Insider sales by Abdiel cut APPN stake to 4,246,284 shares

Rhea-AI Filing Summary

Appian Corporation insiders affiliated with Abdiel Capital reported multiple sales of Class A common stock on August 6–8, 2025, reducing aggregated beneficial holdings from 5,300,936 shares to 4,246,284, a decline of 1,054,652 shares. Transactions were executed in multiple tranches with weighted-average prices disclosed in the filing (examples shown: $27.88, $29.21, $30.09, $31.10, $32.17) and footnote ranges provided for each tranche (e.g., $27.59–$28.04; $29.14–$29.60; $30.00–$31.00; $31.00–$31.87; $32.13–$32.20). The Form 4 lists Abdiel Qualified Master Fund, LP; Abdiel Capital, LP; Abdiel Partners, LLC; Abdiel Capital Advisors, LP; Abdiel Capital Management, LLC; and Colin T. Moran as reporting persons and is signed on August 8, 2025.

Positive

• Timely and complete Form 4 disclosure signed on August 8, 2025, covering trades on August 6–8, 2025
• Transaction-level pricing transparency with weighted-average prices and footnote ranges provided for each tranche

Negative

• Aggregated beneficial holdings declined from 5,300,936 to 4,246,284 shares, a reduction of 1,054,652 shares
• Substantial insider selling over three days (August 6–8, 2025) represents a meaningful reduction in the Abdiel-affiliated stake

Insights

Financial Analyst

TL;DR: Abdiel group sold ~1.05M APPN shares across Aug 6–8, materially reducing its aggregated stake.

The Form 4 discloses concentrated selling across three days that lowered aggregated beneficial holdings from 5,300,936 to 4,246,284 shares, a reduction of 1,054,652 shares. Sales occurred at multiple weighted-average prices disclosed by tranche, indicating execution across price levels rather than a single block trade. From a capital-markets perspective, the filing is a clear, timely disclosure of insider dispositions and provides price-range footnotes to support the reported weighted averages.

Corporate Governance Expert

TL;DR: Significant insider disposals were disclosed; the decline in aggregated holdings warrants governance attention.

The filing identifies a network of Abdiel-related entities and Colin T. Moran as reporting persons and documents substantial reductions in aggregated beneficial ownership over a short period. The disclosure includes standard disclaimers about beneficial ownership and detailed footnotes on price ranges. Governance reviewers will note the magnitude and pace of sales and the explicit aggregation of holdings across affiliated funds; the Form 4 is properly executed and signed on August 8, 2025.

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
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X

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)
08/06/2025

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	08/06/2025		S		3,187	D	$27.88(1)	5,300,936	I	By Abdiel Qualified Master Fund, LP(2)
Class A Common Stock	08/06/2025		S		129	D	$27.88(1)	5,300,807	I	By Abdiel Capital, LP(2)
Class A Common Stock	08/07/2025		S		336,027	D	$29.21(3)	4,964,780	I	By Abdiel Qualified Master Fund, LP(2)
Class A Common Stock	08/07/2025		S		16,124	D	$29.21(3)	4,948,656	I	By Abdiel Capital, LP(2)
Class A Common Stock	08/07/2025		S		276,752	D	$30.09(4)	4,671,904	I	By Abdiel Qualified Master Fund, LP(2)
Class A Common Stock	08/07/2025		S		13,280	D	$30.09(4)	4,658,624	I	By Abdiel Capital, LP(2)
Class A Common Stock	08/07/2025		S		104,933	D	$31.1(5)	4,553,691	I	By Abdiel Qualified Master Fund, LP(2)
Class A Common Stock	08/07/2025		S		5,035	D	$31.1(5)	4,548,656	I	By Abdiel Capital, LP(2)
Class A Common Stock	08/07/2025		S		11,508	D	$32.17(6)	4,537,148	I	By Abdiel Qualified Master Fund, LP(2)
Class A Common Stock	08/07/2025		S		552	D	$32.17(6)	4,536,596	I	By Abdiel Capital, LP(2)
Class A Common Stock	08/07/2025		S		784	D	$31	4,535,812	I	By Abdiel Partners, LLC(2)
Class A Common Stock	08/08/2025		S		275,416	D	$29.11(7)	4,260,396	I	By Abdiel Qualified Master Fund, LP(2)
Class A Common Stock	08/08/2025		S		13,216	D	$29.11(7)	4,247,180	I	By Abdiel Capital, LP(2)
Class A Common Stock	08/08/2025		S		896	D	$29.36	4,246,284	I	By Abdiel Partners, LLC(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 $27.59 to $28.04. 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 $29.14 to $29.60. 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 $30.00 to $31.00. 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.

5. The price reported for the Common Stock is a weighted average price. These shares were sold in multiple transactions at prices ranging from $31.00 to $31.87. 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.

6. The price reported for the Common Stock is a weighted average price. These shares were sold in multiple transactions at prices ranging from $32.13 to $32.20. 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.

7. The price reported for the Common Stock is a weighted average price. These shares were sold in multiple transactions at prices ranging from $29.00 to $29.47. 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	08/08/2025
	By: /s/ Colin T. Moran as managing member of Abdiel Capital Management, LLC, general partner of Abdiel Qualified Master Fund, LP	08/08/2025
	By: /s/ Colin T. Moran as managing member of Abdiel Capital Management, LLC, general partner of Abdiel Capital, LP	08/08/2025
	By: /s/ Colin T. Moran as managing member of Abdiel Capital Partners, LLC, managing member of Abdiel Partners, LLC	08/08/2025
	By: /s/ Colin T. Moran as managing member of Abdiel Capital Management, LLC	08/08/2025
	By: /s/ Colin T. Moran, individually	08/08/2025
	** Signature of Reporting Person	Date
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FAQ

What transactions did the Form 4 for APPN report?

The Form 4 reports multiple sales of Class A common stock by Abdiel-affiliated reporting persons on August 6, 7 and 8, 2025, with aggregated holdings falling from 5,300,936 to 4,246,284 shares.

How many shares did Abdiel-affiliated parties sell in total?

The filings show an aggregated reduction of 1,054,652 shares in beneficial holdings (from 5,300,936 to 4,246,284 shares).

At what prices were the APPN shares sold?

The Form 4 lists weighted-average prices by tranche (examples: $27.88, $29.21, $30.09, $31.10, $32.17) and footnote ranges for each tranche (e.g., $27.59–$28.04, $29.14–$29.60, $30.00–$31.00, $31.00–$31.87, $32.13–$32.20).

Who are the reporting persons named on the Form 4?

Reporting persons include Abdiel Qualified Master Fund, LP, Abdiel Capital, LP, Abdiel Partners, LLC, Abdiel Capital Advisors, LP, Abdiel Capital Management, LLC, and Colin T. Moran.

Does the filing report derivative positions for APPN?

No. Table II (derivative securities) contains no entries in the provided Form 4.