<SEC-DOCUMENT>0001558370-25-011692.txt : 20250820
<SEC-HEADER>0001558370-25-011692.hdr.sgml : 20250820
<ACCEPTANCE-DATETIME>20250820142118
ACCESSION NUMBER:		0001558370-25-011692
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250820
DATE AS OF CHANGE:		20250820

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bridgewater Bancshares Inc
		CENTRAL INDEX KEY:			0001341317
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		ORGANIZATION NAME:           	02 Finance
		EIN:				000000000
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-289375
		FILM NUMBER:		251236049

	BUSINESS ADDRESS:	
		STREET 1:		4450 EXCELSIOR BLVD.
		STREET 2:		SUITE 100
		CITY:			ST. LOUIS PARK
		STATE:			MN
		ZIP:			55416
		BUSINESS PHONE:		(952) 893-6868

	MAIL ADDRESS:	
		STREET 1:		4450 EXCELSIOR BLVD.
		STREET 2:		SUITE 100
		CITY:			ST. LOUIS PARK
		STATE:			MN
		ZIP:			55416
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>bwb-20250820x424b3.htm
<DESCRIPTION>424B3
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  11.0.0.141--><!--Created on: 8/19/2025 09:33:51 PM (UTC)--><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">Filed pursuant to Rule 424(b)(3)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">Registration No. 333-289375</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">PROSPECTUS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><img src="bwb-20250820x424b3001.jpg" alt="Graphic" style="display:inline-block;height:70.5pt;width:122.25pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Offer to Exchange</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:36pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Up to $80,000,000 aggregate principal amount of</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">7.625% Fixed-to-Floating Rate Subordinated Notes due 2035</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">that have been registered under the Securities Act of 1933</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">for any and all outstanding unregistered</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">7.625% Fixed-to-Floating Rate Subordinated Notes due 2035</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:1pt;text-align:center;border-top:1.0pt solid #000000;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><font style="font-style:italic;font-weight:bold;">The exchange offer will expire at 11:59 p.m., New York City time, on September 24, 2025, unless extended.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">We are offering to exchange 7.625% Fixed-to-Floating Rate Subordinated Notes due 2035 that have been registered under the Securities Act of 1933, as amended (&#8220;Securities Act&#8221;), which we refer to in this prospectus as the &#8220;New Notes,&#8221; for any and all of our outstanding unregistered 7.625% Fixed-to-Floating Rate Subordinated Notes due 2035 that we issued in a private placement on June 24, 2025, which we refer to in this prospectus as the &#8220;Old Notes.&#8221; We are making this offer to exchange the New Notes for the Old Notes to satisfy our obligations under a registration rights agreement that we entered into with the purchasers of the Old Notes in connection with our issuance of the Old Notes to those purchasers.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">We will not receive any cash proceeds from this exchange offer. The issuance of the New Notes in exchange for the Old Notes will not result in any increase in our outstanding indebtedness. Old Notes that are not exchanged for New Notes in this exchange offer will remain outstanding. The exchange offer is not subject to any minimum tender condition, but is subject to certain customary conditions.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">Upon expiration of the exchange offer, all Old Notes that have been validly tendered and not withdrawn will be exchanged for an equal principal amount of New Notes. The terms of the New Notes are identical in all material respects to the terms of the Old Notes, except that the New Notes are registered under the Securities Act and are generally not subject to transfer restrictions, are not entitled to registration rights under the registration rights agreement that we entered into with the initial purchasers of the Old Notes and do not have the right to additional interest under the circumstances described in that registration rights agreement relating to our fulfillment of our registration obligations. The New Notes evidence the same debt as the Old Notes and are governed by the same indenture under which the Old Notes were issued.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">There is no existing public market for the Old Notes or the New Notes and we do not expect any public market to develop in the future for either the Old Notes or the New Notes. The Old Notes are not listed on any national securities exchange or quotation system and we do not intend to list the New Notes on any national securities exchange or quotation system.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">You may withdraw your tender of Old Notes at any time prior to the expiration of the exchange offer. We will exchange all of the outstanding Old Notes that are validly tendered and not validly withdrawn prior to the expiration of the exchange offer for an equal principal amount of New Notes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">Each broker-dealer that receives New Notes for its own account pursuant to the exchange offer must acknowledge that it will deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of such New Notes. A broker-dealer that acquired Old Notes because of market-making or other trading activities may use this prospectus, as supplemented or amended from time to time, in connection with resales of the New Notes for a period of 180 days after the completion of the exchange offer. See &#8220;Plan of Distribution.&#8221;&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:6pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Investing in our securities involves certain risks. See &#8220;Risk Factors&#8221; beginning on page 9, as well as the risk factors contained in our </b><a style="font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="https://www.sec.gov/Archives/edgar/data/1341317/000155837025002317/bwb-20241231x10k.htm"><b style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:bold;">Annual Report on Form 10-K for the fiscal year ended December 31, 2024</b></a><b style="font-weight:bold;">, and our Quarterly Reports on Form 10-Q for the fiscal quarters ended </b><a style="font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="https://www.sec.gov/Archives/edgar/data/1341317/000155837025006048/bwb-20250331x10q.htm"><b style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:bold;">March 31, 2025</b></a><b style="font-weight:bold;"> and </b><a style="font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="https://www.sec.gov/Archives/edgar/data/1341317/000155837025009841/bwb-20250630x10q.htm"><b style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:bold;">June 30, 2025</b></a><b style="font-weight:bold;"> and in the other reports filed by us with the Securities and Exchange Commission and incorporated by reference into this prospectus.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><b style="font-weight:bold;">&#160;Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. These securities are not savings or deposit accounts or other obligations of any bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">The date of this prospectus is<font style="font-style:italic;font-weight:bold;"> </font>August 20, 2025.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;border-bottom:1.0pt solid #000000;margin:12pt 0pt 6pt 0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:6pt 0pt 12pt 0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p><p style="display:none;font-size:12pt;line-height:0pt;text-align:center;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">TABLE OF CONTENTS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-left:0pt;margin-top:6pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146341">ABOUT THIS PROSPECTUS</a></font></font><font style="bottom:2.663086pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146341"></a></font><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146341">i</a></font></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-left:0pt;margin-top:6pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146342">WHERE YOU CAN FIND MORE INFORMATION</a></font></font><font style="bottom:2.663086pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146342"></a></font><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146342">ii</a></font></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-left:0pt;margin-top:6pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146343">INFORMATION INCORPORATED BY REFERENCE</a></font></font><font style="bottom:2.663086pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146343"></a></font><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146343">ii</a></font></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-left:0pt;margin-top:6pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146344">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</a></font></font><font style="bottom:2.663086pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146344"></a></font><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146344">iii</a></font></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-left:0pt;margin-top:6pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146345">SUMMARY</a></font></font><font style="bottom:2.663086pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146345"></a></font><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146345">1</a></font></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-left:0pt;margin-top:6pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146346">RISK FACTORS</a></font></font><font style="bottom:2.663086pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146346"></a></font><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146346">9</a></font></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-left:0pt;margin-top:6pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146347">USE OF PROCEEDS</a></font></font><font style="bottom:2.663086pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146347"></a></font><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146347">18</a></font></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-left:0pt;margin-top:6pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146348">THE EXCHANGE OFFER</a></font></font><font style="bottom:2.663086pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146348"></a></font><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146348">19</a></font></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-left:0pt;margin-top:6pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146349">DESCRIPTION OF THE NOTES</a></font></font><font style="bottom:2.663086pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146349"></a></font><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146349">29</a></font></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-left:0pt;margin-top:6pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146350">MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</a></font></font><font style="bottom:2.663086pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146350"></a></font><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146350">47</a></font></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-left:0pt;margin-top:6pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146351">PLAN OF DISTRIBUTION</a></font></font><font style="bottom:2.663086pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146351"></a></font><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146351">48</a></font></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-left:0pt;margin-top:6pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146352">LEGAL MATTERS</a></font></font><font style="bottom:2.663086pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146352"></a></font><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146352">48</a></font></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-left:0pt;margin-top:6pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146353">EXPERTS</a></font></font><font style="bottom:2.663086pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146353"></a></font><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><a href="#_Toc206146353">48</a></font></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;font-size:10pt;font-weight:bold;line-height:0pt;text-align:center;text-transform:uppercase;margin:0pt 0pt 12pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt 0pt 12pt 0pt;"><a name="_Toc206146341"></a>ABOUT THIS PROSPECTUS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">This prospectus is a part of a registration statement that we have filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) under the Securities Act. This prospectus does not contain all the information set forth in the registration statement, certain parts of which are omitted in accordance with the rules and regulations of the SEC. For further information with respect to us, the exchange offer and the securities offered by this prospectus, reference is made to the registration statement, including the exhibits to the registration statement and the documents incorporated by reference.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">We are providing this prospectus to holders of Old Notes in connection with our offer to exchange Old Notes for New Notes. We are not making this exchange offer in any jurisdiction where the exchange offer is not permitted.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">You should rely only on the information contained or incorporated by reference in this prospectus and in the accompanying exchange offer transmittal documents filed by us with the SEC. We have not authorized any other person to provide you with any other information. If anyone provides you with different or inconsistent information, you should not rely on it. You should not assume that the information contained or incorporated by reference in this prospectus is accurate as of any date other than the date of the applicable document that contains that information. Our business, financial condition, results of operations and prospects may have changed since that date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">You should not consider any information in this prospectus to be investment, legal or tax advice. You should consult your own counsel, accountant and other advisors for legal, tax, business, financial and related advice regarding the exchange offer and ownership of these securities.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">Each broker-dealer that receives New Notes for its own account in exchange for Old Notes acquired by the broker-dealer as a result of market-making or other trading activities must acknowledge that it will deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of such New Notes. This prospectus, as it may be amended or supplemented from time to time, may be used by a participating broker-dealer in connection with resales of New Notes received in exchange for Old Notes. We have agreed in the letter of transmittal to make this prospectus, as amended or supplemented, available to any such broker-dealer that requests copies of this prospectus for use in connection with any such resale. See &#8220;Plan of Distribution.&#8221;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">References in this prospectus to the &#8220;Corporation,&#8221; the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; or similar references refer to Bridgewater Bancshares, Inc., a Minnesota corporation, and its subsidiaries on a consolidated basis, except where the context otherwise requires or as otherwise indicated. References in this prospectus to the &#8220;Bank&#8221; refer to Bridgewater Bank, a Minnesota state-chartered bank and wholly-owned subsidiary of the Company.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;<font style="font-size:12pt;">&#160;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">This prospectus incorporates important business and financial information about us that is not included in or delivered with this prospectus. Such information is available without charge to holders of Old Notes upon written or oral request made to:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Bridgewater Bancshares, Inc.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Attention: Ben Klocke, SVP General Counsel</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">4450 Excelsior Boulevard, Suite 100</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">St. Louis Park, Minnesota 55416</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Telephone: (952) 893-6868</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">E-mail: ben.klocke@bwbmn.com</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><font style="font-size:12pt;">&#160;</font><b style="font-weight:bold;">To ensure timely delivery of any requested information, holders of Old Notes must make any request no later than</b><font style="font-style:italic;font-weight:bold;"> </font><b style="font-weight:bold;">September 17, 2025, which is five business days before the expiration date of the exchange offer, or, if we decide to extend the expiration date of the exchange offer, no later than five business days before such extended expiration date.