BANKWELL FINANCIAL GROUP, INC.
Item 5.02 (c) and (e) Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
On November 8, 2022 , Bankwell Financial Group, Inc. (the "Company")
announced that Courtney E. Sacchetti has been appointed Executive Vice
President and Chief Financial Officer of both the Company and its
wholly-owned subsidiary, Bankwell Bank , effective January 1, 2023 . See the
Press Release included as Exhibit 99.1 to this 8-K which material is
incorporated by reference.
Ms. Sacchetti , age 46, has more than 20 years' experience in banking and
financial services. She has served for the past 6 years as Director of
Financial Planning & Analysis for the Company. She began her career at GE
Capital in the Financial Management Program (FMP) and held various finance
and regulatory positions of increasing responsibility over her 18-year
career at that company.
There are no family relationships between Ms. Sacchetti and any director
or executive officer, or any arrangements or understandings between Ms.
Sacchetti and the Company or any other person, pursuant to which she was
selected as an officer. Ms. Sacchetti is not a party to any related party
transactions with the Company or Bankwell Bank that would be required to
be disclosed under Regulation S-K, Item 404(a).
Ms. Sacchetti has entered into an employment contract with the Company and
Bankwell Bank , effective January 1, 2023 that expires December 31, 2023 ,
which the Company may extend annually thereafter by notice provided on or
before October 1 of each year. Her base salary is $250,000 per year, and
she is eligible to participate in the Company's annual and long-term
incentive programs for senior executives as well as all general employee
benefit plans maintained by the Company. The contract includes other
provisions customary for employment contracts with the Company's executive
vice presidents, including severance upon non-extension of the term,
termination by the Company without "Cause" or Ms. Sacchetti's resignation
for "Good Reason," and enhanced severance in the event of termination of
her employment for any such reasons within 24 months following a "Change
in Control" (as such capitalized terms are defined in the contract).
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. Description
99.1 Press Release dated November 8, 2022 --------------------------------------------------------------------------------
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