DUCA MAURICE J 4

What Happened
Maurice J. Duca, a reported 10% owner of AppFolio, sold a total of 10,700 shares of AppFolio Class A common stock in three open-market transactions on July 7, 2026, generating approximately $1,929,626. The individual lots reported were: 3,500 shares at $180.38 ($631,330); 1,600 shares at $180.00 ($288,000); and 5,600 shares at a weighted average $180.41 ($1,010,296). All transactions are reported as sales (code S) and were made pursuant to a 10b5-1 trading plan adopted March 13, 2026.

Key Details

• Transaction date: July 7, 2026; Form 4 filed July 9, 2026 (appears timely—filed within two business days).
• Reported prices/ranges: weighted averages shown per lot; shares were sold in multiple executions at prices ranging roughly $180.00–$180.90 (filing offers to provide per-price breakdown on request).
• Total shares sold: 10,700; total proceeds ≈ $1,929,626.
• Shares owned after transaction: not specified in the excerpt of the filing provided.
• Notable footnotes: F1 confirms sales pursuant to a 10b5-1 plan (prearranged trading program). Additional footnotes (F4–F8) note certain Class A shares are held in trusts or LLCs where Duca is trustee or managing member and disclaims pecuniary ownership in some of those holdings.
• Transaction code: S = Sale.

Context
Trades executed under a 10b5-1 plan are pre-scheduled and are often used for routine liquidity or diversification; they do not necessarily indicate a change in the insider’s view of the company. For retail investors, purchases by insiders tend to be more informative than routine sales; note that as a 10% owner, some holdings and transactions may reflect institutional/trust structures rather than straightforward personal trading.