Heritage Global (HGBL) president exercises options, uses shares for taxes

Rhea-AI Filing Summary

Heritage Global Inc. president exercises options and covers taxes with shares. On May 14, 2026, Ludwig Thomas Van exercised options to acquire 31,875 shares of common stock at $0.70 per share and had 23,919 shares withheld to satisfy tax obligations, resulting in a net increase of 7,956 shares. Following these transactions, he directly holds 246,527 common shares and retains 85,000 options to purchase common stock at $0.70 per share, expiring on June 1, 2029. The footnote states these options were granted on June 1, 2019 and vested 25% annually beginning one year after the grant.

Insider Trade Summary

31,875 shares exercised/converted

Mixed 3 txns

Insider Ludwig Thomas Van

Role President, NLEX

Type	Security	Shares	Price	Value
Exercise	Options to purchase common stock	31,875	$0.00	--
Exercise	Common Stock	31,875	$0.70	$22K
Tax Withholding	Common Stock	23,919	$1.22	$29K

Holdings After Transaction: Options to purchase common stock — 85,000 shares (Direct, null); Common Stock — 246,527 shares (Direct, null)

Footnotes (1)

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Key Figures

Options exercised: 31,875 shares Exercise price: $0.70/share Tax withholding shares: 23,919 shares +5 more

8 metrics

Options exercised 31,875 shares Common stock options exercised on May 14, 2026 at $0.70

Exercise price $0.70/share Exercise or conversion price for options to purchase common stock

Tax withholding shares 23,919 shares Shares withheld to cover tax liability at $1.22 per share

Indicated tax price $1.22/share Price per share for tax-withholding disposition of common stock

Shares after transactions 246,527 shares Total common shares directly owned after May 14, 2026 transactions

Options remaining 85,000 options Options to purchase common stock remaining after exercise

Option expiration June 1, 2029 Expiration date of remaining options at $0.70 per share

Net shares added 7,956 shares Options exercised minus tax-withholding shares

Key Terms

tax-withholding disposition, derivative exercise/conversion, Options to purchase common stock, vested 25% annually, +1 more

5 terms

tax-withholding disposition financial

"transaction_action: "tax-withholding disposition" for 23,919 common shares"

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

derivative exercise/conversion financial

"transaction_action: "derivative exercise/conversion" for 31,875-share option exercise"

Options to purchase common stock financial

"security_title: "Options to purchase common stock" with 31,875 underlying shares"

vested 25% annually financial

"footnote: "vested 25% annually beginning on the first anniversary""

non-derivative financial

"transaction_type marked as "non-derivative" for common stock entries"

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ludwig Thomas Van

(Last) (First) (Middle)

6130 NANCY RIDGE DRIVE

(Street)

SAN DIEGO CALIFORNIA 92121

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Heritage Global Inc. [ HGBL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President, NLEX

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/14/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/14/2026	05/14/2026	M		31,875	A	$0.7	246,527	D
Common Stock	05/14/2026	05/14/2026	F		23,919	A	$1.22	222,608	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Options to purchase common stock	$0.7	05/14/2026	05/14/2026	M			31,875	(1)	06/01/2029	Common Stock	31,875	$0	85,000	D

Explanation of Responses:

1. Options were granted 6/1/2019 and vested 25% annually beginning on the first anniversary of the grant date.

	/s/ Thomas Van Ludwig by James Sklar POA	05/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did HGBL executive Ludwig Thomas Van report?

He exercised options to acquire 31,875 Heritage Global (HGBL) shares at $0.70 and had 23,919 shares withheld for taxes. These compensation-related moves increased his direct stock holdings without any open-market purchases or sales.

How many Heritage Global (HGBL) shares does Ludwig Thomas Van now hold?

After the reported transactions, Ludwig Thomas Van directly holds 246,527 shares of Heritage Global common stock. This reflects the option exercise and tax withholding, and shows his continuing equity exposure as an executive of the company.

How many options does the HGBL executive still have after this Form 4?

He retains 85,000 options to purchase Heritage Global common stock at an exercise price of $0.70 per share. These options remain outstanding following the May 14, 2026 exercise transaction reported in the Form 4 filing.

What was the tax-withholding component in the HGBL Form 4 filing?

The company withheld 23,919 shares of Heritage Global common stock at an indicated price of $1.22 per share. This tax-withholding disposition covered exercise-related obligations and is not an open-market sale by the executive.

At what price were Ludwig Thomas Van’s HGBL options exercised?

The options were exercised at an exercise price of $0.70 per share for 31,875 shares of Heritage Global common stock. This transaction converted derivative options into actual shares as part of his compensation package.

When do Ludwig Thomas Van’s remaining HGBL options expire?

His remaining 85,000 options to purchase Heritage Global common stock carry an expiration date of June 1, 2029. They were originally granted on June 1, 2019 and vested 25% annually starting one year after grant.