Document:

Exhibit 4.5

 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT
AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED
UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE,
PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

WARRANT TO PURCHASE STOCK

 

Company: Affirm, Inc., a Delaware corporation

Number of Shares: 153,846, subject to adjustment as provided
herein

Type/Series of Stock: Common Stock, $0.00001 par value
per share

Warrant Price: $1.30 per Share, subject to adjustment
as provided herein

Issue Date: August 5, 2015

Expiration Date: August 5, 2025 See also
Section 5.1(b).

Credit Facility: This Warrant
to Purchase Stock (“Warrant”) is issued in connection with that certain Loan and Security Agreement of even
date herewith between Silicon Valley Bank and Affirm Loans I, LLC (as amended and/or modified and in effect from time to time,
the “Loan Agreement”).

 

THIS WARRANT CERTIFIES THAT, for good and
valuable consideration, SILICON VALLEY BANK (together with any successor or permitted assignee or transferee of this Warrant or
of any shares issued upon exercise hereof, “Holder”) is entitled to purchase the number of fully paid and non-assessable
shares (the “Shares”) of the above-stated Type/Series of Stock (the “Class”) of the
above-named company (the “Company”) at the above-stated Warrant Price, all as set forth above and as adjusted
pursuant to Section 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant. Reference
is made to Section 5.4 of this Warrant whereby Silicon Valley Bank shall transfer this Warrant to its parent company, SVB Financial
Group.

 

Section 1.         
EXERCISE.

 

1.1             Method of Exercise. Holder may at any time and from time to time exercise this Warrant, in whole or in part, by delivering
to the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached
hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in Section 1.2, a
check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company
for the aggregate Warrant Price for the Shares being purchased.

 

     

     

    

 

1.2              Cashless
Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the manner as specified
in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares
equal to the value of this Warrant, or portion hereof as to which this Warrant is being exercised. Thereupon, the Company
shall issue to the Holder such number of fully paid and non-assessable Shares as are computed using the following
formula:

 

X = Y(A-B)/A

 

where:

 

		X =	the number of Shares to be issued to the Holder;

 

		Y =	the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered to the Company
in payment of the aggregate Warrant Price);

 

		A =	the Fair Market Value (as determined pursuant to Section 1.3 below) of one Share; and

 

		B =	the Warrant Price.

 

1.3             Fair Market Value. If shares of the Class are then traded or quoted on a nationally recognized securities exchange,
inter-dealer quotation system or over-the-counter market (a “Trading Market”), the fair market value of a Share
shall be the closing price or last sale price of a share of the Class reported for the Business Day immediately before the date
on which Holder delivers this Warrant together with its Notice of Exercise to the Company. If shares of the Class are not then
traded in a Trading Market, the Board of Directors of the Company shall determine the fair market value of a Share in its reasonable
good faith judgment.

 

1.4             Delivery of Certificate and New Warrant. Within a reasonable time after Holder exercises this Warrant in the manner
set forth in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder
upon such exercise and, if this Warrant has not been fully exercised and has not expired, a new warrant of like tenor representing
the Shares not so acquired.

 

1.5             Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably
satisfactory in form, substance and amount to the Company or, in the case of mutilation, on surrender of this Warrant to the Company
for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant
of like tenor and amount.

 

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1.6             
Treatment of Warrant Upon Acquisition of Company.

 

(a)          Acquisition.
For the purpose of this Warrant, “Acquisition” means any transaction or series of related transactions
involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the
Company (ii) any merger or consolidation of the Company into or with another person or entity (other than a merger or
consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which
the stockholders of the Company in their capacity as such immediately prior to such merger, consolidation or reorganization,
own less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power
immediately after such merger, consolidation or reorganization (or, if such Company stockholders beneficially own a majority
of the outstanding voting power of the surviving or successor entity as of immediately after such merger, consolidation or
reorganization, such surviving or successor entity is not the Company); or (iii) any sale or other transfer by the
stockholders of the Company of shares representing at least a majority of the Company’s then-total outstanding combined
voting power; provided, that, for the avoidance of doubt, “Acquisition” shall not include the sale and
issuance by the Company of its equity securities to one or more investors for cash in a transaction or series of related
transactions the principal purpose of which is the bona fide equity financing of the Company.

 

(b)         Treatment of Warrant at Acquisition. In the event
of an Acquisition in which the consideration to be received by the Company’s stockholders consists solely of cash, solely
of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public Acquisition”), and
the fair market value of one Share as determined in accordance with Section 1.3 above would be greater than the Warrant Price in
effect on such date immediately prior to such Cash/Public Acquisition, and Holder has not exercised this Warrant pursuant to Section
1.1 above as to all Shares, then this Warrant shall automatically be deemed to be cashless exercised pursuant to Section 1.2 above
as to all Shares effective immediately prior to and contingent upon the consummation of a Cash/Public Acquisition. In connection
with such cashless exercise, Holder shall be deemed to have restated each of the representations and warranties in Section 4 of
the Warrant as of the date thereof and the Company shall promptly notify the Holder of the number of Shares (or such other securities)
issued upon exercise. In the event of a Cash/Public Acquisition where the fair market value of one Share as determined in accordance
with Section 1.3 above would be less than the Warrant Price in effect immediately prior to such Cash/Public Acquisition, then this
Warrant will expire immediately prior to the consummation of such Cash/Public Acquisition.

 

(c)          Upon the closing of any Acquisition other than a Cash/Public Acquisition, the acquiring, surviving or successor entity shall
assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property
as would have been paid for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were
outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the
provisions of this Warrant.

 

(d)         As
used in this Warrant, “Marketable Securities” means securities meeting all of the following requirements:
(i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and is then current in its filing of all required
reports and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of
the issuer that would be received by Holder in connection with the Acquisition were Holder to exercise this Warrant on or
prior to the closing thereof is then traded in a Trading Market, and (iii) following the closing of such Acquisition, Holder
would not be restricted from publicly re-selling all of the issuer’s shares and/or other securities that would be
received by Holder in such Acquisition were Holder to exercise this Warrant in full on or prior to the closing of such
Acquisition, except to the extent that any such restriction (x) arises solely under federal or state securities laws, rules
or regulations, and (y) does not extend beyond six (6) months from the closing of such Acquisition.

 

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Section 2.         ADJUSTMENTS TO THE SHARES AND WARRANT PRICE.

 

2.1             Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares
of the Class payable in additional shares of the Class or other securities or property (other than cash), then upon exercise of
this Warrant, for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities
and property which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution
occurred. If the Company subdivides the outstanding shares of the Class by reclassification or otherwise into a greater number
of shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately
decreased. If the outstanding shares of the Class are combined or consolidated, by reclassification or otherwise, into a lesser
number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased.

 

2.2             Reclassification, Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding shares of
the Class are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different
class and/or series, then from and after the consummation of such event, this Warrant will be exercisable for the number, class
and series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation
of such event, and subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant.
The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations, substitutions,
replacements or other similar events.

 

2.3             No Fractional Share. No fractional Share shall be issuable upon exercise of this Warrant and the number of Shares
to be issued shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant,
the Company shall eliminate such fractional Share interest by paying Holder in cash the amount computed by multiplying the fractional
interest by (i) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (ii) the then-effective
Warrant Price.

 

2.4             Notice/Certificate as to Adjustments. Upon each adjustment of the Warrant Price, Class and/or number of Shares, the
Company, at the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments
to the Warrant Price, Class and/or number of Shares and facts upon which such adjustment is based. The Company shall, upon written
request from Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such adjustment
and the Warrant Price, Class and number of Shares in effect upon the date of such adjustment.

 

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Section 3.         
REPRESENTATIONS AND COVENANTS OF THE COMPANY.

