Expensify (EXFY) director reports equity awards and tax-driven share sales

Rhea-AI Filing Summary

Expensify director Carlos Eduardo Alvarez Divo reported multiple equity compensation and related tax transactions in Class A common stock. He received shares through the 2021 Stock Purchase and Matching Plan and vested RSUs, and some shares were sold by the issuer’s broker to cover tax obligations. After these transactions, he directly holds 336,359 Class A shares.

Insights

Insider transactions analyst

Activity is mainly routine equity awards with tax-related sales.

Director Carlos Eduardo Alvarez Divo reported a mix of equity awards, RSU settlements, and sales tied to Expensify’s 2021 Stock Purchase and Matching Plan and RSU vesting. Footnotes explain that several sales reflect the broker selling shares to cover tax obligations for matched or awarded shares.

The filing shows a net sale of 20,380 Class A shares across three sale transactions, while he continues to hold 336,359 Class A shares directly. Because most activity is compensation and tax-related rather than discretionary trading, the informational value for investors is limited and does not materially change the broader investment picture.

Insider Trade Summary

Net Seller: 20,380 shares ($16,247)

Net Sell 10 txns

Insider Alvarez Divo Carlos Eduardo

Role null

Sold 20,380 shs ($16K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	12,451	$0.81	$10K
Sale	Class A Common Stock	1,699	$0.84	$1K
Grant/Award	Class A Common Stock	33,633	$0.00	--
Sale	Class A Common Stock	6,230	$0.76	$5K
Exercise	Restricted Stock Units	2,467	$0.00	--
Exercise	Restricted Stock Units	2,467	$0.00	--
Exercise	LT50 Common Stock	2,467	$0.00	--
Exercise	Class A Common Stock	2,467	$0.00	--
Grant/Award	Class A Common Stock	59,500	$0.82	$49K
Grant/Award	Class A Common Stock	16,359	$0.00	--

Holdings After Transaction: Class A Common Stock — 336,359 shares (Direct, null); Restricted Stock Units — 34,545 shares (Direct, null); LT50 Common Stock — 166,567 shares (Indirect, See note)

Footnotes (1)

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 granted as matched shares 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 $0.74 to $0.78, 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. Shares awarded under the SPMP. 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. 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 $0.82 to $0.86, 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. 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 awarded under the SPMP for certain employees of the Issuer. These shares were sold in multiple transactions at prices ranging from $0.79 to $0.83, 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.

Key Figures

Shares sold 2026-03-30: 12,451 shares at $0.81 Shares sold 2026-03-24: 1,699 shares at $0.84 Shares sold 2026-03-17: 6,230 shares at $0.76 +5 more

8 metrics

Shares sold 2026-03-30 12,451 shares at $0.81 Open-market sale; Class A Common Stock

Shares sold 2026-03-24 1,699 shares at $0.84 Open-market sale; Class A Common Stock

Shares sold 2026-03-17 6,230 shares at $0.76 Open-market sale; Class A Common Stock

Net shares sold 20,380 shares Net-sell direction in transaction summary

Shares following latest transaction 336,359 shares Class A Common Stock held directly after 2026-03-30

RSU-related derivative exercises 7,401 shares ExerciseShares in transaction summary (code M)

Grant on 2026-03-13 59,500 shares at $0.82 Class A Common Stock grant/award acquisition

Additional grant on 2026-03-13 16,359 shares Class A Common Stock grant/award at $0.00

Key Terms

Expensify, Inc. 2021 Stock Purchase and Matching Plan, Restricted Stock Unit, weighted average price, LT50 Common Stock, +1 more

5 terms

Expensify, Inc. 2021 Stock Purchase and Matching Plan financial

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

Restricted Stock Unit financial

"Each Restricted Stock Unit ("RSU") represents the contingent right to receive one share of Class A common stock."

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

weighted average price financial

"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..."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

LT50 Common Stock financial

"Each RSU represents the contingent right to receive one share of LT50 common stock."

Expensify Voting Trust financial

"Deposited into the Expensify Voting Trust (the "Voting Trust")."

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Form 4 Insider Transactions: What Each Field Means →

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).

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^*

Alvarez Divo Carlos Eduardo

(Last) (First) (Middle)

C/O EXPENSIFY, INC.

88 KEARNY ST, STE 1600

(Street)

SAN FRANCISCO CALIFORNIA 94108

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/13/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	03/13/2026		A		59,500(1)	A	$0.82	304,280	D
Class A Common Stock	03/13/2026		A		16,359(2)	A	$0	320,639	D
Class A Common Stock	03/15/2026		M		2,467	A	(3)	323,106	D
Class A Common Stock	03/17/2026		S		6,230(4)	D	$0.76(5)	316,876	D
Class A Common Stock	03/20/2026		A		33,633(6)	A	$0	350,509	D
Class A Common Stock	03/24/2026		S		1,699(7)	D	$0.84(8)	348,810	D
Class A Common Stock	03/30/2026		S		12,451(9)	D	$0.81(10)	336,359	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)	03/15/2026		M			2,467	(11)	12/15/2029	Class A Common Stock	2,467	$0	34,545	D
Restricted Stock Units	(12)	03/15/2026		M			2,467	(11)	12/15/2029	LT50 Common Stock	2,467	$0	34,545	D
LT50 Common Stock	(12)(13)	03/15/2026		M		2,467		(13)	(13)	Class A Common Stock	2,467	$0	166,567	I	See note(14)

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 $0.74 to $0.78, 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. Shares awarded under the SPMP.

7. 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.

8. 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 $0.82 to $0.86, 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.

9. 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.

10. 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 awarded under the SPMP for certain employees of the Issuer. These shares were sold in multiple transactions at prices ranging from $0.79 to $0.83, 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.

11. 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.

12. 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.

13. 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.

14. 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	06/11/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What did Expensify (EXFY) director Carlos Eduardo Alvarez Divo report in this Form 4?

He reported equity compensation and related tax transactions. These include shares acquired under Expensify’s 2021 Stock Purchase and Matching Plan, RSU settlements into Class A stock, and sales executed by the issuer’s broker mainly to cover associated tax obligations.

How many Expensify (EXFY) shares did the director sell in this filing?

The filing shows aggregate sales of 20,380 Class A shares. Footnotes state that the broker sold these shares in multiple transactions principally to cover taxes on matched share awards and RSU vesting for certain employees, including the reporting person’s pro rata portion.

How many Expensify (EXFY) Class A shares does the director hold after these transactions?

Following the reported transactions, he directly holds 336,359 shares of Expensify Class A common stock. This figure reflects the net effect of equity grants, RSU settlements, derivative exercises, and tax-related sales disclosed in the Form 4.

What role did RSUs play in the Expensify (EXFY) Form 4 transactions?

Restricted Stock Units converted into Class A and LT50 common stock upon vesting. Each RSU represents the right to receive one share, and the filing notes settlements of vested RSUs plus related sales by the broker to cover taxes when those RSUs vested.

What is Expensify’s 2021 Stock Purchase and Matching Plan mentioned in the Form 4?

The plan allows employees and directors to purchase shares and receive matched or awarded shares. Footnotes explain that some shares were purchased or granted under this plan and that certain reported sales cover taxes related to matched or awarded SPMP shares for participating employees.

What is LT50 common stock referenced in the Expensify (EXFY) Form 4?

LT50 common stock is a separate share class convertible into Class A common stock on a one-to-one basis. Conversion generally requires satisfaction of notice and other conditions, including a 50‑month notice period, or occurs automatically once specified aggregate ownership thresholds are met.