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

Rhea-AI Filing Summary

Michael Linford, Chief Operating Officer of Affirm Holdings (AFRM) reported transactions on 08/18/2025 showing he exercised 10,800 stock options at an exercise price of $5.39 per share and immediately sold 10,800 Class A shares at $80.00 per share under a Rule 10b5-1 trading plan adopted on February 14, 2025. After these transactions he beneficially owned 109,840 Class A shares directly and held options/rights such that his total beneficial position related to Class A common stock was 718,070 shares (including unvested option shares). The Form 4 was signed by attorney-in-fact on 08/20/2025.

Insights

Financial Analyst

TL;DR: Insider exercised options then sold the same 10,800 shares under a pre-established 10b5-1 plan; transaction appears routine and compliant.

The reporting shows an option exercise at $5.39 followed by an immediate sale at $80.00 executed under a 10b5-1 plan adopted Feb 14, 2025. This sequence realizes substantial pre-tax gains per share and reduces the reporting person's direct share count from 120,640 to 109,840. The filing discloses remaining derivative exposure totaling 718,070 shares when including options/rights. For investors, this is a liquidity event by an officer but is documented as an approved, rule-compliant plan rather than an opportunistic sale disclosed outside plan parameters.

Corporate Governance Expert

TL;DR: The trade follows governance best practices by using a documented 10b5-1 plan; disclosure is clear on vesting and plan adoption.

The Form 4 explicitly states the sale was effected pursuant to a Rule 10b5-1 trading plan and provides the plan adoption date. The filing also includes the option vesting schedule (vesting commencement 08/27/2018 and monthly vesting thereafter) which clarifies how exercised shares remain subject to service-based vesting. Documentation and prompt Form 4 reporting align with standard insider-transparency expectations.

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).

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)
08/18/2025

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	08/18/2025		M		10,800(1)	A	$5.39	120,640	D
Class A Common Stock	08/18/2025		S		10,800(1)	D	$80	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	08/18/2025		M			10,800(1)	(2)	08/26/2028	Class A Common Stock	10,800	$0	718,070	D

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 February 14, 2025.

2. Stock options vest with respect to 1/4 of the shares of the Issuer's 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	08/20/2025
	** 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.