[Form 4] Expensify, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Reporting person: Barrett David Michael, Chief Executive Officer and Director of Expensify, Inc. (EXFY). Transaction: On 09/02/2025 the reporting person sold Class A common stock under a Rule 10b5-1 trading plan adopted March 31, 2025. The filing reports a sale of 30,000 shares at a weighted average price of $1.92 (prices ranged $1.91 to $1.94). The Form 4 also shows a separate disposal of 210,676 Class A shares. Post-transaction ownership: The reporting person beneficially owns 1,468,480 shares indirectly through Barrett Trust LLC, for which he is trustee and manager. The Form 4 was signed by an attorney-in-fact on 09/05/2025.

Positive

• Transactions executed under a Rule 10b5-1 plan, indicating the sales were preplanned (Plan adopted 03/31/2025).
• Reporting person retains substantial indirect ownership of 1,468,480 shares via Barrett Trust LLC, showing ongoing economic interest.

Negative

• Insider disposed of shares totaling at least 240,676 Class A shares (30,000 reported with price plus 210,676 disposed) which may be viewed negatively by some investors.
• Price information is incomplete for one reported disposal (210,676 shares disposed has no per-share price shown in the table).

Insights

Financial Analyst

TL;DR Insider sold shares under a pre-established 10b5-1 plan; sales include 30,000 shares at a $1.92 weighted average and an additional 210,676-share disposal.

The trades were executed under a Rule 10b5-1 plan adopted 03/31/2025, which indicates these sales were preplanned rather than ad-hoc disclosures of contemporaneous insider views. The 30,000-share sale at a $1.92 weighted average is explicitly quantified; the filing also reports a 210,676-share disposal without a per-share price in the table. Post-transaction, the reporting person retains substantial indirect ownership (1,468,480 shares) through Barrett Trust LLC, showing continued meaningful economic interest. For valuation impact, the filing provides transaction sizes and price range only; no company financial results or market context are provided in this Form 4.

Corporate Governance Expert

TL;DR Sales were executed under a 10b5-1 plan and ownership remains largely indirect via a family trust, minimizing governance red flags but warranting routine disclosure review.

The disclosure names Barrett Trust LLC as the indirect holder with the reporting person as manager and trustee, clarifying voting and investment control. The existence of a dated 10b5-1 plan (03/31/2025) provides an affirmative defense context for the transactions. The Form 4 is properly signed by an attorney-in-fact and contains explanatory footnotes about weighted average pricing and the trust structure. No allegations, adverse events, or other governance actions are disclosed in this filing.

09/05/2025 - 09:04 AM

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).

X

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^*

Barrett David Michael

(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 Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

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	09/02/2025		S(1)		30,000	D	$1.92(2)	1,468,480	I	See note(3)
Class A Common Stock								210,676	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. The transactions reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 31, 2025.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.91 to $1.94, 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.

3. By Barrett Trust LLC, a manager-managed limited liability company. The investment and voting decisions of Barrett Trust LLC are made by its manager, the Reporting Person, and its controlling member is the Barrett Family Trust, for which the Reporting Person serves as trustee.

Remarks:

	/s/ Ryan Schaffer, as attorney-in-fact	09/05/2025
	** 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 insider Barrett David Michael sell according to the Form 4?

The Form 4 reports a sale of 30,000 Class A shares at a weighted average price of $1.92 (range $1.91–$1.94) on 09/02/2025, and an additional disposal of 210,676 Class A shares.

Were the sales made under a preplanned trading program for EXFY?

Yes. The filing states the transactions were effected pursuant to a Rule 10b5-1 trading plan adopted March 31, 2025.

How many EXFY shares does Barrett David Michael beneficially own after the reported transactions?

The Form 4 reports 1,468,480 shares beneficially owned indirectly through Barrett Trust LLC after the reported transaction(s).

What is the ownership structure disclosed for the indirect holdings?

The indirect holdings are held by Barrett Trust LLC, a manager-managed LLC; the reporting person is manager and trustee and the Barrett Family Trust is the controlling member.

Who signed the Form 4 and when?

The Form 4 was signed by /s/ Ryan Schaffer, as attorney-in-fact on 09/05/2025.