Exhibit 10.1


 


Christopher R. Gruseke Employment Agreement


 


This Employment Agreement (the “Agreement”)
is made and entered into as of June 1, 2016, by and among Christopher Gruseke (the “Executive”) on the one side,
and Bankwell Financial Group, Inc. a Connecticut bank holding company (the “Company”) and its wholly-owned bank
subsidiary, Bankwell Bank (the “Bank”). Unless a distinction is appropriate, the term “Company” in this
Agreement shall include the Bank.


 


WHEREAS, the Executive presently serves as President
and Chief Executive Officer of the Company and Chief Executive Officer of the Bank, pursuant to an Employment Agreement dated February
25, 2015 (the “Old Agreement”).


 


WHEREAS, the Company and Executive wish to replace
the Old Agreement with this Agreement, providing modified terms. This Agreement shall replace and supersede the Old Agreement in
its entirety; and


 


WHEREAS, the Executive desires to be employed
by the Company on such terms and conditions and the Company desires to employ Executive on such terms and conditions.


 


NOW, THEREFORE, in consideration of the mutual
covenants, promises and obligations set forth herein, the parties agree as follows:


 


1.           Term.
The Bank and the Company hereby agree to continue to employ the Executive to serve as the Chief Executive Officer of the Bank and
the Company.  The Executive hereby accepts said employment and agrees to render such administrative and management services
to the Bank and the Company as set forth herein. The Executive’s employment hereunder shall be effective as of the date first written
above (the “Effective Date”) and shall continue until January 5, 2019, unless terminated earlier pursuant to Section
5 of this Agreement or extended in accordance with this Section.


 


Commencing on January 5, 2017, and continuing
on each anniversary thereof, the term of this Agreement shall be extended for one year until such time as the disinterested members
of the Board of Directors of the Company (the “Board”) or the Executive elects not to extend the term of the Agreement
by giving written notice to the other party at least ninety (90) days in advance of January 5, 2017, or any anniversary thereof,
as applicable.


 


The Board will review the Agreement and Executive’s
performance annually for purposes of determining whether to extend the Agreement and the rationale and results thereof shall be
included in the minutes of the Board’s meeting. The Board shall give notice to the Executive as soon as practicable after such
review as to whether the Agreement is to be extended. The period during which the Executive is employed by the Company hereunder
is hereinafter referred to as the “Employment Term.” The Board shall conduct periodic reviews of the Executive’s
performance at least annually and prior to the 90-day written notice which is required to be provided to the Executive of non-renewal
and may increase, but not decrease, the Executive’s salary, benefits and other compensation hereunder.


 




    	 	 	 



     

    

 


2.            Position
and Duties.


 


2.1.         Position.
During the Employment Term the Executive shall serve as President and Chief Executive Officer of the Company and the Bank and shall
report to the Board of Directors of the Company and the Bank. In such positions, the Executive shall have such duties, authority
and responsibility as shall be determined from time to time by the Board of Directors of the Company and the Bank, which duties,
authority and responsibility are consistent with the Executive’s position. The Executive shall be nominated to serve on the Board
of Directors of the Company during the Employment Term and shall be appointed to and shall serve on the Board of Directors of the
Bank, in all cases in an uncompensated capacity. In addition, if requested, the Executive will also serve as an officer or director
of any other affiliate of the Company for no additional compensation.


 


2.2.         Duties.
During the Employment Term, the Executive shall devote substantially all of his business time and attention (other than during
weekends, holidays, vacation periods, and periods of illness or leaves of absence) to the performance of the Executive’s duties
hereunder and will not engage in any other business, profession or occupation for compensation or otherwise which would conflict
or interfere with the performance of such services either directly or indirectly without the prior written consent of the Board.
Notwithstanding the foregoing, the Executive will be permitted to:


 


(a)          with
the prior written consent of the Company’s Chairman of the Compensation Committee, act or serve as a director, trustee, committee
member or advisor of any type of business, civic or charitable organization, and


 


(b)          purchase
or own less than five percent (5%) of the securities or ownership interests of any corporation, partnership or limited liability
company; provided that, such ownership represents a passive investment and that the Executive is not a controlling person of, or
a member of a group that controls, such corporation, partnership or limited liability company; provided further that, the activities
described in clauses (a) and (b) do not interfere with the performance of the Executive’s duties and responsibilities to the Company
as provided hereunder.


 


3.            Place
of Performance. The principal place of the Executive’s employment shall be the Company’s executive office currently located
in New Canaan, Connecticut; provided that, the Executive will be required to travel on Company business during the Employment Term.
The Company shall provide the executive at his principal place of employment with a private office, secretarial services and other
support services and facilities suitable to his positions with the Company and the Bank and necessary or appropriate in connection
with the performance of his assigned duties under this Agreement.


 


4.            Compensation.


 


4.1.         Base
Salary. The Company shall pay the Executive an annual rate of base salary of $550,000 (effective June 1, 2016) in periodic
instalments in accordance with the Company’s customary payroll practices, but no less frequently than monthly. The Executive’s
annual base salary may be increased from time to time by the Board of Directors or a committee thereof, but may not be decreased
without the Executive’s written consent. The Executive’s annual base salary, as in effect from time to time, is hereinafter referred
to as “Base Salary”.


 


4.2.         Annual
Bonus.  The Executive will be included in the Company’s Executive Incentive Plan (“EIP”) for the years
2016 and beyond (the “Annual Bonus”). The EIP currently


 




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has a target opportunity of 40% of base salary
for the CEO. The Compensation Committee will determine the final form of the EIP and awards under it, but currently expects to
review the EIP for appropriate revisions with consideration given, as applicable, to asset growth, successful capital management,
merger and acquisition accomplishments and the like. The target and maximum incentive opportunities for the Executive and others
in the EIP will be reviewed and adjusted based on consultant recommendations, input from the Executive and final review and determination
by the Compensation Committee.


 


4.3.         Fringe
Benefits and Perquisites. During the Employment Term, the Executive shall be entitled to fringe benefits and perquisites consistent
with the practices of the Company, and to the extent the Company provides similar benefits or perquisites (or both) to similarly
situated executives of the Company.


