Alvarez Divo Carlos Eduardo 4

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

Research Summary

AI-generated summary of this filing

Updated Jun 11, 2026

Expensify (EXFY) Director Carlos Alvarez Divo Receives Awards, Sells Shares

What Happened
Carlos Alvarez Divo, a director of Expensify, had multiple transactions in mid‑March 2026: he acquired awards/purchases and settled vested RSUs/derivatives totaling 111,959 shares (including a 59,500‑share purchase at $0.82 costing $48,790 and other awards/RSU settlements reported at $0 cost) and sold 20,380 shares in open‑market/private sales that generated about $16,247 in proceeds. Net across these reported trades he increased his holdings by 91,579 shares (111,959 acquired minus 20,380 sold). The Form 4 was filed on June 11, 2026, covering transactions from March 13–30 (appears to be a late filing).

Key Details

Transaction dates & amounts:
- 2026-03-13: Acquired 59,500 shares at $0.82 (cost $48,790) — SPMP purchase (F1).
- 2026-03-13: Acquired 16,359 shares @ $0.00 — likely matched shares/RSU settlement (F2/F3).
- 2026-03-15: Exercise/conversion of derivative(s) for 2,467 shares (reported $0.00) — settlement/conversion noted (M; F12/F13).
- 2026-03-20: Acquired 33,633 shares @ $0.00 — award/RSU settlement (F6/F3).
- Open‑market/private sales: 3/17 (6,230 sh @ $0.76), 3/24 (1,699 sh @ $0.84), 3/30 (12,451 sh @ $0.81) — total ~20,380 sh, proceeds ~$16,247.
Net position change from these entries: +91,579 shares (not the total shares owned; Form 4 excerpt did not state post‑transaction total holdings).
Notable footnotes: purchases/awards tied to the 2021 Stock Purchase & Matching Plan (SPMP — F1, F2, F6); several sales appear to be broker sell‑to‑cover transactions to satisfy tax withholding with weighted average price ranges disclosed in footnotes (F4–F10); RSU vesting schedule referenced (F11); some shares involve LT50 common stock conversion/settlement mechanics (F12–F13); shares deposited into a voting trust while the reporting person retains control (F14).
Filing timeliness: Form 4 filed ~3 months after the March transactions (filed 2026-06-11), which indicates a late filing relative to typical Form 4 timing.

Context

Many of the acquisitions are awards or RSU settlements (zero cash cost reported) or matched shares under the company SPMP; several sales are identified in the filing as sell‑to‑cover/tax withholding transactions rather than discretionary open‑market divestitures.
For derivative/option entries: the 3/15 entries appear to be exercises/conversions/settlements of vested awards or LT50 shares (reported at $0), with some resulting shares then sold to cover taxes.
These types of award/settlement plus sell‑to‑cover patterns are common and do not necessarily indicate a change in insider sentiment; purchases (like the SPMP purchase at $0.82) are more directly informative of insider cash deployment.

Insider Transaction Report

Form 4

Period: 2026-03-13

Expensify, Inc.EXFY

Alvarez Divo Carlos Eduardo

Director

Transactions

Award
Class A Common Stock
[F1]
2026-03-13$0.82/sh+59,500$48,790→ 304,280 total
Award
Class A Common Stock
[F2]
2026-03-13+16,359→ 320,639 total
Exercise/Conversion
Class A Common Stock
[F3]
2026-03-15+2,467→ 323,106 total
Sale
Class A Common Stock
[F4][F5]
2026-03-17$0.76/sh−6,230$4,735→ 316,876 total
Award
Class A Common Stock
[F6]
2026-03-20+33,633→ 350,509 total
Sale
Class A Common Stock
[F7][F8]
2026-03-24$0.84/sh−1,699$1,427→ 348,810 total
Sale
Class A Common Stock
[F9][F10]
2026-03-30$0.81/sh−12,451$10,085→ 336,359 total
Exercise/Conversion
Restricted Stock Units
[F3][F11]
2026-03-15−2,467→ 34,545 total
Exp: 2029-12-15→ Class A Common Stock (2,467 underlying)
Exercise/Conversion
Restricted Stock Units
[F12][F11]
2026-03-15−2,467→ 34,545 total
Exp: 2029-12-15→ LT50 Common Stock (2,467 underlying)
Exercise/Conversion
LT50 Common Stock
[F12][F13][F14]
2026-03-15+2,467→ 166,567 total(indirect: See note)
→ Class A Common Stock (2,467 underlying)

Footnotes (14)

[F1]Shares purchased pursuant to the Expensify, Inc. 2021 Stock Purchase and Matching Plan ("SPMP").
[F10]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 awarded under the SPMP for certain employees of the Issuer. These shares were sold in multiple transactions at prices ranging from $0.79 to $0.83, 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.
[F11]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.
[F12]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.
[F13]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.
[F14]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.
[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]Shares awarded under the SPMP.
[F7]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.
[F8]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.
[F9]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.

Signature

/s/ Ryan Schaffer, as attorney-in-fact|2026-06-11

Documents

1 file

4
wk-form4_1781218731.xmlPrimary
FORM 4