BILL Form 4: CLO/CCO Rajesh Aji reports 3,971-share sale under 10b5-1 plan

Rhea-AI Filing Summary

BILL Holdings insider sale reported on Form 4. Rajesh Aji, the companys Chief Legal Officer and Chief Compliance Officer, reported a sale of 3,971 shares of BILL common stock on 09/02/2025 at a reported price of $45.22 per share. After the transaction, Mr. Aji beneficially owned 9,298 shares, held directly. The filing states the sale was executed under a Rule 10b5-1 trading plan adopted by the reporting person on March 3, 2025. The Form 4 is signed and dated 09/04/2025.

Positive

• Sale executed under a Rule 10b5-1 plan, indicating the transaction was pre-arranged to mitigate timing concerns
• Clear, timely disclosure with specific share counts and price reported on a signed Form 4

Negative

• Insider reduced direct holdings by 3,971 shares, lowering the reporting persons stake from prior levels
• No additional context in the filing about reasons for the plan or whether further dispositions are scheduled

Insights

Securities Analyst

TL;DR: Officer sold a portion of holdings under a pre-established 10b5-1 plan; transaction appears procedural rather than an unscheduled disposition.

The reported sale of 3,971 shares at $45.22 was executed pursuant to a Rule 10b5-1 trading plan adopted March 3, 2025, which typically indicates a pre-arranged, formulaic disposition to avoid timing concerns. The remaining direct beneficial ownership is 9,298 shares per the Form 4. For investors, this filing documents insider liquidity but does not disclose any additional material corporate developments, financial impact, or change in control.

Corporate Governance Expert

TL;DR: Governance practice followed: officer used a documented 10b5-1 plan to transact, and the sale was properly reported on Form 4.

The disclosure identifies the reporting persons role as CLO & CCO and cites the 10b5-1 plan adoption date, which supports compliance with insider trading policies. The Form 4 reports the exact share count sold and remaining direct holdings, and it is duly signed. There is no indication in the filing of any unusual acceleration, derivative activity, or change to compensatory arrangements.

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).

X

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^*

Aji Rajesh A.

(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)
	CLO & CCO

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

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	09/02/2025		S(1)		3,971	D	$45.22	9,298	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

Explanation of Responses:

1. The sale reported on this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 3, 2025.

	/s/ Rajesh Aji	09/04/2025
	** 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 Rajesh Aji report on the BILL (BILL) Form 4?

The Form 4 reports a sale of 3,971 shares of BILL common stock on 09/02/2025 at $45.22 per share, leaving 9,298 shares beneficially owned.

Was the BILL insider sale part of a 10b5-1 plan?

Yes. The filing states the sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 3, 2025.

What is Rajesh Ajis role at BILL as listed on the Form 4?

The Form 4 lists Rajesh Aji as an officer with the titles CLO & CCO (Chief Legal Officer and Chief Compliance Officer).

How many BILL shares does the reporting person own after the transaction?

Following the reported transaction, the reporting person beneficially owns 9,298 shares, held directly.

When was the Form 4 signed and filed?

The signature block shows the Form 4 was signed by /s/ Rajesh Aji on 09/04/2025.