EXFY Insider Activity: RSU Settlement and Mid-September Share Sales by COO

Rhea-AI Filing Summary

Expensify insider transactions by COO/Director Anuradha Muralidharan show purchases, RSU settlements and subsequent sales in mid-September 2025. On 09/15/2025 the reporting person acquired 13,685 shares under the company stock purchase and matching plan at $1.94 and received 1,003 matched shares at no cost; vested RSUs totaling 3,168 settled into shares the same day. Over 09/16–09/19/2025 the reporting person sold 17,856 shares in multiple transactions at weighted average prices between $1.86 and $1.97 to cover tax obligations and other dispositions, leaving 58,475 Class A shares beneficially owned. The filer is listed as Chief Operating Officer and a company director, and certain shares are deposited into the Expensify Voting Trust while the reporting person retains investment control.

Positive

• Participation in SPMP with 13,685 shares purchased and 1,003 matched shares granted, indicating use of company compensation programs
• Vested RSUs settled into 3,168 shares, converting deferred compensation into equity
• Retained investment control over shares deposited into the Expensify Voting Trust

Negative

• Net reduction in direct Class A holdings from 76,331 to 58,475 shares after sales on 09/16–09/19/2025
• Significant sales to cover taxes (17,856 shares sold) which materially lowered the reporting person’s direct share count

Insights

Financial Analyst

TL;DR: Insider acquired SPMP shares and vested RSUs then sold a material portion to cover taxes, ending with lower direct Class A ownership.

The transactions combine planned compensation settlements and tax-related disposals rather than open-market investment buys or strategic sales. The 09/15 purchases and matched shares reflect participation in the company SPMP and RSU settlement; subsequent sales across 09/16–09/19 reduced direct holdings from 76,331 to 58,475 Class A shares. Prices reported are low-single-digit dollars per share, reflecting the reported weighted average sale ranges. From an equity-position perspective this is a routine insider compensation cycle with offsetting tax sales rather than a clear signal of change in conviction.

Corporate Governance Expert

TL;DR: Transactions appear administrative: compensation settlement, matched shares, and tax-withholding sales, with retained voting control via a voting trust.

The filing documents settlement of vested RSUs and matched-plan purchases followed by broker sales to cover withholding taxes. Notably, certain shares were deposited into the Expensify Voting Trust while the reporting person retains investment and dispositive power, which preserves governance influence despite reduced direct holdings. The mix of direct and indirect holdings and the LT50 convertible shares and restrictions are consistent with standard executive equity arrangements rather than governance changes or transfers of control.

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

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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).

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)
09/15/2025

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	09/15/2025		A		13,685(1)	A	$1.94	72,160	D
Class A Common Stock	09/15/2025		A		1,003(2)	A	$0	73,163	D
Class A Common Stock	09/15/2025		M		3,168	A	(3)	76,331	D
Class A Common Stock	09/16/2025		S		409(4)	D	$1.9(5)	75,922	D
Class A Common Stock	09/18/2025		S		2,486(6)	D	$1.95(7)	73,436	D
Class A Common Stock	09/19/2025		S		14,961	D	$1.94(8)	58,475	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)	09/15/2025		M			3,168	(9)	12/15/2029	Class A Common Stock	3,168	$0	50,695	D
Restricted Stock Units	(10)	09/15/2025		M			3,168	(9)	12/15/2029	LT50 Common Stock	3,168	$0	50,695	D
LT50 Common Stock	(10)(11)	09/15/2025		M		3,168		(11)	(11)	Class A Common Stock	3,168	$0	140,545	I	See note(12)

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 granted as matched shares 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 $1.86 to $1.92, 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. Represents the Reporting Person's pro rata portion of the total shares sold on the transaction date to cover taxes upon the vesting of RSUs for certain employees of the Issuer.

7. 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 upon the vesting of RSUs for certain employees of the Issuer. These shares were sold in multiple transactions at prices ranging from $1.91 to $2.00, 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.

8. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.92 to $1.97, inclusive. The reporting person undertakes to provide to Expensify, Inc., any security holder of Expensify, Inc., 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 ranges set forth in this footnote.

9. The restricted stock units vest 12.5% on September 15, 2022 and 1/32nd each quarter thereafter, on December 15th, March 15th, June 15th, and September 15th.

10. 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.

11. 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.

12. 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	09/24/2025
	** 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).
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FAQ

What transactions did Expensify insider Anuradha Muralidharan report on Form 4 (EXFY)?

The filing reports acquisitions on 09/15/2025 of 13,685 purchased shares at $1.94 and 1,003 matched shares at $0, settlement of 3,168 vested RSUs, and sales of 17,856 shares across 09/16–09/19/2025 at weighted average prices in the $1.86–$1.97 range.

How many Class A shares did the reporting person own after these transactions?

Following the reported transactions the filing shows 58,475 Class A shares beneficially owned direct.

Why were shares sold after the RSU settlement on 09/15/2025?

The filing states the sales represent the reporting person’s pro rata portion of shares sold by the issuer’s broker to cover taxes related to matched shares and RSU vesting.

Does the reporting person retain voting or investment control over deposited shares?

Yes, certain shares were deposited into the Expensify Voting Trust and the reporting person retains investment control and dispositive power over those shares according to the filing.

What roles does the reporting person hold at Expensify?

The Form 4 lists Anuradha Muralidharan as both Chief Operating Officer and a Director of Expensify (EXFY).