Steven H. Brunner - 11 Sep 2025 Form 4 Insider Report for Bankwell Financial Group, Inc. (BWFG)

Role: EVP & Chief Risk Officer
Signature: /s/ Steven H. Brunner
Issuer symbol: BWFG
Transactions as of: 11 Sep 2025
Transactions value $: -$18,756
Form type: 4
Filing time: 12 Sep 2025, 13:10:46 UTC
Previous filing: 02 Sep 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Brunner Steven H	EVP & Chief Risk Officer	C/O BANKWELL FINANCIAL GROUP, INC, 258 ELM STREET, NEW CANAAN	/s/ Steven H. Brunner	12 Sep 2025	0002009787

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BWFG	Common Stock	Sale	-$18.8K	-421	-21.38%	$44.55	1.55K	11 Sep 2025	Direct
holding	BWFG	Common Stock						1.49K	11 Sep 2025	Direct	F1
holding	BWFG	Common Stock						249	11 Sep 2025	Direct	F2
holding	BWFG	Common Stock						498	11 Sep 2025	Direct	F3
holding	BWFG	Common Stock						3.26K	11 Sep 2025	Direct	F4
holding	BWFG	Common Stock						536	11 Sep 2025	Direct	F5
holding	BWFG	Common Stock						533	11 Sep 2025	Direct	F6

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

Explanation of Responses:

Id	Content
F1	1,493 shares of Bankwell Financial Group, Inc. stock granted pursuant to the 2022 Bankwell Financial Group, Inc. Stock Plan. 746 of those shares are restricted stock that will vest in three substantially equal annual installments, with the first installment to vest on February 7, 2026 and the second and third installments to vest on each annual anniversary of the vesting date thereafter. 746 of those shares are performance restricted stock with a three year cliff vesting on February 7, 2028 if the performance goals are achieved.
F2	249 shares of Bankwell Financial Group, Inc. stock granted pursuant to the 2022 Bankwell Financial Group, Inc. Stock Plan. These shares are performance restricted stock with a one year cliff vesting on February 7, 2026 if the performance goals are achieved.
F3	498 shares of Bankwell Financial Group, Inc. stock granted pursuant to the 2022 Bankwell Financial Group, Inc. Stock Plan. These shares are performance restricted stock with a two year cliff vesting on February 7, 2027 if the performance goals are achieved.
F4	4,894 shares of Bankwell Financial Group, Inc. stock granted pursuant to the 2022 Bankwell Financial Group, Inc. Stock Plan. 2,447 of those shares are restricted stock that will vest in three substantially equal annual installments, with the first installment to vest on February 7, 2025 and the second and third installments to vest on each annual anniversary of the vesting date thereafter. 2,447 of those shares are performance restricted stock and may vest when and if the performance goal is achieved. As of the filing date, 816 shares have vested and 542 performance shares have been forfeited.
F5	1,604 shares of Bankwell Financial Group, Inc. stock granted pursuant to the 2022 Bankwell Financial Group, Inc. Stock Plan. The shares are restricted stock that will vest in three substantially equal annual installments, with the first installment vested on February 7 , 2024 and the second, and third installments to vest on each annual anniversary of the vesting date thereafter. As of the filing date, 1,068 shares have vested.
F6	1,603 shares of Bankwell Financial Group, Inc. stock granted pursuant to the 2022 Bankwell Financial Group, Inc. Stock Plan. 1,603 of those shares are performance restricted stock and may vest when and if the performance goal is achieved, with the first installment vested on February 7, 2024 and the second and third installments to vest on each annual anniversary of the vesting date thereafter. As of the filing date, 535 shares have vested and 535 performance shares have been forfeited.