Nicholas Dove
About Nicholas Dove
Nicholas Dove, age 35, is President of Heritage Global’s Industrial Assets Division; he has held this role since September 2020 after serving as EVP of Sales (2017–2020) and Director of Sales (2012–2017) at Heritage Global Partners; he is a licensed auctioneer, serves on the Board of Directors of the Industrial Auctioneers Association, and graduated cum laude from the W.P. Carey School of Business at Arizona State University . Company-level performance context during his tenure shows Total Shareholder Return based on a fixed $100 investment of 125.67 (2022), 148.66 (2023), and 98.93 (2024), with net income of $15.493 million (2022), $12.475 million (2023), and $5.182 million (2024) . His annual incentive is formula-based at 10% of the Industrial Assets Division’s net operating income, producing a cash bonus of $698,017 for 2023 and $319,222 for 2024, directly linking his pay to division operating profitability .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Heritage Global Partners | Director of Sales | 2012–2017 | Sales leadership role at HGP |
| Heritage Global Partners | EVP of Sales | 2017–2020 | Executive sales leadership at HGP |
| Heritage Global Inc. | President, Industrial Assets Division | Sep 2020–Present | Leads Industrial Assets Division |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Industrial Auctioneers Association | Board of Directors | — | Serves on IAA Board |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 250,000 | 250,000 |
| All Other Compensation ($) | — (none disclosed for Nicholas) | — (none disclosed for Nicholas) |
Performance Compensation
| Incentive Type | Metric | Design / Target | 2023 Payout | 2024 Payout | Vesting/Settlement |
|---|---|---|---|---|---|
| Annual Cash Bonus | Industrial Assets Division Net Operating Income | 10% of division net operating income (per employment agreement effective Jan 1, 2023) | 698,017 | 319,222 | Cash, paid annually (per program description) |
| Stock Awards (RSUs/PSUs) | — | Not applicable; none disclosed for Nicholas in 2023–2024 | — | — | |
| Option Awards (new grants) | — | No option grants made to NEOs in 2023–2024 | — | — |
Multi-Year Compensation (Extract)
| Year | Salary ($) | Non-Equity Incentive (Cash Bonus) ($) | Stock Awards ($) | Option Awards ($) | Total ($) |
|---|---|---|---|---|---|
| 2023 | 250,000 | 698,017 | — | — | 948,017 |
| 2024 | 250,000 | 319,222 | — | — | 569,222 |
Equity Ownership & Alignment
| Ownership/Equity Item | As of 2023/2024 | As of 2025 | Notes |
|---|---|---|---|
| Beneficially Owned Common Shares | 200,000 (as of Apr 8, 2024) | 250,000 (as of Apr 7, 2025) | Each is less than 1% of shares outstanding (“*%”) per proxy tables |
| Shares Outstanding (reference point from proxy) | — | 35,452,279 common shares (for ownership table context) | Ownership % for Nicholas shown as “*%” in both years |
| Options Outstanding (12/31/2023) | 100,000 exercisable; 100,000 unexercisable @ $1.78; exp. Aug 23, 2031 | — | From 2024 proxy outstanding awards table (as of 12/31/2023) |
| Options Outstanding (12/31/2024) | 150,000 exercisable; 50,000 unexercisable @ $1.78; exp. Aug 23, 2031 | — | From 2025 proxy outstanding awards table (as of 12/31/2024) |
| Shares Pledged | — | Company states it is “not aware of any arrangements, including any pledge … the operation of which may at a subsequent date result in a change of control” | No pledging arrangements disclosed |
| Anti-Hedging Policy | — | Policy prohibits short-term trading, short sales, and buying/selling puts or calls; officer transactions must be pre-cleared | Alignment safeguard |
Employment Terms
| Term | Detail |
|---|---|
| Employment Agreement Effective Date | January 1, 2023 (Nicholas Dove) |
| Base Salary per Agreement | $250,000 in 2023 and 2024 |
| Annual Bonus Formula | 10% of Industrial Assets Division net operating income (subject to adjustments per agreement) |
| Severance (Termination Without Cause) | Payment of the greater of (i) one year of base salary or (ii) pro rata share of the bonus payable for the fiscal year of termination |
| Change-in-Control Benefits | Company disclosed “There were no pension or change in control benefits in either 2024 or 2023.” |
| Clawback (Recoupment) Policy | Adopted Nov 7, 2023; mandates recoupment of erroneously awarded incentive-based compensation after accounting restatements under Rule 10D-1/Nasdaq standards |
| Insider Trading/Anti-Hedging | Prohibits short-term trades, short sales, and options transactions; officer trades require clearance |
Related Parties and Governance Context
| Item | Disclosure |
|---|---|
| Family Relationships | Nicholas Dove is the son of Kirk Dove and nephew of Ross Dove |
| Related Party Transactions (Company) | Lease payments to David Ludwig (director/President, Financial Assets) of ~$114,250 (2024) and $113,000 (2023); family members employed at market-comp levels; Kirk Dove is a Senior Advisor |
| Say-on-Pay Support (most recent) | Approximately 14,556,634 shares voted in favor of NEO compensation at the 2024 Annual Meeting |
Outstanding Equity Awards Detail (Nicholas Dove)
| As-of Date | Exercisable Options | Unexercisable Options | Exercise Price | Expiration |
|---|---|---|---|---|
| Dec 31, 2023 | 100,000 | 100,000 | $1.78 | Aug 23, 2031 |
| Dec 31, 2024 | 150,000 | 50,000 | $1.78 | Aug 23, 2031 |
Investment Implications
- Pay-for-performance linkage is explicit: his annual incentive equals 10% of Industrial Assets Division net operating income, resulting in payout variability ($698,017 for 2023 vs. $319,222 for 2024), aligning incentives with segment profitability while exposing cash comp to cyclical division performance .
- Near-to-medium term selling pressure watch: 150,000 options are currently exercisable (plus 50,000 unexercisable) at a $1.78 strike expiring August 23, 2031; while no recent option grants occurred in 2023–2024, the sizeable exercisable tranche could become monetizable depending on stock price dynamics .
- Retention economics are moderate: base salary of $250,000 and severance equal to the greater of one year’s salary or pro rata current-year bonus provide some downside protection but are not outsized; no separate change-in-control benefits were disclosed for 2024–2023 .
- Governance mitigants and risks: a formal clawback policy (Nov 7, 2023) and anti-hedging policy are in place, and the company reports no known pledging arrangements that could affect control; however, family relationships and other related party dealings are present and warrant ongoing monitoring .
- Broader performance backdrop: company TSR declined in 2024 vs. 2023, with net income falling to $5.182 million in 2024 from $12.475 million in 2023, consistent with the reduction in his formula-driven bonus; say-on-pay support in 2024 was strong in absolute votes cast in favor (14,556,634) .