Expensify enters into new LOC facility with CIBC, replacing prior loan agreement

Expensify, Inc.

$7.5M irrevocable standby LOC remains outstanding; no amounts drawn as of Oct 9, 2025.
New LOC Security Agreement grants CIBC a security interest in substantially all assets, including IP.
Prior revolving credit facility was terminated on July 1, 2025; this agreement replaces surviving Contingent Obligations.
Additional standby LCs may be issued at CIBC's discretion; facility can be terminated by either party.
Agreement contains customary affirmative/negative covenants and default provisions.

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