Expensify CEO Barrett Acquires 20,767 Shares, Sells Small Portion for Taxes

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Form Type

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

Exercise and sale activity reported; no spread calculated

Exercise and Sale 8 txns

Insider Barrett David Michael

Role Chief Executive Officer

Sold 2,247 shs ($5K)

Approx. gross sale proceeds $5K

Approx. exercise cost $0.00

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	2,247	$2.28	$5K
Exercise	Restricted Stock Units	14,463	$0.00	$0.00
Exercise	Restricted Stock Units	14,463	$0.00	$0.00
Exercise	LT50 Common Stock	14,463	$0.00	$0.00
Exercise	Class A Common Stock	14,463	$0.00	$0.00
Grant/Award	Class A Common Stock	6,304	$0.00	$0.00
holding	LT50 Common Stock	--	--	--
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Restricted Stock Units — 491,746 contracts (Direct); LT50 Common Stock — 3,800,196 contracts for 3,583,249 underlying shares (Indirect, See note); Class A Common Stock — 210,676 shares (Direct); Class A Common Stock — 1,558,480 shares (Indirect, See note)

Footnotes (9)

F1. Shares granted under the Expensify, Inc. 2021 Stock Purchase and Matching Plan ("SPMP").
F2. 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.
F3. 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.
F4. 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.
F5. 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.
F6. 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.
F7. 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.
F8. 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.
F9. 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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many EXFY shares did CEO David Barrett acquire on June 13, 2025?

CEO David Barrett acquired 6,304 shares of Class A Common Stock on June 13, 2025 through the Expensify, Inc. 2021 Stock Purchase and Matching Plan (SPMP) at a price of $0.

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.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 06/18/2025 - 08:49 PM EDT

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^*

Barrett David Michael

(Last)

(First)

(Middle)

C/O EXPENSIFY, INC.

401 SW 5TH AVE

(Street)

PORTLAND

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)
06/13/2025

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	06/13/2025		A		6,304⁽¹⁾	A	$0	198,460	D
Class A Common Stock	06/15/2025		M		14,463	A	⁽²⁾	212,923	D
Class A Common Stock	06/17/2025		S		2,247⁽³⁾	D	$2.28⁽⁴⁾	210,676	D
Class A Common Stock								1,558,480	I	See note⁽⁵⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	⁽²⁾	06/15/2025		M			14,463	⁽⁶⁾	12/15/2029	Class A Common Stock	14,463	$0	245,873	D
Restricted Stock Units	⁽⁷⁾	06/15/2025		M			14,463	⁽⁶⁾	12/15/2029	LT50 Common Stock	14,463	$0	245,873	D
LT50 Common Stock	⁽⁷⁾⁽⁸⁾	06/15/2025		M		14,463		⁽⁸⁾	⁽⁸⁾	Class A Common Stock	14,463	$0	216,947	I	See note⁽⁹⁾
LT50 Common Stock	⁽⁸⁾							⁽⁸⁾	⁽⁸⁾	Class A Common Stock	3,583,249		3,583,249	I	See note⁽⁵⁾⁽⁹⁾

Explanation of Responses:

1. Shares granted under the Expensify, Inc. 2021 Stock Purchase and Matching Plan ("SPMP").

2. 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.

3. 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.

4. 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.

5. 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.

6. 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.

7. 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.

8. 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.

9. 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	06/18/2025
	** 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.

Source: View Original Filing on SEC EDGAR