2022 Proxy Statement

CORPORATE GOVERNANCE AND THE BOARD OF DIRECTORS

The Nominating and ESG Committee will give appropriate consideration to candidates for board membership proposed by shareholders that are supported by adequate information about the candidates’ qualifications and will evaluate such candidates in the same manner as other candidates identified by or submitted to the Nominating and ESG Committee. Commitment to ESG At Bridgewater, we are committed to establishing and advancing impactful initiatives that support our corporate responsibility as a growing local bank in the Twin Cities, while regularly sharing our progress with stakeholders. In addition to implementing oversight of our ESG strategy and practices by the Nominating and ESG Committee, we also formed a management-level ESG Committee in 2021, with the role of developing, implementing and growing a formal ESG program. The management-level ESG Committee has identified four key priorities that guide our ESG strategy: ESG Priorities • Leverage our unconventional corporate culture to have a positive impact on our team members, clients and communities; • Create a diverse, equitable and inclusive work environment and community; • Ensure strong corporate governance oversight including an effective risk management framework to support a growing organization; and • Contribute to a healthier natural environment in the communities in which we live and work. In an effort to increase communication with stakeholders regarding our progress on ESG, we launched an ESG webpage in March 2022 to share a summary of the actions we are taking to support our ESG priorities. For more information regarding our ESG commitment, please visit our ESG webpage at www.BWBMN.com/about-bridgewater/esg. Board Leadership Structure Our Board does not have a formal policy requiring the separation of the roles of Chairperson of the Board and Chief Executive Officer. It is our directors’ view that rather than having a rigid policy, the Board, with the advice and assistance of the Nominating and ESG Committee, and upon consideration of all relevant factors and circumstances, will determine, as and when appropriate, whether the two offices should be separate. Since our formation, the positions of Chairperson and Chief Executive Officer have been combined and held by Mr. Baack. We believe this Board leadership structure is the most appropriate for our Company because of the efficiencies achieved in having the role of Chairperson and Chief Executive Officer combined, and because the detailed knowledge of our day-to-day operations and business that the Chief Executive Officer possesses greatly enhances the decision-making processes of the Board as a whole. As noted above, Mr. Baack is not currently considered to be “independent” according to Nasdaq rules. Because the Chairperson of the Board is not an independent director, the Board has determined that it is appropriate to appoint a lead independent director (“Lead Director”). The duties and responsibilities of the Lead Director are included in our Corporate Governance Guidelines and are set forth below. Lead Director Mr. David B. Juran serves as the Lead Director. Mr. Juran brings a strong understanding of the Company and its business, as well as significant leadership to this important role. The principal duties and responsibilities of the Lead Director include: • presiding at all meetings of the Board at which the Chairperson and Chief Executive Officer is not present; • presiding at executive sessions of the independent directors; • reviewing and approving meeting agendas, meeting schedules and information sent to the Board; • serving as a liaison between the Chairperson and Chief Executive Officer and the independent directors; and • being available for consultation and direct communication with shareholders, as appropriate.

2022 Proxy Statement

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