Renewed Promissory Note between Heritage Global Inc. and Harvey Frisch dated December 31, 2014

Summary

Heritage Global Inc. has issued this renewed promissory note to Harvey Frisch, continuing its obligation to repay a $2,500,000 loan originally dated June 19, 2014. The company agrees to pay interest semi-annually starting July 15, 2015, and to repay the full outstanding balance by January 15, 2016. All other terms from the original note remain unchanged.

EX-10.16 7 hgbl-ex1016_649.htm EX-10.16 hgbl-ex1016_649.htm

Exhibit 10.16

RENEWED NOTE

This Renewed Note (the “Note”) is made and effective the 31^ST day of December, 2014,

BETWEEN:

HERITAGE GLOBAL INC. (the “Promisor”), a corporation organized and existing under the laws of the State of Florida,

AND:

HARVEY FRISCH (the “Holder),

RECITALS

This Note is given as a renewal of a note for US$2,500,000.00 made by Promisor to Holder and dated the 19th day of June, 2014, upon which US$2,500,000.00 remains due and outstanding. A copy of the original note is attached hereto.

Except for the repayment obligations described below, all of the terms of the original note shall remain the same.

In further consideration of the Holder's renewal of the original note, the Promisor agrees to pay interest semi-annually commencing on July 15, 2015 and to pay the balance due on the Note on January 15, 2016.

IN WITNESS WHEREOF, the undersigned has caused this Note to be duly executed as of the date first written above.


HERITAGE GLOBAL INC.

Per:	/s/ Stephen Weintraub
	Authorized Signature