Company: HGBL
Filing Date: 2025-04-22
Form Type: DEF 14A
Source: 0000950170-25-056713
Chunk: 28

Company: Heritage Global Inc.
Filing Date: 2025-04-22
Form: DEF 14A
Chunk 28
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 the 2022 Heritage Global Inc. Equity Incentive Plan (the “2022 Plan”), which replaced the Heritage Global Inc. 2016 Stock Option Plan, and authorized the issuance of an aggregate of 3.5 million shares of common stock for awards made after June 8, 2022. No equity incentive grants were made to any of our named executive officers during 2023 or 2024, except for the restricted stock earned by Mr. Ross Dove discussed above.

Other Compensation

In addition to the primary compensation elements discussed above, we may provide our named executive officers with limited benefits and perquisites, which, for 2024 and 2023, included the following (which is described in more detail below in footnote [2] to the Summary Compensation Table): the Company provided for the payment of an automobile allowance to Mr. Ross Dove in the amount of $14,029 for 2024 and 2023. We consider this additional benefit to be a part of Mr. Dove’s overall compensation. Any such limited benefits and perquisites, including the foregoing, generally do not impact the level of other compensation paid to our named executive officers, due to the fact that the incremental cost to us of such benefits and perquisites represents a small percentage of each named executive officer’s total compensation package. We believe that such enhanced benefits and perquisites, including the foregoing, provide our named executive officers with support services that allow them to focus attention on carrying out their responsibilities to us and are synergistic with positively marketing the Company. In addition, we believe that

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such benefits and perquisites, including the foregoing, help us to be competitive and retain talented executives. There were no pension or change in control benefits in either 2024 or 2023.

Upon termination of employment by us without cause, Mr. Ross Dove is entitled to twelve months base salary and a pro rata share of the bonus payable in the fiscal year of termination. Any bonus payable is based on the termination date (provided that, as of the termination date, the performance criteria established with respect to the bonus for the fiscal year have been met), subject to certain conditions.

Upon termination of employment by us without cause, Mr. Ludwig is entitled to receipt of a pro rata share of the bonus payable in the fiscal year of termination and payment of the greater of (i) an amount equal to Mr. Ludwig’s annual base salary or (ii) an amount equal to 4% of the net amount of