Conifer Holdings, Inc entered into Securities Purchase Agreement with Clarkston 91 West LLC for private placement of 1,000 Series A Preferred Stock at an issue price of $6,000 for gross proceeds of $6,000,000 on December 20, 2023. The preferred stock will mature on June 30, 2026. The preferred stock will carry a dividend rate of prime rate of Waterford Bank, N.A. (?Waterford Bank?) on the date that is 30 days prior to the applicable Dividend Payment Date plus 200 basis points.

The outstanding Series A Preferred Shares shall only be convertible for shares of the Company?s common stock, no par value (the ?Common Stock?), at the Maturity Date. On the Maturity Date, each outstanding share of the Series A Preferred Shares, that has not otherwise been redeemed, shall, without any further action by the holders, automatically be converted into 4,000 shares of Common Stock (equal to the purchase price of $6,000 per each share of Series A Preferred Stock, divided by 1.50), subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the Initial Issue Date.