Document:

Exhibit 4.2

 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED,
OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT OR UNLESS SOLD PURSUANT TO RULE
144 UNDER SUCH ACT.

 

	Date of Issuance

10/08/2019	Void after

10/8/2029

 

AFFIRM HOLDINGS, INC.

WARRANT TO PURCHASE SHARES OF COMMON STOCK

 

For value received, the receipt and sufficiency
of which is hereby acknowledged, this Warrant to Purchase Shares of Common Stock (the “Warrant”) is issued to Delta
Air Lines, Inc. or its assigns (the “Holder”) by Affirm Holdings, Inc. a Delaware corporation (the “Company”).

 

This Warrant is
effective as of October 8, 2019 (“Effective Date”) and is being issued contemporaneously with the execution by the
parties hereto of that certain Enterprise Merchant Agreement (the “Agreement”). Capitalized terms not otherwise
defined herein have the meanings ascribed to them in the Agreement.

 

		1.	Purchase of Shares.

 

		(a)	Number of Shares. Subject to the terms and conditions
set forth herein, the Holder is entitled, upon surrender of this Warrant at the principal office of the Company (or at such other
place as the Company shall notify the Holder in writing), to purchase from the Company up to 400,000 fully paid and nonassessable
shares of the Company’s Common Stock, par value $0.00001 per share (the “Common Stock”).

 

		(b)	Exercise Price. The exercise price for the shares of
Common Stock issuable pursuant to this Section 1 (the “Shares”) shall be $3.80 per share (the “Exercise Price”).
The Shares and the Exercise Price shall be subject to adjustment pursuant to Section 9 hereof.

 

		2.	Exercise Period. The Shares shall initially be
                                                          unvested and unexercisable. This Warrant shall vest and become exercisable, in whole or in part, in accordance with the
                                                          Vesting Schedule set forth in Schedule A hereto (the “Vesting Schedule”) during the term commencing on the
                                                          Date of Issuance and ending at 5:00 p.m. California Time on October 8, 2029 (the “Exercise Period”); provided, however,
                                                          that this Warrant shall no longer be exercisable and become null and void upon the consummation of any “Termination
                                                          Event” defined as (a) the consummation of the Company’s sale of its Common Stock or other securities pursuant to
                                                          a registration statement under the Securities Act of 1933, as amended (other than a registration statement relating either to sale of securities to employees of the Company pursuant
to its stock option, stock purchase or similar plan or a SEC Rule 145 transaction) (an “Initial Public Offering”),
(b) actual termination of the Agreement by the Company for cause pursuant to Section 7.2 of the Agreement. solely if and to the
extent occurring prior to vesting of any Shares hereunder, and (c) the consummation of a Liquidation Transaction, as such term
is defined in the Company’s current Amended and Restated Certificate of Incorporation on file with the Secretary of State
of the State of Delaware. For purposes of this Warrant, any of the transactions described in subsection (c) shall be referred to
herein as a “Corporate Transaction”). In the event of a Termination Event, the Company shall notify the Holder at least
ten (10) days prior to the consummation of such Termination Event.

 

     

     

    

 

		3.	Method of Exercise.

 

		(a)	While this Warrant remains outstanding and exercisable in accordance with Section 2 above, the Holder may exercise, in whole
or in part, the purchase rights evidenced hereby. Such exercise shall be effected by:

 

		(i)	the surrender of the Warrant, together with a duly executed copy of the Notice of Exercise attached hereto, to the Secretary
of the Company at its principal office (or at such other place as the Company shall notify the Holder in writing); and

 

		(ii)	the payment to the Company of an amount equal to the aggregate Exercise Price for the number of Shares being purchased.

 

		(b)	Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close of business on the day on
which this Warrant is surrendered to the Company as provided in Section 3(a) above. At such time, the person or persons in whose
name or names any certificate for the Shares shall be issuable upon such exercise as provided in Section 3(c) below shall be deemed
to have become the holder or holders of record of the Shares represented by such certificate.

 

		(c)	As soon as practicable after the exercise of this Warrant in whole or in part the Company at its expense will cause to be issued
in the name of, and delivered to, the Holder, or as such Holder (upon payment by such Holder of any applicable transfer taxes)
may direct:

 

		(i)	a certificate or certificates for the number of Shares to which such Holder shall be entitled, and

 

		(ii)	in case such exercise is in part only, a new warrant or warrants (dated the date hereof) of like tenor, calling in the aggregate
on the face or faces thereof for the number of Shares equal to the number of such Shares described in this Warrant minus the number
of such Shares purchased by the Holder upon all exercises made in accordance with Section 3(a) above or Section 4 below.

