Company: AFRM
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001820953-25-000012
Chunk: 68

Company: Affirm Holdings, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 1
Chunk 68
---
, there were 51,199,581 and 43,492,755 shares of Class A common stock, respectively, available for future grants under the Plan.Stock OptionsFor stock options granted before our IPO in January 2021, the minimum expiration period is seven years after termination of employment or 10 years from the date of grant. For stock options granted after our IPO, the minimum expiration period is three months after termination of employment or 10 years from the date of grant. Stock options generally vest over a period of four years or with 25% vesting on the 12 month anniversary of the vesting commencement date, and the remainder vesting on a pro-rata basis each month over the next three years.

53

The following table summarizes our stock option activity for the six months ended December 31, 2024:Number of OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (Years)Aggregate Intrinsic Value (in thousands)Balance as of June 30, 202416,794,697 $15.84 5.63Granted677,433 44.66 Exercised(3,211,902)10.73 Balance as of December 31, 202414,260,228 18.36 5.48Vested and exercisable, December 31, 202411,263,423 $15.29 4.68$516,017 Vested and exercisable, and expected to vest thereafter(1) December 31, 202414,142,936 $18.16 5.45$607,187 (1)Options expected to vest reflect the application of an estimated forfeiture rate.The weighted-average grant date fair value of options granted during the six months ended December 31, 2024 was $31.74. As of December 31, 2024, unrecognized compensation expense related to unvested stock options was approximately $49.4 million, which is expected to be recognized over a remaining weighted-average period of 2.5 years.Value Creation AwardIn November 2020, the Company’s Board of Directors approved a long-term, multi-year performance-based stock option grant providing Mr. Levchin with the opportunity to earn the right to purchase up to 12,500,000 shares of the Company’s Class A common stock (the “Value Creation Award”). We recognize stock-based compensation on these awards based on the grant date fair value using an accelerated attribution method over the requisite