Company: APPF
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001433195-25-000105
Chunk: 67

Company: APPFOLIO INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 8
Chunk 67
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. Eaton was employed by the Company during the applicable performance period and the achievement of the applicable performance goals determined by the Board based on forecasted results (but not greater than target-level performance).

Termination in Connection with Change in Control. If the Company terminates Mr. Eaton’s employment without “cause” or he resigns for “good reason” on or within 12 months following the consummation of a “corporate transaction” (as defined in the Incentive Plan) then, in addition to the severance benefits described above, all outstanding equity awards held by Mr. Eaton as of the date of termination will accelerate upon such termination. The Employment Agreement also provides that if the outstanding equity awards held by Mr. Eaton immediately prior to the consummation of a “corporate transaction” are not assumed or substituted for value upon such “corporate transaction,” such equity awards will accelerate immediately prior to such “corporate transaction” (with the level of performance achievement of the applicable performance goals determined by the Board based on forecasted results (but not greater than target-level performance)). Payments of such amounts is conditioned upon the effectiveness of a general release of claims in favor of the Company and continuing compliance with certain restrictive covenants.

The foregoing summary of the Employment Agreement is qualified in its entirety by reference to the full text of the Employment Agreement, which is filed as Exhibit 10.1 to this Quarterly Report and incorporated by reference.

Appointment of Principal Accounting Officer

On July 30, 2025, the Board appointed Don Rigler, 60, as the Company’s Principal Accounting Officer to succeed Mr. Eaton in that position. Mr. Rigler has served as the Company’s Vice President of Accounting since March 2025. Prior to joining the Company, Mr. Rigler held various finance leadership roles at Salesforce, Inc., including as Vice President, Automation and Cloud Enterprise Resource Planning from April 2022 to May 2024, Vice President, M&A Finance from June 2020 to April 2022, Vice President of Finance Technology Transformation from February 2018 to June 2020, and Americas Controller from November 2010 to February 2018. Mr. Rigler holds a B.B.A. from Texas Tech University and a M.B.A. from Southern Methodist University.

There are no arrangements or understandings between Mr. Rigler and any other person pursuant to which he was selected to serve as the Principal Accounting Officer. There are no family relationships between Mr. Rigler and any director, executive officer,