Form 4: BILL Holdings CEO Lacerte Reports Equity Transactions
Statement of Changes in Beneficial Ownership (Form 4)
BILL Holdings CEO Rene A. Lacerte reported routine equity transactions, including the vesting of restricted and performance stock units and a related tax withholding sale.
Summary
- Rene A. Lacerte, CEO and Director of BILL Holdings, Inc. (BILL), reported transactions on November 28, 2025.
- Acquired 24,624 shares of Common Stock through the exercise or conversion of derivative securities (RSUs), resulting in a direct beneficial ownership of 92,054 shares.
- Acquired an additional 6,661 shares of Common Stock through the exercise or conversion of derivative securities (PSUs), increasing direct beneficial ownership to 98,715 shares.
- Disposed of 15,889 shares of Common Stock at a price of $50.15 per share to satisfy tax withholding obligations related to the vesting of RSUs and PSUs, reducing direct beneficial ownership to 82,826 shares.
- Reported various indirect beneficial ownerships totaling 2,467,780 shares held across several trusts and a foundation.
- Derivative security transactions included the acquisition of 5,358 RSUs, 3,657 RSUs, 8,309 RSUs, 6,661 PSUs, and 7,300 RSUs, all with an exercise price of $0, representing contingent rights to receive common stock upon vesting.
Sentiment
Score: 6
Explanation: The filing reports routine insider transactions, primarily the vesting of equity awards and a corresponding tax-related sale. This is a standard compensation event and does not indicate significant positive or negative news for the company, but the vesting itself is a positive for the executive.
Positives
- The vesting of 24,624 Restricted Stock Units (RSUs) and 6,661 Performance Stock Units (PSUs) represents an increase in the CEO's direct beneficial ownership of company stock.
- The acquisition of additional derivative securities (RSUs and PSUs) indicates future potential for increased beneficial ownership upon their respective vesting schedules.
Negatives
- A disposition of 15,889 shares of Common Stock occurred to cover tax withholding obligations, reducing the CEO's direct beneficial ownership.
Future Outlook
The filing indicates future vesting events for various Restricted Stock Units (RSUs) and Performance Stock Units (PSUs, with specific vesting schedules extending over three to four years, subject to the CEO's continued service.
Industry Context
This Form 4 filing is a routine disclosure of insider stock transactions, common across all publicly traded companies, and does not provide specific insights into broader industry trends or competitive positioning.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Transaction Plan Disclosure | The 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). | 11/28/2025 | Indicates pre-planned insider trading activity, enhancing transparency and mitigating concerns about opportunistic trading. |
Stakeholder Impact
- Shareholders: Provides transparency regarding changes in the CEO's direct and indirect beneficial ownership of company stock.
- Employees: Reflects the company's executive compensation structure, which often includes equity awards.
Next Steps
- Continued vesting of RSUs and PSUs according to their respective schedules, subject to the reporting person's ongoing service.
Key Dates
| Date | Description |
|---|---|
| 11/28/2022 | Start of vesting for 5,358 RSUs, vesting in 16 equal quarterly installments over four years. |
| 11/28/2023 | Start of vesting for 3,657 RSUs, vesting in 16 equal quarterly installments over four years. |
| 11/28/2024 | Start of vesting for 8,309 RSUs, vesting in 16 equal quarterly installments over four years. |
| 08/28/2025 | First vesting date for 6,661 Performance Stock Units (PSUs), with 1/3rd vesting, and the remaining 2/3rd vesting quarterly over two years thereafter. |
| 11/28/2025 | Date of reported transactions for both non-derivative and derivative securities. Also, the start of vesting for 7,300 RSUs, vesting in 12 equal quarterly installments over three years. |
| 12/02/2025 | Signature date of the reporting person's attorney-in-fact. |
Keywords
SEC Form 4, BILL Holdings, Rene Lacerte, Insider Trading, Equity Awards, RSU, PSU, Stock Transactions, CEO, Director
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