HG Holdings Reports Director Changes and Officer Appointments

TL;DR

HG Holdings shakes up board and exec team, files financial updates.

AI Summary

HG Holdings, Inc. filed an 8-K on June 6, 2024, reporting events as of May 31, 2024. The filing primarily concerns the departure of directors, election of new directors, appointment of officers, and compensatory arrangements for certain officers. It also includes financial statements and exhibits.

Why It Matters

Changes in board composition and executive appointments can signal shifts in company strategy, governance, and future performance.

Risk Assessment

Risk Level: medium — Changes in directors and officers, especially if accompanied by new compensation structures, can indicate internal shifts that may impact future operations and financial performance.

Key Players & Entities

• HG Holdings, Inc. (company) — Registrant
• May 31, 2024 (date) — Date of earliest event reported
• June 6, 2024 (date) — Date of report
• Delaware (jurisdiction) — State of incorporation
• 2115 E. 7th Street, Suite 101 Charlotte (address) — Business and mailing address

FAQ

Key Financial Figures

• $300,000 — b will receive an annual base salary of $300,000, which may be reviewed annually by the
• $50,000 — will also receive a retention bonus of $50,000, half of which will be paid on Septembe
• $60,000 — ble to receive a target annual bonus of $60,000 for the timely and accurate completion
• $100,000 b — ble to receive an annual bonus of up to $100,000 based on certain budgetary metrics. Purs
• $12,000 — Company has agreed to pay Mr. Edenfield $12,000 per month. The Company has the right to

Filing Documents

• stly20240604_8k.htm (8-K) — 27KB
• ex_684280.htm (EX-10.1) — 83KB
• ex_684281.htm (EX-10.2) — 49KB
• 0001437749-24-019392.txt ( ) — 311KB
• stly-20240531.xsd (EX-101.SCH) — 3KB
• stly-20240531_def.xml (EX-101.DEF) — 10KB
• stly-20240531_lab.xml (EX-101.LAB) — 14KB
• stly-20240531_pre.xml (EX-101.PRE) — 10KB
• stly20240604_8k_htm.xml (XML) — 2KB

02

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On May 31, 2024, Justin H. Edenfield resigned as Principal Financial and Accounting Officer; Secretary of HG Holdings, Inc. (the "Company"). Mr. Edenfield will be focusing his efforts on a new role at HP Managing Agency, LLC. Mr. Edenfield's resignation was not due to any disagreement with the Company relating to the Company's operations, policies or practices. In connection with Mr. Edenfield's resignation, the board of directors of the Company (the "Board") has elected Anna Lieb to serve as Principal Financial and Accounting Officer; Secretary of the Company effective as of May 31, 2024. Mrs. Lieb, age 41, has served as Controller of HG Managing Agency, LLC ("HGMA"), an affiliated managing service company, since September 2023. She also has served as Treasurer and Chief Financial Officer of National Consumer Title Insurance Company ("NCTIC"), an affiliated insurance company, since May 2024. Mrs. Lieb has over 15 years of experience in finance and accounting, specializing in the insurance industry. Prior to joining the Company, Mrs. Lieb served as a Financial Controller and Vice President of SEC Reporting at SiriusPoint Ltd. from March 2019 to August 2023. From November 2013 until joining SiriusPoint Ltd., Mrs. Lieb served as an Accounting Advisory and Policy Manager at Marsh & McLennan Companies, Inc. Prior to that, Mrs. Lieb was an Audit Manager at KPMG LLP. There are no arrangements or understandings between Mrs. Lieb and any other person pursuant to which she was elected as an officer of the Company. Mrs. Lieb has no family relationships with any other executive officer or director of the Company and has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. In connection with Mrs. Lieb's service as Principal Financial and Acco

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Employment Agreement, dated May 31, 2024, by and between HG Managing Agency, LLC and Anna Lieb 10.2 Consulting Agreement, dated June 1, 2024, by and between HG Holdings, Inc. and Justin H. Edenfield 104 Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HG HOLDINGS, INC. Date: June 6, 2024 By: /s/ Anna Lieb Name: Anna Lieb Title: Principal Financial and Accounting Officer; Secretary

View Full Filing

View this 8-K filing on SEC EDGAR