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DEF 14A Filing
Bankwell Financial (BWFG) DEF 14ADefinitive proxy
Filed: 22 Apr 15, 12:00am
| Proposal | | | Required Vote | |
| 1. Election of 13 directors | | | For each nominee, a plurality of the votes cast for such nominee. | |
| 2. Ratification of the appointment of the Company’s independent auditor | | | A majority of the votes cast on the proposal. | |
| Name | | | Age | | | Position with Bankwell Financial Group, Inc. | | | Position with Bankwell Bank | | | Director of the Company Since | |
| Frederick R. Afragola | | | 73 | | | Director | | | Director | | | 2013(1) | |
| George P. Bauer | | | 83 | | | Director | | | Director | | | 2012 | |
| Michael J. Brandt | | | 49 | | | Director | | | Director | | | 2014 | |
| Richard Castiglioni | | | 63 | | | Director | | | Director | | | 2013(2) | |
| Eric J. Dale | | | 50 | | | Director | | | Director | | | 2008(3) | |
| Blake S. Drexler | | | 57 | | | Director | | | Director | | | 2007(1) | |
| James A. Fieber | | | 60 | | | Director | | | Director | | | 2007(1) | |
| William J. Fitzpatrick, III | | | 65 | | | Director | | | Director | | | 2008(3) | |
| Daniel S. Jones | | | 76 | | | Director | | | Director | | | 2007(1) | |
| Todd Lampert | | | 51 | | | Director and Corporate Secretary | | | Director | | | 2007(1) | |
| Victor S. Liss | | | 78 | | | Director | | | Director | | | 2008(3) | |
| Raymond W. Palumbo | | | 50 | | | Director | | | Director | | | 2014 | |
| Christopher Gruseke | | | 54 | | | Director, President and Chief Executive Officer | | | Director, Chief Executive Officer | | | 2015(4) | |
Name and Title | | | Amount and Nature of Beneficial Ownership(1) | | | Percent of Class | | |||
5% Shareholder: | | | | | | | | | | |
Endicott Management Company(2) 570 Lexington Avenue New York, NY 10022 | | | | | 640,000 | | | | 8.84 | |
Wellington Funds(3) c/o Wellington Management Company 280 Congress St. Boston, MA 02210 | | | | | 610,500 | | | | 8.43 | |
Directors and Executive Officers: | | | | | | | | | | |
Frederick R. Afragola | | | | | 48,612(4) | | | | * | |
George P. Bauer | | | | | 454,987(5) | | | | 6.28 | |
Michael J. Brandt | | | | | 300 | | | | * | |
Richard Castiglioni | | | | | 11,600 | | | | * | |
Eric J. Dale | | | | | 24,840 | | | | * | |
Blake S. Drexler | | | | | 210,956(6) | | | | 2.91 | |
James A. Fieber | | | | | 476,824(7) | | | | 6.58 | |
William J. Fitzpatrick, III | | | | | 10,407 | | | | * | |
Daniel S. Jones | | | | | 224,722(8) | | | | 3.10 | |
Todd Lampert | | | | | 43,154(9) | | | | * | |
Victor S. Liss | | | | | 23,400 | | | | * | |
Raymond W. Palumbo | | | | | 15,824(10) | | | | * | |
Gail E.D. Brathwaite | | | | | 58,000 | | | | * | |
Heidi DeWyngaert | | | | | 75,439(11) | | | | 1.04 | |
Christopher Gruseke | | | | | 90,625(12) | | | | 1.25 | |
Ernest J. Verrico | | | | | 38,000(13) | | | | * | |
All directors and executive officers as a group (16 persons) | | | | | 1,807,690 | | | | 24.96 | |
| Bankwell Financial Group, Inc. | |
| Audit Committee | |
| Frederick R. Afragola | |
| Michael J. Brandt | |
| Eric J. Dale | |
| Daniel S. Jones (Chair) | |
| Victor S. Liss | |
| Raymond W. Palumbo | |
Name and Principal Position | | | Year | | | Salary ($) | | | Bonus ($) | | | Stock Awards ($)(1) | | | Option Awards ($)(1) | | | Non-Equity Incentive Plan Compensation ($)(2) | | | Nonqualified Deferred Compensation Earnings ($) | | | All Other Compensation ($)(3) | | | Total ($) | | |||||||||||||||||||||||||||
Blake S. Drexler Interim Executive Chairman(4) | | | | | 2014 | | | | | | 145,446 | | | | | | -0- | | | | | | 569,700 | | | | | | -0- | | | | | | 43,994 | | | | | | -0- | | | | | | -0- | | | | | | 759,140 | | |
| | | 2013 | | | | | | -0- | | | | | | -0- | | | | | | -0- | | | | | | -0- | | | | | | -0- | | | | | | -0- | | | | | | -0- | | | | | | -0- | | | ||
