Bandwidth Inc. Appoints New CFO, Michael Nolan
Ticker: BAND · Form: 8-K · Filed: Jul 5, 2024 · CIK: 1514416
| Field | Detail |
|---|---|
| Company | Bandwidth Inc. (BAND) |
| Form Type | 8-K |
| Filed Date | Jul 5, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.001, $1,107,760 b, $2,540.00, $350,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
Related Tickers: BWAN
TL;DR
Bandwidth Inc. just hired a new CFO, Michael Nolan, starting July 5th with a $400k salary + bonus + $1.5M in stock.
AI Summary
Bandwidth Inc. announced on July 1, 2024, the appointment of Michael F. Nolan as Chief Financial Officer, effective July 5, 2024. Nolan will receive an annual base salary of $400,000 and is eligible for a target annual bonus of 75% of his base salary. He will also be granted an initial equity award of restricted stock units (RSUs) with a target value of $1,500,000.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact financial strategy and investor confidence.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategy and performance.
Key Numbers
- $400,000 — CFO Base Salary (Annual compensation for Michael F. Nolan)
- 75% — CFO Target Bonus (Potential bonus based on performance)
- $1,500,000 — CFO Equity Award (Initial restricted stock units granted)
Key Players & Entities
- Bandwidth Inc. (company) — Registrant
- Michael F. Nolan (person) — Appointed Chief Financial Officer
- July 1, 2024 (date) — Effective date of announcement
- July 5, 2024 (date) — Effective date of appointment
- $400,000 (dollar_amount) — Annual base salary for new CFO
- 75% (percentage) — Target annual bonus percentage
- $1,500,000 (dollar_amount) — Target value of initial equity award
FAQ
What is Michael F. Nolan's annual base salary?
Michael F. Nolan's annual base salary is $400,000.
When is Michael F. Nolan's appointment as CFO effective?
Michael F. Nolan's appointment as CFO is effective July 5, 2024.
What is the target annual bonus for the new CFO?
The target annual bonus for the new CFO is 75% of his base salary.
What is the target value of the initial equity award for Michael F. Nolan?
The target value of the initial equity award is $1,500,000 in restricted stock units (RSUs).
What other items are reported in this 8-K filing?
This 8-K filing also covers the election of directors and compensatory arrangements of certain officers, in addition to the CFO appointment.
Filing Stats: 1,096 words · 4 min read · ~4 pages · Grade level 11.6 · Accepted 2024-07-05 16:02:36
Key Financial Figures
- $0.001 — stered Class A Common Stock, par value $0.001 per share BAND NASDAQ Global Select Mar
- $1,107,760 b — Bartolo shall be determined by dividing $1,107,760 by the closing price of the Company's Cla
- $2,540.00 — f a healthcare stipend in the amount of $2,540.00 per month (grossed-up for taxes) intend
- $350,000 — t. Mr. Agarwal's annual base salary is $350,000 and his target incentive amount under t
Filing Documents
- band-20240701.htm (8-K) — 30KB
- 0001514416-24-000127.txt ( ) — 153KB
- band-20240701.xsd (EX-101.SCH) — 2KB
- band-20240701_lab.xml (EX-101.LAB) — 22KB
- band-20240701_pre.xml (EX-101.PRE) — 13KB
- band-20240701_htm.xml (XML) — 3KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BANDWIDTH INC. Date: July 5, 2024 By: /s/ R. Brandon Asbill Name: R. Brandon Asbill Title: General Counsel and Secretary