Maurice J. Duca, a 10% owner of AppFolio Inc. (NASDAQ:APPF), filed a Form 4 on August 20, 2026, reporting sales of Class A Common Stock on August 18 and August 19, 2026, executed across direct holdings and two indirect accounts under a pre-established 10b5-1 trading plan.

Key Highlights

  • Trading plan: All sales were made pursuant to a 10b5-1 plan adopted by Duca on March 13, 2026.
  • Direct holdings sold (Aug. 18): A total of 657 shares were disposed of directly at weighted average prices ranging from $197.84 to $205.95 per share.
  • Family Trust sales: 1,700 shares were sold indirectly through a Family Trust across both August 18 and August 19, at weighted average prices ranging from $197.81 to $211.18 per share.
  • Pension Trust sales: 5,600 shares were sold indirectly through a Pension Trust on August 18, at weighted average prices ranging from $197.80 to $205.95 per share.
  • Post-transaction direct ownership: Following all reported transactions, Duca directly held 31,005 shares of Class A Common Stock.
  • Pension Trust note: According to the filing, Duca is the sole trustee of the Pension Trust with sole voting and dispositive power over those shares, but "does not possess any pecuniary interest in these Class A Shares."

Duca's Multi-Account Sales of AppFolio Class A Shares Under 10b5-1 Plan

According to the filing, Maurice J. Duca, identified as a 10% owner of AppFolio Inc., disposed of Class A Common Stock on August 18 and August 19, 2026, through three separate ownership structures: a direct account, a Family Trust held indirectly, and a Pension Trust held indirectly. All transactions carried transaction code "S" and were reported as disposals. The filing states that each sale was made pursuant to a 10b5-1 trading plan that Duca previously adopted on March 13, 2026.

On August 18, 2026, Duca directly sold 657 shares across eight tranches at weighted average prices of $197.84, $198.89, $200.29, $201.49, $202.77, $203.87, $204.98, and $205.95 per share. Following those transactions, Duca's direct beneficial ownership stood at 31,005 shares. Concurrently, the Family Trust disposed of 1,576 shares on August 18 and an additional 199 shares on August 19 at weighted average prices up to $211.18, leaving the Family Trust with 11,225 shares after the final August 19 transaction reported. The Pension Trust sold 5,600 shares on August 18 across eight tranches, leaving that account with 45,132 shares.

The filing notes that many reported prices reflect weighted averages across multiple intraday transactions and that Duca has undertaken to provide full per-share transaction detail to the issuer, any security holder, or SEC staff upon request. No derivative securities transactions were reported in Table II.

What Was Disclosed

The filing disclosed a series of Class A Common Stock sales by 10% owner Maurice J. Duca across direct and indirect accounts on August 18-19, 2026, all conducted under a 10b5-1 plan adopted March 13, 2026, with post-transaction ownership detailed for each account.