Barat Elizabeth Erin 4

What Happened

• Erin Barat, Chief People Officer of AppFolio, received 7,062 shares of Class A common stock on February 10, 2026 as the vesting of performance-based restricted stock units (PSUs). The grant value at the reported price ($188.30) is $1,329,775.
• To satisfy minimum tax-withholding obligations related to that vesting and prior PSU/RSU grants, the issuer withheld 1,612 shares (reported as disposals) at $188.30 each, totaling about $303,540. These withholdings are routine tax payments, not open-market sales.

Key Details

• Transaction date: February 10, 2026. Report filed February 12, 2026 (timely).
• Price used for reporting: $188.30 per share.
• Award received: 7,062 shares (code A — award/grant).
• Shares withheld for taxes: 1,612 shares total (multiple disposals, code F — tax withholding), listed in nine separate withholdings.
• Footnotes: Vesting relates to PSUs granted Jan 29, 2025 (primary award) and withholding covers PSUs/RSUs from grants on Jan 29, 2025; Jan 28, 2025; Jan 24, 2024; Jan 23, 2024; Apr 25, 2023; Jan 25, 2023; Jan 24, 2023; and Feb 9, 2022 per the filing.
• Shares owned after the transaction: not specified in the provided excerpt of the Form 4.
• Timeliness: Filing appears timely (filed two days after the vesting date).

Context

• This was a vesting/award event (not an open-market buy or sell). The withheld shares were used solely to satisfy tax obligations — a common “net settlement” or share-withholding process that reduces the net shares issued to the executive.
• Transaction codes: A = award/grant; F = payment of exercise price or tax liability (here used for share withholding). This filing does not indicate discretionary selling by the insider.