AppFolio officer sells 1,978 shares of stock

AppFolio Inc Chief People Officer Elizabeth Erin Barat reported recent transactions in the company’s Class A Common Stock.

Rhea-AI Filing Summary

AppFolio Inc Chief People Officer Elizabeth Erin Barat reported recent transactions in the company’s Class A Common Stock. On May 12, 2026, she completed an open-market sale of 1,978 shares at a weighted average price of $158.12 per share, leaving her with 21,545 shares directly owned afterward.

On May 10, 2026, a total of 1,244 shares were disposed of at $166.59 per share through multiple tax-withholding dispositions. According to the footnotes, these shares were withheld by the company to cover minimum tax obligations arising from the vesting of previously granted performance-based and time-based restricted stock units under AppFolio’s equity compensation plans.

Insider Trade Summary

Net Seller: 1,978 shares

Net Sell 9 txns

Insider Barat Elizabeth Erin

Role Chief People Officer

Sold 1,978 shs ($313K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	1,978	$158.12	$313K
Exercise Price or Tax Liability	Class A Common Stock	301	$166.59	$50K
Exercise Price or Tax Liability	Class A Common Stock	270	$166.59	$45K
Exercise Price or Tax Liability	Class A Common Stock	142	$166.59	$24K
Exercise Price or Tax Liability	Class A Common Stock	102	$166.59	$17K
Exercise Price or Tax Liability	Class A Common Stock	146	$166.59	$24K
Exercise Price or Tax Liability	Class A Common Stock	110	$166.59	$18K
Exercise Price or Tax Liability	Class A Common Stock	88	$166.59	$15K
Exercise Price or Tax Liability	Class A Common Stock	85	$166.59	$14K

Holdings After Transaction: Class A Common Stock — 21,545 shares (Direct)

Footnotes (8)

1. F1. 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 May 10, 2026 of the performance-based restricted stock units ("PSUs") previously granted to the Reporting Person on January 29, 2025 pursuant to the Issuer's 2025 Omnibus Plan.
2. F2. 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 May 10, 2026 of the PSUs previously granted to the Reporting Person on January 24, 2024 pursuant to the Issuer's 2015 Stock Incentive Plan.
3. F3. 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 May 10, 2026 of the time-based restricted stock units ("RSUs") previously granted to the Reporting Person on January 27, 2026 pursuant to the Issuer's 2025 Omnibus Plan.
4. F4. 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 May 10, 2026 of the RSUs previously granted to the Reporting Person on January 28, 2025 pursuant to the Issuer's 2025 Omnibus Plan.
5. F5. 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 May 10, 2026 of the RSUs previously granted to the Reporting Person on January 23, 2024 pursuant to the Issuer's 2015 Stock Incentive Plan.
6. F6. 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 May 10, 2026 of the RSUs previously granted to the Reporting Person on April 25, 2023 pursuant to the Issuer's 2015 Stock Incentive Plan.
7. F7. 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 May 10, 2026 of the RSUs previously granted to the Reporting Person on January 24, 2023 pursuant to the Issuer's 2015 Stock Incentive Plan.
8. F8. This transaction was executed in multiple trades with sales prices ranging from $158.00 to $158.23. The price reported above reflects the weighted average sales price for the cumulative trades. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer information regarding the individual trades.

Key Figures

Open-market sale: 1,978 shares at $158.12 Shares after sale: 21,545 shares Tax-withholding dispositions: 1,244 shares at $166.59 +3 more

6 metrics

Open-market sale 1,978 shares at $158.12 Class A Common Stock sale on May 12, 2026

Shares after sale 21,545 shares Direct holdings following May 12, 2026 sale

Tax-withholding dispositions 1,244 shares at $166.59 Multiple F-code transactions on May 10, 2026

Tax-withholding transactions count 8 transactions F-code entries related to RSU and PSU vesting

Price range of sale $158.00–$158.23 Individual trade prices for May 12, 2026 sale

Net open-market activity -1,978 shares Net buy/sell shares across reported transactions

Key Terms

performance-based restricted stock units ("PSUs"), restricted stock units ("RSUs"), tax-withholding disposition, weighted average sales price, +2 more

6 terms

performance-based restricted stock units ("PSUs") financial

"vesting on May 10, 2026 of the performance-based restricted stock units ("PSUs") previously granted"

restricted stock units ("RSUs") financial

"vesting on May 10, 2026 of the time-based restricted stock units ("RSUs") previously granted"

Restricted stock units (RSUs) are a company promise to give an employee shares of stock (or cash equivalent) in the future, but only after certain conditions—usually staying with the company for a set time or hitting performance goals—are met. Investors watch RSUs because when they vest they increase the number of shares outstanding and can lead insiders to sell shares, affecting share price, company dilution and the true cost of employee pay.

tax-withholding disposition financial

"transaction_action": "tax-withholding disposition""

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

weighted average sales price financial

"This transaction was executed in multiple trades... The price reported above reflects the weighted average sales price"

2015 Stock Incentive Plan financial

"previously granted to the Reporting Person ... pursuant to the Issuer's 2015 Stock Incentive Plan"

2025 Omnibus Plan financial

"previously granted to the Reporting Person ... pursuant to the Issuer's 2025 Omnibus Plan"

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

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Accepted by SEC EDGAR 05/12/2026 - 08:48 PM Learn about SEC filing dates

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^*

Barat Elizabeth Erin

(Last) (First) (Middle)

70 CASTILIAN DRIVE

(Street)

SANTA BARBARA CALIFORNIA 93117

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/10/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form 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)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	05/10/2026		F		301(1)	D	$166.59	24,466	D
Class A Common Stock	05/10/2026		F		270(2)	D	$166.59	24,196	D
Class A Common Stock	05/10/2026		F		142(3)	D	$166.59	24,054	D
Class A Common Stock	05/10/2026		F		102(4)	D	$166.59	23,952	D
Class A Common Stock	05/10/2026		F		146(5)	D	$166.59	23,806	D
Class A Common Stock	05/10/2026		F		110(5)	D	$166.59	23,696	D
Class A Common Stock	05/10/2026		F		88(6)	D	$166.59	23,608	D
Class A Common Stock	05/10/2026		F		85(7)	D	$166.59	23,523	D
Class A Common Stock	05/12/2026		S		1,978(8)	D	$158.12	21,545	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 May 10, 2026 of the performance-based restricted stock units ("PSUs") previously granted to the Reporting Person on January 29, 2025 pursuant to the Issuer's 2025 Omnibus 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 May 10, 2026 of the PSUs previously granted to the Reporting Person on January 24, 2024 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 May 10, 2026 of the time-based restricted stock units ("RSUs") previously granted to the Reporting Person on January 27, 2026 pursuant to the Issuer's 2025 Omnibus 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 May 10, 2026 of the RSUs previously granted to the Reporting Person on January 28, 2025 pursuant to the Issuer's 2025 Omnibus 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 May 10, 2026 of the RSUs previously granted to the Reporting Person on January 23, 2024 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 May 10, 2026 of the RSUs previously granted to the Reporting Person on April 25, 2023 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 May 10, 2026 of the RSUs previously granted to the Reporting Person on January 24, 2023 pursuant to the Issuer's 2015 Stock Incentive Plan.

8. This transaction was executed in multiple trades with sales prices ranging from $158.00 to $158.23. The price reported above reflects the weighted average sales price for the cumulative trades. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer information regarding the individual trades.

Remarks:

	/s/ Evan Pickering, as Attorney-in-Fact, for Elizabeth E. Barat	05/12/2026
	** 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.
* Form 4: SEC 1474 (03-26)