Ryan Schaffer - 15 Sep 2023 Form 4 Insider Report for Expensify, Inc. (EXFY)

Reporting relationship: Chief Financial Officer, Director
Issuer ticker: EXFY
Reported as of: 15 Sep 2023
Net transaction value: -$13,048
SEC form: 4
Accepted by SEC: 10 Oct 2023, 20:54:00 UTC
Prior SEC filing: 06 Sep 2023
Next SEC filing: 09 Nov 2023
Source filing: View source filing
Reporting owner signature: /s/ Ryan Schaffer

Key filing fact

Ryan Schaffer filed Form 4 for Expensify, Inc. (EXFY) on 10 Oct 2023.

Key facts

This page summarizes Ryan Schaffer's Form 4 filing for Expensify, Inc. (EXFY).
11 reported transactions and 4 derivative rows are listed below.
Accepted by SEC: 10 Oct 2023, 20:54.

Change

Previous filing in this sequence was filed on 06 Sep 2023.
Current net transaction value: -$13,048.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

EXFY transaction

Class A Common Stock

Award

Transaction value: $4,846
Shares: +1,262
Change %: +1.6%
Price: $3.84
Shares after: 82,312
Date: 15 Sep 2023
Ownership: Direct
Footnotes: F1

EXFY transaction

Class A Common Stock

Award

Transaction value: $0
Shares: +536
Change %: +0.65%
Price: $0.000000
Shares after: 82,848
Date: 15 Sep 2023
Ownership: Direct
Footnotes: F2

EXFY transaction

Class A Common Stock

Tax liability

Transaction value: $606
Shares: -159
Change %: -0.19%
Price: $3.81
Shares after: 82,689
Date: 15 Sep 2023
Ownership: Direct

EXFY transaction

Class A Common Stock

Options Exercise

Transaction value
Shares: +3,922
Change %: +4.7%
Price
Shares after: 86,611
Date: 15 Sep 2023
Ownership: Direct
Footnotes: F3

EXFY transaction

Class A Common Stock

Tax liability

Transaction value: $8,048
Shares: -2,326
Change %: -2.7%
Price: $3.46
Shares after: 84,285
Date: 15 Sep 2023
Ownership: Direct

EXFY transaction

Class A Common Stock

Options Exercise

Transaction value: $3,880
Shares: +4,000
Change %: +4.7%
Price: $0.9700^*
Shares after: 88,285
Date: 29 Sep 2023
Ownership: Direct
Footnotes: F4

EXFY transaction

Class A Common Stock

Sale

Transaction value: $13,120
Shares: -4,000
Change %: -4.5%
Price: $3.28
Shares after: 84,285
Date: 29 Sep 2023
Ownership: Direct
Footnotes: F4, F5

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

EXFY transaction Derivative

Restricted Stock Units

Options Exercise

Transaction value: $0
Shares: -3,922
Change %: -4%
Price: $0.000000
Shares after: 94,140
Date: 15 Sep 2023
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 3,922
Exercise price
Footnotes: F3, F6

EXFY transaction Derivative

Restricted Stock Units

Options Exercise

Transaction value: $0
Shares: -3,922
Change %: -4%
Price: $0.000000
Shares after: 94,140
Date: 15 Sep 2023
Ownership: Direct
Underlying class: LT50 Common Stock
Underlying amount: 3,922
Exercise price
Footnotes: F6, F7

EXFY transaction Derivative

LT50 Common Stock

Options Exercise

Transaction value: $0
Shares: +3,922
Change %: +14%
Price: $0.000000
Shares after: 31,380
Date: 15 Sep 2023
Ownership: See note
Underlying class: Class A Common Stock
Underlying amount: 3,922
Exercise price
Footnotes: F7, F8, F9

EXFY transaction Derivative

Stock Option

Options Exercise

Transaction value: $0
Shares: -4,000
Change %: -1.2%
Price: $0.000000
Shares after: 332,283
Date: 29 Sep 2023
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 4,000
Exercise price: $0.9700
Footnotes: F4, F10

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Rule 10b5-1 trading plan

These transactions were reported as open-market trades under a Rule 10b5-1 plan. The plan lets an insider set trading instructions in advance, which can reduce the risk of trading while in possession of material nonpublic information.

Original filing language: transaction made pursuant to a contract, instruction, or written plan intended to satisfy Rule 10b5-1(c).

Explanation of responses 10 footnotes

Footnote F1

Shares purchased pursuant to the Expensify, Inc. 2021 Stock Purchase and Matching Plan ("SPMP").

Footnote F2

Shares granted as matched shares pursuant to the SPMP.

Footnote F3

Each restricted stock unit 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.

Footnote F4

These transactions on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 16, 2023. No other transactions reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

Footnote F5

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $3.24 to $3.37, 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 footnote (5) to this Form 4.

Footnote F6

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.

Footnote F7

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.

Footnote F8

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.

Footnote F9

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.

Footnote F10

Reflects remaining portion of the stock option that originally vested in 72 equal monthly installments beginning on May 12, 2019.