{"url_path":"/sec/vate/10-k/2026/item-15","section_key":"item-15","section_title":"Item 15 EXHIBITS AND FINANCIAL STATEMENT SCHEDULES","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-03-26","source_url":"https://www.sec.gov/Archives/edgar/data/1006837/0001006837-26-000014-index.html","accession_number":"0001006837-26-000014","cik":"0001006837","ticker":"VATE","issuer_name":"INNOVATE Corp.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1006837/0001006837-26-000014-index.html","primary_entity_key":"0001006837","primary_entity_name":"INNOVATE Corp."},"word_count":3324,"has_tables":true,"body_markdown":"ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES\n\n(a) List of Documents Filed as Part of This Report:\n\n1) Index to Consolidated Financial Statements\n\n[Report of Independent Registered Public Accounting Firm](#i488cc3e0777049f294ae22bd4e606895_1934)\n\n[Consolidated Statements of Operations](#i488cc3e0777049f294ae22bd4e606895_19)\n\n[Consolidated Statements of Comprehensive](#i488cc3e0777049f294ae22bd4e606895_25)[Loss](#i488cc3e0777049f294ae22bd4e606895_25)\n\n[Consolidated Balance Sheets](#i488cc3e0777049f294ae22bd4e606895_28)\n\n[Consolidated Statements of Stockholders’ Deficit](#i488cc3e0777049f294ae22bd4e606895_34)\n\n[Consolidated Statements of Cash Flows](#i488cc3e0777049f294ae22bd4e606895_40)\n\n[Notes to Consolidated Financial Statements](#i488cc3e0777049f294ae22bd4e606895_43)\n\n2) Financial Statement Schedules\n\nFinancial statement schedules have been omitted since they either are not required, not applicable, or the information is otherwise included.\n\n74\n\n3) Exhibit Index\n\nThe following is a list of exhibits filed (including those incorporated by reference) or furnished as part of this Annual Report on Form 10-K.\n\nExhibit\nNumberDescription\n\n2.1\n[Stock Purchase Agreement, dated March 26, 2021, by and among INNOVATE](https://www.sec.gov/Archives/edgar/data/1006837/000114036121010383/brhc10022401_ex2-1.htm)[2](https://www.sec.gov/Archives/edgar/data/1006837/000114036121010383/brhc10022401_ex2-1.htm)[Corp](https://www.sec.gov/Archives/edgar/data/1006837/000114036121010383/brhc10022401_ex2-1.htm)[(f/k/a HC2 Holdings 2, Inc.), Continental Insurance Group, Ltd. and Continental General Holdings LLC (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by INNOVATE on March 29, 2021) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000114036121010383/brhc10022401_ex2-1.htm)\n\n3.1\n[Fourth Amended and Restated By-Laws of INNOVATE Corp (f/k/a HC2 Holdings, Inc.) dated February 21, 2019 (incorporated by reference to Exhibit 3.1 to INNOVATE's Current Report on Form 8-K, filed on February 25, 2019) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683719000010/bylaws-4thamdandrestatedef.htm)\n\n3.2\n[Amendment #1 to Fourth Amended and Restated By-Laws of INNOVATE Corp., (f/k/a HC2 Holdings Inc.) effective September 20, 2021 (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K filed on August 19, 2021) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683721000123/a202108198-kxexh32.htm)\n\n3.3\n[Third Amended and Restated Certificate of Incorporation of INNOVATE Corp., dated September 30, 2024 (incorporated by reference to Exhibit 4.1 to INNOVATE's Form S-8 Registration Statement, filed with the SEC on October 30, 2024 (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683724000143/exhibit41-formsx8.htm)\n\n4.1\n[Amended and Restated Certificate of Designation of Series A Fixed-to-Floating Rate Perpetual Preferred Stock of DBM Global Intermediate Holdco Inc. dated July 1, 2021 (incorporated by reference to Exhibit 4.3 to the Current Report on Form 8-K filed by INNOVATE on July 7, 2021) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000114036121023606/brhc10026647_ex4-3.htm)\n\n4.2\n[Secured Note dated October 24, 2019, by and among HC2 Station, HC2 LPTV, HC2 Broadcasting Inc. (\"HC2 Broadcasting\"), HC2 Network Inc. (\"HC2 Network\") (collectively the \"Subsidiary Borrowers\"), HC2 Broadcasting Intermediate Holdings Inc. (\"HC2 Intermediate\") (the \"Intermediate Parent\"), HC2 Broadcasting