Affirm (AFRM) Insider Report: RSU Vesting and Tax Withholding Sale

Rhea-AI Filing Summary

Affirm Holdings insider activity: Libor Michalek, a company director and the President, reported transactions on September 1, 2025. He received 23,612 shares of Class A common stock through vesting of restricted stock units and had 11,991 shares sold at $88.46 per share to satisfy tax withholding, reducing his direct beneficial ownership from 208,226 to 196,235 shares. He also reports indirect ownership of 868,114 Class A shares held by the Michalek 2007 Family Trust, where he and his spouse serve as trustees. The filing discloses two RSU grants with monthly and quarterly vesting schedules and no expiration.

Positive

• Substantial indirect ownership remains: 868,114 Class A shares are held in the Michalek 2007 Family Trust, indicating continued long-term economic interest.
• Clear disclosure of RSU vesting schedules and tax-withholding sale, including prices and amounts, supports transparency.

Negative

• Market sale to satisfy tax obligations: 11,991 shares were sold at $88.46, reducing direct beneficial ownership from 208,226 to 196,235 shares.

Insights

Securities Analyst

TL;DR: Insider vesting and a routine tax-withholding sale; substantial indirect holdings remain.

Michalek's Form 4 shows routine settlement of RSUs and share withholding to meet tax obligations, including a reported sale of 11,991 shares at $88.46. The net effect lowered his direct stake modestly to 196,235 shares while leaving significant indirect holdings (868,114) in a family trust. Transactions appear tied to compensation vesting rather than active open-market divestiture plans.

Corporate Governance Expert

TL;DR: Governance disclosure is complete for the reported events; vesting schedules and trust details are provided.

The filing properly identifies the relationship (Director and President), the nature of indirect ownership via the Michalek 2007 Family Trust, and explains RSU vesting cadence. The report includes tax-withholding share disposition and provides the necessary trustee information, supporting transparency on insider compensation settlement.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Michalek Libor

(Last) (First) (Middle)

C/O AFFIRM HOLDINGS, INC.

650 CALIFORNIA STREET

(Street)

SAN FRANCISCO CA 94108

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Affirm Holdings, Inc. [ AFRM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President

3. Date of Earliest Transaction (Month/Day/Year)
09/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/01/2025		M		23,612	A	$0	208,226	D
Class A Common Stock	09/01/2025		F		11,991(1)	D	$88.46	196,235	D
Class A Common Stock								868,114	I	Michalek 2007 Trust dated March 21, 2007(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(3)	09/01/2025		M			2,335	(4)	(4)	Class A Common Stock	2,335	$0	28,029	D
Restricted Stock Units	(3)	09/01/2025		M			21,277	(5)	(5)	Class A Common Stock	21,277	$0	63,834	D

Explanation of Responses:

1. Represents the number of shares of the Issuer's Common Stock withheld to satisfy the Reporting Person's tax obligation in connection with the settlement of shares of Common Stock underlying the Reporting Person's restricted stock units that vested on September 1, 2025.

2. The shares are held by the Michalek 2007 Family Trust dated March 21, 2007. The Reporting Person and his spouse are trustees of the trust.

3. Each Restricted Stock Unit (RSU) represents a contingent right to receive one share of the Issuer's Class A Common Stock.

4. The RSUs vest in 48 equal monthly installments beginning October 1, 2022, subject to the Reporting Person's continuous service with the Issuer as of each vesting date. This grant has no expiration date.

5. The RSUs vest in 16 equal quarterly installments beginning September 1, 2025, subject to the Reporting Person's continuous service with the Issuer as of each vesting date. This grant has no expiration date.

Remarks:

	/s/ Josh Samples, Attorney-in-Fact	09/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Libor Michalek report on Form 4 for AFRM?

The filing shows settlement of RSUs resulting in 23,612 Class A shares acquired and a withholding sale of 11,991 shares at $88.46 on 09/01/2025.

How many AFRM shares does Michalek beneficially own after the reported transactions?

After the transactions Michalek directly beneficially owns 196,235 Class A shares and indirectly owns 868,114 Class A shares via the Michalek 2007 Family Trust.

Why were shares sold in the Form 4 transaction?

The filing explains that 11,991 shares were withheld/sold to satisfy the reporting person’s tax obligations related to RSU settlement.

What are the vesting schedules for the reported RSUs?

One RSU grant vests in 48 equal monthly installments beginning October 1, 2022; another vests in 16 equal quarterly installments beginning September 1, 2025. Both grants have no expiration.

Who are the trustees of the Michalek 2007 Family Trust?

The filing states that the reporting person and his spouse are the trustees of the Michalek 2007 Family Trust dated March 21, 2007.