# EDGAR Filing Document

**Accession Number:** 0001786352
**File Stem:** 0000921895-25-002532
**Filing Date:** 2025-9
**Character Count:** 77584
**Document Hash:** 72f4ee20473249444c91b7c171b799b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000921895-25-002532.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0000921895-25-002532

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BILL Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001786352
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 832661725
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91325
- **FILM NUMBER:** 251294181

**BUSINESS ADDRESS:**
- **STREET 1:** 6220 AMERICA CENTER DR.
- **STREET 2:** SUITE 100
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95002
- **BUSINESS PHONE:** (650) 621-7700

**MAIL ADDRESS:**
- **STREET 1:** 6220 AMERICA CENTER DR.
- **STREET 2:** SUITE 100
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Bill.com Holdings, Inc.
- **DATE OF NAME CHANGE:** 20190823
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Starboard Value LP
- **CENTRAL INDEX KEY:** 0001517137
- **ORGANIZATION NAME:** CF
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** 777 THIRD AVENUE, 18TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** (212) 845-7977

**MAIL ADDRESS:**
- **STREET 1:** 777 THIRD AVENUE, 18TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

## Ex-1

Exhibit 1

**Directors and Officers of Starboard Value and Opportunity Master Fund Ltd and Starboard X Master Fund Ltd**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>Name and Position</u> | &nbsp;&nbsp;<u>Principal Occupation</u> | &nbsp;&nbsp;<u>Principal Business Address</u> | &nbsp;&nbsp;<u>Citizenship</u> |
| &nbsp;&nbsp;Patrick Agemian<br> Director | &nbsp;&nbsp;Director of Global Funds Management, Ltd. | &nbsp;&nbsp;PO Box 10034, Buckingham Square<br> 2nd Floor<br> 720A West Bay Road<br> Grand Cayman<br> Cayman Islands, KY1-1001 | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;Kenneth R. Marlin<br> Director | &nbsp;&nbsp;Chief Financial Officer, Starboard Value LP | &nbsp;&nbsp;Starboard Value LP<br> 201 E Las Olas Boulevard Suite 1000<br> Fort Lauderdale,<br> Florida 33301 | &nbsp;&nbsp;United States of America |
| &nbsp;&nbsp;Alaina Danley<br> Director | &nbsp;&nbsp;Managing Director of Waystone Governance Ltd. | &nbsp;&nbsp;Waystone Governance Ltd.<br> Suite 5B201, 2nd Floor<br> One Nexus Way<br> P.O. Box 2587<br> Grand Cayman<br> Cayman Islands, KY1-1103 | &nbsp;&nbsp;Cayman Islands |

---

## Ex-2

Exhibit 2

**<u>Transactions in the Securities of the Issuer During the Past Sixty Days</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>Nature of the Transaction</u> | &nbsp;&nbsp; Amount of Securities<br> <u>Purchased/(Sold)</u> | &nbsp;&nbsp;<u>Price ($)</u> | &nbsp;&nbsp; Date of<br> <u>Purchase/Sale</u> |

