Christopher R. Gruseke - 03 Jan 2022 Form 4 Insider Report for Bankwell Financial Group, Inc. (BWFG)

Role: President & CEO
Signature: /s/ Penko Ivanov, Attorney-in-Fact for Christopher R. Gruseke
Issuer symbol: BWFG
Transactions as of: 03 Jan 2022
Net transactions value: -$52,423
Form type: 4
Filing time: 05 Jan 2022, 13:28:01 UTC
Previous filing: 17 Dec 2021
Next filing: 14 Jan 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BWFG	Common Stock	Tax liability	$52,423	-1,615	-1.2%	$32.46	135,599	03 Jan 2022	Direct	F1, F2, F3
holding	BWFG	Common Stock						10,000	03 Jan 2022	IRA
holding	BWFG	Common Stock						7,160	03 Jan 2022	Direct	F4
holding	BWFG	Common Stock						12,800	03 Jan 2022	Direct	F5
holding	BWFG	Common Stock						1,250	03 Jan 2022	Direct	F6
holding	BWFG	Common Stock						1,250	03 Jan 2022	Direct	F7

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	1,615 shares were withheld and sold through the Company sponsored cashless stock exercise program, to cover the tax liability for vesting a total of 4,298 shares.
F2	Range of reported sale price is $32.03 - $33.20. Reporting person agrees to provide individual transaction information to SEC upon request.
F3	71,795 shares reported are owned jointly with spouse.
F4	10,742 shares of Bankwell Financial Group, Inc. stock granted pursuant to the 2012 Bankwell Financial Group, Inc. Stock Plan. 5,371 of those shares are restricted stock that will vest in three substantially equal annual installments, with the first installment to vest on January 2, 2022 and the second and third installments to vest on each annual anniversary of the vesting date thereafter. 5,371 of those shares are performance restricted stock and may vest when and if the performance goal is achieved. As of the transaction date, 3,582 shares have vested. An additional 716 performance based shares were granted and vested on January 2, 2022 as a result of meeting performance metrics.
F5	32,000 shares of Bankwell Financial Group, Inc. stock granted pursuant to the 2012 Bankwell Financial Group, Inc. Stock Plan. 16,000 of those shares are restricted stock that will vest as follows: 40% on December 15, 2020, 20% on December 15, 2021, 20% on December 15, 2022 and 20% on December 15, 2023. 16,000 of those shares are performance restricted stock subject to the same vesting schedule above if performance goals are met. As of the transaction date, 19,200 shares have vested. An additional 1,280 performance based shares were granted and vested on December 15, 2021 as a result of meeting performance metrics.
F6	3,750 shares of Bankwell Financial Group, Inc. stock granted pursuant to the 2012 Bankwell Financial Group, Inc. Stock Plan. The shares are restricted stock that will vest in three substantially equal annual installments, with the first installment to vest on February 7, 2020 and the second and third installments to vest on each annual anniversary of the vesting date thereafter. As of the transaction date, 2,500 shares have vested.
F7	3,750 shares of Bankwell Financial Group, Inc. stock granted pursuant to the 2012 Bankwell Financial Group, Inc. Stock Plan. The shares are performance restricted stock and may vest when and if the performance goal is achieved. As of the transaction date, 2,500 shares have vested.