BILL Holdings, Inc. — Director's Dealing 2025

Oct 22, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BILL Holdings, Inc. (BILL)
CIK: 0001786352
Period of Report: 2025-10-17

Reporting Person: Feld Peter A (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-10-17	Restricted Stock Unit	$	A	7831	Acquired		Common Stock, $0.00001 par value (7831)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.00001 par value	7025748	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Forward Purchase Contract	$	2026-12-21	Common Stock, $0.00001 par value (1614152)	1614152	Indirect

Footnotes

F1: Starboard Value LP ("Starboard") serves as the investment manager or manager of certain managed accounts and private investment funds (collectively, the "Starboard Accounts"), which hold the securities reported herein and as such may be deemed to beneficially own such securities. The Reporting Person, as a Managing Member of Starboard, may be deemed to beneficially own the securities directly held by the Starboard Accounts for purposes of Section 16 of the Securities Exchange Act of 1934, as amended. The Reporting Person expressly disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

F2: Each Restricted Stock Unit ("RSU") represents a contingent right to receive one share of the Issuer's Common Stock.

F3: The RSUs vest as to 1/3 of the total shares annually on each of October 17, 2026, October 17, 2027, and October 17, 2028, subject to the continuing service of the Reporting Person on each vesting date.

F4: One of the Starboard Accounts has entered into forward purchase contracts with Nomura Global Financial Products Inc. as the counterparty providing for the purchase of an aggregate of 1,614,152 shares of the Issuer's Common Stock having an aggregate purchase price of $69,096,198 (the "Forward Contracts"). The Forward Contracts have a final valuation date of December 21, 2026, however, the Starboard Account has the ability to elect early settlement after serving notice to the counterparty of such intention at least two scheduled trading days in advance of the desired early final valuation date. Each of the Forward Contracts provides for physical settlement. Until the settlement date, none of the Forward Contracts give the Starboard Account voting and dispositive control over the shares to which such contracts relate.