Form 4: BILL SVP Cota sold 1,721 shares under 10b5-1 plan

Rhea-AI Filing Summary

BILL Holdings insider sale under 10b5-1 plan: Germaine Cota, SVP Finance & Accounting of BILL Holdings, sold 1,721 shares of common stock on 09/02/2025 at $45.22 per share under a Rule 10b5-1 trading plan adopted February 25, 2025. After the transaction the reporting person beneficially owned 10,085 shares, held directly. The sale was reported on Form 4 and executed pursuant to the pre-established plan, with the filing signed by an attorney-in-fact on 09/04/2025. The filing contains no additional derivative transactions or other disclosures.

Positive

• Transaction executed under a Rule 10b5-1 plan, indicating pre-planned trading and reducing concerns about opportunistic insider timing
• Timely and complete Form 4 disclosure listing sale amount, price, post-transaction holdings, and plan adoption date

Negative

• Insider sale of 1,721 shares reduces the reporting person's direct holdings to 10,085 shares, which some investors may view unfavorably

Insights

Securities Analyst

TL;DR: Routine, pre-planned insider sale that reduces holdings modestly and was executed under a 10b5-1 plan.

The Form 4 documents a single non-derivative sale of 1,721 common shares at $45.22 by the company's SVP of Finance & Accounting, leaving 10,085 shares owned. The seller adopted a Rule 10b5-1 plan on February 25, 2025, and the transaction was executed under that plan on September 2, 2025. Because the sale was pursuant to a pre-existing trading plan, it is generally viewed as routine rather than an unscheduled signal about company fundamentals. The disclosed position post-sale is modest in size relative to typical executive holdings for public companies.

Corporate Governance Expert

TL;DR: Disclosure aligns with best practices; sale under 10b5-1 increases procedural transparency.

The Form 4 provides clear disclosure of the relationship (SVP, Finance & Accounting), transaction details and the reliance on a Rule 10b5-1 plan adopted February 25, 2025. The timely filing and explicit explanation of the plan adoption date support good governance and compliance. There are no listed amendments or derivative positions, and the filing indicates direct ownership only. Materiality is low given the size of the sale and the presence of the trading plan.

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^*

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)
09/02/2025

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)		1,721	D	$45.22	10,085	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 February 25, 2025.

	/s/ Rajesh Aji, Attorney-in-Fact	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 BILL Holdings insider Cota sell on the Form 4?

The filing reports a sale of 1,721 shares of BILL common stock on 09/02/2025 at $45.22 per share.

Was the sale by the reporting person pre-planned?

Yes. The sale was executed pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 02/25/2025.

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

After the transaction the reporting person beneficially owned 10,085 shares, held directly.

What is the reporting person's role at BILL Holdings?

The reporting person is identified as SVP, Finance & Accounting and is an officer of BILL Holdings.

Were any derivative securities disclosed in this Form 4?

No. The Form 4 contains no reported derivative securities or related transactions.