[Form 4] AppFolio, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Independent Bank Corp. (IBCP) – Form 4 insider transaction

Director Ronia F. Kruse reported two acquisitions of phantom stock units under the company’s Deferred Compensation and Stock Purchase Plan for Non-Employee Directors:

• 15 May 2025: 172.90 units acquired at a reference price of $32.57.
• 01 Jul 2025: 685.66 units acquired at a reference price of $29.17.

After the transactions, Kruse’s total holdings in derivative phantom units rose to 22,517.77. These units are designed to mirror the value of IBCP common stock and will be settled in shares when the director retires from the Board.

No common shares were bought or sold on the open market, and the filing contains no indication of dispositions or sales. The transactions are routine, compensation-related awards that increase the director’s equity-linked exposure and further align board incentives with shareholder interests, but they do not change the public float or directly affect cash flow.

Positive

• Director increased equity-linked exposure by 858.56 phantom stock units, bringing total to 22,517.77 units, further aligning incentives with shareholders.

Negative

• None.

Insights

Corporate Governance Analyst

TL;DR: Routine phantom-stock accrual; aligns incentives, limited market impact.

The filing records standard deferred-compensation allocations, not open-market purchases. Because settlement occurs only at retirement, the units neither reduce outstanding share count nor inject fresh capital. Nevertheless, they incrementally strengthen board-shareholder alignment by tying a director’s future wealth to share performance. Given the small size (≈859 units) relative to IBCP’s float, I view the disclosure as governance-neutral with no immediate valuation effect.

Portfolio Manager

TL;DR: Insider equity exposure up slightly; signal value is minimal.

While insider accumulation can sometimes hint at confidence, these awards are automatic under a board plan and total less than US$30k in notional value—immaterial versus IBCP’s market cap. I would not alter a position or model on this data alone, but it is modestly reassuring that directors continue to defer cash into equity-linked units rather than cash out.

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).

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^*

Casey Robert Donald III

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/27/2025

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	06/27/2025		A		504(1)	A	$0	28,360	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. Represents a grant of time-based restricted stock units ("RSUs") pursuant to the Issuer's 2025 Omnibus Incentive Plan. The RSUs vest in full on the first anniversary of the date of grant.

Remarks:

	/s/ Evan Pickering, as Attorney-in-Fact, for Robert Donald Casey III	07/01/2025
	** 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 Independent Bank Corp. (IBCP) report in the latest Form 4?

A director acquired 858.56 phantom stock units via the deferred compensation plan, raising total holdings to 22,517.77 units.

Were any common shares of IBCP bought or sold in this filing?

No. The Form 4 shows only phantom stock unit accruals; no common stock transactions occurred.

At what reference prices were the phantom units credited?

Units were credited at $32.57 on 05/15/2025 and $29.17 on 07/01/2025.

When will the phantom stock units convert into IBCP shares?

They settle in common stock when the reporting person retires from the Board, per the deferred compensation plan.

Does this Form 4 indicate any change in Independent Bank Corp.’s share count?

No. Phantom stock units are bookkeeping entries that do not affect outstanding shares until they are settled in the future.