<SEC-DOCUMENT>0001564590-19-010707.txt : 20190403
<SEC-HEADER>0001564590-19-010707.hdr.sgml : 20190403
<ACCEPTANCE-DATETIME>20190403155538
ACCESSION NUMBER:		0001564590-19-010707
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190329
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190403
DATE AS OF CHANGE:		20190403

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Heritage Global Inc.
		CENTRAL INDEX KEY:			0000849145
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEGRAPH & OTHER MESSAGE COMMUNICATIONS [4822]
		IRS NUMBER:				592291344
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-17973
		FILM NUMBER:		19728895

	BUSINESS ADDRESS:	
		STREET 1:		12625 HIGH BLUFF DRIVE
		STREET 2:		SUITE 305
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92130
		BUSINESS PHONE:		858-847-0655

	MAIL ADDRESS:	
		STREET 1:		12625 HIGH BLUFF DRIVE
		STREET 2:		SUITE 305
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92130

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Counsel RB Capital Inc.
		DATE OF NAME CHANGE:	20110121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	C2 Global Technologies Inc
		DATE OF NAME CHANGE:	20050812

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACCERIS COMMUNICATIONS INC
		DATE OF NAME CHANGE:	20040220
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>hgbl-8k_20190329.htm
<DESCRIPTION>8-K
<TEXT>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
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<p style="text-align:center;margin-top:4pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">UNITED STATES</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SECURITIES AND EXCHANGE COMMISSION</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Washington, DC 20549</p>
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<p style="text-align:center;margin-top:11pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">FORM 8-K</p>
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<p style="text-align:center;margin-top:11pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">CURRENT REPORT</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to Section&#160;13 or 15(d)</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">of The Securities Exchange Act of 1934</p>
<p style="text-align:center;margin-top:11pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Date of Report (date of earliest event reported): April 3, 2019 (March 29, 2019)</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
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<p style="text-align:center;margin-top:11pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:24pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">HERITAGE GLOBAL INC.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(Exact name of registrant as specified in its charter)</p>
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<p style="text-align:center;margin-bottom:1pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">of incorporation)</p></td>
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<p style="text-align:center;margin-bottom:1pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">File Number)</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(IRS Employer</p>
<p style="text-align:center;margin-bottom:1pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Identification No.)</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">12625 High Bluff Drive, Suite 305, San Diego, California</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">92130</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(Zip Code)</p></td>
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<p style="text-align:center;margin-top:11pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Registrant&#8217;s telephone number, including area code: (858) 847-0656</p>
<p style="text-align:center;margin-top:11pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Not Applicable</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(Former Name or Former Address, if Changed Since Last Report)</p>
<p style="text-align:center;margin-bottom:2pt;border-bottom:Solid 0.75pt;padding-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160;</p>
<p style="margin-top:11pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:6pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (l7 CFR 240.13e-4(c))</p></td>
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<p style="margin-top:11pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>
<p style="margin-top:11pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Emerging growth company&#160;<font style="font-family:MS Mincho;">&#9744;</font></p>
<p style="margin-bottom:12pt;margin-top:11pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a) of the Exchange Act. <font style="font-family:MS Mincho;">&#9744;<br /></font></p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Entry into a Material Definitive Agreement<font style="color:#000000;">. </font></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On March 29, 2019, Heritage Global Inc. (the &#8220;<font style="text-decoration:underline;">Company</font>&#8221;) entered into the Change in Terms Agreement and the First Amendment to Business Loan Agreement (collectively, the &#8220;<font style="text-decoration:underline;">Amendments</font>&#8221;), which amend the Company&#8217;s secured promissory note and business loan agreement, respectively, with First Choice Bank (the &#8220;<font style="text-decoration:underline;">Credit Facility</font>&#8221;). The Amendments, among other things, (i) increase the principal amount of <font style="color:#000000;">the revolving line of credit to $3.0 million</font>, (ii) extend the maturity date of the Credit Facility to April 5, 2020, and (iii) raise the floor interest rate under the Credit Facility from 5.25% to 5.50%. Pursuant to the Amendments, t<font style="color:#000000;">he Company will pay interest on the Credit Facility in regular monthly payments beginning on May 5, 2019, rather than on November 5, 2018. </font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Amendments retain certain customary financial covenants and negative covenants that, among other things, include restrictions on the Company&#8217;s ability to create, incur or assume indebtedness for borrowed money, including capital leases or to sell, transfer, mortgage, assign, pledge, lease, grant a security interest in, or encumber any of the Company&#8217;s assets. Pursuant to the Amendments, the Company has also covenanted to reflect positive net income of no less than $250,000 on a quarterly basis, with the adding back of all non-cash expenses and the deducting of all non-cash income.</p>
