[Form 4] Expensify, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Liu Ying, a director of Expensify, Inc. (EXFY), received an award of 2,500 restricted stock units that vested immediately on the grant date of 10/05/2025. Each RSU converts into one share of Class A common stock and was granted at a conversion price of $0, increasing the director's reported beneficial ownership to 170,707 shares of Class A common stock. The award was made under the Non-Employee Director Compensation Program and is recorded on a Form 4 reporting the change in ownership.

Positive

• 2,500 RSUs vested immediately, providing clear, awarded compensation to the director
• Beneficial ownership increased to 170,707 shares, aligning director holdings with shareholder interests
• Grant recorded at $0 conversion price, indicating standard equity compensation rather than a cash purchase

Negative

• None.

Insights

Corporate Governance Analyst

Director received immediate RSU vesting, modestly increasing ownership.

The transaction shows a non-employee director award of 2,500 RSUs that vested on grant, converting 1:1 into Class A shares. This is a routine compensation action under the director compensation program and moves the director's stake to 170,707 shares.

Immediate vesting removes future service conditions but is disclosed transparently on the Form 4 dated 10/05/2025. Investors may observe this as standard board compensation; monitor future director grants or changes to the compensation program for potential governance signal.

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).

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^*

Liu Ying

(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)
10/05/2025

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	10/05/2025		A		2,500(1)	A	$0	170,707	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. Reflects an award of restricted stock units ("RSUs") pursuant to the Non-Employee Director Compensation Program, which vested immediately on the grant date. Each RSU represented a right to receive one share of Class A common stock.

Remarks:

	/s/ Ryan Schaffer, as attorney-in-fact	10/08/2025
	** 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 transaction did Expensify (EXFY) director Liu Ying report on the Form 4?

The Form 4 reports an award of 2,500 restricted stock units (RSUs) that vested immediately and convert 1:1 into Class A common stock.

When did the RSUs vest for Liu Ying (EXFY)?

The RSUs vested on the grant date of 10/05/2025 according to the Form 4.

How many shares does Liu Ying beneficially own after the transaction?

Following the reported transaction, Liu Ying beneficially owns 170,707 shares of Class A common stock.

What was the price or cost to the reporting person for the RSU award?

The conversion price recorded for the RSUs is $0, reflecting an equity award rather than a purchase.

Under what program were the RSUs granted to Liu Ying (EXFY)?

The RSUs were granted pursuant to the Non-Employee Director Compensation Program.