---

**<u>STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Sale of August 1, 2025 Put Option ($43.00 Strike Price)<sup>1</sup> | &nbsp;&nbsp;(126700) | &nbsp;&nbsp;0.5000 | &nbsp;&nbsp;07/18/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;266 | &nbsp;&nbsp;45.6440 | &nbsp;&nbsp;07/22/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;266 | &nbsp;&nbsp;45.6440 | &nbsp;&nbsp;07/22/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;66400 | &nbsp;&nbsp;45.2770 | &nbsp;&nbsp;07/30/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;66400 | &nbsp;&nbsp;45.2770 | &nbsp;&nbsp;07/30/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;13280 | &nbsp;&nbsp;43.6880 | &nbsp;&nbsp;07/31/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;13280 | &nbsp;&nbsp;43.6880 | &nbsp;&nbsp;07/31/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;118563 | &nbsp;&nbsp;41.9880 | &nbsp;&nbsp;08/01/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;118563 | &nbsp;&nbsp;41.9880 | &nbsp;&nbsp;08/01/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;5439 | &nbsp;&nbsp;42.2450 | &nbsp;&nbsp;08/01/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;5438 | &nbsp;&nbsp;42.2450 | &nbsp;&nbsp;08/01/2025 |
| &nbsp;&nbsp;Acquisition of Common Stock Upon Assignment of August 1, 2025 Put Option ($43.00 Strike Price) | &nbsp;&nbsp;126700 | &nbsp;&nbsp;43.0000 | &nbsp;&nbsp;08/01/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;26530 | &nbsp;&nbsp;41.8060 | &nbsp;&nbsp;08/05/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;26530 | &nbsp;&nbsp;41.8060 | &nbsp;&nbsp;08/05/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;21569 | &nbsp;&nbsp;40.9020 | &nbsp;&nbsp;08/07/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;21569 | &nbsp;&nbsp;40.9020 | &nbsp;&nbsp;08/07/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;18571 | &nbsp;&nbsp;41.3020 | &nbsp;&nbsp;08/07/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;18571 | &nbsp;&nbsp;41.3020 | &nbsp;&nbsp;08/07/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;7481 | &nbsp;&nbsp;40.7000 | &nbsp;&nbsp;08/07/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;7481 | &nbsp;&nbsp;40.7000 | &nbsp;&nbsp;08/07/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(154752) | &nbsp;&nbsp;40.6840 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(106315) | &nbsp;&nbsp;40.6840 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;261067 | &nbsp;&nbsp;40.6980 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;9922 | &nbsp;&nbsp;40.6980 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;9922 | &nbsp;&nbsp;40.6980 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;16608 | &nbsp;&nbsp;40.5210 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;16608 | &nbsp;&nbsp;40.5210 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;53060 | &nbsp;&nbsp;39.4910 | &nbsp;&nbsp;08/11/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;53060 | &nbsp;&nbsp;39.4910 | &nbsp;&nbsp;08/11/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;53060 | &nbsp;&nbsp;39.0890 | &nbsp;&nbsp;08/12/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;53060 | &nbsp;&nbsp;39.0890 | &nbsp;&nbsp;08/12/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;13265 | &nbsp;&nbsp;38.8300 | &nbsp;&nbsp;08/12/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;13265 | &nbsp;&nbsp;38.8300 | &nbsp;&nbsp;08/12/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;66325 | &nbsp;&nbsp;40.1170 | &nbsp;&nbsp;08/13/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;66325 | &nbsp;&nbsp;40.1170 | &nbsp;&nbsp;08/13/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;26530 | &nbsp;&nbsp;39.4390 | &nbsp;&nbsp;08/13/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;26530 | &nbsp;&nbsp;39.4390 | &nbsp;&nbsp;08/13/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;39795 | &nbsp;&nbsp;39.6100 | &nbsp;&nbsp;08/13/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;39795 | &nbsp;&nbsp;39.6100 | &nbsp;&nbsp;08/13/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;92855 | &nbsp;&nbsp;39.4480 | &nbsp;&nbsp;08/14/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;92855 | &nbsp;&nbsp;39.4480 | &nbsp;&nbsp;08/14/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;18359 | &nbsp;&nbsp;39.4880 | &nbsp;&nbsp;08/14/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;18359 | &nbsp;&nbsp;39.4880 | &nbsp;&nbsp;08/14/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;8171 | &nbsp;&nbsp;39.6250 | &nbsp;&nbsp;08/14/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;8171 | &nbsp;&nbsp;39.6250 | &nbsp;&nbsp;08/14/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(131909) | &nbsp;&nbsp;41.2420 | &nbsp;&nbsp;08/18/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(131909) | &nbsp;&nbsp;41.2180 | &nbsp;&nbsp;08/18/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;263818 | &nbsp;&nbsp;41.2590 | &nbsp;&nbsp;08/18/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;263818 | &nbsp;&nbsp;41.2720 | &nbsp;&nbsp;08/19/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(131909) | &nbsp;&nbsp;41.2600 | &nbsp;&nbsp;08/19/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(131909) | &nbsp;&nbsp;41.2420 | &nbsp;&nbsp;08/19/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;263818 | &nbsp;&nbsp;41.3240 | &nbsp;&nbsp;08/20/2025 |
| &nbsp;&nbsp;Sale of Forward Contract | &nbsp;&nbsp;(13380) | &nbsp;&nbsp;41.6610 | &nbsp;&nbsp;08/20/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(263818) | &nbsp;&nbsp;41.3160 | &nbsp;&nbsp;08/20/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(120361) | &nbsp;&nbsp;41.1210 | &nbsp;&nbsp;08/21/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(143456) | &nbsp;&nbsp;41.1210 | &nbsp;&nbsp;08/21/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;263817 | &nbsp;&nbsp;41.1350 | &nbsp;&nbsp;08/21/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(26762) | &nbsp;&nbsp;41.2290 | &nbsp;&nbsp;08/21/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;135197 | &nbsp;&nbsp;41.2160 | &nbsp;&nbsp;08/25/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(135197) | &nbsp;&nbsp;41.2010 | &nbsp;&nbsp;08/25/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;133977 | &nbsp;&nbsp;48.3610 | &nbsp;&nbsp;08/28/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;133976 | &nbsp;&nbsp;48.3610 | &nbsp;&nbsp;08/28/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;336303 | &nbsp;&nbsp;47.3000 | &nbsp;&nbsp;08/28/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;336303 | &nbsp;&nbsp;47.3000 | &nbsp;&nbsp;08/28/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;58778 | &nbsp;&nbsp;48.5300 | &nbsp;&nbsp;08/28/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;58778 | &nbsp;&nbsp;48.5300 | &nbsp;&nbsp;08/28/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;84896 | &nbsp;&nbsp;46.5660 | &nbsp;&nbsp;08/29/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;84896 | &nbsp;&nbsp;46.5660 | &nbsp;&nbsp;08/29/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;94398 | &nbsp;&nbsp;47.1920 | &nbsp;&nbsp;08/29/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;94398 | &nbsp;&nbsp;47.1920 | &nbsp;&nbsp;08/29/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;6633 | &nbsp;&nbsp;47.1400 | &nbsp;&nbsp;08/29/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;6633 | &nbsp;&nbsp;47.1400 | &nbsp;&nbsp;08/29/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;184310 | &nbsp;&nbsp;46.3600 | &nbsp;&nbsp;09/02/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;184310 | &nbsp;&nbsp;46.3600 | &nbsp;&nbsp;09/02/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;94744 | &nbsp;&nbsp;45.7300 | &nbsp;&nbsp;09/02/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;94744 | &nbsp;&nbsp;45.7300 | &nbsp;&nbsp;09/02/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;6188 | &nbsp;&nbsp;45.0480 | &nbsp;&nbsp;09/02/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;6187 | &nbsp;&nbsp;45.0480 | &nbsp;&nbsp;09/02/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;78990 | &nbsp;&nbsp;46.1120 | &nbsp;&nbsp;09/03/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;78990 | &nbsp;&nbsp;46.1120 | &nbsp;&nbsp;09/03/2025 |
| &nbsp;&nbsp;Exercise of Forward Contract | &nbsp;&nbsp;662833 | &nbsp;&nbsp;41.3830 | &nbsp;&nbsp;09/04/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;80483 | &nbsp;&nbsp;46.9420 | &nbsp;&nbsp;09/04/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;80482 | &nbsp;&nbsp;46.9420 | &nbsp;&nbsp;09/04/2025 |

