BAND

SEC source: 0000899243-19-006437 · doc4.xml · nonDerivative · entry 5

Bailey Brian D. · CIK 0001575505 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 281,904

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

F9 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $57.16 to $58.03. The reporting person undertakes to provide the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F3 · ownership.nature: Following the transactions reported herein, consists of (i) 1,517 shares of Class A Common Stock held by Carmichael Investment Partners, LLC ("CIP"), (ii) 908 shares of Class A Common Stock held by Carmichael Investment Partners II, LLC ("CIP II"), (iii) 608 shares of Class A Common Stock held by Carmichael Investment Partners III, LLC ("CIP III" and, together with CIP and CIP II, the "Carmichael Entities"), (iv) 273,329 shares of Class A Common Stock held directly by Carmichael Bandwidth, LLC and (v) 5,242 shares of Class A Common Stock held directly by Brian D. Bailey.

F4 · ownership.nature: Pursuant to an agreement between Mr. Bailey and Carmichael Partners LLC, Carmichael Partners LLC is entitled to all economic benefit with respect to 3,667 shares held by Mr. Bailey.

F5 · ownership.nature: Carmichael Bandwidth LLC is the managing member of each of the Carmichael Entities. 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 the Carmichael Entities and Carmichael Partners LLC. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of its or their pecuniary interest therein.

SEC source: 0000899243-19-006437 · doc4.xml · nonDerivative · entry 4

Bailey Brian D. · CIK 0001575505 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 285,704

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

F8 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $56.16 to $57.05. The reporting person undertakes to provide the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F3 · ownership.nature: Following the transactions reported herein, consists of (i) 1,517 shares of Class A Common Stock held by Carmichael Investment Partners, LLC ("CIP"), (ii) 908 shares of Class A Common Stock held by Carmichael Investment Partners II, LLC ("CIP II"), (iii) 608 shares of Class A Common Stock held by Carmichael Investment Partners III, LLC ("CIP III" and, together with CIP and CIP II, the "Carmichael Entities"), (iv) 273,329 shares of Class A Common Stock held directly by Carmichael Bandwidth, LLC and (v) 5,242 shares of Class A Common Stock held directly by Brian D. Bailey.

F4 · ownership.nature: Pursuant to an agreement between Mr. Bailey and Carmichael Partners LLC, Carmichael Partners LLC is entitled to all economic benefit with respect to 3,667 shares held by Mr. Bailey.

F5 · ownership.nature: Carmichael Bandwidth LLC is the managing member of each of the Carmichael Entities. 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 the Carmichael Entities and Carmichael Partners LLC. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of its or their pecuniary interest therein.

SEC source: 0000899243-19-006437 · doc4.xml · nonDerivative · entry 3

Bailey Brian D. · CIK 0001575505 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 286,604

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

F7 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $57.46 to $58.05. The reporting person undertakes to provide the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F3 · ownership.nature: Following the transactions reported herein, consists of (i) 1,517 shares of Class A Common Stock held by Carmichael Investment Partners, LLC ("CIP"), (ii) 908 shares of Class A Common Stock held by Carmichael Investment Partners II, LLC ("CIP II"), (iii) 608 shares of Class A Common Stock held by Carmichael Investment Partners III, LLC ("CIP III" and, together with CIP and CIP II, the "Carmichael Entities"), (iv) 273,329 shares of Class A Common Stock held directly by Carmichael Bandwidth, LLC and (v) 5,242 shares of Class A Common Stock held directly by Brian D. Bailey.

F4 · ownership.nature: Pursuant to an agreement between Mr. Bailey and Carmichael Partners LLC, Carmichael Partners LLC is entitled to all economic benefit with respect to 3,667 shares held by Mr. Bailey.

F5 · ownership.nature: Carmichael Bandwidth LLC is the managing member of each of the Carmichael Entities. 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 the Carmichael Entities and Carmichael Partners LLC. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of its or their pecuniary interest therein.