 

		(d)	Notwithstanding the provisions of Section 2, if the holder has not exercised this Warrant prior to (i) the closing of a Corporate
Transaction, (ii) an Initial Public Offering or (iii) the expiration date of the Exercise Period, this Warrant shall automatically
be deemed to be exercised in full in the manner set forth in Section 4 to the extent the Shares have vested and become exercisable
in accordance with the Vesting Schedule and the fair market value of the Shares (as calculated pursuant to Section 4 below) exceeds
the Exercise Price, without any further action on behalf of the Holder immediately prior to such closing.

 

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		4.	Net Exercise. In lieu of exercising this Warrant for
cash, the Holder may elect to receive shares equal to the value of this Warrant (or the portion thereof being exercised) by surrender
of this Warrant at the principal office of the Company together with notice of such election (a “Net Exercise”). A
Holder who Net Exercises shall have the rights described in Sections 3(b) and 3(c) hereof and the Company shall issue to such Holder
a number of Shares 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 purchasable under this Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being
cancelled (at the date of such calculation).

 

A =       The fair
market value of one (1) Share (at the date of such calculation).

 

B =       The Exercise
Price (as adjusted to the date of such calculation).

 

For purposes of this Section 4, the
fair market value of a Share shall mean the average of the closing prices of the Shares (or equivalent shares of Common Stock
underlying this Warrant) quoted in the over-the-counter market in which the Shares (or equivalent shares of Common Stock
underlying the Warrant) are traded or the closing price quoted on any exchange or electronic securities market on which the
Shares (or equivalent shares of Common Stock underlying the Warrant) are listed, whichever is applicable, as published in The
Wall Street Journal for the thirty (30) trading days prior to the date of determination of fair market value (or such
shorter period of time during which such Shares were traded over-the-counter or on such exchange). In the event that this
Warrant is exercised pursuant to this Section 4 in connection with the Initial Public Offering, the fair market value per
Share shall be the per share offering price to the public of the Initial Public Offering. If the Shares are not traded on the
over-the-counter market, an exchange or an electronic securities market, the fair market value shall be the price per Share
that the Company could obtain from a willing buyer for Shares sold by the Company from authorized but unissued Shares, as
such prices are mutually agreed between the Company and Holder, and to the extent the Company and Holder cannot agree with
respect to the fair market value of one Share, such value will be determined by an independent appraiser selected in good
faith by the Company and reasonably acceptable to Holder, the fees and expenses of which shall divided equally between the
Company and Holder.

 

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		5.	Representations and Warranties of the Company. In connection
with the transactions provided for herein, the Company hereby represents and warrants to the Holder that:

 

		(a)	Organization, Good Standing, and Qualification. The
Company is a corporation duly organized, validly existing, and in good standing under the laws of the State of Delaware and has
all requisite corporate power and authority to carry on its business as now conducted. The Company is duly qualified to transact
business and is in good standing in each jurisdiction in which the failure to so qualify would have a material adverse effect on
its business or properties.

 

		(b)	Authorization. Except as may be limited by applicable
bankruptcy, insolvency, reorganization or similar laws relating to or affecting the enforcement of creditors’ rights, all
corporate action has been taken on the part of the Company, its officers, directors, and stockholders necessary for the authorization,
execution and delivery of this Warrant. The Company has taken all corporate action required to make all the obligations of the
Company reflected in the provisions of this Warrant the valid and enforceable obligations they purport to be. The issuance of this
Warrant will not be subject to preemptive rights of any stockholders of the Company. The Company has authorized sufficient shares
of Common Stock to allow for the exercise of this Warrant.

 

		(c)	Compliance with Other Instruments. The authorization,
execution and delivery of the Warrant will not constitute or result in a material default or violation of any law or regulation
applicable to the Company or any material term or provision of the Company’s current Certificate of Incorporation or bylaws,
or any material agreement or instrument by which it is bound or to which its properties or assets are subject.