 


4.4.         Employee
Benefits. During the Employment Term, the Executive shall be entitled to participate in all employee benefit plans, practices
and programs maintained by the Company, as in effect from time to time (collectively, “Employee Benefit Plans”),
on a basis which is no less favorable than is provided to other similarly situated executives of the Company, to the extent consistent
with applicable law and the terms of the applicable Employee Benefit Plans. The Company reserves the right to amend or cancel any
Employee Benefit Plan at any time in its sole discretion, subject to the terms of such Employee Benefit Plan and applicable law.


 


4.5.         Vacation.
During the Employment Term, the Executive shall be entitled to twenty (20) paid vacation days per calendar year (pro-rated for
partial years) in accordance with the Company’s vacation policies, as in effect from time to time.


 


4.6.         Business
Expenses. The Executive shall be entitled to reimbursement for all reasonable and necessary out-of-pocket business, entertainment
and travel expenses incurred by the Executive in connection with the performance of the Executive’s duties hereunder in accordance
with an expense reimbursement policy and procedures approved by the Compensation Committee and the Chief Financial Officer.


 


4.7.         Indemnification.


 


(a)          In
the event that the Executive is made a party or threatened to be made a party to any action, suit, or proceeding, whether civil,
criminal, administrative or investigative (a “Proceeding”), other than any Proceeding initiated by the Executive
or the Company related to any contest or dispute between the Executive and the Company or any of its affiliates with respect to
this Agreement or the Executive’s employment hereunder, by reason of the fact that the Executive is or was a director or officer
of the Company, or any affiliate of the Company, or is or was serving at the request of the Company as a director, officer, member,
employee or agent of another corporation or a partnership, joint venture, trust or other enterprise, the Executive shall be indemnified
and held harmless by the Company to the fullest extent permitted by applicable law from and against any liabilities, costs, claims
and expenses, including all costs and expenses incurred in defense of any Proceeding (including attorneys’ fees).


 


(b)          During
the Employment Term and for a period of six (6) years thereafter, the Company or any successor to the Company shall purchase and
maintain, at its own expense, directors’ and officers’ liability insurance providing coverage to the Executive on terms that are
no less favorable than the coverage provided to other directors and senior officers of the Company.


 




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4.8.         Clawback
Provisions. Notwithstanding any other provision in this Agreement to the contrary, any incentive-based compensation, or any
other compensation, paid to the Executive pursuant to this Agreement or any other agreement or arrangement with the Company which
is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such deductions
and clawback as shall be required to be made pursuant to such law, government regulation or stock exchange listing requirement
(or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement).


 


4.9.         Required
Regulatory Provisions. Notwithstanding anything herein contained to the contrary, any payments to the Executive by the Company,
whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the
Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359.


 


5.            Termination
of Employment. Upon termination of the Executive’s employment during the Employment Term, the Executive shall be entitled to
the compensation and benefits described in this Section 5 and shall have no further rights pursuant to this Agreement to
any compensation or any other benefits from the Company, the Bank or any of their affiliates.


 


5.1.         Expiration
of the Term, Termination for Cause or Without Good Reason.


 


(a)          The
Executive’s employment hereunder may be terminated upon the expiration of the Employment Term without extension or during the Employment
Term by the Company for Cause or by the Executive without Good Reason. If the Executive’s employment is so terminated, the Executive
shall be entitled to receive:


 


		(i)	any accrued but unpaid Base Salary and accrued but unused
vacation pay which shall be paid on the pay date immediately following the Termination Date (as defined in Section 5.6
below) in accordance with the Company’s customary payroll procedures;



 


		(ii)	any earned but unpaid Annual Bonus with respect to any
completed calendar year immediately preceding the Termination Date, which shall be paid on the otherwise applicable payment date,
except to the extent payment is otherwise deferred pursuant to any applicable deferred compensation arrangement;



 


		(iii)	reimbursement for unreimbursed business expenses properly
incurred by the Executive, which shall be subject to and paid in accordance with the Company’s expense reimbursement policy;
and



 


		(iv)	such employee benefits (including equity compensation),
if any, as to which the Executive may be entitled under the Company’s employee benefit plans or Equity Awards as of the
Termination Date.



 


Items 5.1(a)(i) through 5.1(a)(iv) are referred to herein collectively
as the “Accrued Amounts”.


 




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(b)          For
purposes of this Agreement, “Cause” shall mean:1


 


		(i)	the Executive’s conviction of any crime involving
fraud, embezzlement, theft or dishonesty, moral turpitude or any similar issue that in the reasonable opinion of the Board of
Directors of the Company would materially and negatively impact the reputation of the Company, the Bank or any of their affiliates
or the Executive’s ability to perform his duties;



 


		(ii)	serious willful misconduct by the Executive, including
a material violation of a material provision of the Company’s Code of Conduct or the Executive’s material personal
dishonesty in connection with the business or customers of the Company or the material breach of fiduciary duty to the Company,
the Bank or their customers for personal profit;



 


		(iii)	any material breach by the Executive of any material provision
of this Agreement;



 


		(iv)	any willful failure by the Executive to follow a reasonable
and lawful directive of the Boards of Directors of the Company as described in Section 2.1(b) above, other than any failure resulting
from the Executive’s incapacity due to physical or mental injury or illness;



 


		(v)	any willful failure to keep confidential material information
of the Company, Bank or their affiliates confidential (except as necessary to the performance of his duties in his reasonable
discretion);



 


		(vi)	the Executive’s arrest for any crime involving fraud,
embezzlement, theft or dishonesty that in the sole opinion of two-thirds or more of the full membership of the Board of Directors
of the Company excluding the Executive has caused a material negative impact the reputation of the Company or the Bank or prevents
the Executive from substantially performing his duties hereunder; or



 


		(vii)	if the regulatory authorities of the Company or the Bank
issue an order removing the Executive from his positions at the Company or the Bank, or if such regulatory authorities inform
the Board of Directors that the continuation of the Executive in his officer positions at the Company or the Bank would constitute
an unsafe and unsound banking practice.



 


The Company cannot terminate the Executive’s
employment for Cause unless it has provided written notice to the Executive of the existence of the circumstances providing grounds
for termination for Cause and the Executive has had thirty (30) days from the date on which such notice is provided to cure such
circumstances, if such grounds are curable (e.g., conviction is not curable). If the Executive remedies the


 


 



1
The definition of “Cause”  “ in Section 2.1 of the 2012 Bankwell Financial Group, Inc. Stock Plan will be
changed to conform to the above definition.


