APPF Form 3: 2,744 RSUs granted to Principal Accounting Officer, vesting over four years

Rhea-AI Filing Summary

AppFolio's Form 3 reports that the newly disclosed Principal Accounting Officer directly beneficially owns 2,744 Class A Common shares. The filing states these shares represent a grant of time-based restricted stock units under the Issuer's 2025 Omnibus Incentive Plan that vest over four years, with 1/16th of the RSUs vesting quarterly beginning May 10, 2026.

The statement was submitted using the issuer's codes for filing purposes and notes an amendment will be filed once the reporting officer's CIK filer codes are available.

Insights

Corporate Governance Expert

TL;DR: Routine insider disclosure of an executive equity grant; small direct holding and a standard multi‑year vesting schedule.

The Form 3 documents a direct beneficial ownership of 2,744 Class A shares linked to time‑based RSUs under the 2025 Omnibus Incentive Plan. The RSUs vest over four years with 1/16th vesting quarterly beginning May 10, 2026. This filing appears to be an administrative initial statement for a newly appointed Principal Accounting Officer and the company notes an amendment will follow to reflect the officer's CIK filer codes. From a governance perspective, the disclosure is standard and does not, on its face, indicate material governance or control changes.

Compensation Analyst

TL;DR: Compensation grant recorded as RSUs with a four‑year, quarterly vesting schedule—typical design to retain and incentivize an executive.

The reported holding represents a time‑based equity award rather than an immediate cash or stock transfer. The structure—vesting over four years with quarterly vesting at 1/16th—is a common retention mechanism. The absolute size of the grant (2,744 shares) is disclosed, and no cash exercise price or derivative conversion terms are listed in the filing. The company plans to amend the filing to include the executive's CIK once available.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

APPFOLIO INC

(Last) (First) (Middle)

70 CASTILIAN DR

(Street)

SANTA BARBARA CA 93117

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
08/08/2025

3. Issuer Name and Ticker or Trading Symbol
APPFOLIO INC [ APPF ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Principal Accounting Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock	2,744(1)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents a grant of time-based restricted stock units ("RSUs") granted pursuant to the Issuer's 2025 Omnibus Incentive Plan. The RSUs vest over four years with 1/16th of the RSUs vesting quarterly beginning May 10, 2026.

Remarks:

This initial holding statement has been made for Don Rigler using the Issuer's CIK codes to satisfy Form 3 filing requirements for newly appointed company Name Executive Officers. An amendment will be filed for Mr. Rigler upon receipt of his CIK filer codes from the SEC.

	/s/ Evan Pickering, as Attorney-in-Fact for Don Rigler	08/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did AppFolio (APPF) disclose in this Form 3?

The Form 3 discloses that the Principal Accounting Officer directly beneficially owns 2,744 Class A Common shares, representing a grant of time‑based RSUs under the 2025 Omnibus Incentive Plan.

Who is the reporting person named in the filing for APPF?

The filing was made for Don Rigler as the Principal Accounting Officer; it was submitted using the issuer's CIK codes with a note that an amendment will be filed once Mr. Rigler's CIK filer codes are available.

How do the RSUs vest according to the Form 3?

The RSUs vest over four years with 1/16th of the RSUs vesting quarterly, beginning on May 10, 2026.

Are these shares direct ownership or part of a derivative?

The Form 3 lists 2,744 Class A Common Stock as directly beneficially owned (listed under Table I as Direct). The explanation states they represent time‑based RSUs granted under the company's plan.

Will AppFolio amend this filing?

Yes. The filing states an amendment will be filed for Mr. Rigler upon receipt of his CIK filer codes from the SEC.