BILL CPO Michael Cieri Exercises Awards and Sells Shares

What Happened
Michael Cieri, Chief Product Officer of BILL Holdings, converted vested equity awards (RSUs/PSUs) into common shares on Aug 28, 2026 (two conversions: 12,897 and 6,531 shares; total 19,428). To satisfy tax withholding on the vesting, 8,674 shares were withheld (valued at $50.31 each, $436,389). Separately, 10,754 shares were sold in an open-market transaction on Aug 31, 2026 at a weighted average price of $49.13, producing $528,385.

Key Details

• Transaction dates: conversions/withholding on 2026-08-28; open-market sale on 2026-08-31. Form 4 filed 2026-09-01 (reporting period 2026-08-28).
• Exercise/conversion counts: 12,897 and 6,531 shares converted (total 19,428). Two derivative-disposal lines at $0 reflect conversion of the awards into common stock.
• Tax withholding: 8,674 shares withheld at $50.31 each = $436,389 (footnote: shares withheld to satisfy tax obligations).
• Sale: 10,754 shares sold at a weighted average $49.13 = $528,385; sale prices ranged $48.84–$49.41 (footnote). The sale was effected under a Rule 10b5-1 trading plan adopted Dec 2, 2025.
• Shares owned after the transactions: not specified in the filing.
• Award types & vesting: RSUs (contingent rights to one share each) and PSUs (performance-based rights). RSU/PSU vesting schedules noted in footnotes (some PSU portion vested 8/28/2026).

Context
These filings show routine post-vesting activity: conversion of vested RSUs/PSUs, shares withheld to cover taxes, and a portion sold via a prearranged 10b5-1 plan. That sequence (vest → tax withholding → planned sale) is common and does not, by itself, indicate management sentiment about the stock. The 10b5-1 plan means the sale was pre-specified and likely not an opportunistic, ad-hoc trade.