SEC source: 0000899243-19-006437 · doc4.xml · nonDerivative · entry 2

Bailey Brian D. · CIK 0001575505 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 289,804

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

F6 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $56.23 to $56.75. The reporting person undertakes to provide the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F3 · ownership.nature: Following the transactions reported herein, consists of (i) 1,517 shares of Class A Common Stock held by Carmichael Investment Partners, LLC ("CIP"), (ii) 908 shares of Class A Common Stock held by Carmichael Investment Partners II, LLC ("CIP II"), (iii) 608 shares of Class A Common Stock held by Carmichael Investment Partners III, LLC ("CIP III" and, together with CIP and CIP II, the "Carmichael Entities"), (iv) 273,329 shares of Class A Common Stock held directly by Carmichael Bandwidth, LLC and (v) 5,242 shares of Class A Common Stock held directly by Brian D. Bailey.

F4 · ownership.nature: Pursuant to an agreement between Mr. Bailey and Carmichael Partners LLC, Carmichael Partners LLC is entitled to all economic benefit with respect to 3,667 shares held by Mr. Bailey.

F5 · ownership.nature: Carmichael Bandwidth LLC is the managing member of each of the Carmichael Entities. 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 the Carmichael Entities and Carmichael Partners LLC. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of its or their pecuniary interest therein.

SEC source: 0000899243-19-006437 · doc4.xml · nonDerivative · entry 1

Bailey Brian D. · CIK 0001575505 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 290,536

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $55.21 to $55.92. The reporting person undertakes to provide Bandwidth Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F3 · ownership.nature: Following the transactions reported herein, consists of (i) 1,517 shares of Class A Common Stock held by Carmichael Investment Partners, LLC ("CIP"), (ii) 908 shares of Class A Common Stock held by Carmichael Investment Partners II, LLC ("CIP II"), (iii) 608 shares of Class A Common Stock held by Carmichael Investment Partners III, LLC ("CIP III" and, together with CIP and CIP II, the "Carmichael Entities"), (iv) 273,329 shares of Class A Common Stock held directly by Carmichael Bandwidth, LLC and (v) 5,242 shares of Class A Common Stock held directly by Brian D. Bailey.

F4 · ownership.nature: Pursuant to an agreement between Mr. Bailey and Carmichael Partners LLC, Carmichael Partners LLC is entitled to all economic benefit with respect to 3,667 shares held by Mr. Bailey.

F5 · ownership.nature: Carmichael Bandwidth LLC is the managing member of each of the Carmichael Entities. 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 the Carmichael Entities and Carmichael Partners LLC. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of its or their pecuniary interest therein.

SEC source: 0000899243-19-005742 · doc4.xml · derivative · entry 6

GONZALEZ GABRIELA · CIK 0001220481 · Sr. Vp Finance, Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,000

Underlying: Class A Common Stock · 6,726 shares

Expires 2022-07-29

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_date: The stock option is currently exercisable.

SEC source: 0000899243-19-005742 · doc4.xml · nonDerivative · entry 4

GONZALEZ GABRIELA · CIK 0001220481 · Sr. Vp Finance, Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,786

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

SEC source: 0000899243-19-005742 · doc4.xml · nonDerivative · entry 3

GONZALEZ GABRIELA · CIK 0001220481 · Sr. Vp Finance, Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,512

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0000899243-19-005747 · doc4.xml · derivative · entry 4

Hoffman Jeffrey A. · CIK 0001721896 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 55,415

Underlying: Class A Common Stock · 8,525 shares

Expires 2024-06-03

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_date: The stock option is currently exercisable.

