Company: BWFG
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001505732-25-000079
Chunk: 29

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 29
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 Based on our performance and consistent with the design of our program, the Compensation Committee made the following executive compensation decisions for fiscal 2024:

• Base Salaries. For 2024 , the Compensation Committee approved no merit-based salary increases for Mr. Gruseke, Mr. McNeill, or Ms. Chivily.

• Annual Cash Bonus. Based on the Company’s performance in 2024 as measured against our strategic and financial goals for the year, the Compensation Committee granted bonuses to Mr. McNeill and Ms. Chivily as detailed in the Summary Compensation Table.

• Long-Term Equity Incentives . In 2024 , the Compensation Committee approved restricted stock awards to the NEOs based on the Compensation Committee’s assessment of the Company’s 2023 financial performance, competitive positioning and individual performance. Half of the awards vest in 1/3 increments on each of the first three anniversaries of the date of grant. The remaining 50% of the awards are performance-based awards. Each year following the performance-based grant, 1/3 of these shares are eligible to vest. Each 1/3 may vest within a minimum of 0% to a maximum of 150% of the original number of shares in the tranche. The Compensation Committee will determine the percentage of these awards that will vest based on an assessment of the Company’s performance against financial performance measures determined by the Compensation Committee in its discretion as compared to the Company’s peer group.

During 2023 and 2024, the Compensation Committee, in conjunction with Pearl Meyer & Partners, LLC, the Company’s independent compensation consultant, conducted an extensive review of compensation practices with respect to executive pay. In 2024, the Compensation Committee adopted a more formulaic approach to vesting performance-based equity incentive awards based upon specific performance metrics as compared to the Company’s peer group. In addition, the Compensation Committee has implemented a more formulaic approach for post-2024 incentive cash awards based on specific performance metrics measured against the Company’s internal budgets.

#### Best Compensation Practices & Policies
We believe the following practices and policies within our program promote sound compensation governance and are in the best interests of our shareholders and executives:

| What We Do |     |                                                                                       |     | What We Don’t Do |     |                                                                             |
| ü          |     | Emphasize variable pay over fixed pay, with a significant portion tied to performance |     | ü                |     | No tax gross ups                                                            |
| ü          |     | Provide for “