---

**<u>STARBOARD VALUE AND OPPORTUNITY S LLC</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Sale of August 1, 2025 Put Option ($43.00 Strike Price)<sup>1</sup> | &nbsp;&nbsp;(19100) | &nbsp;&nbsp;0.5000 | &nbsp;&nbsp;07/18/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;80 | &nbsp;&nbsp;45.6440 | &nbsp;&nbsp;07/22/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;20000 | &nbsp;&nbsp;45.2770 | &nbsp;&nbsp;07/30/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;4000 | &nbsp;&nbsp;43.6880 | &nbsp;&nbsp;07/31/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;35573 | &nbsp;&nbsp;41.9880 | &nbsp;&nbsp;08/01/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;1632 | &nbsp;&nbsp;42.2450 | &nbsp;&nbsp;08/01/2025 |
| &nbsp;&nbsp;Acquisition of Common Stock Upon Assignment of August 1, 2025 Put Option ($43.00 Strike Price) | &nbsp;&nbsp;19100 | &nbsp;&nbsp;43.0000 | &nbsp;&nbsp;08/01/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;7960 | &nbsp;&nbsp;41.8060 | &nbsp;&nbsp;08/05/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;6471 | &nbsp;&nbsp;40.9020 | &nbsp;&nbsp;08/07/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;5572 | &nbsp;&nbsp;41.3020 | &nbsp;&nbsp;08/07/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;2245 | &nbsp;&nbsp;40.7000 | &nbsp;&nbsp;08/07/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(7302) | &nbsp;&nbsp;40.6840 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(31934) | &nbsp;&nbsp;40.6840 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;39236 | &nbsp;&nbsp;40.6980 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;2977 | &nbsp;&nbsp;40.6980 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;4983 | &nbsp;&nbsp;40.5210 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;15920 | &nbsp;&nbsp;39.4910 | &nbsp;&nbsp;08/11/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;15920 | &nbsp;&nbsp;39.0890 | &nbsp;&nbsp;08/12/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;3980 | &nbsp;&nbsp;38.8300 | &nbsp;&nbsp;08/12/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;19900 | &nbsp;&nbsp;40.1170 | &nbsp;&nbsp;08/13/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;7960 | &nbsp;&nbsp;39.4390 | &nbsp;&nbsp;08/13/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;11940 | &nbsp;&nbsp;39.6100 | &nbsp;&nbsp;08/13/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;27860 | &nbsp;&nbsp;39.4480 | &nbsp;&nbsp;08/14/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;5508 | &nbsp;&nbsp;39.4880 | &nbsp;&nbsp;08/14/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;2452 | &nbsp;&nbsp;39.6250 | &nbsp;&nbsp;08/14/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(19801) | &nbsp;&nbsp;41.2420 | &nbsp;&nbsp;08/18/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(19801) | &nbsp;&nbsp;41.2180 | &nbsp;&nbsp;08/18/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;39602 | &nbsp;&nbsp;41.2590 | &nbsp;&nbsp;08/18/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;39602 | &nbsp;&nbsp;41.2720 | &nbsp;&nbsp;08/19/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(19801) | &nbsp;&nbsp;41.2600 | &nbsp;&nbsp;08/19/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(19801) | &nbsp;&nbsp;41.2420 | &nbsp;&nbsp;08/19/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;39603 | &nbsp;&nbsp;41.3240 | &nbsp;&nbsp;08/20/2025 |
| &nbsp;&nbsp;Sale of Forward Contract | &nbsp;&nbsp;(1957) | &nbsp;&nbsp;41.6610 | &nbsp;&nbsp;08/20/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(39603) | &nbsp;&nbsp;41.3160 | &nbsp;&nbsp;08/20/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(11798) | &nbsp;&nbsp;41.1210 | &nbsp;&nbsp;08/21/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(27805) | &nbsp;&nbsp;41.1210 | &nbsp;&nbsp;08/21/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;39603 | &nbsp;&nbsp;41.1350 | &nbsp;&nbsp;08/21/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(3914) | &nbsp;&nbsp;41.2290 | &nbsp;&nbsp;08/21/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;20473 | &nbsp;&nbsp;41.2160 | &nbsp;&nbsp;08/25/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(20473) | &nbsp;&nbsp;41.2010 | &nbsp;&nbsp;08/25/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;40198 | &nbsp;&nbsp;48.3610 | &nbsp;&nbsp;08/28/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;100904 | &nbsp;&nbsp;47.3000 | &nbsp;&nbsp;08/28/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;17636 | &nbsp;&nbsp;48.5300 | &nbsp;&nbsp;08/28/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;25472 | &nbsp;&nbsp;46.5660 | &nbsp;&nbsp;08/29/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;28323 | &nbsp;&nbsp;47.1920 | &nbsp;&nbsp;08/29/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;1990 | &nbsp;&nbsp;47.1400 | &nbsp;&nbsp;08/29/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;55370 | &nbsp;&nbsp;46.3600 | &nbsp;&nbsp;09/02/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;28463 | &nbsp;&nbsp;45.7300 | &nbsp;&nbsp;09/02/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;1859 | &nbsp;&nbsp;45.0480 | &nbsp;&nbsp;09/02/2025 |
| &nbsp;&nbsp;Exercise of Forward Contract | &nbsp;&nbsp;99678 | &nbsp;&nbsp;41.3770 | &nbsp;&nbsp;09/03/2025 |
| &nbsp;&nbsp;Exercise of Forward Contract | &nbsp;&nbsp;233381 | &nbsp;&nbsp;43.0030 | &nbsp;&nbsp;09/03/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;23730 | &nbsp;&nbsp;46.1120 | &nbsp;&nbsp;09/03/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;24178 | &nbsp;&nbsp;46.9420 | &nbsp;&nbsp;09/04/2025 |

