Joseph Stilwell - Dec 6, 2021 Form 4 Insider Report for KINGSWAY FINANCIAL SERVICES INC (KFS)

Role: Director, 10%+ Owner
Signature: /s/ Debra Rouse as Attorney-in-Fact for Joseph Stilwell
Stock symbol: KFS
Transactions as of: Dec 6, 2021
Transactions value $: $23,079
Form type: 4
Date filed: 12/8/2021, 03:01 PM
Previous filing: Dec 6, 2021
Next filing: Dec 10, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	KFS	Common Stock	Purchase	$10.4K	+2.07K	+0.04%	$5.04	4.72M	Dec 6, 2021	See footnote	F3, F4
transaction	KFS	Common Stock	Purchase	$3.19K	+632	+0.07%	$5.04	856K	Dec 6, 2021	See footnote	F3, F5
transaction	KFS	Common Stock	Purchase	$6.54K	+1.28K	+0.03%	$5.10	4.72M	Dec 7, 2021	See footnote	F3, F4
transaction	KFS	Common Stock	Purchase	$2.94K	+577	+0.1%	$5.10	602K	Dec 7, 2021	See footnote	F3, F6
holding	KFS	Common Stock						163K	Dec 6, 2021	Direct	F1
holding	KFS	Common Stock						939K	Dec 6, 2021	See footnote	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	These are shares owned directly by Joseph Stilwell.
F2	These are shares owned directly by Stilwell Associates L.P. ("Associates") and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Stilwell Value LLC ("Value"), which is the general partner of Associates. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.
F3	This Form 4 reports the following acquisitions on December 6, 2021: (a) Stilwell Activist Investments, L.P. ("SAI") acquired 2,066 shares at $5.04 USD per share, and (b) Stilwell Value Partners VII, L.P. ("SVP VII") acquired 632 shares at $5.04 USD per share; and on December 7, 2021: (a) SAI acquired 1,282 shares at $5.10 USD per share, and (b) Stilwell Activist Fund, L.P. ("SAF") acquired 577 shares at $5.10 USD per share.
F4	These are shares owned directly by SAI and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SAI. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.
F5	These are shares owned directly by SVP VII and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SVP VII. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.
F6	These are shares owned directly by SAF and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SAF. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.