Company: APPF
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001433195-25-000061
Chunk: 58

Company: APPFOLIO INC
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 58
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 will accelerate and become fully-vested. In addition, the employment agreement provides that if the outstanding equity awards held by Mr. Mazza 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 and become fully-vested 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)). Payment 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.

#### Ms. Goon's Transition and Separation Agreement
On November 8, 2024, we entered into a Transition and Separation Agreement with Ms. Goon in connection with her resignation as the Company's Chief Financial Officer (which agreement became effective on November 16, 2024). The Transition and Separation Agreement supersedes Ms. Goon's employment agreement with us. Pursuant to the terms of the Transition and Separation Agreement, she received the following separation benefits: (i) an aggregate lump sum cash payment of $817,397 which represented 12 months of her then-base salary ($450,000) and a pro rata portion of her annual bonus under the Corporate Bonus Plan for the period of January 1, 2024 through October 25, 2024 ($367,397); (ii) 12 months of COBRA premiums paid by us; (iii) continued participation in the Company's Executive Medical Reimbursement Program through the end of the calendar year 2024; and (iv) the accelerated vesting of 15,941 time-based restricted stock units and 14,256 PSUs and settlement of those units on a one-for-one basis in shares of our Class A Common Stock. With respect to the time-based restricted stock units, the amount accelerated equals the portion of all of the outstanding and unvested time-based restricted stock units held by Ms. Goon on the date of her resignation that would have vested had she remained employed with us for an additional 12 months. With respect to the PSU Awards, the amount accelerated equals a prorated portion of the outstanding and unvested PSU Awards held by Ms. Goon on the date of her resignation determined based on the number of days the she was employed by us during the applicable performance period for each award and achievement of the applicable performance goals at the target-level performance.