INNOVATE Corp. — Director's Dealing 2020

Jul 20, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HC2 HOLDINGS, INC. (HCHC)
CIK: 0001006837
Period of Report: 2020-07-16

Reporting Person: Sena Michael J. (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-07-16	Common Stock	A	198398	—	Acquired	570311	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-07-16	Stock Opion (right to buy)	$2.62	A	71548	Acquired	2029-03-15	Common Stock (71548.0)	Direct

Footnotes

F1: The restricted stock unit ("RSU") award representing a contingent right to receive a share of common stock of HC2 Holdings Inc. ("HC2") was granted on March 15, 2019, subject to the Company's shareholders approving additional shares under the Second Amended and Restated 2014 Omnibus Equity Award Plan (the "Share Approval Condition"). On July 16, 2020, HC2 amended the RSU award to remove the Share Approval Condition. As a result, 194,656 RSUs vested on July 16, 2020 and 1,871 RSUs will vest on each of March 15, 2021 and March 15, 2022, provided reporting person continues as an officer of HC2 on each such vesting date.

F2: The option award was granted on March 15, 2019, subject to the Share Approval Condition, with an exercise price of $2.62 per share which was the fair market value of a share on the grant date.

F3: The option award was granted on March 15, 2019, subject to the Share Approval Condition. On July 16, 2020, HC2 amended the option award to remove the Share Approval Condition. As a result, 70,198 option shares vested on July 16, 2020 and 675 option shares will vest on each of March 15, 2021 and March 15, 2022, provided reporting person continues as an officer of HC2 on each such vesting date.