Linford Michael 4

What Happened
Michael Linford, Chief Operating Officer of Affirm Holdings (AFRM), exercised 100,000 stock options at $5.39 per share (cost ≈ $539,000) on June 26, 2026 and sold 100,000 shares in an open-market transaction the same day for a weighted average price of $80.04 per share (gross proceeds ≈ $8,004,000). The Form 4 also reports a derivative disposition of 100,000 shares at $0.00 associated with the exercise/conversion.

Key Details

• Transaction date: 2026-06-26. Form filed: 2026-06-30.
• Exercise: 100,000 shares @ $5.39 = ~$539,000 cash paid (coded M).
• Sale: 100,000 shares @ weighted avg $80.04 = ~$8,004,000 proceeds (coded S). Sale price range reported $80.00–$80.30; weighted average $80.04 (see footnote F2).
• Derivative disposition: 100,000 shares reported at $0.00 (coded M) — reflects conversion/exercise reporting (see F3).
• Shares owned after the transaction: not specified in this filing.
• Footnotes: F1 notes the trades were executed under a Rule 10b5-1 trading plan adopted Dec 9, 2025. F3 describes the original option vesting schedule for the underlying options.
• Timeliness: filing date is listed as 2026-06-30 for transactions on 2026-06-26 (the filing itself does not state a late filing code in the provided data).

Context

• This was an option exercise followed by an immediate open-market sale (commonly a cashless outcome for the insider): the insider paid the exercise cost and sold the acquired shares the same day.
• The 10b5-1 plan note (F1) indicates the sale was executed under a pre-established trading plan, which is commonly used to avoid trading based on nonpublic information.
• The derivative disposition at $0.00 is a reporting convention for the conversion/exercise of the option; see F3 for vesting terms rather than implying a separate cashless payment.

All figures are rounded. This summary is factual and does not speculate on the insider’s motivations.