Michael Gorzynski - Jul 1, 2021 Form 4 Insider Report for HC2 HOLDINGS, INC. (VATE)

Role
Director, 10%+ Owner
Signature
By: /s/ Michael Gorzynski
Stock symbol
VATE
Transactions as of
Jul 1, 2021
Transactions value $
$0
Form type
4
Date filed
7/6/2021, 09:21 PM
Previous filing
Jun 28, 2021
Next filing
Jan 11, 2023

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction VATE Series A-3 Convertible Preferred Stock Other +6.13K 6.13K Jul 1, 2021 Common Stock, par value $0.001 per share 1.76M $3.52 By: Continental General Insurance Co F1, F2, F3, F4
transaction VATE Series A-4 Convertible Preferred Stock Other +10K 10K Jul 1, 2021 Common Stock, par value $0.001 per share 1.88M $5.33 By: Continental General Insurance Co F1, F2, F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The securities reported herein were indirectly acquired upon the closing of the purchase of Continental Insurance Group Ltd. ("CIG") by Continental General Holdings LLC ("CGH") pursuant to that certain Stock Purchase Agreement, dated as of March 26, 2021, by and among HC2 Holdings 2, Inc., CGH and CIG, as further described in the reporting person's Amendment No. 8 to Schedule 13D filed with the Securities Exchange Commission on July 2, 2021.
F2 The reporting person, CIG, CGH, Continental General Insurance Company ("CGIC"), Continental LTC, Inc. ("CLTC") and certain other persons may be deemed to be members of a Section 13(d) group that beneficially owns more than 10% of the Issuer's outstanding Common Stock. The securities reported herein are directly held by CGIC. CLTC serves as the sole owner of CGIC. CIG serves as the sole owner of CLTC and the indirect parent operating company of CGIC. CGH serves as an investment holding company and the sole owner of CIG. Mr. Gorzynski is a manager and Executive Chairman, and sole owner, of CGH. By virtue of the foregoing relationships, Mr. Gorzynski may be deemed to beneficially own the shares beneficially owned directly by CGIC.
F3 Continued from footnote 1: The reporting person disclaims beneficial ownership of the shares of Common Stock of the Issuer beneficially owned directly by the other members of the Section 13(d) group except to the extent of his pecuniary interest therein.
F4 The Series A-3 Convertible Preferred Stock and the Series A-4 Convertible Preferred Stock are exercisable at any time at the option of the holder.