BILL Insider Report: RSU Vesting and Tax Withholding Detailed

Rhea-AI Filing Summary

Cota Germaine, SVP Finance & Accounting of BILL Holdings, Inc. (BILL), reported equity changes on 08/28/2025. The filing shows the reporting person acquired 3,577 shares (code M) and had 1,283 shares withheld for taxes at a price of $49.20, leaving 11,806 shares beneficially owned in the class. Several Restricted Stock Units (RSUs) were reported as vested or subject to vesting schedules, with discrete RSU grants of 1,208, 454, 578, 262 and 1,075 RSUs noted and corresponding underlying common stock amounts listed. The form is certified by an attorney-in-fact.

Positive

• Transparent disclosure of multiple RSU grants and explicit vesting schedules
• Tax withholding for vested RSUs is reported, showing proper compliance with compensation settlement

Negative

• None.

Insights

Securities Compliance Analyst

TL;DR Insider received RSUs and satisfied tax withholding; no sales beyond withholding were disclosed.

The Form 4 documents routine equity compensation activity for a named officer, including the deemed acquisition of 3,577 shares and tax-withholding disposition of 1,283 shares at $49.20. Multiple RSU tranches and vesting schedules are enumerated, indicating staggered service-based vesting rather than open-market transactions. From a compliance standpoint, the filing appears to disclose standard employee compensation events and required withholding.

Corporate Governance Specialist

TL;DR Compensation-related equity changes documented; vesting schedules are detailed and service-based.

The report lists several RSU grants with specific vesting patterns (quarterly and multi-year vesting start dates) and quantifies the underlying common shares. This provides transparency on executive equity accrual and dilution timing but does not indicate any discretionary sale or market-driven disposition beyond tax withholding. The information is material for monitoring insider holdings and potential future share issuances as RSUs vest.

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

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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)
08/28/2025

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
Common Stock	08/28/2025		M		3,577	A	(1)	13,089	D
Common Stock	08/28/2025		F		1,283(2)	D	$49.2	11,806	D

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	(1)	08/28/2025		M			1,208	(3)	(3)	Common Stock	1,208	$0	2,416	D
Restricted Stock Unit	(1)	08/28/2025		M			454	(4)	(4)	Common Stock	454	$0	1,816	D
Restricted Stock Unit	(1)	08/28/2025		M			578	(5)	(5)	Common Stock	578	$0	0	D
Restricted Stock Unit	(1)	08/28/2025		M			262	(6)	(6)	Common Stock	262	$0	2,090	D
Restricted Stock Unit	(1)	08/28/2025		M			1,075	(7)	(7)	Common Stock	1,075	$0	12,892	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. Represents shares withheld to satisfy the tax withholding obligation in connection with the vesting of RSUs.

3. The RSUs vest as to 1/4th of the total shares on February 28, 2023, and thereafter 1/16th of the total shares vest quarterly over three years, subject to the continued service of the Reporting Person on each vesting date.

4. The RSUs will vest quarterly over four years with the first vesting date being November 28, 2022, subject to the continuing service of the Reporting Person on each vesting date.

5. The RSUs will vest quarterly over three years with the first vesting date being November 28, 2022, subject to the continuing service of the Reporting Person on each vesting date.

6. The RSUs vest in 16 equal quarterly installments over four years, beginning November 28, 2023, subject to the continuing service of the Reporting Person on each vesting date.

7. The RSUs vest in 16 equal quarterly installments over four years, beginning November 28, 2024, subject to the continuing service of the Reporting Person on each vesting date.

	/s/ Rajesh Aji, Attorney-in-Fact	09/02/2025
	** 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.
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FAQ

Who filed the Form 4 for BILL (BILL)?

The filing was made by Cota Germaine, SVP, Finance & Accounting of BILL Holdings, Inc.

What transactions are reported on the 08/28/2025 Form 4 for BILL?

The report shows acquisition of 3,577 shares (code M) and withholding of 1,283 shares for taxes at $49.20.

Were any Restricted Stock Units (RSUs) disclosed and what are their amounts?

Yes. RSU entries include 1,208, 454, 578, 262 and 1,075 RSUs with corresponding underlying common stock amounts listed.

How many common shares did the reporting person beneficially own after the transactions?

The Form 4 indicates 11,806 shares beneficially owned following the reported transactions for the common stock class.

What vesting schedules are disclosed for the RSUs?

The form specifies various service-based vesting schedules: quarterly vesting over three or four years and specific start dates (e.g., February 28, 2023; November 28, 2022; November 28, 2023; November 28, 2024) as listed in the explanations.