Chybowski Joseph M. 4

What Happened
Joseph M. Chybowski, President & CFO of Bridgewater Bancshares, exercised 7,000 stock options (reported acquisition at $7.47/share, total cost $52,290) on 2026-06-05 and immediately sold 7,000 shares in the open market for a weighted average price of $18.96/share, generating proceeds of $132,716. The net cash difference before taxes and fees was about $80,426. The filing also records a related derivative conversion/disposition of 7,000 shares at $0.00 as part of the exercise reporting.

Key Details

• Transaction date: 2026-06-05 (filed same day).
• Exercise: 7,000 shares at $7.47 each — total $52,290 (transaction code M).
• Sale: 7,000 shares sold in multiple trades, weighted average $18.96 each — total $132,716 (transaction code S). Sales ranged $18.95–$19.02 per F1.
• Net proceeds (gross sale minus exercise cost, before taxes/fees): ≈ $80,426.
• Filing shows an additional derivative conversion/disposition of 7,000 shares at $0.00 (reported as M/Disposed).
• Shares owned after the transactions: not specified in the provided data.
• Notable footnotes: F1 notes weighted-average sale price and per-trade price range; F2–F6 reference the option plans and vesting schedules under which the options were granted.
• Timeliness: Reported same day (no late filing indicated). No 10b5‑1 plan or tax-withholding specifics disclosed in the provided excerpt.

Context
This was an exercise-and-sell (cashless-style) transaction: options were exercised and the resulting shares were sold immediately in the market. Such transactions are commonly used to realize gains from vested options and do not necessarily signal a change in the insider’s view of the company. Transaction codes: M = option exercise/conversion, S = open-market sale.