---

**<u>STARBOARD VALUE AND OPPORTUNITY MASTER FUND L LP</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Sale of August 1, 2025 Put Option ($43.00 Strike Price)<sup>1</sup> | &nbsp;&nbsp;(6600) | &nbsp;&nbsp;0.5000 | &nbsp;&nbsp;07/18/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;27 | &nbsp;&nbsp;45.6440 | &nbsp;&nbsp;07/22/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;6875 | &nbsp;&nbsp;45.2770 | &nbsp;&nbsp;07/30/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;1375 | &nbsp;&nbsp;43.6880 | &nbsp;&nbsp;07/31/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;12245 | &nbsp;&nbsp;41.9880 | &nbsp;&nbsp;08/01/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;562 | &nbsp;&nbsp;42.2450 | &nbsp;&nbsp;08/01/2025 |
| &nbsp;&nbsp;Acquisition of Common Stock Upon Assignment of August 1, 2025 Put Option ($43.00 Strike Price) | &nbsp;&nbsp;6600 | &nbsp;&nbsp;43.0000 | &nbsp;&nbsp;08/01/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;2740 | &nbsp;&nbsp;41.8060 | &nbsp;&nbsp;08/05/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;2228 | &nbsp;&nbsp;40.9020 | &nbsp;&nbsp;08/07/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;1918 | &nbsp;&nbsp;41.3020 | &nbsp;&nbsp;08/07/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;773 | &nbsp;&nbsp;40.7000 | &nbsp;&nbsp;08/07/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(10988) | &nbsp;&nbsp;40.6840 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(2523) | &nbsp;&nbsp;40.6840 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;13511 | &nbsp;&nbsp;40.6980 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;1025 | &nbsp;&nbsp;40.6980 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;1715 | &nbsp;&nbsp;40.5210 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;5480 | &nbsp;&nbsp;39.4910 | &nbsp;&nbsp;08/11/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;5480 | &nbsp;&nbsp;39.0890 | &nbsp;&nbsp;08/12/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;1370 | &nbsp;&nbsp;38.8300 | &nbsp;&nbsp;08/12/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;6850 | &nbsp;&nbsp;40.1170 | &nbsp;&nbsp;08/13/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;2740 | &nbsp;&nbsp;39.4390 | &nbsp;&nbsp;08/13/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;4110 | &nbsp;&nbsp;39.6100 | &nbsp;&nbsp;08/13/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;9590 | &nbsp;&nbsp;39.4480 | &nbsp;&nbsp;08/14/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;1896 | &nbsp;&nbsp;39.4880 | &nbsp;&nbsp;08/14/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;844 | &nbsp;&nbsp;39.6250 | &nbsp;&nbsp;08/14/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(6817) | &nbsp;&nbsp;41.2420 | &nbsp;&nbsp;08/18/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(6817) | &nbsp;&nbsp;41.2180 | &nbsp;&nbsp;08/18/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;13634 | &nbsp;&nbsp;41.2590 | &nbsp;&nbsp;08/18/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;13634 | &nbsp;&nbsp;41.2720 | &nbsp;&nbsp;08/19/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(6817) | &nbsp;&nbsp;41.2600 | &nbsp;&nbsp;08/19/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(6817) | &nbsp;&nbsp;41.2420 | &nbsp;&nbsp;08/19/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;13634 | &nbsp;&nbsp;41.3240 | &nbsp;&nbsp;08/20/2025 |
| &nbsp;&nbsp;Sale of Forward Contract | &nbsp;&nbsp;(701) | &nbsp;&nbsp;41.6610 | &nbsp;&nbsp;08/20/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(13634) | &nbsp;&nbsp;41.3160 | &nbsp;&nbsp;08/20/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(4077) | &nbsp;&nbsp;41.1210 | &nbsp;&nbsp;08/21/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(9557) | &nbsp;&nbsp;41.1210 | &nbsp;&nbsp;08/21/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;13634 | &nbsp;&nbsp;41.1350 | &nbsp;&nbsp;08/21/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(1401) | &nbsp;&nbsp;41.2290 | &nbsp;&nbsp;08/21/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;6995 | &nbsp;&nbsp;41.2160 | &nbsp;&nbsp;08/25/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(6995) | &nbsp;&nbsp;41.2010 | &nbsp;&nbsp;08/25/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;13837 | &nbsp;&nbsp;48.3610 | &nbsp;&nbsp;08/28/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;34733 | &nbsp;&nbsp;47.3000 | &nbsp;&nbsp;08/28/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;6070 | &nbsp;&nbsp;48.5300 | &nbsp;&nbsp;08/28/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;8768 | &nbsp;&nbsp;46.5660 | &nbsp;&nbsp;08/29/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;9749 | &nbsp;&nbsp;47.1920 | &nbsp;&nbsp;08/29/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;685 | &nbsp;&nbsp;47.1400 | &nbsp;&nbsp;08/29/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;19180 | &nbsp;&nbsp;46.3600 | &nbsp;&nbsp;09/02/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;9859 | &nbsp;&nbsp;45.7300 | &nbsp;&nbsp;09/02/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;644 | &nbsp;&nbsp;45.0480 | &nbsp;&nbsp;09/02/2025 |
| &nbsp;&nbsp;Exercise of Forward Contract | &nbsp;&nbsp;34263 | &nbsp;&nbsp;41.3770 | &nbsp;&nbsp;09/03/2025 |
| &nbsp;&nbsp;Exercise of Forward Contract | &nbsp;&nbsp;84980 | &nbsp;&nbsp;43.1070 | &nbsp;&nbsp;09/03/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;8220 | &nbsp;&nbsp;46.1120 | &nbsp;&nbsp;09/03/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;8375 | &nbsp;&nbsp;46.9420 | &nbsp;&nbsp;09/04/2025 |

