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

Rhea-AI Filing Summary

Mary Kay Bowman, listed as an officer and director of BILL Holdings, Inc. (BILL), reported a grant of 29,346 restricted stock units (RSUs) on 09/15/2025. Each RSU converts to one share of common stock and the RSUs carry a $0 per-share grant price. The RSUs vest in four equal quarterly installments over one year beginning November 28, 2025, subject to Ms. Bowman’s continued service on each vesting date. Following the reported grant, Ms. Bowman beneficially owns 29,346 shares directly from this award. The filing was submitted via attorney-in-fact and signed on 09/17/2025.

Positive

• Clear disclosure of RSU amount (29,346), vesting schedule (four equal quarterly installments) and conversion (one RSU = one share)
• Direct beneficial ownership reported following the grant (29,346 shares), improving transparency

Negative

• No performance conditions disclosed; vesting is solely service-based over one year which may be a short retention horizon
• Grant price $0 indicates full-value award but the filing does not state whether other outstanding grants exist for context

Insights

Compensation & Equity Analyst

TL;DR: A typical service-based RSU grant of 29,346 shares vests quarterly over one year, aligning executive compensation with retention.

This grant is structured as time-based RSUs with a $0 grant price and four equal quarterly vesting events beginning November 28, 2025. The award size and one-year cliff-with-quarters vesting suggest a short-term retention incentive rather than a long-term multi-year incentive. Reporting shows direct beneficial ownership of 29,346 shares post-grant, indicating these RSUs are not held indirectly. The Form 4 filing is routine, disclosing standard equity compensation for an executive-level officer.

Corporate Governance Expert

TL;DR: Disclosure is complete for the award: amount, vesting schedule, and service condition are explicitly stated.

The Form 4 identifies the reporting person as an officer and director and specifies the RSU mechanics: conversion to one share each and quarterly vesting over a year starting November 28, 2025. The filing was executed by an attorney-in-fact on 09/17/2025. No additional conditions, performance metrics, or changes to prior holdings are disclosed in this document, so governance implications are limited to routine equity compensation transparency.

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^*

Bowman Mary Kay

(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)
	See Remarks

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		29,346		(2)	(2)	Common Stock	29,346	$0	29,346	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.

Remarks:

EVP, Payments and Financial Services

	/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 Mary Kay Bowman report on the Form 4 for BILL (BILL)?

She reported a grant of 29,346 restricted stock units (RSUs) on 09/15/2025.

When do the RSUs granted to Mary Kay Bowman vest?

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

How many shares does each RSU convert to and what price was reported?

Each RSU represents the right to one share of common stock and the reported price is $0 per share.

How many shares does Mary Kay Bowman beneficially own following the transaction?

29,346 shares are reported as beneficially owned following the grant.

Who signed the Form 4 and when was it filed?

The Form 4 was signed by an attorney-in-fact (Rajesh Aji) and dated 09/17/2025.