- Accession Number:
- Form Type:
- Zero Holdings:
- Publication Time:
- 2018-01-16 17:22:02
- Reporting Period:
- Accepted Time:
- 2018-01-16 17:22:02
- SEC Url:
- Form 4 Filing
|Cik||Name||Symbol||Sector (SIC)||IRS No|
|1591890||1347 Property Insurance Holdings Inc.||PIH||Fire, Marine & Casualty Insurance (6331)||A6|
|Cik||Name||Reported Address||Insider Title||Director||Officer||Large Shareholder||Other|
|1072627||Kingsway Financial Services Inc||150 Pierce Rd |
Itasca IL 60143
Reported Non-Derivative Transactions
|Sec. Name||Acquisiton - Disposition||Date||Amount||Price||Remaning Holdings||Equity Swap Involved||Form Type||Code||Nature of Ownership||Explanation|
|Series B Preferred Shares (Nonconvertible)||Disposition||2018-01-02||60,000||$29.00||0||No||4||S||Indirect||By wholly owned subsidiary|
|Equity Swap Involved||Form Type||Code||Nature of Ownership||Explanation|
|No||4||S||Indirect||By wholly owned subsidiary|
Reported Derivative Transactions
|Sec. Name||Sec. Type||Acquisiton - Disposition||Date||Amount||Price||Amount - 2||Price - 2|
|Common Stock||Performance Rights||Disposition||2018-01-02||100,000||$0.00||100,000||$0.00|
|Remaning Holdings||Exercise Date||Expiration Date||Equity Swap Involved||Transaction Form Type||Transaction Code||Nature of Ownership|
Reported Non-Derivative Holdings
|Sec. Name||Remaning Holdings||Nature of Ownership||Explanation|
|Series B Preferred Shares (Nonconvertible)||60,000||Indirect||By wholly owned subsidiary|
|Common Stock||424,572||Indirect||By wholly owned subsidiary|
|Common Stock||75,000||Indirect||By wholly owned subsidiary|
- Pursuant to a Stock Purchase Agreement dated January 2, 2018 (the "Stock Purchase Agreement"), by and among the reporting person's wholly-owned subsidiary, 1347 Advisors LLC ("Advisors"), 1347 Property Insurance Holdings, Inc. ("PIH"), and IWS Acquisition Corporation ("IWS"), Advisors sold 60,000 shares of PIH's Series B Preferred Stock to PIH for an aggregate purchase price of $1,740,000.
- Represents a purchase price of $25.00 per share plus declared and unpaid dividends.
- Held by the reporting person's wholly-owned subsidiary Advisors.
- Held by the reporting person's wholly-owned subsidiary IWS.
- Held by the reporting person's wholly-owned subsidiary Kingsway America, Inc.
- Held by the reporting person's wholly-owned subsidiary Mendakota Casualty Company.
- Each performance right represents a contingent right to receive one share of common stock. The performance rights vest as to 100,000 shares if the common stock price equals or exceeds $10 for any 20 trading days in a 30-day trading window.
- Pursuant to the Stock Purchase Agreement: (i) Advisors agreed to terminate the Performance Shares Grant Agreement dated February 24, 2015, by and between PIH and Advisers, and (ii) PIH paid to Advisors an aggregate cash payment of $300,000 in consideration for such termination.