APPFOLIO INC 4

What Happened
Michael MiQi Yang, a director of AppFolio (APPF), was granted a total of 2,217 time‑based restricted stock units (RSUs) on 2026-06-29 — 649 RSUs (prorated annual director grant) and 1,568 RSUs (new director grant). Both awards show an acquisition price of $0.00 (standard for RSU grants), so no cash was paid. The RSUs vest 100% on the first anniversary of the grant date.

Key Details

• Transaction date: 2026-06-29; Form 4 filed 2026-07-01 (filed within the typical two‑business‑day window).
• Grant amounts/prices: 649 RSUs @ $0.00 and 1,568 RSUs @ $0.00 (total 2,217 RSUs, $0 cash outlay).
• Vesting: 100% vesting on the first anniversary of the grant (per footnotes F2 and F3).
• Shares reported owned: Reporting person holds 1,559 shares of Class A common stock in a Roth IRA (footnote F1). The RSUs are unvested and will convert to shares only on vesting.
• Filing note: The grant was reported using the issuer’s CIK; an amendment will be filed for Mr. Yang once his SEC filer CIK codes are provided.

Context
This is an equity compensation grant (award), not an open‑market purchase or sale. RSU grants are common for directors as compensation and do not, by themselves, indicate buying or selling sentiment. The RSUs provide future equity if Mr. Yang remains in service through the vest date and will convert to shares at that time.