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A</span></p></td><td style="vertical-align:top;width:2.42%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:27.72%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_25_2022_To_1_25_2022_us-gaap_StatementClassOfStockAxis_us-gaap_CommonStockMember_u_h5ogBFxEauGh-BsYvv7Q" name="dei:TradingSymbol" id="Narr_PIkIpfgHBUydCCHlqrAKHQ"><span style="font-size:9pt;">BWB</span></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_25_2022_To_1_25_2022_us-gaap_StatementClassOfStockAxis_bwb_DepositarySharesMember_M6ZVR7eFEUCum6DsRxJKdA" name="dei:TradingSymbol" id="Narr_BDUw1VUFn0-uIK54Iefydw"><span style="font-size:9pt;">BWBBP</span></ix:nonNumeric></p></td><td style="vertical-align:bottom;width:1.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:34.89%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><ix:nonNumeric format="ixt-sec:exchnameen" contextRef="Duration_1_25_2022_To_1_25_2022_us-gaap_StatementClassOfStockAxis_us-gaap_CommonStockMember_u_h5ogBFxEauGh-BsYvv7Q" name="dei:SecurityExchangeName" id="Narr_-DiIlGuhK0yaOLGfb5lLvA"><span style="font-size:9pt;">The NASDAQ Stock Market LLC</span></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><ix:nonNumeric format="ixt-sec:exchnameen" contextRef="Duration_1_25_2022_To_1_25_2022_us-gaap_StatementClassOfStockAxis_bwb_DepositarySharesMember_M6ZVR7eFEUCum6DsRxJKdA" name="dei:SecurityExchangeName" id="Narr_iwIfFE-M80SPEKDZDwAa0A"><span style="font-size:9pt;">The NASDAQ Stock Market LLC</span></ix:nonNumeric></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"></span><span style="font-family:'inherit';visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><span style="font-family:'inherit';">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</span> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0pt;"><span style="font-family:'inherit';visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'inherit';font-size:9pt;">Emerging growth company </span><ix:nonNumeric format="ixt-sec:boolballotbox" contextRef="Duration_1_25_2022_To_1_25_2022_zhQWEBR8yk-Q7iaN_Tm82g" name="dei:EntityEmergingGrowthCompany" id="Narr_qJYTkcWCC0uszULSPnuY7g"><span style="font-family:'Segoe UI Symbol';font-size:9pt;">&#9746;</span></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0pt;"><span style="color:#211d1e;font-family:'inherit';visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="color:#211d1e;font-family:'inherit';font-size:9pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </span><ix:nonNumeric format="ixt-sec:boolballotbox" contextRef="Duration_1_25_2022_To_1_25_2022_zhQWEBR8yk-Q7iaN_Tm82g" name="dei:EntityExTransitionPeriod" id="Narr_shC0cT5CskudSinztoK1kA"><span style="font-family:'Segoe UI Symbol';font-size:9pt;">&#9744;</span></ix:nonNumeric></p><div style="padding-bottom:1.0px;border-bottom:3.0pt solid #000000;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.43;padding-bottom:1pt;border-bottom:1.0pt solid #000000;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></div><p style="display:none;line-height:0pt;margin:0pt 0pt 5pt 0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:0pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:88.24%;border:0;margin:30pt 5.88% 30pt 5.88%;"></div><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><a id="_ceac0346_fbe0_4067_bacd_e2c17841d9bd"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:12pt;margin:0pt;"><b style="font-weight:bold;">Item 5.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:12pt;text-align:justify;text-indent:36pt;background:#ffffff;margin:0pt;"><span style="letter-spacing:-0.15pt;">On </span><span style="color:#212529;">January 26 and 27, 2022, Bridgewater Bancshares, Inc. (the &#8220;</span><b style="color:#212529;font-weight:bold;">Company</b><span style="color:#212529;">&#8221;) and Bridgewater Bank entered into executive employment agreements (the &#8220;</span><b style="color:#212529;font-weight:bold;">Executive Employment Agreements</b><span style="color:#212529;">&#8221;), each with an effective date of January 1, 2022, with Jerry Baack, Mary Jayne Crocker, Joseph Chybowski, and Jeffrey Shellberg (the &#8220;</span><b style="color:#212529;font-weight:bold;">Executives</b><span style="color:#212529;">&#8221;) to replace the Executives&#8217; existing employment agreements. A summary description of the Executive Employment Agreements is set forth below. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:12pt;text-align:justify;text-indent:36pt;background:#ffffff;margin:0pt;"><span style="color:#212529;">Except in the case of Mr. Baack, whose Executive Employment Agreement has an initial term of five years, each Executive Employment Agreement has an initial term of three years. Each agreement will automatically renew for additional one-year terms following the completion of the initial term, unless either party provides written notice of nonrenewal 90 days prior to such extension date. In the event that a change in control occurs during the employment period, each Executive Employment Agreement will remain in effect for a 2-year period following the change in control and then terminate.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:12pt;text-align:justify;text-indent:36pt;background:#ffffff;margin:0pt;"><span style="color:#212529;">Under the Executive Employment Agreements, each Executive will continue to serve in his or her previously designated role. In addition, each Executive will be eligible for an initial annual base salary in the following amounts: Mr. Baack six hundred fifty thousand dollars; Ms. Crocker three hundred ninety thousand dollars; Mr. Chybowski three hundred seventy-five thousand dollars; and Mr. Shellberg three hundred sixty-five thousand dollars.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:12pt;text-align:justify;text-indent:36pt;background:#ffffff;margin:0pt;"><span style="color:#212529;">The Executives are also entitled to participate in certain employee benefit plans, programs and arrangements as may be in effect from time to time, as well as certain executive health benefits.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;background:#ffffff;margin:0pt 0pt 12pt 0pt;"><span style="color:#212529;">Each Executive is subject to a non-competition provision and a non-solicitation restriction with respect to customers and employees. The restrictive covenants apply during employment and for a period of twelve months following a termination of employment. In exchange for agreeing to such restrictive covenants, each Executive is entitled to receive severance payments and benefits from the Company. The payment or provision of any such severance or benefits is conditional upon the Executive&#8217;s execution of a release of claims in favor of the Company.