[Form 4] Affirm Holdings, Inc. Insider Trading Activity
Max Levchin, CEO and director of Affirm Holdings, reported transactions on Form 4 showing he sold 167,443 shares of Class A common stock on 08/22/2025 at a weighted average price of $80.10 per share under a Rule 10b5-1 trading plan adopted March 17, 2025. The sale reduced his direct holdings of the reported tranche to 0 shares, while he continues to be listed as an indirect holder of 735,294 shares through the Levchin 2012 Irrevocable Trust. The filing also discloses that Levchin has 4,000,000 earned and vested performance-based stock options from a 2021 grant, and total beneficial ownership reported after transactions is 12,317,604 shares.
Max Levchin, amministratore delegato e membro del consiglio di Affirm Holdings, ha dichiarato operazioni nel Modulo 4 indicando la vendita di 167.443 azioni di categoria A in data 22/08/2025 a un prezzo medio ponderato di $80,10 per azione, nell'ambito di un piano di negoziazione Rule 10b5-1 adottato il 17 marzo 2025. La cessione ha ridotto la sua detenzione diretta della tranche segnalata a 0 azioni, mentre risulta ancora detentore indiretto di 735.294 azioni tramite la Levchin 2012 Irrevocable Trust. Il documento segnala inoltre che Levchin possiede 4.000.000 opzioni azionarie basate su performance, maturate e esercitabili, derivanti da una concessione del 2021, e che la propriet脿 beneficiaria totale dopo le operazioni 猫 pari a 12.317.604 azioni.
Max Levchin, consejero delegado y director de Affirm Holdings, inform贸 transacciones en el Formulario 4 mostrando que vendi贸 167.443 acciones de clase A el 22/08/2025 a un precio promedio ponderado de $80,10 por acci贸n, bajo un plan de negociaci贸n Rule 10b5-1 adoptado el 17 de marzo de 2025. La venta redujo su tenencia directa del tramo informado a 0 acciones, aunque sigue figurando como propietario indirecto de 735.294 acciones a trav茅s del Levchin 2012 Irrevocable Trust. La presentaci贸n tambi茅n revela que Levchin tiene 4.000.000 opciones sobre acciones por desempe帽o, devengadas y ejercitables, otorgadas en 2021, y que la propiedad beneficiaria total tras las transacciones es de 12.317.604 acciones.
毵レ姢 霠堧笇旃�(Max Levchin) Affirm Holdings鞚� 斓滉碃瓴届榿鞛� 瓴� 鞚挫偓電� Form 4鞐� 瓯半灅毳� 氤搓碃頃橂┌ 2025雲� 8鞗� 22鞚� 167,443欤� 韥措灅鞀� A 氤错喌欤茧ゼ 欤茧嫻 臧�欷戫弶攴� $80.10鞐� Rule 10b5-1 瓯半灅瓿勴殟(2025雲� 3鞗� 17鞚� 毂勴儩)鞐� 霐半澕 毵り皝頄堧嫟瓿� 旮办灛頄堨姷雼堧嫟. 鞚措矆 毵り皝鞙茧 氤搓碃霅� 頃措嫻 氍茧焿鞐� 雽�頃� 攴胳潣 歆侅爲 氤挫湢電� 0欤缄皜 霅橃棃瓿�, 攴鸽姅 鞐爠頌� Levchin 2012 Irrevocable Trust毳� 韱淀暣 735,294欤茧ゼ 臧勳爲 氤挫湢鞛愲 霌彪霅橃柎 鞛堨姷雼堧嫟. 鞝滌稖靹滊鞐愲姅 霕愴暅 霠堧笇旃滌澊 2021雲� 攵�鞐悳 4,000,000欤检潣 靹标臣 旮半皹 鞀ろ啞鞓奠厴(旆摑 氚� 頄夓偓 臧�電�)鞚� 氤挫湢頃橁碃 鞛堨溂氅�, 瓯半灅 頉� 齑� 鞁れ 靻岇湢欤� 氤挫湢電� 12,317,604欤茧澕瓿� 氤搓碃霅橃柎 鞛堨姷雼堧嫟.
