Pickering Evan 4

What Happened
Evan Pickering, General Counsel of AppFolio, received 2,648 shares of Class A common stock on February 10, 2026 in connection with vested performance-based restricted stock units (PSUs) and/or restricted stock units (RSUs). The grant price reported was $188.30 per share, giving a gross value of about $498,618. To satisfy minimum tax-withholding obligations, AppFolio withheld a total of 547 shares (358 + 27 + 39 + 64 + 59) valued at about $103,000, leaving Pickering with a net 2,101 shares worth roughly $395,618.

Key Details

• Transaction date: February 10, 2026; filing date: February 12, 2026 (filed timely).
• Price per share reported: $188.30.
• Gross shares granted/acquired: 2,648 (code A — award/grant).
• Shares withheld for taxes (code F — tax withholding): 547 shares (358, 27, 39, 64, 59), total withheld value ≈ $103,000.
• Net shares retained after withholding: 2,101 (net value ≈ $395,618).
• Shares owned after the transaction: Not specified in the provided filing details.
• Footnotes: Vesting relates to PSUs granted Jan 29, 2025 and multiple RSU grants (Jan 28, 2025; Mar 5, 2024; Mar 6, 2023; Feb 9, 2022) under the issuer’s omnibus and stock incentive plans (see F1–F6). Withheld shares were used solely to satisfy tax obligations, not open-market sales.

Context
This was a compensation vesting event (PSUs/RSUs) rather than an open-market buy or voluntary sale. The withholding of shares to cover taxes is routine (cashless withholding) and reported with code F; the acquisition itself is reported with code A. Such awards increase insider ownership but typically reflect compensation, not a direct signal of a personal buy or sell decision.