[Form 4] Expensify, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insider transactions at Expensify, Inc. (EXFY): Chief Operating Officer Anuradha Muralidharan was awarded 3,805 Class A common shares under the companys 2021 Stock Purchase and Matching Plan on 08/19/2025 at no cash cost. The next day, 08/20/2025, the reporting person sold 1,558 Class A shares via the issuers broker to cover taxes related to awards; the weighted average sale price reported was $1.72 per share (sales ranged $1.70$1.74). Following these transactions the reporting person beneficially owned 86,286 Class A shares. The Form 4 is signed by an attorney-in-fact on 08/22/2025.

Positive

• Award disclosed under the 2021 SPMP, indicating use of an established equity compensation plan
• Transparent reporting of sale price range ($1.70$1.74) and weighted average sale price ($1.72)
• Form filed and signed (attorney-in-fact) showing compliance with Section 16 reporting

Negative

• Sale of 1,558 shares reduced beneficial holdings, representing a modest dilution of insider stake (from 87,844 to 86,286 shares)

Insights

Financial Analyst

TL;DR: Routine equity award and tax-cover sale; small net increase in holdings and no cash paid for award.

The filing shows a grant of 3,805 shares under the SPMP followed by a sale of 1,558 shares to satisfy tax withholding. These actions are typical compensation mechanics rather than open-market directional trades. The weighted average sale price of $1.72 and the disclosed price range $1.70$1.74 provide transparency on the tax-withholding execution. The remaining beneficial ownership of 86,286 Class A shares maintains the reporting person's meaningful stake but represents a modest change relative to the grant size.

Corporate Governance Expert

TL;DR: Disclosure is compliant and clear; transactions appear administrative, not opportunistic.

The Form 4 documents an award under a company equity plan and a contemporaneous sale to cover taxes, with the filer identifying their roles as director and COO. The filer included required explanatory footnotes about the SPMP and the brokered sale pricing range, and the form was executed via attorney-in-fact. From a governance perspective, the filing meets Section 16 reporting norms and shows appropriate transparency about the nature and pricing of the transactions.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Muralidharan Anuradha

(Last) (First) (Middle)

C/O EXPENSIFY, INC. 401 SW 5TH AVE

(Street)

PORTLAND OR 97204

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
08/19/2025

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	08/19/2025		A		3,805(1)	A	$0	87,844	D
Class A Common Stock	08/20/2025		S		1,558(2)	D	$1.72(3)	86,286	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares awarded under the Expensify, Inc. 2021 Stock Purchase and Matching Plan ("SPMP").

2. Represents the Reporting Person's pro rata portion of the total shares sold on the transaction date to cover taxes for shares awarded under the SPMP for certain employees of the Issuer.

3. The price reported in Column 4 is a weighted average price of all shares sold on the transaction date by the Issuer's broker to cover taxes for shares awarded under the SPMP for certain employees of the Issuer. These shares were sold in multiple transactions at prices ranging from $1.70 to $1.74, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Remarks:

	/s/ Ryan Schaffer, as attorney-in-fact	08/22/2025
	** 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 4 (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

What did EXFY COO Anuradha Muralidharan receive and when?

The reporting person was awarded 3,805 Class A shares under the Expensify 2021 Stock Purchase and Matching Plan on 08/19/2025.

Why were shares sold on 08/20/2025 and at what price?

A total of 1,558 shares were sold to cover taxes related to the award; the weighted average sale price was $1.72, with individual trades ranging $1.70$1.74.

How many EXFY shares does the reporting person own after these transactions?

Following the transactions the reporting person beneficially owned 86,286 Class A shares.

Was the Form 4 properly executed?

Yes. The Form 4 was signed by an attorney-in-fact (/s/ Ryan Schaffer) with a signature date of 08/22/2025.

Do these transactions indicate a change in company control or major insider selling?

No. The filing shows an equity award and a tax-withholding sale, which are routine compensation-related transactions; the reporting person remains a director and COO.