Director Jeffrey D. Shellberg of Bridgewater Bancshares Inc filed a Form 4 on September 1, 2026, disclosing stock option exercises and a tax-related share disposition that occurred on August 31, 2026.

Key Highlights

  • Option exercise (code M): Shellberg exercised options on 16,100 shares of common stock at $17.50 per share on August 31, 2026.
  • Second option exercise (code M): Shellberg also exercised options on 6,250 shares at $12.92 per share on the same date.
  • Shares withheld (code F): 17,206 shares were disposed of at $21.07 per share, reported as payment of exercise price or tax liability.
  • Direct ownership after transactions: Shellberg directly holds 71,331 shares of common stock following the reported transactions.
  • Indirect holdings: An additional 467,000 shares are held indirectly across three trusts for which Shellberg serves as trustee: 355,000, 87,000, and 25,000 shares respectively.
  • Remaining options: Shellberg retains options to purchase 3,900 shares at $17.50, 18,750 shares at $12.92, and 95,118 shares at $7.47, all under the 2017 Combined Incentive and Non-Statutory Stock Option Plan.

Shellberg's August 31 Transactions in Bridgewater Bancshares Common Stock

According to the filing, Jeffrey D. Shellberg, a director of Bridgewater Bancshares Inc (NASDAQ:BWB), executed three transactions in the company's common stock on August 31, 2026. Two transactions carried transaction code "M," indicating the exercise of derivative securities. Shellberg exercised options covering 16,100 shares at a conversion price of $17.50 and options covering 6,250 shares at a conversion price of $12.92. Both option grants were issued under the company's 2017 Combined Incentive and Non-Statutory Stock Option Plan, with exercise prices of $0 reported for each derivative transaction.

The filing also reports a transaction coded "F," in which 17,206 shares were disposed of at $21.07 per share. This code typically denotes shares withheld for taxes or exercise price payment, though the filing does not specify the reason beyond the transaction code. Following all three transactions, Shellberg's direct beneficial ownership stood at 71,331 shares.

In addition to direct holdings, the filing discloses that Shellberg holds voting and investment power over shares in three separate trusts: 355,000 shares in the Jeffrey D. Shellberg Trust (dated October 1, 2014); 87,000 shares in the Susan K. Shellberg Family Trust (dated July 16, 2024); and 25,000 shares in the Susan K. Shellberg Marital Trust (dated July 16, 2024). The remaining unexercised options include 95,118 shares exercisable at $7.47, granted on October 1, 2017, and vesting in 20% increments over the first five anniversaries of the grant date.

What Was Disclosed

The Form 4 discloses two stock option exercises and one share disposition by Director Jeffrey D. Shellberg of Bridgewater Bancshares on August 31, 2026, along with his resulting direct and indirect beneficial ownership positions.