Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-07

Expensify (EXFY)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,903,704
David Barrett total, FY2025
CEO pay percentile vs peers
CEO-to-median pay ratio
97.86%
Say-on-pay support, latest vote
Companies that benchmark against EXFY
8 companies name EXFY as a compensation peer

Each company listed discloses EXFY in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named EXFY in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
David Barrett$1,845,851$0$57,853$0$0$0$0$1,903,704
Chief Executive Officer
Anuradha Muralidharan1,109,820071,309000558,2191,739,348
Former Chief Operating Officer
Ryan Schaffer1,148,135083,7040007,5351,239,374
Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
David Barrett$1,903,704$2,080,755$1,837,114−177,051
Anuradha Muralidharan1,739,348
Ryan Schaffer1,239,3741,236,8561,133,425+2,518

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Alvarez Divo Carlos EduardoDirector2026-04-28D30,728$1$31,035CommonForm 4 ↗
David BarrettDirector2026-05-01D30,000132,400CommonForm 4 ↗
Alvarez Divo Carlos EduardoDirector2026-05-15D10,000111,300CommonForm 4 ↗
Ying (Vivian) LiuDirector2026-05-22A123,76200CommonForm 4 ↗
Timothy L. ChristenDirector2026-05-22A123,76200CommonForm 4 ↗
Ellen PaoDirector2026-05-22A123,76200CommonForm 4 ↗
David BarrettDirector2026-06-01D30,000134,500CommonForm 4 ↗
Alvarez Divo Carlos EduardoDirector2026-06-15D10,700113,696CommonForm 4 ↗
Ryan SchafferDirector2026-06-23A1,164,59600Derivative, Class A CommonForm 4 ↗
David BarrettDirector2026-06-23A2,094,97400Derivative, Class A CommonForm 4 ↗
David BarrettDirector2026-06-23A2,031,28000Derivative, Class A CommonForm 4 ↗
Jason MillsDirector2026-06-23A1,160,44700Derivative, Class A CommonForm 4 ↗
David BarrettDirector2026-06-23A63,69400Derivative, Class A CommonForm 4 ↗
Daniel VidalDirector2026-06-23A1,160,44700Derivative, Class A CommonForm 4 ↗
Ying (Vivian) LiuDirector2026-07-05A3,73100CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Anuradha MuralidharanRSU$71,309
David BarrettRSU57,853
Ryan SchafferRSU83,704
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Anuradha Muralidharan$71,309$0$00.0%
David Barrett57,853000.0%
Ryan Schaffer83,704000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
David BarrettRSU433,894$655,180
Ryan SchafferRSU117,674177,688
05

Incentive-plan design — the Compensation Discussion & Analysis

We use a compensation algorithm that produces a target compensation number for each employee, including each NEO, which the Compensation Committee reviews and approves.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultant
Clawback policyTrue
Anti-hedgingtrue
Anti-pledgingfalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-22463,816,24310,148,6336,108,04797.86%Passed
20252025-06-13454,429,8433,546,03695,62499.23%Passed
20242024-06-14472,392,7416,901,78333,97098.56%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-2297.86%a
20252025-06-1399.23%b
20242024-06-1498.56%c

a. Approved under the standard stated in the filing — “As such, an abstention, failure to vote or a broker non-vote, if any, will have the same effect as a vote "AGAINST" the Reverse Stock Split Proposal.”.

b. Approved under the standard stated in the filing — “Votes withheld have no effect on the election of directors and abstentions are not counted as votes cast and as such will have no effect on the ratification of the appointment of KPMG or the advisory vote to approve the compensation of our named executive officer”.

c. Approved under the standard stated in the filing — “Votes withheld have no effect on the election of directors and abstentions are not counted as votes cast and as such will have no effect on the ratification of the appointment of EY or the advisory vote to approve the compensation of our named executive offic”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Timothy L. ChristenIndependent · Audit (Chair)$50,000$114,243$0$0$0$164,243
Ying (Vivian) LiuIndependent · Audit40,000114,605000154,605
Ellen PaoIndependent · Audit40,000114,243000154,243
Jason MillsEmployee director · Executive · Compensation00000
David BarrettEmployee director · Executive · Compensation (Chair)00000
Anuradha MuralidharanEmployee director · Departed during FY00000
Ryan SchafferEmployee director · Executive · Compensation00000
Carlos Alvarez DivoIndependent · Executive · Compensation · Partial-year service · Newly elected000000
Daniel VidalEmployee director · Executive · Compensation00000
09

Board fee structure and ownership guideline

Annual cash retainer$30,000
Annual equity retainer$125,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$130,000
Equity awards (grant-date value)$343,091
All other compensation$0
Total cost of the board$473,091

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Expensify2025David Barrett$1,845,851$57,853$0$0$1,903,704

