Bridgewater Bancshares, Inc._2024 Proxy Statement

PAY VERSUS PERFORMANCE

(6) Reflects the cumulative total shareholder return of the Nasdaq Bank Index. This is the peer group used by the Company as reflected on Form 10 - K of the Company's consolidated financial statements for the year ended December 31, 2023. (7) Net Income reflected represents GAAP Net Income as reported on Form 10 - K of the Company's consolidated financial statements. (8) Pre-Provision Net Revenue (or “PPNR”) is the Company-Selected Measure. For further detail, see the “Compensation Discussion and Analysis” section in this proxy statement. PPNR is a non-GAAP financial measure. See “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures” in the accompanying 2023 Form 10 - K for further details. Financial Performance Measures The following list presents the financial performance measures that the Company considers to have been the most important in linking Compensation Actually Paid to our CEO and other NEOs for 2023 to Company performance. The measures in this table are not ranked. • Return on average tangible common equity • Net charge-offs • Nonperforming assets • Tangible book value per share growth Pay Versus Performance: Graphical Description The graphs below present the relationship during 2023, 2022 and 2021 between CAP to our CEO and our other NEOs (on an average basis) and the following measures: • the Company’s cumulative total shareholder return (“TSR”) and the Peer Group’s cumulative TSR; • the Company’s Net Income; and • the Company’s PPNR (which is the Company-Selected Measure). CEO and Average Non-CEO NEO CAP vs Cumulative TSR and Cumulative TSR of the Peer Group • • • Earnings per share Return on average assets PPNR

$100 $120 $140 $160

$2,500

$2,000

$1,500

$- $20 $40 $60 $80

$1,000

$500 Compensation ($000s)

$-

2021

2022

2023

TSR on $100 Invested at Beginning of Period

CEO Compensation Actually Paid

Average NEO Compensation Actually Paid

BWB TSR

Nasdaq Bank Index TSR

2024 Proxy Statement

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