 




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condition within such thirty (30) day
cure period, then no Cause shall be deemed to exist with respect to such condition. If the Executive does not remedy the curable
condition within such thirty (30) day cure period, then the Company may deliver a notice of termination for Cause at any time following
the expiration of such cure period.


 


For purposes of this Agreement, no
act or failure to act on the part of the Executive shall be considered “willful” unless it is done, or omitted to be
done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests
of the Company and the Bank. Any act or failure to act based upon authority given pursuant to a resolution duly adopted by the
Board of Directors of the Company or the Bank or based upon the written advice of counsel for the Company or the Bank shall be
conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company
and the Bank.


 


The Executive’s termination of employment
shall not be deemed to be for Cause unless and until there shall have been delivered to the Executive a copy of a resolution duly
adopted by the affirmative vote of two-thirds or more of the Board of Directors of the Company called and held for such purpose
(after reasonable notice is provided to the Executive and the Executive is given an opportunity, together with counsel, to be heard
before the Board of Directors) finding that, in the good faith opinion of the Board of Directors, the Company has Cause to terminate
the Executive, and specifying the particulars thereof in detail. To the extent that the Board of Directors wishes to terminate
the Executive for Cause and the action or actions giving rise to Cause may be cured by the Executive, the Board of Directors will
provide the Executive a thirty (30) day period within which he may cure such action or actions.


 


In the event that the Executive is
terminated for Cause based on Section 5.1(b)(i) above and, after the case is fully adjudicated (including all appeals),
the Executive is subsequently found innocent of these charges on the merits of the case by any court of competent jurisdiction
or the appropriate administrative agency, then the Executive will be entitled to receive at that time the amounts payable due to
a termination without Cause. Such amounts will be paid no later than the end of the calendar year in which the Executive is fully
adjudicated to be innocent of the charges.


 


(c)          For
purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following, in each case during
the Employment Term without the Executive’s written consent:


 


		(i)	a material reduction in the Executive’s Base Salary;



 


		(ii)	a material reduction in the Executive’s target annual
incentive opportunity under any annual incentive compensation or incentive plan or program;



 


		(iii)	a relocation of the Executive’s principal place of
employment by more than fifty miles;



 


		(iv)	any material breach by the Company of any material provision
of this Agreement;



 




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		(v)	the Company’s failure to obtain an agreement from
any successor to the Company to assume and agree to perform this Agreement in the same manner and to the same extent that the
Company would be required to perform if no succession had taken place, except where such assumption occurs by operation of law;



 


		(vi)	a material, adverse change in the Executive’s title,
authority, duties or responsibilities (other than temporarily while the Executive is physically or mentally incapacitated or as
required by applicable law);



 


		(vii)	the Company’s failure to nominate the Executive for
election to the Board of the Company and the Bank and to use its best efforts to have him elected and re-elected, as applicable;



 


		(viii)	a material adverse change in the reporting structure applicable
to the Executive, including any requirement that the Executive report to a corporate officer or employee of the Company or the
Bank instead of reporting directly to the Board of Directors of the Company and the Bank; or



 


		(ix)	a termination of this Agreement on account of the failure
of the Company to extend the Agreement in accordance with Section 1 hereof.



 


The Executive cannot terminate his employment for Good Reason unless
he has provided written notice to the Company of the existence of the circumstances providing grounds for termination for Good
Reason within thirty (30) days of the initial existence of such grounds and the Company has had thirty (30) days from the date
on which such notice is provided to cure such circumstances. If the Company remedies the condition within such thirty (30) day
cure period, then no Good Reason shall be deemed to exist with respect to such condition. If the Company does not remedy the condition
within such thirty (30) day cure period, then the Executive may deliver a notice of termination for Good Reason at any time within
sixty (60) days following the expiration of such cure period. If the Executive does not terminate his employment for Good Reason
within sixty (60) days following the expiration of the cure period, then the Executive will be deemed to have waived his right
to terminate for Good Reason with respect to such grounds.


 


5.2.         Without
Cause or for Good Reason. The Employment Term and the Executive’s employment hereunder may be terminated by the Executive for
Good Reason or by the Company without Cause. In the event of such termination (unless Section 5.4 below is applicable), the Executive
shall be entitled to receive the Accrued Amounts and, subject to the Executive’s compliance with Section 6, Section 7
and Section 8 of this Agreement and his execution of a mutually agreeable release of claims in favor of the Company, the
Bank and their affiliates and their respective officers and directors (a “Release”) and such Release becoming
effective as provided therein (“Release Execution Period”), the Executive shall be entitled to receive the following:


 


(a)          A
lump sum payment equal to the sum of: (i) two times the sum of the Executive’s then current Base Salary and the Annual Bonus and
any other cash compensation earned for the calendar year prior to the calendar year in which the Termination Date occurs; and (ii)
the value of any shares of restricted stock, stock options or other awards issued to Executive


 




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under the 2012 Bankwell Financial Group, Inc.
Stock Plan or any successor plan that are forfeited as a result of such termination. The payment shall be made sixty (60) business
days following the termination of Executive’s employment with the Company provided the Release shall have become effective prior
to that date.


 


(b)          If
the Executive timely and properly elects continuation coverage under the Consolidated Omnibus Reconciliation Act of 1985 (“COBRA”),
the Company shall reimburse the Executive for the difference between the monthly COBRA premium paid by the Executive for himself
and his dependents and the monthly premium amount paid by similarly situated active executives. Such reimbursement shall be paid
to the Executive on or before the fifteenth (15th) day of the month immediately following the month in which the Executive
timely remits the premium payment. The Executive shall be eligible to receive such reimbursement until the earliest of:


 


		(i)	the second year anniversary of the Termination Date;



 


		(ii)	the date the Executive is no longer eligible to receive
COBRA continuation coverage; and



 


		(iii)	the date on which the Executive receives/becomes eligible
to receive substantially similar coverage from another employer.



 


Notwithstanding the foregoing, the Company is
not required to pay any amounts pursuant to this Section 5.2(b) if the Company determines, in its sole discretion, that the reimbursement
would result in a violation of the nondiscrimination rules of section 105(h)(2) of the Internal Revenue Code of 1986 (the “Code”)
or any statute or regulation of similar effect (including, but not limited to, the 2010 Patient Protection and Affordable Care
Act, as amended by the 2010 Health Care and Education Reconciliation Act).


