Bridgewater Bancshares (BWB) chief banking officer exercises 10,000 stock options

Rhea-AI Filing Summary

Bridgewater Bancshares’ chief banking officer reported exercising stock options and increasing direct ownership in the company. On 12/12/2025, the insider exercised options to buy 10,000 shares of Bridgewater Bancshares common stock at a price of $7.47 per share.

After this transaction, the officer beneficially owned 131,231 shares directly, plus 7,500 shares held indirectly through a spouse’s IRA. The filing also shows remaining stock options outstanding at various exercise prices and expiration dates under the company’s 2017 Combined Incentive and Non-Statutory Stock Option Plan.

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

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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^*

Place Nicholas L.

(Last) (First) (Middle)

C/O BRIDGEWATER BANCSHARES, INC.

4450 EXCELSIOR BLVD., SUITE 100

(Street)

ST. LOUIS PARK MN 55416

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Bridgewater Bancshares Inc [ BWB ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
12/12/2025

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	12/12/2025		M		10,000	A	$7.47	131,231	D
Common Stock								7,500	I	By Spouse 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
option to buy(1)	$7.47	12/12/2025		M			10,000	(2)	09/30/2027	Common Stock	10,000	$0	140,000	D
option to buy(1)	$12.92							(3)	12/06/2029	Common Stock	21,000		21,000	D
option to buy(1)	$17.5							(4)	02/01/2032	Common Stock	50,000		50,000	D

Explanation of Responses:

1. Options to buy granted under the 2017 Combined Incentive and Non-Statutory Stock Option Plan.

2. Options exercisable in 20% increments on the first five anniversaries of the date of the grant which was 10/1/2017.

3. Options exercisable in 25% increments on the first four anniversaries of the date of the grant which was 12/6/2019.

4. Options exercisable in 25% increments on the first four anniversaries of the date of the grant which was 2/1/2022.

	/s/ Ben Klocke, Attorney-in-Fact	12/15/2025
	** 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 Bridgewater Bancshares (BWB) report on 12/12/2025?

The filing shows that a Bridgewater Bancshares officer exercised options to buy 10,000 shares of common stock on 12/12/2025 at an exercise price of $7.47 per share.

Who is the reporting person in this Bridgewater Bancshares (BWB) Form 4?

The reporting person is an officer of Bridgewater Bancshares, serving as the company’s Chief Banking Officer, and filed individually as one reporting person.

How many Bridgewater Bancshares (BWB) shares does the insider own after the reported transaction?

Following the reported transaction, the officer beneficially owns 131,231 shares of Bridgewater Bancshares common stock directly, plus 7,500 shares held indirectly through a spouse IRA.

What stock options were involved in the Bridgewater Bancshares (BWB) transaction?

The transaction involved an option to buy 10,000 shares of common stock at an exercise price of $7.47, with an expiration date of 09/30/2027, reported with transaction code M (option exercise).

What other stock options does the Bridgewater Bancshares (BWB) officer still hold?

After the transaction, the officer continues to hold options including 21,000 shares at an exercise price of $12.92 expiring on 12/06/2029, and 50,000 shares at an exercise price of $17.5 expiring on 02/01/2032, all on a direct basis.

Under what plan were the Bridgewater Bancshares (BWB) options granted and how do they vest?

The options were granted under the 2017 Combined Incentive and Non-Statutory Stock Option Plan. One grant vests in 20% increments on each of the first five anniversaries of the 10/1/2017 grant date, while others vest in 25% increments over four anniversaries of their respective grant dates.