Nicolas M.E. Quillé
About Nicolas M.E. Quillé
Nicolas M.E. Quillé, MW, is Chief Winemaking & Operations Officer at Crimson Wine Group (CWGL), serving since May 2018. He holds a master’s in Enology (University of Dijon), a master’s in Sparkling Winery Management (University of Reims), and an MBA (University of Washington); he is a member of the Institute of Masters of Wine . Age 52 in 2025 with ~7 years tenure at CWGL, he previously led Banfi Vintners’ boutique Pacific Northwest wineries and held winemaking roles at Pacific Rim and Bonny Doon; earlier experience spans Burgundy, Provence, Champagne, and Portugal . Company performance disclosures show TSR progression and net income over 2022–2024, providing context for incentive payouts and performance-based vesting .
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Value of initial fixed $100 investment (TSR) | $68.00 | $71.52 | $76.97 |
| Net Income ($ thousands) | $1,077 | $3,123 | $851 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Banfi Vintners (Pacific Northwest boutique portfolio) | General Manager and Head Winemaker | Prior to May 2018 | Led boutique winery operations; quality and portfolio execution |
| Pacific Rim | Winegrowing/Management | — | U.S. winemaking and operational roles |
| Bonny Doon | Winegrowing/Management | — | U.S. winemaking and operational roles |
| Antonin Rodet; Domaine Prieur (Burgundy) | Winemaking positions | — | Classical European training, Burgundy methods |
| Domaine de la Courtade (Provence) | Winemaking positions | — | Mediterranean viticulture experience |
| Laurent Perrier (Champagne) | Winemaking positions | — | Sparkling wine production expertise |
| Taylor’s Port (Portugal) | Winemaking positions | — | Fortified wine production experience |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Institute of Masters of Wine | Member | — | Professional credential denoting advanced industry expertise |
Fixed Compensation
| Component | FY 2023 | FY 2024 | Notes |
|---|---|---|---|
| Base Salary ($) | $311,728 | $323,401 | Base salary under employment agreement with Board discretion |
| Car Allowance ($/year) | $10,200 | $10,200 | Employment agreement benefit |
| All Other Compensation ($) | $22,235 | $22,115 | Includes 401(k), car allowance, health club reimbursements |
Performance Compensation
| Incentive Type | Metric | Target | Actual | Payout ($) | Vesting/Timing |
|---|---|---|---|---|---|
| Annual Non-Equity Incentive | Company and individual goals (discretionary) | Up to 40% of base salary | Not disclosed (Company and individual performance) | $120,069 (2023) ; $113,163 (2024) | Paid annually per Compensation Committee determination |
| Stock Options (3/1/2023 grant) | Adjusted EBITDA (annual or cumulative) | Not disclosed | 2023 performance-based vesting determined achieved on Mar 6, 2024 (late Form 4 filed Mar 11, 2024) | Non-cash at grant; vesting unlocks exercisability | 5 tranches; time- and performance-based; expires 03/01/2033 |
| Stock Options (7/6/2021 grant) | Time-based schedule | 4 equal increments (Jan 4, 2022–2025) | As of 12/31/2024: 36,750 exercisable; 12,250 unexercisable | Non-cash at grant; vesting unlocks exercisability | 4 tranches; expires 07/06/2028 |
Equity Ownership & Alignment
- Anti-hedging and anti-pledging: Company policy prohibits short sales, margin purchases, pledging, and any hedging/monetization transactions in company securities, reducing misalignment and collateral risk .
- No formal stock ownership requirements for executives; major directors Cumming and Steinberg hold significant stakes; executive ownership tracked via beneficial holdings and option awards .
| Holding | Detail | As of | Amount |
|---|---|---|---|
| Beneficial Ownership (common) | Shares owned/beneficially held | Record Date May 23, 2025 | 55,600 shares; less than 1% of class |
| Options (7/6/2021) | Exercisable | 12/31/2024 | 36,750 |
| Options (7/6/2021) | Unexercisable | 12/31/2024 | 12,250 |
| Options (3/01/2023) | Exercisable | 12/31/2024 | 2,300 |
| Options (3/01/2023) | Unexercisable | 12/31/2024 | 9,200 |
| Options (3/01/2023) | Unearned (performance tranches) | 12/31/2024 | 103,500 |
| Ownership Policy | Hedging/Pledging prohibited | Proxy 2025 | Policy restriction in place |
Employment Terms
| Term | Provision | Source |
|---|---|---|
| Employment Agreement Date | March 14, 2018; at-will, terminable by either party | |
| Role Tenure | Chief Winemaking & Operations Officer since May 2018 | |
| Annual Bonus Target | Up to 40% of base salary; discretionary; goals mutually agreed | |
| Long-Term Incentive Eligibility | Eligible to participate in LTIP (options with time/performance vesting) | |
| Car Allowance | $10,200 per year | |
| Severance (without Cause/Constructive Discharge) | 12 months base salary; paid in installments; release required | |
| COBRA Benefits | Available for 18 months; reimbursement of up to 3 months of COBRA cost | |
| Change-of-Control (CoC) | Full acceleration of option vesting upon CoC; also accelerates upon termination without Cause or for Good Reason | |
| Insider Trading Compliance | Late Form 4 filed Mar 11, 2024 related to performance-based vesting for FY2023 | |
| Stock Ownership Requirements | No formal executive stock ownership requirement | |
| Anti-Hedging/Pledging | Prohibited by Insider Trading Policy |
Compensation Structure Analysis
- Mix shift and pay-for-performance: Bonus is discretionary up to 40% of base; equity awards are options with significant performance-based tranches tied to Adjusted EBITDA, indicating alignment with operational metrics rather than pure time-based RSUs .