 


(c)          A
lump sum payment equal to the pro-rata Annual Bonus, if any, that the Executive would have earned for the EIP year in which the
Termination Date occurs based on the achievement of applicable performance goals for such year, which shall be payable on the date
that annual bonuses are paid to the Company’s similarly situated executives, but in no event later than two-and-a-half (2 1/2)
months following the end of the calendar year in which the Termination Date occurs.


 


5.3.         Death
or Disability.


 


(a)          The
Executive’s employment hereunder shall terminate automatically upon the Executive’s death during the Employment Term, and the Company
may terminate the Executive’s employment on account of the Executive’s Disability.


 


(b)          If
the Executive’s employment is terminated during the Employment Term on account of the Executive’s death or Disability, the Executive
(or the Executive’s estate and/or beneficiaries, as the case may be) shall be entitled to receive the following:


 


		(i)	the Accrued Amounts; and



 


		(ii)	a lump sum payment equal to the pro-rata Annual Bonus,
if any, that the Executive would have earned for the EIP year in which the Termination Date occurs based on the achievement of
applicable performance goals for such year, which shall be payable on the date that annual bonuses are paid to the Company’s
similarly



 




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situated executives, but in no event later
than two-and-a-half (2 1/2) months following the end of the calendar year in which the Termination Date occurs.


 


(c)          For
purposes of this Agreement, Disability shall mean that the Executive is entitled to receive long-term disability benefits under
the Company’s long-term disability plan, or if there is no such plan, the Executive’s inability, due to physical or mental incapacity,
to substantially perform his essential duties and responsibilities under this Agreement for ninety (90) days out of any three hundred
sixty-five (365) day period; provided however, in the event the Company temporarily replaces the Executive, or transfers the Executive’s
duties or responsibilities to another individual on account of the Executive’s inability to perform such duties due to a mental
or physical incapacity which is, or is reasonably expected to become, a Disability, then the Executive’s employment shall not be
deemed terminated by the Company and the Executive shall not be able to resign with Good Reason as a result thereof.


 


Any question as to the existence of the Executive’s
Disability as to which the Executive and the Company cannot agree shall be determined in writing by a qualified independent physician
mutually acceptable to the Executive and the Company. If the Executive and the Company cannot agree as to a qualified independent
physician, each shall appoint such a physician and those two physicians shall select a third who shall make such determination
in writing. The determination of Disability made in writing to the Company and the Executive shall be final and conclusive for
all purposes of this Agreement.


 


5.4.         Change
in Control Termination.


 


(a)          Notwithstanding
any other provision contained herein, if the Executive’s employment hereunder is terminated by the Executive for Good Reason or
by the Company without Cause (other than on account of the Executive’s death or Disability), in each case either concurrently with
or within twenty-four (24) months following a Change in Control, the Executive shall be entitled to receive the Accrued Amounts
and, subject to the Executive’s compliance with Section 6, Section 7 and Section 8 of this Agreement and his
execution of a Release which becomes effective as provided therein, for which the Company assigns significant value in agreeing
to this Section 5.4, the Executive shall be entitled to receive the following:


 


		(i)	A lump sum payment upon the effectiveness of the Release
equal to three (3) times his average annual compensation for services rendered that was includible in the Executive’s gross
income (partial years being annualized) for the immediately preceding five (5) taxable years (or such shorter period as the Executive
was employed). The payment shall be made sixty (60) business days following the termination of Executive’s employment with
the Company provided the Release shall have become effective prior to that date.



 


		(ii)	If the Executive timely and properly elects continuation
coverage under COBRA, the Company shall reimburse the Executive for the difference between the monthly COBRA premium paid by the
Executive for himself and his dependents and the monthly premium amount paid by similarly situated active executives. Such reimbursement
shall be paid to the Executive on the fifteenth (15th)



 




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day of the month immediately following
the month in which the Executive timely remits the premium payment. The Executive shall be eligible to receive such reimbursement
until the earliest of:


 


(x) the second year anniversary of the
Termination Date;


 


(y) the date the Executive is no longer
eligible to receive COBRA continuation coverage; and


 


(z) the date on which the Executive
receives/becomes eligible to receive substantially similar coverage from another employer.


 


(b)          The
term “Change in Control” shall mean the occurrence of any one or more of the following:2


 


		(i)	one person (or more than one person acting as a group)
acquires ownership of stock of the Company that, together with the stock held by such person or group, constitutes more than fifty
percent (50% of the total fair market value or total voting power of the stock of the Company; provided that, a Change in Control
shall not occur if any person (or more than one person acting as a group) owns more than fifty percent (50%) of the total fair
market value or total voting power of the Company’s stock and acquires additional stock;



 


		(ii)	one person (or more than one person acting as a group)
acquires (or has acquired during the twelve-month period ending on the date of the most recent acquisition) ownership of the Company’s
stock possessing thirty percent (30%) or more of the total voting power of the stock of the Company;



 


		(iii)	a majority of the members of the Board of Directors of
the Company are replaced during any twelve-month period by directors whose appointment or election is not endorsed by a majority
of the Board before the date of appointment or election; or



 


		(iv)	the sale of all or substantially all of the Company’s
assets defined as the acquisition of Company assets having a fair market value, without regard to liabilities of 40% or more of
the total gross fair market value of all of the assets of the Company immediately prior to such acquisition.



 


For purposes of this Agreement, the terms “person” and
“acting as a group” shall have the meanings specified in the Code and the regulations thereunder. In no event, however,
shall a Change in Control be deemed to have occurred as a result of any acquisition of securities or


 


 



2
The definition of “Change in Control” in Section 12.3 of the 2012 Bankwell Financial Group, Inc. Stock
Plan will be changed to reflect this language.


 




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assets of the Company, the Bank, or a subsidiary of either of them,
by the Company, the Bank, or any subsidiary of either of them, or by any employee benefit plan maintained by any of them.


 


5.5.         Notice
of Termination. Any termination of the Executive’s employment hereunder by the Company or by the Executive during the Employment
Term (other than termination pursuant to Section 5.3(a) on account of the Executive’s death) shall be communicated by a
written notice of termination (“Notice of Termination”) to the other party hereto in accordance with Section
22. The Notice of Termination shall specify:


 


(a)          the
termination provision of this Agreement relied upon;


 


(b)          to
the extent applicable, the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under
the provision so indicated; and


 


(c)          the
applicable Termination Date.


