Brian D. Bailey - 28 Aug 2025 Form 4 Insider Report for Bandwidth Inc. (BAND)

Role: Director
Signature: /s/ Leah Webb, Attorney-in-Fact for Brian D. Bailey
Issuer symbol: BAND
Transactions as of: 28 Aug 2025
Net transactions value: $0
Form type: 4
Filing time: 02 Sep 2025, 16:31:37 UTC
Previous filing: 30 May 2025
Next filing: 24 Nov 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Bailey Brian D.	Director	C/O CARMICHAEL INVESTMENT PARTNERS LLC, 4725 PIEDMONT ROW DRIVE, SUITE 210, CHARLOTTE	/s/ Leah Webb, Attorney-in-Fact for Brian D. Bailey	02 Sep 2025	0001575505

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BAND	Class A Common Stock	Options Exercise	$0	+2,025	+3.1%	$0.000000	66,431	28 Aug 2025	See footnotes	F1, F2, 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	-2,025	-50%	$0.000000	2,024	28 Aug 2025	Class A Common Stock	2,025		Direct	F4, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Carmichael Bandwidth LLC is the managing member of each of the Carmichael Entities (as defined below in footnote 2). Brian D. Bailey and Kevin J. Martin are the managing partners of Carmichael Bandwidth LLC and Carmichael Partners LLC and share voting and dispositive power with respect to the shares held by the Carmichael Entities (as defined below in footnote 2) and Carmichael Partners LLC. The Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his pecuniary interest therein.
F2	Following the transactions reported herein, consists of (i) 1,517 shares of Class A Common Stock held by Carmichael Investment Partners, LLC; (ii) 8,750 shares of Class A Common Stock held by Carmichael Partners, LLC ("CP"); (iii) 908 shares of Class A Common Stock held by Carmichael Investment Partners II, LLC ("CIP II"); (iv) 608 shares of Class A Common Stock held by Carmichael Investment Partners III, LLC ("CIP III" and, together with CP and CIP II, the "Carmichael Entities") and (v) 54,648 shares of Class A Common Stock held of record by Brian D. Bailey.
F3	Pursuant to an agreement between Mr. Bailey and Carmichael Partners LLC, Carmichael Partners LLC is entitled to all economic benefit with respect to 7,234 shares held by Mr. Bailey.
F4	Each Restricted Stock Unit represents a contingent right to receive one share of Bandwidth Inc. Class A Common Stock.
F5	On November 28, 2024, the Reporting Person was granted 8,098 Restricted Stock Units, which vest in four equal quarterly installments beginning on February 28, 2025.