- Equity awards detail: 2023 option grant includes 5 tranches with performance and time conditions; 2021 grant time-based vests completed through Jan 4, 2025 per schedule; expirations extend to 2033, balancing retention with long-dated incentives .
- Say-on-pay support: 93.1% approval at 2023 meeting, suggesting investor acceptance of compensation design .
- Timing governance: Company avoids granting equity in proximity to material filings; no equity grants to NEOs during the blackout window in 2024 .
Vesting Schedules and Insider Selling Pressure
- 2021 options: 4 equal increments vest on Jan 4, 2022–2025; as of 12/31/2024, one increment remained unexercisable (12,250), scheduled to vest Jan 4, 2025, potentially increasing exercisable overhang shortly post year-end .
- 2023 options: 5 tranches with performance-based Adjusted EBITDA conditions; Compensation Committee determined FY2023 performance achieved on Mar 6, 2024, triggering vesting of a tranche (late Form 4 filed Mar 11, 2024), implying ongoing periodic vesting tied to annual/cumulative EBITDA targets .
- Hedging/pledging prohibited, reducing forced selling risk from pledged collateral .
Equity Ownership & Alignment
| Item | Status |
|---|---|
| Beneficial Ownership | 55,600 shares; <1% of outstanding (20,586,027 shares) |
| Options exercisable | 39,050 total across 2021 and 2023 grants as of 12/31/2024 (36,750 + 2,300) |
| Options unexercisable | 21,450 total across 2021 and 2023 grants as of 12/31/2024 (12,250 + 9,200) |
| Options unearned (perf) | 103,500 (2023 grant performance tranches) |
| Pledging/Hedging | Prohibited by policy (no pledged shares disclosed) |
| Ownership Guidelines | No formal executive stock ownership requirement |
Performance & Track Record
- Tenure achievements: Long-standing technical mastery (MW) and leadership across U.S. and European wine regions; appointed to elevate benchmark quality across CWGL estates .
- Company performance context: TSR of the $100 fixed investment rose from $68.00 (2022) to $76.97 (2024); net income fluctuated ($1,077k in 2022, $3,123k in 2023, $851k in 2024), informing performance-based vesting and annual bonuses .
- Governance/compliance: One late Form 4 tied to performance-based vesting mechanics; otherwise Section 16 compliance reported as timely for 2024 .
Compensation Peer Group, Committee, and Shareholder Feedback
- Compensation Committee: Makes all executive compensation decisions; annual discretionary incentives; no specific external consultant or peer group disclosures in 2025 proxy excerpt .
- Say-on-Pay: 93.1% approval at 2023 meeting, indicating broad shareholder support .
Employment Terms (Detailed Table)
| Element | Provision | Trigger | Economics |
|---|---|---|---|
| Severance | 12 months base salary; installments; release required | Without Cause or Constructive Discharge | 12 months salary; COBRA available 18 months; reimburse up to 3 months COBRA cost |
| CoC Acceleration | Full acceleration of option vesting | Change of Control | Accelerated vesting of options |
| Performance Vesting | Adjusted EBITDA targets | Annual or cumulative | Tranche vesting upon target achievement (e.g., FY2023 achieved) |
| Bonus Target | Up to 40% of base salary | Annual | Discretionary payout based on Company and individual performance |
Investment Implications
- Alignment: Strong alignment via performance-conditioned options tied to Adjusted EBITDA, plus anti-hedging/pledging policy; absence of stock ownership requirements is mitigated by ongoing option exposure and beneficial holdings .
- Retention risk: Moderate—time-based and long-dated option expirations through 2033 create retention hooks; severance economics are standard (12 months base), with CoC acceleration that could incentivize continuity but may reduce post-CoC retention depending on role depth .
- Trading signals: Near-term incremental vesting from 2021 grant (Jan 4, 2025) and ongoing EBITDA-linked vesting from 2023 grant can create periodic increases in exercisable overhang; however, hedging/pledging restrictions reduce forced selling pressure . The TSR trend and net income variability underscore the sensitivity of performance vesting to execution, making operational KPIs critical for equity unlocks .
- Governance and pay: Discretionary annual bonus up to 40% with high say-on-pay approval suggests investor acceptance of pay design; continued monitoring of EBITDA target calibration and any changes to vesting criteria is warranted to detect risk of target easing or option modifications .