Shellberg Jeffrey D. 4

What Happened

• Jeffrey D. Shellberg, a director of Bridgewater Bancshares (BWB), had a total of 1,899 shares disposed as payment of exercise price or to satisfy tax liability related to equity awards/options. The transactions occurred as: 1,359 shares at $19.63 on 2026-02-02 for $26,677, and 540 shares at $19.54 on 2026-02-03 for $10,552 — about $37,229 in aggregate. These dispositions are recorded as tax withholding (code F) rather than open-market sales.

Key Details

• Transaction dates and prices:
  • 2026-02-02: 1,359 shares @ $19.63 — $26,677 (disposed, code F)
  • 2026-02-03: 540 shares @ $19.54 — $10,552 (disposed, code F)
• Total shares disposed: 1,899; total value: ~$37,229.
• Shares owned after transaction: Not disclosed in the filing.
• Footnotes: Shares are reported as held in trusts with Mr. Shellberg as trustee (Jeffrey D. Shellberg Trust, Susan K. Shellberg Family Trust dated July 16, 2024, and Susan K. Shellberg Marital Trust dated July 16, 2024); he retains voting and investment power over those trust holdings.
• Transaction code meaning: F indicates shares were surrendered/withheld to pay exercise price or tax obligations (tax withholding), not a discretionary open-market sale.
• Filing timeliness: No late filing flag indicated in the provided information.

Context

• These transactions appear to be tax-withholding/dispositions tied to an option exercise or an equity award — a routine administrative step rather than a directional buy/sell decision by the insider. Such withholdings commonly occur when shares are issued upon exercise and a portion is surrendered to cover taxes.