 

		(d)	Valid Issuance of Common Stock. The Shares, when issued,
sold, and delivered in accordance with the terms of the Warrants for the consideration expressed therein, will be duly and validly
issued, fully paid and nonassessable and, based in part upon the representations and warranties of the Holders in this Warrant,
will be issued in compliance with all applicable federal and state securities laws.

 

		6.	Representations and Warranties of the Holder. In connection
with the transactions provided for herein, the Holder hereby represents and warrants to the Company that:

 

		(a)	Authorization. Holder represents that it has full power
and authority to enter into this Warrant. This Warrant constitutes the Holder’s valid and legally binding obligation, enforceable
in accordance with its terms, except as may be limited by (i) applicable bankruptcy, insolvency, reorganization, or similar laws
relating to or affecting the enforcement of creditors’ rights and (ii) laws relating to the availability of specific performance,
injunctive relief or other equitable remedies.

 

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		(b)	Purchase Entirely for Own Account. The Holder acknowledges
that this Warrant is entered into by the Holder in reliance upon such Holder’s representation to the Company that the Warrant
and the Shares (collectively, the “Securities”) will be acquired for investment for the Holder’s own account,
not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Holder has no present
intention of selling, granting any participation in or otherwise distributing the same. By acknowledging this Warrant, the Holder
further represents that the Holder does not have any contract, undertaking, agreement, or arrangement with any person to sell,
transfer or grant participations to such person or to any third person, with respect to the Securities.

 

		(c)	Disclosure of Information. The Holder acknowledges that
it has received all the information it considers necessary or appropriate for deciding whether to acquire the Securities. The Holder
further represents that it has had an opportunity to ask questions and receive answers from the Company regarding the terms and
conditions of the offering of the Securities.

 

		(d)	Investment Experience. The Holder is an investor in securities of companies in the development stage and acknowledges
that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial
or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an
individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

 

		(e)	Accredited Investor. The Holder is an “accredited
investor” within the meaning of Rule 501 of Regulation D, as presently in effect, as promulgated by the Securities and Exchange
Commission (the “SEC”) under the Act.

 

		(f)	Restricted Securities. The Holder understands that the
Securities are characterized as “restricted securities” under the federal securities laws inasmuch as they are being
acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations
such securities may be resold without registration under the Act, only in certain limited circumstances. In this connection, each
Holder represents that it is familiar with Rule 144, as presently in effect, as promulgated by the SEC under the Act (“Rule
144”), and understands the resale limitations imposed thereby and by the Act.

 

		(g)	Further Limitations on Disposition. Without in any way
limiting the representations set forth above, the Holder further agrees not to make any disposition of all or any portion of the
Shares unless and until the transferee has agreed in writing for the benefit of the Company to be bound by the terms of this Warrant,
including, without limitation, this Section 6, Section 22, and:

 

		(i)	there is then in effect a registration statement under the Act covering such proposed disposition and such disposition is made
in accordance with such registration statement;

 

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		(ii)	the Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed
statement of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, the Holder shall
have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require
registration of such shares under the Act. It is agreed that the Company will not require opinions of counsel for transactions
made pursuant to Rule 144 except in extraordinary circumstances; or

 

		(iii)	if other than an individual, the Holder shall not make any disposition to any of the Company’s competitors (defined as
companies involved in offering closed-end point-of-sale installment loans to consumers in the United States).

 

		(h)	Legends. It is understood that the Securities may bear
the following legend:

 

“THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED_ THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN OPINION OF COUNSEL SATISFACTORY
TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SUCH ACT.”

 

		7.	State Commissioners of Corporations. THE SALE OF THE
SECURITIES WHICH ARE THE SUBJECT OF THIS WARRANT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA
AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION FOR SUCH SECURITIES PRIOR TO SUCH
QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA
CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS WARRANT ARE EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED,
UNLESS THE SALE IS SO EXEMPT.

