Company: BWFG
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001505732-25-000079
Chunk: 33

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 33
---
'>19</div>

It is important to note that this market data is not the sole determinant in setting pay levels for our executive officers. The Compensation Committee also considers corporate and individual performance and the nature of an individual’s role with the Company, as well as the individual’s experience and contributions to their current role when making its compensation-related decisions.

#### 2024 EXECUTIVE COMPENSATION PROGRAM

#### Base Salary
Base salary represents annual fixed compensation and is a standard element of compensation necessary to attract and retain executive leadership talent. In making base salary decisions, the Compensation Committee considers the Chief Executive Officer’s recommendations, as well as each NEO’s position and level of responsibility within the Company. The Compensation Committee considers factors such as relevant market data as well as individual performance, experience and contributions. The Compensation Committee approved annual base salary rates for 2024 as follows:

| Name                   |     | 2023 Base Salary ($) |     | 2024Base Salary ($) |     | % Change |
| Christopher R. Gruseke |     |              630,000 |     |             630,000 |     | 0%       |
| Matthew McNeill        |     |              450,000 |     |             450,000 |     | 0%       |
| Christine A. Chivily   |     |              320,000 |     |             320,000 |     | 0%       |

#### Executive Cash Bonus Program
The Company’s executive bonus program, which is administered by the Compensation Committee, is designed to provide cash compensation to our executive management for achieving the Company’s annual financial goals and strategic initiatives. Actual award payouts depend on the Compensation Committee’s assessment of achievement of financial, operating and individual performance goals and can range from 0% to 200% of the target award opportunity. Target award opportunities, which are set forth in each executive’s employment agreement, are expressed as a percentage of base salary as follows:

| Name                   |     | 2024 Base Salary ($) |     | Target Award Opportunity (as a % of Base Salary) |     | Target Award Opportunity ($) |
| Christopher R. Gruseke |     |              630,000 |     | 45%                                              |     |                      283,500 |
| Matthew McNeill        |     |              450,000 |     | 40%                                              |     |                      180,000 |
| Christine A. Chivily   |     |              320,000 |     |