Holdings (the \"Parent Borrower\" and, together with the Intermediate Parent and the Subsidiary Borrowers, the \"Borrowers\"), and MSD PCOF Partners XVIII, LLC (\"MSD\") (incorporated by reference to Exhibit 4.12 to INNOVATE's Annual Report on Form 10-K, filed on March 16, 2020) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683720000044/a10k19ex412.htm)\n\n4.3\n[Amended and Restated Secured Note dated October 24, 2019, by and among HC2 Station, HC2 LPTV, HC2 Broadcasting, HC2 Network (collectively, the \"Subsidiary Borrowers\"), HC2 Intermediate (the \"Intermediate Parent), HC2 Broadcasting Holdings (the \"Parent Borrower\" and, together with the Intermediate Parent and the Subsidiary Borrowers, the \"Borrowers\"](https://www.sec.gov/Archives/edgar/data/1006837/000100683720000044/a10k19ex413.htm)[,](https://www.sec.gov/Archives/edgar/data/1006837/000100683720000044/a10k19ex413.htm)[and](https://www.sec.gov/Archives/edgar/data/1006837/000100683720000044/a10k19ex413.htm)[Great American Life Insurance Company (\"GALIC\")](https://www.sec.gov/Archives/edgar/data/1006837/000100683720000044/a10k19ex413.htm)[a](https://www.sec.gov/Archives/edgar/data/1006837/000100683720000044/a10k19ex413.htm)[n](https://www.sec.gov/Archives/edgar/data/1006837/000100683720000044/a10k19ex413.htm)[d](https://www.sec.gov/Archives/edgar/data/1006837/000100683720000044/a10k19ex413.htm)[Great American Insurance Company (\"GAIC\")](https://www.sec.gov/Archives/edgar/data/1006837/000100683720000044/a10k19ex413.htm)[(incorporated by reference to Exhibit 4.13 to INNOVATE's Annual Report on Form 10-K, filed on March 16, 2020) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683720000044/a10k19ex413.htm)\n\n4.4\n[First Omnibus Amendment to Secured Notes and Intercreditor Agreement dated as of February 21, 2020, by and among Station Group, LPTV, Broadcasting, Network, and HC2 Broadcasting Inc., Intermediate Parent, Parent Borrower, and MSD PCOF Partners, XVIII, LLC (\"MSD\"), GALIC and GAIC (incorporated by reference to Exhibit 4.1 to INNOVATE’s Quarterly Report on Form 10-Q, filed on May 11, 2020) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683720000074/a2020-q1form1qxexh41.htm)\n\n4.5\n[Second Omnibus Amendment to Secured Notes dated as of August 31, 2020, by and among Station Group, LPTV, Broadcasting, Network, and HC2 Broadcasting Inc., Intermediate Parent, Parent Borrower, and MSD PCOF Partners, XVIII, LLC (\"MSD\"), GALIC and GAIC (incorporated by reference to Exhibit 10.33 to the Annual Report on Form 10-K filed on March 9, 2022) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683722000015/exhibit1033-q410xk2021.htm)\n\n4.6\n[Third Omnibus Amendment to Secured Notes and Second Amendment to Intercreditor Agreement dated as of September 25, 2020, by and among Station Group, LPTV, Broadcasting, Network, and HC2 Broadcasting Inc., Intermediate Parent, Parent Borrower, and MSD PCOF Partners, XVIII, LLC (\"MSD\"), GALIC and GAIC (incorporated by reference to Exhibit 10.3](https://www.sec.gov/Archives/edgar/data/1006837/000100683720000197/a3q20ex103.htm)[to the](https://www.sec.gov/Archives/edgar/data/1006837/000100683720000197/a3q20ex103.htm)[Quarterly Report on Form 10-Q filed on November 9, 2020) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683720000197/a3q20ex103.htm)\n\n4.7\n[Fourth Omnibus Amendment to Secured Notes and Third Amendment to Intercreditor Agreement, dated as of November 25, 2020, by and among Station Group, LPTV, Broadcasting, Network, and HC2 Broadcasting Inc., Intermediate Parent, Parent Borrower, and MSD PCOF Partners, XVIII, LLC (\"MSD\"), GALIC and GAIC (incorporated by reference to Exhibit 10.34 to the Annual Report on Form 10-K filed on March 9, 2022) (File No. 001-35210),](https://www.sec.gov/Archives/edgar/data/1006837/000100683722000015/exhibit1034-q410xk2021.htm)\n\n4.8\n[Fifth Omnibus Amendment to Secured Notes, Consent and Second Amendment to Asset Sale Under Secured Notes and Intercreditor Agreement, dated as of October 21, 2021 by and among HC2 Station Group, Inc., HC2 LPTV Holdings, Inc., HC2 Broadcasting