 

3.1             Representations and Warranties. The Company represents and warrants to, and agrees with, the Holder as follows:

 

(a)          The
initial Warrant Price referenced on the first page of this Warrant is not greater than the fair market value of a share of the
Class as determined by the most recently completed valuation, approved by the Company’s Board of Directors, of the Company’s
stock for purposes of its compliance with Section 409A of the Internal Revenue Code of 1986, as amended.

 

(b)         All Shares which may be issued upon the exercise of this Warrant shall, upon issuance, be duly authorized, validly issued,
fully paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or
under applicable federal and state securities laws. The Company covenants that it shall at all times cause to be reserved and kept
available out of its authorized and unissued capital stock such number of shares of the Class and other securities as will be sufficient
to permit the exercise in full of this Warrant.

 

(c)          The Company’s capitalization table attached hereto as Schedule 1 is true and complete, in all material respects, as
of the Issue Date.

 

3.2             Notice of Certain Events. If the Company proposes at any time to:

 

(a)          declare any dividend or distribution upon the outstanding shares of the Class, whether in cash, property, stock, or other
securities and whether or not a regular cash dividend;

 

(b)         offer for subscription or sale pro rata to the holders of the outstanding shares of the Class any additional shares of any
class or series of the Company’s stock (other than pursuant to contractual pre-emptive rights);

 

(c)          effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding
shares of the Class;

 

(d)          effect an Acquisition or to liquidate, dissolve or wind up; or

 

(e)          effect its initial, underwritten offering and sale of its securities to the public pursuant to an effective registration
statement under the Act (the “IPO”);

 

then, in connection with each such event, the Company shall
give Holder:

 

(1)      
in the case of the matters referred to in (a) and (b) above, at least seven (7) Business Days prior written notice of the
earlier to occur of the effective date thereof or the date on which a record will be taken for such dividend, distribution, or
subscription rights (and specifying the date on which the holders of outstanding shares of the Class will be entitled thereto)
or for determining rights to vote, if any;

 

(2)       in
the case of the matters referred to in (c) and (d) above at least seven (7) Business Days prior written notice of the date
when the same will take place (and specifying the date on which the holders of outstanding shares of the Class will be
entitled to exchange their shares for the securities or other property deliverable upon the occurrence of such event and such
reasonable information as Holder may reasonably require regarding the treatment of this Warrant in connection with such event
giving rise to the notice); and

 

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(3)      
with respect to the IPO, at least seven (7) Business Days prior written notice of the date on which the Company proposes
to file its registration statement in connection therewith.

 

The Company will also provide information requested by Holder
that is reasonably necessary to enable Holder to comply with Holder’s accounting or reporting requirements.

 

Section 4.         
REPRESENTATIONS, WARRANTIES OF THE HOLDER. The Holder represents and warrants to the Company as follows:

 

4.1             Purchase for Own Account. This Warrant and the Shares to be acquired upon exercise of this Warrant by Holder are
being acquired for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or
distribution within the meaning of the Act. Holder also represents that it has not been formed for the specific purpose of acquiring
this Warrant or the Shares.

 

4.2             Disclosure of Information. Holder is aware of the Company’s business affairs and financial condition and has
received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision
with respect to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions
and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities
and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable
effort or expense) necessary to verify any information furnished to Holder or to which Holder has access.

 

4.3             Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves
substantial risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that
Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such
knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment
in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company and certain
of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business
acumen and financial circumstances of such persons.

 

4.4             Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated
under the Act.

 

4.5             The
Act. Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under the
Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature
of the Holder’s investment intent as expressed herein. Holder understands that this Warrant and the Shares issued upon
any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable
state securities laws, or unless exemption from such registration and qualification are otherwise available. Holder is aware
of the provisions of Rule 144 promulgated under the Act.

 

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4.6             
No Voting Rights. Holder, as a Holder of this Warrant, will not have any voting rights until the exercise of this
Warrant.

 

4.7             
Lock-Up Agreement. In connection with the IPO and upon request of the Company or the underwriters managing the IPO,
Holder agrees not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities
of the Company, however or whenever acquired (other than those included in the registration) without the prior written consent
of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days but subject to such extension(s)
as may be required by the underwriters in order to publish research reports while complying with NASD Rule 2711 or NYSE Rule 472
(or any successor rule), as applicable) from the effective date of such registration as may be requested by the Company or such
managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time
of the Company’s initial public offering. In order to enforce the foregoing covenants, the Company may impose stop-transfer
instructions with respect to the securities of Holder (and the securities of every other person subject to the restrictions in
this Section 4.7. The underwriters in connection with the IPO are intended third party beneficiaries of this Section 4.7 and shall
have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The agreements of Holder
in this Section 4.7 shall be effective only if all directors and officers of the Company, and all holders of one percent (1%) or
more of the Company’s common stock (determined on an as-exercise, as-converted basis) are then subject to substantially similar
written agreements with the Company and/or such underwriters.

 

Section 5.         
MISCELLANEOUS.

 

5.1             
Term; Automatic Cashless Exercise Upon Expiration.

 

(a)         Term. Subject to the provisions of Section 1.6 above,
this Warrant is exercisable in whole or in part at any time and from time to time on or before 6:00 PM, Pacific time, on the Expiration
Date and shall be void thereafter.

 

(b)         Automatic Cashless Exercise upon Expiration. In the event that, upon the Expiration Date, the fair market value of
one Share as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this
Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares for
which it shall not previously have been exercised, and the Company shall, within a reasonable time, deliver a certificate representing
the Shares issued upon such exercise to Holder.

 

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5.2             
Legends. Each certificate evidencing Shares shall be imprinted with a legend in substantially the following form:

 

THE SHARES EVIDENCED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE
AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE ISSUER TO SILICON VALLEY BANK DATED AUGUST , 2015,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION
OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH
REGISTRATION.

 

together with a legend in substantially
the following form if then applicable:

 

THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD AFTER THE EFFECTIVE DATE OF THE ISSUER’S REGISTRATION STATEMENT FILED UNDER THE
ACT, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH
MAY BE OBTAINED AT THE ISSUER’S PRINCIPAL OFFICE. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES.

 

5.3             Compliance with Securities Laws on Transfer. This Warrant and the Shares issued upon exercise of this Warrant may
not be transferred or assigned in whole or in part except in compliance with applicable federal and state securities laws by the
transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions
reasonably satisfactory to the Company, as reasonably requested by the Company). The Company shall not require Holder to provide
an opinion of counsel if the transfer is to SVB Financial Group (Silicon Valley Bank’s parent company) or any other affiliate
of Holder, provided that any such transferee is an “accredited investor” as defined in Regulation D promulgated under
the Act. Additionally, the Company shall also not require an opinion of counsel if there is no material question as to the availability
of Rule 144 promulgated under the Act.

 

5.4             Transfer
Procedure. After receipt by Silicon Valley Bank of the executed Warrant, Silicon Valley Bank will transfer all of this
Warrant to its parent company, SVB Financial Group. By its acceptance of this Warrant, SVB Financial Group hereby makes to
the Company each of the representations and warranties set forth in Section 4 hereof and agrees to be bound by all of the
terms and conditions of this Warrant as if the original Holder hereof. Subject to the provisions of Section 5.3 and upon
providing the Company with written notice, SVB Financial Group and any subsequent Holder may transfer all or part of this
Warrant or the Shares issued upon exercise of this Warrant to any transferee, provided, however, in connection with any such
transfer, SVB Financial Group or any subsequent Holder will give the Company notice of the portion of the Warrant and/or
Shares being transferred with the name, address and taxpayer identification number of the transferee and Holder will
surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable); and provided further,
that any subsequent transferee other than SVB Financial Group shall agree in writing with the Company to be bound by all of
the terms and conditions of this Warrant. Notwithstanding any contrary provision herein, at all times prior to the IPO,
Holder may not, without the Company’s prior written consent, transfer this Warrant or any portion hereof, or any Shares
issued upon any exercise hereof, to any person or entity who directly competes with the Company, except in connection with an
Acquisition of the Company by such a direct competitor.

