SEC Form 4 · accession 0001140361-15-045835
INNOVATE Corp. · VATE
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Philip Falcone
Officer — CEO, Chairman & President · Director
Period of report
Dec 24, 2015
Accepted (ET)
Dec 29, 2015 · 5:08 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001006837
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock Option (right to buy)F1 | $5.90 | Dec 24, 2015 | A | 100,742 | A | — | May 21, 2024 | Common Stock | 100,742 | 100,742 | D |
| Stock Option (right to buy)F2 | $7.08 | Dec 24, 2015 | A | 200,000 | A | — | May 21, 2024 | Common Stock | 200,000 | 200,000 | D |
Explanation of responses
- F1Reflects shares underlying an additional option (the "Option") to purchase shares of the common stock of HC2 Holdings, Inc. (the "Company") issued pursuant to an option agreement, originally dated as of May 21, 2014 and as reformed and clarified on October 26, 2014, between the Company and Philip Falcone (the "Option Agreement"). The Option vests in three equal annual installments beginning on the date of issuance, subject to Mr. Falcone's continued employment with the Company on each vesting date, and will become immediately exercisable in the event of a Fundamental Change Transaction (as defined in the Option Agreement).
- F2Reflects shares underlying an additional option (the "Contingent Option") to purchase shares of the common stock of the Company issued pursuant to the Option Agreement. The Contingent Option vests in three equal annual installments beginning on the date of issuance, subject to Mr. Falcone's continued employment with the Company on each vesting date, and will become immediately exercisable in the event of a Fundamental Change Transaction (as defined in the Option Agreement). The Contingent Option is exercisable as and to the extent that the related warrants are converted into common stock.