Barat Elizabeth Erin 4

What Happened
Erin Barat, AppFolio’s Chief People Officer, had a series of share dispositions tied to vested restricted stock units and a separate open-market sale. On May 10, 2026 the issuer withheld 1,244 shares at $166.59 each to satisfy tax-withholding obligations related to the vesting of PSUs and RSUs (various grant dates). On May 12, 2026 Barat sold 1,978 shares in the open market at a weighted-average price of $158.12 for proceeds of $312,761. Combined disposals total 3,222 shares for roughly $520,000. These transactions are dispositions (tax withholding + sale), not purchases.

Key Details

• Dates and prices:
  • May 10, 2026: 8 withholding dispositions totaling 1,244 shares @ $166.59 each (total ≈ $207,238) to satisfy tax withholding on vested PSUs/RSUs (footnotes F1–F7).
  • May 12, 2026: Open-market sale of 1,978 shares @ weighted average $158.12 (range $158.00–$158.23) for $312,761 (footnote F8).
• Total disposed: 3,222 shares for ≈ $520,000.
• Shares owned after transaction: not disclosed in the provided filing excerpt.
• Footnotes: F1–F7 explain the May 10 transactions were issuer stock withheld for tax on vesting of performance- and time-based RSUs/PSUs (grant dates 2023–2026). F8 notes the open-market sale was executed in multiple trades (reported as a weighted average).
• Filing timing: Report period is May 10, 2026; Form filed May 12, 2026 — appears filed within the standard 2-business-day window.

Context
Tax-withholding dispositions mean the company retained shares to cover withholding on vested awards (common and administrative). The separate May 12 open-market sale was an actual sale to third parties. These are routine insider dispositions tied to compensation and tax obligations; they do not indicate a purchase-driven bullish signal. No indication in the provided data of a 10% owner transaction or a 10b5-1 plan.