SEC source: 0000899243-19-005747 · doc4.xml · nonDerivative · entry 3

Hoffman Jeffrey A. · CIK 0001721896 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,513

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

SEC source: 0000899243-19-005747 · doc4.xml · nonDerivative · entry 2

Hoffman Jeffrey A. · CIK 0001721896 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,513

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

SEC source: 0000899243-19-005747 · doc4.xml · nonDerivative · entry 1

Hoffman Jeffrey A. · CIK 0001721896 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,038

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0000899243-19-005741 · doc4.xml · nonDerivative · entry 6

Bailey Brian D. · CIK 0001575505 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 291,604

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

F10 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $57.84 to $58.10. The reporting person undertakes to provide the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F3 · ownership.nature: Following the transactions reported herein, consists of (i) 1,517 shares of Class A Common Stock held by Carmichael Investment Partners, LLC ("CIP"), (ii) 908 shares of Class A Common Stock held by Carmichael Investment Partners II, LLC ("CIP II"), (iii) 608 shares of Class A Common Stock held by Carmichael Investment Partners III, LLC ("CIP III" and, together with CIP and CIP II, the "Carmichael Entities"), (iv)283,329 shares of Class A Common Stock held directly by Carmichael Bandwidth, LLC and (v) 5,242 shares of Class A Common Stock held directly by Brian D. Bailey.

F4 · ownership.nature: Pursuant to an agreement between Mr. Bailey and Carmichael Partners LLC, Carmichael Partners LLC is entitled to all economic benefit with respect to 3,667 shares held by Mr. Bailey.

F5 · ownership.nature: Carmichael Bandwidth LLC is the managing member of each of the Carmichael Entities. 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 the Carmichael Entities and Carmichael Partners LLC. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of its or their pecuniary interest therein.

SEC source: 0000899243-19-005741 · doc4.xml · nonDerivative · entry 5

Bailey Brian D. · CIK 0001575505 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 295,204

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

F9 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $56.84 to $57.81. The reporting person undertakes to provide the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F3 · ownership.nature: Following the transactions reported herein, consists of (i) 1,517 shares of Class A Common Stock held by Carmichael Investment Partners, LLC ("CIP"), (ii) 908 shares of Class A Common Stock held by Carmichael Investment Partners II, LLC ("CIP II"), (iii) 608 shares of Class A Common Stock held by Carmichael Investment Partners III, LLC ("CIP III" and, together with CIP and CIP II, the "Carmichael Entities"), (iv)283,329 shares of Class A Common Stock held directly by Carmichael Bandwidth, LLC and (v) 5,242 shares of Class A Common Stock held directly by Brian D. Bailey.

F4 · ownership.nature: Pursuant to an agreement between Mr. Bailey and Carmichael Partners LLC, Carmichael Partners LLC is entitled to all economic benefit with respect to 3,667 shares held by Mr. Bailey.

F5 · ownership.nature: Carmichael Bandwidth LLC is the managing member of each of the Carmichael Entities. 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 the Carmichael Entities and Carmichael Partners LLC. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of its or their pecuniary interest therein.

SEC source: 0000899243-19-005741 · doc4.xml · nonDerivative · entry 4

Bailey Brian D. · CIK 0001575505 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 296,004

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

F8 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $55.78 to $56.73. The reporting person undertakes to provide the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F3 · ownership.nature: Following the transactions reported herein, consists of (i) 1,517 shares of Class A Common Stock held by Carmichael Investment Partners, LLC ("CIP"), (ii) 908 shares of Class A Common Stock held by Carmichael Investment Partners II, LLC ("CIP II"), (iii) 608 shares of Class A Common Stock held by Carmichael Investment Partners III, LLC ("CIP III" and, together with CIP and CIP II, the "Carmichael Entities"), (iv)283,329 shares of Class A Common Stock held directly by Carmichael Bandwidth, LLC and (v) 5,242 shares of Class A Common Stock held directly by Brian D. Bailey.

F4 · ownership.nature: Pursuant to an agreement between Mr. Bailey and Carmichael Partners LLC, Carmichael Partners LLC is entitled to all economic benefit with respect to 3,667 shares held by Mr. Bailey.

