YOU MAY BE ENTITLED TO A PAYMENT FROM A CLASS ACTION SETTLEMENT IF YOU PURCHASED EXPENSIFY, INC. COMMON STOCK PURSUANT OR TRACEABLE TO EXPENSIFY’S REGISTRATION STATEMENT FILED IN CONJUNCTION WITH EXPENSIFY’S INITIAL PUBLIC OFFERING ON NOVEMBER 10, 2021.

A Federal Court authorized this notice. This is not a solicitation from a lawyer.

IF YOU ARE A SETTLEMENT CLASS MEMBER, YOUR LEGAL RIGHTS WILL BE AFFECTED BY THIS SETTLEMENT WHETHER YOU ACT OR DO NOT ACT. PLEASE READ THIS NOTICE CAREFULLY.

  • Purpose of Notice:  The purpose of this Notice1 is to inform you of the pendency of this securities class action (the “Action”), the proposed settlement of the Action (the “Settlement”), and a hearing to be held by the Court to consider: (i) whether the Settlement should be approved; (ii) whether the proposed plan for allocating the proceeds of the Settlement (the “Plan of Allocation”) should be approved; and (iii) Lead Counsel’s application for attorneys’ fees and expenses.  This Notice describes important rights you may have and what steps you must take if you wish to participate in the Settlement, wish to object, or wish to be excluded from the Settlement Class.
  • Summary of Claims Resolved:  The Settlement resolves claims by the Court-appointed Lead Plaintiff Aleem Kanji (“Plaintiff”) and Defendants Expensify, Inc. (“Expensify”), David Barrett, Ryan Schaffer, Blake Bartlett, Robert Lent, Anu Muralidharan, Jason Mills, Daniel Vidal, Timothy L. Christen, Ying (Vivian) Liu, Ellen Pao (the “Individual Defendants”) (collectively with Expensify, the “Expensify Defendants”), J.P. Morgan Securities LLC, Citigroup Global Markets Inc., BofA Securities, Inc., Piper Sandler & Co., Citizens JMP Securities,2 LLC, and Loop Capital Markets LLC (the “Underwriter Defendants”) (collectively with the Expensify Defendants, the “Defendants,” and together with Plaintiff, the “Parties” and each a “Party”), for alleged violations of federal securities laws by allegedly making misrepresentations and/or omissions of material fact in Expensify’s registration statement filed in conjunction with Expensify’s initial public offering on November 10, 2021.
  • Statement of Settlement Class Recovery:  Subject to Court approval, Plaintiff, on behalf of the Settlement Class, and Defendants have agreed to settle the Action in exchange for a payment of $9,500,000 (the “Settlement Amount”), which will be deposited into an Escrow Account and may earn interest (the “Settlement Fund”).  The Net Settlement Fund (as defined in the Notice) will be distributed to Settlement Class Members according to the Court-approved plan of allocation (the “Plan of Allocation”).  The proposed Plan of Allocation is set forth on pages 11 to 14 in the Notice.
  • Estimate of Average Recovery Per Share:  Plaintiff estimates there were approximately 11.1 million shares of Expensify common stock traded pursuant or traceable to Expensify’sregistration statement filed in conjunction with Expensify’s initial public offering on November 10, 2021, that may have been impacted.  Pursuant to the Plan of Allocation, if all affected Expensify shares elect to participate in the Settlement, the average recovery per share could be approximately $0.85, before deduction of any fees, expenses, costs, and awards described herein.
  •  Settlement Class Members should note that this is only an estimate.  Some Settlement Class Members may recover more or less than this estimated amount depending on, among other factors, when and at what prices they purchased or sold their Expensify common stock and the total number of valid Proof of Claim and Release form (“Proofs of Claim”) submitted and the value of those claims.  Distributions to Settlement Class Members will be made based on the Plan of Allocation or such other plan of allocation as may be ordered by the Court.
  • Statement of Potential Outcome of Case If the Action Continued to Be Litigated:  The Parties disagree about both liability and damages and do not agree on the amount of damages, if any, that would be recoverable if Plaintiff were to prevail on each claim asserted against the Defendants.  Among other things, the Parties disagree on (i) whether Defendants violated the federal securities laws by making materially false or otherwise misleading statements in the registration statement, (ii) whether the alleged misrepresentations and omissions in Expensify’s registration statements were, in fact, materially misleading, (iii) whether Plaintiff and the Settlement Class suffered any harm as a result of Defendants’ alleged violations of the federal securities laws and purported subsequent revelation of the truth, (iv) whether Defendants’ alleged misconduct was the proximate cause of any losses suffered by the Settlement Class, and (v) whether Defendants acted with the requisite culpability as to each claim.
  • Reasons for Settlement:  Plaintiff’s principal reason for entering into the Settlement is the substantial immediate cash benefit for the Settlement Class without the risk or the delays inherent in further litigation.  Plaintiff weighed this benefit against the significant risk that a smaller recovery – or no recovery at all – might be achieved after contested motions, a trial of the Action and post-trial appeal.  This process would be expected to last several years.  The Settlement was entered into after extended mediation proceedings.  Without admitting any wrongdoing or liability on their part whatsoever, Defendants are willing to settle to avoid the continuing burden, expense, inconvenience and distraction of further litigation the result of which is inherently uncertain, provided that all of the claims of the Settlement Class are fully and forever settled, compromised, and dismissed with prejudice.
  • Attorneys’ Fees and Costs:  Lead Counsel has not received any payment for their services in conducting this litigation on behalf of Plaintiff and the members of the Settlement Class, nor have they been reimbursed for their out-of-pocket expenditures.  If the Settlement is approved by the Court, Lead Counsel will apply to the Court for attorneys’ fees not to exceed 25% of the Settlement Amount and any interest accrued thereon, and reimbursement of expenses not to exceed $180,000, and any interest accrued thereon.  If the amount requested by Lead Counsel is approved by the Court, the average cost of fees would be approximately $0.23 per share.  In addition, an award for the time and expenses incurred by the Plaintiff will be requested, not to exceed $25,000.
  • Identification of Attorneys’ Representatives:  Requests for further information regarding the Action, this Notice or the Settlement, can be directed to Lead Counsel: Adam M. Apton, Levi & Korsinsky, LLP, 33 Whitehall Street, 27th Floor, New York, NY 10004 (212) 363-7500.  Please Do Not Call the Court with Questions About the Settlement.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT
SUBMIT A PROOF OF CLAIM BY JUNE 29, 2026 The only way to get a payment. See Question 8 in the Notice for details.
EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY JUNE 2, 2026 Get no payment. This is the only option that, assuming your claim is timely brought, might allow you to ever bring or be part of any other lawsuit against the Defendants or the other Released Defendants’ Parties concerning the Released Plaintiffs’ Claims. See Question 11 in the Notice for details.
OBJECT BY JUNE 2, 2026 Write to the Court about why you do not like the Settlement, the Plan of Allocation, or the Attorney Fee Award application. If you object, you will still be a member of the Settlement Class. See Question 15 in the Notice for details.
GO TO A HEARING ON JUNE 30, 2026 AND FILE A NOTICE OF INTENTION TO APPEAR BY JUNE 2, 2026 Settlement Class Members may be permitted to appear and speak to the Court if they submit a written objection. See Questions 18 and19 in the Notice for details.
DO NOTHING Get no payment AND give up your rights to bring your own individual action.

1 All capitalized terms not otherwise defined in this notice shall have the same meaning provided in the Stipulation of Settlement, dated February 12, 2026 (the “Stipulation”).

2 Citizens JMP Securities, LLC was formerly known as “JMP Securities LLC.”