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:6pt 0pt 12pt 0pt;">&#160;</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;">i</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt 0pt 12pt 0pt;"><a name="_Toc206146342"></a>WHERE YOU CAN FIND MORE INFORMATION</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">We are subject to the informational requirements of the Securities Exchange Act of 1934, as amended (&#8220;Exchange Act&#8221;) and file with the SEC Proxy Statements, Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as required of a U.S. listed company. Our SEC filings are available to the public from the SEC&#8217;s web site at www.sec.gov or on our website at www.bridgewaterbankmn.com. However, other than our available SEC filings, the information on, or that can be accessible through, our website does not constitute a part of, and is not incorporated by reference in, this prospectus. Written requests for copies of the documents we file with the SEC should be directed to Bridgewater Bancshares, Inc., 4450 Excelsior Boulevard, Suite 100, St. Louis Park, Minnesota 55416, Attention: SVP General Counsel, telephone: (952) 893-6868.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt 0pt 12pt 0pt;"><a name="a_002"></a><a name="_Toc206146343"></a>INFORMATION INCORPORATED BY REFERENCE</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The SEC allows us to &#8220;incorporate by reference&#8221; information into this prospectus. This means that we can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is considered to be a part of this prospectus. These documents may include periodic reports, such as our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as well as definitive Proxy Statements. Any documents that we subsequently file with the SEC will automatically update and replace the information previously filed with the SEC. Therefore, in the case of a conflict or inconsistency between information set forth in this prospectus and information incorporated by reference into this prospectus, you should rely on the information contained in the document that was filed later.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">This prospectus incorporates by reference the documents listed below that we have previously filed with the SEC, except to the extent that any information in such filings, including subsequent filings, is deemed &#8220;furnished&#8221; but not &#8220;filed&#8221; in accordance with SEC rules:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our </font><a style="font-family:&quot;'Times New Roman','Times','serif'&quot;;font-size:10pt;" href="https://www.sec.gov/Archives/edgar/data/1341317/000155837025002317/bwb-20241231x10k.htm"><font style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Annual Report on Form 10-K for the fiscal year ended December 31, 2024</font></a><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">, filed with the SEC on March 6, 2025 (including portions of our Definitive Proxy Statement for our 2025 Annual Meeting of Shareholders filed with the SEC on </font><a style="font-family:&quot;'Times New Roman','Times','serif'&quot;;font-size:10pt;" href="https://www.sec.gov/Archives/edgar/data/1341317/000155837025002562/bwb-20250422xdef14a.htm"><font style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">March 10, 2025</font></a><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">, to the extent specifically incorporated by reference in such Form 10-K);</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 54pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our </font><a style="font-family:&quot;'Times New Roman','Times','serif'&quot;;font-size:10pt;" href="https://www.sec.gov/Archives/edgar/data/1341317/000155837025006048/bwb-20250331x10q.htm"><font style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Quarterly Report on Form 10-Q for the quarter ended March 31, 2025</font></a><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">, filed with the SEC on May 1, 2025, and our </font><a style="font-family:&quot;'Times New Roman','Times','serif'&quot;;font-size:10pt;" href="https://www.sec.gov/Archives/edgar/data/1341317/000155837025009841/bwb-20250630x10q.htm"><font style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Quarterly Report on Form 10-Q for the quarter ended June 30, 2025</font></a><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">, filed with the SEC on July 31, 2025; and</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 54pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our Current Reports on Form 8-K filed with the SEC on each of </font><a style="font-family:&quot;'Times New Roman','Times','serif'&quot;;font-size:10pt;" href="https://www.sec.gov/Archives/edgar/data/1341317/000155837025000492/bwb-20250129x8k.htm"><font style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">January 29, 2025</font></a><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">, </font><a style="font-family:&quot;'Times New Roman','Times','serif'&quot;;font-size:10pt;" href="https://www.sec.gov/Archives/edgar/data/1341317/000155837025005284/bwb-20250423x8k.htm"><font style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">April 23, 2025</font></a><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">, </font><a style="font-family:&quot;'Times New Roman','Times','serif'&quot;;font-size:10pt;" href="https://www.sec.gov/Archives/edgar/data/1341317/000155837025005559/bwb-20250425x8k.htm"><font style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">April 25, 2025</font></a><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">, </font><a style="font-family:&quot;'Times New Roman','Times','serif'&quot;;font-size:10pt;" href="https://www.sec.gov/Archives/edgar/data/1341317/000155837025008830/bwb-20250624x8k.htm"><font style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">June 24, 2025</font></a><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">, </font><a style="font-family:&quot;'Times New Roman','Times','serif'&quot;;font-size:10pt;" href="https://www.sec.gov/Archives/edgar/data/1341317/000155837025009446/bwb-20250723x8k.htm"><font style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">July 23, 2025</font></a><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">, and </font><a style="font-family:&quot;'Times New Roman','Times','serif'&quot;;font-size:10pt;" href="https://www.sec.gov/Archives/edgar/data/1341317/000155837025011661/bwb-20250818x8k.htm"><font style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">August 19, 2025</font></a><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> (except to the extent any such Current Reports on Form 8-K contain any information furnished but not filed).</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 54pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">We are also incorporating by reference all other documents that we subsequently file with the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, after the date of the initial registration statement of which this prospectus is a part but prior to the effectiveness of the registration statement and between the date of this prospectus and the later of (i) the termination or completion of the exchange offer and (ii) the termination of the period of time described under &#8220;Plan of Distribution&#8221; during which we have agreed to make available this prospectus to broker-dealers in connection with certain resales of the New Notes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">You may obtain a copy of any or all of the documents incorporated by reference in this prospectus (other than an exhibit to a document unless that exhibit is specifically incorporated by reference into that document) from the SEC through the SEC&#8217;s Internet site at http://www.sec.gov. You also may obtain these documents from us without charge by visiting our website at www. bridgewaterbankmn.com or by requesting them in writing, by e-mail or by telephone from us at the following address:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;">ii</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Bridgewater Bancshares, Inc.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Attention: Ben Klocke, SVP General Counsel</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">4450 Excelsior Boulevard, Suite 100</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">St. Louis Park, Minnesota 55416</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Telephone: (952) 283-3750</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">E-mail: ben.klocke@bwbmn.com</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt 0pt 12pt 0pt;"><a name="a_003"></a><a name="_Toc206146344"></a><a name="_Hlk77663684"></a><a name="_Hlk43887071"></a>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><font style="font-size:12pt;"><a name="_Hlk44579394"></a></font><font style="white-space:pre-wrap;">This prospectus, any related prospectus supplement and the documents we incorporate by reference or that are deemed incorporated by reference into this prospectus and any related prospectus supplement, and any other written or oral statements made by us from time to time may contain &#8220;forward-looking statements&#8221; within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.  Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, identified by words such as &#8220;may&#8221;, &#8220;might&#8221;, &#8220;should&#8221;, &#8220;could&#8221;, &#8220;predict&#8221;, &#8220;potential&#8221;, &#8220;believe&#8221;, &#8220;expect&#8221;, &#8220;continue&#8221;, &#8220;will&#8221;, &#8220;anticipate&#8221;, &#8220;seek&#8221;, &#8220;estimate&#8221;, &#8220;intend&#8221;, &#8220;plan&#8221;, &#8220;projection&#8221;, &#8220;would&#8221;, &#8220;annualized&#8221;, &#8220;target&#8221; and &#8220;outlook&#8221;, or the negative version of those words or other comparable words of a future or forward-looking nature.  Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">interest rate risk, including the effects of changes in interest rates;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">effects on the U.S. economy resulting from the threat or implementation of new, or changes to, existing policies, regulations, regulatory and governmental agencies, and executive orders, including with respect to tariffs, immigration, DEI and ESG initiatives, consumer protection, foreign policy, and tax regulations;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">fluctuations in the values of the securities held in our securities portfolio, including as the result of changes in interest rates;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">business and economic conditions generally and in the financial services industry, nationally and within our market area, including the level and impact of inflation, including future monetary policies of the Federal Reserve in response thereto, and possible recession;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the effects of developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in several bank failures;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">credit risk and risks from concentrations (by type of borrower, geographic area, collateral and industry) within the Company&#8217;s loan portfolio or large loans to certain borrowers (including CRE loans);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the overall health of the local and national real estate market;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our ability to successfully manage credit risk;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our ability to maintain an adequate level of allowance for credit losses on 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Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the concentration of large deposits from certain clients, including those who have balances above current Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) insurance limits;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our ability to successfully manage liquidity risk, which may increase our dependence on non-core funding sources such as brokered deposits, and negatively impact our cost of funds;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our ability to raise additional capital to implement our business plan;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our ability to implement our growth strategy and manage costs effectively;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the composition of our senior leadership team and our ability to attract and retain key personnel;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font 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Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors&#8217; information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">interruptions involving our information technology and telecommunications systems or third-party servicers;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">competition in the financial services industry, including from nonbank competitors such as credit unions, &#8220;fintech&#8221; companies and digital asset service providers;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the effectiveness of our risk management framework;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">rapid technological changes implemented by us and other parties in the financial services industry, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequence to us and our customers, including the development and implementation of tools incorporating artificial intelligence;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the impact of recent and future legislative and regulatory changes, domestic or foreign;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">risks related to climate change and the negative impact it may have on our customers and their businesses;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the imposition of tariffs or other governmental policies impacting the global supply chain and the value of products produced by our commercial borrowers;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">severe weather, natural disasters, wide spread disease or pandemics, acts of war or terrorism or other adverse external events, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New 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This summary does not contain all of the information that you should consider before deciding to exchange your Old Notes for New Notes. 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Fixed-to-Floating Rate Subordinated Notes due 2035. </p></td></tr><tr><td style="vertical-align:top;width:35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td></tr><tr><td style="vertical-align:top;width:35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Aggregate Principal Amount</p></td><td style="vertical-align:top;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:63%;margin:0pt;padding:0pt;"><p 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We do not and will not assume, or indemnify such a holder against, such liability.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-style:italic;font-weight:bold;">The exchange offer may be cancelled or delayed.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-style:italic;font-weight:bold;">&#160;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The consummation of the exchange offer is subject to, and conditional upon, the satisfaction or waiver of the conditions discussed under &#8220;The Exchange Offer&#8212;Conditions.&#8221; We may, at our option and in our sole discretion, waive any such conditions. Even if the exchange offer is completed, the exchange offer may not be completed on the schedule described in this prospectus. Accordingly, holders participating in the exchange offer may have to wait longer than expected to receive their New Notes, during which time such holders will not be able to effect transfers of their Old Notes tendered for exchange.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:center;margin:0pt 0pt 12pt 0pt;">Risks Related to the Notes</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-style:italic;font-weight:bold;">The Notes will be unsecured and subordinated to any existing and future senior indebtedness.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Notes will be subordinated obligations of the Company. Accordingly, they will be junior in right of payment to any existing and all future senior indebtedness, and in certain events of insolvency, to other financial obligations. Our senior indebtedness includes all indebtedness, except indebtedness that is expressly subordinated to or ranked<i style="font-style:italic;">&#160;pari passu</i>&#160;with the Notes, subject to certain exceptions. The Notes will rank equally with all other unsecured subordinated indebtedness of the Company issued in the future under the indenture between the Company, as issuer, and U.S. Bank Trust Company, National Association, as trustee (the &#8220;Indenture&#8221;). In addition, the Notes will be structurally subordinated to all existing and future indebtedness, liabilities and other obligations, including deposits, of our subsidiaries, including the Bank. As of June 30, 2025, on a consolidated basis, we had, in the aggregate, outstanding debt and deposits of $4.8 billion, and $418.3 million of third-party borrowings that would rank senior to the Notes, as well as $30.0 million of indebtedness that would rank <i style="font-style:italic;">pari passu </i>with the Notes, reflecting the redemption of $50.0 million of the Company&#8217;s 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">In addition, the Notes will not be secured by any of our assets. As a result, the Notes will be effectively subordinated to all of our secured indebtedness to the extent of the value of the assets securing such indebtedness. The Indenture governing the Notes does not limit the amount of senior indebtedness and other financial obligations or secured obligations that we or our subsidiaries may incur.