 


5.6.         Termination
Date. The Executive’s Termination Date shall be:


 


(a)          If
the Executive’s employment hereunder terminates on account of the Executive’s death, the date of the Executive’s death;


 


(b)          If
the Executive’s employment hereunder is terminated on account of the Executive’s Disability, the date that it is determined that
the Executive has a Disability;


 


(c)          If
the Company terminates the Executive’s employment hereunder for Cause, the date the Notice of Termination is delivered to the Executive;


 


(d)          If
the Company terminates the Executive’s employment hereunder without Cause, the date specified in the Notice of Termination, which
shall be no less than thirty (30) days following the date on which the Notice of Termination is delivered; or


 


(e)          If
the Executive terminates his employment hereunder with or without Good Reason, the date specified in the Executive’s Notice of
Termination, which shall be no less than thirty (30) days following the date on which the Notice of Termination is delivered.


 


Notwithstanding anything contained herein, the Termination Date
shall not occur until the date on which the Executive incurs a “separation from service” within the meaning of Section
409A.


 


5.7.         Mitigation.
In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts
payable to the Executive under any of the provisions of this Agreement and except as provided with respect to COBRA reimbursements,
any amounts payable pursuant to this Section 5 shall not be reduced by compensation the Executive earns on account of employment
with another employer.


 


5.8.         Resignation
of All Other Positions. Upon termination of the Executive’s employment hereunder for any reason, the Executive agrees to resign,
effective on the Termination Date and shall be deemed to have resigned from all positions that the Executive holds as an officer
or member of the board of directors (or a committee thereof) of the Company, the Bank or any of their affiliates.


 


5.9.         Section
280G.


 


(a)          If
any of the payments or benefits received or to be received by the Executive (including, without limitation, any payment or benefits
received in connection with a Change in Control or the Executive’s termination of employment, whether pursuant to the terms


 




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of this Agreement or any other plan, arrangement
or agreement, or otherwise) (all such payments collectively referred to herein as the “280G Payments”) constitute
“parachute payments” within the meaning of Section 280G of the Code and will be subject to the excise tax imposed under
Section 4999 of the Code (the “Excise Tax”), then the Executive shall be entitled to receive an additional payment
(the “Gross-Up Payment”) in an amount such that, after payment by the Executive of all taxes except for those
imposed by Section 409A(b)(5) of the Code, including, without limitation, any income taxes (and any interest and penalties imposed
with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment
equal to the Excise Tax imposed upon the Payments.


 


(b)          Notwithstanding
the foregoing provisions of Section 5.9(a), if it shall be determined that the Executive is entitled to the Gross-Up Payment under
Section 5.9(a), but that the total parachute payments do not exceed 3.3 times the Executive’s “base amount” within the
meaning of Code Section 280G(b)(3), then no Gross-Up Payment shall be made to the Executive and the amounts payable under this
Agreement shall be reduced so that the parachute payments, in the aggregate, equal 2.99 times the Executive’s “base amount”
within the meaning of Code Section 280G(b)(3). The reduction of the amounts payable hereunder, if applicable, shall be made by
reducing the cash severance reduced first and then any further reductions that may be required to be determined by Tax Counsel
(as defined below) in a manner that minimizes the impact to the Executive. Only amounts payable under this Agreement shall be reduced.


 


(c)          If
the Term of this Agreement is extended beyond December 31, 2019, and the Change in Control has not occurred by that date, Section
5.9(a) will no longer apply. In that case, if the 280G Payments constitute “parachute payments” within the
meaning of Section 280G of the Code and would, but for this Section 5.9, be subject to the excise tax imposed under Section
4999 of the Code (the “Excise Tax”), then such 280G Payments shall be reduced by the minimum amount required so
that no amount payable to the Executive will be subject to the Excise Tax (with the cash severance to be reduced first and with
any further reductions that may be required to be determined by Tax Counsel (as defined below) in a manner that minimizes the impact
to the Executive) OR at the Executive’s option, he can elect to receive the full amount of the 280G Payment and be subject
to and responsible for the payment of all taxes of any kind payable thereon, including the Excise Tax.


 


(d)          All
calculations and determinations under this Section 5.9 shall be made by an independent accounting firm or independent tax
counsel appointed by the Company (the “Tax Counsel”) whose determinations shall be conclusive and binding on the
Company and the Executive for all purposes. For purposes of making the calculations and determinations required by this Section
5.9, the Tax Counsel may rely on reasonable, good faith assumptions and approximations concerning the application of Section
280G and Section 4999 of the Code. The Company and the Executive shall furnish the Tax Counsel with such information and documents
as the Tax Counsel may reasonably request in order to make its determinations under this Section 5.9. The Company shall
bear all costs the Tax Counsel may reasonably incur in connection with its services.


 


(e)          The
Company’s obligations under this Section shall not be conditioned upon the Executive’s termination of employment. By way of example,
in the event of a Change in Control that does not result in Executive’s termination of employment or entitlement to severance benefits
under this Agreement, but which causes the accelerated vesting of any shares of restricted stock, stock options or other awards
issued to the Executive under the 2012 Bankwell Financial Group, Inc. Stock Plan or any successor plan giving rise to an Excise
Tax,


 




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the Company’s obligations under this Section shall
apply with respect to such accelerated vesting.


 


6.            Cooperation.
The parties agree that certain matters in which the Executive will be involved during the Employment Term may necessitate the Executive’s
cooperation in the future. Accordingly, following the termination of the Executive’s employment for any reason, to the extent reasonably
requested by the Board, the Executive shall cooperate with the Company in connection with matters arising out of the Executive’s
service to the Company; provided that, the Company shall make reasonable efforts to minimize disruption of the Executive’s other
activities. The Company shall reimburse the Executive for reasonable expenses incurred in connection with such cooperation, including
reasonable attorney’s fees, and compensate the Executive at an hourly rate based on the Executive’s Base Salary on the Termination
Date.


 


7.            Confidential
Information. The Executive understands and acknowledges that during the Employment Term, he will have access to and learn about
Confidential Information, as defined below.


 


7.1.         Confidential
Information Defined.


 


(a)          Definition.