 

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5.5             
Notices. All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed
delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class
registered or certified mail, postage prepaid, (iii) upon actual receipt if given by facsimile or electronic mail and such receipt
is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier
service, courier fee prepaid, in any case at such address as may have been furnished to the Company or Holder, as the case may
be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.5. All notices
to Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a transfer
or otherwise:

 

SVB Financial Group

Attn: ##############

##############

Telephone: ##############

Facsimile: ##############

Email address: ##############

 

Notice to the Company shall be addressed as follows until Holder
receives notice of a change in address:

 

Affirm, Inc.

Attn: ##############

##############

Telephone:

Facsimile:

Email:

 

With a copy (which shall not
constitute notice) to:

 

Goodwin Procter LLP

Attn: ##############

##############

Telephone: ##############

Facsimile: ##############

Email: ##############

 

5.6             
Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in
a particular instance and either retroactively or prospectively) only by an instrument in writing signed by the party against which
enforcement of such change, waiver, discharge or termination is sought.

 

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5.7             Attorneys’
Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing
in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’
fees.

 

5.8             Counterparts; Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together
shall constitute one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the
same extent as an original signature page with regards to any agreement subject to the terms hereof or any amendment thereto.

 

5.9             Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of California,
without giving effect to its principles regarding conflicts of law.

 

5.10           Headings. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect
the meaning of any provision of this Warrant.

 

5.11           Business Days. “Business Day” is any day that is not a Saturday, Sunday or a day
on which Silicon Valley Bank is closed.

 

[Remainder of page left blank intentionally]

 

[Signature page follows]

 

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IN WITNESS WHEREOF, the parties have caused
this Warrant to Purchase Stock to be executed by their duly authorized representatives effective as of the Issue Date written above.

 

	“COMPANY”	 
	 	 
	AFFIRM, INC.	 
	 	 
	By.	 /s/ Rob Pfeifer	 

 

	Name:	 Rob Pfeifer	 
	 	(Print)	 
	 	 
	Title: Vice President of Financial Planning and Analysis	 
	 	 
	“HOLDER”	 
	 	 
	SILICON VALLEY BANK	 

 

	By:	          	 

 

	Name:	 	 
	 	(Print)	 
	 	 
	Title:	 

 

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IN WITNESS WHEREOF, the parties have caused
this Warrant to Purchase Stock to be executed by their duly authorized representatives effective as of the Issue Date written above.

 

	“COMPANY”	 
	 	 
	AFFIRM, INC.	 
	 	 
	By:	              	 

 

	Name:	  	 
	 	(Print)	 
	 	 
	Title: 	 
	 	 
	“HOLDER”	 
	 	 
	SILICON VALLEY BANK	 

 

	By:	/s/ Denny Boyle	 

 

	Name:	Denny Boyle	 
	 	(Print)	 
	 	 
	Title:  Director	 

 

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APPENDIX 1

 

NOTICE OF EXERCISE

 

	1.	The undersigned Holder hereby exercises its right to purchase _______ shares of the Common/Series ________ Preferred [circle
one] Stock of ________ (the “Company”) in accordance with the attached Warrant To Purchase Stock, and tenders
payment of the aggregate Warrant Price for such shares as follows:

 

	 	[ ]	check in the amount of $ _____ payable to order of the Company enclosed herewith
	 	[ ]	Wire transfer of immediately available funds to the Company’s account
	 	[ ]	Cashless Exercise pursuant to Section 1.2 of the Warrant
	 	[ ]	Other [Describe]

 

	2.	Please issue a certificate or certificates representing the Shares in the name specified below:

 

	
  
	Holder’s Name
	 
	
  
	
  
	(Address)

 

	3.	By its execution below and for the benefit of the Company, Holder hereby restates each of the representations and warranties
in Section 4 of the Warrant to Purchase Stock as of the date hereof.

 

	 	HOLDER:

	 	By:	       

	 	Name:	       

	 	Title:	       

	 	(Date):	       

 

    Schedule 1Exhibit 4.6

 

THIS WARRANT AND THE SECURITIES ISSUABLE
UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR
HYPOTHECATED EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE SECURITIES ACT AND ANY APPLICABLE
STATE SECURITIES LAWS.

 

	Warrant No. CSW-SHOP-2	Date of Issuance:
September 1, 2020

 

Number of Shares of Common Stock: As set
forth on Exhibit A

(subject to adjustment)

 

Affirm Holdings, Inc.

 

Stock Purchase Warrant

 

Affirm Holdings, Inc., a Delaware corporation
(the “Company”, and which shall include any corporation or other entity that succeeds to the Company’s
obligations under this Warrant, whether by permitted assignment, by merger or consolidation or otherwise), for value received,
hereby certifies that Shopify Inc., a corporation governed by the laws of Canada, or its registered assigns (the “Registered
Holder”), is entitled, subject to the terms set forth below and including the terms relating to vesting and exercise
set forth on Exhibit A attached hereto, to purchase from the Company, at any time after the date hereof and on or before
the Expiration Date (as defined in Section 8) the number of shares set forth above of common stock of the Company, par value of
$0.00001 per share (“Common Stock”), at a price of $0.01 per share. The shares purchasable upon exercise of
this Warrant, and the purchase price per share, each as adjusted from time to time pursuant to the provisions of this Warrant,
are hereinafter referred to as the “Warrant Stock” and the “Purchase Price,” respectively.

 

This Warrant is issued pursuant to, and
is subject to the terms and conditions of, the Customer Installment Program Agreement between Affirm, Inc. and Shopify Inc. dated
as of July 16, 2020, the Effective Date of the Customer Installment Program Agreement (the “Agreement”).

 

Warrant No. CSW-SHOP-1 (the “Original
Warrant”) was originally issued by the Company on July 16, 2020 (the “Original Date of Issuance”).
The Registered Holder partially exercised the Original Warrant and this Warrant is issued as a Replacement Warrant (as defined
below) pursuant to Section 2(c).

 

    	 	 	 

     

    

 

The following is a statement of the rights
of the Registered Holder and the conditions to which this Warrant is subject, and to which the Registered Holder, by the acceptance
of this Warrant, agrees:

 

1.           Number
of Shares. Subject to the terms and conditions hereinafter set forth, including on Exhibit A attached hereto,
the Registered Holder is entitled, upon surrender of this Warrant, to purchase from the Company the number of shares (subject
to adjustment as provided herein) of Warrant Stock first set forth above.

 

2.           Exercise.

 

		(a)	Method of Exercise. This Warrant may be exercised by the Registered Holder, in whole
or in part, at any time or from time to time on any day before the Expiration Date, subject to the terms and conditions set forth
on Exhibit A attached hereto, by delivering a purchase/exercise form in the form appended hereto as Exhibit B duly
executed by such Registered Holder or by such Registered Holder’s duly authorized attorney, at the principal office of the
Company, or at such other office or agency as the Company may designate, along with a copy of this Warrant.

 

		(b)	Payment. Unless the Registered Holder is exercising this Warrant pursuant to a Net
Issue Exercise in the manner specified in Section 2(d), the Registered Holder shall also, as a condition to any exercise, deliver
to the Company payment in full for the Purchase Price payable in respect of the number of shares of Warrant Stock purchased upon
such exercise. The Purchase Price may be paid by cash, check, wire transfer, or by the surrender of promissory notes of the Company
to the Registered Holder.

 

		(c)	Partial Exercise. Upon a partial exercise of this Warrant, this Warrant shall be
cancelled and replaced with a new Warrant (the “Replacement Warrant”) on terms identical to those contained
in this Warrant, except that the maximum number of shares of Warrant Stock issuable upon exercise is equal to the maximum number
of shares of Warrant Stock issuable under this Warrant (as set forth above) reduced by (i) the number of shares of Warrant Stock
set forth on the purchase/exercise form or (ii) the number of shares calculated pursuant to Section 2(d), as applicable.

