Maurice J. Duca - 25 Mar 2024 Form 4 Insider Report for APPFOLIO INC (APPF)

Role: 10%+ Owner
Signature: /s/ Kimberly Shea, Attorney-in-Fact for Maurice J. Duca
Issuer symbol: APPF
Transactions as of: 25 Mar 2024
Net transactions value: $0
Form type: 4
Filing time: 27 Mar 2024, 20:09:13 UTC
Previous filing: 03 May 2023
Next filing: 18 Jun 2024
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	APPF	Class A Common Stock	Conversion of derivative security	$0	+57,100		$0.000000	57,100	25 Mar 2024	By Family Trust	F1
holding	APPF	Class A Common Stock						59,383	25 Mar 2024	Direct
holding	APPF	Class A Common Stock						142,857	25 Mar 2024	By IGSB Gaucho Fund I, LLC	F2
holding	APPF	Class A Common Stock						44,037	25 Mar 2024	By Pension Trust	F3
holding	APPF	Class A Common Stock						9,805	25 Mar 2024	By IGSB Cardinal Core BV, LLC	F4
holding	APPF	Class A Common Stock						0	25 Mar 2024	By Private Foundation	F5

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	APPF	Class B Common Stock	Conversion of derivative security	$0	-57,100	-28%	$0.000000	150,024	25 Mar 2024	Class A Common Stock	57,100	$0.000000	By Family Trust	F1, F6, F7
holding	APPF	Class B Common Stock						3,597,416	25 Mar 2024	Class A Common Stock		$0.000000	Direct	F6, F7
holding	APPF	Class B Common Stock						142,858	25 Mar 2024	Class A Common Stock		$0.000000	By IGSB Gaucho Fund I, LLC	F6, F7, F8
holding	APPF	Class B Common Stock						2,536,153	25 Mar 2024	Class A Common Stock		$0.000000	By Pension Trust	F6, F7, F9
holding	APPF	Class B Common Stock						4,995	25 Mar 2024	Class A Common Stock		$0.000000	By IGSB Cardinal Core BV, LLC	F6, F7, F10
holding	APPF	Class B Common Stock						24,600	25 Mar 2024	Class A Common Stock		$0.000000	By IGSB Cardinal Core MX, LLC	F6, F7, F11
holding	APPF	Class B Common Stock						7,022	25 Mar 2024	Class A Common Stock		$0.000000	By Charitable Remainder Trust	F6, F7, F12
holding	APPF	Class B Common Stock						0	25 Mar 2024	Class A Common Stock		$0.000000	By Private Foundation	F6, F7, F13

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

Explanation of Responses:

Id	Content
F1	The Reporting Person acquired these 57,100 shares of Class A Common Stock ("Class A Shares") by converting a like number of shares of Class B Common Stock ("Class B Shares") that were owned by the Reporting Person.
F2	The Reporting Person is one of the managing members of IGSB Gaucho Fund I, LLC, a limited liability company, and may be deemed to have shared voting and dispositive power with the other managing members over these Class A Shares. However, the Reporting Person 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 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.
F4	These Class A Shares are owned by IGSB Cardinal Core BV, LLC, a limited liability company, of which the Reporting Person is the managing member. In that capacity, the Reporting Person possesses sole voting and dispositive power over these Class A Shares, but he disclaims beneficial ownership over the Class A Shares, except to the extent of any pecuniary interest he may have therein.
F5	The Reporting Person previously reported Class A Shares held by a private foundation of which the Reporting Person was the president and one of five members of its board of directors. The Reporting Person does not have any pecuniary interest in, and previously disclaimed beneficial ownership of, these Class A Shares because decisions with respect to the voting and disposition of these Class A Shares were subject to the oversight and the approval of not less than three of the foundation's five-member board of directors. The Reporting Person resigned from his roles as president and a member of the board of directors on August 31, 2023. Since the Reporting Person does not have a pecuniary interest in these Class A Shares and no longer possesses shared voting or dispositive power over these Class A Shares, the shares have been removed from this filing.
F6	Each Class B Share is convertible, at any time at the option of the holder, into one Class A Share. In addition, Class B Shares that are sold or otherwise transferred will convert automatically, on a one share-for-one share basis, into Class A Shares, except for (i) any transfer by a partnership or limited liability company that was a registered holder of Class B Shares prior to June 30, 2015 that is made to anyone who was a partner or member of any such partnership or limited liability company prior to June 30, 2015, and (ii) any transfer to a "qualified recipient" (as defined in AppFolio's Amended and Restated Certificate of Incorporation).
F7	(Continued from Footnote 6) AppFolio's Class B Shares do not have an expiration date. However, all of the outstanding Class B Shares will convert automatically into Class A Shares, on a one share-for-one share basis, on the date when the number of the Company's outstanding Class B Shares represents less than 10% of the sum of AppFolio's outstanding Class A Shares and Class B Shares.
F8	The Reporting Person is one of the managing members of IGSB Gaucho Fund I, LLC, a limited liability company, and may be deemed to have shared voting and dispositive power with the other managing members over these Class B Shares. However, the Reporting Person disclaims beneficial ownership in these Class B Shares, except to the extent of any pecuniary interest he may have therein.
F9	These Class B 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 B Shares. However, the Reporting Person does not possess any pecuniary interest in these Class B Shares.
F10	These Class B Shares are owned by IGSB Cardinal Core BV, LLC, a limited liability company, of which the Reporting Person is the managing member. In that capacity, the Reporting Person possesses sole voting and dispositive power over these Class B Shares, but he disclaims beneficial ownership over the Class B Shares, except to the extent of any pecuniary interest he may have therein.
F11	These Class B Shares are owned by IGSB Cardinal Core MX, LLC, a limited liability company, of which the Reporting Person is the managing member. In that capacity, the Reporting Person possesses sole voting and dispositive power over these Class B Shares, but he disclaims beneficial ownership over the Class B Shares, except to the extent of any pecuniary interest he may have therein.
F12	These Class B Shares are held by a trust of which the Reporting Person is a co-trustee and, in that capacity, he may be deemed to share voting and dispositive power over these Class B Shares with the other trustee. However, the Reporting Person does not have a pecuniary interest in, and he disclaims beneficial ownership of, these Class B Shares.
F13	The Reporting Person previously reported Class B Shares held by a private foundation of which the Reporting Person was the president and one of five members of its board of directors. The Reporting Person does not have any pecuniary interest in, and previously disclaimed beneficial ownership of, these Class B Shares because decisions with respect to the voting and disposition of these Class B Shares were subject to the oversight and the approval of not less than three of the foundation's five-member board of directors. The Reporting Person resigned from his roles as president and a member of the board of directors on August 31, 2023. Since the Reporting Person does not have a pecuniary interest in these Class B Shares and no longer possesses shared voting or dispositive power over these Class B Shares, the shares have been removed from this filing.