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

Rhea-AI Filing Summary

Katherine Adkins, Chief Legal Officer of Affirm Holdings, Inc. (AFRM), reported both a sale and a grant on this Form 4. The filing shows a disposition of 122,553 shares of Class A common stock on 09/18/2025, leaving the reporting person with the indicated post-transaction holdings for that class. The filing also reports the grant of 19,463 Restricted Stock Units (RSUs) on 09/18/2025; each RSU converts to one share of Class A common stock. Those RSUs vest in equal quarterly installments over three years beginning December 1, 2025, subject to continued employment. The form identifies the filer as an officer (Chief Legal Officer) and was signed by an attorney-in-fact on 09/22/2025.

Insights

Financial Analyst

TL;DR: Insider sold a large block of shares while receiving time‑based RSUs, indicating routine compensation and liquidity activity.

The filing documents a 122,553-share disposal and a contemporaneous grant of 19,463 RSUs to the Chief Legal Officer. The RSUs convert 1:1 to Class A shares and vest quarterly over three years starting December 1, 2025, which preserves future share-based alignment with shareholders while providing near-term liquidity from the sale. For investors, the transaction is notable for size but is presented as a single reported sale rather than a series of trades or a plan amendment.

Corporate Governance Expert

TL;DR: Compensation via RSUs with standard multi-year vesting suggests alignment; the large sale merits disclosure but is not shown as tied to a 10b5-1 plan.

The RSU grant uses a common three-year quarterly vesting schedule commencing December 1, 2025, which is standard for executive equity awards and supports retention. The report does not check the box indicating a 10b5-1 plan; therefore, the sale appears to be an individual transaction, requiring investor awareness of timing and context. All material details provided are limited to the amounts, vesting schedule, and roles disclosed on the form.

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

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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^*

Adkins Katherine

(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 Legal Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/18/2025

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								122,553	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
Restricted Stock Units	(1)	09/18/2025		A		19,463		(2)	(2)	Class A Common Stock	19,463	$0	19,463	D

Explanation of Responses:

1. Each Restricted Stock Unit (RSU) represents a contingent right to receive one share of the Issuer's Class A Common Stock.

2. RSUs vest with respect to the shares of Class A Common Stock underlying the restricted stock units in equal quarterly installments for a period of three years beginning December 1, 2025, the vesting commencement date, subject to the Reporting Person's continued employment with the Issuer as of each vesting date.

Remarks:

	/s/ Josh Samples, Attorney-in-Fact	09/22/2025
	** 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).
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