Bridgewater Bancshares (NASDAQ: BWB) insider details option exercise, share sale

Rhea-AI Filing Summary

Bridgewater Bancshares’ president and CFO reported changes in his ownership of the company’s common stock.

On 12/10/2025, he exercised 6,000 stock options at $7.47 per share and acquired the same number of shares, and also sold 5,211 shares at a weighted average price of $18.049.

After these transactions, he beneficially owns 105,349 shares directly and 1,000 shares indirectly through a spouse’s IRA, and continues to hold multiple stock option awards.

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

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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^*

Chybowski Joseph M.

(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)
	PRESIDENT & CFO

3. Date of Earliest Transaction (Month/Day/Year)
12/10/2025

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	12/10/2025		M		6,000	A	$7.47	110,560	D
Common Stock	12/10/2025		S		5,211	D	$18.049(1)	105,349	D
Common Stock								1,000	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(2)	$7.47	12/10/2025		M			6,000	(3)	09/30/2027	Common Stock	6,000	$0	136,500	D
Option to buy(4)	$12.92							(5)	12/06/2029	Common Stock	23,000		23,000	D
Option to buy(4)	$17.5							(6)	02/01/2032	Common Stock	20,000		20,000	D
Option to buy(2)	$17.5							(6)	02/01/2032	Common Stock	30,000		30,000	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 $18.035 to $18.049, 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 2012 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 to buy granted under the 2017 Combined Incentive and Non-Statutory Stock Option Plan.

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

6. 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	12/12/2025
	** 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) disclose in this Form 4?

The filing shows that the company’s president and CFO reported an insider stock transaction involving Bridgewater Bancshares common stock, including an option exercise and a share sale on 12/10/2025.

How many Bridgewater Bancshares (BWB) shares did the president and CFO acquire through option exercise?

He exercised 6,000 stock options at an exercise price of $7.47 per share, acquiring 6,000 shares of Bridgewater Bancshares common stock.

How many BWB shares were sold on 12/10/2025 and at what price?

He sold 5,211 shares of Bridgewater Bancshares common stock at a weighted average price of $18.049 per share, with individual trades priced between $18.035 and $18.049.

How many Bridgewater Bancshares (BWB) shares does the officer own after this transaction?

Following the reported transactions, he beneficially owns 105,349 shares of Bridgewater Bancshares common stock directly and 1,000 shares indirectly through a spouse’s IRA.

What stock options does the Bridgewater Bancshares (BWB) officer continue to hold?

He continues to hold several option awards, including an option to buy 6,000 shares at $7.47 expiring on 09/30/2027, an option to buy 23,000 shares at $12.92 expiring on 12/06/2029, and two option grants at an exercise price of $17.5 per share expiring on 02/01/2032.

What do the footnotes in the Bridgewater Bancshares (BWB) Form 4 explain about these options?

The footnotes state that the options were granted under the company’s 2012 and 2017 Combined Incentive and Non-Statutory Stock Option Plans and vest in increments over four or five years based on the original grant dates of 10/1/2017, 12/6/2019, and 2/1/2022.