Affirm (AFRM) CLO Katherine Adkins Exercises Options and Sells Shares

What Happened

• Katherine Adkins, Chief Legal Officer of Affirm (AFRM), exercised stock options and received vested RSUs on Sept. 1 and Sept. 3, 2026, and sold the majority of the resulting shares. Key actions include exercising/options conversions and open-market sales:
  • Exercises/vests: 41,664 shares exercised at $22.30 on 2026-09-01 ($929,107); 4,404 shares at $22.30 on 2026-09-03 ($98,209); 37,260 shares at $23.35 on 2026-09-03 ($870,021); plus 10,594 RSU shares settled at $0 on 2026-09-01 (vested).
  • Open-market sales: 23,765 shares at $70.13 on 2026-09-01 ($1,666,639); 15,599 shares at $71.00 on 2026-09-01 ($1,107,529); 2,300 shares at $71.87 on 2026-09-01 ($165,301); 41,664 shares at $75.53 on 2026-09-03 ($3,146,882).
  • Tax withholding: 4,795 shares were withheld on 2026-09-01 at ~$69.94 to satisfy tax obligations ($335,362).
• Overall, Adkins acquired/received vested shares through exercises and RSU settlements and sold most of those shares the same days. These sales were carried out under a prearranged Rule 10b5-1 plan.

Key Details

• Transaction dates: Sept. 1 and Sept. 3, 2026.
• Exercise prices: $22.30 and $23.35 (options); some vested RSUs recorded at $0.
• Major sale prices: $70.13, $71.00, $71.87, $75.53 (per-block values shown above).
• Approximate proceeds from open-market sales: about $6.1M; plus ~$335k via tax-withholding shares.
• Sales were effected pursuant to a Rule 10b5-1 trading plan adopted June 2, 2026 (Footnote F2).
• Tax withholding: shares withheld to cover taxes on vested RSUs (Footnote F1).
• Vesting/option schedules referenced in footnotes (F10–F13) indicate RSU/option grants vesting over monthly/quarterly schedules.
• Shares owned after these transactions: not provided in the excerpt of the filing.

Context

• Codes: M = option exercise/conversion, F = shares withheld for taxes, S = open-market sale. Here, options/RSUs were converted/settled and many of the resulting shares were sold the same days — a typical cashless-exercise pattern (exercise/vest then immediate sale to cover cost/taxes).
• The sales were preplanned under a 10b5-1 plan, which is commonly used to schedule insider sales in advance; this typically indicates the transactions were not ad hoc.
• Filing timing: the Form 4 was filed Sept. 3, 2026 reporting transactions on Sept. 1 and Sept. 3 — the filing appears timely (no late-filing flag in the provided data).

If you want, I can (a) total up net shares acquired/retained based on the entries, or (b) extract the exact footnote text for vesting schedules and trading-plan details.