Christopher R. Gruseke - 15 Dec 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: 15 Dec 2022
Net transactions value: -$122,649
Form type: 4
Filing time: 19 Dec 2022, 15:01:29 UTC
Previous filing: 09 Feb 2022
Next filing: 04 Jan 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BWFG	Common Stock	Award	$0	+3,200	+2.2%	$0.000000	147,257	15 Dec 2022	Direct	F1, F2
transaction	BWFG	Common Stock	Tax liability	$122,649	-4,272	-2.9%	$28.71	142,985	16 Dec 2022	Direct	F2, F3, F4
holding	BWFG	Common Stock						12,333	15 Dec 2022	Direct	F5
holding	BWFG	Common Stock						7,160	15 Dec 2022	Direct	F6
holding	BWFG	Common Stock						6,400	15 Dec 2022	Direct	F7
holding	BWFG	Common Stock						10,000	15 Dec 2022	IRA

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

Explanation of Responses:

Id	Content
F1	An additional 3,200 performance based shares were granted and vested on December 15th, 2022 as a result of meeting performance metrics from previously issued grants.
F2	62,287 shares reported are owned jointly with spouse.
F3	4,272 shares were withheld and sold through the Company sponsored cashless stock exercise program, to cover the tax liability for vesting a total 9,600 shares.
F4	This transaction was executed in multiple trades at prices ranging from $28.17 to $29.43. Reporting person agrees to provide individual transaction information to SEC upon request.
F5	12,333 shares of Bankwell Financial Group, Inc. stock granted pursuant to the 2012 Bankwell Financial Group, Inc. Stock Plan. 6,167 of those shares are restricted stock that will vest in three substantially equalannual installments, with the first installment to vest on February 7, 2023 and the second and third installments to vest on each annual anniversary of the vesting date thereafter. 6,166 of those shares are performance restricted stock and may vest when and if the performance goal is achieved.
F6	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.
F7	32,000 shares of Bankwell Financial Group, Inc. stock granted pursuant to the 2012 Bankwell Financial Group, Inc. Stock Plan. 16,000 shares 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, 25,600 shares have vested. An additional 4,480 performance based shares have been granted and vested as a result of meeting performance metrics.