Joseph Stilwell - Dec 21, 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 21, 2021
Transactions value $: $56,254
Form type: 4
Date filed: 12/23/2021, 03:08 PM
Previous filing: Dec 21, 2021
Next filing: Dec 28, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	KFS	Common Stock	Purchase	$1.25K	+230	+0%	$5.45	4.75M	Dec 21, 2021	See footnote	F3, F4
transaction	KFS	Common Stock	Purchase	$36.4K	+6.63K	+0.14%	$5.50	4.76M	Dec 22, 2021	See footnote	F3, F4
transaction	KFS	Common Stock	Purchase	$7.12K	+1.3K	+0.21%	$5.50	610K	Dec 22, 2021	See footnote	F3, F5
transaction	KFS	Common Stock	Purchase	$11.4K	+2.08K	+0.24%	$5.50	869K	Dec 22, 2021	See footnote	F3, F6
holding	KFS	Common Stock						163K	Dec 21, 2021	Direct	F1
holding	KFS	Common Stock						939K	Dec 21, 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 21, 2021: (a) Stilwell Activist Investments, L.P. ("SAI") acquired 230 shares at $5.45 USD per share; and on December 22, 2021: (a) SAI acquired 6,625 shares at $5.50 USD per share, (b) Stilwell Activist Fund, L.P. ("SAF") acquired 1,295 shares at $5.50 USD per share, and (c) Stilwell Value Partners VII, L.P. ("SVP VII") acquired 2,080 shares at $5.50 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 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.
F6	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.