Company: APPF
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001433195-25-000105
Chunk: 89

Company: APPFOLIO INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 4
Chunk 89
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 Agreement), he (or his estate) will be entitled to receive: (1) a lump sum payment in an amount equal to six months of his then current base salary; and (2) the equity award treatment described in the following paragraph.

With respect to each outstanding time-based equity award held by Mr. Eaton as of the date of his termination, the portion of such award that would have vested had he remained with the Company for an additional 12 months will accelerate upon such termination. With respect to each outstanding performance-based equity award held by Mr. Eaton as of the date of termination, a pro-rated portion of such award will accelerate upon termination based on the number of days Mr. 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,