Matt McNeill - 07 Feb 2023 Form 4 Insider Report for Bankwell Financial Group, Inc. (BWFG)

Role: EVP & Chief Banking Officer
Signature: /s/ Courtney E. Sacchetti, Attorney-in-Fact for Matt McNeill
Issuer symbol: BWFG
Transactions as of: 07 Feb 2023
Net transactions value: -$43,067
Form type: 4
Filing time: 09 Feb 2023, 13:20:42 UTC
Previous filing: 27 Jan 2023
Next filing: 03 Mar 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	+1,510	+5.4%	$0.000000	29,301	07 Feb 2023	Direct	F1
transaction	BWFG	Common Stock	Tax liability	$43,067	-1,427	-4.9%	$30.18	27,874	08 Feb 2023	Direct	F2, F3
holding	BWFG	Common Stock						11,185	07 Feb 2023	Direct	F4
holding	BWFG	Common Stock						6,039	07 Feb 2023	Direct	F5
holding	BWFG	Common Stock						2,896	07 Feb 2023	Direct	F6
holding	BWFG	Common Stock						3,231	07 Feb 2023	Direct	F7

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

Explanation of Responses:

Id	Content
F1	1,510 performance based shares were granted and vested on February 7, 2023 as a result of meeting performance metrics from previously issued grants.
F2	1,427 shares were withheld and sold through the Company sponsored cashless stock exercise program, to cover the tax liability for vesting a total of 4,530 shares.
F3	Range of reported sale price is $29.83 - $30.53. Reporting person agrees to provide individual transaction information to SEC upon request.
F4	11,185 shares of Bankwell Financial Group, Inc. stock granted pursuant to the 2022 Bankwell Financial Group, Inc. Stock Plan. 5,593 of those shares are restricted stock that will vest in three substantially equal annual installments, with the first installment to vest on February 7, 2024 and the second and third installments to vest on each annual anniversary of the vesting date thereafter. 5,592 of those shares are performance restricted stock and may vest when and if the performance goal is achieved.
F5	9,059 shares of Bankwell Financial Group, Inc. stock granted pursuant to the 2012 Bankwell Financial Group, Inc. Stock Plan. 4,530 of those shares are restricted stock that will vest in three substantially equal annual 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. 4,529 of those shares are performance restricted stock and may vest when and if the performance goal is achieved. As of the transaction date, 3,020 shares have vested.
F6	8,696 shares of Bankwell Financial Group, Inc. stock granted pursuant to the 2012 Bankwell Financial Group, Inc. Stock Plan. 4,348 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. 4,348 of those shares are performance restricted stock and may vest when and if the performance goal is achieved. As of the transaction date, 5,800 shares have vested.
F7	16,159 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 as follows: 40% on March 1, 2021, 40% on March 1, 2022 and 20% on March 1, 2023. As of the transaction date, 12,928 shares have vested.