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

Rhea-AI Filing Summary

Robert O'Hare, Chief Financial Officer of Affirm Holdings, Inc. (AFRM), was granted 33,366 Restricted Stock Units (RSUs) on 09/18/2025. Each RSU represents the contingent right to one share of Class A common stock, and the grant carries a $0 per-share price. The RSUs vest in equal quarterly installments over three years beginning December 1, 2025, subject to continued employment. Following the grant, the reporting person beneficially owns 33,366 shares of Class A common stock directly. The Form 4 was executed by an attorney-in-fact on 09/22/2025.

Positive

• Time-based retention structure: RSUs vest quarterly over three years, supporting multi-period retention without immediate dilution.
• Direct beneficial ownership disclosed: Reporting person holds 33,366 Class A shares after the grant, improving transparency.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Executive received a time‑based RSU grant of 33,366 shares that vests quarterly over three years.

The grant is a standard time‑based equity award intended to align the CFO's interests with shareholders through continued service. The award vests in equal quarterly installments over three years starting December 1, 2025, which spreads potential dilution and retention effects over multiple reporting periods. The filing shows direct beneficial ownership of 33,366 Class A shares after the grant and no exercise price, consistent with restricted stock unit mechanics.

Compensation Analyst

TL;DR: A competitive-sized RSU grant to the CFO with standard multi-year quarterly vesting; no cash exercise required.

The RSU grant size (33,366 units) and three‑year quarterly vesting schedule are typical for senior executives and emphasize retention. The grant carries a $0 per‑share price because RSUs convert to shares upon vesting rather than requiring purchase. The filing does not disclose fair value or target grant rationale, so assessment of cost or relative generosity versus peers cannot be determined from this Form 4 alone.

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

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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^*

O'Hare Robert

(Last) (First) (Middle)

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 Financial 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

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		33,366		(2)	(2)	Class A Common Stock	33,366	$0	33,366	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).
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 AFFR (AFRM) file on 09/18/2025 regarding insider activity?

The Form 4 reports a grant of 33,366 Restricted Stock Units (RSUs) to CFO Robert O'Hare on 09/18/2025.

How do the RSUs awarded to AFRM's CFO vest?

The RSUs vest in equal quarterly installments over three years beginning on December 1, 2025, subject to continued employment.

What is the post‑transaction beneficial ownership reported for the CFO?

The filing reports 33,366 shares of Class A common stock beneficially owned directly following the reported transaction.

Was there an exercise or purchase price for the RSUs in the Form 4?

No purchase price applies; the RSUs are reported with a $0 price because they convert to shares upon vesting.

Who signed the Form 4 and when was it filed?

The Form 4 was signed by an attorney‑in‑fact, Josh Samples, on 09/22/2025.