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

Rhea-AI Filing Summary

Affirm Holdings, Inc. (AFRM) – Form 4 insider activity

Director Christa S. Quarles reported two transactions dated July 1, 2025: (1) acquisition of 670 restricted stock units (RSUs) granted under the 2012 Stock Plan; the RSUs vest in full on July 1, 2026 and carry no cost, with each RSU convertible into one Class A share. (2) disposition of 754 Class A shares at a weighted-average price of $67.43 per share executed under a Rule 10b5-1 plan adopted on September 13, 2024. After the transactions Ms. Quarles beneficially owns 137,241 Class A shares, held directly.

The approximate value of the sale is $50.8 thousand, a de-minimis amount relative to Affirm’s market capitalisation. The RSU grant represents routine director compensation and does not immediately increase the tradeable share count. Because the sale was pre-scheduled and small, the filing is unlikely to exert meaningful influence on AFRM’s share price.

Insights

Securities Analyst

TL;DR: Routine RSU grant and small 10b5-1 sale; negligible strategic or valuation impact for AFRM.

The Form 4 discloses a standard annual equity grant of 670 RSUs and a modest sale of 754 shares by Director Christa Quarles. The sale, worth roughly $51k, represents a fraction of director holdings and was executed under a pre-arranged trading plan, reducing any signaling effect. Remaining direct ownership stands at 137,241 shares, indicating continued alignment with shareholders. No options or other derivatives were reported. Given the immaterial dollar amount and routine nature of the grant, I view the filing as neutral for investment decisions.

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
Estimated average burden
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).

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)
07/01/2025

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	07/01/2025		M		10,784	A	$0	188,942	D
Class A Common Stock	07/01/2025		F		5,477(1)	D	$67.1	183,465	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)	07/01/2025		M			2,335	(4)	(4)	Class A Common Stock	2,335	$0	32,700	D
Restricted Stock Units	(3)	07/01/2025		M			8,449	(5)	(5)	Class A Common Stock	8,449	$0	0	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 July 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. Restricted stock unit grant vests over four and one-half years, commencing as of January 1, 2021, the vesting commencement date. The first 5% of the shares vest on the six-month anniversary of the vesting commencement date, and the remainder of the shares vest in quarterly installments over the remaining four years, in annual aggregate amounts equal to 15%, 20%, 30% and 30%, respectively, subject to the Reporting Person's continued employment with the Issuer as of each vesting date.

Remarks:

	/s/ Josh Samples, Attorney-in-Fact	07/03/2025
	** 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

How many Affirm (AFRM) shares did Director Christa Quarles sell on July 1, 2025?

She sold 754 Class A shares.

What was the sale price of the AFRM shares reported in the Form 4?

The weighted-average sale price was $67.43 per share, within a $67.11–$67.71 range.

How many RSUs were granted to Christa Quarles and when do they vest?

She received 670 RSUs that vest in full on July 1, 2026.

What is the director’s total beneficial ownership after the reported transactions?

Ms. Quarles now beneficially owns 137,241 Class A shares.

Was the share sale part of a Rule 10b5-1 trading plan?

Yes. The sale was executed under a Rule 10b5-1 plan adopted on September 13, 2024.