<SEC-DOCUMENT>0001564590-19-034967.txt : 20190918
<SEC-HEADER>0001564590-19-034967.hdr.sgml : 20190918
<ACCEPTANCE-DATETIME>20190918161853
ACCESSION NUMBER:		0001564590-19-034967
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190913
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190918
DATE AS OF CHANGE:		20190918

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Heritage Global Inc.
		CENTRAL INDEX KEY:			0000849145
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		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:		191099947

	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_20190913.htm
<DESCRIPTION>8-K
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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="margin-bottom:2pt;border-bottom:Solid 0.75pt;padding-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: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>
<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>
<p style="border-bottom:Solid 0.75pt;padding-bottom:0pt;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:6pt;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): September 18, 2019 (September 13, 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>
<p style="text-align:center;border-bottom:Solid 0.75pt;padding-bottom:0pt;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>
<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="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;">&#160;<font style="font-size:8pt;color:#000000;">&#160;</font></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="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;">Florida</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;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">0-17973</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;">&#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;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">59-2291344</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;">(State or other jurisdiction</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;">of incorporation)</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;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:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(Commission</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;">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;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;<font style="font-size:8pt;color:#000000;">&#160;</font></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="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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<td colspan="3" valign="top" >
<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="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;">&#160;</p></td>
<td colspan="3" valign="top" >
<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;">(Address of principal executive offices)</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;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: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="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>
<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;</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;">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-family:Segoe UI Symbol;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#9744;</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;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Segoe UI Symbol;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#9744;</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;">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-family:Segoe UI Symbol;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#9744;</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 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Segoe UI Symbol;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#9744;</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-bottom:4pt;margin-top:4pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Securities registered pursuant to Section 12(b) of the Act:</p>
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<td style="width:36.59%;"></td>
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<td style="width:36.61%;"></td>
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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;">
<p style="text-align:center;margin-bottom:2pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Title of each class</p></td>
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<p style="text-align:center;margin-bottom:2pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Trading Symbol(s)</p></td>
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<p style="text-align:center;margin-bottom:2pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Name of each exchange on which registered</p></td>
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<td valign="top"  style=" border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-top:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common stock, $0.01 par value</p></td>
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<p style="text-align:center;margin-bottom:2pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">HGBL</p></td>
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<p style="text-align:center;margin-bottom:2pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">OTCQB</p></td>
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<p style="margin-top:6pt;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:6pt;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:Segoe UI Symbol;">&#9744;</font></p>
<p style="margin-bottom:12pt;margin-top:6pt;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:Segoe UI Symbol;">&#9744;</font></p>
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<p style="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;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></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;">Item&#160;1</font><font style="font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">.01</font></p></td>