 

		(d)	Net Issue Exercise.

 

		(i)	In lieu of exercising this Warrant and delivering payment in the manner provided in Section 2(b),
the Registered Holder may elect to exercise all or any portion of this Warrant by net exercise by giving notice of such election
on the purchase/exercise form appended hereto as Exhibit B duly executed by such Registered Holder or by such Registered
Holder’s duly authorized attorney, at the principal office of the Company, or at such other office or agency as the Company
may designate, along with a copy of this Warrant, in which event the Company shall issue to such Registered Holder a number of
shares of Warrant Stock computed using the following formula:

 

	 	X=	Y (A - B)

      A

 

    	 	2	 

     

    

 

	 	where	 
	 	 	 
	 	X=	the number of
shares of Warrant Stock to be issued to the Registered Holder.
	 	 	 

		Y=	the number of shares of Warrant Stock purchasable under this Warrant as set out on the purchase/exercise
form.
	 	 	 

		A =	the fair market value of one share of Warrant Stock on the date of such net exercise.
	 	 	 
	 	B =	the
Purchase Price.

 

		(ii)	For purposes of this Section 2(d), the “fair market value of Warrant Stock on the date of
net exercise” shall mean with respect to each share of Warrant Stock:

 

	(A)	if the exercise is in connection with consummation of the sale of the securities of the Company
(or an affiliate (as defined in Rule 405 under the Securities Act) thereof) pursuant to a registration statement filed by the Company
(or an affiliate thereof) under the Securities Act), in connection with a firm commitment underwritten offering to the general
public (an “IPO”), and if the Company’s registration statement relating to such public offering has been
declared effective by the Securities and Exchange Commission, then the fair market value shall be the initial “Price to Public”
per share specified in the final prospectus with respect to the offering;
	 	 

	(B)	if (A) is not applicable, the fair market value of Warrant Stock shall be at the per share valuation
as determined by an independent third-party valuation firm within the prior twelve (12) months approved in good faith by the Company’s
Board of Directors (the “Board”), unless the Company is at such time subject to a consolidation or merger of
the Company with or into another corporation (other than a consolidation or merger in which the Company is the surviving entity),
or any transfer of all or substantially all of the assets of the Company, in which case the fair market value of Warrant Stock
shall be deemed to be the value received by the holders of such stock pursuant to such acquisition.
	 	 

		(e)	Issuance of Stock. Upon exercise of the Warrant and as a condition of such exercise,
the Registered Holder shall become (if not already) party to (i) that certain Amended and Restated Voting Agreement, dated June
18, 2019, by and among the Company and the other parties named therein, as amended from time to time (the “Voting Agreement”),
by delivering an adoption agreement in the form appended hereto as Exhibit D duly executed by such Registered Holder, and
(ii) that certain Investors’ Rights Agreement, dated June 18, 2019, by and among the Company and the other parties named
therein, as amended from time to time (the “Investors’ Rights Agreement”), by delivering a joinder in
the form appended hereto as Exhibit E duly executed by such Registered Holder. As soon as practicable after the exercise
of this Warrant in whole or in part, and in any event within ten (10) business days thereafter,
the Company will, at its expense, cause to be issued in the name of, and delivered to, the Registered Holder:

 

		(i)	certificate or certificates for the number of shares of Warrant Stock to which such Registered
Holder shall be entitled;

 

    	 	3	 

     

    

 

		(ii)	in case such exercise is in part only, a Replacement Warrant as provided in Section 2(c);
and,

 

		(iii)	if applicable, a check payable to the Registered Holder for any cash amounts payable as described
in Section 12.

 

		(f)	Automatic Exercise. If this Warrant remains outstanding as of the Expiration Date
then, at such time, this Warrant shall, automatically and without any action on the part of the Registered Holder, be exercised
pursuant to Section 2(d) effective immediately prior to the termination of this Warrant pursuant to Section 8, unless the Registered
Holder shall have earlier provided written notice to the Company that the Registered Holder desires that this Warrant terminate
unexercised. If this Warrant is automatically exercised pursuant to this Section 2(f) the Company shall notify the Registered Holder
of such exercise as soon as reasonably practicable.

 

		(g)	Effective Time of Exercise. Each exercise of this Warrant shall be deemed to have
been made upon the satisfaction of all of the conditions set forth herein. At such time, the person or persons in whose name or
names any certificates for Warrant Stock shall be issuable upon such exercise as provided herein shall be deemed to have become
the holder or holders of record of the Warrant Stock represented by such certificates.

 

3.           Adjustments.

 

		(a)	Stock Splits and Dividends. The Purchase Price and the number of shares of Warrant
Stock for which this Warrant remains exercisable shall each be proportionally adjusted to reflect any stock dividend, stock split,
reverse stock split or other similar event affecting the number of outstanding shares of Warrant Stock.

 

		(b)	Adjustment for Other Dividends and Distributions. In case the Company shall make
or issue, or shall fix a record date for the determination of eligible holders entitled to receive, a dividend or other distribution
payable with respect to the Warrant Stock that is payable in (a) securities of the Company (other than issuances with respect to
which adjustment is made under Section 3(a) or Section 3(c)) or (b) assets (other than cash) which dividend or distribution is
actually made (each a “Dividend Event”), then, and in each such case, Registered Holder, upon exercise of this
Warrant at any time after such Dividend Event, shall receive, in addition to the shares of Warrant Stock, the securities or such
other assets of the Company that would have been payable to Registered Holder if Registered Holder had completed such exercise
of this Warrant immediately prior to such Dividend Event.

 

    	 	4	 

     

    

 

		(c)	Adjustment for Reorganization, Consolidation, Merger. In case of any recapitalization
or reorganization of the Company or in case the Company shall consolidate with or merge into one or more other corporations
or entities which results in a change of the Warrant Stock (each, a “Reorganization Event”), then, and in each
such case, Registered Holder, upon the exercise of this Warrant after such Reorganization Event, shall be entitled to receive,
in lieu of the stock or other securities and property that Registered Holder, would have been entitled to receive upon such exercise
prior to such Reorganization Event, the stock or other securities or property which Registered Holder, would have been entitled
to receive upon such Reorganization Event if, immediately prior to such Reorganization Event, Registered Holder, had completed
such exercise of this Warrant, all subject to further adjustment as provided in this Warrant. If after such Reorganization Event
the Warrant is exercisable for securities of a corporation or entity other than the Company, then such corporation or entity shall
duly execute and deliver to Registered Holder, a supplement hereto acknowledging such corporation’s or other entity’s
obligations under this Warrant, and in each such case the terms of this Warrant shall be applicable to the shares of stock or other
securities or property receivable upon the exercise of this Warrant after the consummation of such Reorganization Event.

 

		(d)	No Change Necessary. The form of this Warrant need not be changed because of any
adjustment in the Purchase Price or in the number of shares of Warrant Stock issuable upon its exercise.

 

		(e)	Notice. The Company shall provide prompt notice to the Registered Holder, using commercially
reasonable efforts to provide such notice at least 5 business days in advance, of any adjustment made pursuant to this Section
3; provided that, for notice in connection with a Reorganization Event, if providing such notice would cause the Company to violate
any contractual or other restrictions that the Company is then subject to with respect to confidentiality of a particular transaction
or otherwise, the Company shall only be required to provide to the Registered Holder such form of notice and upon such timing that
the Company is required to provide to holders of shares of the same series and class of stock as the Warrant Stock. The Company
will also provide information requested by Registered Holder that is reasonably necessary to enable Registered Holder to comply
with Registered Holder’s accounting or reporting requirements.

