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Affirm (AFRM) COO Linford exercises options, sells 100,000 shares under 10b5-1 plan

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Affirm Holdings, Inc. Chief Operating Officer Michael Linford reported an exercise-and-sale transaction in the company’s Class A common stock. He exercised stock options to acquire 100,000 shares at $5.39 per share, then sold 100,000 shares in open-market trades at a weighted average price of $80.04 per share under a pre-arranged Rule 10b5-1 trading plan, leaving him with 117,984 shares held directly.

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Insider Linford Michael
Role Chief Operating Officer
Sold 100,000 shs ($8.00M)
Type Security Shares Price Value
Exercise Stock Option (Right to Buy) 100,000 $0.00 --
Exercise Class A Common Stock 100,000 $5.39 $539K
Sale Class A Common Stock 100,000 $80.04 $8.00M
Holdings After Transaction: Stock Option (Right to Buy) — 433,870 shares (Direct, null); Class A Common Stock — 217,984 shares (Direct, null)
Footnotes (1)
  1. The transactions reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on December 9, 2025. Represents the weighted average sale price of the shares sold from $80.00 to $80.30 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. Stock options vested 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 vested in equal monthly installments over the subsequent three years, in each case subject to the Reporting Person's 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.
Shares sold 100,000 shares Class A Common Stock open-market sale
Sale price $80.04 per share Weighted average sale price, range $80.00–$80.30
Options exercised 100,000 shares Stock option exercise into Class A Common Stock
Option strike price $5.39 per share Exercise price of stock options
Post-transaction holdings 117,984 shares Class A Common Stock held directly after transactions
Net buy/sell shares -100,000 shares Net share change from reported transactions
Transaction date June 26, 2026 Date of reported trades and option exercise
Rule 10b5-1 trading plan regulatory
"The transactions reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
weighted average sale price financial
"Represents the weighted average sale price of the shares sold from $80.00 to $80.30 per share"
Stock Option (Right to Buy) financial
"Stock Option (Right to Buy) ... underlying the stock option on the one-year anniversary"
Class A Common Stock financial
"shares of the Issuer's Class A common stock, par value $0.00001 per share"
Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.
vesting commencement date financial
"on the one-year anniversary of August 27, 2018, the vesting commencement date"
The vesting commencement date is the starting point when an employee begins earning ownership rights to their promised benefits, such as stock options or retirement contributions. Think of it like the day a savings account is opened—only after this date do the benefits start to grow and become fully available over time. It matters to investors because it marks when the clock begins ticking toward full ownership, affecting the timing and value of these benefits.
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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 CALIFORNIA 94108
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Affirm Holdings, Inc. [ AFRM ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director10% Owner
XOfficer (give title below)Other (specify below)
Chief Operating Officer
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
06/26/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(A) or (D)Price
Class A Common Stock06/26/2026M100,000(1)A$5.39217,984D
Class A Common Stock06/26/2026S100,000(1)D$80.04(2)117,984D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Stock Option (Right to Buy)$5.3906/26/2026M100,000(1) (3)08/26/2028Class A Common Stock100,000$0433,870D
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 December 9, 2025.
2. Represents the weighted average sale price of the shares sold from $80.00 to $80.30 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 vested 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 vested in equal monthly installments over the subsequent three years, in each case subject to the Reporting Person's 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-Fact06/30/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Affirm (AFRM) COO Michael Linford report?

Affirm COO Michael Linford reported exercising options for 100,000 Class A shares at $5.39, then selling 100,000 shares in open-market trades at a weighted average price of $80.04 per share, as disclosed in a Form 4 insider trading report.

How many Affirm (AFRM) shares does Michael Linford hold after this Form 4?

After the reported transactions, Michael Linford directly holds 117,984 shares of Affirm Class A common stock. This figure reflects his position following the 100,000-share option exercise and the 100,000-share open-market sale recorded on the same transaction date.

At what prices did Michael Linford’s Affirm (AFRM) share sale occur?

The sale was reported at a weighted average price of $80.04 per share, with individual trades executed between $80.00 and $80.30 per share. The Form 4 notes he will provide detailed breakdowns of shares sold at each specific price upon request.

What was the strike price of the options Michael Linford exercised at Affirm (AFRM)?

Michael Linford exercised stock options covering 100,000 shares of Affirm Class A common stock at a strike price of $5.39 per share. These options were part of a grant that vested over four years, subject to his continued service with the company.

Was Michael Linford’s Affirm (AFRM) stock sale pre-planned under Rule 10b5-1?

Yes. The Form 4 states the transactions were effected pursuant to a Rule 10b5-1 trading plan adopted on December 9, 2025. Such plans pre-schedule trades, indicating the timing of this sale was arranged in advance rather than decided opportunistically.

What type of securities did Michael Linford trade in this Affirm (AFRM) Form 4?

The filing shows transactions in Affirm’s Class A common stock and related stock options. Linford exercised options labeled as “Stock Option (Right to Buy)” for 100,000 underlying shares, then sold 100,000 Class A common shares in open-market transactions on the same date.