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">As a result of the subordination provisions described above, holders of the Notes may not be fully repaid in the event of our bankruptcy, liquidation or reorganization.</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;">10</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-style:italic;font-weight:bold;">The Notes will not be insured or guaranteed by the FDIC, any other governmental agency or any of our subsidiaries. The Notes will be structurally subordinated to the indebtedness and other liabilities of our subsidiaries, which means that creditors of our subsidiaries generally will be paid from those subsidiaries&#8217; assets before holders of the Notes would have any claims to those assets.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Notes are not savings accounts, deposits or other obligations of the Bank or any of our&#160;non-bank&#160;subsidiaries and are not insured or guaranteed by the FDIC or any other governmental agency or public or private insurer. The Notes are obligations of the Company only and are neither obligations of, nor guaranteed by, any of our subsidiaries. The Notes will be structurally subordinated to all existing and future indebtedness and other liabilities of our subsidiaries, which means that creditors of our subsidiaries (including, in the case of the Bank, its depositors) generally will be paid from those subsidiaries&#8217; assets before holders of the Notes would have any claims to those assets. Even if we become a creditor of any of our subsidiaries, our rights as a creditor would be subordinate to any security interest in the assets of that subsidiary and any debt of that subsidiary senior to that held by us, and our rights could otherwise be subordinated to the rights of other creditors and depositors of that subsidiary. Furthermore, none of our subsidiaries is under any obligation to make payments to us, and any payments to us would depend on the earnings or financial condition of our subsidiaries and various business considerations. Statutory, contractual or other restrictions also limit our subsidiaries&#8217; ability to pay dividends or make distributions, loans or advances to us. For these reasons, we may not have access to any assets or cash flows of our subsidiaries to make interest and principal payments on the Notes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-style:italic;font-weight:bold;">The Notes include limited covenants and do not restrict our ability to incur additional debt.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Notes do not contain any financial covenants that would require us to achieve or maintain any minimum financial results relating to our financial condition, liquidity or results of operations or meet or exceed certain financial ratios as a general matter or to incur additional indebtedness or obligations or to maintain any reserves. Moreover, the Notes do not contain any covenants prohibiting or limiting us or our subsidiaries from granting liens on assets to secure indebtedness or other obligations, repurchasing our stock or other securities, including any of the Notes, or paying dividends or make other distributions to our shareholders. The Notes do not contain any provision that would provide protection to the holders of the Notes against a material decline in our credit quality.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">In addition, the Notes do not limit the amount of additional indebtedness of the Company, the Bank or any of our other subsidiaries may incur or the amount of other obligations that the Company or the Bank may incur ranking senior or equal to the indebtedness evidenced by the Notes. The issuance or guarantee of any such securities or the incurrence of any such other liabilities may reduce the amount, if any, recoverable by holders of the Notes in the event of our insolvency, bankruptcy, liquidation, dissolution, winding up or similar proceeding, and may limit our ability to meet our obligations under the Notes. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-style:italic;font-weight:bold;">Payments on the Notes will depend on receipt of dividends and distributions from our subsidiaries.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">We are a financial holding company and we conduct substantially all of our operations through subsidiaries, including the Bank. We depend on dividends, distributions and other payments from our subsidiaries to meet our obligations, including to fund payments on the Notes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">Various federal and state laws and regulations limit the amount of dividends that the Bank may pay to the Company. As a Minnesota corporation, the Company is subject to the Minnesota Business Corporation Act, as amended, which prohibits the Company from paying a dividend if, after giving effect to the dividend, the Company would not be able to pay its debts as the debts become due in the ordinary course of business, or the Company&#8217;s total assets would be less than the sum of its total liabilities plus, the amount that would be needed, if the Company were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of shareholders whose preferential rights are superior to those receiving the distribution. In addition, Minnesota law only permits banks to pay dividends if a bank has established a surplus fund equal to or more than 20% of the bank&#8217;s capital stock and if the dividends will not reduce the bank&#8217;s capital, undivided profits and reserves below specific requirements. <font style="font-size:12pt;"><a name="_Hlk200106139"></a></font>As of June 30, 2025, the Bank had the capacity to pay the Company a dividend of up to $18.9 million without the need to obtain prior regulatory approval. Also, the Company&#8217;s right to participate in a distribution of assets upon a subsidiary&#8217;s liquidation or reorganization is subject to the prior claims of the subsidiary&#8217;s creditors. In the event the Bank is unable </p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;">11</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">to pay dividends to us, we may not be able to service any debt we may incur, which could have a material adverse effect on our business, financial condition, results of operations and growth prospects. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Bank also may not pay dividends if payment would cause it to become undercapitalized or if it is already undercapitalized and must maintain a common equity Tier 1 capital conservation buffer of greater than 2.5% to avoid becoming subject to restrictions on capital distributions, including dividends. Further, contractual or other restrictions may also limit our subsidiaries&#8217; abilities to pay dividends or make distributions, loans or advances to us. See the information under &#8220;Supervision and Regulation of the Bank &#8212; Dividend Payments&#8221; in Item 1, &#8220;Business,&#8221; in our annual report on Form&#160;10-K&#160;for the year ended December&#160;31, 2024. For these reasons, we may not have access to any assets or cash flow of our subsidiaries to make principal or interest payments on the Notes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-style:italic;font-weight:bold;">We may not be able to generate sufficient cash to service all of our debt, including the Notes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Our ability to make scheduled payments of principal and interest, or to satisfy our obligations in respect of our debt or to refinance our debt, will depend on our future performance of our operating subsidiaries. Prevailing economic conditions (including interest rates), regulatory constraints, including, without limitation, limiting distributions to us from the Bank and required capital levels with respect to the Bank and financial, business and other factors, many of which are beyond our control, will also affect our ability to meet these needs. Our subsidiaries may not be able to generate sufficient cash flows from operations, or we may be unable to obtain future borrowings in an amount sufficient to enable us to pay our debt, or to fund our other liquidity needs. We may need to refinance all or a portion of our debt on or before maturity. We may not be able to refinance any of our debt when needed (including, without limitation, upon commencement of the floating rate period) on commercially reasonable terms or at all.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-style:italic;font-weight:bold;">Regulatory guidelines may restrict our ability to pay the principal of, and accrued and unpaid interest on, the Notes, regardless of whether we are the subject of an insolvency proceeding.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">As a financial holding company, our ability to pay the principal of, and interest on, the Notes is subject to the rules and guidelines of the Federal Reserve regarding capital adequacy. We intend to treat the Notes as &#8220;Tier 2 capital&#8221; under these rules and guidelines. The Federal Reserve guidelines generally require us to review the effects of the cash payment of Tier 2 capital instruments, such as the Notes, on our overall financial condition. The guidelines also require that we review our net income for the current and past four quarters, and the amounts we have paid on Tier 2 capital instruments for those periods, as well as our projected rate of earnings retention. Moreover, pursuant to federal law and Federal Reserve regulations, as a bank holding company, we are required to act as a source of financial and managerial strength to the Bank and commit resources to its support, including, without limitation, the guarantee of its capital plans if it is undercapitalized. Such support may be required at times when we may not otherwise be inclined or able to provide it. As a result of the foregoing, we may be unable to pay accrued interest on the Notes on one or more of the scheduled interest payment dates, or at any other time, or the principal of the Notes at the maturity of the Notes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">If we were to be the subject of a bankruptcy proceeding under Chapter 11 of the U.S. Bankruptcy Code, then the bankruptcy trustee would be deemed to have assumed, and would be required to cure, immediately any deficit under any commitment we have to any of the federal banking agencies to maintain the capital of the Bank, and any other insured depository institution for which we have such a responsibility, and any claim for breach of such obligation would generally have priority over most other unsecured claims.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-style:italic;font-weight:bold;">The Notes are subject to limited rights of acceleration.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Payment of principal of the Notes may be accelerated only in the case of certain bankruptcy-related events with respect to us. As a result, you have no right to accelerate the payment of principal of the Notes if we fail to pay principal of or interest on the Notes or if we fail in the performance of any of our other obligations under the Notes. Our regulators can, in the event we or the Bank become subject to an enforcement action, prohibit the Bank from paying dividends to us, and prevent our payment of interest or principal on the Notes and any dividends on our capital stock, but such limits will not permit acceleration of the Notes. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-style:italic;font-weight:bold;">An active trading market for the Notes may not develop.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;">12</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Notes constitute a new issue of securities for which there is no existing trading market. We do not intend to apply for listing of the Notes on any securities exchange or for quotation of the Notes in any automated dealer quotation system. We cannot provide you with any assurance regarding whether a trading market for the Notes will develop, the ability of holders of the Notes to sell their Notes or the prices at which holders may be able to sell their Notes. You should also be aware that there may be a limited number of buyers when you decide to sell your Notes. This may affect the price you receive for your Notes or your ability to sell your Notes at all. Investors in the Notes may not be able to sell the Notes at all or may not be able to sell the Notes at prices that will provide them with a yield comparable to similar investments that have a developed secondary market, and may consequently suffer from increased pricing volatility and market risk.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-style:italic;font-weight:bold;">If a trading market for the Notes develops, changes in the debt markets, among others, could adversely affect your ability to liquidate your investment in the Notes and the market price of the Notes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">If a market develops for the Notes, the prices at which holders may be able to sell their Notes may be affected, potentially adversely, by a number of factors. These factors include: the method of calculating the principal, premium, if any, interest or other amounts payable, if any, on the Notes; the time remaining to the maturity of the Notes; the ranking of the Notes; the redemption or repayment features of the Notes; the aggregate amount outstanding of the Notes; the outstanding amount of subordinated notes with terms identical to the Notes offered hereby; the prevailing interest rates being paid by other companies similar to us; changes in U.S. interest rates; whether the ratings on the Notes or us provided by any rating agency have changed; our financial condition, financial performance and future prospects; the level, direction and volatility of market interest rates generally; general economic conditions of the capital markets in the United States; geopolitical conditions and other financial, political, regulatory, and judicial events that affect the capital markets generally; the extent of any market-making activities, if any, with respect to the Notes; and the operating performance of the Bank. The condition of the financial markets and prevailing interest rates have fluctuated significantly in the past and are likely to fluctuate in the future. Such fluctuations could adversely affect the trading market (if any) for, and the market price of, the Notes. Often, the only way to liquidate your investment in the notes prior to maturity will be to sell the Notes. At that time, there may be a very illiquid market for the Notes or no market at all.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-style:italic;font-weight:bold;">Beginning on the fifth anniversary of the issuance of the Notes, or at any time in the case of certain events, the Notes may be redeemed at our option, which limits the ability of holders of the Notes to accrue interest over the full stated term of the Notes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Subject to the prior approval of the Federal Reserve (or, as and if applicable, the rules of any appropriate successor bank regulatory agency), to the extent that such approval is then required under applicable laws or regulations, including capital regulations, <font style="font-size:12pt;"><a name="_Hlk200098087"></a></font>we may, at our option, redeem the Notes (i) in whole or in part, beginning with the interest payment date on June 30, 2030 and on any interest payment date thereafter and (ii) in whole but not in part, at any time upon the occurrence of:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:54pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">a &#8220;Tier 2 Capital Event,&#8221; which is defined in the Indenture to mean receipt by us of a legal opinion of counsel experienced in such matters to the effect that the Notes do not constitute, or within 90 days of the date of such legal opinion, will not constitute, Tier 2 capital;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 72pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:54pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">a &#8220;Tax Event,&#8221; which is defined in the Indenture to mean the receipt by us of a legal opinion of counsel experienced in such matters to the effect that there is a material risk that interest paid by us on the Notes is not, or within 90 days of the date of such legal opinion, will not be, deductible by us, in whole or in part, for U.S. federal income tax purposes; or</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:54pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">an &#8220;Investment Company Event,&#8221; which is defined in the Indenture to mean receipt by us of a legal opinion from counsel experienced in such matters to the effect that there is a material risk that we are, or within 90 days of the date of such legal opinion, will be considered an &#8220;investment company&#8221; that is required to be registered under the Investment Company Act of 1940, as amended,</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">in each case at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to, but not including, the date of redemption. Any redemption of the Notes will be subject to prior </p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;">13</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">approval of the Federal Reserve, to the extent such approval is then required. There can be no assurance that the Federal Reserve will approve any redemption of the Notes that we may propose. Furthermore, you should not expect us to redeem any Notes when they first become redeemable or on any particular date thereafter. If we redeem the Notes for any reason, you will not have the opportunity to continue to accrue and be paid interest to the stated maturity date and you may not be able to reinvest the redemption proceeds you receive in a similar security or in securities bearing similar interest rates or yields. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Investors should not expect us to redeem the Notes on or after the date on which they become redeemable at our option. Under Federal Reserve regulations, unless the Federal Reserve authorizes us in writing to do otherwise, we are not permitted to redeem the Notes unless they are replaced with other Tier 2 capital instruments or unless we can demonstrate to the satisfaction of the Federal Reserve that, following redemption, we will continue to hold capital commensurate with our risk.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-style:italic;font-weight:bold;">The amount of interest payable on the Notes will vary after the fifth anniversary of the issuance of the Notes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;"><a name="_Hlk42092973"></a></font>During the fixed rate period, the Notes will bear interest at a fixed interest rate per annum. Thereafter, the Notes will bear interest at a floating rate per annum equal to the Benchmark rate (which is expected to be Three-Month Term SOFR), plus a spread, subject to certain provisions of the Notes. The per annum interest rate that is determined at the reference time for each interest period will apply to the entire quarterly interest period following such determination date even if the Benchmark rate increases during that period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Floating rate notes bear additional significant risks not associated with fixed rate debt securities. These risks include fluctuation of the interest rates and the possibility that you will receive an amount of interest that is lower than expected. We have no control over a number of matters, including, without limitation, economic, financial, and political events, that are important in determining the existence, magnitude, and longevity of market volatility and other risks and their impact on the value of, or payments made on, the Notes. In recent years, interest rates have been volatile, and that volatility may be expected in the future.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-style:italic;font-weight:bold;">Our published credit ratings may not reflect all risks of an investment in the Notes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The published credit ratings of us or our indebtedness are an assessment by rating agencies of our ability to pay our debts when due. These ratings are not recommendations to purchase, hold or sell the Notes, inasmuch as the ratings do not comment as to market price or suitability for a particular investor, are limited in scope, and do not address all material risks relating to an investment in the Notes, but rather reflect only the view of each rating agency at the time the rating is issued. The published credit ratings assigned to the Notes may not reflect the potential impact of all risks related to structure and other factors on any trading market for, or trading value of, the Notes. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Accordingly, you should consult your own financial and legal advisors as to the risks entailed by an investment in the Notes and the suitability of investing in the Notes in light of your particular circumstances.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-style:italic;font-weight:bold;">A downgrade in our credit ratings or the ratings of our subsidiaries could have a material adverse impact on us.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Rating agencies continuously evaluate us and our subsidiaries, and their ratings of our long-term and short-term debt are based on a number of factors, including financial strength, as well as factors not entirely within our control, such as conditions affecting the financial services industry generally. In light of these reviews and the continued focus on the financial services industry generally, we and our subsidiaries may not be able to maintain our current credit ratings. Ratings downgrades by a rating agency could have a significant and immediate impact on our funding and liquidity through cash obligations, reduced funding capacity and collateral triggers. A reduction in our or our subsidiaries&#8217; credit ratings could also increase our borrowing costs and limit access to the capital markets.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">Downgrades in the credit or financial strength ratings assigned to the counterparties with whom we transact could create the perception that our financial condition will be adversely impacted as a result of potential future defaults by such counterparties. Additionally, we could be adversely affected by a general, negative perception of financial institutions caused by the downgrade of other financial institutions. Accordingly, ratings downgrades for </p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;">14</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">other financial institutions could affect the market price of our stock and could limit our access to or increase our cost of capital.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-style:italic;font-weight:bold;">Investors should not rely on indicative or historical data concerning SOFR.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The interest rate during the floating rate period will be determined using Three-Month Term SOFR (unless a Benchmark Transition Event and its related Benchmark Replacement Date occur with respect to Three-Month Term SOFR, in which case the rate of interest will be based on the next-available Benchmark Replacement, which is the sum of Compounded SOFR and the Benchmark Replacement Adjustment). In the following discussion of SOFR, when we refer to the Notes, we mean the Notes at any time during the floating rate period when the interest rate on the Notes is or will be determined based on SOFR, including Three-Month Term SOFR.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">SOFR is published by the Federal Reserve Bank of New York (&#8220;FRBNY&#8221;) and is intended to be a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities. FRBNY reports that SOFR includes all trades in the Broad General Collateral Rate, plus bilateral U.S. Treasury repurchase agreement (&#8220;repo&#8221;) transactions cleared through the delivery-versus-payment service offered by the Fixed Income Clearing Corporation (the &#8220;FICC&#8221;), a subsidiary of DTC. SOFR is filtered by FRBNY to remove a portion of the foregoing transactions considered to be &#8220;specials.&#8221; According to FRBNY, &#8220;specials&#8221; are repos for specific-issue collateral which take place at cash-lending rates below those for general collateral repos because cash providers are willing to accept a lesser return on their cash in order to obtain a particular security.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">FRBNY reports that SOFR is calculated as a volume-weighted median of transaction-level&#160;tri-party&#160;repo data collected from The Bank of New York Mellon, which currently acts as the clearing bank for the&#160;tri-party&#160;repo market, as well as General Collateral Finance Repo transaction data and data on bilateral U.S. Treasury repo transactions cleared through the FICC&#8217;s delivery-versus-payment service. FRBNY states that it obtains information from DTCC Solutions LLC, an affiliate of DTC.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">FRBNY currently publishes SOFR daily on its website at https://www.newyorkfed.org/markets/reference-rates/sofr. FRBNY states on its publication page for SOFR that use of SOFR is subject to important disclaimers, limitations and indemnification obligations, including that FRBNY may alter the methods of calculation, publication schedule, rate revision practices or availability of SOFR at any time without notice. The foregoing Internet website is an inactive textual reference only, meaning that the information contained on the website is not part of this document or incorporated by reference herein or therein.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-style:italic;font-weight:bold;">Changes in SOFR could adversely affect holders of the Notes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Because SOFR is published by FRBNY based on data received from other sources, we have no control over its determination, calculation or publication. There is no assurance that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of investors in the Notes. If the manner in which SOFR is calculated is changed, that change may result in a reduction in the amount of interest that accrues on the Notes during the floating rate period, which may adversely affect the trading prices of the Notes. Further, if the Benchmark rate on the Notes during the floating rate period on any determination date declines to zero or becomes negative, the interest rate will be deemed to equal zero. In addition, once the Benchmark rate for the Notes for each interest period during the floating rate period is determined by the calculation agent on the determination date, interest on the Notes shall accrue at such Benchmark rate for the applicable interest period and will not be subject to change during such interest period. There is no assurance that changes in SOFR could not have a material adverse effect on the yield on, value of and market for the Notes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-style:italic;font-weight:bold;">Term SOFR and SOFR may be more volatile than other benchmark or market rates.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">Since the initial publication of SOFR, daily changes in the rate have, on occasion, been more volatile than daily changes in other benchmark or market rates during corresponding periods, and SOFR may bear little or no relation to the historical actual or indicative data. In addition, although changes in Three-Month Term SOFR and </p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;">15</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Compounded SOFR generally are not expected to be as volatile as changes in daily levels of SOFR, the return on and value of the notes may fluctuate more than floating rate securities that are linked to less volatile rates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-style:italic;font-weight:bold;">The interest rate for the Notes during the applicable floating rate period may be determined based on a rate other than Three-Month Term SOFR.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Under the terms of the Notes, the interest rate on the Notes for each interest period during the applicable floating rate period will be based on Three-Month Term SOFR, a forward-looking term rate for a tenor of three months that will be based on SOFR. SOFR has a very limited history, and the future performance of SOFR cannot be predicted based on its limited historical performance. The level of SOFR during the applicable floating rate period for the Notes may bear little or no relation to historical actual or indicative data. Prior observed patterns, if any, in the behavior of market variables and their relation to SOFR, such as correlations, may change in the future. While some&#160;pre-publication&#160;historical data have been released by the FRBNY, such analysis inherently involves assumptions, estimates and approximations, and hypothetical or historical performance data are not indicative of, and have no bearing on, the potential performance of SOFR. The future performance of SOFR is therefore impossible to predict, and no future performance of SOFR may be inferred from any of the historical actual or indicative data. Changes in the levels of SOFR will affect the interest rate of the notes during the applicable floating rate period and accordingly will affect the return on the notes and the market price of the Notes, but it is impossible to predict whether such levels will rise or fall.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Under the terms of the Notes, we are expressly authorized to make determinations, decisions or elections with respect to technical, administrative or operational matters that we decide are appropriate to reflect the use of Three-Month Term SOFR as the interest rate basis for the Notes, which are defined in the terms of the Notes as &#8220;Three-Month Term SOFR Conventions.&#8221; Our determination and implementation of any Three-Month Term SOFR Conventions could result in adverse consequences to the amount of interest that accrues on the Notes during the applicable floating rate period, which could adversely affect the return on, value of and market for the Notes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-style:italic;font-weight:bold;">Any Benchmark Replacement may not be the economic equivalent of Three-Month Term SOFR.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Under the benchmark transition provisions of the Notes, if the calculation agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR, then the floating interest rate on the Notes for each interest period during the floating rate period will be determined using the next-available Benchmark Replacement (which may include a related Benchmark Replacement Adjustment). However, the Benchmark Replacement may not be the economic equivalent of Three-Month Term SOFR. For example, Compounded SOFR, which is used as part of the first-available Benchmark Replacement, is the compounded average of the daily SOFR calculated in arrears, while Three-Month Term SOFR is intended to be a forward-looking rate with a tenor of three months. Further, the ISDA Fallback Rate, which is another Benchmark Replacement, may change over time.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-style:italic;font-weight:bold;">The implementation of Benchmark Replacement Conforming Changes could adversely affect holders of the Notes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Under the benchmark transition provisions of the Notes, if Three-Month Term SOFR has been discontinued or if a particular Benchmark Replacement or Benchmark Replacement Adjustment cannot be determined, then the next-available Benchmark Replacement or Benchmark Replacement Adjustment will apply. These replacement rates and adjustments may be selected or formulated by: (i)&#160;the Relevant Governmental Body; (ii) ISDA; or (iii)&#160;in certain circumstances, us. In addition, the benchmark transition provisions expressly authorize us to make certain changes, which are defined in the terms of the Notes as &#8220;Benchmark Replacement Conforming Changes,&#8221; with respect to, among other things, the determination of interest periods, and the timing and frequency of determining rates and making payments of interest. The application of a Benchmark Replacement and Benchmark Replacement Adjustment, and any implementation of Benchmark Replacement Conforming Changes, could result in adverse consequences to the amount of interest that accrues on the Notes during any interest period during the floating rate period, which could adversely affect the yield on, value of and market for the Notes. Further, there is no assurance that the characteristics of any Benchmark Replacement will be similar to the then-current Benchmark rate that it is replacing, or that any Benchmark Replacement will produce the economic equivalent of the then-current Benchmark rate that it is replacing.</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;">16</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Also, since SOFR is a relatively new market index, SOFR-linked debt securities likely will have no established trading market when issued, and an established trading market may never develop or may not be very liquid. Market terms for debt securities indexed to SOFR, such as the spread over the index reflected in interest rate provisions, may evolve over time, and trading prices of the Notes may be lower than those of later-issued SOFR-linked debt securities as a result. Similarly, if SOFR does not prove to be widely used in securities similar to the Notes, the trading price of the Notes may be lower than those of debt securities linked to such rates that are more widely used. Debt securities indexed to SOFR (as the Notes will be) may not be able to be sold at all or may not be able to be sold at prices that will provide a yield comparable to similar investments that have a developed secondary market, and may consequently suffer from increased pricing volatility and market risk.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-style:italic;font-weight:bold;">We or an affiliate of ours will or could have authority to make determinations and elections that could affect the return on, value of and market for the Notes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Under the terms of the Notes, we may make certain determinations, decisions and elections with respect to the Benchmark rate on the Notes during the floating rate period, including, without limitation, any determination, decision or election required to be made by the calculation agent that the calculation agent fails to make. We will make any such determination, decision or election in our sole discretion, and any such determination, decision or election that we make could affect the amount of interest that accrues on the Notes during any interest period in the floating rate period. If the calculation agent fails, when required, to make a determination that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, or fails, when required, to determine the Benchmark Replacement and Benchmark Replacement Adjustment, then we will make those determinations in our sole discretion. Furthermore, we or an affiliate of ours may assume the duties of calculation agent. We will act as the initial calculation agent and we cannot assure you that we will appoint an independent third-party calculation agent at any time. Any exercise of discretion by us under the terms of the Notes, including, without limitation, any discretion exercised by us or by an affiliate acting as calculation agent, could present a conflict of interest. In making the required determinations, decisions and elections, we or an affiliate of ours acting as calculation agent may have economic interests that are adverse to the interest of the holders of the Notes, and those determinations, decisions or elections could have a material adverse effect on the yield on, value of and market for the Notes. All determinations, decisions or elections by us, or by us or an affiliate acting as calculation agent, under the terms of the Notes will be conclusive and binding absent manifest error. