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

Rhea-AI Filing Summary

Libor Michalek, President and Director of Affirm Holdings, Inc. (AFRM), reported transactions related to vested restricted stock units (RSUs) on 10/01/2025. 2,336 RSUs vested and were reported as acquired (code M) with a $0 price; those vested shares increased his direct beneficial ownership to 25,693 shares. To satisfy tax withholding on the vesting, 1,187 shares were withheld (transaction code F) at a per-share price of $74.42, reducing his direct holdings to 197,384 shares. The filing also shows an indirect holding of 868,114 Class A shares held by the Michalek 2007 Family Trust, of which he and his spouse are trustees. The RSUs vest monthly in 48 equal installments from 10/01/2022 and have no expiration.

Positive

• Full disclosure of RSU vesting with vesting date 10/01/2025
• Tax-withholding shares (1,187) transparently reported with per-share price $74.42
• Indirect holdings of 868,114 shares disclosed and trustee relationship stated

Negative

• None.

Insights

Insider Transactions Specialist

Small routine vesting with tax-withholding; no sale reported.

The filing documents the vesting of 2,336 RSUs on 10/01/2025 and a tax-withholding disposition of 1,187 shares at $74.42 per share. This is characterized by codes M (settlement of vested RSUs) and F (shares withheld for taxes), indicating compensation-related activity rather than a market sale.

This pattern is consistent with ongoing compensation vesting under a 48-month monthly schedule beginning 10/01/2022; the transaction alters beneficial ownership counts but does not represent a change in underlying economic exposure for shares held indirectly via the family trust.

Corporate Governance / Compliance Analyst

Filing appears complete and properly disclosed.

The Form 4 lists direct and indirect holdings, trustee status for the Michalek 2007 Family Trust, and shows the RSU vesting schedule and tax-withholding mechanics. The signature by an attorney-in-fact is dated 10/03/2025, consistent with timely reporting after the 10/01/2025 transactions.

Because the form discloses the nature of the indirect ownership and the number of shares withheld for taxes, it meets standard disclosure expectations for Section 16 reporting.

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^*

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)
10/01/2025

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	10/01/2025		M		2,336	A	$0	198,571	D
Class A Common Stock	10/01/2025		F		1,187(1)	D	$74.42	197,384	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)	10/01/2025		M			2,336	(4)	(4)	Class A Common Stock	2,336	$0	25,693	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 October 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.

Remarks:

	/s/ Josh Samples, Attorney-in-Fact	10/03/2025
	** 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 did Libor Michalek report on the AFRM Form 4?

The Form 4 reports the vesting of 2,336 RSUs on 10/01/2025, 1,187 shares withheld for taxes at $74.42 per share, and resulting beneficial ownership figures.

How many AFRM shares does Michalek directly and indirectly own after the transactions?

After the transactions, direct beneficial ownership reported is 25,693 RSU-derived shares and 197,384 Class A shares; indirect holdings via the family trust total 868,114 Class A shares as reported.

Why were 1,187 AFRM shares disposed of in the filing?

The 1,187 shares were withheld to satisfy the Reporting Person's tax obligations related to the settlement of vested RSUs.

What do transaction codes M and F mean on this Form 4?

Code M indicates settlement of vested RSUs (acquisition of shares); code F indicates shares withheld to cover tax withholding on compensation-related share settlement, as used in this filing.

When do the RSUs vest and do they expire?

The RSUs vest in 48 equal monthly installments beginning 10/01/2022 and the grant has no expiration date, per the filing.