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Item 9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">(d)<b style="font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</b><i style="font-style:italic;">Exhibits</i></p><table style="border-collapse:collapse;border:0;"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:72pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Exhibit 104</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Cover Page Interactive Data File (embedded within the Inline XBRL document)</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">2</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.41%;border:0;margin:30pt 10.29% 30pt 10.29%;"></div><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><a id="_21ba22f3_586f_4598_8b39_4b3aebd99b12"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SIGNATURES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50.1%;margin:0pt;padding:0pt 3pt 0pt 3pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:49.89%;margin:0pt;padding:0pt 3pt 0pt 3pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:top;width:50.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:49.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Bridgewater Bancshares, Inc.</p></td></tr><tr><td style="vertical-align:top;width:50.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:49.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:50.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:49.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:50.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Date: January 28, 2022</p></td><td style="vertical-align:top;width:49.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:50.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:49.89%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;">By:      </span><i style="font-style:italic;">/s/ Jerry Baack</i></p></td></tr><tr><td style="vertical-align:bottom;width:50.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:49.89%;border-top:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Name: Jerry Baack</p></td></tr><tr><td style="vertical-align:bottom;width:50.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;width:49.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;">Title:   Chairman, Chief Executive Officer and President</span></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">3</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:avoid;width:79.41%;border:0;"></div></body></html>
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​
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
​
FORM
8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
​
January 25, 2022
Date of Report
(Date of earliest event reported)
​
BRIDGEWATER BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
​
​
​
​
​
​
​
​
​
Minnesota
(State or other jurisdiction of
incorporation)
001-38412
(Commission File Number)
26-0113412
(I.R.S. Employer
Identification No.)
​
4450 Excelsior Boulevard, Suite 100
St. Louis Park
,
Minnesota
(Address of principal executive offices)
55416
(Zip Code)
​
Registrant's telephone number, including area code:
(
952
)
893-6868
​
Not Applicable
(Former name or former address, if changed since last report.)
​
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
​
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
​
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
​
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
​
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
​
Securities registered pursuant to Section 12(b) of the Act:
​
Title of each class:
Trading Symbol
Name of each exchange on which registered:
Common Stock
, $0.01 Par Value
Depositary Shares
, each representing a 1/100th interest in a share of 5.875% Non-Cumulative Perpetual Preferred Stock, Series A
BWB
BWBBP
The NASDAQ Stock Market LLC
The NASDAQ Stock Market LLC
​
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
​
Emerging growth company
☒
​
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
​
​
Item 5.02           Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On
January 26 and 27, 2022, Bridgewater Bancshares, Inc. (the "
Company
") and Bridgewater Bank entered into executive employment agreements (the "
Executive Employment Agreements
"), each with an effective date of January 1, 2022, with Jerry Baack, Mary Jayne Crocker, Joseph Chybowski, and Jeffrey Shellberg (the "
Executives
") to replace the Executives' existing employment agreements. A summary description of the Executive Employment Agreements is set forth below.
Except in the case of Mr. Baack, whose Executive Employment Agreement has an initial term of five years, each Executive Employment Agreement has an initial term of three years. Each agreement will automatically renew for additional one-year terms following the completion of the initial term, unless either party provides written notice of nonrenewal 90 days prior to such extension date. In the event that a change in control occurs during the employment period, each Executive Employment Agreement will remain in effect for a 2-year period following the change in control and then terminate.
Under the Executive Employment Agreements, each Executive will continue to serve in his or her previously designated role. In addition, each Executive will be eligible for an initial annual base salary in the following amounts: Mr. Baack six hundred fifty thousand dollars; Ms. Crocker three hundred ninety thousand dollars; Mr. Chybowski three hundred seventy-five thousand dollars; and Mr. Shellberg three hundred sixty-five thousand dollars.
The Executives are also entitled to participate in certain employee benefit plans, programs and arrangements as may be in effect from time to time, as well as certain executive health benefits.
Each Executive is subject to a non-competition provision and a non-solicitation restriction with respect to customers and employees. The restrictive covenants apply during employment and for a period of twelve months following a termination of employment. In exchange for agreeing to such restrictive covenants, each Executive is entitled to receive severance payments and benefits from the Company. The payment or provision of any such severance or benefits is conditional upon the Executive's execution of a release of claims in favor of the Company.
Item 9.01           Financial Statements and Exhibits.
(d)
Exhibits
Exhibit 104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
​
​
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
​
​
​
Bridgewater Bancshares, Inc.
​
​
​
​
Date: January 28, 2022
​
​
By:
/s/ Jerry Baack
​
Name: Jerry Baack
​
Title:   Chairman, Chief Executive Officer and President
​
​
​
​
​
3