Company: BWFG
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001505732-25-000079
Chunk: 36

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 36
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     | Target Value ($) |     | Service-Vesting Restricted Stock 
                    (

# of Shares) |     | Performance-Vesting Restricted Stock                    (# of Shares) |
| Christopher R. Gruseke |     |          337,392 |     |                            6,852 |     |                                                                 6,852 |
| Matthew McNeill        |     |          265,108 |     |                            5,384 |     |                                                                 5,384 |
| Christine A. Chivily   |     |          120,490 |     |                            2,447 |     |                                                                 2,447 |

Restricted stock awards are intended to provide the NEOs with a direct ownership interest in the Company during the vesting period and also support the Company’s leadership retention objectives. Awards which vest based on service 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. For performance-based awards granted prior to 2024, each 1/3 may vest within a minimum of 0% to a maximum of 200% of the original number of shares in the tranche. For performance-based awards granted in 2024 and subsequently, 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 determines 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. Target award amounts for restricted stock awards set forth in the above table were determined based on the closing price of our common stock on the date of the grant on February 7, 2024, which was $24.62. More information about equity awards made during 2024 is set forth in the “Outstanding Equity Awards at 2023 Fiscal Year End” Table that follows.

As noted, prior year equity grants vest in three annual installments, with the vesting percentage of performance-vesting restricted stock determined on an annual basis. The table below details target and actual performance-vesting restricted stock grants prior years that vested in 2024 based on the Compensation Committee’s assessment of the Company’s performance in 2023 against financial performance measures determined by the Compensation Committee in its discretion