Daryl Raiford - Nov 28, 2025 Form 4 Insider Report for Bandwidth Inc. (BAND)

Role
Chief Financial Officer
Signature
/s/ Leah Webb, Attorney-in-Fact for Daryl E. Raiford
Stock symbol
BAND
Transactions as of
Nov 28, 2025
Transactions value $
-$302,477
Form type
4
Date filed
12/2/2025, 04:54 PM
Previous filing
Sep 12, 2025
Next filing
Dec 4, 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Raiford Daryl E Chief Financial Officer C/O BANDWIDTH INC., 2230 BANDMATE WAY, RALEIGH /s/ Leah Webb, Attorney-in-Fact for Daryl E. Raiford 2025-12-02 0001405026

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction BAND Class A Common Stock Options Exercise $0 +3.14K +4.14% $0.00 79K Nov 28, 2025 Direct
transaction BAND Class A Common Stock Options Exercise $0 +5.73K +7.25% $0.00 84.8K Nov 28, 2025 Direct
transaction BAND Class A Common Stock Options Exercise $0 +24.7K +29.11% $0.00 109K Nov 28, 2025 Direct
transaction BAND Class A Common Stock Options Exercise $0 +10.6K +9.69% $0.00 120K Nov 30, 2025 Direct
transaction BAND Class A Common Stock Sale -$188K -13.4K -11.16% $14.06 107K Dec 1, 2025 Direct F1, F2
transaction BAND Class A Common Stock Sale -$114K -8.12K -7.61% $14.05 98.5K Dec 1, 2025 Direct F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction BAND Restricted Stock Units Options Exercise $0 -3.14K -100% $0.00 0 Nov 28, 2025 Class A Common Stock 3.14K Direct F4, F5
transaction BAND Restricted Stock Units Options Exercise $0 -5.73K -20% $0.00 22.9K Nov 28, 2025 Class A Common Stock 5.73K Direct F4, F6
transaction BAND Restricted Stock Units Options Exercise $0 -24.7K -33.33% $0.00 49.4K Nov 28, 2025 Class A Common Stock 24.7K Direct F4, F7
transaction BAND Restricted Stock Units Award $0 +227K $0.00 227K Nov 28, 2025 Class A Common Stock 227K Direct F4, F8
transaction BAND Restricted Stock Units Options Exercise $0 -10.6K -33.33% $0.00 21.2K Nov 30, 2025 Class A Common Stock 10.6K Direct F4, F9
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id Content
F1 Reflects shares sold to cover taxes upon the vesting of Restricted Stock Units on November 28, 2025, pursuant to a Rule 10b5-1 instruction letter adopted by the Reporting Person on March 3, 2023 related solely to tax obligations associated with awards received in connection with Bandwidth Inc. (the "Company") equity compensation programs.
F2 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $13.93 to $14.29. The Reporting Person undertakes to provide the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
F3 Reflects shares sold pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 12, 2024.
F4 Each Restricted Stock Unit represents a contingent right to receive one share of the Company's Class A Common Stock.
F5 On November 28, 2022, the Reporting Person was granted 37,700 Restricted Stock Units, one third of which vested on the first anniversary of the date of grant and the remaining shares vested in eight equal quarterly installments beginning on February 28, 2024.
F6 On November 28, 2023, the Reporting Person was granted 68,767 Restricted Stock Units, one third of which vested on the first anniversary of the date of grant and the remaining shares vest in eight equal quarterly installments beginning on February 28, 2025.
F7 On November 28, 2024, the Reporting Person was granted 74,040 Restricted Stock Units, one third of which vested on the first anniversary of the date of grant and the remaining shares will vest in eight equal quarterly installments beginning on February 28, 2026.
F8 On November 28, 2025, the Reporting Person was granted 226,667 Restricted Stock Units, one third of which vest on the first anniversary of the date of grant and the remaining shares will vest in eight equal quarterly installments beginning on February 28, 2027.
F9 On May 30, 2023, the Reporting Person was granted 127,226 Restricted Stock Units, one third of which vested on the first anniversary of the date of grant and the remaining shares vest in eight equal quarterly installments beginning on August 30, 2024.