[Form 4] Expensify, Inc. Insider Trading Activity

Rhea-AI Filing Summary

The SEC Form 4 filed on 07/09/2025 shows that Expensify, Inc. (EXFY) director Ying Liu received an equity award on 07/05/2025.

• 2,128 Class A shares were acquired through immediately-vesting restricted stock units (RSUs) issued under the company’s Non-Employee Director Compensation Program.
• The grant price was $0; it is compensation rather than an open-market purchase.
• Following the award, Liu’s direct beneficial ownership increased to 168,207 Class A shares.

This is a routine director compensation transaction with minimal dilution and no direct impact on operating performance or cash flow, but it modestly strengthens insider alignment with shareholders.

Positive

• Increased insider ownership: Director Ying Liu’s stake rose to 168,207 shares, marginally improving board-shareholder alignment.

Negative

• Minor dilution: Issuance of 2,128 new shares adds to share count, though the effect is immaterial.

Insights

Securities Analyst

TL;DR: Routine RSU grant; negligible dilution; insider alignment slightly improved; limited market impact.

The filing documents a standard equity compensation grant to a non-employee director. No cash changed hands and the 2,128 additional shares represent an immaterial fraction of Expensify’s outstanding float. While the award lifts Ying Liu’s holdings to 168,207 shares—demonstrating continued board alignment with investors—the transaction is not large enough to signal a significant shift in insider sentiment or corporate outlook. From a valuation and liquidity standpoint, the disclosure is neutral; investors are unlikely to adjust models or risk assessments based solely on this event.

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

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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)
07/05/2025

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	07/05/2025		A		2,128(1)	A	$0	168,207	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	07/09/2025
	** 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 Expensify (EXFY) file with the SEC?

The company filed a Form 4 reporting insider equity transactions.

Who is the reporting person on the Form 4?

The filing pertains to director Ying Liu.

How many shares did Ying Liu acquire?

Liu received 2,128 Class A shares via RSUs that vested immediately.

What is Ying Liu’s total ownership after the grant?

After the transaction, Liu beneficially owns 168,207 Class A shares.

Was any cash paid for the RSU grant?

No. The RSUs were granted at a $0 price as part of director compensation.

Does the filing indicate a Rule 10b5-1 trading plan?

The form does not check the box indicating transactions under Rule 10b5-1(c).

Is the transaction material to Expensify shareholders?

The relatively small share amount suggests minimal financial impact on overall dilution or valuation.