 

		8.	Adjustment of Exercise Price and Number of Shares. The
number and kind of Shares purchasable upon exercise of this Warrant and the Exercise Price shall be subject to adjustment from
time to time as follows:

 

		(a)	Subdivisions, Combinations and Other Issuances. If the
Company shall at any time after the issuance but prior to the expiration of this Warrant subdivide its Common Stock, by split-up
or otherwise, or combine its Common Stock, or issue additional shares of its Preferred Stock or Common Stock as a dividend with
respect to any shares of its Common Stock, the number of Shares issuable on the exercise of this Warrant shall forthwith be proportionately
increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of a combination. Appropriate
adjustments shall also be made to the Exercise Price payable per share, but the aggregate Exercise Price payable for the total
number of Shares purchasable under this Warrant (as adjusted) shall remain the same. Any adjustment under this Section 8(a) shall
become effective at the close of business on the date the subdivision or combination becomes effective, or as of the record date
of such dividend, or in the event that no record date is fixed, upon the making of such dividend.

 

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		(b)	Reclassification, Reorganization and Consolidation.
In case of any reclassification, capital reorganization or change in the capital stock of the Company (other than as a result of
a subdivision, combination or stock dividend provided for in Section 8(a) above), then, as a condition of such reclassification,
reorganization or change, lawful provision shall be made, and duly executed documents evidencing the same from the Company or its
successor shall be delivered to the Holder, so that the Holder shall have the right at any time prior to the expiration of this
Warrant to purchase, at a total price equal to that payable upon the exercise of this Warrant, the kind and amount of shares of
stock and other securities or property receivable in connection with such reclassification, reorganization or change by a holder
of the same number and type of securities as were purchasable as Shares by the Holder immediately prior to such reclassification,
reorganization or change. In any such case appropriate provisions shall be made with respect to the rights and interest of the
Holder so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities or
property deliverable upon exercise hereof, and appropriate adjustments shall be made to the Exercise Price per Share payable hereunder,
provided the aggregate Exercise Price shall remain the same.

 

		(c)	Notice of Adjustment. When any adjustment is required
to be made in the number or kind of shares purchasable upon exercise of the Warrant, or in the Exercise Price, the Company shall
promptly notify the Holder of such event and of the number of Shares or other securities or property thereafter purchasable upon
exercise of this Warrant.

 

		9.	No Fractional Shares or Scrip. No fractional shares
or scrip representing fractional shares shall be issued upon the exercise of this Warrant, but in lieu of such fractional shares
the Company shall make a cash payment therefor on the basis of the Exercise Price then in effect.

 

		10.	No Stockholder Rights. Prior to exercise of this Warrant,
the Holder shall not be entitled to any rights of a stockholder with respect to the Shares, including (without limitation) the
right to vote such Shares, receive dividends or other distributions thereon, exercise preemptive rights or be notified of stockholder
meetings, and, except as otherwise provided in this Warrant, such Holder shall not be entitled to any stockholder notice or other
communication concerning the business or affairs of the Company.

 

		11.	Transfer of Warrant. Subject to compliance with applicable
federal and state securities laws and any other contractual restrictions between the Company and the Holder contained herein, this
Warrant and all rights hereunder are transferable in whole or in part by the Holder to any person or entity upon written notice
to the Company. Within a reasonable time after the Company’s receipt of an executed Assignment Form in the form attached
hereto, the transfer shall be recorded on the books of the Company upon the surrender of this Warrant, properly endorsed. to the
Company at its principal offices, and the payment to the Company of all transfer taxes and other governmental charges imposed on
such transfer. In the event of a partial transfer, the Company shall issue to the new holders one (1) or more appropriate new warrants.

 

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		12.	Governing Law. This Warrant shall be governed by and
construed under the laws of the State of Delaware as applied to agreements among Delaware residents, made and to be performed entirely
within the State of Delaware.

 

		13.	Successors and Assigns. The terms and provisions of
this Warrant and the Purchase Agreement shall inure to the benefit of, and be binding upon, the Company and the holders hereof
and their respective successors and assigns.

 

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

 

		15.	Notices. All notices and other communications given
or made pursuant hereto shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be
notified, (b) when sent by electronic mail if sent during normal business hours of the recipient and receipt is confirmed in writing
by recipient, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage
prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written
verification of receipt. All communications shall be sent to the respective parties at the following addresses (or at such other
addresses as shall be specified by notice given in accordance with this Section 15):

 

If to the Company:

 

Affirm Holdings, Inc.

650 California Street, 12th Floor

San Francisco, CA 94108

Attention: Chief Executive Officer

 

If to Holder:

 

Delta Air Lines, Inc.

