Expensify (EXFY) director discloses Class A, LT stock and RSU holdings

Rhea-AI Filing Summary

Expensify, Inc. director Carlos Eduardo Alvarez Divo reports his equity holdings as of 12/29/2025. He directly owns 328,072 shares of Class A common stock. He also indirectly holds 184,167 shares of LT10 Common Stock and 164,100 shares of LT50 Common Stock through the Expensify Voting Trust, while retaining investment control and dispositive power.

Both LT10 and LT50 Common Stock are convertible into Class A common stock on a one-to-one basis after specified notice periods and will automatically convert when LT10 and LT50 together fall below 2% of total common stock. In addition, he holds fully vested stock options for 65,140, 16,380 and 6,540 shares of Class A common stock at exercise prices of $0.97, $7.21 and $12.97, respectively, plus 37,012 restricted stock units tied to Class A common stock and 37,012 restricted stock units tied to LT50 common stock.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Alvarez Divo Carlos Eduardo

(Last) (First) (Middle)

C/O EXPENSIFY, INC.

88 KEARNY ST, STE 1600

(Street)

SAN FRANCISCO CA 94018

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
12/29/2025

3. Issuer Name and Ticker or Trading Symbol
Expensify, Inc. [ EXFY ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock	328,072	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
LT10 Common Stock	(1)	(1)	Class A Common Stock	184,167	(1)	I	See note(2)
LT50 Common Stock	(3)	(3)	Class A Common Stock	164,100	(3)	I	See note(2)
Stock Option	(4)	04/12/2029	Class A Common Stock	65,140	$0.97	D
Stock Option	(4)	03/15/2031	Class A Common Stock	16,380	$7.21	D
Stock Option	(4)	10/12/2031	Class A Common Stock	6,540	$12.97	D
Restricted Stock Units	(5)	12/15/2029	Class A Common Stock	37,012	(6)	D
Restricted Stock Units	(5)	12/15/2029	LT50 Common Stock	37,012	(7)	D

Explanation of Responses:

1. The LT10 Common Stock is convertible into the Issuer's Class A Common Stock on a one-to-one basis only upon, and generally cannot be transferred without, satisfaction of certain notice and other requirements, including a notice period of 10 months. The LT10 Common Stock will automatically convert into shares of the Issuer's Class A Common Stock on a one-to-one basis at such time as all of the then-outstanding shares of LT10 and LT50 Common Stock represent, in the aggregate, less than 2% of all then-outstanding shares of common stock.

2. Deposited into the Expensify Voting Trust (the "Voting Trust"). The Reporting Person retains investment control and dispositive power over the shares deposited into the Voting Trust.

3. The LT50 Common Stock is convertible into the Issuer's Class A Common Stock on a one-to-one basis only upon, and generally cannot be transferred without, satisfaction of certain notice and other requirements, including a notice period of 50 months. The LT50 Common Stock will automatically convert into shares of the Issuer's Class A Common Stock on a one-to-one basis at such time as all of the then-outstanding shares of LT10 and LT50 Common Stock represent, in the aggregate, less than 2% of all then-outstanding shares of common stock.

4. The stock option is fully vested and currently exercisable.

5. Reflects the remaining number of restricted stock units ("RSUs") that vested 12.5% on September 15, 2022 and began vesting 1/32nd each quarter thereafter, on December 15th, March 15th, June 15th and September 15th.

6. Each RSU represents the contingent right to receive one share of Class A common stock.

7. Each RSU represents the contingent right to receive one share of LT50 common stock.

Remarks:

	/s/ Ryan Schaffer, as attorney-in-fact	01/12/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Who is the reporting person in Expensify (EXFY)'s Form 3?

The reporting person is Carlos Eduardo Alvarez Divo, who serves as a director of Expensify, Inc. and is filing individually.

How many Expensify (EXFY) Class A shares does the director directly own?

He directly owns 328,072 shares of Class A common stock, reported as beneficially owned in direct form.

What LT10 and LT50 Common Stock holdings are reported for the Expensify director?

He indirectly holds 184,167 shares of LT10 Common Stock and 164,100 shares of LT50 Common Stock, deposited into the Expensify Voting Trust, while retaining investment control and dispositive power.

How do Expensify LT10 and LT50 Common Stock convert into Class A shares?

LT10 Common Stock converts to Class A common stock on a one-to-one basis after satisfying notice and other requirements, including a 10‑month notice period. LT50 Common Stock converts on a one-to-one basis after similar requirements, including a 50‑month notice period. Both series will automatically convert when LT10 and LT50 together represent less than 2% of all outstanding common stock.

What stock options for Expensify Class A shares does the director hold?

He holds fully vested and currently exercisable stock options for 65,140 shares of Class A common stock at an exercise price of $0.97 expiring on 04/12/2029, 16,380 shares at $7.21 expiring on 03/15/2031, and 6,540 shares at $12.97 expiring on 10/12/2031.

What Expensify restricted stock units (RSUs) are reported in this Form 3?

The filing reports 37,012 RSUs representing the right to receive one share of Class A common stock each and 37,012 RSUs representing the right to receive one share of LT50 common stock each. These reflect remaining RSUs from an award that vested 12.5% on September 15, 2022 and then 1/32nd each quarter on December 15, March 15, June 15 and September 15.

What is the Expensify Voting Trust mentioned in the Form 3 footnotes?

Certain LT10 and LT50 shares are deposited into the Expensify Voting Trust. The footnotes state that the reporting person retains investment control and dispositive power over the shares deposited into this Voting Trust.