Brian D. Bailey - 28 Nov 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 Nov 2025
Net transactions value: $0
Form type: 4
Filing time: 02 Dec 2025, 16:53:59 UTC
Previous filing: 24 Nov 2025
Next filing: 02 Mar 2026
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 Dec 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	+2,024	+3.2%	$0.000000	65,422	28 Nov 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	-2,024	-100%	$0.000000	0	28 Nov 2025	Class A Common Stock	2,024		Direct	F4, F5
transaction	BAND	Restricted Stock Units	Award	$0	+13,333		$0.000000	13,333	28 Nov 2025	Class A Common Stock	13,333		Direct	F4, F6

* 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 Carmichael Partners, LLC ("CP"); Carmichael Investment Partners II, LLC ("CP II"); and Carmichael Investment Partners III, LLC ("CP III"). 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 CP, CP II and CP III. 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 8,750 shares of Class A Common Stock held by Carmichael Partners, LLC and 56,672 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 vested in four equal quarterly installments beginning on February 28, 2025.
F6	On November 28, 2025, the Reporting Person was granted 13,333 Restricted Stock Units, which vest in four equal quarterly installments beginning on February 28, 2026.