Company: HGBL
Filing Date: 2025-04-22
Form Type: DEF 14A
Source: 0000950170-25-056713
Chunk: 29

Company: Heritage Global Inc.
Filing Date: 2025-04-22
Form: DEF 14A
Chunk 29
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 any revenues received by NLEX on forward flow contracts entered during Mr. Ludwig’s tenure with the Company for the twelve months succeeding Mr. Ludwig’s termination. Mr. Ludwig does not receive any compensation for his service as a director on our Board because he is employed by the Company.

Upon termination of employment by us without cause, Mr. Nicholas Dove is entitled to payment of the greater of (i) an amount equal to Mr. Dove’s annual base salary or (ii) any pro rata share of the bonus payable in the fiscal year of termination to Mr. Dove.

Say on Pay Analysis

At our 2024 Annual Meeting, we held an annual advisory vote on executive compensation, and approximately 14,556,634 shares were voted in favor of our named executive officer compensation for 2023. The Compensation Committee will continue to consider the results from our past and future advisory votes on named executive officer compensation, as well as periodic feedback from shareholders, when evaluating our compensation program. Furthermore, based on the results of the advisory vote held at our 2021 Annual Meeting on the frequency of advisory votes on executive compensation, we intend to hold the next advisory vote to approve our named executive officer compensation at our 2027 Annual Meeting.

Anti-Hedging of Company Stock

The Company maintains an anti-hedging policy in its Code of Conduct. The Company’s policy prohibits directors, officers and employees, with respect to the Company’s stock, from trading on a short-term basis, engaging in short sales, or buying or selling puts or calls. Moreover, all transactions in the Company’s stock by directors and officers must be cleared by the Corporation’s Secretary. The Company believes that it is improper and inappropriate for its directors, officers and employees to engage in short-term or speculative transactions involving the Company’s stock.

Compensation Clawback

On November 7, 2023, our Board, acting on recommendation from our Audit Committee, approved the adoption of the Compensation Recoupment Policy (the “Recoupment Policy”) in accordance with the requirements of Exchange Act Rule 10D-1 and the corresponding Nasdaq listing standards. The Recoupment Policy, which applies to current and former executive officers, provides for the mandatory recoupment of erroneously awarded incentive-based compensation in the event of an accounting restatement due to the material noncompliance of the company with any financial reporting requirements under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or