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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:4.42%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On September 13, 2019 (the &#8220;<font style="text-decoration:underline;">Effective Date</font>&#8221;), Heritage Global Inc., a Florida corporation (the &#8220;<font style="text-decoration:underline;">Corporation</font>&#8221;), entered into an Amendment (the &#8220;<font style="text-decoration:underline;">Amendment</font>&#8221;) to the Employment Agreement (the &#8220;<font style="text-decoration:underline;">Employment Agreement</font>&#8221;) for Kenneth Mann, a named executive officer of the Corporation and the Senior Managing Director of Equity Partners HG LLC, a wholly-owned subsidiary of the Corporation (the &#8220;<font style="text-decoration:underline;">Company</font>&#8221;). Pursuant to the terms of the Amendment, Mr. Mann will continue his current employment with the Company until December 31, 2019, after which time the Employment Agreement and Amendment will terminate and Mr. Mann&#8217;s employment with the Company will cease (the &#8220;<font style="text-decoration:underline;">Resignation Time</font>&#8221;). </p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.42%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Subject to certain conditions under the Amendment and through the Resignation Time, the Company has agreed to provide Mr.&#160;Mann with his <font style="color:#000000;">current annual salary of $375,000, potential bonus in </font>an amount equal to $50,000 paid in regular payroll<font style="color:#000000;">, and continued benefits. </font>In addition, the Company has agreed to pay to the personnel of the Company (including Mr. Mann) an aggregate bonus equal to the sum of 50% of the Company&#8217;s 2019 net operating income (if any), plus $25,000. Mr. Mann has agreed to surrender, and to cause an entity controlled by him to surrender, at the Resignation Time certain options to purchase Corporation common stock possessed by either Mr. Mann or the entity controlled by Mr. Mann. <font style="color:#000000;">Mr.&#160;Mann has also agreed to waive any right to payment for accrued but unused vacation upon the Resignation Time. </font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.42%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to the Amendment, Mr. Mann has retained his right to terminate employment for Good Reason (as defined in the Employment Agreement) and <font style="color:#000000;">the Company </font>has retained its right to terminate employment for Cause (as defined in the Employment Agreement). Mr. Mann will not be entitled to any further severance payments.</p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.42%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Transfer of Company Assets</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.42%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Subject to certain conditions and to the delivery of a mutual release as provided in the Amendment, the Amendment provides that on January 1, 2020 the Company will transfer to Mr. Mann or his designee (the &#8220;<font style="text-decoration:underline;">Buyer</font>&#8221;) certain assets of the Company (the &#8220;<font style="text-decoration:underline;">Transferred Assets</font>&#8221;), free and clear of all liens. The Amendment further provides that Mr. Mann may choose,<font style="color:#000000;"> </font>in his sole discretion, to accept assignment from the Company of any of the liabilities and obligations of the Company listed in the Amendment by providing written notice to the Company by November 29, 2019. Other than the Transferred Assets, the Company will retain all of the assets and rights held by the Company. </p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.42%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Division of Revenue</font></p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.42%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Following the Effective Date, Mr. Mann has agreed to cause Buyer to pay to the Company a percentage of all revenue received with respect to each engagement for which the Corporation has been engaged or retained as of the Effective Date but that is closed or completed following the Effective Date, subject to certain exclusions. The percentage to be paid is determined by multiplying the revenue by the percentage of the engagement completed prior to the Effective Date, as determined in good faith by Mr. Mann and a representative of the Company on or before December 31, 2019. The Company maintains a right to audit Mr. Mann&#8217;s and/or Buyer&#8217;s records for up to one year following the final payment for all such engagements.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="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;">Forward-Looking Statements</p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.42%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This report contains forward-looking statements based on the Corporation&#8217;s current expectations and projections about future events, including, without limitation, information regarding the future timing of the transfer of the Transferred Assets and the division of revenue between the Company and the Buyer. For these statements, the Corporation claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. While the Corporation believes the forward-looking statements contained in this report are accurate, these forward-looking statements represent the Corporation&#8217;s beliefs only as of the date of this report, and there are a number of factors that could cause actual events or results to differ materially from those indicated by such forward-looking statements, including variability in magnitude and timing of asset liquidation transactions, the impact of changes in the U.S. national and global economies, interest rate and foreign exchange rate sensitivity, and the financial effects of the Company transition, as well as other factors beyond the Corporation&#8217;s control. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see the Corporation&#8217;s filings with the Securities and Exchange Commission.</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;">Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.<font style="color:#000000;"> </font></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.42%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">See Item 1.01 of this Current Report on Form 8-K, which is incorporated herein by reference.</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;">Regulation FD Disclosure.<font style="color:#000000;"> </font></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.42%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On September 18, 2019, the Corporation issued a press release announcing the entry into the Amendment. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.</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-ex991_6.htm"><font style="text-decoration:underline;">Press Release dated September 18, 2019</font></a></p></td>
