Bridgewater Bancshares, Inc._2024 Proxy Statement

COMPENSATION DISCUSSION AND ANALYSIS We became a public company in March 2018, and have filed with the SEC since that date under the scaled reporting rules applicable to “emerging growth companies.” As of December 31, 2023, we are no longer an emerging growth company and, therefore, our 2023 executive compensation disclosure includes additional information that was not included in prior years’ proxy materials. This Compensation Discussion and Analysis (“CD&A”) describes our compensation philosophy and policies as applicable to the named executive officers (“NEOs”) listed below for 2023. This CD&A also describes the Compensation Committee’s process for making pay decisions, as well as the rationale for specific decisions related to the fiscal year ended December 31, 2023. Named Executive Officers Our NEOs, which consist of our principal executive officer, our principal financial officer, and the Company’s three other most highly compensated executive officers, for 2023 were:

• Jerry Baack, Chairman of the Board, Chief Executive Officer and President; • Joseph Chybowski, Chief Financial Officer; • Mary Jayne Crocker, Executive Vice President and Chief Operating Officer; • Jeffrey Shellberg, Executive Vice President and Chief Credit Officer; and • Nick Place, Chief Lending Officer. 2023 Business Highlights and Positioning for Long Term Success •

Improved the balance sheet composition as deposit growth of $293.4 million, or 8.6%, exceeded gross loan growth of $154.8 million, or 4.3%; • Controlled expenses as noninterest expense growth of 4.8% was below the pace of asset growth of 6.1%; • Built capital levels as the Common Equity Tier 1 Risk-Based Capital Ratio was 9.16% at December 31, 2023, up from 8.40% at December 31, 2022; • Added $854.7 million of on- and off-balance sheet liquidity; • Maintained superb asset quality with net charge-offs to average loans of 0.01% and nonperforming assets to total assets of 0.02%; and • Grew tangible book value per share 9.8% to $12.84 (1) . (1) Represents a non-GAAP financial measure. See “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures” in the 2023 Form 10 - K for further details. Our Compensation Philosophy and Governance Practices We compensate our NEOs through a combination of base salaries, annual bonuses, equity awards, earnings credited under our Deferred Incentive Plan, and other benefits including perquisites, as well as periodic grants of incentive and non-statutory stock options. The goal of our executive compensation program is to generate long term value for our shareholders by attracting, motivating and retaining outstanding executives who have the background, leadership skills and entrepreneurial drive to execute our strategic goals. Our Board believes the executive compensation packages that we provide to our executives, including the NEOs, should include both cash and equity compensation that reward performance as measured against established corporate and individual goals. The purpose and key features of each primary element of our executive compensation program in 2023 are described below.

2024 Proxy Statement

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