<p style="margin-bottom:12pt;margin-top:11pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This summary is qualified in its entirety by reference to the full text of the Amendments, which are attached hereto as Exhibit&#160;10.1 and 10.2, and incorporated by reference herein. </p>
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<p style="margin-bottom:5pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The disclosure in Item 1.01 of this Current Report on Form&#160;8-K regarding the Credit Facility is incorporated by reference into this Item 2.03.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="hgbl-ex101_6.htm"><font style="text-decoration:underline;">Change in Terms Agreement by and between Heritage Global Inc. and First Choice Bank, effective as of March 29, 2019</font></a></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10.2</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="hgbl-ex102_7.htm"><font style="text-decoration:underline;">First Amendment to Business Loan Agreement by and between Heritage Global Inc. and First Choice Bank, effective as of March 29, 2019</font></a></p></td>
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<p style="margin-top:13pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-top:13pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU3"></a><font style="font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SIGNATURES</font></p>
<p style="margin-top:13pt;margin-bottom:0pt;text-indent:4.28%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p>
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<td valign="top"  style=" border-top:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">PrincipalLoan DateMaturityLoan NoCall / CollAccountOfficerInitials
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<td valign="top"  style=" border-left:solid 0.75pt #000000; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">$3,000,000.0003-29-201904-05-2020213334A00            JAK
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.69%;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Borrower:</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:5.38%;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Heritage Global Inc.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:5.38%;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">12625 High Bluff Drive, Suite 305</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Main Office</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">17785 Center Court Drive, Suite 750</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:22.4%;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Principal Amount:&nbsp;&nbsp;$3,000,000.00</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Date of Agreement:&nbsp;&nbsp;March 29, 2019</p></td>
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<p style="margin-bottom:0pt;line-height:4pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">DESCRIPTION OF EXISTING INDEBTEDNESS.<font style="font-weight:normal;">&nbsp;&nbsp;</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A loan evidenced by that certain Promissory Note dated September 27, 2018, including, without limitation, all change(s) and/or modification(s) thereafter, in the Principal Amount of One Million Five Hundred Thousand and 00/100 Dollars ($1,500,000.00), made and executed by Borrower to the order of Lender.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">DESCRIPTION OF COLLATERAL.<font style="font-weight:normal;">&nbsp;&nbsp;The Note is secured by the following Collateral as described in the security instrument(s) listed herein:</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A)&nbsp;&nbsp;a Commercial Security Agreement dated September 27, 2018 made and executed between Heritage Global Inc. and Lender on collateral described as:&nbsp;&nbsp;inventory, chattel paper, accounts, equipment and general intangibles.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">B)&nbsp;&nbsp;a Commercial Security Agreement dated September 27, 2018 made and executed between Heritage Global Partners, Inc. and Lender on collateral described as:&nbsp;&nbsp;inventory, chattel paper, accounts, equipment and general intangibles.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">C)&nbsp;&nbsp;a Commercial Security Agreement dated September 27, 2018 made and executed between HERITAGE GLOBAL LLC and Lender on collateral described as:&nbsp;&nbsp;inventory, chattel paper, accounts, equipment and general intangibles.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">D)&nbsp;&nbsp;a Commercial Security Agreement dated September 27, 2018 made and executed between National Loan Exchange, Inc. and Lender on collateral described as:&nbsp;&nbsp;inventory, chattel paper, accounts, equipment and general intangibles.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">E)&nbsp;&nbsp;a Commercial Security Agreement dated September 27, 2018 made and executed between Equity Partners HG LLC and Lender on collateral described as:&nbsp;&nbsp;inventory, chattel paper, accounts, equipment and general intangibles.