 


For purposes of this Agreement, “Confidential
Information” includes, but is not limited to, all information not generally available and known to the public, in spoken,
printed, electronic or any other form or medium, relating directly or indirectly to the Company, the Bank or their affiliates,
or of any other person or entity that has entrusted information to the Company in confidence.


 


The Executive understands and agrees that Confidential
Information includes information developed by him in the course of his employment by the Company as if the Company furnished the
same Confidential Information to the Executive in the first instance. Confidential Information shall not include information that
is generally available to and known by the public at the time of disclosure to the Executive or later; provided that, such disclosure
is through no direct or indirect fault of the Executive or person(s) acting on the Executive’s behalf.


 


Without otherwise limiting the foregoing, the
parties agree that this Agreement and the terms hereof (“Contract Information”) shall constitute Confidential Information
unless and until the Company determines that it or they must or should be disclosed, in whole or in part. The Company intends to
coordinate any such required or desired disclosure of Contract Information with the Executive.


 


(b)          Disclosure
and Use Restrictions.


 


The Executive agrees and covenants: (i) to treat
all Confidential Information as strictly confidential; (ii) not to directly or indirectly disclose, publish, communicate or make
available Confidential Information, or allow it to be disclosed, published, communicated or made available, in whole or part, to
any entity or person whatsoever except as needed in the performance of the Executive’s authorized employment duties to the Company;
and (iii) not to access or use any Confidential Information, and not to copy any documents, records, files, media or other resources
containing any Confidential Information, or remove any such documents, records, files, media or other resources from the premises
or control of the Company, except as needed in the performance of the Executive’s authorized employment duties to the Company and


 




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the Bank. Nothing herein shall be construed to
prevent disclosure of Confidential Information as may be required by applicable law or regulation, or pursuant to the valid order
of a court of competent jurisdiction or an authorized government agency, provided that the disclosure does not exceed the extent
of disclosure required by such law, regulation or order.


 


The Executive understands and acknowledges that
his obligations under this Agreement with regard to any particular Confidential Information shall commence immediately upon the
Executive first having access to such Confidential Information (whether before or after he begins employment by the Company) and
shall continue during and after his employment by the Company until such time as such Confidential Information has become public
knowledge other than as a result of the Executive’s breach of this Agreement or breach by those acting in concert with the Executive
or on the Executive’s behalf. Nothing herein shall prevent the Executive from disclosing Contract Information to his personal attorneys,
accountants and other advisors, as necessary for the performance of their duties and on a confidential basis.


 


8.            Restrictive
Covenants.


 


8.1.         Acknowledgment.
The Executive understands that the nature of the Executive’s position gives him access to and knowledge of Confidential Information
and places him in a position of trust and confidence with the Company. The Executive understands and acknowledges that the intellectual
services he provides to the Company are unique, special or extraordinary.


 


The Executive further understands and acknowledges
that the Company’s ability to reserve these services for the exclusive knowledge and use of the Company is of great competitive
importance and commercial value to the Company, and that improper use or disclosure by the Executive is likely to result in unfair
or unlawful competitive activity.


 


8.2.         Non-competition.
Because of the Company’s legitimate business interest as described herein and the good and valuable consideration offered to the
Executive, during the Employment Term and for the term of one (1) year, beginning on the last day of the Executive’s employment
with the Company, for any reason or no reason and whether employment is terminated at the option of the Executive or the Company,
the Executive agrees and covenants not to engage in Prohibited Activity within any county in which the Company, the Bank or any
of their affiliates maintains as of the Termination Date or has pending as of the Termination Date a filing for permission to establish
a branch, loan production office, or mortgage production office (the “Restricted Area”).


 


For purposes of this Section 8.2:


 


(a)          “Prohibited
Activity” is activity in which the Executive, directly or indirectly, solely or jointly with any person or persons, as
an employee, consultant, or advisor (whether or not engaged in business for profit), or as an individual proprietor, partner, shareholder,
director, officer, joint venturer, investor or lender, or in any other capacity: (i) becomes affiliated with any bank or commercial
lender headquartered or with branches in Fairfield or New Haven County, Connecticut; or (ii) becomes affiliated with a different
Community Banking Institution in the Restricted Area;


 


(b)          “become
affiliated” shall mean, without limitation, engaging, participating, or being involved in any respect in the business of banking
(other than as a depositor, borrower


 




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or other customer), or furnishing any aid, assistance
or service of any kind to any person in connection with the business of the Company, the Bank and any of their affiliates, and
shall include without limitation being employed by any Community Banking Institution which has a branch or other place of business
in the Restricted Area; and


 


(c)          “Community
Banking Institution” shall mean a bank with assets equal to or less than five billion dollars.


 


Nothing herein shall prohibit the Executive
from purchasing or owning less than five percent (5%) of the securities or ownership interests of any corporation, partnership
or limited liability company, provided that such ownership represents a passive investment and that the Executive is not a controlling
person of, or a member of a group that controls, such corporation, partnership or limited liability company.


 


This Section 8 does not, in any way,
restrict or impede the Executive from exercising protected rights to the extent that such rights cannot be waived by agreement
or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized
government agency, provided that such compliance does not exceed that required by the law, regulation or order. The Executive shall
promptly provide written notice of any such order to the Board of Directors.


 


8.3.         Non-solicitation
of Employees. The Executive agrees and covenants not to directly or indirectly solicit, hire, recruit, attempt to hire or recruit,
or induce the termination of employment of any employee of the Company, the Bank or any of their Affiliates for the term of one
(1) year, beginning on the last day of the Executive’s employment with the Company.


 


8.4.         Non-solicitation
of Clients. The Executive understands and acknowledges that because of the Executive’s experience with and relationship to
the Company, he will have access to and learn about much or all of the clients, prospective clients and referral sources of the
Company, the Bank and their affiliates. The Executive understands and acknowledges that loss of these client and referral relationships
and/or goodwill will cause significant and irreparable harm. The Executive agrees and covenants, for a period of one (1) year,
beginning on the last day of the Executive’s employment with the Company, not to directly or indirectly (a) solicit any actual
or prospective client or client-referral source who had a business relationship with the Company, the Bank or any of their affiliates
during the period of time in which the Executive was employed by the Company, it being expressly agreed that soliciting a referral
from a prospective client or client-referral source is included within this prohibition; or (b) encourage any such client or client-referral
source to turn down, terminate or reduce a business relationship with the Company, the Bank or any of their affiliates.


