Company: BWFG
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001505732-25-000079
Chunk: 35

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 35
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283,500 |     | 0%                                    |     |                0 |
| Matthew McNeill        |     | 40%                                              |     |                      180,000 |     | 50%                                   |     |           90,000 |
| Christine A. Chivily   |     | 30%                                              |     |                       96,000 |     | 50%                                   |     |           48,000 |

#### Long-Term Equity Incentive Plan
In 2022, our Board of Directors unanimously adopted, and shareholders approved, the 2022 Bankwell Financial Group, Inc. Stock Plan (the “2022 Plan”). The 2022 Plan replaced the 2012 Stock Plan (the “2012 Plan”), which expired on September 19, 2022. No further awards may be issued under the 2012 Plan, but all awards under the 2012 Plan that are outstanding will continue to be governed by the terms, conditions and procedures set forth in the 2012 Plan and any applicable award agreement.

The 2022 Plan is designed to promote the long-term growth and profitability of the Company, attract and retain individuals of outstanding competence, and provide participants with incentives that are closely linked to the interests of all Company shareholders. The stock-based awards granted under the 2022 Plan align the interests of executives with those of shareholders. When the Company performs well, executives are rewarded along with other shareholders. We also believe that stock-based awards are of great value in recruiting and retaining highly qualified personnel who are in great demand.

Annual long-term equity awards reflect the executive’s position with the Company and his or her contribution to the Company. The Compensation Committee generally grants equity awards in the first quarter of each year in recognition of prior year performance (which coincides with base salary adjustments and incentive bonus awards), but may grant awards at any time, including in connection with an individual’s initial employment with the Company, a subsequent promotion or in recognition of specific achievements. The Target Equity Award is based on a percentage of the executive’s base salary, which, in the case of Messrs. Gruseke and McNeill is set forth in each executive’s employment agreement.

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In February of 2024, the Compensation Committee approved restricted stock grants to the NEOs, based on 2023 performance, half of which vest based on service and half of which vest based on the achievement of the performance goals, as follows:

| Name                   |