Company: BWFG
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001505732-25-000079
Chunk: 44

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 44
---
 |              |     |        834 |     |     25,979 |     |                                                                                                 834 |     |                                                                                                              25,979 |
|                           |     | 1/25/2023 |     |              |     |      1,530 |     |     47,660 |     |                                                                                               1,529 |     |                                                                                                              47,628 |
|                           |     | 2/7/2024  |     |              |     |      2,447 |     |     76,224 |     |                                                                                               2,447 |     |                                                                                                              76,224 |

(1) Reflects unvested service-based vesting shares (“time-based shares”). All time-based shares vest in three substantially equal annual installments commencing on the initial vesting date.

(2) The closing price market value per share on December 31, 2024 was $31.15 per share.

(3) Reflects performance-based vesting shares ("performance shares"). With respect to performance shares, 1/3 of each grant is eligible to vest each year in the applicable three-year perfo rmance period of each such tranche at between 0% to 200% for grants made prior to 2024 and between 0% to 150% for 2024 grants, in each case as determined by the Compensation Committee’s assessment of Company performance against key benchmarks selected by the Compensation Committee.

(4) Assumes target payouts for all performance shares.

<div align='center'>28</div>

(5) Mr. Gruseke was awarded the following restricted stock grants:

| Grant     
 Date      |     | Grant Date Per Share Value |     | Time-Based Shares |     | Performance Shares |     | Time-Based Initial Vesting Date |
| 1/13/2022 |     |                     $34.29 |     |             6,167 |     |              6,166 |     | 2/7/2023                        |
| 1/25/2023 |     |                     $30.07 |     |             7,772 |     |              7,771 |     | 2/7/2024                        |
| 2/7/2024  |     |                     $24.62 |     |             6,852 |     |              6,852 |     | 2/7/2025                        |

(6) Mr.