Affirm Holdings, Inc.

(Former name or former address, if changed since last report)

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Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(e) Annual Grants of Equity Awards to Certain Executive Officers

On September 18, 2025, the Compensation Committee (the “Committee”) of the Board of Directors of Affirm Holdings, Inc. (the “Company”) approved grants of annual equity awards under the Company’s Amended and Restated 2012 Stock Plan (the “Plan”) consisting of both restricted stock units (“RSUs”) and performance stock units (“PSUs”) that vest into shares of the Company’s Class A Common Stock, par value $0.00001 per share (the “Class A Common Stock”), to certain of its executive officers as set forth in the table below:

PSUs

The grants of PSUs are subject to time-based, service-based, and Company financial performance-based conditions.

The shares of Class A Common Stock subject to the PSUs may be earned, if at all, based on Company financial performance during a three-year performance period (the “Performance Period”) that commenced on July 1, 2025. The Committee selected annual growth rates of revenue less transaction costs (weighted at 50%) and adjusted operating income (weighted at 50%) as the Company financial performance measures for the PSUs. Performance targets for each of the three Company fiscal years occurring during the Performance Period were approved by the Committee at the time of grant, with each annual performance target expressed in terms of growth over the level of actual performance achieved during the preceding fiscal year. Actual Company performance against the applicable targets will be measured at the end of each of the three fiscal years during the Performance Period and averaged at the end of the Performance Period such that no shares of Class A Common Stock may be earned until the end of the Performance Period. If the average performance over the Performance Period represents at least a threshold level of performance, the number of shares of Class A Common Stock earned will range from 50% (threshold performance) to 200% (maximum performance) of the number of PSUs granted, with target performance set at 100%.

Once earned based on the satisfaction of the applicable performance conditions, as determined and certified by the Committee, the earned PSUs will vest in full, if at all, at the end of the Performance Period subject to the executive officer’s continued service with the Company through the end of that period.

The PSU grants are subject to the terms and conditions of the Plan and a form of PSU grant agreement, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ending September 30, 2025.

RSUs

The RSU grants are subject to both time-based and service-based conditions. Each grant of RSUs will vest quarterly over a three-year period with the first vest occurring on December 1, 2025, in each case subject to the executive officer’s continued service on the applicable vesting date. The RSU grants are subject to the terms and conditions of the Plan and a form of RSU grant agreement, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ending September 30, 2025.