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AppFolio insider Maurice Duca sells 23,900 shares

AppFolio Inc. ten percent owner Maurice J. Duca reported open‑market sales of an aggregate 23,900 shares of Class A Common Stock from July 28–30, 2026.

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

AppFolio Inc. ten percent owner Maurice J. Duca reported open‑market sales of an aggregate 23,900 shares of Class A Common Stock from July 28–30, 2026. The transactions, at per‑share prices generally around $180–$188, were executed under a 10b5‑1 trading plan adopted on March 13, 2026.

Sales involved shares held directly, by a family trust, and by a pension trust where he has sole voting and dispositive power but no pecuniary interest. He also reports 26,667 shares held indirectly through IGSB Cardinal I, LLC, for which he disclaims beneficial ownership except to the extent of any pecuniary interest.

Positive

  • None.

Negative

  • None.

Insights

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Insider DUCA MAURICE J
Role 10% Owner
Sold 23,900 shs ($4.37M)
Type Security Shares Price Value
Sale Class A Common Stock F1, F16 389 $180.13 $70K
Sale Class A Common Stock F1, F17 230 $181.39 $42K
Sale Class A Common Stock F1 199 $182.34 $36K
Sale Class A Common Stock F1, F18 178 $180.13 $32K
Sale Class A Common Stock F1, F17 105 $181.39 $19K
Sale Class A Common Stock F1 91 $182.34 $17K
Sale Class A Common Stock F1, F16, F5 624 $180.13 $112K
Sale Class A Common Stock F1, F17, F5 365 $181.39 $66K
Sale Class A Common Stock F1, F5 319 $182.34 $58K
Sale Class A Common Stock F1, F8 900 $181.07 $163K
Sale Class A Common Stock F1, F9 200 $183.17 $37K
Sale Class A Common Stock F1, F10 300 $184.47 $55K
Sale Class A Common Stock F1, F11 900 $186.05 $167K
Sale Class A Common Stock F1, F12 1,200 $187.68 $225K
Sale Class A Common Stock F1 1,600 $180.00 $288K
Sale Class A Common Stock F1, F13, F5 900 $180.97 $163K
Sale Class A Common Stock F1, F9, F5 200 $183.17 $37K
Sale Class A Common Stock F1, F10, F5 400 $184.48 $74K
Sale Class A Common Stock F1, F11, F5 800 $186.04 $149K
Sale Class A Common Stock F1, F14, F5 2,400 $187.64 $450K
Sale Class A Common Stock F1, F15, F5 900 $188.23 $169K
Sale Class A Common Stock F1, F2 1,900 $180.64 $343K
Sale Class A Common Stock F1, F3 992 $181.49 $180K
Sale Class A Common Stock F1, F4 608 $182.97 $111K
Sale Class A Common Stock F1 1,600 $180.00 $288K
Sale Class A Common Stock F1, F2, F5 1,900 $180.59 $343K
Sale Class A Common Stock F1, F6, F5 1,000 $181.54 $182K
Sale Class A Common Stock F1, F7, F5 1,800 $183.40 $330K
Sale Class A Common Stock F1, F5 900 $184.00 $166K
holding Class A Common Stock F19 -- -- --
Holdings After Transaction: Class A Common Stock — 73,662 shares (Direct); Class A Common Stock — 32,224 shares (Indirect, By Family Trust); Class A Common Stock — 117,932 shares (Indirect, By Pension Trust); Class A Common Stock — 26,667 shares (Indirect, By IGSB Cardinal I, LLC)
Footnotes (19)
  1. F1. Sales made pursuant to a 10b5-1 trading plan previously adopted by the Reporting Person on March 13, 2026.
  2. F2. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $180.00 to $180.98, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  3. F3. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $181.00 to $181.95, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  4. F4. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $182.74 to $183.18, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  5. F5. These shares of Class A Common Stock ("Class A Shares") are held by a pension trust of which the Reporting Person is the sole trustee and who, in that capacity, possesses sole voting and sole dispositive power over these Class A Shares. However, the Reporting Person does not possess any pecuniary interest in these Class A Shares.
