Avram A. Glazer - 28 Mar 2024 Form 4 Insider Report for INNOVATE Corp. (VATE)

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	VATE	Series C Non-Voting Participating Convertible Pref Stock	Award	$25,000,000	+25,000		$1000.00^*	25,000	28 Mar 2024	Common Stock	35,714,285	$0.7000	By: Lancer Capital LLC	F1, F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Id	Content
F1	The Series C Non-Voting Participating Convertible Preferred Stock will convert automatically into common stock upon stockholder approval of the conversion and may be converted at the option of the reporting person prior to the consummation of any merger, sale of all or substantially all assets of the Issuer, or other change of control transaction with a third party unaffiliated with any holder of the Series C Preferred Stock pursuant to which the Issuer will be delisted from the New York Stock Exchange.
F2	The reported security does not have an expiration date.
F3	The reporting person is the trustee of the Avram Glazer Irrevocable Exempt Trust (the "Trust"), which is the sole member of Lancer Capital LLC ("Lancer Capital:), and in such capacity may be deemed to beneficially own the shares held of record by Lancer Capital and the Trust.