Inc., HC2 Network Inc., HC2 Broadcasting License Inc., HC2 Broadcasting Intermediate Holdings Inc., HC2 Broadcasting Holdings Inc., MSD PCOF Partners XVIII, LLC, Great American Life Insurance Company and Great American Insurance Company (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by INNOVATE on October 27, 2021) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683721000138/a202110278-kexh101.htm)\n\n4.9\n[Sixth Omnibus Amendment to Secured Notes, dated as of November 28, 2022, by and among HC2 Station Group, Inc., HC2 LPTV Holdings, Inc., HC2 Broadcasting Inc., HC2 Network Inc., HC2 Broadcasting License Inc., DTV America Corporation, HC2 Broadcasting Intermediate Holdings Inc., HC2 Broadcasting Holdings Inc., MSD PCOF Partners, XVIII, LLC, MassMutual Ascent Life Insurance Company and Great American Insurance Company (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by INNOVATE on November 29, 2022) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683722000137/a202211298-kxexh101.htm)\n\n75\n\n4.10\n[Seventh Omnibus Amendment to Secured Notes, dated as of December 30, 2022, by and among HC2 Station Group, Inc., HC2 Broadcasting Inc., HC2 Network Inc., HC2 Broadcasting License Inc., DTV America Corporation, HC2 Broadcasting Intermediate Holdings Inc., HC2 Broadcasting Holdings Inc., MSD PCOF Partners, XVIII, LLC, MassMutual Ascent Life Insurance Company and Great American Insurance Company (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed by INNOVATE on January 5, 2023) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683723000003/a202212308-kxexh102.htm)\n\n4.11\n[Eighth Omnibus Amendment to Secured Notes, dated as of August 8, 2023, by and among, HC2 Station Group, Inc., HC2 Broadcasting Inc., HC2 Network Inc., DTV America Corporation, HC2 Broadcasting Intermediate Holdings Inc., HC2 Broadcasting Holdings Inc., MSD PCOF Partners XVIII, LLC, MassMutual Ascend Life Insurance Company and Great American Insurance Company (incorporated by reference to Exhibit 10.11 to the Quarterly Report on Form 10-Q filed by INNOVATE on August 9, 2023) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683723000098/exhibit1011-q210q2023.htm)\n\n4.12\n[Ninth Omnibus Amendment to Secured Notes, dated as of November 9, 2023, by and among, HC2 Station Group, Inc., HC2 Broadcasting Inc., HC2 Network Inc., DTV America Corporation, HC2 Broadcasting Intermediate Holdings Inc., HC2 Broadcasting Holdings Inc., MSD PCOF Partners XVIII, LLC, MassMutual Ascend Life Insurance Company and Great American Insurance Company (incorporated by reference to Exhibit 10.11 to the Quarterly Report on Form 10-Q filed by INNOVATE on November 9, 2023) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683723000128/exhibit10113q10q2023.htm)\n\n4.13\n[Ninth Amended and Restated Agreement Re: Secured Notes dated October 24, 2019, among HC2 Station, HC2 LPTV, HC2 Network, HC2 Broadcasting, GALIC, GAIC and MSD (incorporated by reference to Exhibit 10.38 to INNOVATE's Annual Report on Form 10-K, filed on March 16, 2020) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683720000044/a10k19ex1038.htm)\n\n4.14\n[Indenture governing the 8.500% senior secured notes due 2026, dated as of February 1, 2021, by and among INNOVATE Corp. (f/k/a HC2 Holdings, Inc.), the guarantors party thereto and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed by INNOVATE on February 1, 2021) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000114036121002948/nt10018480x5_ex4-1.htm)\n\n4.15\n[Form of 8.500% senior secured notes due 2026 (incorporated by reference to Exhibit 4.2 (included in Exhibit 4.1) to the Current Report on Form 8-K filed by INNOVATE on February 1, 2021)](https://www.sec.gov/Archives/edgar/data/1006837/000114036121002948/nt10018480x5_ex4-1.htm)[(File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000114036121002948/nt10018480x5_ex4-1.htm)\n\n4.16\n[Indenture governing the 7.5% convertible senior notes due 2026, dated as of February 1, 2021, by and between INNOVATE Corp. (f/k/a HC2 Holdings, Inc.) and U.S. Bank National Association (incorporated by