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">DESCRIPTION OF CHANGE IN TERMS.<font style="font-weight:normal;">&nbsp;&nbsp;Effective as of the date of this Agreement:</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) The Principal Amount of the Promissory Note is hereby <font style="font-weight:bold;">INCREASED</font> from One Million Five Hundred Thousand and 00/100 Dollars ($1,500,000.00) to <font style="font-weight:bold;">Three Million and 00/100 Dollars ($3,000,000.00)</font>.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2)&nbsp;&nbsp;The date on which all outstanding principal is due and payable (together with any accrued but unpaid interest thereon) ("Maturity Date"), in the Promissory Note and all Related Documents, is hereby <font style="font-weight:bold;">EXTENDED</font> from October 5, 2019 to <font style="font-weight:bold;">April 5, 2020</font>.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3)&nbsp;&nbsp;The Floor Interest Rate used to calculate the unpaid principal balance is hereby <font style="font-weight:bold;">CHANGED</font> from 5.25% to <font style="font-weight:bold;">5.50%.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4)&nbsp;&nbsp;The paragraphs entitled <font style="font-weight:bold;">PAYMENT</font> and<font style="font-weight:bold;"> VARIABLE INTEREST RATE</font> in the Promissory Note are hereby <font style="font-weight:bold;">REPLACED</font> with the paragraphs noted below:</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">PAYMENT.&nbsp;&nbsp;Borrower will pay this loan in one payment of all outstanding principal plus all accrued unpaid interest on April 5, 2020.&nbsp;&nbsp;In addition, Borrower will pay regular monthly payments of all accrued unpaid interest due as of each payment date, beginning May 5, 2019, with all subsequent interest payments to be due on the same day of each month after that.&nbsp;&nbsp;Unless otherwise agreed or required by applicable law, payments will be applied first to any accrued unpaid interest; then to principal; then to any late charges; and then to any escrow or reserve account payments as required under any mortgage, deed of trust, or other security instrument or security agreement securing this Note.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">VARIABLE INTEREST RATE.<font style="font-weight:normal;">&nbsp;&nbsp;The interest rate on this loan is subject to change from time to time based on changes in an independent index which is the Prime Rate as published daily in The Wall Street Journal (the "Index").&nbsp;&nbsp;The Index is not necessarily the lowest rate charged by Lender on its loans.&nbsp;&nbsp;If the Index becomes unavailable during the term of this loan, Lender may designate a substitute index after notifying Borrower.&nbsp;&nbsp;Lender will tell Borrower the current Index rate upon Borrower's request.&nbsp;&nbsp;The interest rate change will not occur more often than each day.&nbsp;&nbsp;Borrower understands that Lender may make loans based on other rates as well.</font>&nbsp;&nbsp;The Index currently is 5.500% per annum.<font style="font-weight:normal;">&nbsp;&nbsp;Interest on the unpaid principal balance of this loan will be calculated as described in the "INTEREST CALCULATION METHOD" paragraph using a rate equal to the Index, adjusted if necessary for any minimum and maximum rate limitations described below, resulting in an initial rate of 5.500%.&nbsp;&nbsp;</font>NOTICE:&nbsp;&nbsp;Under no circumstances will the interest rate on this loan be less than 5.500% per annum or more than the maximum rate allowed by applicable law.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">(5)&nbsp;&nbsp;FIRST AMENDMENT TO BUSINESS LOAN AGREEMENT<font style="font-weight:normal;"> of the even date herewith is executed concurrently with this Change In terms Agreement.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">All other terms and conditions remain the same.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a>CONTINUING VALIDITY.<font style="font-weight:normal;">&nbsp;&nbsp;Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements evidenced or securing the obligation(s), remain unchanged and in full force and effect.&nbsp;&nbsp;Consent by Lender to this Agreement does not waive Lender's right to strict performance of the obligation(s) as changed, nor obligate Lender to make any future change in terms.&nbsp;&nbsp;Nothing in this Agreement will constitute a satisfaction of the obligation(s).&nbsp;&nbsp;It is the intention of Lender to retain as liable parties all makers and endorsers of the original obligation(s), including accommodation parties, unless a party is expressly released by Lender in writing.&nbsp;&nbsp;Any maker or endorser, including accommodation makers, will not be released by virtue of this Agreement.&nbsp;&nbsp;If any person who signed the original obligation does not sign this Agreement below, then all persons signing below acknowledge that this Agreement is given conditionally, based on the representation to Lender that the non-signing party consents to the changes and provisions of this Agreement or otherwise will not be released by it.&nbsp;&nbsp;This waiver applies not only to any initial extension, modification or </font></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:8pt;text-indent:0%;font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1</p>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.1</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-weight:bold;font-size:14pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">CHANGE IN TERMS AGREEMENT</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:3.12%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:normal;">release, but also to all such subsequent actions.