Company: HGBL
Filing Date: 2025-01-03
Form Type: 8-K
Source: 0000950170-25-001095
Chunk: 0

Company: Heritage Global Inc.
Filing Date: 2025-01-03
Form: 8-K
Item: Item 5.02
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Item 5.02.

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 31, 2024, the Compensation Committee of the Board of Directors of Heritage Global, Inc. (the “ Company”) approved a compensation plan (the “ Compensation Plan”) for Brian Cobb, the Chief Financial Officer of the Company. Mr. Cobb has served as the Company’s principal financial officer since March 18, 2021.

The Compensation Plan provides that, for the years 2025 through 2028, Mr. Cobb will receive an annual base salary of $300,000. Additionally, under the Compensation Plan, Mr. Cobb is eligible to receive the following bonuses:

• A cash bonus of 20% of Mr. Cobb’s annual base salary may be earned at the discretion of the Chief Executive Officer of the Company (the “ CEO”) based on Mr. Cobb’s assessed performance, with particular attention to risk mitigating activities and due diligence leadership in mergers & acquisitions activities;

• A cash bonus of 10% Mr. Cobb’s annual base salary may be earned at the discretion of the CEO if the yearly net operating income of the Company reflects earnings exceeding $10,000,000, subject to adjustment for any merger & acquisition activity; and

• A cash bonus of 10% Mr. Cobb’s annual base salary may be earned at the discretion of the CEO if the yearly net operating income of the Company reflects earnings exceeding $12,000,000, subject to adjustment for any merger & acquisition activity.

In addition, pursuant to the Compensation Plan, on January 1, 2025, Mr. Cobb received a restricted stock award of 125,000 shares of the Company’s common stock under the 2022 Heritage Global Inc. Equity Incentive Plan. The shares subject to such restricted stock award will vest in equal installments on December 31 for the years 2025 through 2028.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  HERITAGE GLOBAL INC.                               
  By:                       /s/ Ross Dove            
                            Ross Dove                
                            Chief Executive Officer