Company: BWFG
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001505732-25-000079
Chunk: 39

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 39
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 reflect the fact that it may be difficult for the employee to find comparable employment within a short period of time. Therefore, the employment agreements with Messrs. Gruseke

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and McNeill and Ms. Chivily provide for severance benefits in the event of the executive’s involuntary termination of employment without cause or termination of employment by the executive for “Good Reason” (as defined in the agreements) and provide increased benefits in the case of termination in connection with a Change in Control (as defined in the agreements). In the event of a qualified termination, we also provide COBRA reimbursement based on the difference between active participant cost and COBRA cost for between one and two years, and, in the event of a Change in Control, immediately vest all equity compensation of the executive. In addition, terminated executives would be entitled to receive any benefits that they otherwise would have been entitled to receive under our 401(k) plan. Certain payments may be delayed for six months following termination to the extent necessary to comply with Section 409A of the Internal Revenue Code.

Severance Benefits absent a Change in Control.

Mr. Gruseke’s agreement provides for severance in the event of termination of his employment by the Company without cause or by Mr. Gruseke for “Good Reason.” Such severance is equal to the sum of (i) two times the sum of his then current base salary and annual bonus and any other cash compensation earned for the calendar year prior to the calendar year in which the termination occurs; and (ii) the value of equity awards that are forfeited as a result of such termination. In addition, he would be entitled to receive a pro rata annual bonus that he would have earned for the year in which the termination occurs, based upon achievement of applicable performance goals for such year, payable when annual bonuses are paid to the Company’s similarly situated executives.

The agreements with both Mr. McNeill and Ms. Chivily entitle the executive to severance in the event of termination of the executive’s employment by the Company without cause or by the executive for “Good Reason” (including failure to extend the term) equal to (i) one times the executive’s then current base salary plus (ii) a pro rated target bonus for the year of termination.

Severance Benefits in Connection with a Change in Control.

All of the Change in Control benefits are “double trigger” and require termination of employment in connection with a Change in Control. Accordingly, no