---

**<u>STARBOARD X MASTER FUND LTD</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Sale of August 1, 2025 Put Option ($43.00 Strike Price)<sup>1</sup> | &nbsp;&nbsp;(47600) | &nbsp;&nbsp;0.5000 | &nbsp;&nbsp;07/18/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;200 | &nbsp;&nbsp;45.6440 | &nbsp;&nbsp;07/22/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;49950 | &nbsp;&nbsp;45.2770 | &nbsp;&nbsp;07/30/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;9990 | &nbsp;&nbsp;43.6880 | &nbsp;&nbsp;07/31/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;89335 | &nbsp;&nbsp;41.9880 | &nbsp;&nbsp;08/01/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;4098 | &nbsp;&nbsp;42.2450 | &nbsp;&nbsp;08/01/2025 |
| &nbsp;&nbsp;Acquisition of Common Stock Upon Assignment of August 1, 2025 Put Option ($43.00 Strike Price) | &nbsp;&nbsp;47600 | &nbsp;&nbsp;43.0000 | &nbsp;&nbsp;08/01/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;19990 | &nbsp;&nbsp;41.8060 | &nbsp;&nbsp;08/05/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;16252 | &nbsp;&nbsp;40.9020 | &nbsp;&nbsp;08/07/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;13993 | &nbsp;&nbsp;41.3020 | &nbsp;&nbsp;08/07/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;5637 | &nbsp;&nbsp;40.7000 | &nbsp;&nbsp;08/07/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(80069) | &nbsp;&nbsp;40.6840 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(18197) | &nbsp;&nbsp;40.6840 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;98266 | &nbsp;&nbsp;40.6980 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;7476 | &nbsp;&nbsp;40.6980 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;12514 | &nbsp;&nbsp;40.5210 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;39980 | &nbsp;&nbsp;39.4910 | &nbsp;&nbsp;08/11/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;39980 | &nbsp;&nbsp;39.0890 | &nbsp;&nbsp;08/12/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;9995 | &nbsp;&nbsp;38.8300 | &nbsp;&nbsp;08/12/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;49975 | &nbsp;&nbsp;40.1170 | &nbsp;&nbsp;08/13/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;19990 | &nbsp;&nbsp;39.4390 | &nbsp;&nbsp;08/13/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;29985 | &nbsp;&nbsp;39.6100 | &nbsp;&nbsp;08/13/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;69965 | &nbsp;&nbsp;39.4480 | &nbsp;&nbsp;08/14/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;13833 | &nbsp;&nbsp;39.4880 | &nbsp;&nbsp;08/14/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;6157 | &nbsp;&nbsp;39.6250 | &nbsp;&nbsp;08/14/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(49681) | &nbsp;&nbsp;41.2420 | &nbsp;&nbsp;08/18/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(49680) | &nbsp;&nbsp;41.2180 | &nbsp;&nbsp;08/18/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;99361 | &nbsp;&nbsp;41.2590 | &nbsp;&nbsp;08/18/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;99361 | &nbsp;&nbsp;41.2720 | &nbsp;&nbsp;08/19/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(49681) | &nbsp;&nbsp;41.2600 | &nbsp;&nbsp;08/19/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(49680) | &nbsp;&nbsp;41.2420 | &nbsp;&nbsp;08/19/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;99360 | &nbsp;&nbsp;41.3240 | &nbsp;&nbsp;08/20/2025 |
| &nbsp;&nbsp;Sale of Forward Contract | &nbsp;&nbsp;(4875) | &nbsp;&nbsp;41.6610 | &nbsp;&nbsp;08/20/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(99360) | &nbsp;&nbsp;41.3160 | &nbsp;&nbsp;08/20/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(29403) | &nbsp;&nbsp;41.1210 | &nbsp;&nbsp;08/21/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(69958) | &nbsp;&nbsp;41.1210 | &nbsp;&nbsp;08/21/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;99361 | &nbsp;&nbsp;41.1350 | &nbsp;&nbsp;08/21/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(9749) | &nbsp;&nbsp;41.2290 | &nbsp;&nbsp;08/21/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;51437 | &nbsp;&nbsp;41.2160 | &nbsp;&nbsp;08/25/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(51437) | &nbsp;&nbsp;41.2010 | &nbsp;&nbsp;08/25/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;100949 | &nbsp;&nbsp;48.3610 | &nbsp;&nbsp;08/28/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;253400 | &nbsp;&nbsp;47.3000 | &nbsp;&nbsp;08/28/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;44288 | &nbsp;&nbsp;48.5300 | &nbsp;&nbsp;08/28/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;63968 | &nbsp;&nbsp;46.5660 | &nbsp;&nbsp;08/29/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;71127 | &nbsp;&nbsp;47.1920 | &nbsp;&nbsp;08/29/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;4997 | &nbsp;&nbsp;47.1400 | &nbsp;&nbsp;08/29/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;142660 | &nbsp;&nbsp;46.3600 | &nbsp;&nbsp;09/02/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;73334 | &nbsp;&nbsp;45.7300 | &nbsp;&nbsp;09/02/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;4789 | &nbsp;&nbsp;45.0480 | &nbsp;&nbsp;09/02/2025 |
| &nbsp;&nbsp;Exercise of Forward Contract | &nbsp;&nbsp;250158 | &nbsp;&nbsp;41.3770 | &nbsp;&nbsp;09/03/2025 |
| &nbsp;&nbsp;Exercise of Forward Contract | &nbsp;&nbsp;579485 | &nbsp;&nbsp;42.9840 | &nbsp;&nbsp;09/03/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;61140 | &nbsp;&nbsp;46.1120 | &nbsp;&nbsp;09/03/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;62295 | &nbsp;&nbsp;46.9420 | &nbsp;&nbsp;09/04/2025 |