 

4.           Transfers.

 

		(a)	Unregistered Security. Each holder of this Warrant acknowledges that, as of the date
hereof, none of the Company’s securities (including this Warrant and the Warrant Stock) have been registered under the Securities
Act, and agrees not to sell, pledge, distribute, offer for sale, transfer or otherwise dispose of this Warrant or any Warrant Stock
issued upon its exercise (or any securities issued by the Company upon conversion or exchange thereof) in the absence of (i) an
effective registration statement under the Securities Act as to the sale of any such securities and registration or qualification
of such securities under any applicable U.S. federal or state securities law then in effect, or (ii) an opinion of counsel, satisfactory
to the Company, that such registration and qualification are not required. Each certificate or other instrument for Warrant Stock
issued upon the exercise of this Warrant (and any securities issued by the Company upon conversion or exchange thereof) shall bear
a legend substantially to the foregoing effect. The Warrant Stock issuable pursuant to this Warrant
shall have the registration rights described in Section 7 hereto.

 

    	 	5	 

     

    

 

		(b)	Transferability. Subject to the provisions of Section 4(a) hereof, this Warrant and
all rights hereunder are transferable, in whole or in part, to an affiliate (as defined in Rule 405 under the Securities Act) of
the Registered Holder upon surrender of this Warrant with a properly executed assignment (in the form of Exhibit C hereto)
at the principal office of the Company.

 

		(c)	Warrant Register. The Company will maintain a register containing the names and addresses
of the Registered Holder(s) of this Warrant. Until any transfer of this Warrant is made in the warrant register, the Company may
treat the Registered Holder of this Warrant as the absolute owner hereof for all purposes. Any Registered Holder may change such
Registered Holder’s address as shown on the warrant register by written notice to the Company requesting such change.

 

5.           Representations and Warranties of the Registered Holder. The Registered Holder hereby represents and warrants
to the Company that:

 

		(a)	Authorization. The Registered Holder has full power and authority to enter into this
Warrant. The Warrant, when executed and delivered by the Registered Holder, will constitute a valid and legally binding obligation
of the Registered Holder, enforceable in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally,
and as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies.

 

		(b)	Purchase Entirely for Own Account. This Warrant is issued to the Registered Holder
in reliance upon the Registered Holder’s representation to the Company, which by the Registered Holder’s acceptance
of this Warrant, the Registered Holder hereby confirms, that the Warrant to be acquired by the Registered Holder and the Warrant
Stock (and any securities issued by the Company upon conversion or exchange thereof) (collectively, the “Securities”)
will be acquired for investment for the Registered Holder’s own account, not as a nominee or agent, and not with a view to
the resale or distribution of any part thereof.

 

		(c)	Restricted Securities. The Registered Holder understands that the Securities have
not been, and, other than as provided herein, will not be, registered under the Securities Act, by reason of a specific exemption
from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the
investment intent and the accuracy of the Registered Holder’s representations as expressed herein. The Registered Holder
understands that unless and until registered the Securities are “restricted securities” under applicable U.S. federal
and state securities laws and that, pursuant to these laws, the Registered Holder must hold the Securities indefinitely unless
they are registered with the Securities and Exchange Commission and, if applicable, qualified by state authorities, or an exemption
from such registration and qualification requirements is available. The Registered Holder understands that no public market now
exists for any of the securities issued by the
Company, and that the Company has made no assurances that a public market will ever exist for the Securities.

 

    	 	6	 

     

    

 

		(d)	Accredited Investor. The Registered Holder is an accredited investor as defined in
Rule 501(a) of Regulation D promulgated under the Securities Act.

 

		(e)	Market Stand-Off Agreement. The Registered Holder agrees that, in connection with
an IPO, the Warrant Stock shall be subject to the “lock-up” provisions in Section 1.14 of the Investors’
Rights Agreement, and the Registered Holder agrees to execute an agreement reflecting Section 1.14 of the Investors’ Rights
Agreement as may be requested by the Company or the managing underwriters at the time of an IPO.

 

6.           Representations, Warranties and Covenants of the Company. The Company hereby represents and warrants to the
Registered Holder that:

 

		(a)	Corporate Power. The Company has full power and authority to execute, deliver and
issue this Warrant. The Warrant, when executed and delivered by the Company, will constitute a valid and legally binding obligation
of the Company, enforceable in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally,
and as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies.

 

		(b)	Authorization. All corporate action on the part of the Company, its directors and
stockholders necessary for the authorization, execution, issuance, delivery and performance by the Company of this Warrant has
been taken.

 

		(c)	Capitalization. The authorized capital stock of the Company consisted, immediately
prior to the Original Date of Issuance, of:

 

		(i)	255,000,000 shares of Common Stock, 47,677,601 shares of which are issued and outstanding. All
of the outstanding shares of Common Stock have been duly authorized, are fully paid and nonassessable and were issued in compliance
with all applicable federal and state securities laws.

 

		(ii)	124,453,009 shares of Preferred Stock, 21,428,572 shares of which have been designated Series A
Preferred Stock, all shares of which are issued and outstanding; 19,788,417 shares of which have been designated Series B Preferred
Stock, all shares of which are issued and outstanding; 15,129,141 shares of which have been designated Series C Preferred Stock,
13,802,530 shares of which are issued and outstanding; 22,705,526 shares of which have been designated Series D Preferred Stock,
22,318,532 shares of which are issued and outstanding; 21,391,882 shares of which have been designated Series E Preferred Stock,
all shares of which are issued and outstanding; and 24,009,471 shares of which have been designated Series F Preferred Stock, 23,386,038
shares of which are issued and outstanding. All of the outstanding shares of Preferred Stock have been duly authorized, are fully
paid and nonassessable and were issued in compliance with all applicable federal and state securities laws.

 

    	 	7	 

     

    

 

		(iii)	The Company has reserved 70,609,793 shares of Common Stock for issuance to officers, directors,
employees and consultants of the Company pursuant to its equity compensation plan(s) which have been duly adopted by the Board
and approved by the Company’s holders of outstanding voting stock (collectively, the “Stock Plan”). Of
such reserved shares of Common Stock, 8,176,950 restricted stock units have been granted and are currently outstanding, options
to purchase 42,510,730 shares have been granted and are currently outstanding and 4,995,334 shares of Common Stock remain available
for issuance to officers, directors, employees and consultants pursuant to the Stock Plan.

 

		(iv)	Except for conversion privileges of the Preferred Stock, conversion privileges of the convertible
promissory notes issued pursuant to the Note Purchase Agreement, dated as of April 29, 2020, by and among the Company and the parties
thereto, warrants to purchase 706,065 shares of Common Stock and the outstanding options issued pursuant to the Stock Plan, and
except as set forth in the Investors’ Rights Agreement, a true correct copy of which has been made available to the Registered
Holder, there are no outstanding options, warrants, rights (including conversion or preemptive rights and rights of first refusal
or similar rights) or agreements, orally or in writing, for the purchase or acquisition from the Company of any shares of its capital
stock.

 

		(d)	On the Original Date of Issuance, the Company delivered to the Registered Holder an opinion of
counsel (including a capitalization opinion) in form and substance reasonably satisfactory to the Registered Holder.

 

		(e)	Reservation of Warrant Stock. The Warrant Stock issuable upon exercise of this Warrant
(and any securities issuable by the Company upon conversion or exchange thereof) has been duly authorized and validly reserved
by the Company and when issued in accordance with the provisions of this Warrant will be validly issued, fully paid and non-assessable,
and will be free of any taxes, liens, mortgages, charges, security interests, preemptive rights, transfer or other restrictions
or other claims or third party’s rights or encumbrances of any nature whatsoever; provided, however, that the Warrant Stock
issuable pursuant to this Warrant may be subject to restrictions on transfer under state and/or federal securities laws.

 

		(f)	Offering. Subject in part to the truth and accuracy of the Registered Holder’s
representations set forth in Section 5 hereof, the offer, issuance and sale of this Warrant is, and the issuance of the Warrant
Stock upon exercise of this Warrant (and the issuance of any securities issuable by the Company upon conversion or exchange thereof)
will be, exempt from the registration requirements of the Securities Act, and are exempt from the qualification requirements of
any applicable state securities laws; and neither the Company nor anyone acting on its behalf will take any action hereafter that
would cause the loss of such exemptions.

