AppFolio (APPF) Insider Sale: CEO Disposes 3,012 Shares via 10b5-1

Rhea-AI Filing Summary

William Shane Trigg, who is listed as Chief Executive Officer and a Director of AppFolio, Inc. (APPF), reported a sale of 3,012 shares of Class A common stock on 08/15/2025 at a price of $264.98 per share. The filing states the sale was made pursuant to a Rule 10b5-1 plan adopted on or around May 10, 2024. Following the reported transaction, the reporting person beneficially owned 63,556 shares. The Form 4 was executed by an attorney-in-fact and dated 08/19/2025. The form indicates the reporting person is both an officer (CEO) and a director.

Insights

Financial Analyst

TL;DR: CEO sold a modest number of shares under a prearranged 10b5-1 plan; ownership remains substantial.

The reported disposition of 3,012 shares at $264.98 is explicitly identified as executed under a Rule 10b5-1 plan adopted in May 2024, which indicates the sale was pre-scheduled rather than reactive to nonpublic company developments. The post-transaction beneficial ownership of 63,556 shares suggests continued significant insider alignment with shareholder outcomes. For investors, this is a routine, preplanned insider liquidity event rather than a company-specific negative signal; the absolute size of the sale relative to remaining holdings appears limited based on the data provided in this filing alone.

Corporate Governance Expert

TL;DR: Transaction conforms to compliance best practices using a 10b5-1 plan and was executed by an attorney-in-fact.

The filing clearly marks the sale as pursuant to a 10b5-1 trading plan and includes an attorney-in-fact signature, which strengthens the compliance narrative and reduces concerns about opportunistic insider trading. The reporting person is identified as both CEO and director, so continued disclosure of holdings and any future plan changes will remain relevant for governance oversight. Based solely on the disclosed facts, this filing reflects routine, documented insider liquidity rather than a governance breach or unexplained departure from policy.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

X

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)
08/15/2025

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	08/15/2025		S		3,012(1)	D	$264.98	63,556	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. These shares were sold pursuant to a Rule 10b5-1 Plan adopted by Reporting Person on or around May 10, 2024.

Remarks:

	/s/ Evan Pickering, as Attorney-in-Fact, for William Shane Trigg	08/19/2025
	** 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).
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