 


8.5.         Non-disparagement.
Executive agrees and covenants that he will not at any time following the termination of his employment with the Company, make,
publish or communicate to any person or entity or in any public forum any defamatory or disparaging remarks, comments or statements
concerning the Company, the Bank, any of their affiliates or their respective businesses, or any of their employees, officers,
and existing and prospective clients. Nothing contained in this Section 8.5 shall preclude (i) the Executive from reporting information
to, or participating in any investigation or proceeding conducted by, the Securities and Exchange Commission (“SEC”),
the Federal Deposit Insurance Corporation (“FDIC”), or any federal, state, or local governmental agency or entity; (ii)
either Executive or the Company from making truthful statements or disclosures that are required by applicable law, regulation
or legal process;


 




    	 	15	 



     

    

 


or (ii) either Executive or the Company from enforcing
their respective rights under this Agreement.


 


8.6.         Non-Interference
Covenant. For a period of one (1) year, beginning on the last day of the Executive’s employment with the Company, the Executive
covenants and agrees that he will not, directly or indirectly and for whatever reason, whether for his own account or for the account
of any other person, firm, corporation or other organization:


 


(a)          solicit,
employ, or otherwise interfere with any of the contracts or relationships of the Company, the Bank or any of their affiliates with
any employee, officer, director or any independent contractor who is employed by or associated with the Company, the Bank or any
of their affiliates as of the Termination Date; or


 


(b)          actively
solicit or cause to be solicited, or otherwise actively interfere with, any of the contracts or relationships of the Company, the
Bank or any of their affiliates with any independent contractor, customer, client or supplier of the Company, the Bank or any of
their affiliates.


 


8.7.         Business
Materials and Property Disclosure. All written materials, records, and documents made by the Executive or coming into his possession
concerning the business or affairs of the Company, the Bank or any of their affiliates shall be the sole property of the Company.
Upon termination of his employment with the Company, the Executive shall deliver the same to the Company and shall retain no copies,
including but not limited to copies in paper, electronic, digital or any other format. The Executive shall also return to the Company
all other property in his possession owned by the Company upon the termination of his employment.


 


If a court or arbitration panel concludes that the time period of
the restriction set forth in this Section 8 is not enforceable or that a specific geographical scope must be stated herein,
then the parties agree that such court or arbitration panel may rewrite the time period of this restriction and/or prescribe a
geographical restriction to the maximum enforceable time period and geographical area permitted by law.


 


9.           Acknowledgement.
The Executive acknowledges and agrees that the services to be rendered by his to the Company are of a special and unique character;
that the Executive will obtain knowledge and skill relevant to the Company’s industry, methods of doing business and marketing
strategies by virtue of the Executive’s employment; and that the restrictive covenants and other terms and conditions of this Agreement
are reasonable and reasonably necessary to protect the legitimate business interest of the Company.


 


The Executive further acknowledges that the amount of his compensation
reflects, in part, his obligations and the Company’s rights under Section 7 and Section 8 of this Agreement; that
he has no expectation of any additional compensation, royalties or other payment of any kind not otherwise referenced herein in
connection herewith; and that he will not be subject to undue hardship by reason of his full compliance with the terms and conditions
of Section 7 and Section 8 of this Agreement or the Company’s enforcement thereof.


 


10.         Remedies.
In the event of a breach or threatened breach by the Executive of Section 7 or Section 8 of this Agreement, the Executive
hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or
permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction,
without the necessity of showing any actual damages or that money


 




    	 	16	 



     

    

 


damages would not afford an adequate remedy, and
without the necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in
lieu of, legal remedies, monetary damages or other available forms of relief.


 


11.         Arbitration.
Any dispute whatsoever relating to the Executive’s employment by the Company, or any other dispute arising out of this Agreement
which cannot be resolved by any party upon thirty (30) days’ written notice to the other party, shall be settled by binding arbitration
at a mutually agreed location in Fairfield County, Connecticut in accordance with the then prevailing Employment Dispute Resolution
Rules of the American Arbitration Association by a single arbitrator. The judgment upon the award rendered by the arbitrator may
be entered in any court of competent jurisdiction. It is the purpose of this Agreement, and the intent of the parties hereto, to
make the submission to arbitration of any dispute or controversy arising out of this Agreement, as set forth hereinabove, binding
upon all parties hereto. This Section 11 shall not in any way restrict the right of the Company to obtain injunctive relief
from a court of competent jurisdiction.


 


All arbitration costs and all other costs, including but not limited
to reasonable attorneys’ fees, incurred by the Executive in an arbitration proceeding shall be paid by the Company in the event
the Executive materially or substantively prevails in such arbitration proceeding. All arbitration costs and all other costs, including
but not limited to reasonable attorneys’ fees, incurred by the Company in an arbitration proceeding shall be paid by the Executive
in the event the Company materially or substantively prevails in such arbitration proceeding. As part of the judgment rendered
by the arbitrator in an arbitration proceeding, the arbitrator shall determine which party (if any) has materially or substantively
prevailed in such arbitration proceeding.


 


12.         Governing
Law: Jurisdiction and Venue. This Agreement, for all purposes, shall be construed in accordance with the laws of Connecticut
without regard to conflicts of law principles. Any action or proceeding by either of the parties to enforce this Agreement that
is not covered by the Arbitration provision of Section 11 above shall be brought only in a state or federal court located
in the state of Connecticut, county of Fairfield. The parties hereby irrevocably submit to the non-exclusive jurisdiction of such
courts and waive the defense of inconvenient forum to the maintenance of any such action or proceeding in such venue.


 


13.         Source
of Payments: No Duplication of Payments. All payments provided in this Agreement shall be timely paid in cash or check from
the general funds of the Company or the Bank. The Company and the Bank shall be jointly and severally liable for any obligations
imposed by this Agreement upon the Company; provided, however, that in no event shall the Executive receive duplicate payments
or benefits from the Company and the Bank.


 


14.         Entire
Agreement. Unless specifically provided herein, this Agreement contains all of the understandings and representations between
the Executive and the Company pertaining to the subject matter hereof and supersedes all prior and contemporaneous understandings,
agreements, representations and warranties, both written and oral, with respect to such subject matter. The parties mutually agree
that the Agreement can be specifically enforced in court and can be cited as evidence in legal proceedings alleging breach of the
Agreement.


