Heritage Global Inc (NASDAQ:HGBL). has solidified the financial compensation structure for its Chief Financial Officer, Brian Cobb, for the upcoming years, as disclosed in a recent 8-K filing with the Securities and Exchange Commission.
The company's Compensation Committee established a compensation plan on December 31, 2024, outlining the terms of Cobb's salary and potential bonuses through 2028.
Under the new Compensation Plan, Cobb, who has been serving as the principal financial officer since March 18, 2021, will be receiving an annual base salary of $300,000 from 2025 to 2028. In addition to his base salary, the plan details several performance-based cash bonuses. The CFO is eligible for a 20% bonus of his annual base salary based on performance metrics set by the company's CEO, with a focus on risk management and leadership in mergers and acquisitions. Further bonuses of 10% of his base salary are contingent on the company's net operating income surpassing specific thresholds of $10 million and $12 million, respectively, with adjustments allowed for merger and acquisition activities.
Moreover, as part of the long-term incentive strategy, Cobb received a restricted stock award of 125,000 shares under the 2022 Heritage Global Inc. Equity Incentive Plan. These shares will vest incrementally on December 31 each year from 2025 through 2028, aligning Cobb's interests with those of the company and its shareholders.
Heritage Global, a company with a diverse service portfolio in business services, operates under the ticker NASDAQ:HGBL and is headquartered in San Diego, California. This compensation arrangement reflects the company's commitment to retaining key executives and incentivizing their contribution to the company's financial and operational goals.
The news above is based on an SEC filing.
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