Expensify Board Member Shows Confidence with Major Stock Purchase at $2.29

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

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^*

Mills Jason Fahr

(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		36,486(1)	A	$2.29	347,348	D
Class A Common Stock	06/13/2025		A		17,083(2)	A	$0	364,431	D
Class A Common Stock	06/15/2025		M		3,821	A	(3)	368,252	D
Class A Common Stock	06/17/2025		S		4,068(4)	D	$2.28(5)	364,184	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			3,821	(6)	12/15/2029	Class A Common Stock	3,821	$0	64,961	D
Restricted Stock Units	(7)	06/15/2025		M			3,821	(6)	12/15/2029	LT50 Common Stock	3,821	$0	64,961	D
LT50 Common Stock	(7)(8)	06/15/2025		M		3,821		(8)	(8)	Class A Common Stock	3,821	$0	42,034	I	See note(9)
LT50 Common Stock	(8)							(8)	(8)	Class A Common Stock	534,925		534,925	I	See note(9)(10)

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.

10. 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.

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.
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

How many EXFY shares did Jason Mills acquire on June 13, 2025?

On June 13, 2025, Jason Mills acquired a total of 53,569 shares of EXFY Class A Common Stock - 36,486 shares purchased through the Stock Purchase and Matching Plan (SPMP) at $2.29 per share, and 17,083 shares received as matched shares at $0.

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.

How many EXFY shares did Jason Mills sell on June 17, 2025?

On June 17, 2025, Jason Mills sold 4,068 shares of EXFY Class A Common Stock at a weighted average price of $2.28 per share (ranging from $2.23 to $2.32). This sale was made to cover tax obligations related to shares awarded under the SPMP.

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.