Equity grant and tax withholding for AppFolio (APPF) Chief People Officer

Rhea-AI Filing Summary

AppFolio Inc.’s Chief People Officer, Elizabeth Erin Barat, reported equity compensation activity in Class A Common Stock on February 10, 2026. She acquired 7,062 shares at a reference price of $188.3 per share from vesting performance-based units, while multiple F-code transactions reflect shares withheld by the company to cover minimum tax obligations. After these transactions, she directly holds 24,767 Class A shares.

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^*

Barat Elizabeth Erin

(Last) (First) (Middle)

70 CASTILIAN DRIVE

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
02/10/2026

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	02/10/2026		A		7,062(1)	A	$188.3	26,379	D
Class A Common Stock	02/10/2026		F		883(2)	D	$188.3	25,496	D
Class A Common Stock	02/10/2026		F		191(3)	D	$188.3	25,305	D
Class A Common Stock	02/10/2026		F		130(4)	D	$188.3	25,175	D
Class A Common Stock	02/10/2026		F		72(5)	D	$188.3	25,103	D
Class A Common Stock	02/10/2026		F		103(6)	D	$188.3	25,000	D
Class A Common Stock	02/10/2026		F		78(6)	D	$188.3	24,922	D
Class A Common Stock	02/10/2026		F		62(7)	D	$188.3	24,860	D
Class A Common Stock	02/10/2026		F		61(8)	D	$188.3	24,799	D
Class A Common Stock	02/10/2026		F		32(9)	D	$188.3	24,767	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 granted by the Issuer in connection with the vesting on February 10, 2026 of the performance-based restricted stock units ("PSUs") granted to the Reporting Person on January 29, 2025 pursuant to the Issuer's 2025 Omnibus 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 February 10, 2026 of the PSUs previously granted to the Reporting Person on January 29, 2025 pursuant to the Issuer's 2025 Omnibus 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 February 10, 2026 of the PSUs 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 February 10, 2026 of the PSUs previously granted to the Reporting Person on January 25, 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 February 10, 2026 of the time-based restricted stock units ("RSUs") previously granted to the Reporting Person on January 28, 2025 pursuant to the Issuer's 2025 Omnibus 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 February 10, 2026 of the RSUs previously granted to the Reporting Person on January 23, 2024 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 February 10, 2026 of the RSUs previously granted to the Reporting Person on April 25, 2023 pursuant to the Issuer's 2015 Stock Incentive Plan.

8. 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 February 10, 2026 of the RSUs previously granted to the Reporting Person on January 24, 2023 pursuant to the Issuer's 2015 Stock Incentive Plan.

9. 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 February 10, 2026 of the RSUs previously granted to the Reporting Person on February 9, 2022 pursuant to the Issuer's 2015 Stock Incentive Plan.

Remarks:

	/s/ Evan Pickering, as Attorney-in-Fact, for Elizabeth E. Barat	02/12/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did AppFolio (APPF) report for Elizabeth Erin Barat?

AppFolio reported that Chief People Officer Elizabeth Erin Barat acquired 7,062 Class A Common shares on February 10, 2026. The shares came from vesting performance-based restricted stock units granted under company incentive plans, with additional shares withheld to satisfy related minimum tax obligations.

How many AppFolio (APPF) shares did the CPO acquire in this Form 4 filing?

Elizabeth Erin Barat acquired 7,062 shares of AppFolio Class A Common Stock on February 10, 2026. The acquisition resulted from performance-based restricted stock units vesting under the 2025 Omnibus Incentive Plan, using a reference price of $188.3 per share in the Form 4 disclosure.

Why were some AppFolio (APPF) shares disposed of in Elizabeth Barat’s Form 4?

The Form 4 shows several F-code dispositions where AppFolio withheld shares to cover Elizabeth Barat’s minimum tax obligations. These withholding transactions are tied to the vesting of performance-based and time-based restricted stock units granted under AppFolio’s 2015 Stock Incentive Plan and 2025 Omnibus Incentive Plan.

What is Elizabeth Erin Barat’s AppFolio (APPF) share ownership after these transactions?

Following the reported February 10, 2026 transactions, Elizabeth Erin Barat directly owns 24,767 AppFolio Class A Common shares. This figure reflects the net result of her 7,062-share equity award vesting and multiple small F-code share withholdings to satisfy related minimum tax liabilities.

What stock plans are involved in the AppFolio (APPF) CPO’s Form 4 transactions?

The transactions involve AppFolio’s 2025 Omnibus Incentive Plan and 2015 Stock Incentive Plan. Performance-based and time-based restricted stock units granted in 2022 through 2025 vested on February 10, 2026, driving both the 7,062-share acquisition and the related tax-withholding share dispositions.

What does transaction code A and F mean in this AppFolio (APPF) Form 4?

In this Form 4, code A represents a grant, award, or other acquisition of 7,062 AppFolio Class A shares. Code F entries show dispositions where shares were delivered back to the issuer to pay exercise price or satisfy tax liabilities tied to the vesting restricted stock units.