reference to Exhibit 4.3 to the Current Report on Form 8-K filed by INNOVATE on February 1, 2021) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000114036121002948/nt10018480x5_ex4-3.htm)\n\n4.17\n[Form of 7.5% convertible senior notes due 2026 (incorporated by reference to Exhibit 4.4 (included](https://www.sec.gov/Archives/edgar/data/1006837/000114036121002948/nt10018480x5_ex4-3.htm)[at p.15 of](https://www.sec.gov/Archives/edgar/data/1006837/000114036121002948/nt10018480x5_ex4-3.htm)[Exhibit 4.3) to the Current Report on Form 8-K filed by INNOVATE on February 1, 2021) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000114036121002948/nt10018480x5_ex4-3.htm)\n\n4.18\n[Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934](exhibit418-q410xk2025.htm)[(fi](exhibit418-q410xk2025.htm)[led herewith)](exhibit418-q410xk2025.htm)\n\n4.19\n[Agreement Re: Secured Notes, dated January 22, 2019, by and among HC2 Station, HC2 LPTV, GALIC and GAIC (incorporated by reference to Exhibit 10.1 to INNOVATE's Current Report on Form 8-K, filed on January 23, 2019) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683719000005/exh101-securednotesagt.htm)\n\n4.20\n[Registration Rights Agreement dated as of September 9, 2020, by and between INNOVATE Corp and Lancer Capital LLC (incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000021/exhibit421q410k2024.htm)[4](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000021/exhibit421q410k2024.htm)[.21 to INNOVATE's Annual Report on Form 10-K, filed on March 31, 2025) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000021/exhibit421q410k2024.htm)\n\n4.21\n[Second Amended and Restated Registration Rights Agreement, dated as of January 5, 2015, by and among INNOVATE Corp (f/k/a HC2 Holdings, Inc.), the initial purchasers of the Series A Preferred Stock,](https://www.sec.gov/Archives/edgar/data/1006837/000119312515006633/d848690dex102.htm)[the initial purchasers of the Series A](https://www.sec.gov/Archives/edgar/data/1006837/000119312515006633/d848690dex102.htm)[-1](https://www.sec.gov/Archives/edgar/data/1006837/000119312515006633/d848690dex102.htm)[Preferred Stock](https://www.sec.gov/Archives/edgar/data/1006837/000119312515006633/d848690dex102.htm)[and the purchasers of the Series A-2 Preferred Stock (incorporated by reference to Exhibit 10.2 on INNOVATE's Current Report on Form 8-K, filed on January 9, 2015) (File No. 001-35210).](https://www.sec.gov/Archives/edgar/data/1006837/000119312515006633/d848690dex102.htm)\n\n4.22\n[Registration Rights Agreement dated as of March 5, 2024 by and between INNOVATE Corp. and Lancer Capital LLC (incorporated by reference to Exhibit 10.71 to the Annual Report on Form 10-K filed on March 6, 2024 (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683724000023/exhibit1071-q410k2023.htm)\n\n4.23\n[Indenture governing the 10.500% senior secured notes due 2027, dated as of August 4, 2025, by and among INNOVATE Corp., the guarantors party thereto and U.S. Bank Trust Company, National Association (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed on August 5, 2025) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048k-exhibit41.htm)\n\n4.24\n[Form of 10.500% senior secured notes due 2027 (incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048k-exhibit41.htm)[A](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048k-exhibit41.htm)[of](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048k-exhibit41.htm)[Exhibit 4.1](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048k-exhibit41.htm)[to the Current Report on Form 8-K filed on August 5, 2025) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048k-exhibit41.htm)\n\n4.25\n[First supplemental indenture](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit43.htm)[dated as of August](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit43.htm)[4](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit43.htm)[, 2025,](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit43.htm)[to the indenture governing the 8.500% senior secured notes due 2026, dated as