[Form 4] AppFolio, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Elizabeth E. Barat, Chief People Officer of AppFolio (APPF), reported changes in her beneficial ownership following the vesting of equity awards on 08/10/2025. The Form 4 records multiple share-withholdings by the issuer to satisfy tax obligations tied to vested PSUs and RSUs.

The issuer withheld 270, 183, 110, 146, 88, 85, 45 and 102 Class A shares from separate grants, totaling 1,029 shares withheld at a reported per-share amount of $283.36. After these transactions Ms. Barat directly beneficially owned 16,897 Class A shares.

Insights

Compensation/HR Specialist

TL;DR: Routine tax-withholding on vested equity awards reduced reported share count; this is standard compensation administration.

The Form 4 shows the issuer withheld shares to satisfy minimum tax withholding arising from the vesting of performance-based restricted stock units (PSUs) and time-based restricted stock units (RSUs). The reported withholdings total 1,029 shares across grants from 2022–2025 and list a per-share amount of $283.36. This reflects normal post-vesting tax settlement rather than an active sale by the insider.

Securities / Corporate Governance Analyst

TL;DR: Administrative insider transaction; no governance or control change indicated.

The transaction is reported under code F and the Explanation clarifies these were shares withheld by the issuer to meet minimum tax withholding obligations on vested PSUs/RSUs from specific grant dates. The report shows final direct beneficial ownership of 16,897 Class A shares. This filing is informational and appears not to affect board composition or ownership control.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Barat Elizabeth Erin

(Last) (First) (Middle)

70 CASTILIAN DRIVE

(Street)

SANTA BARBARA CA 93117

(City) (State) (Zip)

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief People Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/10/2025

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	08/10/2025		F		270(1)	D	$283.36	17,656	D
Class A Common Stock	08/10/2025		F		183(2)	D	$283.36	17,473	D
Class A Common Stock	08/10/2025		F		110(3)	D	$283.36	17,363	D
Class A Common Stock	08/10/2025		F		146(3)	D	$283.36	17,217	D
Class A Common Stock	08/10/2025		F		88(4)	D	$283.36	17,129	D
Class A Common Stock	08/10/2025		F		85(5)	D	$283.36	17,044	D
Class A Common Stock	08/10/2025		F		45(6)	D	$283.36	16,999	D
Class A Common Stock	08/10/2025		F		102(7)	D	$283.36	16,897	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Consists of Class A Common Stock withheld by the Issuer to satisfy the minimum tax withholding obligations of the Reporting Person arising in connection with the vesting on August 10, 2025 of the performance-based restricted stock units ("PSUs") previously granted to the Reporting Person on January 24, 2024 pursuant to the Issuer's 2015 Stock Incentive Plan.

2. Consists of Class A Common Stock withheld by the Issuer to satisfy the minimum tax withholding obligations of the Reporting Person arising in connection with the vesting on August 10, 2025 of the PSUs previously granted to the Reporting Person on January 25, 2023 pursuant to the Issuer's 2015 Stock Incentive Plan.

3. Consists of Class A Common Stock withheld by the Issuer to satisfy the minimum tax withholding obligations of the Reporting Person arising in connection with the vesting on August 10, 2025 of the time-based restricted stock units ("RSUs") previously granted to the Reporting Person on January 23, 2024 pursuant to the Issuer's 2015 Stock Incentive Plan.

4. Consists of Class A Common Stock withheld by the Issuer to satisfy the minimum tax withholding obligations of the Reporting Person arising in connection with the vesting on August 10, 2025 of the RSUs previously granted to the Reporting Person on April 25, 2023 pursuant to the Issuer's 2015 Stock Incentive Plan.

5. Consists of Class A Common Stock withheld by the Issuer to satisfy the minimum tax withholding obligations of the Reporting Person arising in connection with the vesting on August 10, 2025 of the RSUs previously granted to the Reporting Person on January 24, 2023 pursuant to the Issuer's 2015 Stock Incentive Plan.

6. Consists of Class A Common Stock withheld by the Issuer to satisfy the minimum tax withholding obligations of the Reporting Person arising in connection with the vesting on August 10, 2025 of the RSUs previously granted to the Reporting Person on February 9, 2022 pursuant to the Issuer's 2015 Stock Incentive Plan.

7. Consists of Class A Common Stock withheld by the Issuer to satisfy the minimum tax withholding obligations of the Reporting Person arising in connection with the vesting on August 10, 2025 of the RSUs previously granted to the Reporting Person on January 28, 2025 pursuant to the Issuer's 2025 Omnibus Plan.

Remarks:

	/s/ Evan Pickering, as Attorney-in-Fact, for Elizabeth E. Barat	08/12/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did the APPF Form 4 filed for Elizabeth E. Barat report?

The Form 4 reports that the issuer withheld 1,029 Class A shares to satisfy minimum tax withholding obligations on vested PSUs/RSUs vested on 08/10/2025.

Which equity awards were subject to withholding in the APPF filing?

Withholdings related to vested PSUs and RSUs from grants dated Jan 24, 2024; Jan 25, 2023; Jan 23, 2024; Apr 25, 2023; Jan 24, 2023; Feb 9, 2022; Jan 28, 2025 as listed in the Explanation.

What does transaction code 'F' mean on this APPF Form 4?

The filing shows transaction code F and the Explanation states shares were withheld by the issuer to satisfy minimum tax withholding obligations on vested awards.

How many shares did Elizabeth E. Barat own after the reported transactions?

After the reported withholdings the Form 4 shows Ms. Barat directly beneficially owned 16,897 Class A shares.

Who signed the Form 4 on behalf of Elizabeth E. Barat?

The form is signed by Evan Pickering, as Attorney-in-Fact, for Elizabeth E. Barat.