F5 · ownership.nature: Carmichael Bandwidth LLC is the managing member of each of the Carmichael Entities. 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 the Carmichael Entities and Carmichael Partners LLC. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of its or their pecuniary interest therein.

SEC source: 0000899243-19-005742 · doc4.xml · derivative · entry 5

GONZALEZ GABRIELA · CIK 0001220481 · Sr. Vp Finance, Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,726

Underlying: Class A Common Stock · 774 shares

Expires 2022-07-29

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_date: The stock option is currently exercisable.

SEC source: 0000899243-19-005742 · doc4.xml · nonDerivative · entry 2

GONZALEZ GABRIELA · CIK 0001220481 · Sr. Vp Finance, Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,012

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

SEC source: 0000899243-19-005742 · doc4.xml · nonDerivative · entry 1

GONZALEZ GABRIELA · CIK 0001220481 · Sr. Vp Finance, Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,786

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0000899243-19-005741 · doc4.xml · nonDerivative · entry 3

Bailey Brian D. · CIK 0001575505 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 296,604

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

F7 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $55.47 to $55.79. The reporting person undertakes to provide the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F3 · ownership.nature: Following the transactions reported herein, consists of (i) 1,517 shares of Class A Common Stock held by Carmichael Investment Partners, LLC ("CIP"), (ii) 908 shares of Class A Common Stock held by Carmichael Investment Partners II, LLC ("CIP II"), (iii) 608 shares of Class A Common Stock held by Carmichael Investment Partners III, LLC ("CIP III" and, together with CIP and CIP II, the "Carmichael Entities"), (iv)283,329 shares of Class A Common Stock held directly by Carmichael Bandwidth, LLC and (v) 5,242 shares of Class A Common Stock held directly by Brian D. Bailey.

F4 · ownership.nature: Pursuant to an agreement between Mr. Bailey and Carmichael Partners LLC, Carmichael Partners LLC is entitled to all economic benefit with respect to 3,667 shares held by Mr. Bailey.

F5 · ownership.nature: Carmichael Bandwidth LLC is the managing member of each of the Carmichael Entities. 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 the Carmichael Entities and Carmichael Partners LLC. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of its or their pecuniary interest therein.

SEC source: 0000899243-19-005741 · doc4.xml · nonDerivative · entry 2

Bailey Brian D. · CIK 0001575505 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 297,004

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

F6 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $54.34 to $55.25. The reporting person undertakes to provide the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F3 · ownership.nature: Following the transactions reported herein, consists of (i) 1,517 shares of Class A Common Stock held by Carmichael Investment Partners, LLC ("CIP"), (ii) 908 shares of Class A Common Stock held by Carmichael Investment Partners II, LLC ("CIP II"), (iii) 608 shares of Class A Common Stock held by Carmichael Investment Partners III, LLC ("CIP III" and, together with CIP and CIP II, the "Carmichael Entities"), (iv)283,329 shares of Class A Common Stock held directly by Carmichael Bandwidth, LLC and (v) 5,242 shares of Class A Common Stock held directly by Brian D. Bailey.

F4 · ownership.nature: Pursuant to an agreement between Mr. Bailey and Carmichael Partners LLC, Carmichael Partners LLC is entitled to all economic benefit with respect to 3,667 shares held by Mr. Bailey.

F5 · ownership.nature: Carmichael Bandwidth LLC is the managing member of each of the Carmichael Entities. 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 the Carmichael Entities and Carmichael Partners LLC. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of its or their pecuniary interest therein.

SEC source: 0000899243-19-005741 · doc4.xml · nonDerivative · entry 1

Bailey Brian D. · CIK 0001575505 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 298,004

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $53.32 to $54.31. The reporting person undertakes to provide Bandwidth Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F3 · ownership.nature: Following the transactions reported herein, consists of (i) 1,517 shares of Class A Common Stock held by Carmichael Investment Partners, LLC ("CIP"), (ii) 908 shares of Class A Common Stock held by Carmichael Investment Partners II, LLC ("CIP II"), (iii) 608 shares of Class A Common Stock held by Carmichael Investment Partners III, LLC ("CIP III" and, together with CIP and CIP II, the "Carmichael Entities"), (iv)283,329 shares of Class A Common Stock held directly by Carmichael Bandwidth, LLC and (v) 5,242 shares of Class A Common Stock held directly by Brian D. Bailey.