of](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit43.htm)[Februar](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit43.htm)[y 1, 2021](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit43.htm)[, by and among HC2 Holdings, Inc., the guarantors party thereto and U.S. Bank National Association (incorporated by reference to Exhibit 4.3 to the Current Report on Form 8-K filed on August 5, 2025) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit43.htm)\n\n4.26\n[Indenture governing the 9.500% convertible senior secured notes due 2027, dated as of August 4, 2025, by and among INNOVATE Corp., the guarantors party thereto and U.S. Bank Trust Company, National Association (incorporated by reference to Exhibit 4.4 to the Current Report on Form 8-K filed on August 5, 2025) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048k-exhibit44.htm)\n\n4.27\n[Form of 9.500% convertible senior secured notes due 2027 (incorporated by reference](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048k-exhibit44.htm)[at page](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048k-exhibit44.htm)[35](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048k-exhibit44.htm)[to Exhibit 4.4](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048k-exhibit44.htm)[to the Current Report on Form 8-K filed on August 5, 2025) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048k-exhibit44.htm)\n\n76\n\n4.28\n[First supplemental indenture](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit46.htm)[dated](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit46.htm)[as of](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit46.htm)[August](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit46.htm)[4](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit46.htm)[, 2](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit46.htm)[025,](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit46.htm)[to the indenture governing the 7.5% convertible senior notes due 2026, dated as of February 1, 2021, by and between HC2 Holdings, Inc. and U.S. Bank National Association (incorporated by reference to Exhibit 4.6 to the Current Report on Form 8-K filed on August 5, 2025) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit46.htm)\n\n4.29\n[Seventh Amendment to Credit Agreement, dated as of July 31, 2025, among INNOVATE Corp., the guarantors party thereto and MSD PCOF Partners IX, LLC (incorporated by reference to Exhibit 4.7 to the Current Report on Form 8-K filed on August 5, 2025) (File No. 001-3520)](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit47.htm)\n\n4.30\n[Eighth Amendment to Credit Agreement, dated as of August 4, 2025, among](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048k-exhibit48.htm)[INNOVATE Corp.](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048k-exhibit48.htm)[, the guarantors party thereto and MSD PCOF Partners IX, LLC](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048k-exhibit48.htm)[(incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048k-exhibit48.htm)[4.8](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048k-exhibit48.htm)[to](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048k-exhibit48.htm)[the Current Report on Form 8-K](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048k-exhibit48.htm)[filed on](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048k-exhibit48.htm)[August 5](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048k-exhibit48.htm)[,](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048k-exhibit48.htm)[2025)](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048k-exhibit48.htm)[(File No.](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048k-exhibit48.htm)[001-3520)](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048k-exhibit48.htm)\n\n4.31\n[Tenth Omnibus Amendment to Secured Notes, dated as of August 4, 2025, by and among HC2 Station Group, Inc., HC2 Broadcasting Inc., HC2 Network Inc., DTV America Corporation, HC2 Broadcasting Intermediate Holdings Inc., HC2 Broadcasting](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit49.htm)[ ](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit49.htm)[Holdings Inc., MSD PCOF Partners XVIII, LLC, Mass Mutual Ascend Life Insurance Company and Great](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit49.htm)[American Insurance Company (incorporated by reference to Exhibit 4.9 to the Current Report on Form 8-K filed on August](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit49.htm)[ ](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit49.htm)[5, 2025) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit49.htm)\n\n4.32\n[Side Letter to Tenth Omnibus Amendment to Secured Notes, dated as of August 4, 2025, by and among Innovate Corp., MassMutual Ascend Life Insurance Company, Great American Insurance Company and MSD PCOF Partners XVIII, LLC (incorporated by reference to Exhibit 4.10 to the Current Report on Form 8-K filed on August 5, 2025) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit410.htm)\n\n10.1^\n[INNOVATE Corp. (f/k/a HC2 Holdings Inc.) 2014 Omnibus Equity Award Plan (incorporated by reference to Exhibit A to INNOVATE’s Definitive Proxy Statement, filed on April](https://www.sec.gov/Archives/edgar/data/1006837/000119312514172988/d712695ddef14a.htm)30[, 2014) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000119312514172988/d712695ddef14a.htm)\n\n10.2^\n[Employment Agreement, dated May 20, 2015, by and between INNOVATE Corp. (f/k/a HC2 Holdings, Inc.) and Michael Sena (incorporated by reference to Exhibit 10.2 on INNOVATE’s Quarterly Report on Form 10-Q, filed on August 10, 2015) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000114036115030788/ex10_2.htm)\n\n10.3^\n[Revised Form of Indemnification Agreement of INNOVATE Corp. (f/k/a HC2 Holdings, Inc.) (incorporated by reference to Exhibit 10.1 on INNOVATE’s Quarterly Report on Form 10-Q, filed on November 9, 2016) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683716000107/a10_1indemnificationagreem.htm)\n\n10.4^\n[INNOVATE Corp. (f/k/a HC2 Holdings, Inc.) Amended and Restated 2014 Omnibus Equity Award Plan (incorporated by reference to Exhibit B to the INNOVATE Definitive Proxy Statement filed on April 26, 2017) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683717000080/a2017proxy.htm#seb170df7385840609258d20d8ebf82e7)\n\n10.5^\n\n[Form of Employee Nonqualified Option Award Agreement (incorporated by reference to Exhibit 10.4 on INNOVATE's Quarterly Report on Form 10-Q, filed on August 9, 2016 (File No. 001-35210](https://www.sec.gov/Archives/edgar/data/1006837/000100683716000069/exhibit104-hc2xformoptiona.htm))\n\n10.6\n[Securities Purchase Agreement dated as of June 27, 2017 among DTV Holding Inc., John N. Kyle II, Kristina C. Bruni, King Forward, Inc., Equity Trust Co FBO John N. Kyle, Tiger Eye Licensing L.L.C., Bella Spectra Corporation, Kim Ann Dagen and Michael S. Dagen, Trustees of the Kim Ann Dagen Revocable Living Trust Agreement dated March 2, 1999, Madison Avenue Ventures, LLC, Paul Donner, Reeves Callaway, Don Shalhub, Shalhub Medical Investments PA, Tipi Sha, LLC, Luis O. Suau, Irwin Podhajser](https://www.sec.gov/Archives/edgar/data/1006837/000100683717000144/ex101-dtvamericaxxsecuriti.htm), [Humberto Garriga](https://www.sec.gov/Archives/edgar/data/1006837/000100683717000144/ex101-dtvamericaxxsecuriti.htm)[and DT](https://www.sec.gov/Archives/edgar/data/1006837/000100683717000144/ex101-dtvamericaxxsecuriti.htm)[V Holding Inc.](https://www.sec.gov/Archives/edgar/data/1006837/000100683717000144/ex101-dtvamericaxxsecuriti.htm)[(incorporated by reference to Exhibit 10.1 to INNOVATE's Current Report on Form 8-K, filed on June 28, 2017) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683717000144/ex101-dtvamericaxxsecuriti.htm)\n\n10.7^\n\n[INNOVATE Corp (f/k/a HC2 Holdings, Inc.) Second Amended and Restated 2014 Omnibus Equity Award Plan (incorporated by reference to Exhibit A to INNOVATE's Definitive Proxy Statement, filed on April 30, 2018) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683718000041/a2018proxystatement.htm)\n\n10.8^\n\n[Executive Severance Guidelines effective October 21, 2021 (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed by INNOVATE on October 27, 2021) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683721000138/a202110278-kexh102.htm)\n\n10.9^\n\n[2019 INNOVATE Corp. Executive Bonus Plan effective April 25, 2019 (incorporated by reference to Exhibit 10.35 to the Annual Report on Form 10-k filed on March 9, 2022) (File No. 001-35210))](https://www.sec.gov/Archives/edgar/data/1006837/000100683722000015/exhibit1035-q410xk2021.htm)\n\n10.10^\n\n[Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.36 to the Annual Report on Form 10-K filed on March 9, 2022) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683722000015/exhibit1036-q410xk2021.htm)\n\n10.11^\n\n[Form of Stock Option Agreement (incorporated by reference to Exhibit 10.37 to the Annual Report on Form 10-K filed on March 9, 2022) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683722000015/exhibit1037-q410xk2021.htm)\n\n10.12^\n\n[Form of Director Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.38 to the Annual Report on Form 10-K filed on March 9, 2022) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683722000015/exhibit1038-q410xk2021.htm)\n\n10.13\n[Letter Agreement with Continental General Insurance Company dated December 30, 2022 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by INNOVATE on January 5, 2023) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683723000003/a202212308-kxexh101.htm)\n\n10.14\n[Stock Purchase Agreement dated as of May 9, 2023 by and between INNOVATE Corp. and Continental General Insurance Company (incorporated by reference to Exhibit 10.5 to Quarterly Report on Form 10-Q filed by INNOVATE on May 10, 2023) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683723000063/exhibit105-q110q2023.htm)\n\n10.15\n[Subordinated Unsecured Promissory Note dated as of May 9, 2023 by and between INNOVATE Corp. and Continental General Insurance Company (incorporated by reference to Exhibit 10.6 to Quarterly Report on Form 10-Q filed by INNOVATE on May 10, 2023) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683723000063/exhibit106-q110q2023.htm)\n\n77\n\n10.16^\n\n[Employment Agreement dated as of October 6, 2023 by and between Paul K. Voigt and INNOVATE Corp. (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by INNOVATE on October 11, 2023) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683723000118/exhibit101-employmentagree.htm)\n\n10.17\n[INNOVATE Corp. Clawback Policy effective November 2, 2023 (incorporated by reference to Exhibit 10.66 to the Annual Report on Form 10-K filed by INNOVATE on March 6, 2024) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683724000023/exhibit1066q410k2023.htm)\n\n10.18\n[INNOVATE Corp Second Amended and Restated 2014 Omnibus Equity Award Plan, as amended (incorporated by reference to Exhibit A to INNOVATE’s Information Statement on Schedule 14C, filed with the SEC on October 7, 2024) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683724000137/innovate14cinformationstat.htm#i508dd2609416417999a2c952f8f83a71_10)\n\n10.19\n[Third Amended & Restated Limited Liability Company Agreement of Pansend Life Sciences, LLC, dated as of November 21, 2019, by and among INNOVATE 2 Corp. (f/k/a HC2 Holdings 2, Inc.), David Present and Cherine Plumaker (incorporated by reference to Exhibit 10.32 to the Annual Report on Form 10-K filed on March 31, 2025) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000021/exhibit1032q410k2024.htm)\n\n10.20^\n[Form of Restricted Stock Unit Award Agreement (](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000021/exhibit1033q410k2024.htm)[i](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000021/exhibit1033q410k2024.htm)[n](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000021/exhibit1033q410k2024.htm)[corporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000021/exhibit1033q410k2024.htm)[10.33](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000021/exhibit1033q410k2024.htm)[to the Annual report on Form 10-K filed on March](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000021/exhibit1033q410k2024.htm)31[, 