Attn: SVP - Corporate Strategy

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

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

 

Copy (which shall not constitute notice) to:

 

General Counsel

 

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		16.	Finder’s Fee. Each party represents that it neither
is or will be obligated for any finder’s fee or commission in connection with this transaction.

 

		17.	Expenses. If any action at law or in equity is necessary
to enforce or interpret the terms of this Warrant, the prevailing party shall be entitled to reasonable attorneys’ fees,
costs and necessary disbursements in addition to any other relief to which such party may be entitled.

 

		18.	Entire Agreement; Amendments and Waivers. This Warrant
and any other documents delivered pursuant hereto constitute the full and entire understanding and agreement between the parties
with regard to the subjects hereof and thereof. Nonetheless, any term of this Warrant may be amended and the observance of any
term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively),
with the written consent of the Company and the Holder; or if this Warrant has been assigned in part, by the holders or rights
to purchase a majority of the shares originally issuable pursuant to this Warrant.

 

		19.	Severability. If any provision of this Warrant is held
to be unenforceable under applicable law, such provision shall be excluded from this Warrant and the balance of the Warrant shall
be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms.

 

		20.	Lock-Up Agreement.

 

		(a)	Lock-Up Period; Agreement. In connection with the initial
public offering of the Company’s securities and upon request of the Company or the underwriters managing such offering of
the Company’s securities, the 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, held immediately before the closing date of such offering (other than
those included in the registration), excluding securities of the Company purchased in the initial public offering or in the open
market following such initial public offering, 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) 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.

 

		(b)	Limitations. The obligations described in Section 20(a)
shall apply only if all officers and directors and greater than one percent (1%) stockholders of the Company enter into similar
agreements, and shall not apply to a registration relating solely to employee benefit plans, or to a registration relating solely
to a transaction pursuant to Rule 145 under the Securities Act.

 

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		(c)	Stop-Transfer Instructions. In order to enforce the
foregoing covenants, the Company may impose stop-transfer instructions with respect to the securities of the Holder (and the securities
of every other person subject to the restrictions in Section 20(a)).

 

		(d)	Transferees Bound. The Holder agrees that prior to the
Company’s initial public offering it will not transfer securities of the Company unless each transferee agrees in writing
to be bound by all of the provisions of this Section 20, provided that this Section 20(d) shall not apply to transfers pursuant
to a registration statement or transfers after the 12 month anniversary of the effective date of the Company’s initial registration
statement subject to this Section 20.

 

		(e)	Miscellaneous. The underwriters in connection with the
initial public offering of the Company’s securities are intended third-party beneficiaries of this Section 20 and shall have
the right, power and authority to enforce the provisions hereof as though they were a party hereto. If any of the obligations described
in this Section 20 are waived or terminated with respect to any of the securities of the Holder, officer, director or greater than
one-percent stockholder (in any such case, the “Released Securities”), the foregoing provisions shall be waived or
terminated, as applicable, to the same extent and with respect to the same percentage of securities of the Holder as the percentage
of Released Securities represent with respect to the securities held by the Holder, officer, director or greater than one-percent
stockholder.

 

		(f)	Legend. The Holder agrees that a legend reading substantially
as follows shall be placed on all certificates representing all Registrable Securities of the Holder (and the shares or securities
of every other person subject to the restriction contained in this Section 20):

 

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.

 

		21.	Prior Warrant. The Company previously granted the Holder
a warrant to purchase up to 400,000 shares of Common Stock, dated as of May 29, 2019 (the “Prior Warrant”). The Holder
hereby (i) acknowledges that the Prior Warrant has not been exercised by the Holder, in full or in part and (ii) acknowledges and
agrees that this Warrant terminates the Prior Warrant in its entirety. As of the Effective Date, the Prior Warrant is null and
void, and the Holder releases the Company and its affiliates from any and all liability and obligations arising thereunder.

 

[Remainder of Page Intentionally Left
Blank]

 

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IN WITNESS WHEREOF, the parties have executed
this Warrant as of the date first written above.

 

	 	AFFIRM HOLDINGS, INC.
	 	 
	 	By:	/s/ Michael Linford

	 	Name:	Michael Linford
	 	Title:	Chief Financial Officer

 

Address: 650 California Street, 12th Floor

San Francisco, CA 94108

 

	ACKNOWLEDGED AND AGREED:	 
	 	 
	DELTA AIR LINES, INC.	 
	 	 
