Exercise4

Bridgewater Bancshares Inc

Total Value

$1.1M

Filing Date

Sep 1, 2026

1 transactions

Trade Summary

On Aug 31, 2026, Shellberg Jeffrey D., Insider, reported $1.1M of Bridgewater Bancshares Inc (BWB) across 1 transactions. The filing covers Common Stock and reflects balanced net activity of $0. Reported prices ranged from $12.92 to $21.07. Insider transactions are sourced from SEC Form 4 disclosures and should be reviewed alongside company fundamentals and the insider's broader trading history.

Insider Information

Name: Shellberg Jeffrey D.
Role: Insider
Location: ST. LOUIS PARK, MN

Filing Details

Filing Date: Sep 1, 2026
Transaction Date: Aug 31, 2026
Accession Number: 0001732717-26-000025
Form Type: 4

Non-Derivative Transactions

Date	Security	Shares	Price	Type	Value
Aug 31, 2026	Common Stock	16,100	$17.50	Exercise	$281.8K
Aug 31, 2026	Common Stock	6,250	$12.92	Exercise	$80.8K
Aug 31, 2026	Common Stock	17,206	$21.07	Tax Withholding	$362.5K

Derivative Transactions

Date	Security	Shares	Exercise Price	Type	Value
Aug 31, 2026	BWB derivative	16,100	$17.50	Exercise	$281.8K
Aug 31, 2026	BWB derivative	6,250	$12.92	Exercise	$80.8K

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Footnotes

(F1)Shares of common stock are held by Mr. Shellberg as trustee of the Jeffrey D. Shellberg Trust under agreement dated October 1, 2014. Mr. Shellberg possesses voting and investment power with respect to the shares of common stock held by the Jeffrey D. Shellberg Trust under agreement dated October 1, 2014.
(F2)Shares of common stock are held by Mr. Shellberg as trustee of the Susan K Shellberg Family Trust dated July 16, 2024. Mr. Shellberg possesses voting and investment power with respect to the shares of common stock held by the Susan K. Shellberg Family Trust dated July 16, 2024.
(F3)Shares of common stock are held by Mr. Shellberg as trustee of the Susan K. Shellberg Marital Trust dated July 16, 2024. Mr. Shellberg possesses voting and investment power with respect to the shares of common stock held by the Susan K. Shellberg Marital Trust dated July 16, 2024.
(F4)Options to buy granted under the 2017 Combined Incentive and Non-Statutory Stock Option Plan.
(F5)Options exercisable in 25% increments on the first four anniversaries of the date of the grant which was 2/1/2022.
(F6)Options exercisable in 25% increments on the first four anniversaries of the date of the grant which was 12/6/2019.
(F7)Options exercisable in 20% increments on the first five anniversaries of the date of the grant which was 10/1/2017.

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^*

Shellberg Jeffrey D.

(Last)

(First)

(Middle)

C/O BRIDGEWATER BANCSHARES, INC.

4450 EXCELSIOR BLVD., SUITE 100

(Street)

ST. LOUIS PARK

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
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/31/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	08/31/2026		M		16,100	A	$17.5	82,287	D
Common Stock	08/31/2026		M		6,250	A	$12.92	88,537	D
Common Stock	08/31/2026		F		17,206	D	$21.07	71,331	D
Common Stock								355,000	I	By Trust⁽¹⁾
Common Stock								87,000	I	By Trust⁽²⁾
Common Stock								25,000	I	By Trust⁽³⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Option to buy⁽⁴⁾	$17.5	08/31/2026		M			16,100	⁽⁵⁾	02/01/2032	Common Stock	16,100	$0	3,900	D
Option to buy⁽⁴⁾	$12.92	08/31/2026		M			6,250	⁽⁶⁾	12/06/2029	Common Stock	6,250	$0	18,750	D
Option to buy⁽⁴⁾	$7.47							⁽⁷⁾	09/30/2027	Common Stock	95,118		95,118	D

Explanation of Responses:

1. Shares of common stock are held by Mr. Shellberg as trustee of the Jeffrey D. Shellberg Trust under agreement dated October 1, 2014. Mr. Shellberg possesses voting and investment power with respect to the shares of common stock held by the Jeffrey D. Shellberg Trust under agreement dated October 1, 2014.

2. Shares of common stock are held by Mr. Shellberg as trustee of the Susan K Shellberg Family Trust dated July 16, 2024. Mr. Shellberg possesses voting and investment power with respect to the shares of common stock held by the Susan K. Shellberg Family Trust dated July 16, 2024.

3. Shares of common stock are held by Mr. Shellberg as trustee of the Susan K. Shellberg Marital Trust dated July 16, 2024. Mr. Shellberg possesses voting and investment power with respect to the shares of common stock held by the Susan K. Shellberg Marital Trust dated July 16, 2024.

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 2/1/2022.

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

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

	/s/ Ben Klocke, Attorney-in-Fact	09/01/2026
	** 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.

Form 4 as rendered by the SEC from accession 0001732717-26-000025.

Bridgewater Bancshares Inc

Trade Summary

Company Information

Insider Information

Filing Details

Non-Derivative Transactions

Derivative Transactions

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Footnotes

SEC Form 4

SEC Filing

SEC Form 4