Jerry J. Baack, Chief Executive Officer and Director of Bridgewater Bancshares Inc (NASDAQ:BWB), filed a Form 4 on October 26, 2026, reporting stock option exercises and a tax-withholding disposition across two trading days, October 22 and October 23, 2026.

Key Highlights

  • First exercise: Baack acquired 29,099 shares of common stock on October 22, 2026, via an option exercise (code M) at a price of $7.47 per share.
  • Tax withholding disposal: On the same date, 7,067 shares were disposed of (code F) at $20.67 per share, reducing direct holdings to 1,152,868 shares.
  • Second exercise: On October 23, 2026, Baack acquired an additional 17,834 shares via option exercise at $7.47, bringing direct holdings to 1,170,702 shares.
  • Remaining options: Following both exercises, Baack holds options to buy 71,000 shares at $7.47, 65,000 shares at $12.92, and 100,000 shares at $17.50, all under the 2017 Combined Incentive and Non-Statutory Stock Option Plan.
  • Indirect holdings: The filing also reports 3,000 shares held indirectly, including 1,000 shares by a dependent child and 1,000 shares each in two custodial accounts for children.

Jerry Baack's Option Exercises and Share Holdings at Bridgewater Bancshares

According to the filing, Baack exercised options granted under the 2017 Combined Incentive and Non-Statutory Stock Option Plan on both October 22 and October 23, 2026. The options exercised on October 22 carried an exercise price of $7.47, and that exercise added 29,099 shares to his direct holdings. Following those shares being acquired, the filing records his direct beneficial ownership at 1,159,935 shares before the same-day tax withholding event.

The October 22 disposition of 7,067 shares at $20.67 per share, reported with transaction code F, reduced Baack's direct holdings to 1,152,868 shares, according to the filing. Code F transactions are commonly used in regulatory filings to report shares withheld by the issuer to satisfy tax obligations upon option exercise, though the filing itself identifies only the code and price. On October 23, 2026, Baack exercised a further tranche of options, acquiring 17,834 shares at $7.47, leaving his direct holdings at 1,170,702 shares as reported in the filing.

Bridgewater Bancshares is a Minnesota-based bank holding company, with its principal offices located at 4450 Excelsior Blvd., Suite 100, St. Louis Park, Minnesota. The filing notes that the $7.47 options were exercisable in 20% increments on the first five anniversaries of the grant date of October 1, 2017, and that all referenced options were granted under the company's 2017 Combined Incentive and Non-Statutory Stock Option Plan. The remaining unexercised $7.47 options carry an expiration date of September 30, 2027, per the filing.

What Was Disclosed

Jerry J. Baack, CEO and Director of Bridgewater Bancshares Inc, reported two option exercises totaling 46,933 shares acquired and one tax-related disposal of 7,067 shares between October 22 and October 23, 2026, resulting in direct beneficial ownership of 1,170,702 shares.