DUCA MAURICE J 4

What Happened
Maurice J. Duca, reported as a 10% owner of AppFolio (APPF), converted 7,022 Class B shares into 7,022 Class A shares on February 2, 2026. The conversion was a derivative transaction (code C) with an effective price of $0.00 — no cash was paid or received. The filing shows an acquisition of 7,022 Class A shares via conversion and a corresponding disposition of 7,022 Class B shares (conversion of the derivative).

Key Details

• Transaction date: 2026-02-02; Form 4 filed 2026-02-03 (timely filing).
• Shares converted: 7,022 Class B → 7,022 Class A; price per share reported $0.00; total value $0.
• Shares owned after transaction: not specified in the provided excerpt of the filing.
• Footnotes: conversion is 1-for-1 (each Class B converts into one Class A) per AppFolio charter provisions (F7/F8). The Class B shares were held through entities and trusts (IGSB Cardinal I, IGSB Gaucho Fund I, IGSB Cardinal Core BV, and pension/trust arrangements) where Duca is managing member or trustee and disclaims beneficial ownership except to the extent of any pecuniary interest (F1–F6, F9–F12).
• Transaction type: derivative conversion (not a purchase or market sale); no 10b5-1 or tax-withholding notes in the excerpt.

Context
This was a conversion of existing Class B shares into Class A shares under the company’s one-for-one conversion rules — a bookkeeping/structural change rather than a buy or sell in the open market. For a 10% owner like Duca, many shares are held through entities and trusts; the filing clarifies voting/dispositive control and disclaims direct beneficial ownership in several instances, which is common in entity-structured holdings.