[Form 4] Affirm Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Affirm Holdings insider activity: Michael Linford, the company's Chief Operating Officer, reported changes in his beneficial ownership on 09/01/2025. He had 25,031 shares of Class A common stock added under code M at a $0 price (reflecting settlement of restricted stock units) and sold 9,917 shares at $88.46 under code F. Following these transactions he beneficially owned 124,954 Class A shares. The filing also shows two RSU-related entries: 2,335 and 22,696 underlying Class A shares from separate RSU grants, with specified vesting schedules and no expiration. One sale was used to satisfy tax withholding related to RSU settlement.

Positive

• Transparency: Insider transactions are fully disclosed on Form 4 with vesting and withholding explanations
• Retention alignment: RSU grants with multi-period vesting (48 monthly and 16 quarterly installments) indicate ongoing incentive alignment

Negative

• Insider sale: Disposition of 9,917 shares at $88.46 reduces insider ownership and could be viewed as partial liquidity
• Tax withholding: 9,917 shares were withheld to satisfy tax obligations, reducing net newly vested shares

Insights

Securities Analyst

TL;DR Insider sold a portion of vested RSUs at $88.46 while remaining a significant shareholder; transactions appear routine compensation-related moves.

The reported activity reflects RSU settlements and a contemporaneous disposition. The 25,031-share settlement (code M) at zero price is consistent with vesting of restricted stock units rather than a market purchase. The 9,917-share sale at $88.46 (code F) likely funded tax obligations or portfolio rebalancing. Holdings remain material at 124,954 Class A shares, suggesting continued alignment with shareholders. No information in the filing indicates extraordinary corporate events or securities pledges.

Corporate Governance Expert

TL;DR Transactions are disclosure-compliant and involve compensation vesting plus a modest sale; governance impact appears limited.

The Form 4 discloses standard insider compensation mechanics: RSU vesting in scheduled tranches and share withholding to satisfy taxes. The filing names vesting schedules: one grant vests monthly in 48 installments beginning October 1, 2022, and another vests quarterly in 16 installments beginning September 1, 2025. The separate sale at $88.46 is properly reported. There are no indications of related-party transactions, plan abuses, or unusual acceleration in this report.

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

OMB APPROVAL

OMB Number:			3235-0287
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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^*

Linford Michael

(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)

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

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		25,031	A	$0	134,871	D
Class A Common Stock	09/01/2025		F		9,917(1)	D	$88.46	124,954	D

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	(2)	09/01/2025		M			2,335	(3)	(3)	Class A Common Stock	2,335	$0	28,029	D
Restricted Stock Units	(2)	09/01/2025		M			22,696	(4)	(4)	Class A Common Stock	22,696	$0	68,089	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. Each Restricted Stock Unit (RSU) represents a contingent right to receive one share of the Issuer's Class A Common Stock.

3. 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.

4. 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 AFRM COO Michael Linford report on 09/01/2025?

He reported an RSU settlement of 25,031 Class A shares (code M) at $0 and a sale of 9,917 Class A shares (code F) at $88.46.

How many Class A shares does Michael Linford beneficially own after the report?

The Form 4 shows he beneficially owned 124,954 Class A common shares following the reported transactions.

Were the vested awards subject to withholding or sale to cover taxes?

Yes. The filing explains that 9,917 shares were withheld to satisfy the Reporting Person's tax obligation related to RSU settlement.

What are the vesting schedules disclosed for the RSU grants?

One RSU grant vests in 48 equal monthly installments starting October 1, 2022; the other vests in 16 equal quarterly installments starting September 1, 2025.

Do the RSUs have expiration dates?

No. The filing states both RSU grants have no expiration date.