BILL Holdings director converts 2,611 stock units

A Starboard account can elect early settlement of the forward contracts after giving the counterparty at least two scheduled trading days' notice.

Rhea-AI Filing Summary

BILL Holdings, Inc. director and 10% owner Peter A. Feld converted 2,611 restricted stock units into 2,611 common shares on October 17, 2026. His reported direct holdings afterward were 2,611 common shares and 5,220 restricted stock units. The RSUs vest in one-third installments on October 17, 2026, October 17, 2027, and October 17, 2028, subject to continuing service.

Starboard Value LP-managed accounts are reported as holding 7,025,748 common shares indirectly. One account has forward purchase contracts with Nomura Global Financial Products Inc. for 1,614,152 shares at an aggregate purchase price of $69,096,198, providing for physical settlement and a final valuation date of December 21, 2026. The contracts do not give the account voting or dispositive control over the related shares before settlement. Feld disclaims beneficial ownership of the Starboard-account securities except to the extent of his pecuniary interest.

Insider Trade Summary

2,611 shares exercised/converted

Exercise 4 txns

Insider Feld Peter A

Role Director, 10% Owner

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Unit F2, F3	2,611	$0.00	$0.00
Exercise	Common Stock, $0.00001 par value F2	2,611	--	--
holding	Forward Purchase Contract F4, F1	--	--	--
holding	Common Stock, $0.00001 par value F1	--	--	--

Holdings After Transaction: Restricted Stock Unit — 5,220 contracts (Direct); Common Stock, $0.00001 par value — 2,611 shares (Direct); Forward Purchase Contract — 1,614,152 contracts (Indirect, By Starboard Value LP); Common Stock, $0.00001 par value — 7,025,748 shares (Indirect, By Starboard Value LP)

Footnotes (4)

1. F1. Starboard Value LP ("Starboard") serves as the investment manager or manager of certain managed accounts and private investment funds (collectively, the "Starboard Accounts"), which hold the securities reported herein and as such may be deemed to beneficially own such securities. The Reporting Person, as a Managing Member of Starboard, may be deemed to beneficially own the securities directly held by the Starboard Accounts for purposes of Section 16 of the Securities Exchange Act of 1934, as amended. The Reporting Person expressly disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.
2. F2. Each Restricted Stock Unit ("RSU") represents a contingent right to receive one share of the Issuer's Common Stock.
3. F3. The RSUs vest as to 1/3 of the total shares annually on each of October 17, 2026, October 17, 2027, and October 17, 2028, subject to the continuing service of the Reporting Person on each vesting date.
4. F4. One of the Starboard Accounts has entered into forward purchase contracts with Nomura Global Financial Products Inc. as the counterparty providing for the purchase of an aggregate of 1,614,152 shares of the Issuer's Common Stock having an aggregate purchase price of $69,096,198 (the "Forward Contracts"). The Forward Contracts have a final valuation date of December 21, 2026, however, the Starboard Account has the ability to elect early settlement after serving notice to the counterparty of such intention at least two scheduled trading days in advance of the desired early final valuation date. Each of the Forward Contracts provides for physical settlement. Until the settlement date, none of the Forward Contracts give the Starboard Account voting and dispositive control over the shares to which such contracts relate.

Key Figures

Restricted stock units converted: 2,611 units Common shares acquired: 2,611 shares Direct common shares after transaction: 2,611 shares +4 more

7 metrics

Restricted stock units converted 2,611 units October 17, 2026

Common shares acquired 2,611 shares October 17, 2026

Direct common shares after transaction 2,611 shares Reported after the October 17, 2026 transaction

Restricted stock units after transaction 5,220 units Reported after the October 17, 2026 transaction

Indirect common shares held by Starboard Value LP 7,025,748 shares Reported as of October 17, 2026

Shares under forward purchase contracts 1,614,152 shares Contracts held by one Starboard account

Forward contracts aggregate purchase price $69,096,198 Aggregate purchase price for 1,614,152 shares