	By:	/s/ Kenneth W. Morge II	 
	 	 	 

	Name:	Kenneth W. Morge II	 
	 	 
	Title:	VP & Treasurer	 

 

Address:                                              

 

    

     

    

 

NOTICE OF EXERCISE

 

AFFIRM HOLDINGS, INC.

Attention: Corporate Secretary

 

The undersigned hereby elects to purchase,
pursuant to the provisions of the Warrant, as follows:

 

		 ̈	__________ shares of Common Stock pursuant to the terms of the attached Warrant, and tenders herewith payment in cash of the
Exercise Price of such Shares in full, together with all applicable transfer taxes, if any.
	 	 	 
	 	 ̈	Net
Exercise the attached Warrant with respect to __________ Shares.

 

The undersigned hereby represents and warrants
that Representations and Warranties in Section 6 hereof are true and correct as of the date hereof.

 

	 	 	HOLDER:
	 	 	 	 
	Date	 	By:	 
	 	 	 
	 	 	Address:	 
	 	 	 	 
	Name in which shares should be registered	 	 
	 	 	 
	 	 	 

 

    

     

    

 

ASSIGNMENT FORM

 

(To assign the foregoing Warrant, execute
this form and supply required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the foregoing
Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 	 	 
	(Please Print)	 	 
	Address:	 	 	 
	(Please Print)	 	 
	Dated:	 	 	 
		 	 
	Holder’s 

Signature:	 	 	 
		 	 
	Holder’s 

Address:	 	 	 

 

NOTE: The signature to this Assignment Form must correspond
with the name as it appears on the face of the Warrant. Officers of corporations and those acting in a fiduciary or other representative
capacity should provide proper evidence of authority to assign the foregoing Warrant.

 

    

     

    

 

Schedule A

 

Voting Schedule

 

		·	The Shares subject to the Warrant shall vest and become exercisable only to the extent that any of the Delta Vacations Milestone,
the Delta.com Milestone, the API Milestone or the Transaction Milestone (each as defined below) has been met on or prior
to December 31, 2021; provided, however, that the deadline shall be extended proportionately to the extent of a delay
in implementation or launch attributable in whole or part to Company or its affiliates. Shares shall vest on the following schedule:

 

		·	50,000 Shares for reaching the Delta Vacations Milestone as that term is defined in Order Form No. 1 to the Agreement.

 

		·	100,000 Shares for reaching the Delta.com Milestone as that term is defined in Order Form No. 2 to the Agreement.

 

		·	50,000 Shares for reaching the API Milestone as that term is defined in Order Form No. 1 to the Agreement.

 

		·	20,000 Shares for reaching a Transaction Milestone as that term is defined in Order Form No. 1 to the Agreement, up to a maximum
of 200,000 Shares.Exhibit 4.3

 

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 FORM AND
SUBSTANCE SATISFACTORY TO THE COMPANY, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

WARRANT TO PURCHASE COMMON STOCK

 

Company: AFFIRM, INC.

Number of Shares of Common Stock: 152,219

Warrant Price: $0.281 per share

Issue Date: May 15, 2014

Expiration Date: May 15, 2024             See
also Section 5.1(b).

Credit Facility: This
Warrant to Purchase Common Stock (“Warrant”) is issued in connection with that certain Loan and Security Agreement
of even date   herewith between Silicon Valley Bank and the Company (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 common stock (the “Common Stock”) 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 the Company’s Common Stock is 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 Common Stock 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 the Company’s Common
Stock is not 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.

 

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 (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.

 

    2

     

    

 

(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 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 defined above, either the acquiring, surviving
or successor entity shall (i) 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 or (ii) if the acquiring, successor or surviving entity shall
not have assumed this Warrant, then purchase this Warrant at its “Fair Value” (as such term is defined below.

