Christopher R. Gruseke - Feb 7, 2023 Form 4 Insider Report for Bankwell Financial Group, Inc. (BWFG)

Role: President & CEO
Signature: /s/ Courtney E. Sacchetti, Attorney-in-Fact for Christopher R. Gruseke
Stock symbol: BWFG
Transactions as of: Feb 7, 2023
Transactions value $: -$83,667
Form type: 4
Date filed: 2/9/2023, 01:21 PM
Previous filing: Jan 27, 2023
Next filing: May 15, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BWFG	Common Stock	Award	$0	+2.06K	+1.37%	$0.00	152K	Feb 7, 2023	Direct	F1, F2
transaction	BWFG	Common Stock	Tax liability	-$83.7K	-2.75K	-1.82%	$30.38	149K	Feb 8, 2023	Direct	F1, F3, F4
holding	BWFG	Common Stock						15.5K	Feb 7, 2023	Direct	F5
holding	BWFG	Common Stock						8.22K	Feb 7, 2023	Direct	F6
holding	BWFG	Common Stock						3.58K	Feb 7, 2023	Direct	F7
holding	BWFG	Common Stock						6.4K	Feb 7, 2023	Direct	F8
holding	BWFG	Common Stock						10K	Feb 7, 2023	IRA

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

Explanation of Responses:

Id	Content
F1	62,287 shares reported are owned jointly with spouse.
F2	2,056 performance based shares were granted and vested on February 7, 2023 as a result of meeting performance metrics from previously issued grants.
F3	2,754 shares were withheld and sold through the Company sponsored cashless stock exercise program, to cover the tax liability for vesting a total of 6,168 shares.
F4	Range of reported sale price is $29.83 - $30.51. Reporting person agrees to provide individual transaction information to SEC upon request.
F5	15,543 shares of Bankwell Financial Group, Inc. stock granted pursuant to the 2022 Bankwell Financial Group, Inc. Stock Plan. 7,772 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. 7,771 of those shares are performance restricted stock and may vest when and if the performance goal is achieved.
F6	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 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. 6,166 of those shares are performance restricted stock and may vest when and if the performance goal is achieved. As of the transaction date, 4,112 shares have vested.
F7	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, 7,164 shares have vested.
F8	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.