Heritage Global Inc. — Director's Dealing 2021

May 11, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Heritage Global Inc. (HGBL)
CIK: 0000849145
Period of Report: 2021-03-11

Reporting Person: SILBER ALLAN C (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-03-11	Common Stock	S	44874	$3.00	Disposed	329599	Direct
2021-03-12	Common Stock	S	17640	$3.00	Disposed	311959	Direct
2021-03-24	Common Stock	M	10000	$0.83	Acquired	321959	Direct
2021-03-24	Common Stock	M	10000	$0.53	Acquired	331959	Direct
2021-03-24	Common Stock	M	10000	$0.40	Acquired	341959	Direct
2021-03-24	Common Stock	M	10000	$0.48	Acquired	351959	Direct
2021-03-24	Common Stock	M	25000	$0.45	Acquired	376959	Direct
2021-03-24	Common Stock	M	10000	$0.24	Acquired	386959	Direct
2021-03-24	Common Stock	F	12262	$2.94	Disposed	374697	Direct
2021-03-17	Common Stock	S	50000	$2.94	Disposed	4051686	Indirect
2021-03-18	Common Stock	S	43172	$2.98	Disposed	4008514	Indirect
2021-03-19	Common Stock	S	35652	$2.96	Disposed	3972862	Indirect
2021-03-22	Common Stock	S	250000	$2.99	Disposed	3722862	Indirect
2021-03-23	Common Stock	S	13800	$2.99	Disposed	3709062	Indirect
2021-03-24	Common Stock	S	1200	$2.97	Disposed	3707862	Indirect
2021-03-25	Common Stock	S	50000	$2.92	Disposed	3657862	Indirect
2021-03-26	Common Stock	S	28679	$2.95	Disposed	3629183	Indirect
2021-03-29	Common Stock	S	1505	$2.95	Disposed	3627678	Indirect
2021-04-01	Common Stock	S	11020	$2.95	Disposed	3616658	Indirect
2021-04-05	Common Stock	S	9033	$3.00	Disposed	3607625	Indirect
2021-04-06	Common Stock	S	2928	$3.00	Disposed	3604697	Indirect
2021-04-07	Common Stock	S	17590	$3.00	Disposed	3587107	Indirect
2021-04-08	Common Stock	S	24400	$3.00	Disposed	3562707	Indirect
2021-04-09	Common Stock	S	100	$3.00	Disposed	3562607	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-03-24	Employee Stock Option (right to buy)	$0.83	M	10000	Disposed	2030-03-31	Common Stock (10000)	Direct
2021-03-24	Employee Stock Option (right to buy)	$0.53	M	10000	Disposed	2029-03-29	Common Stock (10000)	Direct
2021-03-24	Employee Stock Option (right to buy)	$0.40	M	10000	Disposed	2028-03-30	Common Stock (10000)	Direct
2021-03-24	Employee Stock Option (right to buy)	$0.48	M	10000	Disposed	2027-03-31	Common Stock (10000)	Direct
2021-03-24	Employee Stock Option (right to buy)	$0.45	M	25000	Disposed	2026-12-09	Common Stock (25000)	Direct
2021-03-24	Employee Stock Option (right to buy)	$0.24	M	10000	Disposed	2026-03-31	Common Stock (10000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	47968	Indirect

Footnotes

F1: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $3.00 to $3.03, inclusive. The reporting person undertakes to provide to Heritage Global Inc. (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (1), (3), (5), (6), (7), (8), (9), (10), (11), (12) and (13) to this Form 4.

F2: This amount reflects certain shares held by the reporting person directly that were not previously reported.

F3: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $2.93 to $2.95, inclusive.

F4: Anglian Holdings, LLC is a limited liability company solely owned by the reporting person.

F5: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $2.95 to $3.00, inclusive.

F6: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $2.95 to $2.99, inclusive.

F7: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $2.97 to $3.04, inclusive.

F8: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $2.95 to $3.01, inclusive.

F9: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $2.96 to $2.98, inclusive.

F10: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $2.90 to $2.99, inclusive.

F11: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $2.95 to $2.97, inclusive.

F12: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $2.95 to $2.96, inclusive.

F13: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $3.00 to $3.02, inclusive.

F14: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $3.00 to $3.01, inclusive.

F15: The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F16: Options originally vested 25% annually beginning on the first anniversary of the grant date. Unvested options accelerated on the reporting person's resignation as a director.