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:13pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">PRIOR TO SIGNING THIS AGREEMENT, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT.&nbsp;&nbsp;BORROWER AGREES TO THE TERMS OF THE AGREEMENT.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:9pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">BORROWER:</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:27pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">HERITAGE GLOBAL INC.</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">By: ____/s/ Ross Dove_____________________________</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:12.67%;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;&nbsp;&nbsp;Ross Dove, Chief Executive Officer of</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:12.67%;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;"> &nbsp;&nbsp; Heritage Global Inc.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">By: _____/s/ Kirk Dove ____________________________</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:12.67%;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;&nbsp;&nbsp; Kirk Dove, President of Heritage Global Inc.</p></td>
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<p style="margin-bottom:0pt;line-height:4pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.12%;width:93.75%;">
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">By: ____/s/ James Sklar____________________________</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:12.67%;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;&nbsp;&nbsp;James Sklar, Secretary of Heritage Global Inc.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">By: _____/s/ Scott West____________________________</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:12.67%;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;&nbsp;&nbsp; Scott West, Chief Financial Officer of</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:12.67%;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;"> &nbsp;&nbsp;&nbsp;&nbsp;Heritage Global Inc.</p></td>
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<p style="margin-bottom:0pt;line-height:4pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:9pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">LENDER:</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:22pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">FIRST CHOICE BANK</p>
<p style="margin-bottom:0pt;line-height:4pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">By: ____/s/ Julie Kloiber____________________________</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.12%;margin-right:61.46%;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp; &nbsp;&nbsp;Authorized Signer</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.12%;margin-right:61.46%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.12%;margin-right:61.46%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;border-bottom:double 2.5pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">_________________________________________________________________________________________________________________________</font></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-size:4pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">LaserPro, Ver. 19.1.10.016&nbsp;&nbsp;Copr. Finastra USA Corporation 1997, 2019.&nbsp;&nbsp; All Rights Reserved.&nbsp;&nbsp; - CA&nbsp;&nbsp;F:\CFI\LPL\D20C.FC&nbsp;&nbsp;TR-1614&nbsp;&nbsp;PR-53 (M)</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:8pt;text-indent:0%;font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2</a></p>
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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>hgbl-ex102_7.htm
<DESCRIPTION>EX-10.2
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.2</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-weight:bold;font-size:14pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">FIRST AMENDMENT TO BUSINESS LOAN AGREEMENT</p>
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<td valign="top"  style=" border-top:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">PrincipalLoan DateMaturityLoan NoCall / CollAccountOfficerInitials
<p style="line-height:4pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<td valign="top"  style=" border-left:solid 0.75pt #000000; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">$3,000,000.0003-29-201904-05-2020213334A00            JAK
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;line-height:4pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div style="border-top:Solid 0.75pt;padding-top:1pt;border-bottom:Solid 0.75pt;padding-bottom:1pt;border-left:Solid 0.75pt;padding-left:4pt;border-right:Solid 0.75pt;padding-right:4pt;margin-left:3.12%;margin-right:3.12%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:4pt;margin-right:4pt;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:4pt;margin-right:4pt;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Any item above containing "***" has been omitted due to text length limitations.</p></div>
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<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:1.67%;width:95.21%;">
