BWB EVP sells 4,080 shares, exercises 18,898 options in Form 4

Bridgewater Bancshares Inc. executive reports stock sale and option exercise.

Rhea-AI Filing Summary

Bridgewater Bancshares Inc. executive reports stock sale and option exercise. The EVP & Chief Strategy Officer of Bridgewater Bancshares Inc. (BWB) reported selling 4,080 shares of common stock on 11/13/2025 at a weighted average price of $17.0402, leaving 199,025 shares beneficially owned afterward. On 11/17/2025, the executive exercised options to buy 18,898 shares at an exercise price of $7.47, increasing direct beneficial ownership to 217,923 shares. The filing also lists remaining stock options with exercise prices of $7.47, $12.92, and $17.50 and various vesting schedules under the company’s equity incentive plans.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 5 txns

Insider Crocker Mary Jayne

Role EVP & CHIEF STRATEGY OFFICER

Sold 4,080 shs ($70K)

Approx. gross sale proceeds $70K

Approx. exercise cost $141K

Type	Security	Shares	Price	Value
Exercise	Option to buy	18,898	$0.00	$0.00
Exercise	Common Stock	18,898	$7.47	$141K
Sale	Common Stock	4,080	$17.0402	$70K
holding	Option to buy	--	--	--
holding	Option to buy	--	--	--

Holdings After Transaction: Option to buy — 138,102 contracts for 47,000 underlying shares (Direct); Common Stock — 217,923 shares (Direct)

Footnotes (5)

1. F1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $17.01 to $17.10, inclusive. The reporting person undertakes to provide to Bridgewater Bancshares, Inc., any security holder of Bridgewater Bancshares, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price set forth in this footnote to this Form 4.
2. F2. Options to buy granted under the 2017 Combined Incentive and Non-Statutory Stock Option Plan.
3. F3. Options exercisable in 20% increments on the first five anniversaries of the date of the grant which was 10/1/2017.
4. F4. Options exercisable in 25% increments on the first four anniversaries of the date of the grant which was 12/6/2019.
5. F5. Options exercisable in 25% increments on the first four anniversaries of the date of the grant which was 2/1/2022.

FAQ

What insider transactions did BWB report in this Form 4?

The EVP & Chief Strategy Officer of Bridgewater Bancshares Inc. (BWB) reported selling 4,080 shares of common stock on 11/13/2025 and exercising options for 18,898 shares on 11/17/2025.

At what prices did the BWB insider sell and acquire shares?

The reported sale of 4,080 BWB shares occurred at a weighted average price of $17.0402, while the options exercised on 11/17/2025 had an exercise price of $7.47 per share.

How many BWB shares does the reporting person own after these transactions?

Following the reported transactions, the EVP & Chief Strategy Officer beneficially owns 217,923 shares of Bridgewater Bancshares Inc. common stock directly.

What stock options does the BWB executive still hold after this Form 4?

The filing shows remaining options to buy BWB common stock, including options with exercise prices of $7.47 on 18,898 shares, $12.92 on 27,000 shares, and $17.50 on 20,000 shares, subject to their respective vesting and expiration dates.

What is the vesting schedule for the BWB options mentioned?

According to the footnotes, certain options are exercisable in 20% increments on each of the first five anniversaries of a 10/1/2017 grant date, and others in 25% increments on each of the first four anniversaries of grant dates on 12/6/2019 and 2/1/2022.

Under which plan were the BWB stock options granted?

The options to buy BWB shares were granted under the 2017 Combined Incentive and Non-Statutory Stock Option Plan.

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Accepted by SEC EDGAR 11/17/2025 - 05:34 PM Learn about SEC filing dates

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^*

Crocker Mary Jayne

(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)
	EVP & CHIEF STRATEGY OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
11/13/2025

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	11/13/2025		S		4,080	D	$17.0402(1)	199,025	D
Common Stock	11/17/2025		M		18,898	A	$7.47	217,923	D

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(2)	$7.47	11/17/2025		M			18,898	(3)	09/30/2027	Common Stock	18,898	$0	91,102	D
Option to buy(2)	$12.92							(4)	12/06/2029	Common Stock	27,000		27,000	D
Option to buy(2)	$17.5							(5)	02/01/2032	Common Stock	20,000		20,000	D

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $17.01 to $17.10, inclusive. The reporting person undertakes to provide to Bridgewater Bancshares, Inc., any security holder of Bridgewater Bancshares, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price set forth in this footnote to this Form 4.

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

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

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

5. 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	11/17/2025
	** 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.
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