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-style:italic;font-weight:bold;">The Notes may be issued with original issue discount for U.S. federal income tax purposes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Notes may be issued with original issue discount for U.S. federal income tax purposes. In such case, holders subject to U.S. federal income taxation, whether on the cash or accrual method of tax accounting, generally would be required to include any amounts representing original issue discount in gross income (as ordinary income) as the original issue discount accrues on a constant yield to maturity basis, in advance of the receipt of cash payments to which such income is attributable. </p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;&#160;</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;">17</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt 0pt 12pt 0pt;"><a name="a_006"></a><a name="_Toc206146347"></a>USE OF PROCEEDS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">We will not receive any cash proceeds from the exchange offer. In consideration for issuing the New Notes as contemplated by this prospectus, we will receive in exchange Old Notes in like principal amount. We intend to cancel all Old Notes received in exchange for New Notes in the exchange offer.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:36pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;">18</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt 0pt 12pt 0pt;"><a name="a_007"></a><a name="a_008"></a><a name="_Toc206146348"></a>THE EXCHANGE OFFER</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">General</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">In connection with the issuance of the Old Notes on June 24, 2025, we entered into a registration rights agreement with the initial purchasers of the Old Notes, which provides for the exchange offer we are making pursuant to this prospectus. The exchange offer will permit eligible holders of Old Notes to exchange their Old Notes for New Notes that are identical in all material respects with the Old Notes, except that:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the New Notes have been registered with the SEC under the Securities Act and, as a result, will not bear any legend restricting their transfer;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 54pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the New Notes bear different CUSIP numbers from the Old Notes;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 54pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the New Notes generally will not be subject to transfer restrictions;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 54pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the New Notes will not be entitled to registration rights under the registration rights agreement or otherwise; and</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 54pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">because the New Notes will not be entitled to registration rights, holders of the New Notes will not have the right to additional interest under the circumstances described in the registration rights agreement relating to our fulfillment of our registration obligations.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The New Notes will evidence the same debt as the Old Notes. Holders of the New Notes will be entitled to the benefits of the indenture. Accordingly, the New Notes and the Old Notes will be treated as a single series of debt securities under the indenture. 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Subject to the terms and conditions of this exchange offer, delivery of New Notes will be made by the exchange agent promptly after receipt of our notice of acceptance. The exchange agent will act as agent for the holders of Old Notes tendering their Old Notes for the purpose of receiving New Notes from us in exchange for such tendered and accepted Old Notes. If any tendered Old Notes are not accepted for exchange because of an invalid tender, the occurrence of other events described in this prospectus or otherwise, we will return or cause to be returned the certificates for any unaccepted Old Notes, at our expense, to the tendering holder promptly after the expiration of the exchange offer.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">If a holder of Old Notes validly tenders Old Notes in the exchange offer, the tendering holder will not be required to pay us brokerage commissions or fees. In addition, subject to the instructions in the letter of transmittal and certain limited exceptions described in this prospectus, the tendering holder will not have to pay transfer taxes for the exchange of Old Notes. 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IN ADDITION, WE HAVE NOT AUTHORIZED ANYONE TO MAKE ANY SUCH RECOMMENDATION. HOLDERS OF THE OUTSTANDING OLD NOTES MUST MAKE THEIR OWN DECISION WHETHER TO TENDER PURSUANT TO THE EXCHANGE OFFER, AND, IF SO, THE AGGREGATE PRINCIPAL AMOUNT OF OUTSTANDING OLD NOTES TO TENDER AFTER READING THIS PROSPECTUS AND THE LETTER OF TRANSMITTAL AND CONSULTING WITH THEIR ADVISERS, IF ANY, BASED ON THEIR FINANCIAL POSITION AND INDIVIDUAL REQUIREMENTS.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Registration Rights Agreement</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The following provides a summary of certain terms of the registration rights agreement. 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We are sending this prospectus, together with a letter of transmittal, to all the holders of the Old Notes known to us. For each Old Note validly tendered to us in the exchange offer and not validly withdrawn, the holder will receive a New Note having a principal amount equal to the principal amount of the tendered Old Note. 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Extensions; Amendments</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The exchange offer will expire at 11:59 p.m., New York City time on September 24, 2025, which we refer to as the &#8220;expiration date,&#8221; unless we extend the exchange offer. If we extend the exchange offer, the expiration date will be the latest date and time to which the exchange offer is extended. To extend the exchange offer, we will notify the exchange agent and each registered holder of the Old Notes of any extension before 9:00 a.m., New York City time on the next business day after the previously scheduled expiration date. During any such extension, all Old Notes previously tendered will remain subject to the exchange offer and may be accepted for exchange by us.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">We reserve the right to extend the exchange offer, delay accepting any tendered Old Notes or, if any of the conditions described below under the heading &#8220;&#8212;Conditions&#8221; have not been satisfied, to terminate the exchange offer. We also reserve the right to amend the terms of the exchange offer in any manner. We will give oral or written notice of any delay, extension, termination or amendment to the exchange agent. 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We may waive these conditions in our absolute discretion in whole or in part at any time and from time to time prior to the expiration date. Our failure at any time to exercise any of the above rights will not be considered a waiver of that right, and that right will be considered an ongoing right which we may assert at any time and from time to time.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">In addition, we will not accept for exchange any Old Notes tendered, and no New Notes will be issued in exchange for those Old Notes, if at any time any stop order is threatened or issued by the SEC with respect to the registration statement for the exchange offer and the New Notes or the qualification of the indenture under the Trust Indenture Act of 1939 (the &#8220;Trust Indenture Act&#8221;). 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These actions will occur promptly after the expiration or termination of the exchange offer.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The tender by a holder of Old Notes that is not validly withdrawn prior to the expiration date of the exchange offer and that is accepted by us will constitute a binding agreement between us and the holder in </p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;">23</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">accordance with the terms and subject to the conditions set forth in this prospectus and in the accompanying letter of transmittal. By using the ATOP procedures to exchange Old Notes, you will not be required to deliver a letter of transmittal to the exchange agent. However, you will be bound by its terms, and you will be deemed to have made the acknowledgements and the representations and warranties it contains, just as if you had signed it.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">Certain of the Old Notes were issued in physical form to certain initial purchasers. Accordingly, such holders of Old Notes must physically tender their Old Notes for New Notes. Therefore, to tender Old Notes represented in physical form subject to the exchange offer and to obtain New Notes you must transmit to the exchange agent, at its address listed under &#8220;&#8212;Exchange Agent&#8221;:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the physical Old Note;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 54pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">a properly completed and duly executed letter of transmittal; and</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">all other documents required by the letter of transmittal.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The tender by a holder of Old Notes represented in physical form that is not validly withdrawn prior to the expiration date of the exchange offer and that is accepted by us will constitute a binding agreement between us and the holder in accordance with the terms and subject to the conditions set forth in this prospectus and in the accompanying letter of transmittal. You will be required to deliver the physical note and a letter of transmittal to the exchange agent and will be bound by the letter of transmittal terms.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">There is no procedure for guaranteed late delivery of the Old Notes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">We will determine all questions as to the validity, form, eligibility (including time of receipt) and acceptance and withdrawal of tendered Old Notes in our sole discretion. We reserve the absolute right to reject any and all Old Notes not properly tendered or any Old Notes whose acceptance by us would, in the opinion of our counsel, be unlawful. We also reserve the right to waive any defects, irregularities or conditions of tender as to any particular Old Notes either before or after the expiration date. Our interpretation of the terms and conditions of the exchange offer (including the instructions in the accompanying letter of transmittal) will be final and binding on all parties. Unless waived, any defects or irregularities in connection with tenders of Old Notes must be cured within a time period we will reasonably determine. Although we intend to request the exchange agent to notify holders of defects or irregularities relating to tenders of Old Notes, neither we, the exchange agent nor any other person will have any duty or incur any liability for failure to give such notification. Tenders of Old Notes will not be considered to have been made until such defects or irregularities have been cured or waived. If we waive any terms or conditions with respect to a noteholder, we will extend the same waiver to all noteholders with respect to that term or condition. Any Old Notes received by the exchange agent that are not validly tendered and as to which the defects or irregularities have not been cured or waived will be returned by the exchange agent, without expense, to the tendering holders, unless otherwise provided in the accompanying letter of transmittal, promptly following the expiration date of the exchange offer.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Representations</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">By tendering Old Notes, each holder is deemed to have represented to us that:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 72pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:54pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">you are not, nor is any such person, our affiliate as such term is defined under Rule 405 under the Securities Act; </font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 72pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:54pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">you are, or the person receiving the New Notes is, acquiring the New Notes in the ordinary course of business;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 36pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:54pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">you do not, nor does any such person, have an arrangement or understanding with any person to participate in any distribution (within the meaning of the Securities Act) of the New Notes; and</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 72pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;">24</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:54pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">if you are a broker-dealer that will receive New Notes for your own account in exchange for Old Notes, you acquired those New Notes as a result of market-making or other trading activities and you will deliver a prospectus (or to the extent permitted by law, make available a prospectus to purchasers) in connection with any resale of such New Notes.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Proper Execution and Delivery of Letter of Transmittal</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">Generally, an eligible institution must guarantee signatures on a letter of transmittal or notice of withdrawal unless:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">you tender your Old Notes as the registered holder and the New Notes issued in exchange for your Old Notes are to be issued in your name and delivered to you at your registered address appearing on the security register for the Old Notes; 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means an &#8220;eligible guarantor institution&#8221; as defined by Rule 17Ad-15 under the Exchange Act which is a member of a recognized signature guarantee program (i.e., Securities Transfer Agents Medallion Program, Stock Exchange Medallion Program or New York Stock Exchange Medallion Signature Program).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">If the letter of transmittal is signed by the holder(s) of Old Notes tendered thereby, the signature(s) must correspond with the name(s) as written on the face of the Old Notes without alteration, enlargement or any change whatsoever. If any of the Old Notes tendered are held by two or more holders, all such holders must sign the letter of transmittal. If any of the Old Notes tendered thereby are registered in different names on different Old Notes, it will be necessary to complete, sign and submit as many separate letters of transmittal, and any accompanying documents, as there are different registrations of certificates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">If Old Notes that are not tendered for exchange under the exchange offer are to be returned to a person other than the holder thereof, certificates for such Old Notes must be endorsed or accompanied by an appropriate instrument of transfer, signed exactly as the name of the registered owner appears on the certificates, with the signatures on the certificates or instruments of transfer guaranteed by an eligible institution.&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">If the letter of transmittal is signed by a person other than the holder of any Old Notes listed therein, those Old Notes must be properly endorsed or accompanied by a properly completed bond power, signed by such holder exactly as such holder&#8217;s name appears on such Old Notes. If the letter of transmittal or any Old Notes, bond powers or other instruments of transfer are signed by trustees, executors, administrators, guardians, attorneys-in-fact, officers of corporations or others acting in a fiduciary or representative capacity, those persons should so indicate when signing, and, unless waived by us, evidence satisfactory to us of their authority to so act must be submitted with the letter of transmittal.