Company: AFRM
Filing Date: 2025-02-20
Form Type: 8-K
Source: 0001820953-25-000017
Chunk: 0

Company: Affirm Holdings, Inc.
Filing Date: 2025-02-20
Form: 8-K
Item: Item 1.01
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Item 1.01. Entry into a Material Definitive Agreement.

On February 14, 2025 (the “ Effective Date”), Affirm, Inc. (“ Affirm”), a wholly owned subsidiary of Affirm Holdings, Inc. (the “ Company”), entered into a Global Customer Installment Program Agreement with Shopify Inc. (“ Shopify”) (the “ Agreement”). This agreement supersedes and replaces the Amended and Restated Customer Installment Program Agreement, dated March 18, 2024, as amended on October 10, 2024, November 12, 2024 and December 18, 2024, by and between Shopify and Affirm, which agreement terminated as of the Effective Date.

Pursuant to the Agreement, certain of Affirm’s platform services are made available to eligible Shopify merchants through the Shop Pay Installments feature (“ SPI”) in territories for which Affirm and Shopify (or applicable affiliates thereof) enter into a territory program agreement (such territories, the “ Territories”). Concurrently with entry into the Agreement, Affirm and Shopify entered into territory program agreements with respect to the United States and Canada. Merchants that make Affirm’s services available via SPI pay fees to Affirm as set forth in their applicable Affirm merchant agreement, generally equal to the sum of a percentage of the amount of each sale processed through SPI plus a fixed amount per each sale. In addition, with respect to each such sale processed through SPI, Affirm pays Shopify a fee.

The Agreement has an initial three-year term ending on June 8, 2028, which automatically renews for additional and successive one-year terms unless either party provides the other party with written notice of election to terminate the Agreement at least 180 days prior to the end of any such term. Either party may immediately terminate the Agreement after the first year of the initial term without cause by providing at least 180 days’ prior written notice to the other party. In addition, upon the occurrence of certain early termination events, either party may terminate the Agreement immediately upon notice to the other party.

Until the termination of the Agreement, Shopify agrees that Affirm will be its exclusive provider in the Territories of all financial products substantially similar to those offered currently by Affirm in connection with the Agreement.

The foregoing description of the Agreement with Shopify does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Agreement, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on