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.69%;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Borrower:</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:5.38%;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Heritage Global Inc.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:5.38%;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">12625 High Bluff Drive, Suite 305</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:5.38%;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">San Diego, CA 92130</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.69%;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Lender:</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">First Choice Bank</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Main Office</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">17785 Center Court Drive, Suite 750</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Cerritos, CA 90703</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.25%;margin-right:0.87%;text-indent:-1.62%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="border-bottom:double 2.5pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">_______________________________________________________________________________________________________________________</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.12%;margin-right:1.04%;text-indent:0%;font-family:Times New Roman;font-size:8pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.12%;margin-right:1.04%;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This <font style="font-weight:bold;">FIRST AMENDMENT TO BUSINESS LOAN AGREEMENT </font>(the <font style="font-family:Courier New;">&#8220;</font>Amendment<font style="font-family:Courier New;">&#8221;</font>),<font style="font-weight:bold;"> </font>dated as of March 29, 2019, is entered into by and between <font style="font-weight:bold;">Heritage Global Inc. </font>(<font style="font-family:Courier New;">&#8220;</font>Borrower<font style="font-family:Courier New;">&#8221;</font>) and<font style="font-weight:bold;"> First Choice Bank </font>(<font style="font-family:Courier New;">&#8220;</font>Lender<font style="font-family:Courier New;">&#8221;</font>).</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:1.04%;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">RECITALS:</font></p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Borrower and Lender are parties to a Business Loan Agreement dated as of September 27, 2018 (the <font style="font-family:Courier New;">&#8220;</font>Agreement<font style="font-family:Courier New;">&#8221;</font>).</p></td>
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<p style="margin-bottom:0pt;line-height:4pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<td style="width:3.12%;"></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">B.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Borrower and Lender have agreed to amend certain terms and conditions of the Agreement in certain respects.</p></td>
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<p style="margin-bottom:0pt;line-height:4pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.12%;width:95.83%;">
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<td style="width:3.12%;"></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">C.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Borrower and Lender are contemporaneously with this Agreement entering into a Change in Terms Agreement, which may also amend certain terms of the Agreement.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:1.04%;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">AGREEMENT:</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:1.04%;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Borrower and Lender agree as follows:</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Each of the terms defined in the Agreement, unless otherwise defined herein, shall have the same meaning when used herein.</p></td>
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<p style="margin-bottom:0pt;line-height:4pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<td style="width:3.12%;"></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The section entitled <font style="font-weight:bold;">Financial Statements (Quarterly) </font>in the <font style="font-weight:bold;">AFFIRMATIVE COVENANTS </font>section of the Agreement is hereby <font style="font-weight:bold;">AMENDED</font> in full to read as follows:</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:1.04%;text-indent:3.12%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Financial Statements (Quarterly).<font style="font-weight:normal;">&nbsp;&nbsp;As soon as available, but in no event later than thirty (30) days after the applicable filing date for each quarter, Borrower shall provide Lender with Borrower</font><font style="font-family:Courier New;font-weight:normal;">&#8217;</font><font style="font-weight:normal;">s U.S. Securities and Exchange Commission (</font><font style="font-family:Courier New;font-weight:normal;">&#8220;</font><font style="font-weight:normal;">SEC</font><font style="font-family:Courier New;font-weight:normal;">&#8221;</font><font style="font-weight:normal;">) Form 10-Q.</font></p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The section entitled <font style="font-weight:bold;">Positive Net Income </font>in the <font style="font-weight:bold;">Additional Requirements </font>of the<font style="font-weight:bold;"> AFFIRMATIVE COVENANTS</font> section of the Agreement is hereby <font style="font-weight:bold;">AMENDED</font> in full to read as follows:</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:1.04%;text-indent:3.12%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Positive Net Income.<font style="font-weight:normal;">&nbsp;&nbsp;Borrower to reflect positive net income of no less than Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00), on a quarterly (3-months) basis. For the purpose of the calculation, all non-cash expenses shall be added back to net income and all non-cash income shall be deducted from net income.</font></p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Item number 1 listed in the section entitled <font style="font-weight:bold;">OTHER TERMS AND CONDITIONS </font>of the<font style="font-weight:bold;"> AFFIRMATIVE COVENANTS</font> section of the Agreement is hereby <font style="font-weight:bold;">AMENDED</font> in full to read as follows:</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:1.04%;text-indent:3.12%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1)&nbsp;&nbsp;Proceeds from the sale of capital asset acquisitions where funds were drawn on the line of credit will be used first to pay down the line of credit. For each advance on the line of credit, Borrower to provide supporting documentation indicating the purpose of the advance.</p>
