Form 4: Avram Glazer Gifts Innovate Corp. Shares to Irrevocable Exempt Trusts

Avram Glazer, a director and 10% owner of Innovate Corp., gifted a total of 4,195,804 shares of common stock to two irrevocable exempt trusts for the benefit of his children.

Summary

• Avram A. Glazer, a director and 10% owner of Innovate Corp., filed a Form 4 disclosing changes in beneficial ownership.
• On December 16, 2024, Mr. Glazer gifted 2,097,902 shares of common stock to the LHG Irrevocable Exempt Trust and 2,097,902 shares to the KAG Irrevocable Exempt Trust.
• These trusts are for the benefit of his children, with his wife serving as trustee.
• Following these transactions, Mr. Glazer directly owns 37,621 shares and indirectly owns 2,097,902 shares through each of the LHG and KAG Irrevocable Exempt Trusts.
• He also indirectly owns 317,244 shares through the Avram Glazer Irrevocable Exempt Trust and 2,211,805 shares through Lancer Capital LLC, of which the Avram Glazer Irrevocable Exempt Trust is the sole owner.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing detailing a transfer of shares. It doesn't inherently convey positive or negative sentiment, but rather provides factual information about insider transactions.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.

Stakeholder Impact

• The gifting of shares to trusts may have implications for the long-term ownership structure of Innovate Corp.
• The transactions are disclosed to ensure transparency for shareholders regarding insider activity.

Key Dates