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">No alternative, conditional, irregular or contingent tenders will be accepted. By executing the letter of transmittal (or facsimile thereof), the tendering holders of Old Notes waive any right to receive any notice of the acceptance for exchange of their Old Notes. Tendering holders should indicate in the applicable box in the letter of transmittal the name and address to which payments and/or substitute certificates evidencing Old Notes for amounts not tendered or not exchanged are to be issued or sent, if different from the name and address of the person signing the letter of transmittal. If no such instructions are given, Old Notes not tendered or exchanged will be returned to the tendering holder.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">All questions as to the validity, form, eligibility (including time of receipt), and acceptance and withdrawal of tendered Old Notes will be determined by us in our absolute discretion, which determination will be final and binding. We reserve the absolute right to reject any and all tendered Old Notes determined by us not to be in proper form or not to be properly tendered or any tendered Old Notes our acceptance of which would, in the opinion of our counsel, be unlawful. We also reserve the right to waive, in our absolute discretion, any defects, irregularities or conditions of tender as to particular Old Notes, whether or not waived in the case of other Old Notes. Our interpretation of the terms and conditions of the exchange offer (including the instructions in the letter of transmittal) </p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;">25</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">will be final and binding on all parties. Unless waived, any defects or irregularities in connection with tenders of Old Notes must be cured within such time as we will determine. Although we intend to notify holders of defects or irregularities with respect to tenders of Old Notes, neither we, the exchange agent nor any other person will be under any duty to give such notification or will incur any liability for failure to give any such notification. Tenders of Old Notes will not be deemed to have been made until such defects or irregularities have been cured or waived. Any holder whose Old Notes have been mutilated, lost, stolen or destroyed will be responsible for obtaining replacement securities or for arranging for indemnification with the trustee of the Old Notes. Holders may contact the exchange agent for assistance with these matters.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Withdrawal of Tenders</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;Except as otherwise provided in this prospectus, you may validly withdraw your tender of Old Notes at any time prior to 11:59 p.m., New York City time, on the expiration date of the exchange offer. For a withdrawal for Old Notes represented by global certificates to be effective you must comply with the appropriate procedures of DTC&#8217;s ATOP system prior to 11:59 p.m., New York City time, on the expiration date of the exchange offer. 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Any Old Notes so withdrawn will be considered not to have been validly tendered for purposes of the applicable exchange offer, and no New Notes will be issued in exchange for such Old Notes unless the Old Notes withdrawn are validly re-tendered. Any Old Notes which have been tendered but which are not accepted for exchange or which are withdrawn will be returned to the holder, without expense to such holder, promptly after withdrawal, rejection of tender or termination of the applicable exchange offer. 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Letters of transmittal and all correspondence in connection with this exchange offer should be sent or delivered by each holder of Old Notes, or a beneficial owner&#8217;s commercial bank, broker, dealer, trust company or other nominee, to the exchange agent as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;">26</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div style="padding-left:63pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr><td style="vertical-align:top;width:43%;margin:0pt;padding:0pt 0pt 0pt 63pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By Registered or Certified Mail, Overnight Courier, or Hand Delivery:</p></td><td style="vertical-align:top;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">U.S. Bank Trust Company, National Association</p></td></tr><tr><td style="vertical-align:top;width:43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attn:&#160;&#160;Global Corporate Trust Services</p></td></tr><tr><td style="vertical-align:top;width:43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">111 Fillmore Avenue E</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">St. Paul, Minnesota 55107</p></td></tr><tr><td style="vertical-align:top;width:43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td></tr><tr><td style="vertical-align:top;width:43%;margin:0pt;padding:0pt 0pt 0pt 63pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Telephone:</p></td><td style="vertical-align:top;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">(800) 934-6802</p></td></tr><tr><td style="vertical-align:top;width:43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td></tr><tr><td style="vertical-align:top;width:43%;margin:0pt;padding:0pt 0pt 0pt 63pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Facsimile:</p></td><td style="vertical-align:top;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">(651) 466-7367</p></td></tr><tr><td style="vertical-align:top;width:43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td 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style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">We will pay the exchange agent reasonable and customary fees for its services and will reimburse it for its reasonable, out-of-pocket expenses in connection with this exchange offer.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Fees and Expenses</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">We will bear the expenses of soliciting tenders of the Old Notes and issuance of the New Notes. 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The Old Notes were issued in a private placement transaction to certain institutional accredited investors and qualified institutional buyers, and as such, were not registered under the Securities Act. The Old Notes were issued under an indenture dated June 24, 2025, between Bridgewater Bancshares, Inc., as issuer, and U.S. Bank Trust Company, National Association, as trustee, which we have referred to in this prospectus as the &#8220;indenture.&#8221; The term &#8220;notes&#8221; refers collectively to the Old Notes and the New Notes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The New Notes will be issued under the indenture and will evidence the same debt as the Old Notes. 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This summary is qualified in its entirety by reference to the complete version of the indenture, which is incorporated by reference as an exhibit to the registration statement of which this prospectus is a part and to the form of New Notes, which is included as an exhibit to the registration statement of which this prospectus is a part. We urge you to read the indenture and the form of New Notes because those documents, not this summary description, define your rights as holders of the New Notes. Whenever we refer to the defined terms of the indenture in this prospectus without defining them, the terms have the meanings given to them in the indenture. 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Interest on the notes will accrue from and including June 24, 2025. 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The calculation agent&#8217;s determination of any interest rate, and its calculation of interest payments for any period, will be maintained on file at the calculation agent&#8217;s principal offices, will be made available to any holder of the New Notes upon request and will be provided to the trustee.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">In the event that any Fixed Interest Payment Date during the Fixed Rate Period falls on a day that is not a business day, the interest payment due on that date shall be postponed to the next day that is a business day and no additional interest shall accrue as a result of that postponement. In the event that any Floating Interest Payment Date during the Floating Interest Period falls on a day that is not a business day, the interest payment due on that date shall be postponed to the next day that is a business day and interest shall accrue to but excluding the date interest are paid. 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Furthermore, if the calculation agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR at any time when any of the New Notes are outstanding, then the Company shall promptly provide notice of such determination to the holders and the foregoing provisions concerning the calculation of the interest rate and interest payments during the Floating Rate Period will be modified in accordance with the benchmark transition provisions.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">We will make each interest payment to the holders of record of the notes at the close of business on the fifteenth calendar day prior to the applicable interest payment date. 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style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 54pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the notes and, unless expressly provided in the terms thereof, any of our indebtedness to our subsidiaries.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New 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payment of principal of, or premium, if any, or interest on, any senior indebtedness, has occurred and is continuing beyond any applicable grace period or an event of default has occurred and is continuing with respect to any senior indebtedness, or would occur as a result of a payment of principal of, or interest on, the notes being made and that event of default would permit the holders of </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;">33</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">any senior indebtedness to accelerate the maturity of that senior indebtedness and such default or event of default has not been cured, waived or otherwise have ceased to exist.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">Upon our termination, winding up, liquidation or reorganization, whether in bankruptcy, insolvency, reorganization, receivership or similar proceedings or upon an assignment for the benefit of our creditors or any other marshalling of our assets and liabilities or otherwise, we must pay to the holders of all of our senior indebtedness the full amounts of principal of, and premium, if any, and interest on, that senior indebtedness before any payment is made on the notes. If, after we have paid the senior indebtedness in full, there are any amounts available for payment of the notes and any of our other indebtedness and obligations ranking equally in right of payment with the notes, then we will use such remaining assets to pay the amounts of principal of, premium, if any, and accrued and unpaid interest on, the notes and such other of our indebtedness and obligations that rank equally in right of payment with the notes. 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As of June 30, 2025, on a consolidated basis, the Bank and our other subsidiaries had, in the aggregate, outstanding debt and deposits of $4.7 billion. Over the term of the notes, we will need to rely primarily on dividends paid to us by the Bank, which is a regulated and supervised depository institution, for the funds necessary to pay the interest on our outstanding debt obligations and to make dividends and other payments on our other securities outstanding now or in the future. With respect to the payment of the principal of the notes at their maturity, we may rely on the funds we receive from dividends paid to us by the Bank, but may have to rely on the proceeds of borrowings and/or the sale of other securities to pay the principal amount of the notes. Regulatory rules may restrict the Bank&#8217;s ability to pay dividends or make other distributions to us or provide funds to us by other means. As a result, with respect to the assets of the Bank, our creditors (including the holders of the notes) are structurally subordinated to the prior claims of creditors of the Bank, including its depositors, except to the extent that we may be a creditor with recognized claims against the Bank.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Redemption</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">We may, at our option, redeem the notes, in whole or in part, beginning with the Interest Payment Date of June 30, 2030 and on any Interest Payment Date thereafter. 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Any redemption of the notes will be at a redemption price equal to the principal amount of the notes, or portion thereof, to be redeemed plus accrued and unpaid interest to, but excluding, the date of redemption. Any redemption of the notes will be subject to any required regulatory approvals.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">If less than all of the notes are to be redeemed, the trustee will select the notes or portions thereof to be redeemed on a pro rata basis.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">If the notes are represented by global notes held by DTC and such redemption is processed through DTC, such redemption will be made on a &#8220;Pro Rata Pass Through Distribution of Principal&#8221; basis in accordance with the procedures of DTC.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">Notices of redemption will be mailed by registered or certified mail (return receipt requested), facsimile or overnight air courier guaranteeing next day delivery, at least 30 but no more than 60 days before the redemption date to each holder of notes to be redeemed at its registered address. If any note is to be redeemed in part only, the notice of redemption that relates to that note will state the portion of the principal amount thereof to be redeemed. A new note in principal amount equal to the unredeemed portion of the original note, if any, will be issued in the name of the holder thereof upon cancellation of the original note. Notes called for redemption become due on the date fixed for redemption. On and after the redemption date, interest ceases to accrue on notes or portions of them called for redemption.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Repurchases</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">We may purchase notes at any time on the open market or otherwise. 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The indenture contains no financial covenants requiring us to achieve or maintain any minimum financial results relating to our financial position or results of operations or meet or exceed any financial ratios as a general matter or in order to incur additional indebtedness or obligations or to maintain any reserves. 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Company to pay all or any part of the principal of any of the notes as and when the same will become due and payable under the indenture;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 54pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the failure of the Company to perform any other covenant or agreement on the part of the Company contained in the 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Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the default by the Company under any bond, debenture, note or other evidence of indebtedness for money owed by the Company having an aggregate principal amount of at least $25,000,000, whether such indebtedness now exists or is created or incurred in the future, which default (i) constitutes a </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;">38</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;white-space:pre-wrap;">failure to pay any portion of the principal of such indebtedness when due and payable after the expiration of any applicable grace period or (ii) results in such indebtedness becoming due or being declared due and payable prior to the date on which it otherwise would have become due and payable without, in the case of clause (i), such indebtedness having been discharged or, in the case of clause (ii) without  such indebtedness having been discharged or such acceleration having been rescinded or annulled.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">If an event of default with respect to the notes occurs due to a bankruptcy event, then the principal amount of all of the outstanding notes, and accrued and unpaid interest, if any, on all outstanding notes will become and be immediately due and payable without any declaration or other act on the part of the trustee or any holder, and the Company waives demand, presentment for payment, notice of nonpayment, notice of protest, and all other notices with respect to such event of default. Notwithstanding the foregoing, because the Company will treat the notes as Tier 2 Capital, upon the occurrence of an event of default other than an event of default described in the foregoing sentence, neither the trustee nor any holder may accelerate the maturity of the notes and make the principal of, and any accrued and unpaid interest on, the notes, immediately due and payable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">Under the indenture, if the Company fails to make any payment of interest on any note when such interest becomes due and payable and such default continues for a period of 15 days, or if the Company fails to make any payment of the principal of any note when such principal becomes due and payable, the trustee may, subject to certain limitations and conditions, demand, for the benefit of the holders of the notes, that the Company pay to the trustee, for the benefit of the holders of the notes, the whole amount then due and payable with respect to the notes, with interest upon the overdue principal, and, to the extent permitted by applicable law, upon any overdue installments of interest at the rate or respective rates, as the case may be, provided for or with respect to the notes or, if no such rate or rates are so provided, at the rate or respective rates, as the case may be, of interest borne by the notes. Any such rights to receive payment of such amounts under the notes remain subject to the subordination provisions of the notes as discussed above under &#8220;&#8212;Subordination.