Affirm (AFRM) Director Sells 15,000 Shares Under 10b5-1 Plan

Rhea-AI Filing Summary

Reporting person: Christa S. Quarles, a director of Affirm Holdings, Inc. (AFRM). The filing reports two open-market sales on 08/29/2025 totaling 15,000 Class A common shares — 10,000 shares sold at $92 and 5,000 shares sold at $95. After these transactions the reporting person beneficially owns 122,241 Class A shares directly. The filing indicates the sales were effected pursuant to a Rule 10b5-1 trading plan adopted on September 13, 2024. The Form 4 is signed by an attorney-in-fact on behalf of the reporting person.

Positive

• None.

Negative

• Reported sale of 15,000 Class A shares (10,000 at $92 and 5,000 at $95) by a company director, reducing her direct holdings to 122,241 shares

Insights

Financial Analyst

TL;DR: Director executed routine sales under a pre-established 10b5-1 plan; remaining stake remains material but diluted by these disposals.

The transaction is a straightforward execution of a Rule 10b5-1 plan that sold 15,000 shares on 08/29/2025 at prices of $92 and $95. Such plan-based sales commonly reflect pre-set liquidity or diversification actions rather than company-specific news. The reporting person retains 122,241 Class A shares after the sales, preserving a stake that remains relevant to governance and alignment with shareholders. No derivative transactions or amendments are reported.

Corporate Governance Expert

TL;DR: Insider sale was executed under a documented 10b5-1 plan, indicating compliance with insider trading policies and reduced signaling risk.

The filing explicitly states the trades were effected under a 10b5-1 plan adopted 09/13/2024, which supports the affirmative defense against insider trading claims. The director continues to hold a significant number of shares (122,241), and there is no indication of accelerated dispositions or abandonment of reporting obligations. From a governance perspective, this is a routine disclosure of director liquidity activity.

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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hours per response:			0.5

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

X

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^*

Quarles Christa S

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/29/2025

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	08/29/2025		S		10,000(1)	D	$92	127,241	D
Class A Common Stock	08/29/2025		S		5,000(1)	D	$95	122,241	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

Explanation of Responses:

1. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on September 13, 2024.

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 Christa S. Quarles report in the AFRM Form 4?

The Form 4 reports two sales on 08/29/2025: 10,000 Class A shares sold at $92 and 5,000 Class A shares sold at $95.

Were the AFRM insider sales part of a 10b5-1 plan?

Yes. The filing states the sales were effected pursuant to a Rule 10b5-1 trading plan adopted on 09/13/2024.

How many AFRM shares does the reporting person own after the trades?

After the reported transactions the reporting person beneficially owns 122,241 Class A shares (direct ownership).

Does the Form 4 show any derivative transactions or changes to options?

No. Table II for derivative securities contains no reported transactions; only non-derivative Class A share sales are listed.

Who signed the Form 4 for the reporting person?

The Form 4 is signed by Josh Samples, Attorney-in-Fact on behalf of the reporting person on 09/03/2025.