KFS (KFS) CFO adds 153 ESPP shares at $10.22, now holding 120,260

Rhea-AI Filing Summary

Kingsway Financial Services Inc. executive Kent A. Hansen, the CFO and EVP, bought 153 shares of common stock at $10.22 per share in an open-market purchase. This increased his directly held position to 120,260 common shares, including previously granted restricted stock awards.

The filing explains that these shares were acquired through the Kingsway America Inc. Employee Share Purchase Plan (ESPP). Under this plan, eligible employees can contribute up to 5% of adjusted salary, and after 12 months of employment the company matches 100% of the employee’s contribution to buy shares on the open market.

Insider Trade Summary

Net Buyer: 153 shares ($1,564)

Net Buy 1 txn

Insider Hansen Kent A

Role CFO & EVP

Bought 153 shs ($2K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	153	$10.22	$2K

Holdings After Transaction: Common Stock — 120,260 shares (Direct)

Footnotes (1)

1. The shares of Common Stock were acquired pursuant to the Kingsway America Inc. Employee Share Purchase Plan, as amended and restated effective May 29, 2014 (the "ESPP"). Pursuant to the ESPP, eligible employees may contribute an amount up to 5% of adjusted salary for each regular payroll period and, to the extent such employee has been employed by Kingsway America Inc. and its subsidiaries for 12 months, the company will make a matching contribution equal to 100% of such employee's contribution. The employee contributions and company contributions are used to purchase, as soon as administratively practicable after the date of such contributions, shares of Kingsway Financial Services Inc. The shares are acquired by the administrator of the ESPP on the open market through the services of a duly registered stockbroker. Includes 7,102 shares of restricted stock granted on March 26, 2024 and 13,818 shares of restricted stock granted on December 4, 2024.

Key Figures

Shares purchased: 153 shares Purchase price: $10.22 per share Shares owned after: 120,260 shares +4 more

7 metrics

Shares purchased 153 shares Open-market purchase on Employee Share Purchase Plan

Purchase price $10.22 per share Price paid for KFS common stock

Shares owned after 120,260 shares Direct common stock holdings following transaction

ESPP contribution limit 5% of adjusted salary Maximum employee contribution each regular payroll period

Company ESPP match 100% of employee contribution Available after 12 months of employment

Restricted stock grant 7,102 shares Restricted stock granted on March 26, 2024

Restricted stock grant 13,818 shares Restricted stock granted on December 4, 2024

Key Terms

Employee Share Purchase Plan, adjusted salary, restricted stock, matching contribution, +1 more

5 terms

Employee Share Purchase Plan financial

"The shares of Common Stock were acquired pursuant to the Kingsway America Inc. Employee Share Purchase Plan, as amended and restated..."

A program that lets employees buy their employer’s stock, often through regular payroll deductions and sometimes at a discounted price or with matching contributions; think of it as a company-run savings plan that converts part of pay into ownership. It matters to investors because it can increase insider ownership and employee motivation, potentially affecting company performance, and can slightly change share supply when new stock is issued or sold.

adjusted salary financial

"eligible employees may contribute an amount up to 5% of adjusted salary for each regular payroll period..."

restricted stock financial

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

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

matching contribution financial

"the company will make a matching contribution equal to 100% of such employee's contribution."

An employer’s matching contribution is when a company adds money to an employee’s retirement or savings account based on the employee’s own contributions, like a store offering to top up a customer’s purchase to reach a discount threshold. It matters to investors because matching increases a firm’s compensation costs and can improve staff retention and morale, which affect productivity, cash flow and long-term liabilities that influence a company’s financial outlook.

duly registered stockbroker financial

"The shares are acquired by the administrator of the ESPP on the open market through the services of a duly registered stockbroker."

Form 4 Insider Transactions: What Each Field Means →

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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 ILLINOIS 60606

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/30/2026

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

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

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

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	03/30/2026		P		153(1)	A	$10.22	120,260(2)	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. The shares of Common Stock were acquired pursuant to the Kingsway America Inc. Employee Share Purchase Plan, as amended and restated effective May 29, 2014 (the "ESPP"). Pursuant to the ESPP, eligible employees may contribute an amount up to 5% of adjusted salary for each regular payroll period and, to the extent such employee has been employed by Kingsway America Inc. and its subsidiaries for 12 months, the company will make a matching contribution equal to 100% of such employee's contribution. The employee contributions and company contributions are used to purchase, as soon as administratively practicable after the date of such contributions, shares of Kingsway Financial Services Inc. The shares are acquired by the administrator of the ESPP on the open market through the services of a duly registered stockbroker.

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

	/s/Debra S. Rouse, attorney-in-fact for Kent A. Hansen	03/31/2026
	** 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).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did KFS CFO Kent A. Hansen report?

Kent A. Hansen, CFO and EVP of Kingsway Financial Services Inc. (KFS), reported buying 153 common shares. The shares were purchased at a price of $10.22 each, increasing his directly held position to 120,260 common shares after the transaction.

At what price did the KFS executive purchase common stock shares?

The KFS executive purchased common stock at $10.22 per share. This price applied to 153 shares acquired in an open-market purchase, as part of participation in the company’s Employee Share Purchase Plan administered through a registered stockbroker.

How many KFS shares does the CFO own after this Form 4 transaction?

After this transaction, the CFO directly owns 120,260 KFS common shares. This total includes newly acquired shares through the Employee Share Purchase Plan as well as restricted stock granted on March 26, 2024 and December 4, 2024.

What is the Kingsway America Inc. Employee Share Purchase Plan (ESPP)?

The ESPP allows eligible employees to contribute up to 5% of adjusted salary each payroll period. After 12 months of employment, Kingsway America Inc. matches 100% of those contributions, and both amounts are used to buy Kingsway Financial Services Inc. shares on the open market.

How are KFS shares acquired under the ESPP for employees?

Under the ESPP, employee and company matching contributions are pooled to purchase KFS shares. An administrator buys the shares on the open market through a duly registered stockbroker as soon as administratively practicable after contributions are made.

Does the CFO’s share total include any KFS restricted stock grants?

Yes. The reported total holdings include 7,102 restricted shares granted on March 26, 2024 and 13,818 restricted shares granted on December 4, 2024. These restricted stock awards are part of the CFO’s overall directly held KFS common share position.