Bandwidth (BAND) CFO Daryl Raiford Exercises RSUs, Sells 4,673 Shares

What Happened
Daryl E. Raiford, Bandwidth Inc.'s Chief Financial Officer, had 11,900 restricted stock units (RSUs) convert to common shares on 2026-08-28 (5,730 + 6,170). The Form 4 shows disposals of the same 11,900 derivative shares at $0 (typical of tax withholding at vesting), and two open-market sales on 2026-08-31 totaling 4,673 shares for approximately $229,659 (2,734 shares at a weighted $48.82 = $133,481; 1,939 shares at a weighted $49.60 = $96,178). These transactions are routine insider selling following RSU vesting rather than an outright purchase.

Key Details

• Transaction dates: RSU conversion recorded 2026-08-28; open-market sales on 2026-08-31. Filing date: 2026-09-01 (timely).
• RSUs converted (acquired): 11,900 shares (5,730 + 6,170).
• Derivative disposals at $0: 11,900 shares (matches converted RSUs) — commonly reflects shares withheld to satisfy tax obligations.
• Open market sales: 2,734 shares at weighted $48.82 (range $48.29–$49.28 per F1) and 1,939 shares at weighted $49.60 (range $49.33–$49.6351 per F2). Total cash proceeds ≈ $229,659.
• Shares owned after the transactions: not specified in the supplied filing excerpt.
• Footnotes: F3–F5 confirm these are RSUs (one RSU = one share) from grants dated 11/28/2023 (68,767 RSUs with staggered vesting) and 11/28/2024 (74,040 RSUs with staggered vesting). F1/F2 explain weighted-average sale prices and offer to provide per-price details on request.

Context

• These filings show RSU vesting (conversion of contingent awards into shares) with some shares withheld/removed at $0 (tax withholding) and a subsequent small open-market sale of previously held or remaining shares. This pattern is common for executive compensation vesting and tax settlement.
• The Form 4 was filed within the SEC’s usual two-business-day window, so no late-filing flag is indicated.