Avram A. Glazer - Jun 18, 2024 Form 4 Insider Report for INNOVATE Corp. (VATE)

Role
Director, 10%+ Owner
Signature
/s/ Avram A. Glazer
Stock symbol
VATE
Transactions as of
Jun 18, 2024
Transactions value $
$0
Form type
4
Date filed
6/20/2024, 04:14 PM
Previous filing
Apr 25, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction VATE Common Stock Award $0 +161K +74.82% $0.00 376K Jun 18, 2024 Direct F1
transaction VATE Common Stock Conversion of derivative security $31.3M +44.7M +230.57% $0.70 64.1M Jun 18, 2024 Lancer Capital F2, F3
holding VATE Common Stock 3.14M Jun 18, 2024 Avram Glazer Irrevocable Exempt Trust F4

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 Conversion of derivative security -$31.3M -31.3K -100% $1,000.00* 0 Jun 18, 2024 Common Stock 44.7M $0.70 By: Lancer Capital LLC F5, F6, F7
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The shares will vest and become non-forfeitable on the earlier of (i) the first anniversary of the grant date and (ii) the first regular annual meeting of the Company's stockholders that occurs following the date of grant (subject to continued service with the Company through such vesting date).
F2 The reported shares were issued upon stockholder approval of the conversion of the Company's Series C Non-Voting Participating Convertible Preferred Stock. See FN 5.
F3 The reported shares were purchased by Lancer Capital LLC ("Lancer"). The Avram Glazer Irrevocable Exempt Trust (the "Trust") is the sole owner of Lancer, and in such capacity may be deemed to beneficially own the shares held of record by Lancer. The Reporting Person is the Trustee of the Trust, and in such capacity may be deemed to beneficially own the shares held of record by Lancer Capital and the Trust.
F4 The reported shares were acquired by the Avram Glazer Irrevocable Exempt Trust (the "Trust"). Reporting person is the Trustee of the Trust, and in such capacity may be deemed to beneficially own the shares held of record by the Trust.
F5 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.
F6 The reported security does not have an expiration date.
F7 The reporting person is the sole member of Lancer Capital LLC.