Company: AFRM
Filing Date: 2025-10-24
Form Type: DEF 14A
Source: 0001628280-25-046264
Chunk: 34

Company: Affirm Holdings, Inc.
Filing Date: 2025-10-24
Form: DEF 14A
Chunk 34
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 as an incentive for our named executive officers to create sustainable value for our stockholders. Equity awards also help us retain our named executive officers in a highly competitive market.

Chief Executive Officer Long-Term Equity Award

As previously disclosed in the proxy statement for our 2021 Annual Meeting of Stockholders, we granted a special equity award to our CEO in advance of our IPO in fiscal 2021 (the “Value Creation Award”). The members of our Board believed that the Value Creation Award was appropriately designed to further the long-term interests of the Company and its stockholders by deferring the realization of meaningful value until the Company, under Mr. Levchin’s leadership, delivers sustained and significant high-performance levels. At the time of grant, the members of our Board intended for the Value Creation Award to be the exclusive equity award that Mr. Levchin would receive through the fifth anniversary of the date of grant. Accordingly, we did not grant Mr. Levchin any additional equity awards during fiscal 2025.

The Value Creation Award is divided into ten tranches that Mr. Levchin may earn by satisfying a performance condition within a five-year period from the date of grant. Once earned as a result of satisfying the performance condition, each earned tranche of Mr. Levchin’s Value Creation Award becomes vested and exercisable over a five-year period commencing on the date of grant, subject to Mr. Levchin’s continued service to the Company, in annual amounts equal to 15%, 15%, 20%, 25%, and 25%, respectively. The performance condition for each tranche is satisfied on the date the 90 average trading day volume weighted share price of our Class A common stock exceeds an established stock price hurdle. These stock price hurdles, which were set based on a target percentage of growth from the IPO price of $49 per share, ranging from $65.66 per share to $371.91 per share. Each stock price hurdle will be equitably adjusted to reflect any stock splits, stock dividends or other restructurings impacting our Class A common stock. Any portion of the Value Creation Award that has not been earned by the fifth anniversary of the grant date will be forfeited. As of June 30, 2025, the first four tranches of the Value Creation Award had been earned. No tranches were earned in fiscal 2025.

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TABLE OF CONTENTS

Long-Term Equity Awards of Our Other Named Executive Officers

In fiscal 2025, as long