Maurice J. Duca - Mar 8, 2023 Form 4 Insider Report for APPFOLIO INC (APPF)

Role: 10%+ Owner
Signature: /s/ Kimberly Shea, Attorney-in-Fact for Maurice J. Duca
Stock symbol: APPF
Transactions as of: Mar 8, 2023
Transactions value $: $0
Form type: 4
Date filed: 3/10/2023, 07:16 PM
Previous filing: Oct 28, 2022
Next filing: May 3, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	APPF	Class A Common Stock	Other	$0	-150K	-77.3%	$0.00	44K	Mar 8, 2023	By Pension Trust	F1
holding	APPF	Class A Common Stock						59.4K	Mar 8, 2023	Direct
holding	APPF	Class A Common Stock						9.81K	Mar 8, 2023	By IGSB Cardinal Core BV, LLC	F2
holding	APPF	Class A Common Stock						84.7K	Mar 8, 2023	By Private Foundation	F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	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. On March 8, 2023, 150,000 of these Class A Shares were transferred for no consideration from the pension trust to an Individual Retirement Account of a third-party, which had the effect of reducing the number of Class A Shares owned by the pension trust, and over which the Reporting Person possesses beneficial ownership, to 44,037 Class A Shares.
F2	The Reporting Person is the managing member of IGSB Cardinal Core BV, LLC and, in that capacity, possesses sole voting and sole dispositive power over these Class A Shares. However, he disclaims beneficial ownership in these Class A Shares, except to the extent of any pecuniary interest he may have therein.
F3	These Class A Shares are owned by a private foundation, of which the Reporting Person is the president and one of five members of its board of directors. The Reporting Person does not have any pecuniary interest in these Class A Shares. He also disclaims beneficial ownership of these Class A Shares because decisions with respect to the voting and disposition of these shares are subject to the oversight of, and the approval of not less than three of, the foundation's five-member board of directors. The number of reported shares reflects the prior receipt by the private foundation of a third-party donation of 49,900 Class A Shares on December 1, 2022.