[Form 4] BILL Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

BILL Holdings insider awarded 2,920 restricted stock units (RSUs) as reported in a Form 4 filing. Each RSU represents the contingent right to one share of common stock and the award was granted with zero exercise price. The RSUs are scheduled to vest in four equal quarterly installments over one year, beginning on November 28, 2025, subject to the reporting persons continued service. After the grant the reporting person beneficially owns 2,920 shares attributable to the RSUs, held directly. The transaction was executed on 09/15/2025 and reported by an attorney-in-fact.

Positive

• Grant of 2,920 RSUs provides direct equity alignment between the reporting person and shareholders
• Service-based vesting over one year in quarterly installments encourages continued service in the near term
• RSUs convert one-for-one to common stock with no exercise price, simplifying future share delivery

Negative

• None.

Insights

Securities Analyst

TL;DR: A mid-level executive received a modest RSU award of 2,920 shares vesting over one year, indicating routine equity compensation.

The award is a non-cash, service-based compensation instrument that vests quarterly over one year, aligning the recipients incentives with continued service. The grant size (2,920 RSUs) is small in isolation and likely immaterial to overall share count unless the company is micro-cap; the RSUs carry no exercise price and convert one-for-one into common stock on vesting. Reporting is timely via Form 4 and executed by an attorney-in-fact.

Corporate Governance Expert

TL;DR: This Form 4 documents a standard executive RSU grant with service-based vesting; governance implications are routine.

The structure—four equal quarterly vesting installments over a year—reflects a retention-focused award rather than long-term performance-based compensation. Disclosure is straightforward: the reporting person holds 2,920 RSUs directly and the instrument converts to one share per RSU. No accelerated vesting, transfer restrictions beyond service, or derivative instruments are reported. From a governance perspective, this is a routine equity compensation disclosure.

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
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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^*

Cota Germaine

(Last) (First) (Middle)

C/O BILL HOLDINGS, INC.

6220 AMERICA CENTER DR., SUITE 100

(Street)

SAN JOSE CA 95002

(City) (State) (Zip)

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP, FINANCE & ACCOUNTING

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

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

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

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

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

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 Units	(1)	09/15/2025		A		2,920		(2)	(2)	Common Stock	2,920	$0	2,920	D

Explanation of Responses:

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

2. The RSUs vest in 4 equal quarterly installments over one year, beginning November 28, 2025, subject to the continuing service of the Reporting Person on each vesting date.

	/s/ Rajesh Aji, Attorney-in-Fact	09/17/2025
	** 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.

FAQ

What did the Form 4 for BILL (BILL) report?

The Form 4 reported a grant of 2,920 restricted stock units (RSUs) to the reporting person, with the transaction dated 09/15/2025.

How do the 2,920 RSUs vest?

The RSUs vest in four equal quarterly installments over one year, beginning on November 28, 2025, subject to continued service.

What does each RSU represent for BILL Holdings?

Each RSU represents a contingent right to receive one share of the issuer's common stock upon vesting.

Does the RSU award require an exercise payment?

No exercise price is required; the RSUs were granted with a $0 price and convert to common stock on vesting.

How many shares will the reporting person beneficially own after the transaction?

The reporting person is deemed to beneficially own 2,920 shares attributable to the RSUs following the reported transaction.