X0306 4 2016-09-15 0 0001505732 Bankwell Financial Group, Inc. BWFG 0001607814 Afragola Frederick R C/O BANKWELL FINANCIAL GROUP, INC. 220 ELM STREET NEW CANAAN CT 06840 1 0 0 0 Common Stock 43079 D Common Stock 200 D Common Stock 333 D Common Stock 2016-09-15 4 M 0 2500 18.50 D 2500 D Stock Options 18.50 2016-09-15 4 M 0 2500 18.50 A 2006-09-27 2016-09-27 Common Stock 5000 2500 D 3,540 of Shares reported are owned jointly with Spouse. 400 shares of restricted stock granted pursuant to the 2012 BNC Financial Group, Inc. Stock Plan and will vest in four equal annual installments of 25%, with the first installment to vest on November 5, 2014 and an additional 25% to vest on each annual anniversary of the grant date thereafter. As of the Transaction Date, 200 Shares have vested. 1,000 shares of restricted stock granted pursuant to the 2012 Bankwell Financial Group, Inc. Stock Plan. The shares vest in three substantially equal installments - the first immediately on December 15, 2014 and then on each of December 3, 2015 and December 3, 2016. As of the Transaction Date, 667 Shares have vested. Stock Options granted pursuant to the 2002 Bank Management, Director and Founder Stock Option Plan, all of which are fully vested. /s/ Frederick Afragola by POA 2016-09-16