Form 4: Bandwidth CFO Sells Shares Under 10b5-1 Plans

Bandwidth Inc.'s Chief Financial Officer, Daryl E. Raiford, sold a total of 6,719 Class A Common Stock shares in two separate transactions on December 4, 2025, under pre-arranged Rule 10b5-1 trading plans.

Summary

• Daryl E. Raiford, Chief Financial Officer of Bandwidth Inc. (BAND), reported two sales of Class A Common Stock on December 4, 2025.
• The first transaction involved the sale of 4,131 shares at a weighted average price of $14.4141 per share, primarily to cover taxes related to Restricted Stock Units (RSUs) vesting on November 30, 2025.
• This tax-related sale was executed under a Rule 10b5-1 plan adopted on March 3, 2023.
• The second transaction involved the sale of 2,588 shares at a weighted average price of $14.6293 per share.
• This second sale was executed under a separate Rule 10b5-1 plan adopted on December 12, 2024.
• Following these transactions, Mr. Raiford beneficially owns 91,816 shares of Class A Common Stock.
• The prices for the first transaction ranged from $14.2001 to $14.47, and for the second, from $14.40 to $14.835.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to insider selling, but mitigated by the fact that the sales were pre-planned under Rule 10b5-1 and one was explicitly for tax obligations related to RSU vesting, which is a common and often non-discretionary event for executives.

Negatives

• Insider selling, even when pre-planned, can sometimes be perceived negatively by investors as it reduces management's direct equity stake in the company.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This Form 4 filing details an individual insider transaction and does not provide broader industry context or trends. Insider trading activity is a routine disclosure for publicly traded companies, reflecting personal financial planning by executives.

Stakeholder Impact

• Shareholders: May view the insider selling with slight caution, although the pre-planned nature and tax-related reason for one transaction reduce concerns about management's confidence in the company's future.

Key Dates

Keywords

Bandwidth Inc., BAND, Form 4, Insider Trading, Stock Sale, CFO, Daryl E. Raiford, 10b5-1 Plan, Equity Compensation, Restricted Stock Units