Bridgewater Bancshares, Inc._2024 Proxy Statement

EXECUTIVE COMPENSATION Summary Compensation Table The following table sets forth information regarding the compensation paid to, awarded to, or earned by each of our NEOs for our fiscal years ended December 31, 2023, 2022 and 2021.

Change in Pension Value and

Nonqualified Deferred Compensation Earnings (4)

Non-Equity Incentive Plan Compensation

Name and

Stock

Option Awards (2)

All Other

Principal Position

Year

Salary

Bonus

Awards (1)

Compensation (5)

Total

2023 $ 650,000 $

— $ 351,679 (1) $

— $ 219,000 $

— $

45,667 $ 1,266,346

Jerry Baack

2022 2021

650,000 575,000

526,500 529,234

—

528,339

— —

31,058 64,056

43,944 38,118

1,779,841 1,524,384

Chairman of the Board, Chief Executive Officer and President Jeffrey Shellberg Executive Vice President Chief Credit Officer Mary Jayne Crocker Executive Vice President Chief Operating Officer Joseph Chybowski (6) Chief Financial Officer

317,976 (3)

—

2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021

365,000 365,000 350,000 390,000 390,000 375,000 375,000 375,000

—

168,325 (1)

—

104,000

—

38,590 37,594 33,586 43,334 37,981 33,607 39,336 38,601

675,915 775,240 822,179 751,708 842,325 915,172 721,695 973,070

251,880 241,500

—

105,668

— —

15,098 32,185

164,908 (3)

—

—

195,374 (1)

—

123,000

—

292,500 281,250

—

105,668

— —

16,176 33,318

191,997 (3)

—

1,000

188,358 (1)

—

118,000

—

(7)

281,280

—

264,169

—

14,019

350,000 350,000

—

161,310 (1)

—

100,000

—

38,425 37,562

649,735 907,672

Nick Place (8) Chief Lending Officer

243,000 (9)

—

264,169

—

12,941

(1) Amounts reflect the aggregate grant date fair value of stock unit awards granted for the year ended December 31, 2023 in accordance with FASB ASC Topic 718 based on a share price of $15.59 as of the date of the grant which was February 2, 2023. The stock unit awards are subject to a four-year ratable vesting schedule. (2) Amounts reflect the aggregate grant date fair value of option awards granted for the year ended December 31, 2022 in accordance with FASB ASC Topic 718 based on a share price of $17.50 as of the date of the grant which was February 1, 2022. The assumptions used in calculating the grant date fair value of the option awards are set forth in Note 17 to our consolidated financial statements as of December 31, 2022. The option awards are subject to a four-year ratable vesting schedule. (3) Amounts reflect the aggregate grant date fair value of stock unit awards granted for the year ended December 31, 2021 in accordance with FASB ASC Topic 718 based on a share price of $17.41 as of the date of the grant which was December 6, 2021. The stock unit awards are subject to a four-year ratable vesting schedule. (4) Amounts reflect above-market earnings on accounts under the Deferred Incentive Plan which are credited with interest annually at a rate equal to the return on average equity of the Bank for the immediately preceding calendar year. (5) “All Other Compensation” for the NEOs during the 2023 fiscal year is summarized below. (6) As permitted by SEC rules, because the 2022 fiscal year was Mr. Chybowski’s first year as an NEO, the compensation paid to him prior to 2022 is not included in this table. (7) In 2023, Mr. Chybowski received a bonus for achievement of ten years of service at the Company. (8) As permitted by SEC rules, because the 2022 fiscal year was Mr. Place’s first year as an NEO, the compensation paid to him prior to 2022 is not included in this table. (9) Includes a bonus received by Mr. Place, in the amount of $1,500, for achievement of fifteen years of service at the Company.

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Bridgewater Bancshares, Inc.