Exhibit 10.2

Bridgewater Bancshares, Inc.

First Amendment to
Employment Agreement

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This First Amendment to Employment Agreement (this “Amendment”) is made and entered into as of August 18, 2025 (the “Effective Date”), by and between Bridgewater Bancshares, Inc. (the “Company”), Bridgewater Bank (the “Bank,” and together with the Company, the “Employer”), and Jeffrey D. Shellberg (“Executive,” and together with the Employer, the “Parties”).

Recitals

Agreements

In consideration of the foregoing and of the mutual promises and covenants of the Parties set forth in this Amendment, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby covenant and agree to the following revisions to the Employment Agreement:

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“The Employer shall employ Executive, and Executive shall be so employed, during the Employment Period in accordance with the terms of this Agreement. The ‘Employment Period’ shall be the period beginning on the Effective Date and ending on October 9, 2026, unless sooner terminated as provided herein.”

“Executive shall be compensated at an annual rate of Two Hundred Thousand Dollars ($200,000) (the ‘Annual Base Salary’), which shall be payable in accordance with the normal payroll practices of the Employer then in effect.”

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In witness whereof, the Parties have executed this Amendment as of the Effective Date.

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