*Hopping on my soapbox* The lengths that people go to make regular plywood do what it isn't designed to do is boggling! I mean, there's bendable plywood, fiberboard, fiber-reinforced plastic, HDPE puckboard, rigid foam, aluminum sheeting ... Avoid the headache, I say

If you must use 1/4-inch plywood, either:
- heat it and pre-bend it using ratchet straps
- cut it into 12-inch strips and bend each one individually.
- kerf the backside
If you're set on plywood, I'd spend the money for 1/8-inch 5x5 sheets of Baltic Birch.
Or save yourself the hassle and don't use plywood. If you want to do it fast and easy, and you're confident in your exterior skin, you could even prime and paint 1/8-inch MDF and use it. It'll take the radius easy, and as long as you seal it, it will remain waterproof. The two downsides: You have to use panhead (not countersunk) screws to attach it, and it won't hold glue worth anything, so you have to use a floating roof. It's not a great solution, but you can have it done in 2 hours.
There's not just one option. Just remember: Work WITH the material, not against it
