Linford Michael 4

4 · Affirm Holdings, Inc. · Filed Feb 11, 2026

AI-generated summary of this filing

Updated Feb 11, 2026

Affirm (AFRM) COO Linford Michael Exercises Options

What Happened

Linford Michael, Chief Operating Officer of Affirm Holdings, exercised stock options on Feb 9, 2026, resulting in the acquisition of 20,000 shares at an exercise price of $49.00 per share for a cash outlay of $980,000. The filing also records a related derivative conversion entry for 20,000 shares at $0.00.
This was a non-market exercise with the shares held after exercise (not an immediate sale), so it represents an acquisition of shares rather than a disposition.

Key Details

Transaction date: 2026-02-09 (reported on Form 4 filed 2026-02-11; timely filing)
Primary entry: 20,000 shares acquired @ $49.00 = $980,000 (code M — option exercise/conversion)
Related entry: 20,000 shares reported as a derivative conversion @ $0.00 (reflects the option-to-share conversion)
Shares owned after transaction: not specified in the provided filing excerpt
Footnotes:
- F1: This was a non-market exercise and hold — shares were not sold at exercise.
- F2: The underlying options are subject to a vesting schedule (5% after six months from Jan 1, 2021, then quarterly vesting over four years with annual aggregates of 15%, 20%, 30% and 30%); shares acquired on exercise remain subject to that vesting schedule.
No 10b5-1 plan, tax withholding sale, or late filing was indicated in the excerpt.

Context

For retail investors: an option exercise with shares held is an acquisition event (management increased share exposure), but the shares here remain subject to vesting per the company’s schedule, which limits immediate free trading. This was not a cashless exercise or an immediate sale, so it does not provide liquidity or indicate selling pressure. As always, insider exercises can be routine (e.g., to satisfy option terms) and should be considered alongside other insider transactions and company fundamentals.

Form 4

Period: 2026-02-09

Chief Operating Officer

Transactions

Exercise/Conversion
Class A Common Stock
2026-02-09$49.00/sh+20,000$980,000→ 100,269 total
Exercise/Conversion
Stock Option (Right to Buy)
[F1][F2]
2026-02-09−20,000→ 263,751 total
Exercise: $49.00Exp: 2031-01-11→ Class A Common Stock (20,000 underlying)

Footnotes (2)

[F1]The reporting person executed a non-market exercise and hold transaction with respect to these stock options and the underlying shares.
[F2]Stock options vest with respect to 5% of the shares of Class A Common Stock underlying the stock option on the six-month anniversary of January 1, 2021, the vesting commencement date, and the remainder of the grant will vest in quarterly installments over a period of four years, in annual aggregate amounts equal to 15%, 20%, 30% and 30%, respectively, subject to the Reporting Person's continued employment with the Issuer as of each vesting date. 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.

Signature

/s/ Josh Samples, Attorney-in-Fact|2026-02-11

1 file