Affirm Holdings, Inc. 8-K

What Happened
Affirm Holdings, Inc. announced on January 13, 2026 (filed via Form 8-K) that its Board, at the recommendation of the Compensation Committee, approved a grant of 333,667 performance stock units (PSUs) to Founder and CEO Max Levchin under the company’s Amended and Restated 2012 Stock Plan. The PSUs convert into shares of Class A common stock and are subject to time-, service- and company financial performance-based conditions for a three-year performance period that began July 1, 2025.

Key Details

• Grant date/approval: Board approved the PSU grant on January 13, 2026.
• Size and type: 333,667 PSUs that vest into Class A common stock.
• Performance period & measures: Three-year period beginning July 1, 2025; metrics are annual growth rates of revenue less transaction costs (50% weight) and adjusted operating income (50% weight).
• Payout/vesting: Company performance is measured annually and averaged at period end; earned shares range from 50% (threshold) to 200% (maximum) of the PSUs (target = 100%). No shares are earned until the end of the performance period and vesting requires Mr. Levchin’s continued service through that date.
• Background: These PSUs align with PSUs awarded to other executives in Sept 2025 and follow the expiration of Mr. Levchin’s prior five‑year value creation award that lapsed Jan 11, 2026.

Why It Matters
This filing shows Affirm is using performance-based equity to align the CEO’s compensation with multi-year financial targets tied to revenue (net of transaction costs) and adjusted operating income. For investors, the grant indicates management incentive structure focused on sustained revenue and profitability growth over a three-year horizon; actual dilution will depend on final performance (50%–200% payout) and whether Mr. Levchin remains employed through the performance period.