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Expensify, Inc.·4

Jun 11, 6:58 PM ET

Mills Jason Fahr 4

4 · Expensify, Inc. · Filed Jun 11, 2026

Research Summary

AI-generated summary of this filing

Updated

Expensify Director Jason Mills Receives Awards and Sells Shares

What Happened

  • Jason Fahr Mills, a director of Expensify, reported multiple transactions in mid‑March 2026. On March 13 he acquired 41,348 shares at $0.82 (cost ~$33,905) and 26,058 shares at $0.00 (matched / plan shares), and on March 15 he exercised/converted 3,822 derivative units into common stock. Following the vesting/exercise a portion of shares was used to satisfy tax withholding (reported as zero‑price dispositions). He also sold 6,770 shares on March 17 at $0.76 ($5,145) and 1,786 shares on March 24 at $0.84 ($1,500) — total reported open‑market proceeds ≈ $6,645.
  • Overall, the filing shows roughly 67,406 shares granted (41,348 + 26,058) and 3,822 shares issued on exercise/settlement, with ~8,556 shares sold in open market transactions. Some exercised/settled shares were withheld or disposed to cover taxes (zero‑price entries).

Key Details

  • Transaction dates and prices: 3/13/2026 awards (41,348 @ $0.82; 26,058 @ $0.00); 3/15/2026 exercise/conversion of 3,822 derivative units; 3/17/2026 sale 6,770 @ $0.76; 3/24/2026 sale 1,786 @ $0.84.
  • Reported proceeds from open‑market sales: ≈ $6,645 total.
  • Shares owned after transaction: not specified in the provided summary of the filing.
  • Notable footnotes: awards/purchases were made under Expensify’s 2021 Stock Purchase and Matching Plan (SPMP) and matched shares; some vested RSUs settled into LT50 common stock (long‑term locked shares) and/or were deposited into the Expensify Voting Trust while the reporting person retains investment control. Several zero‑price disposals reflect shares withheld to cover taxes.
  • Filing timeliness: the report was filed 2026‑06‑11 for transactions in March 2026 — this is later than the usual two‑business‑day Form 4 deadline.

Context

  • Derivative activity: the 3/15 entries are exercises/conversions of derivative awards/RSUs into common stock; the filing shows that some of those shares were immediately used for tax withholding (reported at $0.00), while other shares were retained or later sold in the open market.
  • Why it matters: purchases/awards record new share issuance to the insider (often from compensation or plan participation); the small open‑market sales here appear to be routine (tax withholding and modest sales) rather than large disposals. This summary is factual and does not speculate on the insider’s motives.

Insider Transaction Report

Form 4
Period: 2026-03-13
Expensify, Inc.EXFY
Mills Jason Fahr
Director
Transactions
  • Award

    Class A Common Stock

    [F1]
    2026-03-13$0.82/sh+41,348$33,905→ 528,310 total
  • Award

    Class A Common Stock

    [F2]
    2026-03-13+26,058→ 554,368 total
  • Exercise/Conversion

    Class A Common Stock

    [F3]
    2026-03-15+3,822→ 558,190 total
  • Sale

    Class A Common Stock

    [F4][F5]
    2026-03-17$0.76/sh−6,770$5,145→ 551,420 total
  • Sale

    Class A Common Stock

    [F6][F7]
    2026-03-24$0.84/sh−1,786$1,500→ 549,634 total
  • Exercise/Conversion

    Restricted Stock Units

    [F3][F8]
    2026-03-15−3,822→ 53,497 total
    Exp: 2029-12-15→ Class A Common Stock (3,822 underlying)
  • Exercise/Conversion

    Restricted Stock Units

    [F9][F8]
    2026-03-15−3,822→ 53,497 total
    Exp: 2029-12-15→ LT50 Common Stock (3,822 underlying)
  • Exercise/Conversion

    LT50 Common Stock

    [F9][F10][F11]
    2026-03-15+3,822→ 53,498 total(indirect: See note)
    → Class A Common Stock (3,822 underlying)
Holdings

  • LT50 Common Stock

    [F10][F11][F12]
    (indirect: See note)
    → Class A Common Stock (534,925 underlying)
    534,925
Footnotes (12)
  • [F1]Shares purchased pursuant to the Expensify, Inc. 2021 Stock Purchase and Matching Plan ("SPMP").
  • [F10]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.
  • [F11]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.
  • [F12]By LILIJK LLC, a manager-managed limited liability company. The investment and voting decisions of LILIJK LLC are made by its manager, the Reporting Person, and its controlling member is the Figueroa-Mills Family Revocable Trust, for which the Reporting Person serves as trustee.
  • [F2]Shares granted as matched shares pursuant to the SPMP.
  • [F3]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.
  • [F4]Represents the Reporting Person's pro rata portion of the total shares sold on the transaction date to cover taxes for shares granted as matched shares under the SPMP for certain employees of the Issuer.
  • [F5]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 $0.74 to $0.78, 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.
  • [F6]Represents the Reporting Person's pro rata portion of the total shares sold on the transaction date to cover taxes upon the vesting of RSUs for certain employees of the Issuer.
  • [F7]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 upon the vesting of RSUs for certain employees of the Issuer. These shares were sold in multiple transactions at prices ranging from $0.82 to $0.86, 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.
  • [F8]The restricted stock units vest 12.5% on September 15, 2022 and 1/32nd each quarter thereafter, on December 15th, March 15th, June 15th and September 15th.
  • [F9]Each restricted stock unit 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.
Signature
/s/ Ryan Schaffer, as attorney-in-fact|2026-06-11

Documents

1 file
  • 4
    wk-form4_1781218696.xmlPrimary

    FORM 4