Patinkin Adam Jonathan 4

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.