Laura Waitz - Feb 7, 2023 Form 4 Insider Report for Bankwell Financial Group, Inc. (BWFG)

Role: EVP & Chief Operating Officer
Signature: /s/ Courtney E. Sacchetti, Attorney-in-Fact for Laura Waitz
Stock symbol: BWFG
Transactions as of: Feb 7, 2023
Transactions value $: -$19,542
Form type: 4
Date filed: 2/9/2023, 01:20 PM
Previous filing: Jan 27, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BWFG	Common Stock	Award	$0	+685	+16.77%	$0.00	4.77K	Feb 7, 2023	Direct	F1
transaction	BWFG	Common Stock	Tax liability	-$19.5K	-642	-13.46%	$30.44	4.13K	Feb 8, 2023	Direct	F2, F3
holding	BWFG	Common Stock						6.12K	Feb 7, 2023	Direct	F4
holding	BWFG	Common Stock						5K	Feb 7, 2023	Direct	F5
holding	BWFG	Common Stock						2.74K	Feb 7, 2023	Direct	F6
holding	BWFG	Common Stock						1.94K	Feb 7, 2023	Direct	F7

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

Explanation of Responses:

Id	Content
F1	685 performance based shares were granted and vested on February 7, 2023 as a result of meeting performance metrics from previously issued grants.
F2	642 shares were withheld and sold through the Company sponsored cashless stock exercise program, to cover the tax liability for vesting a total of 2,056 shares.
F3	Range of reported sale price is $29.83 - $30.49. Reporting person agrees to provide individual transaction information to SEC upon request.
F4	6,119 shares of Bankwell Financial Group, Inc. stock granted pursuant to the 2022 Bankwell Financial Group, Inc. Stock Plan. 3,060 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. 3,059 of those shares are performance restricted stock and may vest when and if the performance goal is achieved.
F5	5,000 shares of Bankwell Financial Group, Inc. stock granted pursuant to the 2022 Bankwell Financial Group, Inc. Stock Plan. 2,500 of those shares are restricted stock that will vest in three substantially equal annual installments, with the first installment to vest on July 1, 2023 and the second and third installments to vest on each annual anniversary of the vesting date thereafter. 2,500 of those shares are performance restricted stock and may vest when and if the performance goal is achieved.
F6	4,111 shares of Bankwell Financial Group, Inc. stock granted pursuant to the 2012 Bankwell Financial Group, Inc. Stock Plan. 2,056 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. 2,055 of those shares are performance restricted stock and may vest when and if the performance goal is achieved. As of the transaction date, 1,371 shares have vested.
F7	5,831 shares of Bankwell Financial Group, Inc. stock granted pursuant to the 2012 Bankwell Financial Group, Inc. Stock Plan. 2,916 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. 2,915 of those shares are performance restricted stock and may vest when and if the performance goal is achieved. As of the transaction date, 3,888 shares have vested.