Form 4: Expensify CFO Reports RSU Settlement and Tax-Related Stock Sale

Expensify CFO Ryan Schaffer reported the settlement of restricted stock units and a subsequent sale of shares to cover tax obligations.

Summary

• Ryan Schaffer, Chief Financial Officer and Director of Expensify, Inc. (EXFY), reported transactions involving the company's Class A Common Stock and Restricted Stock Units (RSUs).
• On December 15, 2025, 3,923 Restricted Stock Units (RSUs) for Class A Common Stock and 3,923 Restricted Stock Units for LT50 Common Stock vested and settled.
• The settlement of these RSUs resulted in the acquisition of 3,923 shares of Class A Common Stock and 3,923 shares of LT50 Common Stock.
• Following the RSU settlement, Schaffer's beneficial ownership of Class A Common Stock increased to 207,859 shares and LT50 Common Stock to 66,683 shares (indirectly held).
• On December 30, 2025, Schaffer disposed of 3,923 shares of Class A Common Stock at a weighted average price of $1.52 per share.
• This sale was a pro rata portion of shares sold by the Issuer's broker to cover taxes upon the vesting of RSUs for certain employees.
• The shares were sold in multiple transactions at prices ranging from $1.50 to $1.53.
• After the tax-related sale, Schaffer's direct beneficial ownership of Class A Common Stock decreased to 203,936 shares.
• 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, with an expiration date of December 15, 2029.
• LT50 Common Stock is convertible into Class A Common Stock on a one-to-one basis upon satisfaction of certain notice and other requirements, including a 50-month notice period, or automatically when LT10 and LT50 Common Stock represent less than 2% of all outstanding common stock.
• Shares of LT50 Common Stock are deposited into the Expensify Voting Trust, with Schaffer retaining investment control and dispositive power.

Sentiment

Score: 5

Explanation: The filing reports routine insider transactions related to equity compensation and tax obligations, which is generally neutral in sentiment. There are no extraordinary positive or negative implications for the company's operational or financial health.

Positives

• The vesting of 3,923 Restricted Stock Units for Class A Common Stock and 3,923 Restricted Stock Units for LT50 Common Stock indicates continued equity participation and alignment of interests between the CFO and shareholders.
• The acquisition of 3,923 shares of Class A Common Stock and 3,923 shares of LT50 Common Stock through RSU settlement increases the CFO's overall equity stake in the company.

Negatives

• The disposition of 3,923 shares of Class A Common Stock, even for tax purposes, reduces the direct beneficial ownership of the CFO.
• The sale price of $1.52 per share is relatively low, reflecting the current market valuation of the stock.

Future Outlook

The filing does not contain specific forward-looking statements or guidance regarding the company's future performance or strategic direction. It primarily reports past insider transactions.

Industry Context

This Form 4 filing is a routine disclosure of insider stock transactions and does not provide information directly related to broader industry trends or competitive positioning. It reflects standard equity compensation practices for executives.

Related Party Transactions

• The reported transactions involve Ryan Schaffer, a Director and Chief Financial Officer of Expensify, Inc., engaging in the settlement of Restricted Stock Units and a subsequent sale of shares to cover tax liabilities, which are considered related party transactions.

Stakeholder Impact

• Shareholders: The tax-related sale of 3,923 shares by a key executive represents a minor dilution of ownership, but is a common practice for RSU vesting.
• Employees: The RSU vesting and subsequent tax-related sale are part of the company's equity compensation program, which aligns executive interests with long-term company performance.

Next Steps

• Future quarterly vesting of remaining Restricted Stock Units on December 15th, March 15th, June 15th, and September 15th, as per the established vesting schedule.

Key Dates

Keywords

Expensify, EXFY, Form 4, Insider Transaction, Restricted Stock Units, RSU, CFO, Ryan Schaffer, Stock Sale, Equity Compensation