[Form 4] Appian Corporation Insider Trading Activity

Rhea-AI Filing Summary

Rubrik, Inc. (RBRK) filed a Form 4 disclosing that director and 10% owner Ravi Mhatre sold 16,984 Class A common shares on 06/30/2025 at a weighted-average price of $89.47. The sale, executed through Lightspeed Management Company, L.L.C., generated approximately $1.52 million in gross proceeds. No other open-market transactions or derivative activities were reported in this filing.

After the transaction, Mhatre’s beneficial ownership is reported as follows:

• 81,842 shares held directly
• 396,874 shares held indirectly via Mhatre Investments LP – Fund 2
• 75,499 shares held indirectly via Mhatre Investments LP – Fund 3
• 649 shares held indirectly via the Mhatre 2011 Irrevocable Children’s Trust

In total, Mhatre retains approximately 554,864 shares of Rubrik Class A common stock following the sale, maintaining a substantial stake in the company. No shares remain under Lightspeed Management Company after the disposition. The filing contains the customary footnote affirming the weighted-average price range ($89.30-$89.69) and standard disclaimers regarding pecuniary interest.

Positive

• Insider retains a sizable position of about 554,864 shares, indicating continued alignment with shareholder interests despite the recent sale.

Negative

• 16,984 shares were sold by a director and 10% owner, which may raise modest concerns about insider confidence.

Insights

Securities Analyst

TL;DR: Minor insider sale; ownership still large—signal appears neutral.

Ravi Mhatre disposed of 16,984 shares (~$1.5 M) through an affiliated entity, reducing that vehicle’s position to zero. However, he continues to hold roughly 555 k shares across direct and indirect accounts, preserving significant economic exposure. Given the modest size relative to his remaining stake and the absence of other negative catalysts, I view the filing as neutral for near-term sentiment. Investors should monitor future filings for any acceleration in selling.

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^*

Abdiel Capital Advisors, LP

(Last) (First) (Middle)

C/O ABDIEL CAPITAL

90 PARK AVENUE, 29TH FLOOR

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
APPIAN CORP [ APPN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

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

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

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

	Form filed by One Reporting Person
X	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	06/30/2025		S		21,156	D	$29.92(1)	7,715,335	I	By Abdiel Qualified Master Fund, LP(2)
Class A Common Stock	07/01/2025		S		100,315	D	$30.24(3)	7,615,020	I	By Abdiel Qualified Master Fund, LP(2)
Class A Common Stock	07/01/2025		S		375	D	$30.15	7,614,645	I	By Abdiel Partners, LLC(2)
Class A Common Stock	07/02/2025		S		84,876	D	$30.29(4)	7,529,769	I	By Abdiel Qualified Master Fund, LP(2)

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

1. Name and Address of Reporting Person^*

Abdiel Capital Advisors, LP

(Last) (First) (Middle)

C/O ABDIEL CAPITAL

90 PARK AVENUE, 29TH FLOOR

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Abdiel Qualified Master Fund LP

(Last) (First) (Middle)

C/O ABDIEL CAPITAL

90 PARK AVENUE, 29TH FLOOR

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Abdiel Capital LP

(Last) (First) (Middle)

C/O ABDIEL CAPITAL

90 PARK AVENUE, 29TH FLOOR

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Abdiel Partners, LLC

(Last) (First) (Middle)

C/O ABDIEL CAPITAL

90 PARK AVENUE, 29TH FLOOR

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Abdiel Capital Management, LLC

(Last) (First) (Middle)

C/O ABDIEL CAPITAL

90 PARK AVENUE, 29TH FLOOR

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Moran Colin T.

(Last) (First) (Middle)

C/O ABDIEL CAPITAL

90 PARK AVENUE, 29TH FLOOR

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. The price reported for the Common Stock is a weighted average price. These shares were sold in multiple transactions at prices ranging from $29.86 to $30.19. The Reporting Persons undertake 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.

2. The share numbers in Column 5 represent the aggregated holdings of Abdiel Qualified Master Fund, LP ("AQMF"), Abdiel Capital, LP ("ACLP") and Abdiel Partners, LLC ("APLLC"). Abdiel Capital Advisors, LP serves as the investment manager of AQMF, ACLP and APLLC. Abdiel Capital Management, LLC is the general partner of AQMF and ACLP. Colin T. Moran is the managing member of Abdiel Capital Management, LLC and Abdiel Capital Partners, LLC, which is the general partner of Abdiel Capital Advisors, LP and the managing member of APLLC. By virtue of the foregoing relationships, Mr. Moran and Abdiel Capital Advisers LP may be deemed to beneficially own the securities held by AQMF, ACLP and APLLC, and Abdiel Capital Management LLC may be deemed to beneficially own the securities held by AQMF and ACLP. Each Reporting Person disclaims beneficial ownership of such securities, except to the extent of its or his pecuniary interest therein.

3. The price reported for the Common Stock is a weighted average price. These shares were sold in multiple transactions at prices ranging from $29.59 to $30.79. The Reporting Persons undertake 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. The price reported for the Common Stock is a weighted average price. These shares were sold in multiple transactions at prices ranging from $29.84 to $30.65. The Reporting Persons undertake 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.

	By: /s/ Colin T. Moran as managing member of Abdiel Capital Partners, LLC, general partner of Abdiel Capital Advisors, LP	07/02/2025
	By: /s/ Colin T. Moran as managing member of Abdiel Capital Management, LLC, general partner of Abdiel Qualified Master Fund, LP	07/02/2025
	By: /s/ Colin T. Moran as managing member of Abdiel Capital Management, LLC, general partner of Abdiel Capital, LP	07/02/2025
	By: /s/ Colin T. Moran as managing member of Abdiel Capital Partners, LLC, managing member of Abdiel Partners, LLC	07/02/2025
	By: /s/ Colin T. Moran as managing member of Abdiel Capital Management, LLC	07/02/2025
	By: /s/ Colin T. Moran, individually	07/02/2025
	** 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).
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FAQ

How many Rubrik (RBRK) shares did Ravi Mhatre sell?

He sold 16,984 Class A shares on 06/30/2025.

What was the sale price of the RBRK shares?

The weighted-average sale price was $89.47, within a range of $89.30-$89.69.

How many Rubrik shares does Ravi Mhatre now own?

He beneficially owns about 554,864 shares (81,842 direct and 473,022 indirect).

Did the filing report any derivative transactions?

No, no derivative securities were acquired or disposed of in this Form 4.

What entity executed the share sale?

The sale was executed by Lightspeed Management Company, L.L.C., where Mhatre is a managing member.