2025](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000021/exhibit1033q410k2024.htm)[)](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000021/exhibit1033q410k2024.htm)[(File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000021/exhibit1033q410k2024.htm)\n\n10.21\n[Subordinated Secured Promissory Note dated August 4, 2025 by and between INNOVATE Corp. and Continental General Insurance Company (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on August 5, 2025 (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit101.htm)\n\n10.22\n[Amended and Restated Senior Secured Promissory Note dated as of August 4, 2025 by and between R2 Technologies, Inc. and Lancer Capital LLC (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed on August 5, 2025 (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000097/a202508048-kxexhibit103.htm)\n\n10.23\n[C](exhibit1023-q410xk2025.htm)[ollateral Trust Agreement dated August 4, 2025 among INNOVATE Corp](exhibit1023-q410xk2025.htm)[.](exhibit1023-q410xk2025.htm)[, the other Grantors from time to time party thereto, U.S. Bank Trust Company, National Association, as Trustee under the Indenture, MSC PCOF Partners IX, LLC, as First-Out Lender under the First-Out Credit Agreement and a Fixed Out Authorized Representative, and U.S. Bank Trust Company, National Association, as](exhibit1023-q410xk2025.htm)[Collateral Trustee (filed herewith)](exhibit1023-q410xk2025.htm)\n\n10.24\n[Amended and Restated Credit Agreement, dated as of May 20, 2025, by and among DBM Global Inc., the other Borrowers listed on Schedule 1.1 thereto, the Lenders, which are party thereto from time to time and UMB Bank, n.a., a national banking association, as Letter of Credit Issuer and as Administrative Agent (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on May 21, 2025) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683725000050/a202505208-kxexhibit101.htm)\n\n19\n[INNOVATE Corp. Insider Trading Policy effective November 2, 2023 (incorporated by reference to Exhibit 10.67 to the Annual Report on Form 10-K filed by INNOVATE on March 6, 2024) (File No. 001-35210)](https://www.sec.gov/Archives/edgar/data/1006837/000100683724000023/exhibit1067q410k2023.htm)\n\n21.1\n[Subsidiaries of INNOVATE (filed herewith)](exhibit211-q410k2025.htm)\n\n23.1\n[Consent of BDO USA, P.C., an independent registered public accounting firm (filed herewith)](exhibit231-q410k2025.htm)\n\n31.1\n[Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer (filed herewith)](exhibit311-q410k2025.htm)\n\n31.2\n[Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer (filed herewith)](exhibit312-q410k2025.htm)\n\n32.1*\n[Section 1350 Certification of Chief Executive Officer and Chief Financial Officer (furnished herewith)](exhibit321-q410k2025.htm)\n\n101\nThe following materials from the registrant’s Annual Report on Form 10-K for the fiscal years ended December 31, 2025 and 2024, formatted in extensible business reporting language (XBRL);[(i) Consolidated Statements of Operations](#i488cc3e0777049f294ae22bd4e606895_19)[(ii) Consolidated Statements of Comprehensive](#i488cc3e0777049f294ae22bd4e606895_25)[(](#i488cc3e0777049f294ae22bd4e606895_25)[Loss](#i488cc3e0777049f294ae22bd4e606895_25)[)](#i488cc3e0777049f294ae22bd4e606895_25), [(iii) Consolidated Balance Sheets](#i488cc3e0777049f294ae22bd4e606895_28), [(iv) Consolidated Statements of Stockholders’ Deficit](#i488cc3e0777049f294ae22bd4e606895_34), [(v) Consolidated Statements of Cash Flows](#i488cc3e0777049f294ae22bd4e606895_40), and [(vi) Notes to Consolidated Financial Statements](#i488cc3e0777049f294ae22bd4e606895_43) (filed herewith).\n\n104\nThe cover page from the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, formatted in Inline XBRL (included as Exhibit 101).\n\n*These certifications are being \"furnished\" and will not be deemed \"filed\" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, as amended, except to the extent that the registrant specifically incorporates it by reference.\n\n^Indicates management contract or compensatory plan or arrangement."}