  6. F6. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $181.00 to $181.94, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  7. F7. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $182.91 to $183.81, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  8. F8. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $180.94 to $181.18, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  9. F9. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $183.15 to $183.18, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  10. F10. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $184.46 to $184.49, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  11. F11. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $185.61 to $186.58, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  12. F12. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $186.99 to $187.97, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  13. F13. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $180.34 to $181.18, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  14. F14. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $186.99 to $187.96, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  15. F15. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $188.02 to $188.35, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  16. F16. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $180.00 to $180.95, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  17. F17. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $181.00 to $181.86, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  18. F18. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $180.00 to $180.56, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  19. F19. These Class A Shares are owned by IGSB Cardinal I, LLC, a limited liability company, of which the Reporting Person is the managing member. In that capacity, the Reporting Person possesses sole voting and dispositive power over these Class A Shares. However, the Reporting Person disclaims beneficial ownership in these Class A Shares, except to the extent of any pecuniary interest he may have therein.
Shares sold 23900 shares Aggregate Class A Common Stock sold from July 28–30, 2026
Sale transactions 29 transactions Non-derivative open-market sales of Class A Common Stock
Indirect holdings via IGSB Cardinal I, LLC 26667.0000 shares Indirect Class A Common Stock position reported as of July 28, 2026
Direct sale price example 180.6400 per share Price for a direct sale of 1900 Class A shares on July 28, 2026
Pension trust sale price example 188.2300 per share Price for an indirect pension trust sale of 900 Class A shares on July 29, 2026
10b5-1 trading plan regulatory
"Sales made pursuant to a 10b5-1 trading plan previously adopted"
A 10b5-1 trading plan is a pre-arranged strategy that allows company insiders to buy or sell company stock at set times, regardless of their current knowledge about the company's situation. It acts like a scheduled appointment for trading, helping prevent the appearance of impropriety or insider trading. This plan provides a way for insiders to sell or buy shares in a controlled, transparent manner, offering reassurance to investors about fair trading practices.
weighted average price financial
"This price reflects the weighted average price at which these shares were sold."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
pecuniary interest financial
"However, the Reporting Person does not possess any pecuniary interest in these Class A Shares."
dispositive power financial
"possesses sole voting and sole dispositive power over these Class A Shares."
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
beneficial ownership financial
"The Reporting Person disclaims beneficial ownership in these Class A Shares"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Maurice J. Duca report in his latest Form 4 for APPF?
Maurice J. Duca, a 10% owner of AppFolio (APPF), reported selling an aggregate 23,900 shares of Class A Common Stock in multiple open‑market transactions from July 28–30, 2026, at prices generally in the $180–$188 range per share.

