How does this award affect Kent Hansen’s total KFS share ownership?

Following the 14,568-share restricted stock award, Kent Hansen directly holds 134,675 Kingsway shares. This total includes prior restricted stock grants of 7,102 shares from March 26, 2024 and 13,818 shares from December 4, 2024.

Kingsway (KFS) CFO Hansen receives 14,568-share stock award, holds 134,675

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Hansen Kent A reported acquisition or exercise transactions in this Form 4 filing.

Kingsway Financial Services CFO & EVP Kent A. Hansen received a grant of 14,568 shares of common stock on March 17, 2026 at a reference price of $11.02 per share. The restricted stock award, granted under the 2020 Equity Incentive Plan, vests ratably over three years starting on December 1, 2026. After this award, Hansen directly holds 134,675 shares, including earlier restricted stock grants of 7,102 shares from March 26, 2024 and 13,818 shares from December 4, 2024.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Hansen Kent A

Role CFO & EVP

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	14,568	$11.02	$161K

Holdings After Transaction: Common Stock — 134,675 shares (Direct)

Footnotes (1)

Restricted stock award granted pursuant to the Kingsway Financial Services Inc. 2020 Equity Incentive Plan that vests ratably over three years commencing on December 1, 2026. 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

Restricted stock award: 14,568 shares Grant reference price: $11.02 per share Total direct holdings: 134,675 shares +1 more

4 metrics

Restricted stock award 14,568 shares Grant of common stock on March 17, 2026

Grant reference price $11.02 per share Value used for the March 17, 2026 award

Total direct holdings 134,675 shares Shares owned directly after the award

Prior RSU grants 7,102 and 13,818 shares Restricted stock granted on March 26, 2024 and December 4, 2024

Key Terms

restricted stock award, 2020 Equity Incentive Plan, vests ratably, restricted stock

4 terms

restricted stock award financial

"Restricted stock award granted pursuant to the Kingsway Financial Services Inc. 2020 Equity Incentive Plan"

A restricted stock award is company shares given to an employee or executive that cannot be sold or fully owned until certain conditions—like staying with the company for a set time or hitting performance targets—are met. Think of it as a gift that only becomes yours after you fulfill specific obligations; for investors, these awards matter because they can increase the total shares outstanding when they vest, reveal how management is being paid and motivated, and create potential selling pressure when restrictions lift.

2020 Equity Incentive Plan financial

"granted pursuant to the Kingsway Financial Services Inc. 2020 Equity Incentive Plan"

vests ratably financial

"that vests ratably over three years commencing on December 1, 2026"

restricted stock financial

"Includes 7,102 shares of restricted stock granted on March 26, 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.

Form 4 Insider Transactions: What Each Field Means →

04/08/2026 - 07:53 PM

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)
03/17/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/17/2026		A		14,568⁽¹⁾	A	$11.02	134,675⁽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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Restricted stock award granted pursuant to the Kingsway Financial Services Inc. 2020 Equity Incentive Plan that vests ratably over three years commencing on December 1, 2026.

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	04/08/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did KFS CFO Kent Hansen report on this Form 4?

Kent A. Hansen reported receiving a grant of 14,568 shares of Kingsway Financial Services common stock. This was a stock award, not an open-market purchase, and increased his direct holdings to 134,675 shares after the transaction.

At what price was the Kingsway (KFS) restricted stock award valued?

The 14,568-share restricted stock award to Kent Hansen was valued at $11.02 per share. This price is a reference value for reporting purposes and does not indicate an open-market trade on that date.

When do the newly granted Kingsway (KFS) restricted shares vest for the CFO?

The new restricted stock award to the CFO vests ratably over three years, beginning on December 1, 2026. This means portions of the 14,568 shares will become fully owned each year over that three-year schedule.

Were Kent Hansen’s Kingsway (KFS) shares acquired through market buying or compensation?

The 14,568 Kingsway shares were acquired as a compensation-related restricted stock award under the 2020 Equity Incentive Plan. The Form 4 characterizes this as a grant or award acquisition, not an open-market stock purchase.