Kingsway Financial (KFS) CFO reports stock sale and tax-share surrender

Rhea-AI Filing Summary

Kingsway Financial Services reported insider share transactions by its CFO and EVP, Kent A. Hansen. On 12/29/2025, he sold 7,500 shares of common stock at $13.6678 per share. On 12/30/2025, a total of 9,488 shares of common stock were surrendered at $12.83 per share to cover tax withholding upon vesting of restricted stock awards. After these transactions, Hansen beneficially owned 119,362 shares, which include restricted stock grants of 8,370 shares from December 15, 2022, 14,204 shares from March 26, 2024, and 20,728 shares from December 4, 2024, as well as remaining unvested restricted shares from 2024 grants.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Hansen Kent A

(Last) (First) (Middle)

10 S. RIVERSIDE PLAZA

SUITE 1520

(Street)

CHICAGO IL 60606

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
KINGSWAY FINANCIAL SERVICES INC [ KFS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CFO & EVP

3. Date of Earliest Transaction (Month/Day/Year)
12/29/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	12/29/2025		S		7,500	D	$13.6678	128,850(1)	D
Common Stock	12/30/2025		F		3,565(2)	D	$12.83	125,285	D
Common Stock	12/30/2025		F		3,004(2)	D	$12.83	122,281	D
Common Stock	12/30/2025		F		2,919(2)	D	$12.83	119,362(3)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes 8,370 shares of restricted stock granted on December 15, 2022, 14,204 shares of restricted stock granted on March 26, 2024, and 20,728 shares of restricted stock granted on December 4, 2024.

2. Reflects shares of the Issuer's common stock surrendered by the Reporting Person to satisfy tax withholding obligations upon the vesting of shares granted under a restricted stock agreement.

3. Includes the remaining 7,102 shares of restricted stock granted on March 26, 2024 and 13,818 shares of restricted stock granted on December 4, 2024.

	/s/ Robert E. Buckner II, attorney-in-fact for Kent A. Hansen	12/31/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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FAQ

What insider transactions did KFS CFO Kent A. Hansen report on this Form 4?

The CFO and EVP, Kent A. Hansen, reported selling 7,500 shares of Kingsway Financial Services common stock on 12/29/2025 at $13.6678 per share, and surrendering additional shares on 12/30/2025 to satisfy tax withholding obligations tied to restricted stock vesting.

How many KFS shares did the CFO surrender for tax withholding?

On 12/30/2025, the CFO surrendered 3,565, 3,004, and 2,919 shares of common stock, each at $12.83 per share, to cover tax withholding obligations upon the vesting of restricted stock grants.

How many KFS shares does the CFO beneficially own after these transactions?

Following the reported transactions, the CFO beneficially owned 119,362 shares of Kingsway Financial Services common stock in direct ownership.

What restricted stock grants are included in the CFO’s KFS share holdings?

The beneficial ownership amount includes 8,370 restricted shares granted on December 15, 2022, 14,204 restricted shares granted on March 26, 2024, and 20,728 restricted shares granted on December 4, 2024, plus remaining unvested shares from 2024 grants.

What is the role of the reporting person at Kingsway Financial Services (KFS)?

The reporting person, Kent A. Hansen, is an officer of Kingsway Financial Services, serving as CFO & EVP, and filed the Form 4 as a single reporting person.

Were the KFS derivative securities affected in this Form 4 filing?

The section for derivative securities shows no derivative transactions reported, indicating only non-derivative common stock transactions in this filing.