Over what dates were APPF shares sold by Maurice J. Duca in this filing?
The reported APPF sales occurred over three days: July 28, 29 and 30, 2026. Across these dates, Duca executed 29 non‑derivative sale transactions in AppFolio Class A Common Stock, involving both direct holdings and shares held through related trusts.

How many AppFolio (APPF) shares are held indirectly via IGSB Cardinal I, LLC?
The filing shows 26,667 Class A shares held indirectly through IGSB Cardinal I, LLC. Duca is the managing member with sole voting and dispositive power but disclaims beneficial ownership except to the extent of any pecuniary interest he may have.

Were the APPF insider sales made under a 10b5-1 trading plan?
Yes. Footnote F1 states the sales were made pursuant to a 10b5‑1 trading plan previously adopted by Maurice J. Duca on March 13, 2026, indicating the transactions followed a pre‑set arrangement rather than discretionary market timing.

Which entities besides Maurice J. Duca appear in the APPF Form 4?
The Form 4 references a family trust, a pension trust, and IGSB Cardinal I, LLC. The pension trust’s Class A shares are controlled by Duca as sole trustee, but he has no pecuniary interest in them, according to footnote F5.

What price ranges were reported for the APPF share sales in this Form 4?
Several sales use weighted average prices with ranges, including $180.00–$180.98, $181.00–$181.95, and up to $188.02–$188.35 per share. Individual transaction prices disclosed span roughly the $180–$188 range, based on footnotes F2–F18.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →
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SEC Form 4
FORM 4UNITED 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*
DUCA MAURICE J
(Last)(First)(Middle)
C/O IGSB, INC.
1485 E. VALLEY ROAD, SUITE H
(Street)
SANTA BARBARA CALIFORNIA 93108
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
APPFOLIO INC [ APPF ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
DirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
07/28/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(A) or (D)Price
Class A Common Stock07/28/2026S(1)1,900D$180.64(2)79,580D
Class A Common Stock07/28/2026S(1)992D$181.49(3)78,588D
Class A Common Stock07/28/2026S(1)608D$182.97(4)77,980D
Class A Common Stock07/28/2026S(1)1,600D$18034,198IBy Family Trust
Class A Common Stock07/28/2026S(1)1,900D$180.59(2)128,540IBy Pension Trust(5)
Class A Common Stock07/28/2026S(1)1,000D$181.54(6)127,540IBy Pension Trust(5)
Class A Common Stock07/28/2026S(1)1,800D$183.4(7)125,740IBy Pension Trust(5)
Class A Common Stock07/28/2026S(1)900D$184124,840IBy Pension Trust(5)
Class A Common Stock07/29/2026S(1)900D$181.07(8)77,080D
Class A Common Stock07/29/2026S(1)200D$183.17(9)76,880D
Class A Common Stock07/29/2026S(1)300D$184.47(10)76,580D
Class A Common Stock07/29/2026S(1)900D$186.05(11)75,680D
Class A Common Stock07/29/2026S(1)1,200D$187.68(12)74,480D
Class A Common Stock07/29/2026S(1)1,600D$18032,598IBy Family Trust
Class A Common Stock07/29/2026S(1)900D$180.97(13)123,940IBy Pension Trust(5)
Class A Common Stock07/29/2026S(1)200D$183.17(9)123,740IBy Pension Trust(5)
Class A Common Stock07/29/2026S(1)400D$184.48(10)123,340IBy Pension Trust(5)
Class A Common Stock07/29/2026S(1)800D$186.04(11)122,540IBy Pension Trust(5)
Class A Common Stock07/29/2026S(1)2,400D$187.64(14)120,140IBy Pension Trust(5)
Class A Common Stock07/29/2026S(1)900D$188.23(15)119,240IBy Pension Trust(5)
Class A Common Stock07/30/2026S(1)389D$180.13(16)74,091D
Class A Common Stock07/30/2026S(1)230D$181.39(17)73,861D
Class A Common Stock07/30/2026S(1)199D$182.3473,662D
Class A Common Stock07/30/2026S(1)178D$180.13(18)32,420IBy Family Trust
Class A Common Stock07/30/2026S(1)105D$181.39(17)32,315IBy Family Trust
Class A Common Stock07/30/2026S(1)91D$182.3432,224IBy Family Trust
Class A Common Stock07/30/2026S(1)624D$180.13(16)118,616IBy Pension Trust(5)
Class A Common Stock07/30/2026S(1)365D$181.39(17)118,251IBy Pension Trust(5)
Class A Common Stock07/30/2026S(1)319D$182.34117,932IBy Pension Trust(5)
Class A Common Stock26,667IBy IGSB Cardinal I, LLC(19)
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. Sales made pursuant to a 10b5-1 trading plan previously adopted by the Reporting Person on March 13, 2026.
2. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $180.00 to $180.98, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
3. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $181.00 to $181.95, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
4. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $182.74 to $183.18, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
5. These shares of Class A Common Stock ("Class A Shares") are held by a pension trust of which the Reporting Person is the sole trustee and who, in that capacity, possesses sole voting and sole dispositive power over these Class A Shares. However, the Reporting Person does not possess any pecuniary interest in these Class A Shares.
6. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $181.00 to $181.94, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
7. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $182.91 to $183.81, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
8. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $180.94 to $181.18, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
9. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $183.15 to $183.18, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
10. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $184.46 to $184.49, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
11. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $185.61 to $186.58, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
12. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $186.99 to $187.97, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
13. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $180.34 to $181.18, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
14. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $186.99 to $187.96, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
15. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $188.02 to $188.35, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
16. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $180.00 to $180.95, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
17. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $181.00 to $181.86, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
18. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $180.00 to $180.56, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
19. These Class A Shares are owned by IGSB Cardinal I, LLC, a limited liability company, of which the Reporting Person is the managing member. In that capacity, the Reporting Person possesses sole voting and dispositive power over these Class A Shares. However, the Reporting Person disclaims beneficial ownership in these Class A Shares, except to the extent of any pecuniary interest he may have therein.
Remarks:
Due to a 30 line-item limitation in Table I, this is the first of two Forms 4 filed by the Reporting Person.
/s/ Kimberly Shea, Attorney-in-Fact for Maurice J. Duca07/30/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

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