F4 · ownership.nature: Pursuant to an agreement between Mr. Bailey and Carmichael Partners LLC, Carmichael Partners LLC is entitled to all economic benefit with respect to 3,667 shares held by Mr. Bailey.

F5 · ownership.nature: Carmichael Bandwidth LLC is the managing member of each of the Carmichael Entities. 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 the Carmichael Entities and Carmichael Partners LLC. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of its or their pecuniary interest therein.

SEC source: 0000899243-19-005196 · doc4.xml · nonDerivative · entry 2

Bailey Brian D. · CIK 0001575505 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 298,604

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

F6 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $53.00 to $53.90. The reporting person undertakes to provide the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F3 · ownership.nature: Following the transactions reported herein, consists of (i) 1,517 shares of Class A Common Stock held by Carmichael Investment Partners, LLC ("CIP"), (ii) 908 shares of Class A Common Stock held by Carmichael Investment Partners II, LLC ("CIP II"), (iii) 608 shares of Class A Common Stock held by Carmichael Investment Partners III, LLC ("CIP III" and, together with CIP and CIP II, the "Carmichael Entities"), (iv) 290,329 shares of Class A Common Stock held directly by Carmichael Bandwidth, LLC and (v) 5,242 shares of Class A Common Stock held directly by Brian D. Bailey.

F4 · ownership.nature: Pursuant to an agreement between Mr. Bailey and Carmichael Partners LLC, Carmichael Partners LLC is entitled to all economic benefit with respect to 3,667 shares held by Mr. Bailey.

F5 · ownership.nature: Carmichael Bandwidth LLC is the managing member of each of the Carmichael Entities. 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 the Carmichael Entities and Carmichael Partners LLC. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of its or their pecuniary interest therein.

SEC source: 0000899243-19-005196 · doc4.xml · nonDerivative · entry 1

Bailey Brian D. · CIK 0001575505 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 300,604

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $53.00 to $53.025. The reporting person undertakes to provide Bandwidth Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F3 · ownership.nature: Following the transactions reported herein, consists of (i) 1,517 shares of Class A Common Stock held by Carmichael Investment Partners, LLC ("CIP"), (ii) 908 shares of Class A Common Stock held by Carmichael Investment Partners II, LLC ("CIP II"), (iii) 608 shares of Class A Common Stock held by Carmichael Investment Partners III, LLC ("CIP III" and, together with CIP and CIP II, the "Carmichael Entities"), (iv) 290,329 shares of Class A Common Stock held directly by Carmichael Bandwidth, LLC and (v) 5,242 shares of Class A Common Stock held directly by Brian D. Bailey.

F4 · ownership.nature: Pursuant to an agreement between Mr. Bailey and Carmichael Partners LLC, Carmichael Partners LLC is entitled to all economic benefit with respect to 3,667 shares held by Mr. Bailey.

F5 · ownership.nature: Carmichael Bandwidth LLC is the managing member of each of the Carmichael Entities. 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 the Carmichael Entities and Carmichael Partners LLC. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of its or their pecuniary interest therein.

SEC source: 0000899243-19-004860 · doc4.xml · nonDerivative · entry 4

Bailey Brian D. · CIK 0001575505 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 301,422

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

F7 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $54.05 to $54.50. The reporting person undertakes to provide the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F3 · ownership.nature: Following the transactions reported herein, consists of (i) 1,517 shares of Class A Common Stock held by Carmichael Investment Partners, LLC ("CIP"), (ii) 908 shares of Class A Common Stock held by Carmichael Investment Partners II, LLC ("CIP II"), (iii) 608 shares of Class A Common Stock held by Carmichael Investment Partners III, LLC ("CIP III" and, together with CIP and CIP II, the "Carmichael Entities"), (iv) 293,147 shares of Class A Common Stock held directly by Carmichael Bandwidth, LLC and (v) 5,242 shares of Class A Common Stock held directly by Brian D. Bailey.