 


15.         Modification
and Waiver. No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in
writing and signed by the Executive and by the Chairman of the Board of Directors of the Company. No waiver by either of the parties
of any breach by the other party hereto of any condition or provision of this Agreement to be


 




    	 	17	 



     

    

 


performed by the other party hereto shall be deemed
a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time, nor shall the failure
of or delay by either of the parties in exercising any right, power or privilege hereunder operate as a waiver thereof to preclude
any other or further exercise thereof or the exercise of any other such right, power or privilege.


 


16.         Severability.
Should any provision of this Agreement be held by a court of competent jurisdiction to be enforceable only if modified, or if any
portion of this Agreement shall be held as unenforceable and thus stricken, such holding shall not affect the validity of the remainder
of this Agreement, the balance of which shall continue to be binding upon the parties with any such modification to become a part
hereof and treated as though originally set forth in this Agreement.


 


The parties further agree that any such court is expressly authorized
to modify any such unenforceable provision of this Agreement in lieu of severing such unenforceable provision from this Agreement
in its entirety, whether by rewriting the offending provision, deleting any or all of the offending provision, adding additional
language to this Agreement or by making such other modifications as it deems warranted to carry out the intent and agreement of
the parties as embodied herein to the maximum extent permitted by law.


 


The parties expressly agree that this Agreement as so modified by
the court shall be binding upon and enforceable against each of them. In any event, should one or more of the provisions of this
Agreement be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall
not affect any other provisions hereof, and if such provision or provisions are not modified as provided above, this Agreement
shall be construed as if such invalid, illegal or unenforceable provisions had not been set forth herein.


 


17.         Captions.
Captions and headings of the sections and paragraphs of this Agreement are intended solely for convenience and no provision of
this Agreement is to be construed by reference to the caption or heading of any section or paragraph.


 


18.         Counterparts.
This Agreement may be executed in separate counterparts, each of which shall be deemed an original, but all of which taken together
shall constitute one and the same instrument.


 


19.         Tolling.
Should the Executive violate any of the terms of the restrictive covenant obligations articulated herein, the time period for compliance
with such obligations shall be tolled for the full period in which the Executive is in violation of such obligations, with the
tolled period to be added to the period of time remaining following the first date on which the Executive ceases to be in violation
of such obligation.


 


20.         Code
Section 409A. This Agreement is intended to comply with Code Section 409A or an exemption thereunder and shall be construed
and administered in accordance with Section 409A. Notwithstanding any other provision of this Agreement, payments provided under
this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments
under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service
or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each
instalment payment provided under this Agreement shall be treated as a separate payment. Notwithstanding any other provision of
this Agreement, in the event any payment is to be made during a specified time period following the expiration of the Release Execution
Period and the time period for such payment begins in one calendar year and


 




    	 	18	 



     

    

 


ends in a second calendar year, then such amount
shall be payable in the second calendar year. Notwithstanding the foregoing, the Company makes no representations that the payments
and benefits provided under this Agreement comply with Section 409A and in no event shall the Company be liable for all or any
portion of any taxes, penalties, interest or other expenses that may be incurred by the Executive on account of non-compliance
with Section 409A.


 


Notwithstanding any other provision of this Agreement, if any payment
or benefit provided to the Executive in connection with his termination of employment is determined to constitute “nonqualified
deferred compensation” within the meaning of Section 409A and the Executive is determined to be a “specified employee”
as defined in Section 409A(a)(2)(b)(i), then such payment or benefit shall not be paid until the first payroll date to occur following
the six-month anniversary of the Termination Date (the “Specified Employee Payment Date”), unless the payment
otherwise satisfies the short-term deferral exemption or another exemption under Section 409A of the Code. The aggregate of any
payments that would otherwise have been paid before the Specified Employee Payment Date shall be paid to the Executive in a lump
sum on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without delay in accordance with
their original schedule.


 


21.          Successors
and Assigns. This Agreement is personal to the Executive and shall not be assigned by the Executive. Any purported assignment
by the Executive shall be null and void from the initial date of the purported assignment. The Company may assign this Agreement
to any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially
all of the business or assets of the Company. This Agreement shall inure to the benefit of the Company and permitted successors
and assigns.


 


22.          Notice.
Notices and all other communications provided for in this Agreement shall be in writing and shall be delivered personally or sent
by registered or certified mail, return receipt requested, or by overnight carrier to the parties at the addresses set forth below
(or such other addresses as specified by the parties by like notice):


 


If to the Company:


 


Chairman

Compensation Committee

Bankwell Financial Group, Inc.

220 Elm Street

New Canaan, CT 06840


 


If to the Executive:


 


Christopher Gruseke

130 Rosebrook Road

New Canaan, CT 06840


 


23.          Representations
of the Executive. The Executive represents and warrants to the Company that:


 


23.1.          The
Executive’s acceptance of employment with the Company and the performance his duties hereunder will not conflict with or result
in a violation of, a breach of, or


 




    	 	19	 



     

    

 


a default under any contract, agreement or understanding
to which he is a party or is otherwise bound.


 


23.2.          The
Executive’s acceptance of employment with the Company and the performance of his duties hereunder will not violate any non-solicitation,
non-competition or other similar covenant or agreement of a prior employer.


 


24.          Withholding.
The Company shall have the right to withhold from any amount payable hereunder any federal, state and local taxes in order for
the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation.


 


25.          Survival.
Upon the expiration or other termination of this Agreement, the respective rights and obligations of the parties hereto shall survive
such expiration or other termination to the extent necessary to carry out the intentions of the parties under this Agreement.


 


26.          Acknowledgment
of Full Understanding. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO
THIS AGREEMENT. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY
OF HIS CHOICE BEFORE SIGNING THIS AGREEMENT.


 


[SIGNATURE PAGE FOLLOWS]


 




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IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the date first written above.


 


	 	BANKWELL FINANCIAL GROUP, INC.
	 	 	 
	 	By	/s/ Blake Drexler
	 	Name: 	Blake Drexler
	 	Title: 	Chairman of the Board


 


	 	EXECUTIVE	 
	 	 	 	 
	 	Signature: 	/s/ Christopher Gruseke	 
	 	 	 	 
	 	Name: Christopher Gruseke	 


   




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