 

    	 	8	 

     

    

 

		(g)	Charter Documents. The Company has provided the Registered Holder with true and complete
copies of the Company’s currently effective Certificate of Incorporation, Bylaws, and each Certificate of Designation or
other charter document setting forth any rights, preferences and privileges of
the Company’s capital stock, each as amended and in effect on the Original Date of Issuance. The Company shall not, by amendment
of the Certificate of Incorporation, Bylaws or other organizational or charter documents or through a reorganization, transfer
or sale of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek
to avoid the observance or performance of any of the terms to be observed or performed under this Warrant, but shall at all times
in good faith assist in carrying out of all the provisions of this Warrant and in taking all such action as may be reasonably necessary
or appropriate to protect the rights of the Registered Holder under this Warrant against impairment. However, the Company shall
not be deemed to have impaired the rights of the Registered Holder if the Certificate of Incorporation is amended, or the holders
of the Company’s Preferred Stock waive their rights thereunder, in a manner that does not (individually or when considered
in the context of any other actions being taken in connection with such amendments or waivers) affect the Registered Holder in
a manner different from the effect that such amendments or waivers have on the rights of other holders of the same series and class
as the Warrant Stock; provided, however, that, notwithstanding the foregoing, the Company shall not impose any restrictions on
the transferability or alienability of the Warrant Stock other than as may be in effect as of the Original Date of Issuance without
the express written consent of the Registered Holder.

 

		(h)	Financial and Other Reports. Until the Expiration Date, the Company shall furnish
to the Registered Holder, solely to the extent necessary for purposes of the Registered Holder’s compliance (as determined
by the Registered Holder in its reasonable discretion) with regulatory, accounting and reporting requirements applicable to the
Registered Holder, (i) within 180 days after the close of each fiscal year of the Company, audited financial statements of the
Company and the notes thereto including a balance sheet, together with an income statement and a cash flow statement, for such
fiscal year; (ii) promptly after the closing of each equity financing consummated by the Company after the Original Date of Issuance,
a post-closing summary capitalization table and other information relating to the then-current valuation of the Company including
any 409A valuation (or equivalent) reports, provided, however, that the Company shall not be obligated to furnish a capitalization
table or valuation following the repurchase of the Company’s outstanding common shares from former employees (the “Repurchased
Shares”) and the subsequent resale of all or part of the Repurchased Shares if the Repurchased Shares represent less
than 5% of the Company’s issued and outstanding common shares, on a fully-diluted basis, at the time of repurchase, and (iii)
at any time and from time to time, such information as the Registered Holder may reasonably request ((i) through (iii) collectively
the “Information Rights”). Any such information provided to the Registered Holder pursuant to the Information
Rights shall be used by the Registered Holder solely for such regulatory, accounting and reporting requirements. Notwithstanding
anything in this Section 6(h) to the contrary, if in connection with a Liquidation Transaction (as defined below) the Registered
Holder receives securities of a privately held company, then the Information Rights described in this Section 6(h) shall be deemed
to continue to apply to such company which shall be obligated by the provisions hereof.

 

    	 	9	 

     

    

 

7.           Registration
Rights; Voting Agreement.

 

		(a)	The Warrant Stock issuable pursuant to this Warrant shall have registration rights as set forth
in Section 1 of the Investors’ Rights Agreement and shall be Registrable Securities as defined therein. The provisions set
forth in the Investors’ Rights Agreement relating to such registration rights in effect as of the Original Date of Issuance
may not be amended, modified or waived by the Company without the prior written consent of the Registered Holder unless such amendment,
modification or waiver affects the rights under the Investors’ Rights Agreement associated with the Warrant Stock in the
same manner as such amendment, modification, or waiver affects the rights under the Investors’ Rights Agreement associated
with all other shares of the same series and class of stock as the Warrant Stock.

 

		(b)	The Warrant Stock issuable pursuant to this Warrant shall be subject to the “Drag Along Right”
set forth in Section 4 of the Voting Agreement, subject to the conditions set forth therein which section is incorporated herein
by reference.

 

8.           Termination. This Warrant (and the right to purchase securities upon exercise hereof) shall terminate upon
the earliest to occur of the following (the “Expiration Date”):

 

		(a)	the tenth (10th) anniversary of the Original Date of Issuance first set forth above, or

 

		(b)	a Liquidation Transaction (as defined in the Company’s Certificate of Incorporation), or

 

		(c)	immediately prior to an IPO,

 

provided that the Registered Holder shall
be given reasonable notice of such Liquidation Transaction or IPO (and the Company shall use commercially reasonable efforts to
provide such notice at least 5 business days in advance of the Liquidation Transaction or IPO) and the opportunity to exercise
this Warrant prior to or concurrently with such Liquidation Transaction or IPO.

 

9.           Notices of Certain Transactions. In case:

 

		(a)	the Company shall take a record of the holders of its outstanding stock of the same class as the
Warrant Stock (or other stock or securities at the time deliverable upon the exercise of this Warrant) for the purpose of entitling
or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares
of stock of any class or any other securities, or to receive any other right, or

 

		(b)	of any capital reorganization of the Company, any reclassification of the capital stock of the
Company, any consolidation or merger of the Company, or any Liquidation Transaction,

 

    	 	10	 

     

    

 

then, and in each such case, the
Company will mail or cause to be mailed to the Registered Holder of this Warrant a notice specifying, as the case may be, (i)
the date on which a record is to be taken for the purpose of such dividend, distribution or right, and stating the amount and
character of such dividend, distribution or right, or (ii) the effective date on which such reorganization, reclassification,
consolidation, merger, transfer, dissolution, liquidation, winding-up, redemption or conversion is to take place, and the
time, if any is to be fixed, as of which the holders of record of the Company’s outstanding stock of the same class as
the Warrant Stock (or such other stock or securities at the time deliverable upon such reorganization, reclassification,
consolidation, merger, transfer, dissolution, liquidation, winding--up, redemption or conversion) are to be determined. Such
notice shall be mailed at least 5 business days prior to the record date or effective date for the event specified in such
notice. In addition, the Company shall use commercially reasonable efforts to provide the Registered Holder with prompt
written notice of any amendment to the term “Liquidation Transaction” set forth in the Company’s
Certificate of Incorporation. Notwithstanding anything to the contrary set forth in this Section 9, if providing any
contemplated notice would cause the Company to violate any contractual or other restrictions that the Company is subject to
with respect to confidentiality of a particular transaction or otherwise, the Company shall only be required to provide to
the Registered Holder such form of notice and upon such timing that the Company is required to provide to holders of shares
of the same series and class of stock as the Warrant Stock.

 

10.         Replacement of Warrants. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant and (in the case of loss, theft or destruction) upon delivery of an indemnity agreement
(with surety if reasonably required) in an amount reasonably satisfactory to the Company, or (in the case of mutilation) upon surrender
and cancellation of this Warrant, the Company will issue, in lieu thereof, a new Warrant of like tenor.

 

11.        No Rights as Stockholder. Until the exercise of this Warrant, the Registered Holder of this Warrant shall not
have or exercise any rights by virtue hereof as a stockholder of the Company.

 

12.        No Fractional Shares. No fractional shares of Warrant Stock will be issued in connection with any exercise hereunder.
In lieu of any fractional shares which would otherwise be issuable, the Company shall pay cash equal to the product of such fraction
multiplied by the fair market value of one share of Warrant Stock on the date of exercise, as determined in accordance with Section
2(d)(ii).

 

13.        Survival of Representations. Unless otherwise set forth in this Warrant, the representations, warranties and
covenants contained in or made pursuant to this Warrant shall survive the execution and delivery of this Warrant.

