Sec Form 4 Filing - STILWELL JOSEPH @ KINGSWAY FINANCIAL SERVICES INC - 2020-09-18

Insider filing report for Changes in Beneficial Ownership
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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
STILWELL JOSEPH
2. Issuer Name and Ticker or Trading Symbol
KINGSWAY FINANCIAL SERVICES INC [ KFS]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X __ Director X __ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last) (First) (Middle)
111 BROADWAY, 12TH FLOOR
3. Date of Earliest Transaction (MM/DD/YY)
09/18/2020
(Street)
NEW YORK, NY10006
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
_____ Form filed by One Reporting Person
__ X __ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 162,500 ( 1 ) D
Common Stock 903,066 I See footnote ( 2 )
Common Stock 09/18/2020 P( 3 ) 19,000 A $ 3.1 498,458 I See footnote ( 4 )
Common Stock 09/18/2020 P( 3 ) 140,600 A $ 3.1 4,012,466 I See footnote ( 5 )
Common Stock 09/18/2020 P( 3 ) 30,400 A $ 3.1 717,271 I See footnote ( 6 )
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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(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 of Derivative Security: 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
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
STILWELL JOSEPH
111 BROADWAY, 12TH FLOOR
NEW YORK, NY10006
X X
Stilwell Value LLC
111 BROADWAY, 12TH FLOOR
NEW YORK, NY10006
X
STILWELL ASSOCIATES L P
111 BROADWAY, 12TH FLOOR
NEW YORK, NY10006
X
Stilwell Activist Fund, L.P.
111 BROADWAY, 12TH FLOOR
NEW YORK, NY10006
X
Stilwell Activist Investments, L.P.
111 BROADWAY, 12TH FLOOR
NEW YORK, NY10006
X
Stilwell Value Partners VII, L.P.
111 BROADWAY, 12TH FLOOR
NEW YORK, NY10006
X
Signatures
/s/ Paul R. Hogan as Attorney-in-Fact for Joseph Stilwell 09/22/2020
Signature of Reporting Person Date
/s/ Paul R. Hogan as Attorney-in-Fact for Stilwell Value LLC 09/22/2020
Signature of Reporting Person Date
/s/ Paul R. Hogan as Attorney-in-Fact for Stilwell Associates, L.P. 09/22/2020
Signature of Reporting Person Date
/s/ Paul R. Hogan as Attorney-in-Fact for Stilwell Activist Fund, L.P. 09/22/2020
Signature of Reporting Person Date
/s/ Paul R. Hogan as Attorney-in-Fact for Stilwell Activist Investments, L.P. 09/22/2020
Signature of Reporting Person Date
/s/ Paul R. Hogan as Attorney-in-Fact for Stilwell Value Partners VII, L.P. 09/22/2020
Signature of Reporting Person Date
Explanation of Responses:
( 1 )These are shares owned directly by Joseph Stilwell.
( 2 )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.
( 3 )This Form 4 reports the following acquisitions on September 18, 2020: (a) Stilwell Activist Fund, L.P. ("SAF") acquired 19,000 shares at $3.10 USD per share; (b) Stilwell Activist Investments, L.P. ("SAI") acquired 140,600 shares at $3.10 USD per share; and (c) Stilwell Value Partners VII, L.P. ("SVP VII") acquired 30,400 shares at $3.10 USD per share.
( 4 )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.
( 5 )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.
( 6 )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.

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