Key Terms

Restricted Stock Unit, Forward Contracts, physical settlement, pecuniary interest

4 terms

Restricted Stock Unit financial

"Each Restricted Stock Unit ("RSU") represents a contingent right to receive one share"

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

Forward Contracts financial

"The Forward Contracts have a final valuation date of December 21, 2026"

A forward contract is a private agreement to buy or sell an asset at a specific price on a set future date, like agreeing today to buy a car at a fixed price six months from now. For investors, forwards matter because they let you lock in prices to protect against market swings or to bet on future moves, but they carry extra risk since they are customized deals between parties and can be harder to trade or enforce than standard exchange-traded instruments.

physical settlement financial

"Each of the Forward Contracts provides for physical settlement."

Physical settlement is when the actual item, like a commodity or product, is delivered to the buyer after a trade, instead of just settling with money. For example, if you buy a barrel of oil through a contract with physical settlement, you will receive the oil itself. It matters because it ensures the real thing changes hands, not just the price.

pecuniary interest regulatory

"except to the extent of his pecuniary interest therein."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many BILL shares did Peter A. Feld acquire from RSUs?

On October 17, 2026, Peter A. Feld converted 2,611 restricted stock units into 2,611 BILL common shares. His reported direct common-stock holdings afterward were 2,611 shares; each RSU represents a contingent right to receive one common share.

Can Starboard settle its BILL forward contracts early?

One Starboard account may elect early settlement after giving Nomura Global Financial Products Inc. notice at least two scheduled trading days before the desired early final valuation date. The contracts provide for physical settlement and have a final valuation date of December 21, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/20/2026 - 04:18 PM EDT Accepted by SEC EDGAR 10/20/2026 - 04:18 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Feld Peter A

(Last) (First) (Middle)

201 E LAS OLAS BOULEVARD, SUITE 1000

(Street)

FORT LAUDERDALE FLORIDA 33301

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
BILL Holdings, Inc. [ BILL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/17/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $0.00001 par value	10/17/2026		M		2,611	A	(2)	2,611	D
Common Stock, $0.00001 par value								7,025,748	I	By Starboard Value LP(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Unit	(2)	10/17/2026		M			2,611	(3)	(3)	Common Stock, $0.00001 par value	2,611	$0	5,220	D
Forward Purchase Contract	(4)							(4)	12/21/2026	Common Stock, $0.00001 par value	1,614,152		1,614,152	I	By Starboard Value LP(1)

Explanation of Responses:

1. Starboard Value LP ("Starboard") serves as the investment manager or manager of certain managed accounts and private investment funds (collectively, the "Starboard Accounts"), which hold the securities reported herein and as such may be deemed to beneficially own such securities. The Reporting Person, as a Managing Member of Starboard, may be deemed to beneficially own the securities directly held by the Starboard Accounts for purposes of Section 16 of the Securities Exchange Act of 1934, as amended. The Reporting Person expressly disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

2. Each Restricted Stock Unit ("RSU") represents a contingent right to receive one share of the Issuer's Common Stock.

3. The RSUs vest as to 1/3 of the total shares annually on each of October 17, 2026, October 17, 2027, and October 17, 2028, subject to the continuing service of the Reporting Person on each vesting date.

4. One of the Starboard Accounts has entered into forward purchase contracts with Nomura Global Financial Products Inc. as the counterparty providing for the purchase of an aggregate of 1,614,152 shares of the Issuer's Common Stock having an aggregate purchase price of $69,096,198 (the "Forward Contracts"). The Forward Contracts have a final valuation date of December 21, 2026, however, the Starboard Account has the ability to elect early settlement after serving notice to the counterparty of such intention at least two scheduled trading days in advance of the desired early final valuation date. Each of the Forward Contracts provides for physical settlement. Until the settlement date, none of the Forward Contracts give the Starboard Account voting and dispositive control over the shares to which such contracts relate.

	/s/ Lorelei Martin, Attorney-in-Fact for Peter A. Feld	10/20/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)