Ipek Erdogan-Trinkaus
About Ipek Erdogan-Trinkaus
Ipek Erdogan-Trinkaus is Chief Commercial Officer at Eton Pharmaceuticals, appointed effective December 2, 2024; she was 43 years old as of April 11, 2025 . She holds an MBA from The Ohio State University’s Fisher College of Business and a B.S. in Business Administration from Middle East Technical University . Prior roles include commercial leadership at Tolmar Pharmaceuticals (including leading strategy and marketing for the launch of FENSOLVI and serving as General Manager of the Pediatric Endocrinology business unit) and positions at Ameda, Mead Johnson Nutrition, and Abbott Nutrition, as well as CCO of milkadamia (Jindilli Beverages) . Executive bonuses for 2024 were based on company stock performance relative to peers, revenue and profitability, FDA approvals, and licensing/acquisitions; the compensation committee awarded 131.1% of target bonuses based on achievements .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Jindilli Beverages (milkadamia) | Chief Commercial Officer | Not disclosed | Built brand from launch, implemented long-term growth strategy |
| Tolmar Pharmaceuticals | VP Commercial Strategy & Global Marketing; General Manager, Pediatric Endocrinology | Not disclosed | Led strategy and marketing; launched rare pediatric endocrinology product FENSOLVI |
| Ameda, Inc. | Commercial leadership roles | Not disclosed | Advanced through commercial roles in healthcare |
| Mead Johnson Nutrition | Commercial leadership roles | Not disclosed | Advanced through commercial roles in healthcare |
| Abbott Nutrition | Commercial leadership roles | Not disclosed | Advanced through commercial roles in healthcare |
External Roles
| Organization | Board/Committee Role | Years |
|---|---|---|
| None disclosed in SEC filings for Erdogan‑Trinkaus | — | — |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base salary (reported) | — | $33,560 |
| Annual base salary per employment agreement | — | $402,722 |
| Target bonus % of base | — | 45% |
| Actual bonus paid (Non‑Equity Incentive Compensation) | — | $19,799 |
Notes:
- 2024 “Non‑Equity Incentive Compensation” was paid in 2025 per proxy footnote .
- 2024 bonuses for executives were awarded at 131.1% of target based on company performance factors .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Company stock performance vs peer group | Not disclosed | 45% of base bonus target | Met/Exceeded (committee awarded 131.1% aggregate factor) | $19,799 cash bonus for 2024 | Cash; not subject to vesting |
| Financial revenue and profitability | Not disclosed | 45% of base bonus target | Met/Exceeded (committee awarded 131.1% aggregate factor) | Part of bonus above | Cash; not subject to vesting |
| FDA approvals received | Not disclosed | 45% of base bonus target | Met/Exceeded (committee awarded 131.1% aggregate factor) | Part of bonus above | Cash; not subject to vesting |
| Product licensing/acquisitions activity | Not disclosed | 45% of base bonus target | Met/Exceeded (committee awarded 131.1% aggregate factor) | Part of bonus above | Cash; not subject to vesting |
Equity Ownership & Alignment
| Ownership Detail (as of April 11, 2025 unless noted) | Value |
|---|---|
| Beneficially owned shares | — (less than 1%) |
| Outstanding RS/RSUs unvested (12/31/2024) | 8,026 restricted shares; market value $106,906 |
| Options unexercisable (12/31/2024) | 75,000 NQSO at $12.46 strike; expire 12/1/2034 |
| Options exercisable (12/31/2024) | None disclosed |
| Shares pledged as collateral | Insider trading policy prohibits pledging without prior approval; no pledging disclosed |
| Stock ownership guidelines | Not disclosed for executives in proxy; insider policy addresses hedging/derivatives/pledging |
Outstanding equity awards detail (as of December 31, 2024):
| Grant Date | Options Exercisable (#) | Options Unexercisable (#) | Exercise Price ($) | Expiration | Unvested Shares (#) | Market Value ($) |
|---|---|---|---|---|---|---|
| 12/2/2024 | — | 75,000 | 12.46 | 12/1/2034 | 8,026 | 106,906 |
Employment Terms
| Term | Detail |
|---|---|
| Role & start date | Chief Commercial Officer; effective December 2, 2024 |
| Base salary | $402,722 annually per employment agreement |
| Target bonus | 45% of base salary; discretionary, based on corporate/individual targets |
| Inducement equity | 75,000 NQSO and 8,026 restricted shares granted December 2024 |
| Severance (no cause/good reason) | Six months continued base salary plus health premiums, subject to release and compliance |
| Change‑of‑control (CoC) | Double‑trigger acceleration: full acceleration of remaining option shares if terminated without cause or resigns for good reason within one month prior to or 12 months post‑CoC, subject to release |
| Restrictive covenants | Proprietary information, inventions, non‑solicitation, and non‑competition agreement entered |
| Clawback / tax gross‑ups | Not disclosed in proxy |
| Retirement/pension | Company does not sponsor defined benefit plans; 401(k) plan with matching up to 5% |
Investment Implications
- Pay-for-performance alignment: 2024 executive bonuses were awarded at 131.1% of target driven by stock performance vs peers, revenue/profitability, FDA approvals, and BD activity; Erdogan‑Trinkaus’ 2024 cash bonus was $19,799 on a partial‑year base, with a forward annual bonus target of 45% of base, indicating meaningful at‑risk cash compensation tied to operational outcomes .
- Retention and CoC economics: Severance is six months base salary plus health premiums, and equity accelerates on a double‑trigger around CoC (one month pre to 12 months post), providing retention but also creating potential event‑driven equity unlocking; investors should monitor for CoC scenarios that could accelerate option vesting .
- Insider selling pressure: She holds 8,026 unvested restricted shares and 75,000 unexercisable options at $12.46 expiring 2034; as tranches vest, Form 4 activity could increase, though the insider trading policy limits hedging/derivatives and pledging without approval, reducing misalignment risk .
- Alignment and ownership: Current beneficial ownership is less than 1% with initial inducement grants; no executive stock ownership guideline is disclosed, making long‑term alignment reliant on ongoing equity vesting and performance‑based awards rather than mandated holdings .
- Execution signals: Biography emphasizes rare disease commercialization expertise and prior launch leadership (e.g., FENSOLVI), with management highlighting near‑term launches (Increlex and ET‑400) as key initiatives; effectiveness in these commercial rollouts will likely influence future incentive outcomes and equity realizable value .