Expensify Board Member Shows Confidence with Major Stock Purchase at $2.29
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Director Jason Fahr Mills of Expensify (EXFY) reported multiple transactions on Form 4:
- On June 13, 2025: Acquired 36,486 shares at $2.29 through Stock Purchase and Matching Plan (SPMP), plus received 17,083 matched shares at $0
- On June 15, 2025: Converted 3,821 RSUs to Class A Common Stock
- On June 17, 2025: Disposed of 4,068 shares at average price of $2.28 for tax obligations
Post-transactions, Mills holds 364,184 direct shares of Class A Common Stock. Additionally maintains significant indirect ownership through LT50 Common Stock holdings (534,925 shares) via LILIJK LLC and the Expensify Voting Trust. RSUs continue vesting quarterly with 64,961 units remaining. Notable feature: LT50 shares convert to Class A after 50-month notice period.
Positive
- Director Jason Mills acquired 36,486 shares at $2.29 and received 17,083 matched shares through the company's Stock Purchase and Matching Plan, demonstrating insider confidence
Negative
- The transaction occurred at a notably low share price of $2.28-2.32, indicating significant stock price deterioration
Insider Trade Summary
Net Seller: 4,068 shares ($9,275)
Net Sell
8 txns
Insider
Mills Jason Fahr
Role
Director
Sold
4,068 shs ($9K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A Common Stock | 4,068 | $2.28 | $9K |
| Exercise | Restricted Stock Units | 3,821 | $0.00 | -- |
| Exercise | Restricted Stock Units | 3,821 | $0.00 | -- |
| Exercise | LT50 Common Stock | 3,821 | $0.00 | -- |
| Exercise | Class A Common Stock | 3,821 | $0.00 | -- |
| Grant/Award | Class A Common Stock | 36,486 | $2.29 | $84K |
| Grant/Award | Class A Common Stock | 17,083 | $0.00 | -- |
| holding | LT50 Common Stock | -- | -- | -- |
Holdings After Transaction:
Class A Common Stock — 364,184 shares (Direct);
Restricted Stock Units — 64,961 shares (Direct);
LT50 Common Stock — 42,034 shares (Indirect, See note)
Footnotes (1)
- Shares purchased pursuant to the Expensify, Inc. 2021 Stock Purchase and Matching Plan ("SPMP"). Shares granted as matched shares pursuant to the SPMP. 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. 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. 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. 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. 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. 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. 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. By LILIJK LLC, a manager-managed limited liability company. The investment and voting decisions of LILIJK LLC are made by its manager, the Reporting Person, and its controlling member is the Figueroa-Mills Family Revocable Trust, for which the Reporting Person serves as trustee.
FAQ
What is the current EXFY stock ownership of Jason Mills after the reported transactions?
Following the reported transactions, Jason Mills directly owns 364,184 shares of EXFY Class A Common Stock. Additionally, he indirectly owns 534,925 shares of LT50 Common Stock through LILIJK LLC and the Figueroa-Mills Family Revocable Trust.
What is the vesting schedule for EXFY's Restricted Stock Units (RSUs)?
EXFY's Restricted Stock Units vest according to the following schedule: 12.5% vest on September 15, 2022, followed by 1/32nd vesting each quarter thereafter on December 15th, March 15th, June 15th, and September 15th.
What are the conversion terms for EXFY's LT50 Common Stock?
EXFY's LT50 Common Stock converts to Class A Common Stock on a one-to-one basis, but requires a 50-month notice period and satisfaction of certain requirements. Automatic conversion occurs when all outstanding LT10 and LT50 Common Stock collectively represent less than 2% of all outstanding common stock.