INNOVATE Corp. — Director's Dealing 2024

Jun 20, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INNOVATE Corp. (VATE)
CIK: 0001006837
Period of Report: 2024-06-18

Reporting Person: GLAZER AVRAM A (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-06-18	Common Stock	A	161001	—	Acquired	376196	Direct
2024-06-18	Common Stock	C	44693895	$0.70	Acquired	64078091	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2024-06-18	Series C Non-Voting Participating Convertible Pref Stock	$0.70	C	31285.7265	Disposed		Common Stock (44693895)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3139405	Indirect

Footnotes

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.