Insider Filing: Rene Lacerte Reports RSUs/PSUs and Open-Market Trades for BILL
Rhea-AI Filing Summary
Rene A. Lacerte, CEO and Director of BILL Holdings, Inc., reported multiple open-market and equity award transactions dated 08/28/2025. The filing shows acquisitions of 20,113 and 29,012 shares of common stock (both coded "M"), a disposition of 24,948 shares at $49.20, and several restricted and performance stock unit entries recorded in Table II. The form lists direct beneficial ownership figures following transactions (for example 63,366, 92,378, and 67,430 shares) and material indirect holdings, including 1,708,749 shares held by the Chung Lacerte Trust U/A dated February 15, 2004. Footnotes describe that RSUs vest in quarterly installments over four years and PSUs vest over three years with phased vesting.
Positive
- Insider acquisitions of 20,113 and 29,012 common shares reported on 08/28/2025
- Material equity awards recorded: multiple Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) in Table II
- Detailed vesting schedules provided in footnotes for RSUs and PSUs, clarifying future vesting timing
Negative
- Disposition of 24,948 shares reported at a price of $49.20 on 08/28/2025
- Concentrated indirect holdings (e.g., 1,708,749 shares in the Chung Lacerte Trust) indicate significant family/control ownership which may limit float
Insights
TL;DR: Insider acquired shares and received equity awards while also selling a block of shares at $49.20; large indirect holdings are noted.
The Form 4 documents both open-market activity (two acquisitions and one disposition on 08/28/2025) and equity-based compensation activity (multiple RSUs and PSUs recorded in Table II). The disposition of 24,948 shares at $49.20 is explicitly reported and separate acquisition transactions are coded "M," indicating they were made pursuant to a written plan or similar arrangement as reflected on the form. The filing also discloses substantial indirect ownership via multiple trusts, most notably 1,708,749 shares held by the Chung Lacerte Trust, which is material to any assessment of total family/control holdings. All observations are drawn directly from the filing text.
TL;DR: CEO/director transactions and award vesting schedules are disclosed; significant trust-held shares indicate concentrated family ownership.
The disclosure includes standard Form 4 elements: transaction codes, amounts, prices, and detailed footnotes on vesting schedules for RSUs and PSUs. The multiple indirect holdings held in trusts and a foundation are explicitly listed with trustees named, which clarifies the reporting of beneficial ownership under Section 16. The filing provides the required transparency about timing and nature of equity awards and open-market activity without additional commentary.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Unit | 2,786 | $0.00 | -- |
| Exercise | Restricted Stock Unit | 5,359 | $0.00 | -- |
| Exercise | Restricted Stock Unit | 3,658 | $0.00 | -- |
| Exercise | Restricted Stock Unit | 8,310 | $0.00 | -- |
| Exercise | Performance Stock Units | 2,367 | $0.00 | -- |
| Exercise | Performance Stock Units | 26,645 | $0.00 | -- |
| Exercise | Common Stock | 20,113 | $0.00 | -- |
| Exercise | Common Stock | 29,012 | $0.00 | -- |
| Tax Withholding | Common Stock | 24,948 | $49.20 | $1.23M |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- Each Restricted Stock Unit ("RSU") represents a contingent right to receive one share of the Issuer's Common Stock. Each Performance Stock Unit ("PSU") represents a conditional right to receive one share of the Issuer's Common Stock. Represents shares withheld to satisfy tax withholding obligation in connection with the vesting of RSUs and PSUs. The shares are held by Chung Lacerte Trust U/A dated February 15, 2004, Rene A. Lacerte and Joyce A. Chung, Trustees. The shares are held by a family trust with Rene A. Lacerte and Joyce A. Chung, as Trustors, and Rene A. Lacerte, Joyce A. Chung, and Daniel C. Chung, as Trustees. The shares are held by a trust for which the Reporting Person and his spouse serve as trustees. The shares are held by an additional trust for which the Reporting Person and his spouse serve as trustees. The shares are held by the Makahakama Foundation. The shares are held by Makahakama Trust U/A dated February 15, 2004, Rene A. Lacerte and Joyce A. Chung, Trustees. The RSUs vest in 16 equal quarterly installments over four years, beginning November 28, 2021, subject to the continuing service of the Reporting Person on each vesting date. The RSUs vest in 16 equal quarterly installments over four years, beginning November 28, 2022, subject to the continuing service of the Reporting Person on each vesting date. 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. 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. The PSUs vest over three years; 1/3rd vests on August 28, 2023, and thereafter the remaining 2/3rd will vest quarterly over two years, subject to the continuing service of the Reporting Person on each vesting date. The PSUs vest over three years; 1/3rd vests on August 28, 2025, and thereafter the remaining 2/3rd will vest quarterly over two years, subject to the continuing service of the Reporting Person on each vesting date.
