Heritage Global Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-13.
0001193125-26-349109
Unregistered Sales of Equity Securities and Use of ProceedsDefaults Upon Senior SecuritiesMine Safety DisclosuresOther InformationCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001193125-26-449710
Unregistered Sales of Equity Securities and Use of ProceedsDefaults Upon Senior SecuritiesMine Safety DisclosuresOther InformationThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 11 previous paragraphs and 5 current paragraphs.
3 unchanged; 2 reworded; 0 added; 6 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Removed paragraphs (6)
Previous report
The following table presents the number and average price of shares purchased in each fiscal month during the three months ended June 30, 2026:
Previous report
On May 26, 2026, James Sklar, Executive Vice President, General Counsel and Secretary, adopted a written arrangement intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) (the "Trading Plan"). The Trading Plan provides for the sale of 22,500 shares of our common stock between September 1, 2026 and June 1, 2027.
Previous report
Amended and Restated Employment Agreement with David Ludwig
Previous report
On August 10, 2026, the Company entered into an Amended and Restated Employment Agreement (the “Employment Agreement”) with David Ludwig, effective as of August 1, 2026 (the “Effective Date”). The Employment Agreement amends and restates in full the Employment Agreement, dated June 1, 2023, between the Company and Mr. Ludwig (the “Prior Employment Agreement”). The Employment Agreement was approved by the Compensation Committee of the Company. Prior to August 1, 2026 and pursuant to the Prior Employment Agreement, Mr. Ludwig served as President of the Financial Assets Division of the Company.
Previous report
Pursuant to the terms of the Employment Agreement, effective August 1, 2026, Mr. Ludwig will transition to the role of senior advisor for the Financial Assets Division of the Company. The term of the Employment Agreement began on the Effective Date and ends on July 31, 2027 (the “Initial Employment Period” and, together with any Renewal Term (defined below), the “Employment Period”), after which the Employment Agreement will automatically renew for additional one-year terms (each, a “Renewal Term”) unless either the Company or Mr. Ludwig elects not to renew the Employment Agreement. Pursuant to the terms of the Employment Agreement, Mr. Ludwig will be entitled to an annual base salary of $400,000 during the Initial Employment Period and an annual base salary of $200,000 during any Renewal Term. During the Employment Period, Mr. Ludwig will be entitled to participate in all health and welfare benefit plans and practices maintained by Company for its executive employees.
Previous report
Furthermore, the Company may terminate Mr. Ludwig’s employment at any time during any Renewal Term with or without cause. In the event the Company terminates Mr. Ludwig’s employment without cause, the Company may, in its sole discretion and without obligation to do so, elect to pay Mr. Ludwig a severance amount equal to $200,000, payable in arrears in equal semi-monthly installments. The Employment Agreement also contains standard covenants prohibiting the solicitation of employees and customers or suppliers of the Company and competition against the Company during the twelve-month period following the termination of Mr. Ludwig’s employment.
Reworded paragraphs (2)
Previous wording
The Company repurchased 103,265 shares in the open market during the three months ended June 30, 2026 pursuant to the 2025 Repurchase Program. As discussed in the footnotes to the following table, the 2025 Repurchase Program ends on June 30, 2028.
Current wording
The Company did not repurchase any shares in the open market during the three months ended September 30, 2026 pursuant to the 2025 Repurchase Program. The 2025 Repurchase Program ends on June 30, 2028.
Previous wording
During the fiscal quarter ended June 30, 2026, none of our other directors or officers (as defined in Exchange Act Rule 16a-1(f))adopted orterminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (in each case, as defined in Item 408 of Regulation S-K).
Current wording
During the fiscal quarter ended September 30, 2026, none of our directors or officers (as defined in Exchange Act Rule 16a-1(f))adopted orterminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (in each case, as defined in Item 408 of Regulation S-K).