Adam Karkowsky Form 4 Amtrust Financial Services / Adam Karkowsky ownership change

SEC Form 4

FORM 4

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
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Karkowsky Adam

(Last) (First) (Middle)

C/O AMTRUST FINANCIAL SERVICES, INC.

59 MAIDEN LANE, 43RD FLOOR

(Street)

NEW YORK NY 10038

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Amtrust Financial Services, Inc. [ AFSI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
Executive Vice President

3. Date of Earliest Transaction (Month/Day/Year)
05/23/2016

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	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	05/23/2016		M		2,084(1)	A(2)	$0	21,190(3)	D
Common Stock	05/23/2016		F		1,075(4)	D	$26.16	20,115	D
Common Stock	05/23/2016		M		6,824(5)	A(6)	$0	26,939	D
Common Stock	05/23/2016		F		3,520(7)	D	$26.16	23,419	D
Common Stock	05/23/2016		M		11,064(8)	A(9)	$0	34,483	D
Common Stock	05/23/2016		F		5,706(10)	D	$26.16	28,777	D
Common Stock	05/23/2016		M		7,310(11)	A(12)	$0	36,087	D
Common Stock	05/23/2016		F		3,770(13)	D	$26.16	32,317	D

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 (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	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 (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (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: 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
Restricted Stock Units	(14)	05/23/2016		M			2,084	(15)	(15)	Common Stock	2,084	$0	0	D
Restricted Stock Units	(14)	05/23/2016		M			6,824	(16)	(16)	Common Stock	6,824	$0	6,824	D
Restricted Stock Units	(14)	05/23/2016		M			11,064	(17)	(17)	Common Stock	11,064	$0	22,128	D
Restricted Stock Units	(14)	05/23/2016		M			7,310	(18)	(18)	Common Stock	7,310	$0	21,926	D
Restricted Stock Units	(14)	05/23/2016		A		38,227		(19)	(19)	Common Stock	38,227	$0	38,227	D

Explanation of Responses:

1. As a result of AmTrust Financial Services, Inc.'s two-for-one stock split, 1,042 restricted stock units granted to the reporting person on May 23, 2012 that had not yet vested on February 2, 2016 became 2,084 restricted stock units.

2. Acquisition of common stock resulting from the vesting of one-fourth of the restricted stock units granted to Mr. Karkowsky on May 23, 2012.

3. On February 2, 2016, the common stock of AmTrust Financial Services, Inc. split two-for-one, resulting in the reporting person's ownership of 9,553 additional shares of common stock.

4. Disposition of common stock resulting from the withholding of securities for the payment of tax liability relating to the vesting of one-fourth of the restricted stock units granted to Mr. Karkowsky on May 23, 2012.

5. As a result of AmTrust Financial Services, Inc.'s two-for-one stock split, 6,824 restricted stock units granted to the reporting person on May 23, 2013 that had not yet vested on February 2, 2016 became 13,648 restricted stock units.

6. Acquisition of common stock resulting from the vesting of one-fourth of the restricted stock units granted to Mr. Karkowsky on May 23, 2013.

7. Disposition of common stock resulting from the withholding of securities for the payment of tax liability relating to the vesting of one-fourth of the restricted stock units granted to Mr. Karkowsky on May 23, 2013.

8. As a result of AmTrust Financial Services, Inc.'s two-for-one stock split, 16,596 restricted stock units granted to the reporting person on May 23, 2014 that had not yet vested on February 2, 2016 became 33,192 restricted stock units.

9. Acquisition of common stock resulting from the vesting of one-fourth of the restricted stock units granted to Mr. Karkowsky on May 23, 2014.

10. Disposition of common stock resulting from the withholding of securities for the payment of tax liability relating to the vesting of one-fourth of the restricted stock units granted to Mr. Karkowsky on May 23, 2014.

11. As a result of AmTrust Financial Services, Inc.'s two-for-one stock split, 14,618 restricted stock units granted to the reporting person on May 23, 2015 that had not yet vested on February 2, 2016 became 29,236 restricted stock units.

12. Acquisition of common stock resulting from the vesting of one-fourth of the restricted stock units granted to Mr. Karkowsky on May 23, 2015.

13. Disposition of common stock resulting from the withholding of securities for the payment of tax liability relating to the vesting of one-fourth of the restricted stock units granted to Mr. Karkowsky on May 23, 2015.

14. Each restricted stock unit represents a contingent right to receive one share of AmTrust Financial Services, Inc.'s common stock.

15. On May 23, 2012, Mr. Karkowsky received restricted stock units subject to a four-year vesting schedule, vesting 25% on the first, second, third and fourth anniversaries of the grant date. As restricted stock units vest, the vested units are automatically converted to vested common stock on a one-for-one basis on the vesting date.

16. On May 23, 2013, Mr. Karkowsky received restricted stock units subject to a four-year vesting schedule, vesting 25% on the first, second, third and fourth anniversaries of the grant date. As restricted stock units vest, the vested units are automatically converted to vested common stock on a one-for-one basis on the vesting date.

17. On May 23, 2014, Mr. Karkowsky received restricted stock units subject to a four-year vesting schedule, vesting 25% on the first, second, third and fourth anniversaries of the grant date. As restricted stock units vest, the vested units are automatically converted to vested common stock on a one-for-one basis on the vesting date.

18. On May 23, 2015, Mr. Karkowsky received restricted stock units subject to a four-year vesting schedule, vesting 25% on the first, second, third and fourth anniversaries of the grant date. As restricted stock units vest, the vested units are automatically converted to vested common stock on a one-for-one basis on the vesting date.

19. On May 23, 2016, Mr. Karkowsky received restricted stock units subject to a four-year vesting schedule, vesting 25% on the first, second, third and fourth anniversaries of the grant date. As restricted stock units vest, the vested units are automatically converted to vested common stock on a one-for-one basis on the vesting date.

Remarks:

	/s/ Adam Karkowsky	05/25/2016
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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