F4 · ownership.nature: Pursuant to an agreement between Mr. Bailey and Carmichael Partners LLC, Carmichael Partners LLC is entitled to all economic benefit with respect to 3,667 shares held by Mr. Bailey.

F5 · ownership.nature: Carmichael Bandwidth LLC is the managing member of each of the Carmichael Entities. 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 the Carmichael Entities and Carmichael Partners LLC. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of its or their pecuniary interest therein.

SEC source: 0000899243-19-004860 · doc4.xml · nonDerivative · entry 3

Bailey Brian D. · CIK 0001575505 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 302,022

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

F6 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $53.00 to $53.57. The reporting person undertakes to provide the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F3 · ownership.nature: Following the transactions reported herein, consists of (i) 1,517 shares of Class A Common Stock held by Carmichael Investment Partners, LLC ("CIP"), (ii) 908 shares of Class A Common Stock held by Carmichael Investment Partners II, LLC ("CIP II"), (iii) 608 shares of Class A Common Stock held by Carmichael Investment Partners III, LLC ("CIP III" and, together with CIP and CIP II, the "Carmichael Entities"), (iv) 293,147 shares of Class A Common Stock held directly by Carmichael Bandwidth, LLC and (v) 5,242 shares of Class A Common Stock held directly by Brian D. Bailey.

F4 · ownership.nature: Pursuant to an agreement between Mr. Bailey and Carmichael Partners LLC, Carmichael Partners LLC is entitled to all economic benefit with respect to 3,667 shares held by Mr. Bailey.

F5 · ownership.nature: Carmichael Bandwidth LLC is the managing member of each of the Carmichael Entities. 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 the Carmichael Entities and Carmichael Partners LLC. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of its or their pecuniary interest therein.

SEC source: 0000899243-19-004994 · doc4.xml · derivative · entry 3

Hoffman Jeffrey A. · CIK 0001721896 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 63,940

Underlying: Class A Common Stock · 4,555 shares

Expires 2024-06-03

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_date: The stock option is currently exercisable.

SEC source: 0000899243-19-004994 · doc4.xml · nonDerivative · entry 2

Hoffman Jeffrey A. · CIK 0001721896 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,513

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

SEC source: 0000899243-19-004994 · doc4.xml · nonDerivative · entry 1

Hoffman Jeffrey A. · CIK 0001721896 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,068

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0000899243-19-004693 · doc4.xml · derivative · entry 7

Hoffman Jeffrey A. · CIK 0001721896 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 68,495

Underlying: Class A Common Stock · 5,445 shares

Expires 2024-06-03

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F4 · derivative.exercise_date: The stock option is current exercisable.

SEC source: 0000899243-19-004693 · doc4.xml · nonDerivative · entry 5

Hoffman Jeffrey A. · CIK 0001721896 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,513

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

SEC source: 0000899243-19-004693 · doc4.xml · nonDerivative · entry 4

Hoffman Jeffrey A. · CIK 0001721896 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,958

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

SEC source: 0000899243-19-004693 · doc4.xml · nonDerivative · entry 3

Hoffman Jeffrey A. · CIK 0001721896 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,958

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0000899243-19-004860 · doc4.xml · nonDerivative · entry 2

Bailey Brian D. · CIK 0001575505 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 303,422

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

F3 · ownership.nature: Following the transactions reported herein, consists of (i) 1,517 shares of Class A Common Stock held by Carmichael Investment Partners, LLC ("CIP"), (ii) 908 shares of Class A Common Stock held by Carmichael Investment Partners II, LLC ("CIP II"), (iii) 608 shares of Class A Common Stock held by Carmichael Investment Partners III, LLC ("CIP III" and, together with CIP and CIP II, the "Carmichael Entities"), (iv) 293,147 shares of Class A Common Stock held directly by Carmichael Bandwidth, LLC and (v) 5,242 shares of Class A Common Stock held directly by Brian D. Bailey.

