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KINGSWAY Corp·4

May 20, 7:00 AM ET

Patinkin Adam Jonathan 4

4 · KINGSWAY Corp · Filed May 20, 2026

Research Summary

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Kingsway (KWY) Director Adam Patinkin Receives 400,000-Share Award

What Happened

  • Adam Jonathan Patinkin, a director of Kingsway Corporation (KWY), was granted derivative awards on May 18, 2026 totaling 400,000 shares (reported as two grants of 200,000 each) with a reported acquisition price of $0. These awards are stock-option style derivative grants rather than open-market purchases or sales.

Key Details

  • Transaction date: May 18, 2026; Form 4 filed May 20, 2026 (within the normal two-business-day reporting window).
  • Award size: 400,000 option-equivalent shares (two entries of 200,000 each, reported at $0 acquisition price).
  • Exercise prices & vesting (per footnotes): total 400,000 options with a 10‑year term. 200,000 options exercisable at $20/share (100,000 vested immediately; 100,000 vest on 1st anniversary). The other 200,000 exercisable at $30/share (100,000 vest on 2nd anniversary; 100,000 vest on 3rd anniversary). Vesting is subject to continued service.
  • Shares owned after transaction: not specified in the supplied filing details.
  • Notable footnotes: (F1/F2) disclosures about possible deemed beneficial ownership through David Capital Partners vehicles (disclaimed except to pecuniary interest); (F4/F5) detailed option tranche and vesting schedule; (F3) describes Class D preferred conversion mechanics for other holdings in the filing.

Context

  • This was an awards/grant (A) of derivative securities (options), not an open-market buy or sale. No cash was paid at grant; value to the holder depends on future stock performance and exercise of options.
  • These awards vest over multiple years and carry exercise prices ($20 and $30) and a 10-year exercise window, so they are long‑term compensation rather than immediate liquidity.

Insider Transaction Report

Form 4
Period: 2026-05-18
KINGSWAY CorpKWY
Patinkin Adam Jonathan
Director
Transactions
  • Award

    Nonqualified Stock Option

    [F4][F5]
    2026-05-18+200,000→ 200,000 total
    Exercise: $20.00From: 2026-05-18Exp: 2036-05-18→ Common Stock (200,000 underlying)
  • Award

    Nonqualified Stock Option

    [F4][F5]
    2026-05-18+200,000→ 200,000 total
    Exercise: $30.00From: 2028-05-18Exp: 2036-05-18→ Common Stock (200,000 underlying)
Holdings

  • Common Stock

    [F1][F2]
    (indirect: by David Capital Partners Fund, LP)
    1,023,000

  • Common Stock

    (indirect: by David Capital Partners Special Situation Fund, LP)
    1,524,000

  • Class D Preferred Stock

    [F3][F2]
    (indirect: by David Capital Partners Special Situation Fund, LP)
    Exercise: $9.50From: 2025-05-08Exp: 2032-05-08→ Common Stock (68,421.08 underlying)
    26,000
Footnotes (5)
  • [F1]David Capital Partners, LLC, as the investment manager and general partner of David Capital Partners Fund, LP ("DCP Fund"), may be deemed to be a beneficial owner of the shares of common stock disclosed as directly owned by DCP Fund. Due to his position as managing partner of David Capital Partners, LLC, Mr. Patinkin may be deemed to be a beneficial owner of the shares of common stock disclosed as directly owned by DCP Fund. David Capital Partners, LLC and Mr. Patinkin expressly disclaim such beneficial ownership except to the extent of their pecuniary interest therein.
  • [F2]David Capital Partners, LLC, as the investment manager and general partner of David Capital Partners Special Situation Fund, LP ("DCP Special"), may be deemed to be a beneficial owner of the shares of common stock disclosed as directly owned by DCP Special. Due to his position as managing partner of David Capital Partners, LLC, Mr. Patinkin may be deemed to be a beneficial owner of the shares of common stock disclosed as directly owned by DCP Special. David Capital Partners, LLC and Mr. Patinkin expressly disclaim such beneficial ownership except to the extent of their pecuniary interest therein.
  • [F3]The shares of Class D Preferred Stock of Kingsway Corporation (the "Company") have a stated value of $25 per share and are convertible at any time into shares of Common Stock, par value $0.01 per share, of the Company (the "Common Stock") at a conversion basis equal to 2.63158 shares of Common Stock for each share of Class D Preferred Stock, subject to customary adjustments. All outstanding shares of Class D Preferred Stock shall be redeemed by the Company on May 8, 2032.
  • [F4]The option consists of tranches with different exercise prices. An aggregate of 200,000 options have an exercise price of $20 per share, of which 100,000 vested on the grant date and 100,000 will vest on the first anniversary of the grant date. The remaining 200,000 options have an exercise price of $30 per share, with 100,000 vesting on the second anniversary of the grant date and 100,000 vesting on the third anniversary of the grant date.
  • [F5]Represents a 10-year stock option to purchase an aggregate of 400,000 shares of common stock. The option vests as follows: (i) 100,000 shares vested on the grant date at an exercise price of $20 per share; (ii) 100,000 shares will vest on the first anniversary of the grant date at an exercise price of $20 per share; (iii) 100,000 shares will vest on the second anniversary of the grant date at an exercise price of $30 per share; and (iv) 100,000 shares will vest on the third anniversary of the grant date at an exercise price of $30 per share. Vesting is subject to the reporting person's continued service through each applicable vesting date.
Signature
/s/Kent A. Hansen, attorney-in-fact for Adam Jonathan Patinkin|2026-05-20

Documents

1 file
  • 4
    form4.xmlPrimary

    PRIMARY DOCUMENT