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, David BarrettDEF 14A2026-04-100001476840-26-000020Section “SUMMARY COMPENSATION TABLE”. As printed: 1,903,704. Filing ↗machine: r2 · c14 · span 815741–815750
2Section 01, Anuradha MuralidharanDEF 14A2026-04-100001476840-26-000020Section “SUMMARY COMPENSATION TABLE”. As printed: 1,739,348. Filing ↗machine: r6 · c14 · span 838020–838029
3Section 01, Ryan SchafferDEF 14A2026-04-100001476840-26-000020Section “SUMMARY COMPENSATION TABLE”. As printed: 1,239,374. Filing ↗machine: r4 · c14 · span 826805–826814
4Section 03, Anuradha Muralidharan RSUDEF 14A2026-04-100001476840-26-000020Section “SUMMARY COMPENSATION TABLE” · grants of plan-based awards table. Filing ↗machine: t54 · r6 · c8 · span 835683–835689
5Section 03, David Barrett RSUDEF 14A0001476840-26-000020Section “SUMMARY COMPENSATION TABLE” · grants of plan-based awards table. Filing ↗machine: t54 · r2 · c8 · span 813312–813318
6Section 03, Ryan Schaffer RSUDEF 14A2026-04-100001476840-26-000020Section “SUMMARY COMPENSATION TABLE” · grants of plan-based awards table. Filing ↗machine: t54 · r4 · c8 · span 824619–824625
7Section 07, pay ratio10-K2026-02-260001476840-26-000009Section “CEO Pay Ratio”. As printed: —. Filing ↗
8Section 08, Timothy L. ChristenDEF 14A2026-04-100001476840-26-000020Section “Director Compensation”. As printed: 164,243. Filing ↗machine: r2 · c6 · span 769915–769922
9Section 08, Ying (Vivian) LiuDEF 14A2026-04-100001476840-26-000020Section “Director Compensation”. As printed: 154,605. Filing ↗machine: r3 · c6 · span 772695–772702
10Section 08, Ellen PaoDEF 14A2026-04-100001476840-26-000020Section “Director Compensation”. As printed: 154,243. Filing ↗machine: t51 · r4 · c6 · span 775478–775485
11Section 08, Jason MillsDEF 14A2026-04-100001476840-26-000020Section “Director Compensation”. As printed: 0. Filing ↗
12Section 08, David BarrettDEF 14A2026-04-100001476840-26-000020Section “Director Compensation”. As printed: 0. Filing ↗
13Section 08, Anuradha MuralidharanDEF 14A2026-04-100001476840-26-000020Section “Director Compensation”. As printed: 0. Filing ↗
14Section 08, Ryan SchafferDEF 14A2026-04-100001476840-26-000020Section “Director Compensation”. As printed: 0. Filing ↗
15Section 08, Carlos Alvarez DivoDEF 14A2026-04-100001476840-26-000020Section “Director Compensation”. As printed: 0. Filing ↗
16Section 08, Daniel VidalDEF 14A2026-04-100001476840-26-000020Section “Director Compensation”. As printed: 0. Filing ↗
17Section 02, Alvarez Divo Carlos Eduardo 2026-04-28Form 42026-04-300002104456-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, David Barrett 2026-05-01Form 42026-05-110001892682-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Alvarez Divo Carlos Eduardo 2026-05-15Form 42026-05-280002104456-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Ying (Vivian) Liu 2026-05-22Form 42026-07-070001891182-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Timothy L. Christen 2026-05-22Form 42026-07-070001776003-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Ellen Pao 2026-05-22Form 42026-07-070001892081-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, David Barrett 2026-06-01Form 42026-06-020001892682-26-000014Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Alvarez Divo Carlos Eduardo 2026-06-15Form 42026-06-160002104456-26-000022Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Ryan Schaffer 2026-06-23Form 42026-06-250001891061-26-000016Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, David Barrett 2026-06-23Form 42026-06-250001892682-26-000026Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, David Barrett 2026-06-23Form 42026-06-260001892682-26-000028Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Jason Mills 2026-06-23Form 42026-06-250001891197-26-000013Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, David Barrett 2026-06-23Form 42026-06-260001892682-26-000028Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Daniel Vidal 2026-06-23Form 42026-06-250001891862-26-000015Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Ying (Vivian) Liu 2026-07-05Form 42026-07-070001891182-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
32Section 06, 2026 voteForm 8-K2026-05-270001476840-26-000047Item 5.07 · say-on-pay result. As reported: 97.86% (votes for as printed: 463,816,243). Filing ↗
33Section 06, 2025 voteForm 8-K2025-06-160001476840-25-000083Item 5.07 · say-on-pay result. As reported: 99.23% (votes for as printed: 454,429,843). Filing ↗
34Section 06, 2024 voteForm 8-K2024-06-200001476840-24-000113Item 5.07 · say-on-pay result. As reported: 98.56% (votes for as printed: 472,392,741). Filing ↗
35Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
36Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
37Section 09b board cost (computed)ComputedcomputedCash 130,000 + equity 343,091 + all other 0 = 473,091, summed across the director compensation table rows.machine: formula: Σ = 473,091
38Expensify (subject), Section 10b CEO totalDEF 14A2026-04-100001476840-26-000020CEO total compensation as printed in Expensify's own proxy. As printed: 1,903,704. Filing ↗machine: r2 · c14 · span 815741–815750