Barrett David Michael 4

What Happened

• David Barrett, CEO of Expensify, received 6,920 matched shares on March 13, 2026 (granted under the company’s 2021 Stock Purchase and Matching Plan) and on March 15, 2026 exercised/converted 14,463 derivative/RSU-equivalent shares (reported as an "M" exercise/conversion). Following the conversions, portions of the shares were sold: 2,692 shares on March 17 at a weighted average of $0.76 (≈ $2,046) and 10,114 shares on March 24 at a weighted average of $0.84 (≈ $8,496). Total shares sold = 12,806 for about $10,542.
• The acquisitions were reported at $0 cost (common for matched shares or the settlement of vested RSUs/derivative conversions); the sales appear to have been executed by the issuer’s broker to cover tax withholding obligations rather than voluntary open-market selling by the insider.

Key Details

• Transaction dates and prices:
  • 2026-03-13: Award/grant — 6,920 shares @ $0.00 (matched shares, SPMP)
  • 2026-03-15: Exercise/conversion — 14,463 derivative shares (reported as M; $0.00)
  • 2026-03-17: Sale — 2,692 shares @ $0.76 (≈ $2,046)
  • 2026-03-24: Sale — 10,114 shares @ $0.84 (≈ $8,496)
• Total sold: 12,806 shares for approximately $10,542.
• Shares owned after the transactions: Not specified in the provided excerpt of the filing.
• Notable footnotes:
  • F1: 6,920 shares were matched shares under the 2021 Stock Purchase and Matching Plan.
  • F2/F9: Some transactions reflect settlement of vested RSUs (either into Class A common stock or LT50 common stock).
  • F3–F6: The sales were pro rata portions of broker sales to cover taxes on matched shares/RSU vesting; reported prices are weighted averages across multiple trades.
  • F10: LT50 common stock has transfer/conversion restrictions (50‑month notice/period) and converts to Class A under certain conditions.
  • F11: Some shares were deposited into the Expensify Voting Trust while the reporting person retains investment/dispositive control.
• Filing timeliness: The Form 4 covers transactions in March 2026 but was filed on June 11, 2026 — the filing was late relative to the typical Form 4 reporting window.

Context

• The exercise/conversion (M code) here appears to be a routine settlement/conversion of derivative/RSU-like awards rather than a cash purchase; acquisition reported at $0 is typical for vested RSU settlements or matched-share grants.
• The subsequent sales look like broker sales to cover tax withholding on the grants/vests (common practice) rather than discretionary selling for investment reasons.
• Note: Late filing reduces the timeliness of disclosure for investors; the filing itself does not change the economic nature of the transactions described.