Ernest J. Verrico, Sr. EVP and CFO (Company and Bank) | | | | | 2014 | | | | | | 200,481 | | | | | | -0- | | | | | | 220,450 | | | | | | -0- | | | | | | 66,369 | | | | | | -0- | | | | | | 14,419 | | | | | | 501,719 | | |
| | | 2013 | | | | | | 186,962 | | | | | | 25,000 | | | | | | 108,875 | | | | | | -0- | | | | | | 63,254 | | | | | | -0- | | | | | | 13,656 | | | | | | 397,747 | | | ||
Gail E.D. Brathwaite(5) EVP and COO (Company and Bank) | | | | | 2014 | | | | | | 271,923 | | | | | | -0- | | | | | | 200,409 | | | | | | -0- | | | | | | 85,525 | | | | | | -0- | | | | | | 6,551 | | | | | | 564,408 | | |
| | | 2013 | | | | | | 188,269 | | | | | | -0- | | | | | | 301,500 | | | | | | -0- | | | | | | 68,305 | | | | | | -0- | | | | | | 24,979 | | | | | | 583,053 | | | ||
Heidi DeWyngaert EVP and CLO (Company) President (Bank) | | | | | 2014 | | | | | | 246,173 | | | | | | -0- | | | | | | 240,491 | | | | | | -0- | | | | | | 76,262 | | | | | | -0- | | | | | | 14,419 | | | | | | 577,345 | | |
| | | 2013 | | | | | | 239,635 | | | | | | -0- | | | | | | 180,125 | | | | | | -0- | | | | | | 75,852 | | | | | | -0- | | | | | | 13,815 | | | | | | 509,427 | | | ||
Peyton R. Patterson Former President and CEO (Company) and Former CEO (Bank) | | | | | 2014 | | | | | | 325,000 | | | | | | -0- | | | | | | -0- | | | | | | -0- | | | | | | -0- | | | | | | -0- | | | | | | 13,903 | | | | | | 338,903 | | |
| | | 2013 | | | | | | 500,000 | | | | | | -0- | | | | | | 335,000 | | | | | | -0- | | | | | | 231,823 | | | | | | -0- | | | | | | 11,687 | | | | | | 1,078,510 | | |
| | | | | | | | | Option awards | | | Stock awards | | ||||||||||||||||||||||||
Name | | | Grant Date | | | Number of securities underlying unexercised options (#) exercisable | | | Option exercise price ($) | | | Option expiration date | | | Number of shares or units of stock that have not vested (#) | | | Market value of shares or units of stock that have not vested ($)(5) | | ||||||||||||||||||
Blake S. Drexler(1) | | | | | 3/1/2005 | | | | | | 415 | | | | | $ | 14.50 | | | | | | 3/1/2015 | | | | | | | | | | | | | | |
| | | 12/22/05 | | | | | | 950 | | | | | $ | 15.50 | | | | | | 12/22/15 | | | | | | | | | | | | | | | ||
| | | 12/13/06 | | | | | | 3,050 | | | | | $ | 17.50 | | | | | | 12/13/16 | | | | | | | | | | | | | | | ||
| | | 12/12/07 | | | | | | 2,788 | | | | | $ | 20.70 | | | | | | 12/12/17 | | | | | | | | | | | | | | | ||
| | | 11/5/13 | | | | | | | | | | | | | | | | | | | | | | | | 2,625 | | | | | $ | 55,125 | | | ||
| | | 12/9/14 | | | | | | | | | | | | | | | | | | | | | | | | 20,000 | | | | | $ | 420,000 | | | ||
Ernest J. Verrico, Sr.(2) | | | | | 3/4/10 | | | | | | 4,000 | | | | | $ | 11.00 | | | | | | 3/4/2020 | | | | | | | | | | | | | | |
| | | 3/22/11 | | | | | | | | | | | | | | | | | | | | | | | | 2,000 | | | | | $ | 42,000 | | | ||
| | | 3/27/12 | | | | | | | | | | | | | | | | | | | | | | | | 2,400 | | | | | $ | 50,400 | | | ||
| | | 11/5/13 | | | | | | | | | | | | | | | | | | | | | | | | 4,875 | | | | | $ | 102,375 | | | ||
| | | 12/9/14 | | | | | | | | | | | | | | | | | | | | | | | | 16,500 | | | | | $ | 346,500 | | | ||
Gail E.D. Brathwaite(3) | | | | | 11/5/13 | | | | | | | | | | | | | | | | | | | | | | | | 13,500 | | | | | $ | 283,500 | | |
| | | 12/9/14 | | | | | | | | | | | | | | | | | | | | | | | | 15,000 | | | | | $ | 315,000 | | | ||
Heidi DeWyngaert(4) | | | | | 3/1/2005 | | | | | | 1,500 | | | | | $ | 14.50 | | | | | | 3/1/2015 | | | | | | | | | | | | | | |
| | | 3/29/06 | | | | | | 2,000 | | | | | $ | 16.00 | | | | | | 3/29/2016 | | | | | | | | | | | | | | | ||
| | | 1/2/08 | | | | | | 4,000 | | | | | $ | 20.70 | | | | | | 1/2/2018 | | | | | | | | | | | | | | | ||
| | | 3/26/08 | | | | | | 12,000 | | | | | $ | 20.70 | | | | | | 3/26/2018 | | | | | | | | | | | | | | | ||