<p style="margin-bottom:0pt;line-height:4pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">FACSIMILE AND COUNTERPART<font style="font-weight:normal;">.&nbsp;&nbsp;This Agreement may be executed in two or more counterparts, which, taken together, shall constitute the whole of the agreement as between the parties.&nbsp;&nbsp;Each executed counterpart may be delivered in the form of a photocopy, facsimile, or scanned document, each of which shall have the same legal force and effect as delivery of an original.</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Except as specifically amended above, the Agreement shall remain in full force and effect and is hereby ratified and confirmed.&nbsp;&nbsp;This Amendment and the Agreement shall be read together, as one document.</p></td>
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<p style="margin-bottom:0pt;line-height:4pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Borrower represents and warrants as follows:</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:9pt;margin-left:3.12%;margin-right:1.04%;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Each of the representations and warranties contained in the Agreement, as amended hereby, is hereby reaffirmed as of the date hereof;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:1.04%;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The execution, delivery and performance of this Amendment and any note required hereunder are within the Borrower<font style="font-family:Courier New;">&#8217;</font>s powers, have been duly authorized by all necessary action, have received all necessary governmental approvals, if any, and do not contravene any law or any contractual restriction binding on Borrower; and</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:1.04%;text-indent:0%;font-size:8pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">No event has occurred and is continuing or would result from this Amendment that constitutes an Event of Default under the Agreement, or would constitute an Event of Default but for the requirement that notice be given or time elapse or both.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;margin-left:3.12%;margin-right:1.04%;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">WITNESS<font style="font-weight:normal;"> the due execution hereof as of the date first above written.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:9pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">BORROWER:</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">HERITAGE GLOBAL INC.</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">By: _____/s/ Ross Dove____________________________</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:18pt;;margin-right:3.82%;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Ross Dove, Chief Executive Officer of Heritage Global Inc.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">By: _____/s/ Kirk Dove_____________________________</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:12.67%;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;&nbsp;&nbsp; Kirk Dove, President of Heritage Global Inc.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">By: _____/s/ James Sklar___________________________</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:12.67%;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;&nbsp;&nbsp;James Sklar, Secretary of Heritage Global Inc.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">By: _____/s/ Scott West_____________________________</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:4.69%;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;&nbsp;&nbsp; Scott West, Chief Financial Officer of Heritage Global Inc.</p></td>
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<p style="text-align:center;margin-top:12pt;margin-bottom:8pt;text-indent:0%;font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1</a></p>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.2</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-weight:bold;font-size:14pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">FIRST AMENDMENT TO BUSINESS LOAN AGREEMENT</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:9pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a><font style="font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">LENDER:</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:22pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">FIRST CHOICE BANK</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">By: ______/s/ Julie Kloiber__________________________</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.12%;margin-right:61.46%;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp; &nbsp;&nbsp;Authorized Signer</p>
<p style="margin-bottom:0pt;line-height:4pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:17pt;margin-left:3.12%;margin-right:3.12%;text-indent:0%;font-size:4pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">LaserPro, Ver. 19.1.10.016&nbsp;&nbsp;Copr. Finastra USA Corporation 1997, 2019.&nbsp;&nbsp; All Rights Reserved.&nbsp;&nbsp; - CA&nbsp;&nbsp;F:\CFI\LPL\G60.FC&nbsp;&nbsp;TR-1614&nbsp;&nbsp;PR-53 (M)</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:8pt;text-indent:0%;font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2</a></p>
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