[Form 4] Expensify, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form Type: Form 4 reporting insider transactions by David Michael Barrett, CEO and director of Expensify, Inc. (EXFY).

The filing reports dispositions on 08/01/2025 executed under a Rule 10b5-1 trading plan adopted 03/31/2025. The reporting person sold 210,676 shares at a weighted average price of $1.94 (prices ranged $1.92–$1.97). Following the reported transactions, the filing shows 30,000 shares held directly and 1,498,480 shares held indirectly via Barrett Trust LLC/Barrett Family Trust. The form is signed by an attorney-in-fact on 08/04/2025.

Insights

Financial Analyst

TL;DR: CEO sold 210,676 EXFY shares under a pre-established 10b5-1 plan at a ~$1.94 weighted average; holdings remain disclosed.

The sale was executed pursuant to a 10b5-1 plan adopted on 03/31/2025, reducing the reporting person’s direct stake to 30,000 shares while leaving 1,498,480 shares held indirectly. The disclosure includes a weighted-average price and the full trade price range ($1.92–$1.97), which provides transparency on execution. For investors, this is a clear routine disposition under an automated plan rather than a contemporaneous, unscheduled sell-off; the materiality depends on company float and context outside this filing.

Corporate Governance Expert

TL;DR: Insiders followed a documented 10b5-1 plan; the filing provides standard trustee/LLC beneficial-ownership disclosures.

The Form 4 clarifies indirect ownership structure: shares are held by Barrett Trust LLC with voting/investment decisions by the reporting person and the Barrett Family Trust as controlling member. The filing’s explicit note on indirect beneficial ownership and attorney-in-fact signature demonstrates compliance with Section 16 reporting requirements. Governance-wise, the planned sale reduces information asymmetry by precommitting trading parameters.

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).

X

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 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
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/01/2025

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	08/01/2025		S(1)		30,000	D	$1.94(2)	1,498,480	I	See note(3)
Class A Common Stock								210,676	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. The transactions reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 31, 2025.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.92 to $1.97, inclusive. The reporting person undertakes to provide to Expensify, Inc., any security holder of Expensify, Inc., 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 ranges set forth in this footnote.

3. 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.

Remarks:

	/s/ Ryan Schaffer, as attorney-in-fact	08/04/2025
	** 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) insider David Barrett report on Form 4?

The filing reports that David Michael Barrett sold 210,676 shares of EXFY on 08/01/2025 under a 10b5-1 plan; post-sale holdings are 30,000 direct and 1,498,480 indirect.

At what price were the EXFY shares sold?

The filing lists a weighted average sale price of $1.94, with individual transactions ranging from $1.92 to $1.97.

When was the 10b5-1 plan adopted for the reported trades?

The explanatory note states the Rule 10b5-1 trading plan was adopted on 03/31/2025.

How is the indirect ownership structured for the reporting person?

Indirect ownership is held by Barrett Trust LLC, a manager-managed LLC; the reporting person is the manager and the Barrett Family Trust is the controlling member, for which he serves as trustee.

Who signed the Form 4 and when?

The form is signed by Ryan Schaffer as attorney-in-fact on 08/04/2025.