Expensify Insider Adds 34k Net Shares in June 2025 Transactions

Rhea-AI Filing Summary

Expensify, Inc. (EXFY) – Form 4 insider activity filed 18-Jun-2025

Director Daniel Vidal reported a series of transactions between 13-Jun-2025 and 17-Jun-2025 that, in aggregate, increased his direct Class A share ownership from 261,714 to 295,817 shares (+34,103 shares). Key details:

• Open-market purchase: 22,316 Class A shares acquired on 13-Jun at $2.29 per share under the 2021 Stock Purchase & Matching Plan (SPMP).
• Matched award: 12,315 Class A shares granted on the same date at no cost under the SPMP.
• RSU settlement: 2,826 Class A shares delivered on 15-Jun following quarterly vesting of existing RSUs.
• Tax-related sale: 3,354 Class A shares sold on 17-Jun at a weighted-average $2.28 to cover withholding taxes for employees.

Derivative positions were adjusted to reflect the RSU conversion. Vidal now reports 48,030 unvested Class A RSUs, 48,030 LT50 RSUs, and 155,020 LT50 common shares (held indirectly through the Expensify Voting Trust). LT50 stock is convertible to Class A on a 1-for-1 basis after specific notice periods or when LT10/LT50 shares fall below 2 % of total common shares.

Implications for investors: The sizable net purchase—largely funded with personal capital—signals incremental insider confidence at a low share price. The only sale was purely tax-related and small relative to the overall purchase volume.

Positive

• Net insider buying: Director Daniel Vidal added 34,103 Class A shares between 13-17 Jun 2025, boosting his direct stake to 295,817 shares.
• Open-market purchase at $2.29: Personal cash outlay indicates confidence rather than automatic grant.
• Matched share award: Participation in SPMP demonstrates alignment with shareholder-friendly ownership programs.

Negative

• Tax-related sale: 3,354 shares sold on 17-Jun-2025 to satisfy withholding obligations, a modest offset to purchases.

Insights

Securities Analyst

TL;DR: Director bought 22k shares, net +34k; insider sentiment modestly positive.

Vidal’s open-market purchase (~$51k) coupled with matched shares pushes his direct stake up 13 %. Such accumulation at a depressed price often reflects confidence in near-term fundamentals or undervaluation. The 3,354-share disposition was a routine tax-cover sale and does not offset the bullish signal. While dollar magnitude is small relative to Expensify’s float, the pattern of net buying by a board member is normally interpreted favorably by the market.

Corporate Governance Expert

TL;DR: Governance-neutral filing; Rule 10b5-1 safe-harbor box unchecked.

The transactions were not executed under a pre-arranged 10b5-1 plan, suggesting discretionary timing. Matching-plan mechanics (SPMP) encourage employee ownership and align incentives; the director’s participation reinforces that alignment. The LT50 structure preserves founder control yet allows eventual conversion, a standard dual-class sunset mechanism. No red flags on reporting accuracy or beneficial ownership disclosure are apparent.

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
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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^*

Vidal Daniel

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/13/2025

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	06/13/2025		A		22,316(1)	A	$2.29	284,030	D
Class A Common Stock	06/13/2025		A		12,315(2)	A	$0	296,345	D
Class A Common Stock	06/15/2025		M		2,826	A	(3)	299,171	D
Class A Common Stock	06/17/2025		S		3,354(4)	D	$2.28(5)	295,817	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
Restricted Stock Units	(3)	06/15/2025		M			2,826	(6)	12/15/2029	Class A Common Stock	2,826	$0	48,030	D
Restricted Stock Units	(7)	06/15/2025		M			2,826	(6)	12/15/2029	LT50 Common Stock	2,826	$0	48,030	D
LT50 Common Stock	(7)(8)	06/15/2025		M		2,826		(8)	(8)	Class A Common Stock	2,826	$0	155,020	I	See note(9)

Explanation of Responses:

1. Shares purchased pursuant to the Expensify, Inc. 2021 Stock Purchase and Matching Plan ("SPMP").

2. Shares granted as matched shares pursuant to the SPMP.

3. Each restricted stock unit ("RSU") represents the contingent right to receive one share of Class A common stock. This transaction represents the settlement of vested RSUs in shares of Class A Common Stock.

4. 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.

5. 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 granted as matched shares under the SPMP for certain employees of the Issuer. These shares were sold in multiple transactions at prices ranging from $2.23 to $2.32, 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.

6. The RSUs vest 12.5% on September 15, 2022 and 1/32nd each quarter thereafter, on December 15th, March 15th, June 15th and September 15th.

7. Each RSU represents the contingent right to receive one share of LT50 common stock. This transaction represents the settlement of vested RSUs in shares of LT50 Common Stock.

8. 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.

9. 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.

Remarks:

	/s/ Ryan Schaffer, as attorney-in-fact	06/18/2025
	** 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.
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FAQ

How many Expensify (EXFY) shares did Director Daniel Vidal buy on 13-Jun-2025?

He purchased 22,316 Class A shares at $2.29 per share under the 2021 SPMP.

What is the total Class A shareholding of Daniel Vidal after the reported transactions?

After all trades, Vidal directly owns 295,817 Class A shares.

Why were 3,354 shares sold on 17-Jun-2025?

Those shares were sold solely to cover taxes for matched-share awards under the SPMP.

What are LT50 common shares mentioned in the filing?

LT50 stock is a special class convertible to Class A on a 1-for-1 basis, subject to a 50-month notice and other conditions.

How many unvested RSUs does Vidal still hold?

He reports 48,030 Class A RSUs and 48,030 LT50 RSUs outstanding after the settlement.