[Form 4] AppFolio, Inc. Insider Trading Activity

Rhea-AI Filing Summary

William Shane Trigg, who serves as both a Director and the Chief Executive Officer of AppFolio, Inc. (APPF), reported a series of withholdings on 08/10/2025 to satisfy minimum tax withholding obligations arising when equity awards vested. A total of 4,079 Class A shares were withheld across seven award tranches at a reported per-share amount of $283.36. The withholding events related to vested performance-based restricted stock units (PSUs) and time-based restricted stock units (RSUs) granted on various dates in 2021, 2023, 2024 and 2025. Following the reported transactions the filing shows beneficial ownership of 66,568 Class A shares. The Form 4 was signed by an attorney-in-fact on 08/12/2025.

Insights

Corporate Governance Expert

TL;DR: Routine tax-withholdings on vested equity reduced reported beneficial holdings; no open-market dispositions disclosed.

The filing documents tax-withholding in connection with the vesting of PSUs and RSUs rather than sales: seven separate withholdings totaling 4,079 shares at $283.36 per share. The awards originate from multiple grant dates (including January 24, 2024; January 25, 2023; March 1, 2023; December 13, 2021; January 29, 2025). Such withholdings are administrative in nature and do not indicate a change in executive intent to hold shares beyond satisfying tax obligations. Governance considerations are limited; the report confirms continued direct ownership and routine equity compensation administration.

Securities Analyst

TL;DR: The transactions are neutral for investors—they reflect vesting-related tax withholdings and leave the CEO with 66,568 Class A shares post-transaction.

The Form 4 shows the CEO's beneficial ownership decreased to 66,568 Class A shares after indexed withholdings tied to vested PSUs/RSUs. Each withholding line lists a per-share figure of $283.36, and the earliest transaction date reported is 08/10/2025. There are no derivative transactions or open-market sales disclosed on this filing, so the events should be treated as standard compensation vesting mechanics rather than liquidity-driven insider selling.

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^*

Trigg William Shane

(Last) (First) (Middle)

70 CASTILIAN DR

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive 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		538(1)	D	$283.36	70,109	D
Class A Common Stock	08/10/2025		F		1,710(2)	D	$283.36	68,399	D
Class A Common Stock	08/10/2025		F		219(3)	D	$283.36	68,180	D
Class A Common Stock	08/10/2025		F		795(4)	D	$283.36	67,385	D
Class A Common Stock	08/10/2025		F		377(5)	D	$283.36	67,008	D
Class A Common Stock	08/10/2025		F		238(6)	D	$283.36	66,770	D
Class A Common Stock	08/10/2025		F		202(7)	D	$283.36	66,568	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 24, 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 January 24, 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 March 1, 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 December 13, 2021 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 29, 2025 pursuant to the Issuer's 2025 Omnibus Plan.

Remarks:

	/s/ Evan Pickering, as Attorney-in-Fact, for William Shane Trigg	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).
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FAQ

What did AppFolio executive William Trigg report on Form 4 (APPF)?

The Form 4 reports that William Shane Trigg had 4,079 Class A shares withheld to satisfy minimum tax withholding obligations related to vested PSUs and RSUs.

When did the reported transactions occur for APPF insider activity?

All reported withholding transactions have a transaction date of 08/10/2025, and the Form 4 was signed on 08/12/2025.

How many Class A shares did the CEO own after the reported transactions (APPF)?

Following the reported withholdings, the filing shows beneficial ownership of 66,568 Class A shares.

What types of awards were involved in the Form 4 filing for APPF?

The withholding events related to vested performance-based restricted stock units (PSUs) and time-based restricted stock units (RSUs) from grants in 2021, 2023, 2024 and 2025.

At what per-share amount were the withheld shares reported (APPF)?

Each withholding line in the filing lists a per-share figure of $283.36.