F4 · ownership.nature: Pursuant to an agreement between Mr. Bailey and Carmichael Partners LLC, Carmichael Partners LLC is entitled to all economic benefit with respect to 3,667 shares held by Mr. Bailey.

F5 · ownership.nature: Carmichael Bandwidth LLC is the managing member of each of the Carmichael Entities. 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 the Carmichael Entities and Carmichael Partners LLC. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of its or their pecuniary interest therein.

SEC source: 0000899243-19-004860 · doc4.xml · nonDerivative · entry 1

Bailey Brian D. · CIK 0001575505 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 303,522

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $53.00 to $53.91. The reporting person undertakes to provide Bandwidth Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F3 · ownership.nature: Following the transactions reported herein, consists of (i) 1,517 shares of Class A Common Stock held by Carmichael Investment Partners, LLC ("CIP"), (ii) 908 shares of Class A Common Stock held by Carmichael Investment Partners II, LLC ("CIP II"), (iii) 608 shares of Class A Common Stock held by Carmichael Investment Partners III, LLC ("CIP III" and, together with CIP and CIP II, the "Carmichael Entities"), (iv) 293,147 shares of Class A Common Stock held directly by Carmichael Bandwidth, LLC and (v) 5,242 shares of Class A Common Stock held directly by Brian D. Bailey.

F4 · ownership.nature: Pursuant to an agreement between Mr. Bailey and Carmichael Partners LLC, Carmichael Partners LLC is entitled to all economic benefit with respect to 3,667 shares held by Mr. Bailey.

F5 · ownership.nature: Carmichael Bandwidth LLC is the managing member of each of the Carmichael Entities. 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 the Carmichael Entities and Carmichael Partners LLC. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of its or their pecuniary interest therein.

SEC source: 0000899243-19-004692 · doc4.xml · derivative · entry 3

Matton W. Christopher · CIK 0001721921 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,357

Underlying: Class A Common Stock · 3,786 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each Restricted Stock Unit represents a contingent right to receive one share of the Company's Class A Common Stock.

F2 · derivative.exercise_date: On February 21, 2018, the Reporting Person was granted 15,143 Restricted Stock Units which vest in four equal annual installments beginning on February 21, 2019.

F2 · derivative.expiration_date: On February 21, 2018, the Reporting Person was granted 15,143 Restricted Stock Units which vest in four equal annual installments beginning on February 21, 2019.

SEC source: 0000899243-19-004692 · doc4.xml · nonDerivative · entry 2

Matton W. Christopher · CIK 0001721921 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,662

SEC source: 0000899243-19-004692 · doc4.xml · nonDerivative · entry 1

Matton W. Christopher · CIK 0001721921 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,786

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0000899243-19-004691 · doc4.xml · derivative · entry 3

GONZALEZ GABRIELA · CIK 0001220481 · Sr. Vp Finance, Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,543

Underlying: Class A Common Stock · 2,848 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each Restricted Stock Unit represents a contingent right to receive one share of the Company's Class A Common Stock.

F2 · derivative.exercise_date: On February 21, 2018, the Reporting Person was granted 11,391 Restricted Stock Units which vest in four equal annual installments beginning on February 21, 2019.

F2 · derivative.expiration_date: On February 21, 2018, the Reporting Person was granted 11,391 Restricted Stock Units which vest in four equal annual installments beginning on February 21, 2019.