| | | 6/23/09 | | | | | | 1,500 | | | | | $ | 12.64 | | | | | | 6/23/2019 | | | | | | | | | | | | | | | ||
| | | 3/22/11 | | | | | | | | | | | | | | | | | | | | | | | | 2,000 | | | | | $ | 42,000 | | | ||
| | | 3/27/12 | | | | | | | | | | | | | | | | | | | | | | | | 3,300 | | | | | $ | 69,300 | | | ||
| | | 1/8/13 | | | | | | | | | | | | | | | | | | | | | | | | 3,000 | | | | | $ | 63,000 | | | ||
| | | 11/5/13 | | | | | | | | | | | | | | | | | | | | | | | | 4,875 | | | | | $ | 102,375 | | | ||
| | | 12/9/14 | | | | | | | | | | | | | | | | | | | | | | | | 18,000 | | | | | $ | 378,000 | | |
| | | Year Ended December 31, | | |||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | | |||||||||||||||
Options Outstanding at beginning of year | | | | | 208,568 | | | | | | 272,358 | | | | | | 277,558 | | | | | | 273,628 | | | | | | 262,998 | | |
Granted | | | | | — | | | | | | — | | | | | | 9,650 | | | | | | 10,000 | | | | | | 12,250 | | |
Issued Resulting from acquisitions | | | | | 61,040 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Forfeited | | | | | (4,270) | | | | | | (4,080) | | | | | | (14,850) | | | | | | (4,070) | | | | | | (1,100) | | |
Exercised | | | | | (20,305) | | | | | | (46,640) | | | | | | — | | | | | | (2,000) | | | | | | (520) | | |
Expired | | | | | (40,240) | | | | | | (13,070) | | | | | | — | | | | | | — | | | | | | — | | |
Options outstanding at end of period | | | | | 204,793 | | | | | | 208,568 | | | | | | 272,358 | | | | | | 277,558 | | | | | | 273,628 | | |
Weighted Average Exercise Price | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Granted | | | | $ | — | | | | | $ | — | | | | | $ | 15.00 | | | | | $ | 15.00 | | | | | $ | 11.00 | | |
Issued Resulting from acquisitions | | | | | 17.86 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Forfeited | | | | | 18.32 | | | | | | 17.42 | | | | | | 13.13 | | | | | | 16.20 | | | | | | 14.56 | | |
Exercised | | | | | 10.17 | | | | | | 10.02 | | | | | | — | | | | | | 10.00 | | | | | | 12.19 | | |
Expired | | | | | 17.77 | | | | | | 10.00 | | | | | | — | | | | | | — | | | | | | — | | |
Options outstanding at end of period | | | | | 17.42 | | | | | | 16.67 | | | | | | 15.23 | | | | | | 14.60 | | | | | | 14.58 | | |
Name | | | Fees Earned or Paid in Cash ($) | | | Stock Awards(1) | | | Total Compensation ($)(2) | | ||||||||||||
Frederick R. Afragola | | | | $ | 40,900 | | | | | $ | 21,900 | | | | | $ | 62,800 | | | |||
George P. Bauer | | | | | 29,400 | | | | | | 21,900 | | | | | | 51,300 | | | |||
Michael J. Brandt | | | | | 9,267 | | | | | | 6,570 | | | | | | 15,837 | | | |||
Richard Castiglioni | | | | | 41,600 | | | | | | 21,900 | | | | | | 63,500 | | | |||
Eric J. Dale | | | | | 53,000 | | | | | | 21,900 | | | | | | 74,900 | | | |||
Blake S. Drexler(3) | | | | | 56,984 | | | | | | 569,700 | | | | | | 626,684 | | | |||
James A. Fieber | | | | | 127,300 | | | | | | 32,850 | | | | | | 160,150 | | | |||
William J. Fitzpatrick, III | | | | | 36,000 | | | | | | 21,900 | | | | | | 57,900 | | | |||
Daniel S. Jones | | | | | 52,000 | | | | | | 21,900 | | | | | | 73,900 | | | |||
Carl R. Kuehner | | | | | 28,600 | | | | | | 21,900 | | | | | | 50,500 | | | |||
Todd Lampert | | | | | 69,300 | | | | | | 21,900 | | | | | | 91,200 | | | |||
Victor S. Liss | | | | | 42,400 | | | | | | 21,900 | | | | | | 64,300 | | | |||
Raymond W. Palumbo | | | | | 6,400 | | | | | | 6,570 | | | | | | 12,970 | | | |||
Total | | | | $ | 593,151 | | | | | $ | 812,790 | | | | | $ | 1,405,941 | | | |||
|
| | | Fiscal Year Ended December 31 | | |||||||||||
| | | 2014 | | | 2013 | | ||||||||
Audit Fees(1) | | | | $ | 267,684 | | | | | $ | 118,573 | | | ||
Audit Related Fees(2) | | | | | 140,499 | | | | | | 56,252 | | | ||
All Other Fees(3) | | | | | 21,425 | | | | | | 13,902 | | | ||
Total Fees | | | | $ | 429,608 | | | | | $ | 188,727 | | | ||
|