BILL Holdings (NYSE: BILL) outlines advisory roles and pay for two departing executives
Filing Impact
Filing Sentiment
Form Type
8-K/A
Rhea-AI Filing Summary
BILL Holdings, Inc. filed an amended report updating details around the previously announced departures of Chief Technology Officer Ken Moss and Executive Vice President and General Manager of Payments and Financial Services Mary Kay Bowman, effective June 30, 2026.
The amendment describes separation agreements under which both executives will continue serving the company in an advisory capacity through June 30, 2027. In exchange for advisory services and a release of claims, each will receive a fiscal 2026 executive bonus at target or actual achievement if higher, a lump sum payment equal to six months’ salary, and, through June 30, 2027, continued vesting of outstanding equity awards other than certain performance-based restricted stock units tied to relative stock price, plus company-paid COBRA insurance coverage and continued access to private executive medical benefits.
Positive
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8-K Event Classification
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
1 item
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Key Figures
Executive departure effective date: June 30, 2026
Advisory period end date: June 30, 2027
Severance salary period: Six months’ salary
+1 more
4 metrics
Executive departure effective date
June 30, 2026
Effective date for departures of Ken Moss and Mary Kay Bowman
Advisory period end date
June 30, 2027
End of advisory service period for both executives
Severance salary period
Six months’ salary
Lump sum payment for each executive under separation agreements
Bonus basis year
Fiscal year 2026
Year for executive bonus at target or higher if actual achievement exceeds target
Key Terms
Separation Agreements, performance-based restricted stock units, Consolidated Omnibus Budget Reconciliation Act of 1985, release of claims, +1 more
5 terms
Separation Agreements financial
"the Company entered into separation agreements with each of Mr. Moss and Ms. Bowman (the “Separation Agreements”)"
performance-based restricted stock units financial
"excluding any performance-based restricted stock units determined by the Company’s relative stock price performance"
Performance-based restricted stock units are a type of employee equity award that converts into company shares only if predefined financial or operational targets are met over a set period. Think of it like a bonus check that becomes stock only when specific goals are hit; it ties pay to results, aligning managers’ incentives with shareholders. Investors care because these awards affect future share count, executive incentives, and signal how management’s success will be measured and rewarded.
Consolidated Omnibus Budget Reconciliation Act of 1985 regulatory
"the cost of continued insurance coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985"
release of claims financial
"in return for such advisory services and a release of claims, Mr. Moss and Ms. Bowman will each receive"
private executive medical benefits financial
"continued participation in the Company’s private executive medical benefits"
FAQ
What executive changes does BILL (BILL) describe in this 8-K/A amendment?
BILL confirms the previously announced departures of Chief Technology Officer Ken Moss and EVP and GM of Payments and Financial Services Mary Kay Bowman effective June 30, 2026. The amendment focuses on their post-departure advisory roles and compensation arrangements rather than announcing new leadership changes.
How long will Ken Moss and Mary Kay Bowman advise BILL (BILL) after their departures?
Both executives will continue to serve BILL in an advisory capacity through June 30, 2027. This one-year advisory period follows their official separation date of June 30, 2026 and is established under individual separation agreements with the company.
What compensation will departing executives receive under BILL (BILL) separation agreements?
Each executive will receive a fiscal 2026 bonus at target or higher if actual performance exceeds target, a lump sum equal to six months’ salary, and, through June 30, 2027, continued equity vesting (with some exclusions), COBRA insurance coverage, and access to private executive medical benefits.
How are equity awards for BILL (BILL) executives treated after separation?
Through June 30, 2027, Ken Moss and Mary Kay Bowman will continue vesting in their outstanding equity awards. However, performance-based restricted stock units tied to the company’s relative stock price performance are excluded from this continued vesting treatment under the separation agreements.
Does BILL (BILL) provide ongoing health benefits to the departing executives?
Yes. Through June 30, 2027, the company will cover the cost of continued insurance under COBRA and allow continued participation in its private executive medical benefits program. These health-related benefits are part of the overall separation and advisory compensation package.
Where can investors find the full text of BILL (BILL) separation agreements?
BILL states that a form of the separation agreements will be filed as an exhibit to its Annual Report on Form 10-K for the fiscal year ending June 30, 2026. That 10-K filing will incorporate the agreements by reference for full detail.