INNOVATE Corp. eliminates CLO role; Joseph Ferraro departs Oct 14

INNOVATE Corp.

Joseph Ferraro, Chief Legal Officer and Corporate Secretary, to leave Oct 14, 2022; role eliminated Sept 14.
Severance: $488,750 over 24 bi-weekly payments; COBRA for 12 months; outplacement $10,000.
2022 bonus of $690,625 to be paid by Mar 15, 2023; full vesting of unvested equity awards.
Consulting agreement: 3-month independent contractor role at $25,000/month, with possible extensions.

item 5.02 item 9.01

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Departed

Joseph Ferraro

Chief Legal Officer

VATE · INNOVATE Corp.

Effective: 2022-10-14
Filed: September 16, 2022, 7:59 PM ET

On September 13, 2022, INNOVATE Corp. (the “Company”) and Joseph Ferraro entered into a Separation and Release Agreement which provides that Mr. Ferraro’s employment will terminate on October 14, 2022, in connection with the Company’s decision to eliminate the Chief Legal Officer position at the Company as of September 14, 2022.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Joseph Ferraro was terminated as Chief Legal Officer at INNOVATE Corp..

Action: terminated
Role: Chief Legal Officer

Exact text from the filing

On September 13, 2022, INNOVATE Corp. (the “Company”) and Joseph Ferraro entered into a Separation and Release Agreement which provides that Mr. Ferraro’s employment will terminate on October 14, 2022, in connection with the Company’s decision to eliminate the Chief Legal Officer position at the Company as of September 14, 2022.

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INNOVATE Corp. filing history →

Source: SEC EDGAR

accession 0001006837-22-000104

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