| Name | Relationship | Address | Signature | Signature date | CIK |
|---|---|---|---|---|---|
| Patinkin Adam Jonathan | Director | 737 N. MICHIGAN AVE., SUITE 1405, CHICAGO | /s/ Robert E. Buckner II, attorney-in-fact for Adam Jonathan Patinkin | 18 Dec 2025 | 0002063594 |
| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | KFS | Common Stock | Exercise of in-the-money or at-the-money derivative security | $2,268,750 | +275,000 | +37% | $8.25 | 1,023,000 | 17 Dec 2025 | by David Capital Partners Fund, LP | F1 |
| transaction | KFS | Common Stock | Exercise of in-the-money or at-the-money derivative security | $4,455,000 | +540,000 | +112% | $8.25 | 1,024,000 | 17 Dec 2025 | by David Capital Partners Special Situation Fund, LP | F2 |
| transaction | KFS | Common Stock | Exercise of in-the-money or at-the-money derivative security | $4,125,000 | +500,000 | +49% | $8.25 | 1,524,000 | 17 Dec 2025 | by David Capital Partners Special Situation Fund, LP | F2 |
| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Underlying Class | Amount | Exercise Price | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | KFS | Stock Option (Right to Buy) | Exercise of in-the-money or at-the-money derivative security | $0 | -275,000 | -100% | $0.000000 | 0 | 17 Dec 2025 | Common Stock | 275,000 | $8.25 | by David Capital Partners Fund, LP | F4 |
| transaction | KFS | Stock Option (Right to Buy) | Exercise of in-the-money or at-the-money derivative security | $0 | -540,000 | -100% | $0.000000 | 0 | 17 Dec 2025 | Common Stock | 540,000 | $8.25 | by David Capital Partners Special Situation Fund, LP | F4 |
| transaction | KFS | Stock Option (Right to Buy) | Exercise of in-the-money or at-the-money derivative security | $0 | -500,000 | -100% | $0.000000 | 0 | 17 Dec 2025 | Common Stock | 500,000 | $8.25 | by David Capital Partners Special Situation Fund, LP | F5 |
| holding | KFS | Class D Preferred Stock | 26,000 | 17 Dec 2025 | Common Stock | 68,421 | $9.50 | by David Capital Partners Special Situation Fund, LP | F3 |
| Id | Content |
|---|---|
| F1 | David Capital Partners, LLC, as the investment manager and general partner of David Capital Partners Fund, LP ("DCP Fund"), may be deemed to be a beneficial owner of the shares of common stock disclosed as directly owned by DCP Fund. Due to his position as managing partner of David Capital Partners, LLC, Mr. Patinkin may be deemed to be a beneficial owner of the shares of common stock disclosed as directly owned by DCP Fund. David Capital Partners, LLC and Mr. Patinkin expressly disclaim such beneficial ownership except to the extent of their pecuniary interest therein. |
| F2 | David Capital Partners, LLC, as the investment manager and general partner of David Capital Partners Special Situation Fund, LP ("DCP Special"), may be deemed to be a beneficial owner of the shares of common stock disclosed as directly owned by DCP Special. Due to his position as managing partner of David Capital Partners, LLC, Mr. Patinkin may be deemed to be a beneficial owner of the shares of common stock disclosed as directly owned by DCP Special. David Capital Partners, LLC and Mr. Patinkin expressly disclaim such beneficial ownership except to the extent of their pecuniary interest therein. |
| F3 | The shares of Class D Preferred Stock of Kingsway Financial Services Inc. (the "Company") have a stated value of $25 per share and are convertible at any time into shares of Common Stock, par value $0.01 per share, of the Company (the "Common Stock") at a conversion basis equal to 2.63158 shares of Common Stock for each share of Class D Preferred Stock, subject to customary adjustments. All outstanding shares of Class D Preferred Stock shall be redeemed by the Company on May 8, 2032. |
| F4 | DCP Fund and DCP Special entered into an option agreement, dated March 31, 2025, with Stilwell Value LLC, to acquire 275,000 and 540,000 shares of common stock, respectively, at an exercise price of $8.25 per share, which options were originally exercisable by DCP Fund and DCP Special together in whole, and not in part, on December 29, 2025 and which were set to expire at 5:00 p.m. Eastern Time on December 29, 2025. The option agreement was amended on December 17, 2025, so that the options became exercisable at any time prior to 5:00 p.m. Eastern Time on December 29, 2025. |
| F5 | DCP Special entered into an option agreement, dated March 31, 2025, with Oakmont Capital Inc., to acquire 500,000 shares of common stock at an exercise price of $8.25 per share, which option was originally exercisable in whole, and not in part, on December 29, 2025 and which was set to expire at 5:00 p.m. Eastern Time on December 29, 2025. The option agreement was amended on December 17, 2025, so that the options became exercisable at any time prior to 5:00 p.m. Eastern Time on December 29, 2025. |