&#8221; Neither the trustee nor the holders of the notes will have the right to accelerate the maturity of the notes in the case of our failure to pay the principal of, or interest on, the notes or our non-performance of any other covenant or warranty under the notes or the indenture.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Amendment, Supplement and Waiver</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">Without the consent of any holder of notes, we and the trustee, at any time and from time to time, may enter into one or more indentures supplemental to the indenture for any of the following purposes:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">to evidence a succession of another person to the Company, and the assumption by any such successor of our covenants contained in the indenture and the notes;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 54pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">to add to our covenants for the benefit of the holders, or to surrender any right or power conferred upon us with respect to the notes issued under the indenture;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">to permit or facilitate the issuance of notes in uncertificated or global form, provided any such action will not adversely affect the interests of the holders;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" 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style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">to make any other provisions with respect to matters or questions arising under the indenture that will not adversely affect the interests of the holders of the notes;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;">39</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">to supplement any of the provisions of the indenture as necessary to permit or facilitate legal or covenant defeasance, or satisfaction and discharge of the notes, as long as any such action will not adversely affect the interests of any holder;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">to conform any provision of the indenture to the requirements of the Trust Indenture Act; or</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New 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Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">make any change in provisions of the indenture protecting the right of each holder to receive payment of principal of and interest on such note on or after the due date thereof or to bring suit to enforce such payment;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">reduce the threshold of holders the consent of whom is required for any such supplemental indenture or required to waive certain defaults and covenants under the indenture; or</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">modify any of the provisions of the section of the indenture governing supplemental indentures with the consent of holders, or those provisions relating to waiver of defaults or certain covenants, except to increase any such percentage required for such actions or to provide that certain other provisions of the indenture cannot be modified or waived without the consent of the holder of each outstanding note affected thereby.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The holders of not less than a majority in aggregate principal amount of the outstanding notes may on behalf of the holders of all notes waive any past default under the indenture and its consequences, except a default in the payment of the principal of or interest on any note, or in respect of a covenant or provision of the indenture under which the indenture cannot be modified or amended without the consent of the holder of each outstanding note.&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Satisfaction and Discharge of the Indenture; Defeasance</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">We may terminate our obligations under the indenture when:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">either: (1) all notes that have been authenticated and delivered have been delivered to the trustee for cancellation, or (2) all notes that have not been delivered to the trustee for cancellation (i) have become due and payable or (ii) will become due and payable at their stated maturity within one year or (iii) if redeemable at the option of the Company, are to be called for redemption within one year under arrangements satisfactory to the trustee for the giving of notice of redemption by the trustee, and in the case of the foregoing clause 2(i), 2(ii) or 2(iii), we have deposited or caused to be deposited with the trustee immediately available funds in an amount sufficient to pay and discharge the entire indebtedness on the outstanding notes;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 54pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;">40</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">we have paid or caused to be paid all other sums then due and payable by us under the indenture with respect to the notes; and</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">we have delivered to the trustee an officer&#8217;s certificate and an opinion of counsel, each stating that all conditions precedent under the indenture relating to the satisfaction and discharge of the indenture have been satisfied.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">We may elect, at our option and at any time, to have our obligations discharged with respect to the outstanding notes, which we refer to as legal defeasance. Legal defeasance means that we will be deemed to have paid and discharged the entire indebtedness represented by the outstanding notes, except for:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the rights of the holders of such notes to receive payments in respect of the principal of and interest on such notes when payments are due;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 54pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our obligations and the obligations of the trustee with respect to such notes concerning registration of notes, mutilated, destroyed, lost or stolen notes and the maintenance of an office or agency for payment and money for payments on the notes to be held in trust;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 36pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the rights, powers, trusts, duties and immunities of the trustee under the indenture; and</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 36pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the defeasance provisions and the application of trust money provisions of the indenture.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">In addition, we may elect, at our option, to have our obligations released with respect to certain covenants contained in the indenture, which is also called covenant defeasance. In the event covenant defeasance occurs, certain events (not including non-payment, bankruptcy and insolvency events) will no longer constitute an event of default with respect to the notes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">In order to exercise either legal defeasance or covenant defeasance with respect to outstanding notes:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">we must irrevocably have deposited or caused to be deposited with the trustee as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to the benefit of the holders of such notes, (i) an amount in dollars, (ii) U.S. government obligations that through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment on the notes, money, or (iii) a combination thereof, in each case, in an amount, sufficient to pay and discharge, and which will be applied by the trustee to pay and discharge, the entire indebtedness in respect of the principal of and interest on the notes on the stated maturity thereof or, with respect to notes called for redemption, on the redemption date thereof;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 54pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">no event of default, or event which with notice or lapse of time or both would become an event of default with respect to the outstanding notes will have occurred and be continuing on the date of such deposit referred to in the first bullet point above (and in the case of legal defeasance will have occurred and be continuing at any time during the period ending on and including the 91st day after the date of such deposit);</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 36pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">in the case of legal defeasance, we must have delivered to the trustee an opinion of counsel stating that (i) we have received from, or there has been published by, the Internal Revenue Service a ruling or (ii)&#160;since the date of the indenture there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such opinion will confirm that, the holders of the notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such legal defeasance to be effected with respect to such notes and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would be the case if such legal defeasance had not occurred;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 36pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;">41</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">in the case of covenant defeasance, we must have delivered to the trustee an opinion of counsel to the effect that the holders of the outstanding notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such covenant defeasance to be effected with respect to the notes and will be subject to U.S. federal income tax on the same amount, in the same manner and at the same times as would be the case if such covenant defeasance had not occurred;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 54pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">such legal defeasance or covenant defeasance will not result in a breach or violation of, or constitute a default under, the indenture or any other material agreement or instrument to which we or our subsidiaries are a party or by which we or our subsidiaries are bound; and</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 36pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">we must have delivered to the trustee an officers&#8217; certificate and an opinion of counsel, each stating that all conditions precedent with respect to such legal defeasance or covenant defeasance have been satisfied.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">In connection with a discharge or defeasance, in the event the trustee is unable to apply the moneys deposited as contemplated under the satisfaction and discharge provisions of the indenture for any reason, our obligations under the indenture and the notes will be revived as if the deposit had never occurred.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Effect of Benchmark Transition Event</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><font style="font-size:12pt;"><a name="_Hlk44599225"></a></font><i style="font-style:italic;">Benchmark Replacement</i><font style="white-space:pre-wrap;">.    If the calculation agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred on or prior to the Reference Time in respect of any determination of the Benchmark on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the notes during the relevant Floating Interest Period in respect of such determination on such date and all determinations on all subsequent dates.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;white-space:pre-wrap;">        </font></font><i style="font-style:italic;">Benchmark Replacement Conforming Changes</i><font style="white-space:pre-wrap;">.    In connection with the implementation of a Benchmark Replacement, the Company will have the right to make Benchmark Replacement Conforming Changes from time to time.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;white-space:pre-wrap;">        </font></font><i style="font-style:italic;">Certain Defined Terms</i><font style="white-space:pre-wrap;">.    As used herein:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;white-space:pre-wrap;">        </font></font><font style="font-size:12pt;"><a name="_Hlk44599885"></a></font>&#8220;Benchmark Replacement&#8221; means the Interpolated Benchmark with respect to the then-current Benchmark, plus the Benchmark Replacement Adjustment for such Benchmark; provided that if: (i) the calculation agent cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date, or (ii) the then-current Benchmark is Three-Month Term SOFR and a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to Three-Month Term SOFR shall be determined), then &#8220;Benchmark Replacement&#8221; 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and</font></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 54pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;text-indent:18pt;"><font style="display:inline-block;font-size:10pt;min-width:18pt;text-indent:0pt;white-space:nowrap;">(iii)</font><font style="font-size:10pt;">the spread adjustment (which may be a positive or negative value or zero) that has been selected by the calculation agent giving due consideration to any industry-accepted spread adjustment or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated floating rate notes at such time.</font></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#8220;Benchmark Replacement Conforming Changes&#8221; means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including, without limitation, changes to the definition of &#8220;Floating Interest Period,&#8221; timing and frequency of determining rates with respect to each Floating Interest Period and making payments of interest, rounding of amounts or tenors and other administrative matters) that the calculation agent or the Company decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the calculation or the Company agent decides that adoption of any portion of such market practice is not administratively feasible or if the calculation agent or the Company determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the calculation agent or the Company determines is reasonably necessary).</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#8220;Benchmark Replacement Date&#8221; means the earliest to occur of the following events with respect to the then-current Benchmark:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;text-indent:18pt;"><font style="display:inline-block;font-size:10pt;min-width:18pt;text-indent:0pt;white-space:nowrap;">(i)</font><font style="font-size:10pt;">in the case of clause (i) of the definition of &#8220;Benchmark Transition Event,&#8221; the relevant Reference Time in respect of any determination;</font></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 54pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;text-indent:18pt;"><font style="display:inline-block;font-size:10pt;min-width:18pt;text-indent:0pt;white-space:nowrap;">(ii)</font><font style="font-size:10pt;">in the case of clause (ii) or (iii) of the definition of &#8220;Benchmark Transition Event,&#8221; the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or</font></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 36pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;text-indent:18pt;"><font style="display:inline-block;font-size:10pt;min-width:18pt;text-indent:0pt;white-space:nowrap;">(iii)</font><font style="font-size:10pt;">in the case of clause (iv) of the definition of &#8220;Benchmark Transition Event,&#8221; the date of the public statement or publication of information referenced therein.</font></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for purposes of such determination.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#8220;Benchmark Transition Event&#8221; means the occurrence of one or more of the following events with respect to the then-current Benchmark:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;text-indent:18pt;"><font style="display:inline-block;font-size:10pt;min-width:18pt;text-indent:0pt;white-space:nowrap;">(i)</font><font style="font-size:10pt;">if the Benchmark is Three-Month Term SOFR, (a) the Relevant Governmental Body has not selected or recommended a forward-looking term rate for a tenor of three months based on SOFR, (b) the development of a forward-looking term rate for a tenor of three months based on SOFR that has been recommended or selected by the Relevant Governmental Body is not complete or (c) the calculation agent determines that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible;</font></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 54pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;text-indent:18pt;"><font style="display:inline-block;font-size:10pt;min-width:18pt;text-indent:0pt;white-space:nowrap;">(ii)</font><font style="font-size:10pt;">a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark, </font></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;">43</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;text-indent:0pt;"><font style="font-size:10pt;">permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark;</font></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 36pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;text-indent:18pt;"><font style="display:inline-block;font-size:10pt;min-width:18pt;text-indent:0pt;white-space:nowrap;">(iii)</font><font style="font-size:10pt;">a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or</font></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 36pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;text-indent:18pt;"><font style="display:inline-block;font-size:10pt;min-width:18pt;text-indent:0pt;white-space:nowrap;">(iv)</font><font style="font-size:10pt;">a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.