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<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="_AEIOULastRenderedPageBreakAEIOU4"></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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<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;">&#160;</p></td>
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<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:right;margin-bottom:0pt;margin-top:0pt;text-indent:-7.46%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 99.1</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:-7.46%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><img src="gsofqim13d5h000001.jpg" title="" alt="" style="width:286px;height:72px;"></p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-size:11pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.46%;"><font style="font-size:14pt;margin-left:36pt;"></font>&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:14pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">HERITAGE GLOBAL INC. TO REALIGN MIDDLE MARKET M&amp;A ADVISORY SERVICES BUSINESS TO INCREASE EFFICIENCIES <font style="font-weight:normal;"> </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Arial;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">SAN DIEGO, California (September 18, 2019) &#8211; <font style="text-decoration:underline;">Heritage Global Inc.</font> (OTCQB: HGBL, CSE: HGP) (&#8220;Heritage Global,&#8221; &#8220;HGI&#8221; or &#8220;the Company&#8221;), a diversified financial services company providing asset-based acquisition, disposition, valuation, and lending services, today announced a strategic initiative to realign Equity Partners HG and improve operating efficiencies. </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Arial;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Going forward, the Company plans to outsource origination and execution services to enhance cost synergies, while still participating in distressed M&amp;A opportunities. This approach is expected to increasingly leverage Heritage Global&#8217;s auction and valuation services platforms. As part of the initiative, Ken Mann, Senior Managing Director, and his team at Equity Partners HG will transition to an independent entity separate from Heritage Global at the end of this year. Equity Partners has completed nearly 600 distressed M&amp;A engagements over the firm&#8217;s 31-year history.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Arial;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8220;We look forward to continuing to serve our clients through the end of the year and beyond, and wish Ken and his team well as they transition to the next stages of their careers,&#8221; stated Ross Dove, Chief Executive Officer of Heritage Global Inc. &#8220;Heritage Global remains committed to helping lower and middle market companies looking to finance growth or seeking to maximize value via M&amp;A transactions. Looking ahead, our distressed M&amp;A efforts will incorporate origination and execution partnerships with Ken Mann&#8217;s group along with other third-party firms and the Company&#8217;s monetization capabilities across multiple sectors to provide differentiated solutions to clients and enhance Heritage Global&#8217;s profitable growth prospects over the coming years.&#8221;  </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Arial;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company expects the financial impact of the separation to be immaterial to Heritage Global&#8217;s consolidated results other than an anticipated non-cash goodwill impairment charge of approximately $600,000. </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;"><a name="_DV_M10"></a><a name="_DV_M11"></a><a name="_DV_M10"></a>About Heritage Global Inc. (<font style="text-decoration:underline;color:#0000FF;">www.heritageglobalinc.com</font><a name="_DV_M11"></a>)</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:9pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Heritage Global Inc. (OTCQB: HGBL, CSE: HGP) is a diversified financial services company providing asset-based acquisition, disposition, valuation, and lending services. Heritage Global focuses on identifying, valuing, acquiring and monetizing underlying tangible and intangible assets across twenty-eight global sectors. The company acts as an adviser, as well as a principal, acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, accounts receivable portfolios, intellectual property, and entire business enterprises.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:9pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Forward-Looking Statements</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:9pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_DV_M12"></a>This communication includes forward-looking statements based on our current expectations and projections about future events. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. While the Company believes the forward-looking statements contained in this communication are accurate, these forward-looking statements represent the Company&#8217;s beliefs only as of the date of this communication, and there are a number of factors that could cause actual events or results to differ materially from those indicated by such forward-looking statements, including variability in magnitude and timing of asset liquidation transactions, the impact of changes in the U.S. national and global economies, interest rate and foreign exchange rate sensitivity, and the financial effects of the Equity Partners transition, as well as other factors beyond the Company's control. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<hr style="page-break-after:always;width:100%;">
<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:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a><font style="font-weight:bold;font-size:11pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Contact: </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Scott West</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Chief Financial Officer</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Heritage Global Inc.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">858/847-0656</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Investor Relations</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">InvestorRelations@hginc.com</font> </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">858/242-4741</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></body>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
