SHELLBERG JEFFREY D. (EVP and Chief Credit Officer) exercised options at BRIDGEWATER BANCSHARES INC

Option exercise — a mechanical event triggered by vesting or expiry. Not a discretionary conviction trade.

M · 2 exercises

SHELLBERG JEFFREY D.

Filed: 9/1/2026ACC: 0001732717-26-000025

InsiderSHELLBERG JEFFREY D.CIK 1732717

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IssuerBRIDGEWATER BANCSHARES INCCIK 1341317

DirectorOfficer· EVP and Chief Credit Officer

Since Dec 2018

-17.21K

Net shares

Net seller

$362.5K

Total sold

Open market trades

0B · 0S

Total transactions

22.35K acquired · 39.56K disposed

Non-Derivative Transactions3

Common Stock

Direct

M · Option Exercise

+16.10K

Price / share

$17.50

Trade value

$281.75K

% of position

24.3%

8/31/2026

66.19K→82.29K

Common Stock

Direct

M · Option Exercise

+6.25K

Price / share

$12.92

Trade value

$80.75K

% of position

7.6%

8/31/2026

82.29K→88.54K

Common Stock

Direct

F · Tax Withholding

−17.21K

Price / share

$21.07

Trade value

$362.53K

% of position

19.4%

8/31/2026

88.54K→71.33K

Total

Net shares

+5.14K

Net value

-$30.42

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Stock Direct	8/31/2026	M · Option Exercise	+16.10K	$17.50	$281.75K	24.3%	66.19K	82.29K
Common Stock Direct	8/31/2026	M · Option Exercise	+6.25K	$12.92	$80.75K	7.6%	82.29K	88.54K
Common Stock Direct	8/31/2026	F · Tax Withholding	−17.21K	$21.07	$362.53K	19.4%	88.54K	71.33K
Total			+5.14K		-$30.42

Derivative Transactions2

Option to buy

Direct

M · Option Exercise

Converts to

Common Stock

16.10K shares

−16.10K

Strike price

17.50

Held after

3.90K

Exercisable

—

8/31/2026

Option to buy

Direct

M · Option Exercise

Converts to

Common Stock

6.25K shares

−6.25K

Strike price

12.92

Held after

18.75K

Exercisable

—

8/31/2026

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Option to buy Direct	Common Stock16.10K shares	8/31/2026	M · Option Exercise	−16.10K	17.50	—	3.90K
Option to buy Direct	Common Stock6.25K shares	8/31/2026	M · Option Exercise	−6.25K	12.92	—	18.75K

Non-Derivative Holdings (Post-Transaction)3

Common Stock

Indirect

Shares owned355K

Common Stock

Indirect

Shares owned25K

Common Stock

Indirect

Shares owned87K

Total

467K indirect467K

Security Title	Shares Owned	Ownership Type
Common Stock	355K	Indirect
Common Stock	25K	Indirect
Common Stock	87K	Indirect
Total	467K	467K indirect

Derivative Holdings (Post-Transaction)1

Option to buy

Direct

Underlying security

Common Stock

Underlying shares

95.12K

Shares owned

95.12K

Exercise price

7.47

Expiration

—

Exercise window

—

Total

Underlying

95.12K

Owned

95.12K

Security	Underlying	Exercise Price	Exercise Window	Expiration	Underlying Shares	Shares Owned
Option to buy Direct	Common Stock	7.47	—	—	95.12K	95.12K
Total					95.12K	95.12K