Expensify CEO Shows Confidence: Net Increases Stake Despite $2.28 Share Price
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
David Michael Barrett, CEO and Director of Expensify (EXFY), reported multiple securities transactions on June 13-17, 2025:
- Acquired 6,304 Class A Common Stock shares under the 2021 Stock Purchase and Matching Plan at $0
- Received 14,463 shares from RSU conversion on June 15
- Sold 2,247 shares at average price of $2.28 for tax obligations
Post-transactions, Barrett holds 210,676 shares directly and 1,558,480 shares indirectly through Barrett Trust LLC. Additionally, he holds significant derivative positions including RSUs and LT50 Common Stock, with the latter convertible to Class A shares after a 50-month notice period. Barrett maintains investment control over shares in the Expensify Voting Trust, with RSUs vesting quarterly at 1/32nd after initial 12.5% vest.
Positive
- None.
Negative
- CEO David Barrett sold shares at a notably low price of $2.28, significantly below historical trading levels, though the sale was specifically for tax coverage purposes
Insider Trade Summary
Net Seller: 2,247 shares ($5,123)
Net Sell
8 txns
Insider
Barrett David Michael
Role
Chief Executive Officer
Sold
2,247 shs ($5K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A Common Stock | 2,247 | $2.28 | $5K |
| Exercise | Restricted Stock Units | 14,463 | $0.00 | -- |
| Exercise | Restricted Stock Units | 14,463 | $0.00 | -- |
| Exercise | LT50 Common Stock | 14,463 | $0.00 | -- |
| Exercise | Class A Common Stock | 14,463 | $0.00 | -- |
| Grant/Award | Class A Common Stock | 6,304 | $0.00 | -- |
| holding | LT50 Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
Holdings After Transaction:
Class A Common Stock — 210,676 shares (Direct);
Restricted Stock Units — 245,873 shares (Direct);
LT50 Common Stock — 216,947 shares (Indirect, See note);
Class A Common Stock — 1,558,480 shares (Indirect, See note)
Footnotes (1)
- Shares granted under the Expensify, Inc. 2021 Stock Purchase and Matching Plan ("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 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 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. 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. 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.
FAQ
What was the total EXFY Class A Common Stock sold by David Barrett on June 17, 2025?
David Barrett sold 2,247 shares of Class A Common Stock on June 17, 2025 at a weighted average price of $2.28 per share. This sale was made to cover tax obligations related to SPMP share awards.
How many EXFY Restricted Stock Units (RSUs) vested for David Barrett on June 15, 2025?
14,463 Restricted Stock Units (RSUs) vested and were converted to Class A Common Stock on June 15, 2025. Additionally, 14,463 RSUs were converted to LT50 Common Stock on the same date.
What is David Barrett's total beneficial ownership of EXFY Class A Common Stock after these transactions?
Following these transactions, David Barrett beneficially owned 210,676 shares of Class A Common Stock directly, and 1,558,480 shares indirectly through Barrett Trust LLC. He also indirectly owns 3,583,249 shares of LT50 Common Stock convertible to Class A Common Stock.
What is the vesting schedule for EXFY's Restricted Stock Units (RSUs)?
The RSUs vest 12.5% on September 15, 2022, and 1/32nd vests each quarter thereafter on December 15th, March 15th, June 15th, and September 15th.