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Form 4 Bridgewater Bancshares For: Jun 05 Filed by: Chybowski Joseph M.

June 5, 2026 5:14 PM EDT
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).
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)
06/05/2026
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)
Code V Amount (A) or (D) Price
Common Stock 06/05/2026   M   7,000 A $ 7.47 125,501 D  
Common Stock 06/05/2026   S   7,000 D $ 18.9594 (1) 118,501 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 06/05/2026   M     7,000   (3) 09/30/2027 Common Stock 7,000 $ 0 129,500 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 $18.95 to $19.02, 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 06/05/2026
** 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.

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