 

(d)          Purchase
at Fair Value. For Purposes of this Warrant, “Fair Value” shall mean that value determined by
the parties using a Black-Scholes European Option-Pricing Model (the “Black-Scholes Calculation”) with the
following assumptions: (A) a risk-free interest rate equal to the risk-free interest rate at the time of the closing of the
Acquisition (or as close thereto as practicable), (B) a contractual life of the Warrant equal to the remaining term of this
Warrant as of the date of the announcement of the Acquisition, (C) an annual dividend yield equal to dividends declared on
the underlying Common Stock during the term of this Warrant (calculated on an annual basis), and (D) a volatility base on the
market price of the Company’s Common Stock comprised of: (1) if the Company is publicly traded on any
internationally-recognized securities exchange, its volatility over the one-year period ending on the day prior to the
announcement of the Acquisition, 2) if the Company is a nonpublic company, the volatility, over the one-year period prior to
the Acquisition, of an average of publicly-traded companies in the same or similar industry to the Company with such
companies having similar revenues. The purchase prince determined in accordance with the above shall be paid upon the initial
closing of the Acquisition and shall not be subject to any post-Acquisition closing contingencies or adjustments; provided,
however, the parties may take such post-Acquisition closing contingencies or adjustments into account in determining the
purchase price, and if the parties take any post-Acquisition closing contingencies or adjustments into account, then upon the
partial or complete removal of those post-Acquisition closing contingencies or adjustments, a new Black-Scholes Calculation
would be made using all the same inputs except for the value of the Company’s shares (as determined under subclause
(D)), and the increased value of such shares (including, but not limited to any earn-out or escrowed consideration) would be
paid in full to Holder immediately after those post-Acquisition closing contingencies or adjustments can be determined or
achieved.

 

    3

     

    

 

(e)          
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 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 or convert 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.

 

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 Common Stock payable in 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 Common Stock 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 Common Stock 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 Common Stock 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             
Intentionally Omitted.

 

2.4             
Intentionally Omitted.

 

    4

     

    

 

2.5             
 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.

 

2.6             
Notice/Certificate as to Adjustments. Upon each adjustment of the Warrant Price, Common Stock 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.

 

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 price per share at which
shares of Company Common Stock were valued in the Company’s most recent 409A valuation occurring prior to the Issue Date
hereof.

 

(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 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 Company’s stock, 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 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 Common Stock;

 

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

 

    5

     

    

 

(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 Common Stock 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

 

(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.

 

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.

 

    6

     

    

 

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.

 

4.6             
Market Stand-off Agreement. The Holder agrees that the Shares shall be subject to the Market Standoff/Lock up provisions
in Section 1.14 of the Investor Rights Agreement or similar agreement.

 

4.7             
No Voting Rights. Holder, as a Holder of this Warrant, will not have any voting rights until the exercise of this
Warrant.

 

Section 5.         
MISCELLANEOUS.

 

5.1             
Term and Automatic Conversion 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 (or other security issuable upon the exercise hereof) 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 (or such other securities) for which it shall not previously have been exercised,
and the Company shall, within a reasonable time, deliver a certificate representing the Shares (or such other securities) issued
upon such exercise to Holder.

 

    7

     

    

 

5.2             
 Legends. The Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any)
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 COMMON STOCK ISSUED BY THE ISSUER TO SILICON VALLEY BANK DATED MAY
15, 2014, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN
FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

5.3             
Compliance with Securities Laws on Transfer. This Warrant and the Shares issuable upon exercise of this Warrant (and
the securities issuable, directly or indirectly, upon conversion of the Shares, if any) 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 issuable upon exercise of this Warrant (or the securities issuable directly or indirectly, upon
conversion of the Shares, if any) 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 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, or any
shares or other securities issued upon any conversion of 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.

 

    8

     

    

 

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: Treasury Department

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

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

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: Legal

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

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

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.

 

5.7             
Attorney’s 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.

 

    9

     

    

 

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]

 

    10

     

    

 

IN WITNESS WHEREOF, the parties have caused
this Warrant to Purchase Common 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: Head of FP&A	 

 

	“HOLDER”	 
	 	 
	SILICON VALLEY BANK	 
	 	 
	By:	/s/ Denny Boyle	 

 

	Name:  	Denny Boyle	 
	 	(Print)	                                                                        
	 	 	 
	Title:  Director	 

 

    11

     

    

 

APPENDIX 1

 

NOTICE OF EXERCISE

 

		1.	The undersigned Holder hereby exercises its right purchase shares of the Common Stock of AFFIRM, INC. (the
                                                          “Company”) in accordance with the attached Warrant To Purchase Common 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

 

	 
	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 Common Stock as of the date hereof.

 

	 	HOLDER:
	 	 
		By:	 
	 	Name:	 
	 	Title:	 
	 	(Date):

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