Max Levchin, PDG et administrateur d'Affirm Holdings, a d茅clar茅 des op茅rations sur le formulaire 4 indiquant qu'il a vendu 167鈥�443 actions de cat茅gorie A le 22/08/2025 au prix moyen pond茅r茅 de 80,10 $ par action, dans le cadre d'un plan de n茅gociation Rule 10b5-1 adopt茅 le 17 mars 2025. Cette vente a r茅duit sa d茅tention directe de la tranche d茅clar茅e 脿 0 action, tandis qu'il reste d茅tenteur indirect de 735鈥�294 actions via le Levchin 2012 Irrevocable Trust. Le d茅p么t r茅v猫le 茅galement que Levchin d茅tient 4鈥�000鈥�000 d'options d'achat d'actions conditionn茅es aux performances, acquises et exer莽ables, attribu茅es en 2021, et que la d茅tention b茅n茅ficiaire totale apr猫s les transactions s'茅l猫ve 脿 12鈥�317鈥�604 actions.
Max Levchin, CEO und Direktor von Affirm Holdings, meldete in einem Form 4-Report Transaktionen und gab an, am 22.08.2025 167.443 Aktien der Klasse A zu einem gewichteten Durchschnittspreis von $80,10 pro Aktie verkauft zu haben. Der Verkauf erfolgte im Rahmen eines Rule 10b5-1-Handelsplans, der am 17. M盲rz 2025 verabschiedet wurde. Dadurch reduzierte sich sein direkter Bestand an der gemeldeten Tranche auf 0 Aktien, w盲hrend er weiterhin als indirekter Inhaber von 735.294 Aktien 眉ber den Levchin 2012 Irrevocable Trust gef眉hrt wird. Die Einreichung gibt au脽erdem an, dass Levchin 4.000.000 leistungsabh盲ngige, verdiente und ausge眉bte Aktienoptionen aus einer Zuteilung von 2021 besitzt, und dass der gemeldete wirtschaftliche Gesamtbesitz nach den Transaktionen 12.317.604 Aktien betr盲gt.
- Transaction executed under a Rule 10b5-1 plan, providing an affirmative defense and indicating pre-planned liquidity
- Disclosure includes trust and option details, improving transparency about indirect holdings and vested options
- None.
Insights
TL;DR Insider sold 167,443 shares under a pre-established 10b5-1 plan; retains material indirect and option positions.
The sale appears to be an orderly disposition executed under a Rule 10b5-1 plan, which provides an affirmative defense against insider trading claims when properly adopted. The transaction reduced Levchin's direct reported Class A holdings by 167,443 shares at a weighted average sale price of $80.10. He still has substantial economic exposure via 735,294 shares held indirectly in a family trust and 4,000,000 vested performance options, leaving overall alignment with shareholder outcomes intact. This is a routine liquidity event rather than a change in control or governance.
TL;DR Governance impact is limited; disclosure follows Rule 10b5-1 practice and includes trust disclaimers.
The Form 4 includes the customary disclosure that the Levchin 2012 Irrevocable Trust shares are reported as indirect and that Levchin disclaims beneficial ownership except to the extent of pecuniary interest. The use of an attorney-in-fact signature and explicit footnotes about the 10b5-1 plan and option tranche vesting provide clear auditability. From a governance standpoint, no officer resignation, repricing, or unusual transfer is indicated, so material governance risk is not evident.
Max Levchin, amministratore delegato e membro del consiglio di Affirm Holdings, ha dichiarato operazioni nel Modulo 4 indicando la vendita di 167.443 azioni di categoria A in data 22/08/2025 a un prezzo medio ponderato di $80,10 per azione, nell'ambito di un piano di negoziazione Rule 10b5-1 adottato il 17 marzo 2025. La cessione ha ridotto la sua detenzione diretta della tranche segnalata a 0 azioni, mentre risulta ancora detentore indiretto di 735.294 azioni tramite la Levchin 2012 Irrevocable Trust. Il documento segnala inoltre che Levchin possiede 4.000.000 opzioni azionarie basate su performance, maturate e esercitabili, derivanti da una concessione del 2021, e che la propriet脿 beneficiaria totale dopo le operazioni 猫 pari a 12.317.604 azioni.
Max Levchin, consejero delegado y director de Affirm Holdings, inform贸 transacciones en el Formulario 4 mostrando que vendi贸 167.443 acciones de clase A el 22/08/2025 a un precio promedio ponderado de $80,10 por acci贸n, bajo un plan de negociaci贸n Rule 10b5-1 adoptado el 17 de marzo de 2025. La venta redujo su tenencia directa del tramo informado a 0 acciones, aunque sigue figurando como propietario indirecto de 735.294 acciones a trav茅s del Levchin 2012 Irrevocable Trust. La presentaci贸n tambi茅n revela que Levchin tiene 4.000.000 opciones sobre acciones por desempe帽o, devengadas y ejercitables, otorgadas en 2021, y que la propiedad beneficiaria total tras las transacciones es de 12.317.604 acciones.
