Bridgewater Bancshares, Inc._2023 Annual Report

Holders of Record As of February 26, 2024, the Company had 58 holders of record of the Company’s common stock and an estimated 4,552 additional beneficial holders of the Company’s common stock whose stock was held in street name by brokerages or fiduciaries. Issuer Purchases of Equity Securities The following table presents stock purchases made during the fourth quarter of 2023:

Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs

Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)

Average Price Paid Per Share

Total Number of Shares Purchased (1)

Period

18,435 $

9.70 10.43 11.24 10.79

18,435 $

24,821,204 22,418,051 20,458,801 20,458,801

October 1 - 31, 2023 . . . . . . . . November 1 - 30, 2023 . . . . . . December 1 - 31, 2023 . . . . . . Total ....................

230,314 223,412

230,314 175,000

472,161 $

423,749 $

(1) The total number of shares repurchased during the periods indicated includes shares repurchased as part of the Company’s stock repurchase program and shares withheld for income tax purposes in connection with vesting of restricted stock and stock options. The shares were purchased or otherwise valued at the closing price of the Company’s common stock on the date of purchase and/or withholding. (2) On August 17, 2022, the Company’s board of directors approved a stock repurchase program which authorizes the Company to repurchase up to $25.0 million of its common stock, subject to certain limitations and conditions. The stock repurchase program will expire on August 16, 2024. The stock repurchase program does not obligate the Company to repurchase any shares of its common stock, and other than repurchases that have been completed to date, there is no assurance that the Company will do so. Under the stock repurchase program, the Company may repurchase shares of common stock from time to time in open market or privately negotiated transactions. The extent to which the Company repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including general market and economic conditions, regulatory requirements, availability of funds, and other relevant considerations, as determined by the Company. The Company may, in its discretion, begin, suspend or terminate repurchases at any time prior to the Program’s expiration, without any prior notice.

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