</font></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#8220;Compounded SOFR&#8221; means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate being established by the Company in accordance with:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;text-indent:18pt;"><font style="display:inline-block;font-size:10pt;min-width:18pt;text-indent:0pt;white-space:nowrap;">(i)</font><font style="font-size:10pt;">the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining Compounded SOFR; provided that:</font></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 54pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;text-indent:18pt;"><font style="display:inline-block;font-size:10pt;min-width:18pt;text-indent:0pt;white-space:nowrap;">(ii)</font><font style="font-size:10pt;">if, and to the extent that, the calculation agent or its designee determines that Compounded SOFR cannot be determined in accordance with clause (i) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the calculation agent or its designee giving due consideration to any industry-accepted market practice for U.S. dollar-denominated floating rate notes at such time.</font></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">For the avoidance of doubt, the calculation of Compounded SOFR will exclude the Benchmark Replacement Adjustment (if applicable) and the spread of 388 basis points per annum.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#8220;Corresponding Tenor&#8221; 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&#8220;Reference Time,&#8221; &#8220;Relevant Governmental Body,&#8221; &#8220;SOFR&#8221; and &#8220;Term SOFR&#8221; have the meanings set forth above under the heading &#8220;&#8212;Principal, Maturity and Interest.&#8221;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Determinations and Decisions</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The calculation agent is expressly authorized to make certain determinations, decisions and elections under the terms of the notes, including with respect to the use of Three-Month Term SOFR as the Benchmark for the Floating Rate Period and under the benchmark transition provisions. Any determination, decision or election that may be made by the calculation agent under the terms of the notes, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:54pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">will be conclusive and binding on the holders of the notes and the trustee absent manifest error;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 72pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:54pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">if made by us as calculation agent, will be made in our sole discretion;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 72pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:54pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">if made by a calculation agent other than us, will be made after consultation with us, and the calculation agent will not make any such determination, decision or election to which we reasonably object; and</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 72pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:54pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">notwithstanding anything to the contrary in the notes, indenture or note purchase agreement, shall become effective without consent from the holders of the notes, the trustee or any other party.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Calculation Agent</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">We will appoint a calculation agent for the notes prior to the commencement of the Floating Rate Period and will keep a record of such appointment at our principal offices, which will be available to any holder of the notes upon request. In addition, we or an affiliate of ours may assume the duties of the calculation agent. We will act as the initial calculation agent.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Regarding the Trustee</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">U.S. Bank Trust Company, National Association is acting as the trustee under the indenture and the initial paying agent and registrar for the notes. From time to time, we and some of our subsidiaries may maintain deposit accounts and conduct other banking transactions, including lending transactions, with the trustee in the ordinary course of business.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">Except during the continuance of an event of default under the indenture, the trustee will perform only such duties as are specifically set forth in the indenture. During the continuance of an event of default that has not been cured or waived, the trustee will exercise such of the rights and powers vested in it by the indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The indenture and the Trust Indenture Act contain certain limitations on the rights of the trustee, should it become a creditor of our organization, to obtain payment of claims in certain cases or to realize on certain property received in respect of any such claim as security or otherwise. The trustee will be permitted to engage in other transactions; however, if it acquires any &#8220;conflicting interest&#8221; (as defined in the Trust Indenture Act) it must eliminate such conflict within 90 days, apply to the SEC for permission to continue or resign.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The holders of a majority in principal amount of the outstanding notes will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the trustee, subject to certain exceptions. The indenture provides that in case an event of default has occurred and is continuing, the trustee will exercise such of the rights and powers vested in it by the indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances. Subject to such provisions, the trustee will be under no obligation to exercise any of the rights or </p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;">45</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">powers vested in it by the indenture at the request or direction of any of the holders under the indenture, unless such holders will have provided to the trustee security or indemnity satisfactory to the trustee against the losses, liabilities and expenses which might be incurred by it in compliance with such request or direction.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">No Personal Liability of Shareholders, Employees, Officers or Directors</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">No past, present or future director, officer, employee or shareholder of our company or any of our predecessors or successors, as such or in such capacity, will have any personal liability for any of our obligations under the notes or the indenture by reason of his, her or its status as such director, officer, employee or shareholder. Each holder of notes by accepting a note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the notes. Such waiver may not be effective to waive liabilities under the federal securities laws, and it is the view of the SEC that such a waiver is against public policy.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Governing Law</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The notes and the indenture will be governed by and construed in accordance with the laws of the State of New York.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;&#160;<b style="font-weight:bold;">&#160;</b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;">46</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt 0pt 12pt 0pt;"><a name="a_010"></a><a name="_Toc206146350"></a>MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The following is a general summary of the material U.S. federal income tax considerations of the exchange of outstanding Old Notes for New Notes in the exchange offer. It is not a complete analysis of all the potential tax considerations relating to the exchange of outstanding Old Notes for New Notes. This discussion is based upon the provisions of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), its legislative history, existing and proposed regulations under the Code, and administrative and judicial interpretations, all as currently in effect. These authorities are subject to change, possibly on a retroactive basis.<font style="font-size:12pt;"> </font>We cannot assure you that the Internal Revenue Service will not challenge one or more of the tax consequences described in this discussion, and we have not obtained, nor do we intend to obtain, a ruling from the Internal Revenue Service or an opinion of counsel with respect to the U.S. federal income tax consequences described herein.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The tax treatment of a holder of notes may vary depending on the holder&#8217;s particular situation. This discussion is limited to the U.S. federal income tax consequences applicable to holders that purchased their Old Notes from us in the initial offering and at the initial offering price for cash and who held the Old Notes, and will hold the New Notes, as capital assets within the meaning of Section 1221 of the Code for U.S. federal income tax purposes. This discussion does not address all U.S. federal income tax considerations that may be applicable to holders&#8217; particular circumstances or to holders that may be subject to special tax rules under U.S. federal income tax laws, including, but not limited to, banks, insurance companies, or other financial institutions, regulated investment companies, real estate investment trusts, tax-exempt organizations, dealers or traders in securities, commodities or currencies, U.S. expatriates, controlled foreign corporations, passive foreign investment companies, holders subject to the alternative minimum tax, traders in securities that elect to use a mark-to-market method of accounting for their securities holdings, United States holders whose functional currency is not the United States dollar, persons that will hold the New Notes as a position in a hedging transaction, straddle, conversion transaction or other integrated transactions or risk reduction transaction, persons deemed to sell the New Notes under the constructive sale provisions of the Code, persons that will hold the New Notes in an individual retirement account, 401(k) plan or similar tax-favored account, an accrual method taxpayer who is required to recognize income for U.S. federal income tax purposes no later than when such income is taken into account for financial accounting purposes, a person that purchases or sells notes as part of a wash sale for tax purposes, or entities or arrangements classified as partnerships for U.S. federal income tax purposes or other pass-through entities, or investors in such entities. This discussion does not address the tax considerations arising under the laws of any foreign, state or local jurisdiction, or any non-income tax consequences of the exchange of Old Notes for New Notes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The exchange of Old Notes for New Notes in the exchange offer should not constitute a taxable exchange for U.S. federal income tax purposes. Consequently, (1) holders of Old Notes should not recognize gain or loss upon the receipt of New Notes in the exchange offer, (2) a holder&#8217;s basis in the New Notes received in the exchange offer should be the same as such holder&#8217;s basis in the Old Notes surrendered in exchange therefor immediately before the exchange, and (3) a holder&#8217;s holding period in the New Notes should include such holder&#8217;s holding period in the Old Notes surrendered in exchange therefor.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><b style="font-weight:bold;">This discussion of material United States Federal Income Tax Considerations is for general information only and may not be applicable depending upon a holder&#8217;s particular situation. Holders of Old Notes considering the exchange offer are urged to consult their own tax advisors with respect to the tax consequences to them of exchanging Old Notes for New Notes, including the tax consequences under state, local, estate, foreign and other tax laws and the possible effects of changes in United States or other tax laws.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;&#160;<b style="font-weight:bold;">&#160;&#160;</b><font style="font-size:12pt;"><a name="a_011"></a></font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;">47</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt 0pt 12pt 0pt;"><a name="_Toc206146351"></a>PLAN OF DISTRIBUTION</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">Each broker-dealer that receives New Notes for its own account pursuant to the exchange offer must acknowledge that it may be a statutory underwriter and that it will deliver a prospectus in connection with any resale of such New Notes. This prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of New Notes received in exchange for Old Notes where such Old Notes were acquired as a result of market-making activities or other trading activities provided that such broker-dealer notifies the Company to that effect by so indicating on the letter of transmittal. To the extent that any notifying broker-dealer participates in the exchange offer, we will use our commercially reasonable efforts to maintain the effectiveness of this prospectus.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">We will not receive any proceeds from any sale of New Notes by broker-dealers or any other persons. New Notes received by broker-dealers for their own account pursuant to the exchange offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing of options on the New Notes or a combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or at negotiated prices. Any such resale may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer and/or the purchasers of any New Notes. Any broker-dealer that receives New Notes in exchange for Old Notes acquired for its own account as a result of market-making activities or other trading activities, and resells such New Notes, and any broker-dealer that participates in a distribution of such New Notes may be deemed to be an &#8220;underwriter&#8221; within the meaning of the Securities Act and any profit on any such resale of New Notes and any commission or concessions received by any such persons may be deemed to be underwriting compensation under the Securities Act. The letter of transmittal states that, by acknowledging that it will deliver and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an &#8220;underwriter&#8221; within the meaning of the Securities Act.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">We will promptly send additional copies of this prospectus and any amendment or supplement to this prospectus to any broker-dealer that reasonably requests such documents. We have agreed to pay certain expenses in connection with the exchange offer and will indemnify the holders of the Old Notes (including any broker-dealers) against certain liabilities, including certain liabilities under the Securities Act.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt 0pt 12pt 0pt;"><a name="a_012"></a><a name="_Toc206146352"></a>LEGAL MATTERS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The validity of the New Notes will be passed upon for us by Barack Ferrazzano Kirschbaum &amp; Nagelberg LLP. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt 0pt 12pt 0pt;"><a name="a_013"></a><a name="_Toc206146353"></a>EXPERTS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The consolidated financial statements of Bridgewater Bancshares, Inc. as of December 31, 2024 and 2023 and for each of the years in the two year period ended December 31, 2024 and the effectiveness of internal control over financial reporting as of December 31, 2024 incorporated in this Prospectus by reference from the Bridgewater Bancshares, Inc. Annual Report on Form 10-K for the year ended December 31, 2024, have been audited by RSM US LLP, an independent registered public accounting firm, as stated in their reports thereon and included in this Prospectus and Registration Statement in reliance upon such reports and upon the authority of such firm as experts in accounting and auditing.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">Our consolidated statements of income, comprehensive income, shareholders&#8217; equity, and cash flows for the year ended December 31, 2022, have been incorporated by reference herein in reliance upon the report of CliftonLarsonAllen LLP, an independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in auditing and accounting.</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;">48</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:avoid;width:76.47%;border-width:0;"></body></html>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
