AppFolio Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
$APPF
Computer Software: Prepackaged Software
Technology
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 27, 2025
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) Former Chief Trust Officer Separation Agreement
As previously disclosed on October 30, 2025, Matt Mazza, the former Chief Trust Officer of AppFolio, Inc. (the “Company”), departed the Company on November 14, 2025 (the “Separation Date”).
In connection with Mr. Mazza’s departure, the Compensation Committee of the Board of Directors has approved, and the Company and Mr. Mazza have entered into a Separation Agreement, dated as of November 19, 2025 (the “Separation Agreement”), which became effective on November 27, 2025. Pursuant to the Separation Agreement, Mr. Mazza will receive the following separation benefits: (i) an amount equal to $315,000, less all applicable tax withholdings and other authorized deductions, which represents nine months of Mr. Mazza’s base salary, paid in accordance with the Company’s normal biweekly payroll practices, with payments commencing on the Company’s first regularly-scheduled pay date following the Separation Date; (ii) an amount equal to $219,462, less all applicable tax withholdings and other authorized deductions, which represents a pro-rated portion of Mr. Mazza’s annual bonus under the Company’s Corporate Bonus Program for the Company’s fiscal year 2025, payable in a lump sum on the Company’s regularly scheduled pay date for bonus payments for similarly situated executives; (iii) subject to and conditioned upon Mr. Mazza’s valid and timely election to receive continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and, if applicable, any state continuation coverage laws (collectively, “COBRA”), the Company will pay or reimburse Mr. Mazza for the monthly COBRA premiums for him and his covered dependents (if any) during the period commencing on the Separation Date and ending on the earlier to occur of (x) nine months following the Separation Date and (y) the date that Mr. Mazza ceases to be eligible for continuation coverage under COBRA; and (iv) a continuation of Mr. Mazza’s participation in the Company’s Executive Medical Reimbursement Program in effect as of the Separation Date, which will allow Mr. Mazza to be reimbursed for eligible expenses incurred through November 30, 2025, up to $100,000, through March 31, 2026.
Mr. Mazza’s receipt of the aforementioned separation benefits is conditioned upon the effectiveness of a general release of claims in favor of the Company (and certain of its affiliates and related parties) that is included within the Separation Agreement, as well as his continued compliance with certain customary restrictive covenants included in the Separation Agreement and that certain Fair Competition and Proprietary Information Protection Agreement previously entered into by and between Mr. Mazza and the Company.
The foregoing summary of the Separation Agreement is qualified in its entirety by reference to the full text of the Separation Agreement, which is filed hereto as Exhibit 10.1 and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
Exhibit Number | Description | |||||||
| 10.1 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: December 3, 2025 | AppFolio, Inc. | ||||||||||
By: /s/ Evan Pickering | |||||||||||
Name: Evan Pickering | |||||||||||
Title: General Counsel | |||||||||||