---

**<u>STARBOARD VALUE LP</u>**

**<u>(Through the Starboard Value LP Account)</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;161 | &nbsp;&nbsp;45.6440 | &nbsp;&nbsp;07/22/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;40375 | &nbsp;&nbsp;45.2770 | &nbsp;&nbsp;07/30/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;8075 | &nbsp;&nbsp;43.6880 | &nbsp;&nbsp;07/31/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;72621 | &nbsp;&nbsp;41.9880 | &nbsp;&nbsp;08/01/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;3331 | &nbsp;&nbsp;42.2450 | &nbsp;&nbsp;08/01/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;60000 | &nbsp;&nbsp;42.4490 | &nbsp;&nbsp;08/04/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;16250 | &nbsp;&nbsp;41.8060 | &nbsp;&nbsp;08/05/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;13211 | &nbsp;&nbsp;40.9020 | &nbsp;&nbsp;08/07/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;11375 | &nbsp;&nbsp;41.3020 | &nbsp;&nbsp;08/07/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;4583 | &nbsp;&nbsp;40.7000 | &nbsp;&nbsp;08/07/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(87920) | &nbsp;&nbsp;40.6840 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;87920 | &nbsp;&nbsp;40.6980 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;6078 | &nbsp;&nbsp;40.6980 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;10172 | &nbsp;&nbsp;40.5210 | &nbsp;&nbsp;08/08/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;32500 | &nbsp;&nbsp;39.4910 | &nbsp;&nbsp;08/11/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;32500 | &nbsp;&nbsp;39.0890 | &nbsp;&nbsp;08/12/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;8125 | &nbsp;&nbsp;38.8300 | &nbsp;&nbsp;08/12/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;40625 | &nbsp;&nbsp;40.1170 | &nbsp;&nbsp;08/13/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;16250 | &nbsp;&nbsp;39.4390 | &nbsp;&nbsp;08/13/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;24375 | &nbsp;&nbsp;39.6100 | &nbsp;&nbsp;08/13/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;56875 | &nbsp;&nbsp;39.4480 | &nbsp;&nbsp;08/14/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;11245 | &nbsp;&nbsp;39.4880 | &nbsp;&nbsp;08/14/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;5005 | &nbsp;&nbsp;39.6250 | &nbsp;&nbsp;08/14/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(41792) | &nbsp;&nbsp;41.2420 | &nbsp;&nbsp;08/18/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(41793) | &nbsp;&nbsp;41.2180 | &nbsp;&nbsp;08/18/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;83585 | &nbsp;&nbsp;41.2590 | &nbsp;&nbsp;08/18/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;83585 | &nbsp;&nbsp;41.2720 | &nbsp;&nbsp;08/19/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(41792) | &nbsp;&nbsp;41.2600 | &nbsp;&nbsp;08/19/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(41793) | &nbsp;&nbsp;41.2420 | &nbsp;&nbsp;08/19/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;83585 | &nbsp;&nbsp;41.3240 | &nbsp;&nbsp;08/20/2025 |
| &nbsp;&nbsp;Sale of Forward Contract | &nbsp;&nbsp;(4087) | &nbsp;&nbsp;41.6610 | &nbsp;&nbsp;08/20/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(83585) | &nbsp;&nbsp;41.3160 | &nbsp;&nbsp;08/20/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(83585) | &nbsp;&nbsp;41.1210 | &nbsp;&nbsp;08/21/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;83585 | &nbsp;&nbsp;41.1350 | &nbsp;&nbsp;08/21/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(8174) | &nbsp;&nbsp;41.2290 | &nbsp;&nbsp;08/21/2025 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(43298) | &nbsp;&nbsp;41.2010 | &nbsp;&nbsp;08/25/2025 |
| &nbsp;&nbsp;Purchase of Forward Contract | &nbsp;&nbsp;43298 | &nbsp;&nbsp;41.2160 | &nbsp;&nbsp;08/25/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;82063 | &nbsp;&nbsp;48.3610 | &nbsp;&nbsp;08/28/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;205990 | &nbsp;&nbsp;47.3000 | &nbsp;&nbsp;08/28/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;36002 | &nbsp;&nbsp;48.5300 | &nbsp;&nbsp;08/28/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;52000 | &nbsp;&nbsp;46.5660 | &nbsp;&nbsp;08/29/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;57820 | &nbsp;&nbsp;47.1920 | &nbsp;&nbsp;08/29/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;4062 | &nbsp;&nbsp;47.1400 | &nbsp;&nbsp;08/29/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;114170 | &nbsp;&nbsp;46.3600 | &nbsp;&nbsp;09/02/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;58688 | &nbsp;&nbsp;45.7300 | &nbsp;&nbsp;09/02/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;3833 | &nbsp;&nbsp;45.0480 | &nbsp;&nbsp;09/02/2025 |
| &nbsp;&nbsp;Exercise of Forward Contract | &nbsp;&nbsp;210468 | &nbsp;&nbsp;41.3770 | &nbsp;&nbsp;09/03/2025 |
| &nbsp;&nbsp;Exercise of Forward Contract | &nbsp;&nbsp;485102 | &nbsp;&nbsp;41.1100 | &nbsp;&nbsp;09/03/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;48930 | &nbsp;&nbsp;46.1120 | &nbsp;&nbsp;09/03/2025 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;49855 | &nbsp;&nbsp;46.9420 | &nbsp;&nbsp;09/04/2025 |

