Adkins Katherine 4

What Happened

• Katherine Adkins, Chief Legal Officer of Affirm (AFRM), had 1,402 restricted stock units (RSUs) convert into 1,402 shares on July 1, 2026 (reported as exercise/conversion of a derivative, code M). To satisfy tax withholding, 635 of those shares were withheld/disposed at $83.85 per share, a withholding value of $53,245. The RSU settlement itself shows no exercise price.

Key Details

• Transaction date: 2026-07-01; Filing accession date: 2026-07-06.
• Shares converted/received: 1,402 RSUs → 1,402 shares (conversion reported at $0.00 exercise price).
• Shares withheld for taxes (disposed): 635 shares at $83.85 each; total withholding value reported $53,245.
• Footnotes: F1 = shares withheld to satisfy tax obligations on RSU settlement; F2 = each RSU equals one share; F3 = the RSU grant vests in 48 equal monthly installments beginning Oct 1, 2022 (no expiration).
• Shares owned after the transaction: not specified in the filing.
• Timing: The Form 4 was filed on 2026-07-06 for a 2026-07-01 transaction (the filing occurred several days after the vesting date).

Context

• This was a routine RSU vesting and tax-withholding event, not an open-market sale or purchase. Withholding shares to cover taxes (code F) is common and does not necessarily indicate a change in the insider's view of the company. The conversion of RSUs into shares is reported under derivative exercise rules (code M) because RSUs are contingent rights that convert into stock.