Affirm (AFRM) COO Michael Linford Exercises RSUs, Shares Withheld

What Happened
Michael Linford, Chief Operating Officer of Affirm (AFRM), had 2,335 restricted stock units (RSUs) settle on August 1, 2026 (reported as conversion/exercise of a derivative). Of those shares, 970 were withheld to cover tax obligations at an effective per-share value of $71.51, totaling about $69,365. The transactions reflect RSU settlement and tax withholding, not an open-market sale for cash.

Key Details

• Transaction date: August 1, 2026 (filed Aug 4, 2026). No late filing is indicated in the provided report.
• What was reported:
  • 2,335 shares acquired via exercise/conversion of derivative (code M) at $0.00 per share (RSU settlement).
  • 970 shares withheld (code F) at $71.51 per share to satisfy tax withholding — proceeds/value ~ $69,365.
  • A corresponding derivative disposition entry reflects the conversion/settlement mechanics.
• Shares owned after transaction: not disclosed in the provided filing excerpt.
• Relevant footnotes from the filing:
  • F1: The 970 shares were withheld to satisfy the Reporting Person’s tax obligation related to RSU settlement.
  • F2: Each RSU represents a contingent right to one share of Class A common stock.
  • F3: The RSUs vest in 48 equal monthly installments beginning Oct 1, 2022, subject to continuous service; this grant has no expiration date.

Context

• These entries reflect RSUs vesting and a routine "sell-to-cover" (withholding) for taxes, not an open-market sale by the insider.
• Code M = exercise/conversion of a derivative (here, RSU settlement); code F = shares withheld for tax payment.
• For retail investors, tax-withholding disposals are common and generally do not signal the same trading intent as voluntary sell orders.