Affirm COO exercises options, sells 100K shares
Affirm Holdings, Inc. Chief Operating Officer Michael Linford reported an exercise-and-sale transaction in the company’s Class A common stock.
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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.
Insider Trade Summary 10b5-1
Exercise and Sale: 100,000 shares ($7.47M approx. pre-tax spread)
Exercise and Sale
3 txns
Insider
Linford Michael
Role
Chief Operating Officer
Sold
100,000 shs ($8.00M)
Approx. gross sale proceeds
$8.00M
Approx. exercise cost
$539K
Approx. pre-tax spread
$7.47M
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option (Right to Buy) | 100,000 | $0.00 | $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 contracts (Direct);
Class A Common Stock — 117,984 shares (Direct)
Footnotes (3)
- F1. 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.
- F2. 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.
- F3. 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.
Key Figures
Shares sold: 100,000 shares
Sale price: $80.04 per share
Options exercised: 100,000 shares
+4 more
7 metrics
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
Key Terms
Rule 10b5-1 trading plan, weighted average sale price, Stock Option (Right to Buy), Class A Common Stock, +1 more
5 terms
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.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
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.
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.
AI-generated analysis. How Rhea-AI works. Not financial advice.
