Linford Michael 4

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.