Chybowski Joseph M. 4

What Happened

Joseph M. Chybowski, President and Chief Financial Officer of Bridgewater Bancshares Inc. (BWB), was awarded 15,570 shares (reported as a grant/award) and had 2,418 shares disposed to cover tax obligations. The disposals were reported as tax-withholding/payments (code F): 1,632 shares at $19.63 ($32,036) on 2026-02-02 and 786 shares at $19.54 ($15,358) on 2026-02-03. The award was recorded at $0.00 (no cash paid); the award’s implied market value at ~ $19.6/share is roughly $305k.

This is not a market purchase — it’s an issued award with shares surrendered to cover taxes, a common administrative (not necessarily bullish) event for executive equity awards.

Key Details

• Transaction dates and prices:
  • 2026-02-02: 1,632 shares surrendered for taxes at $19.63 = $32,036 (Disposition, code F)
  • 2026-02-03: 786 shares surrendered for taxes at $19.54 = $15,358 (Disposition, code F)
  • 2026-02-03: 15,570 shares granted/awarded at $0.00 = $0 (Acquisition, code A)
• Net change: +13,152 shares (15,570 awarded − 2,418 surrendered)
• Shares owned after transaction: Not disclosed in this filing
• Footnotes/transaction codes: F = shares surrendered to satisfy tax withholding; A = grant/award of shares. The filing shows a typical tax-withholding (cashless) component of an equity award.
• Filing/period: Form 4 filed 2026-02-04 reporting transactions dated 2026-02-02 and 2026-02-03. No late filing indicator shown.

Context: For retail investors, awards are compensation—useful to know execs are receiving equity but not the same signal as open-market purchases. The surrendered shares reflect tax withholding tied to the award rather than a sell decision to take profit.