 

14.        Attorney’s Fees. If any action at law or in equity (including arbitration) is necessary to enforce or interpret
the terms of any of this Warrant, the prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary
disbursements in addition to any other relief to which such party may be entitled.

 

    	 	11	 

     

    

 

15.        Right of First Refusal.

 

		(a)	Right of First Refusal. In the event that the Registered Holder proposes to sell,
pledge or otherwise transfer to a third party any Securities, or any interest in Securities, the Company shall have a right of
first refusal with respect to all or any portion of such Securities (the “Right of First Refusal”). If the Registered
Holder desires to transfer Securities, the Registered Holder shall give a written notice of transfer to the Company describing
fully the proposed transfer, including
the number of Securities proposed to be transferred, the proposed transfer price, the name and address of the proposed transferee
(the “Transferee”) and proof satisfactory to the Company that the proposed sale or transfer will not violate
any applicable federal, state or foreign securities laws (the “Transfer Notice”). The Transfer Notice shall
be signed both by the Registered Holder and by the proposed Transferee and must constitute a binding commitment of both parties
to the transfer of the Securities. The Company shall have the right to purchase all or any portion of the Securities on the terms
of the proposal described in the Transfer Notice (subject, however, to any change in such terms permitted under subsection (b)
below) by delivery of a notice of exercise of the Right of First Refusal within 30 days after the date when the Transfer Notice
was received by the Company.

 

		(b)	Transfer of Shares. If the Company fails to exercise its Right of First Refusal within
30 days after receiving the Transfer Notice, the Registered Holder may, not later than 90 days after the Company received the Transfer
Notice, conclude a transfer of the Securities subject to the Transfer Notice on the terms and conditions described in the Transfer
Notice, provided that any such sale is made in compliance with applicable federal, state and foreign securities laws and not in
violation of any other contractual restrictions to which the Registered Holder is bound. Any proposed transfer on terms and conditions
different from those described in the Transfer Notice, as well as any subsequent proposed transfer by the Registered Holder, shall
again be subject to the Right of First Refusal and shall require compliance with the procedure described in subsection (a) above.
If the Company exercises its Right of First Refusal, the parties shall consummate the sale of the Securities on the terms set forth
in the Transfer Notice within 60 days after the Company received the Transfer Notice (or within such longer period as may have
been specified in the Transfer Notice); provided, however, that in the event the Transfer Notice provided that payment for the
Securities was to be made in a form other than cash or cash equivalents paid at the time of transfer, the Company shall have the
option of paying for the Securities with cash or cash equivalents equal to the present value of the consideration described in
the Transfer Notice.

 

		(c)	Additional or Exchanged Securities and Property. In the event of a merger or consolidation
of the Company with or into another entity, any other corporate reorganization, a stock split, the declaration of a stock dividend,
the declaration of an extraordinary dividend payable in a form other than stock, a spin-off, an adjustment in conversion ratio,
a recapitalization or a similar transaction affecting the Company’s outstanding securities, any securities or other property
(including cash or cash equivalents) that are by reason of such transaction exchanged for, or distributed with respect to, any
Securities subject to this Section 15 shall immediately be subject to the Right of First Refusal. Appropriate adjustments to reflect
the exchange or distribution of such securities or property shall be made to the number and/or class of the Securities subject
to this Section 15.

 

		(d)	Termination of Right of First Refusal. Any other provision of this Section 15 notwithstanding,
in the event that the shares of Warrant Stock are readily tradable on an established securities market when the Registered Holder
desires to transfer Securities, the Company shall have no Right of
First Refusal, and the Registered Holder shall have no obligation to comply with the procedures prescribed by this Section 15.

 

    	 	12	 

     

    

 

		(e)	Permitted Transfers. This Section 15 shall not apply to a transfer to an affiliate
(as defined in Rule 405 under the Securities Act) of the Registered Holder, provided that the transferee agrees in writing on a
form prescribed by the Company to be bound by all provisions of this Warrant. If the Registered Holder transfers any Securities,
either under this subsection (e) or after the Company has failed to exercise the Right of First Refusal, then this Warrant shall
apply to the transferee to the same extent as to the Registered Holder.

 

		(f)	Termination of Rights as Stockholder. If the Company makes available, at the time
and place and in the amount and form provided in this Warrant, the consideration for the shares of Warrant Stock to be purchased
in accordance with this Section 15, then after such time the person from whom such shares of Warrant Stock are to be purchased
shall no longer have any rights as a holder of such shares (other than the right to receive payment of such consideration in accordance
with this Warrant). Such shares of Warrant Stock shall be deemed to have been purchased in accordance with the applicable provisions
hereof, whether or not the certificate(s) therefor have been delivered as required by this Warrant.

 

		(g)	Assignment of Right of First Refusal. Following the delivery of a Transfer Notice
to the Company, the Board may freely assign the Company’s Right of First Refusal, in whole or in part. The transferee shall
have the right to purchase all or any portion of the Securities on the terms of the proposal described in the Transfer Notice (subject,
however, to any change in such terms permitted under subsection (b) above) by delivery of a notice of exercise of the Right of
First Refusal within 30 days after the date on which the Transfer Notice was received by the Company. Any person or entity who
accepts an assignment of the Right of First Refusal from the Company shall assume all of the Company’s rights and obligations
under this Section 15.

 

16.         Miscellaneous.

 

		(a)	Governing Law. The validity, interpretation, construction and performance of this
Warrant, and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed,
construed and interpreted in accordance with the laws of the state of Delaware, without giving effect to principles of conflicts
of law.

 

		(b)	Jurisdiction and Venue. With respect to any conflicts arising out of or related to
this Warrant, the parties consent to the exclusive jurisdiction of, and venue in, the federal and state courts in Delaware.

 

		(c)	Entire Agreement. This Warrant, together with the Agreement, sets forth the entire
agreement and understanding of the parties relating to the subject matter herein and supersedes all prior or contemporaneous discussions,
understandings and agreements, whether oral or written, between them relating to the subject matter hereof.

 

		(d)	Amendments and Waivers. No modification of or amendment to this Warrant, nor any
waiver of any rights under this Warrant, shall be effective unless in writing signed by the Company and the Registered Holder.
No delay or failure to require performance of any provision of this Warrant shall constitute a waiver of that provision as to that
or any other instance.

 

    	 	13	 

     

    

 

		(e)	Successors and Assigns. The rights and obligations of the Company and the Registered
Holder shall be binding upon and benefit the respective successors, assigns and permitted transferees of the parties.

 

		(f)	Notices. Any notice, demand or request required or permitted to be given under this
Warrant shall be in writing and shall be delivered personally, messenger or courier service, mailed by certified or registered
mail, postage prepaid, or sent by electronic mail. Each such notice or other communication shall for all purposes of this Warrant
be treated as effective or having been given (i) if delivered personally, by messenger or courier service, when delivered, (ii)
if sent by mail, on its receipt, or (iii) if sent by electronic mail, when directed to the relevant electronic mail address, if
sent during normal business hours of the recipient, or if not sent during normal business hours of the recipient, then on the recipient’s
next business day. Any notice or communication shall be addressed to the party to be notified at such party’s address as
set forth on the signature page, as subsequently modified by written notice, or if no address is specified on the signature page,
at the most recent address set forth in the Company’s books and records.

 

		(g)	Severability. If any provision of this Warrant becomes or is declared by a court
of competent jurisdiction to be illegal, unenforceable or void, portions of such provision, or such provision in its entirety,
to the extent necessary, shall be severed from this Warrant, and such court will replace such illegal, void or unenforceable provision
of this Warrant with a valid and enforceable provision that will achieve, to the extent possible, the same economic, business and
other purposes of the illegal, void or unenforceable provision. The balance of this Warrant shall be enforceable in accordance
with its terms.

 

		(h)	Construction. This Warrant is the result of negotiations between and has been reviewed
by each of the parties hereto and their respective counsel, if any; accordingly, this Warrant shall be deemed to be the product
of all of the parties hereto, and no ambiguity shall be construed in favor of or against any one of the parties hereto.

