INNOVATE Corp. — Director's Dealing 2025

Aug 6, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INNOVATE Corp. (VATE)
CIK: 0001006837
Period of Report: 2025-08-04

Reporting Person: GLAZER AVRAM A (Director, 10% Owner)
Reporting Person: Avram Glazer Irrevocable Exempt Trust (10% Owner)
Reporting Person: Glazer Jill H. (10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-08-04	7.5% Convertible Senior Notes due 2026	$42.3143	S		Disposed	2026-08-01	Common Stock (47265)	Indirect
2025-08-04	9.5% Convertible Senior Notes due 2027	$42.3143	P		Acquired	2027-03-01	Common Stock (51873)	Indirect

Footnotes

F1: Convertible Notes are convertible at the option of Lancer Capital into shares of the Company's common stock at the conversion rate of $42.3143.

F2: On August 4, 2025, pursuant to that Exchange Agreement dated as of July 17, 2025 by and be-tween Lancer Capital LLC ("Lancer Capital") and the Company, Lancer Capital exchanged $2.0 million in principal amount of the Company's 7.5% Convertible Senior Notes due 2026 (the "Old Convertible Notes"), together with all interest accrued and unpaid thereon, for $2.195 million in principal amount of the Company's 9.5% Convertible Senior Notes due 2027 (the "New Convertible Notes"). The Old Convertible Notes were convertible at the option of Lancer Capital into shares of the Company's common stock at any time until their maturity date (August 1, 2026) at the conversion rate of $42.3143, subject to anti-dilution adjustment. The New Convertible Notes are convertible at the option of Lancer Capital into shares of the Company's common stock at any time until their maturity date (March 1, 2027) at the conversion rate of $42.3143, subject to ant-dilution adjustment.

F3: The reported shares are directly beneficially owned by Lancer Capital. The Avram Glazer Irrevocable Exempt Trust (the "Trust") is the sole member of Lancer Capital, and in such capacity may be deemed to beneficially own the shares beneficially owned by Lancer Capital. Mr. Avram A. Glazer is the trustee of the Trust, and in such capacity may be deemed to beneficially own the shares beneficially owned by the Trust.

F4: Mrs. Jill H. Glazer is the spouse of Mr. Glazer and in such capacity may be deemed to beneficially own the shares beneficially owned by him.