Bandwidth Inc. Appoints New CFO, Michael Nolan

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

From the Filing

0001514416-24-000127.txt : 20240705 0001514416-24-000127.hdr.sgml : 20240705 20240705160236 ACCESSION NUMBER: 0001514416-24-000127 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20240701 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20240705 DATE AS OF CHANGE: 20240705 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Bandwidth Inc. CENTRAL INDEX KEY: 0001514416 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] ORGANIZATION NAME: 06 Technology IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38285 FILM NUMBER: 241102618 BUSINESS ADDRESS: STREET 1: 2230 BANDMATE WAY CITY: RALEIGH STATE: NC ZIP: 27607 BUSINESS PHONE: 800-808-5150 MAIL ADDRESS: STREET 1: 2230 BANDMATE WAY CITY: RALEIGH STATE: NC ZIP: 27607 FORMER COMPANY: FORMER CONFORMED NAME: Bandwidth.com, Inc. DATE OF NAME CHANGE: 20110303 8-K 1 band-20240701.htm 8-K band-20240701 FALSE 0001514416 0001514416 2024-07-01 2024-07-01 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549   ___________________________________________________ FORM 8-K ___________________________________________________ CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July 1, 2024 ___________________________________________________ BANDWIDTH INC. (Exact name of registrant as specified in its charter) ___________________________________________________ Delaware 001-38285 56-2242657 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 2230 Bandmate Way Raleigh , NC 27607 (Address of principal executive offices) (Zip Code) (800) 808-5150 Registrant’s telephone number, including area code Not Applicable (Former name or former address, if changed since last report) ___________________________________________________ Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Class A Common Stock, par value $0.001 per share BAND NASDAQ Global Select Market Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company    ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐ Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On July 1, 2024, Bandwidth Inc., a Delaware corporation (the “Company”), entered into a letter agreement (the “Bartolo Letter Agreement”) with Anthony F. Bartolo, the Company’s outgoing Chief Operating Officer, in connection with his resignation. As previously disclosed in the Company’s Current Report on Form 8-K f