Company: HGBL
Filing Date: 2025-04-22
Form Type: DEF 14A
Source: 0000950170-25-056713
Chunk: 26

Company: Heritage Global Inc.
Filing Date: 2025-04-22
Form: DEF 14A
Chunk 26
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 achievement of their specific operational goals and achievement by us or our business unit of financial targets. Cash awards are distributed based upon the Company and the individual meeting performance criteria objectives. The final determination for all payments is made by our Compensation Committee based on a subjective analysis of the foregoing elements, except where the award is provided for in an employment agreement or other contractual obligation between the Company and the executive.

We set performance based compensation based on a subjective analysis of certain performance measures in order to maximize and align the interests of our officers with those of our shareholders. Although performance goals are generally standard for determining awards, we have and will consider additional performance rating goals when evaluating the performance based compensation structure of our executive management. In addition, in instances where the employee has responsibility over a specific area, performance goals may be directly tied to the overall performance of that particular area.

For 2025, Mr. Ross Dove is eligible for a performance-based cash award on the operating income of the Company, not including the amount of such award. The amount of such award may range from $30,000 (corresponding to operating income of $3,030,000 for such year) to $1,800,000 (corresponding to operating income of $23,750,000 or more for such year). For 2024, Mr. Dove was eligible for a performance-based award on the

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operating income of the Company, not including the amount of such award. The amount of such award may range from $30,000 (corresponding to operating income of $3,030,000 for such year) to $1,800,000 (corresponding to operating income of $23,750,000 or more for such year). For 2024, Mr. Dove earned a performance-based award which was paid 75% in cash, and 25% in restricted stock vesting twelve months after the date of grant. The foregoing is conditioned upon Mr. Dove’s continued employment in good standing and is expected to constitute Mr. Dove’s entire performance-based compensation for this period. For 2024, Mr. Dove earned a cash award of $280,772 and restricted stock valued at $93,591, granted on March 6, 2025.

Mr. David Ludwig is eligible to receive a performance incentive under the terms of his Employment Agreement, effective on June 1, 2023. Mr. Ludwig’s employment agreement provides that Mr. Ludwig is entitled to receive a bonus