SEC source: 0000899243-19-004691 · doc4.xml · nonDerivative · entry 2

GONZALEZ GABRIELA · CIK 0001220481 · Sr. Vp Finance, Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,012

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0000899243-19-004691 · doc4.xml · nonDerivative · entry 1

GONZALEZ GABRIELA · CIK 0001220481 · Sr. Vp Finance, Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,848

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0000899243-19-004694 · doc4.xml · derivative · entry 3

Morken David A. · CIK 0001721962 · Director · Chairman & CEO · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 18,680

Underlying: Class A Common Stock · 6,227 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each Restricted Stock Unit represents a contingent right to receive one share of the Company's Class A Common Stock.

F2 · derivative.exercise_date: On February 21, 2018, the Reporting Person was granted 24,907 Restricted Stock Units which vest in four equal annual installments beginning on February 21, 2019.

F2 · derivative.expiration_date: On February 21, 2018, the Reporting Person was granted 24,907 Restricted Stock Units which vest in four equal annual installments beginning on February 21, 2019.

SEC source: 0000899243-19-004694 · doc4.xml · nonDerivative · entry 2

Morken David A. · CIK 0001721962 · Director · Chairman & CEO · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,444

SEC source: 0000899243-19-004694 · doc4.xml · nonDerivative · entry 1

Morken David A. · CIK 0001721962 · Director · Chairman & CEO · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,227

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0000899243-19-004693 · doc4.xml · derivative · entry 6

Hoffman Jeffrey A. · CIK 0001721896 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,991

Underlying: Class A Common Stock · 4,997 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: Each Restricted Stock Unit represents a contingent right to receive one share of the Company's Class A Common Stock.

F3 · derivative.exercise_date: On February 21, 2018, the Reporting Person was granted 19,988 Restricted Stock Units which vest in four equal annual installments beginning on February 21, 2019.

F3 · derivative.expiration_date: On February 21, 2018, the Reporting Person was granted 19,988 Restricted Stock Units which vest in four equal annual installments beginning on February 21, 2019.

SEC source: 0000899243-19-004693 · doc4.xml · nonDerivative · entry 2

Hoffman Jeffrey A. · CIK 0001721896 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,513

SEC source: 0000899243-19-004693 · doc4.xml · nonDerivative · entry 1

Hoffman Jeffrey A. · CIK 0001721896 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,997

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0000899243-19-004690 · doc4.xml · derivative · entry 3

Murdock John C. · CIK 0001721985 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Class A Common Stock · 17,725 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each Restricted Stock Unit represents a contingent right to receive one share of the Company's Class A Common Stock.

F2 · derivative.exercise_date: The Restricted Stock Units awarded to the Reporting Person on February 21, 2018 vested in full on February 21, 2019 pursuant to the terms of the Reporting Person's resignation as President of the Issuer.

F2 · derivative.expiration_date: The Restricted Stock Units awarded to the Reporting Person on February 21, 2018 vested in full on February 21, 2019 pursuant to the terms of the Reporting Person's resignation as President of the Issuer.

SEC source: 0000899243-19-004690 · doc4.xml · nonDerivative · entry 2

Murdock John C. · CIK 0001721985 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,355

SEC source: 0000899243-19-004690 · doc4.xml · nonDerivative · entry 1

Murdock John C. · CIK 0001721985 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 26,392

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0000899243-19-004378 · doc4.xml · derivative · entry 3

Murdock John C. · CIK 0001721985 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 92,382

Underlying: Class A Common Stock · 8,667 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: The shares of Class B common stock are convertible into Class A common stock on a 1-to-1 basis at the option of the holder and have no expiration date.

F2 · shares: Represents shares of Class B common stock previously reported as indirectly owned by the Murdock Trust 'D' u/a dated May 16, 2005 that were directly owned by the Reporting Person following the trust distribution on February 12, 2019.

F1 · derivative.exercise_date: The shares of Class B common stock are convertible into Class A common stock on a 1-to-1 basis at the option of the holder and have no expiration date.

F1 · derivative.expiration_date: The shares of Class B common stock are convertible into Class A common stock on a 1-to-1 basis at the option of the holder and have no expiration date.