Company: BWFG
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001505732-25-000079
Chunk: 18

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 18
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, and local knowledge. While education and skills are important factors, we also consider how candidates will contribute to the overall balance of our Board of Directors, so that we will benefit from directors with different perspectives, varying view points and wide-ranging backgrounds and experiences.

With respect to re-nominations of sitting directors, the Governance and Nominating Committee and our Board of Directors considers individual performance as a director and any material changes in the director’s professional or job status, or community involvement. The Governance and Nominating Committee is also guided in this effort by an annual assessment of our directors.

#### Director Independence
Under the rules of the Nasdaq Stock Market, independent directors must comprise a majority of our Board of Directors. The rules of the Nasdaq Stock Market, as well as those of the SEC, also impose several other requirements

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with respect to the independence of our directors. Our Board of Directors has determined that all of our directors, except Mr. Gruseke, are independent for purposes of the Nasdaq Stock Market rules with respect to board of director composition. Shareholders wishing to communicate directly with the independent members of the Board of Directors may send correspondence to Bankwell Financial Group, Inc., Attn.: Mr. Blake S. Drexler, 258 Elm Street, New Canaan, Connecticut 06840.

#### Board Leadership
Our Board of Directors has appointed Mr. Drexler, a non-management director, as Chairman of the Board. Since 2015, the position of the Chairman of our Board of Directors has been held by a non-management director. The Board of Directors believes that separating the roles of Chairman and Chief Executive Officer is preferable and in the best interests of shareholders because it gives our independent directors a significant role in board direction and agenda setting and enhances the Board of Directors’ ability to fulfill its oversight responsibilities, including of senior management. Separating the positions also provides an independent viewpoint and focus during board meetings, and ensures that Mr. Gruseke, as Chief Executive Officer, will be able to solely focus on running our operations. We believe this structure provides strong leadership for the Board of Directors, while also positioning the Chief Executive Officer as the leader of the Company in the eyes of our clients, employees and shareholders.

#### Diversity
The chart below reflects the diversity of our Board of Directors based on the self-identified characteristics of our director nominees. The table conforms to the disclosure required by Nasdaq’s listing rules adopted and approved in August 2021, which were ruled