Bridgewater Bancshares CEO exercises 25,000 stock options at $7.47

Bridgewater Bancshares Inc. (BWB) reported an insider equity transaction by its CEO and director.

Rhea-AI Filing Summary

Bridgewater Bancshares Inc. (BWB) reported an insider equity transaction by its CEO and director. On 11/21/2025, the reporting person exercised options to buy 25,000 shares of common stock at $7.47 per share, coded as an "M" transaction. Following this exercise, the individual beneficially owns 1,189,361 shares directly, plus 1,000 shares in each of two indirect custodial accounts for children.

The filing also lists remaining stock options: an option to buy 25,000 shares at $7.47 expiring 09/30/2027, an option to buy 65,000 shares at $12.92 expiring 12/06/2029, and an option to buy 100,000 shares at $17.50 expiring 02/01/2032, all held directly. Vesting schedules for these grants are set in annual increments under the company’s stock option plans.

Insider Trade Summary

25,000 shares exercised/converted

Exercise 7 txns

Insider Baack Jerry J.

Role CEO

Type	Security	Shares	Price	Value
Exercise	Option to buy	25,000	$0.00	$0.00
Exercise	Common Stock	25,000	$7.47	$187K
holding	Option to buy	--	--	--
holding	Option to buy	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Option to buy — 290,000 contracts for 165,000 underlying shares (Direct); Common Stock — 1,189,361 shares (Direct); Common Stock — 3,000 shares (Indirect, As custodian for child)

Footnotes (4)

1. F1. Options to buy granted under the 2017 Combined Incentive and Non-Statutory Stock Option Plan.
2. F2. Options exercisable in 20% increments on the first five anniversaries of the date of the grant which was 10/1/2017.
3. F3. Options exercisable in 25% increments on the first four anniversaries of the date of the grant which was 12/6/2019.
4. F4. Options exercisable in 25% increments on the first four anniversaries of the date of the grant which was 2/1/2022.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 11/24/2025 - 04:20 PM EST 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^*

Baack Jerry J.

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
11/21/2025

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	11/21/2025		M		25,000	A	$7.47	1,189,361	D
Common Stock								1,000	I	As custodian for child
Common Stock								1,000	I	As custodian for child
Common Stock								1,000	I	As custodian for child

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	11/21/2025		M			25,000	(2)	09/30/2027	Common Stock	25,000	$0	125,000	D
Option to buy(1)	$12.92							(3)	12/06/2029	Common Stock	65,000		65,000	D
Option to buy(1)	$17.5							(4)	02/01/2032	Common Stock	100,000		100,000	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	11/24/2025
	** 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.