 

		(i)	Titles and Subtitles. The titles and subtitles used in this Warrant are included
for convenience only and are not to be considered in construing or interpreting this Warrant.

 

		(j)	Counterparts. This Warrant may be executed in any number of counterparts, each of
which shall be deemed an original, and all of which together shall constitute one and the same instrument.

 

[Signature Page Follows]

 

    	 	14	 

     

    

 

IN WITNESS WHEREOF,
the Company and the Registered Holder have executed this Warrant as of the date first set forth above.

 

THE COMPANY:

 

Affirm Holdings

 

	By:	/s/ Max Levchin                    	 
	Name:	Max Levchin	 
	Title:	Chief Executive Officer	 
	Address: 650 California Street, 12th Floor, San Francisco, CA 94108

Email: legalnotices@affirm.com

 

ACCEPTED AND AGREED:

 

THE REGISTERED HOLDER: 

 

SHOPIFY INC.

	 
	 	 	 
	By:	/s/ Amy Shapero	 
	Name: 	Amy Shapero	 
	Title: 	Chief Financial Officer	 
	Address: 150 Elgin Street, 8th Floor, Ottawa, Ontario, CA, K2P 1L4

Email: contract_notices@shopify.com

	 

 

    	 	 	 

     

    

 

Exhibit A

 

NUMBER OF SHARES OF WARRANT STOCK

 

Up to an aggregate of 15,223,197
shares of Common Stock (subject to adjustment as provided in the Warrant to which this Exhibit A is attached,
the “Total Shares”); which will vest and become exercisable as follows: the Total Shares (the “75%
Amount”) shall vest monthly, in equal amounts (the 75% Amount/36 months), commencing on the first monthly anniversary
date of the effective date of the Agreement following the date of launch of the GA Phase (as defined in the Program Outline for
the Program, each as defined in the Agreement), and continuing on each monthly anniversary date of the effective date of the Agreement;
provided, however, that the amount vested monthly shall be doubled (2 *(the 75% Amount/36 months)) for that number of months equal
to the number of months between the effective date of the Agreement and the date of the first vesting of the 75% Amount, such that
vesting of the full 75% Amount shall conclude on the 3-year anniversary of the effective date of the Agreement; provided, further,
that no vesting of the 75% Amount shall occur following the termination of the Agreement in accordance with the terms thereof.

 

Notwithstanding anything herein to the
contrary, the vesting of the Total Shares shall be accelerated and the Total Shares shall be fully vested effective upon the earlier
of (i) termination of the Agreement by Affirm, Inc. in accordance with Section 11.3 (Termination for Convenience) of the Agreement,
(ii) immediately prior to a Liquidation Transaction, and (iii) immediately prior to consummation of an IPO.

 

Terms used herein without definition will
have the meanings assigned thereto in the Warrant.

 

    	 	A-1	 

     

    

 

Exhibit B

 

PURCHASE/EXERCISE FORM

 

To:      Affirm Holdings,
Inc.                                                                                                              Dated:

 

The undersigned, pursuant to the provisions
set forth in the attached Warrant No._____, hereby irrevocably elects to:

 

		(a)	purchase ____________________ shares of the capital stock covered by such Warrant and herewith
makes payment of $______________________, representing the full purchase price for such shares at the price per share provided
for in such Warrant,

OR

 

		(b)	net exercise such Warrant for __________________ shares purchasable under the Warrant pursuant
to the Net Issue Exercise provisions of Section 2(d) of such Warrant.

 

The undersigned acknowledges that it has
reviewed the representations and warranties of the Registered Holder set forth in the Warrant and by its signature below hereby
makes such representations and warranties to the Company. Defined terms contained in this form shall have the meanings assigned
to them in the Warrant.

 

ACKNOWLEDGED AND AGREED TO BY

THE REGISTERED HOLDER:

 

	Shopify Inc.	 
	 	 	 
	By:	 	 
	Name:	 
	Title:	 
	Address:	 
	Email:	 

 

    	 	B-1	 

     

    

 

Exhibit C

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED,
_______________________________________ hereby sells, assigns and transfers all of the rights of the undersigned under the attached
Warrant with respect to the number of shares of capital stock covered thereby set forth below, unto:

 

	Name of Assignee	Address	No. of Shares
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

ACKNOWLEDGED AND AGREED TO BY 

THE REGISTERED HOLDER:

 

	(Registered Holder)	 
	 	 	 
	By:	       	 
	Name:	 
	Title:	 
	Address:	 
	Email:	 

 

    	 	C-1	 

     

    

 

Exhibit D

 

ADOPTION AGREEMENT

 

This Adoption Agreement
(“Adoption Agreement”) is executed by the undersigned (the “Holder”) pursuant to the terms
of that certain Amended and Restated Voting Agreement dated as of June 18, 2019 (the “Agreement”) by and among
Affirm Holdings, Inc., a Delaware corporation (the “Company”) and certain of its stockholders. Capitalized terms used
but not defined herein shall have the respective meanings ascribed to such terms in the Agreement. By the execution of this Adoption
Agreement, the Holder agrees as follows:

 

1.     Acknowledgment.
Holder acknowledges that Holder is acquiring certain shares of the capital stock of the Company (the “Stock”)
or options, warrants or other rights to acquire such Stock, for one of the following reasons (Check the appropriate box):

 

	 	 ̈	
        as a transferee of Shares from a party
        in such party’s capacity as an “Investor” bound by the Agreement, and after such transfer, Holder shall
        be considered an “Investor” and a “Stockholder” for all purposes of the Agreement.

         

	 	 ̈	
        as a transferee of Shares from a party
        in such party’s capacity as a “Common Holder” bound by the Agreement, and after such transfer, Holder
        shall be considered a “Common Holder” and a “Stockholder” for all purposes of the Agreement.

         

	 	 ̈	
        as a new Investor in accordance with Section
        5.4(a) of the Agreement, in which case Holder will be an “Investor” and a “Stockholder” for
        all purposes of the Agreement.

         

	 	x	
        in accordance with Section 5.4(b) of the
        Agreement, as a new party who is not a new Investor, in which case Holder will be a “Common Holder” and a “Stockholder”
        for all purposes of the Agreement.

         

 

2.     Agreement.
Holder (a) agrees that the Stock acquired by Holder shall be bound by and subject to the terms of the Agreement, and (b) hereby
adopts the Agreement with the same force and effect as if Holder were originally a Party thereto.

 

3.     Notice.
Any notice required or permitted by the Agreement shall be given to Holder at the address listed beside Holder’s signature
below.

 

    	 	D-1	 

     

    

 

EXECUTED AND DATED
this _____ day of _____________, 20___.

 

	 	HOLDER: 

                                                 

                                                SHOPIFY INC.

	 	 
	 	By:	                    
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Address:
	 	 
	 	150 Elgin Street, 8th Floor
	 	 
	 	Ottawa, Ontario
		 	 
	 	Canada,
    K2P 1L4
	 	 	 
	 	contract notices@shopify.com

 

	Accepted and Agreed:	 
	 	 	 
	AFFIRM HOLDINGS, INC.	 
	 	 	 
	By: 	       	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 

 

     

     

    

 

Exhibit E

 

JOINDER TO INVESTORS’ RIGHTS
AGREEMENT

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Investors’ Rights Agreement, solely for purposes of Section 1 and Section
3 of such Amended and Restated Investors’ Rights Agreement, as of the date set forth below.

 

	 	 	 	INVESTORS:
	 	 	 	 	 
	Date:  	                             	 	SHOPIFY INC.
	 	 	 	 	 
	 	 	 	By:	            
	 	 	 	 	 
	 	 	 	Name: 	 
	 	 	 	 	 
	 	 	 	Title:	 
	 	 	 	 	 
	 	 	 	Address:
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	 
	 	 	 	 

 

    	 	E-1

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