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

Rhea-AI Filing Summary

Linford Michael, Chief Operating Officer of Affirm Holdings, Inc. (AFRM), reported transactions on 08/22/2025 conducted under a Rule 10b5-1 trading plan adopted February 14, 2025. On that date he exercised stock options to acquire 184,200 shares of Class A Common Stock at an exercise price of $5.39 per share and concurrently sold 184,200 shares at a weighted average sale price of $80.09 per share. The filing reports 294,040 shares beneficially owned following the acquisition step and 109,840 shares beneficially owned following the sale. The Form 4 discloses the option terms: the options are exercisable and vesting details reference an August 27, 2018 commencement with remaining vesting through three years thereafter.

Positive

• Transactions were executed under a disclosed Rule 10b5-1 trading plan adopted February 14, 2025
• Weighted average sale price reported for the disposed shares at $80.09 per share (range $80.00–$80.40 disclosed)

Negative

• Reporting person disposed of 184,200 shares on 08/22/2025
• Beneficial ownership declined to 109,840 shares following the reported sale

Insights

Securities Analyst

TL;DR: Insider exercised options and sold shares under a 10b5-1 plan; reported holdings changed materially on 08/22/2025.

The reporting shows a contemporaneous exercise of 184,200 options at $5.39 and sale of 184,200 shares at a weighted average price of $80.09, implemented under a 10b5-1 plan adopted Feb 14, 2025. Such plans provide an affirmative defense to insider trading claims when properly adopted and followed. The filing supplies specific post-transaction beneficial ownership figures (294,040 and 109,840) and restates vesting schedule language tied to an August 27, 2018 commencement date.

Corporate Governance Expert

TL;DR: Transactions were executed pursuant to a documented 10b5-1 plan, and the Form 4 includes standard vesting and signature disclosures.

The Form 4 identifies the reporting person as the COO and notes the transactions were effected pursuant to a 10b5-1 trading plan adopted Feb 14, 2025, which is explicitly disclosed in the explanation. The filing includes the weighted average sale price range detail and indicates an attorney-in-fact signature. This disclosure follows standard Section 16 reporting practice and supplies the required post-transaction beneficial ownership counts.

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

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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).

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^*

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)
08/22/2025

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	08/22/2025		M		184,200(1)	A	$5.39	294,040	D
Class A Common Stock	08/22/2025		S		184,200(1)	D	$80.09(2)	109,840	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
Stock Option (Right to Buy)	$5.39	08/22/2025		M			184,200(1)	(3)	08/26/2028	Class A Common Stock	184,200	$0	533,870	D

Explanation of Responses:

1. The transactions reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 14, 2025.

2. Represents the weighted average sale price of the shares sold from $80.00 to $80.40 per share. The Reporting Person will provide, upon request by the Commission staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. Stock options vest with respect to 1/4 of the shares of the Issuer's Class A common stock, par value $0.00001 per share ("Class A Common Stock"), underlying the stock option on the one-year anniversary of August 27, 2018, the vesting commencement date, and the remaining 3/4 of the shares underlying the option vest in equal monthly installments over the subsequent three years, in each case subject to continued service with the Issuer. The Reporting Person can elect to exercise the stock options at any time, provided that the shares acquired upon exercise remain subject to the applicable vesting schedule.

Remarks:

	/s/ Josh Samples, Attorney-in-Fact	08/22/2025
	** 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 Linford Michael report on Form 4?

The Form 4 reports that on 08/22/2025 he exercised 184,200 options at $5.39 per share and sold 184,200 Class A shares at a weighted average price of $80.09 per share.

Were the trades by the AFRM officer part of a 10b5-1 trading plan?

Yes. The filing states the transactions were effected pursuant to a Rule 10b5-1 trading plan adopted on February 14, 2025.

How many AFRM shares did the reporting person own after the transactions?

The Form 4 reports 294,040 shares beneficially owned following the acquisition step and 109,840 shares beneficially owned following the sale.

What exercise and vesting terms are disclosed for the options?

The option exercise price is $5.39. Vesting referenced: 1/4 on the one-year anniversary of Aug 27, 2018 with the remaining 3/4 vesting monthly over the subsequent three years.

What sale price range is disclosed for the shares sold?

The filing discloses the sale prices ranged from $80.00 to $80.40 per share and reports a weighted average sale price of $80.09.