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*
Espeseth Laura
(Last) (First) (Middle)
C/O BRIDGEWATER BANCSHARES, INC.
4450 EXCELSIOR BLVD., STE 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)
Chief Accounting Officer
3. Date of Earliest Transaction (Month/Day/Year)
02/03/2025
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
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) $13.78 02/03/2025 A 25,000 (2) 02/03/2035 Common Stock 25,000 $0 25,000 D
Option to buy(3) $7.47 (4) 09/30/2027 Common Stock 2,000 2,000 D
Option to buy(3) $12.86 (5) 08/31/2028 Common Stock 35,000 35,000 D
Option to buy(3) $10.65 (6) 08/01/2033 Common Stock 13,700 13,700 D
Option to buy(7) $10.65 (6) 08/01/2033 Common Stock 1,300 1,300 D
Explanation of Responses:
1. Option to buy granted under the 2023 Equity Incentive Plan.
2. Option exercisable in 25% increments on the first four anniversaries of the date of the grant which was 02/3/2025.
3. Option to buy granted under the 2017 Combined Incentive and Non-Statutory Stock Plan.
4. Option exercisable in 20% increments on the first five anniversaries of the date of the grant which was 10/1/2017.
5. Option exercisable in 20% increments on the first five anniversaries of the date of the grant which was 09/1/2018.
6. Option exercisable in 25% increments on the first four anniversaries of the date of the grant which was 08/01/2023.
7. Option to buy granted under the 2019 Equity Incentive Plan.
/s/ Ben Klocke, Attorney-in-Fact 02/04/2025
** 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.
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