毵レ姢 霠堧笇旃�(Max Levchin) Affirm Holdings鞚� 斓滉碃瓴届榿鞛� 瓴� 鞚挫偓電� Form 4鞐� 瓯半灅毳� 氤搓碃頃橂┌ 2025雲� 8鞗� 22鞚� 167,443欤� 韥措灅鞀� A 氤错喌欤茧ゼ 欤茧嫻 臧�欷戫弶攴� $80.10鞐� Rule 10b5-1 瓯半灅瓿勴殟(2025雲� 3鞗� 17鞚� 毂勴儩)鞐� 霐半澕 毵り皝頄堧嫟瓿� 旮办灛頄堨姷雼堧嫟. 鞚措矆 毵り皝鞙茧 氤搓碃霅� 頃措嫻 氍茧焿鞐� 雽�頃� 攴胳潣 歆侅爲 氤挫湢電� 0欤缄皜 霅橃棃瓿�, 攴鸽姅 鞐爠頌� Levchin 2012 Irrevocable Trust毳� 韱淀暣 735,294欤茧ゼ 臧勳爲 氤挫湢鞛愲 霌彪霅橃柎 鞛堨姷雼堧嫟. 鞝滌稖靹滊鞐愲姅 霕愴暅 霠堧笇旃滌澊 2021雲� 攵�鞐悳 4,000,000欤检潣 靹标臣 旮半皹 鞀ろ啞鞓奠厴(旆摑 氚� 頄夓偓 臧�電�)鞚� 氤挫湢頃橁碃 鞛堨溂氅�, 瓯半灅 頉� 齑� 鞁れ 靻岇湢欤� 氤挫湢電� 12,317,604欤茧澕瓿� 氤搓碃霅橃柎 鞛堨姷雼堧嫟.
Max Levchin, PDG et administrateur d'Affirm Holdings, a d茅clar茅 des op茅rations sur le formulaire 4 indiquant qu'il a vendu 167鈥�443 actions de cat茅gorie A le 22/08/2025 au prix moyen pond茅r茅 de 80,10 $ par action, dans le cadre d'un plan de n茅gociation Rule 10b5-1 adopt茅 le 17 mars 2025. Cette vente a r茅duit sa d茅tention directe de la tranche d茅clar茅e 脿 0 action, tandis qu'il reste d茅tenteur indirect de 735鈥�294 actions via le Levchin 2012 Irrevocable Trust. Le d茅p么t r茅v猫le 茅galement que Levchin d茅tient 4鈥�000鈥�000 d'options d'achat d'actions conditionn茅es aux performances, acquises et exer莽ables, attribu茅es en 2021, et que la d茅tention b茅n茅ficiaire totale apr猫s les transactions s'茅l猫ve 脿 12鈥�317鈥�604 actions.
Max Levchin, CEO und Direktor von Affirm Holdings, meldete in einem Form 4-Report Transaktionen und gab an, am 22.08.2025 167.443 Aktien der Klasse A zu einem gewichteten Durchschnittspreis von $80,10 pro Aktie verkauft zu haben. Der Verkauf erfolgte im Rahmen eines Rule 10b5-1-Handelsplans, der am 17. M盲rz 2025 verabschiedet wurde. Dadurch reduzierte sich sein direkter Bestand an der gemeldeten Tranche auf 0 Aktien, w盲hrend er weiterhin als indirekter Inhaber von 735.294 Aktien 眉ber den Levchin 2012 Irrevocable Trust gef眉hrt wird. Die Einreichung gibt au脽erdem an, dass Levchin 4.000.000 leistungsabh盲ngige, verdiente und ausge眉bte Aktienoptionen aus einer Zuteilung von 2021 besitzt, und dass der gemeldete wirtschaftliche Gesamtbesitz nach den Transaktionen 12.317.604 Aktien betr盲gt.
FAQ
What did Max Levchin disclose on the Form 4 for AFRM?
Was the sale by Levchin part of a planned trading arrangement?
At what price were the shares sold in Levchin's Form 4?
How many performance-based options does Levchin have vested?
Does Levchin retain significant exposure to AFRM after the sale?
