Heritage Global Inc. announced the appointment of William (“Bill”) Burnham to fill a vacancy, effective April 1, 2023, as a Class II director of the Company. Mr. Burnham was also appointed to the Audit Committee of the Board. As a Class II director, Mr. Burnham's term is scheduled to expire at the Company's 2023 annual meeting of shareholders, subject to the election and qualification of his successor or his earlier death, resignation, disqualification or removal.

Mr. Burnham has extensive investing and capital markets experience as an institutional investor, venture capitalist and public equity analyst. Mr. Burnham is currently the Managing Member of Inductive Capital LP, a technology focused investment fund which he founded in 2006. Prior to Inductive, Mr. Burnham was a venture capital investor at both SOFTBANK Capital Partners and Mobius Venture Capital and prior to that a senior equity research analyst at Credit Suisse First Boston, Deutsche Morgan Grenfell, and Piper Jaffray.

Over the course of his investment career Mr. Burnham has served on a numerous public and private company boards in both the United States and Canada. He currently serves as a Director of TrustCloud Inc. and is a Board Advisor to Abine Inc. Prior to his investing career, Mr. Burnham was a Senior Associate at the management consulting firm of Booz, Allen & Hamilton. He attended Washington University where he graduated Summa Cum Laude, Phi Beta Kappa.

Mr. Burnham will be entitled to receive a $25,000 annual retainer for service as a Board member as well as a $5,000 supplemental annual retainer as a member of the Audit Committee of the Board. In addition, in connection with his appointment to the Board, Mr. Burnham will receive a restricted stock award of 15,000 shares of the Company's common stock. The shares subject to such restricted stock award will vest on the first anniversary of the grant.

Mr. Burnham is not a party to any arrangement or understanding with any person pursuant to which he was elected a director of the Company. There are no family relationships between Mr. Burnham and any director, executive officer, or any person nominated or chosen by the Company to become a director or executive officer. Mr. Burnham is not a party to any transaction requiring disclosure pursuant to Item 404(a) of Regulation S-K.