X0306 4 2018-02-20 0 0001505732 Bankwell Financial Group, Inc. BWFG 0001577827 Ivanov Penko Krassimir C/O BANKWELL FINANCIAL GROUP, INC. 208 ELM STREET NEW CANAAN CT 06840 0 1 0 0 EVP & Chief Financial Officer Common Stock 5625 D Common Stock 2436 D Common Stock 157 I IRA Common Stock 2018-02-20 4 A 0 2500 0 A 2500 D Common Stock 2018-02-20 4 A 0 2500 0 A 2500 D 7,500 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 September 26, 2017 and an additional 25% to vest on each annual anniversary of the grant date thereafter. As of the Transaction Date, 1,875 Shares have vested. 561 Shares reported are held jointly with spouse. 5,000 shares of Bankwell Financial Group, Inc. stock granted pursuant to the 2012 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 February 7, 2019 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. /s/ Penko Ivanov by POA 2018-02-22