-vesting progress disclosures and Form 4s indicating vesting/exercises once EBITDA targets are met .
- Contract economics: Severance at 1x salary is modest; however, single-trigger equity acceleration on Change of Control is shareholder-unfriendly and could create deal-related windfalls, a point to monitor if strategic alternatives emerge .
- Ownership alignment: No reported beneficial ownership for Howell as of the 2025 record date and no formal stock ownership requirement may limit immediate “skin in the game”; options provide upside leverage once in-the-money and vested .
- Governance and say-on-pay context: Compensation remains largely discretionary without a formal plan, but recent say-on-pay support was high (93.1% in 2023), suggesting limited shareholder pushback to date .
Data Appendix
- Biography and tenure:
- Summary Compensation (FY2024):
- Executive agreement/bonus terms/car allowance:
- Severance and equity acceleration:
- Outstanding equity awards (incl. Howell 3/22/2024 grant):
- Beneficial ownership and shares outstanding:
- Hedging/pledging prohibition:
- Compensation plan/discretionary policy and 2024 option activity:
- Pay vs. Performance (TSR and net income):