Bankwell Financial (NASDAQ: BWFG) director reports open-market sale of shares

Rhea-AI Filing Summary

Bankwell Financial Group director Kevin D. Leitao reported an open-market sale of 200 shares of common stock at $46.39 per share. After this sale, he directly held 500 shares. Additional reported holdings include restricted stock awards totaling 1,455 and 1,800 shares with multi-year vesting, plus 4,500 shares held indirectly through an IRA.

Insider Trade Summary

Net Seller: 200 shares ($9,278)

Net Sell 4 txns

Insider Leitao Kevin D

Role Director

Sold 200 shs ($9K)

Type	Security	Shares	Price	Value
Sale	Common Stock	200	$46.39	$9K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 500 shares (Direct); Common Stock — 4,500 shares (Indirect, IRA)

Footnotes (1)

1. 400 shares of restricted stock granted on December 18, 2024, pursuant to the 2022 Bankwell Financial Group, Inc. Stock Plan with 400 vested immediately on December 18, 2024. 1,455 shares of restricted stock granted on February 9, 2026, pursuant to the 2022 Bankwell Financial Group, Inc. Stock Plan with 485 to vest on February 7, 2027. 485 will vest on February 7, 2028 and 485 will vest on February 7, 2029. 1,800 shares of restricted stock granted on February 7, 2025, pursuant to the 2022 Bankwell Financial Group, Inc. Stock Plan with 600 vested on February 7, 2026. 600 will vest on February 7, 2027 and 600 will vest on February 7, 2028. As of the filing date, 600 shares have vested.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Leitao Kevin D

(Last) (First) (Middle)

C/O BANKWELL FINANCIAL GROUP, INC

258 ELM STREET

(Street)

NEW CANAAN CT 06840

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Bankwell Financial Group, Inc. [ BWFG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/23/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/23/2026		S		200	D	$46.39	500(1)	D
Common Stock								1,455	D(2)
Common Stock								1,200	D(3)
Common Stock								4,500	I	IRA

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. 400 shares of restricted stock granted on December 18, 2024, pursuant to the 2022 Bankwell Financial Group, Inc. Stock Plan with 400 vested immediately on December 18, 2024.

2. 1,455 shares of restricted stock granted on February 9, 2026, pursuant to the 2022 Bankwell Financial Group, Inc. Stock Plan with 485 to vest on February 7, 2027. 485 will vest on February 7, 2028 and 485 will vest on February 7, 2029.

3. 1,800 shares of restricted stock granted on February 7, 2025, pursuant to the 2022 Bankwell Financial Group, Inc. Stock Plan with 600 vested on February 7, 2026. 600 will vest on February 7, 2027 and 600 will vest on February 7, 2028. As of the filing date, 600 shares have vested.

Remarks:

	/s/ Angelo G. Fusaro, Attorney-in-Fact for Kevin D. Leitao	02/23/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Bankwell Financial Group (BWFG) report for Kevin D. Leitao?

Kevin D. Leitao reported an open-market sale of 200 Bankwell Financial Group common shares at $46.39 per share. This transaction is disclosed as a non-derivative sale, reflecting a net sell of 200 shares in the filing’s transaction summary.

How many Bankwell Financial Group (BWFG) shares does Kevin D. Leitao hold after this Form 4 sale?

After the 200-share sale, Kevin D. Leitao directly held 500 Bankwell Financial Group common shares. The filing also lists additional restricted stock awards and 4,500 shares held indirectly through an IRA, which are reported separately from the 500 directly held shares.

At what price were the Bankwell Financial Group (BWFG) shares sold in the Form 4 filing?

The Form 4 reports that 200 Bankwell Financial Group common shares were sold at $46.39 per share in an open-market transaction. This price applies specifically to the 200 shares identified with the transaction code “S” in the non-derivative transaction section.

What restricted stock awards for BWFG does Kevin D. Leitao have according to this Form 4?

The filing notes restricted stock grants of 400 shares on December 18, 2024, 1,800 shares on February 7, 2025, and 1,455 shares on February 9, 2026. These awards vest in tranches across 2026, 2027, 2028, and 2029 under the 2022 Stock Plan.

How many BWFG restricted shares have vested for Kevin D. Leitao so far?

According to the filing, all 400 restricted shares granted on December 18, 2024 vested immediately, and 600 of the 1,800 shares granted on February 7, 2025 vested on February 7, 2026. As of the filing date, a total of 1,000 restricted shares had vested.

What indirect BWFG holdings for Kevin D. Leitao are disclosed in this Form 4?

The Form 4 reports 4,500 Bankwell Financial Group common shares held indirectly through an IRA, classified as indirect ownership. This IRA position is separate from Leitao’s directly held shares and restricted stock awards disclosed elsewhere in the filing.