---

________________

<sup>1</sup> Represents Shares underlying American-style put options sold short in the over the counter market. These put options were exercised pursuant to their terms on August 1, 2025.

## Exhibit 99.1

Exhibit 99.1

**<u>JOINT FILING AGREEMENT</u>**

In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13D (including additional amendments thereto) with respect to the shares of Common Stock, $0.00001 par value per share, of BILL Holdings, Inc. This Joint Filing Agreement shall be filed as an Exhibit to such Statement.

---

| | |
|:---|:---|
| Starboard Value LP | Starboard Value LP |
| By: | /s/ Lindsey Cara |
|  | Lindsey Cara, Authorized Signatory of Starboard Value GP LLC, its general partner |
| Date: | 09/04/2025 |

---

---

| | |
|:---|:---|
| STARBOARD VALUE & OPPORTUNITY MASTER FUND LTD | STARBOARD VALUE & OPPORTUNITY MASTER FUND LTD |
| By: | /s/ Lindsey Cara |
|  | Lindsey Cara, Authorized Signatory of Starboard Value LP, its investment manager |
| Date: | 09/04/2025 |

---

---

| | |
|:---|:---|
| STARBOARD VALUE & OPPORTUNITY S LLC | STARBOARD VALUE & OPPORTUNITY S LLC |
| By: | /s/ Lindsey Cara |
|  | Lindsey Cara, Authorized Signatory of Starboard Value LP, its manager |
| Date: | 09/04/2025 |

---

---

| | |
|:---|:---|
| Starboard Value & Opportunity Master Fund L LP | Starboard Value & Opportunity Master Fund L LP |
| By: | /s/ Lindsey Cara |
|  | Lindsey Cara, Authorized Signatory of Starboard Value L LP, its general partner |
| Date: | 09/04/2025 |

---

---

| | |
|:---|:---|
| Starboard Value L LP | Starboard Value L LP |
| By: | /s/ Lindsey Cara |
|  | Lindsey Cara, Authorized Signatory of Starboard Value R GP LLC, its general partner |
| Date: | 09/04/2025 |

---

---

| | |
|:---|:---|
| Starboard Value R GP LLC | Starboard Value R GP LLC |
| By: | /s/ Lindsey Cara |
|  | Lindsey Cara, Authorized Signatory |
| Date: | 09/04/2025 |

---

---

| | |
|:---|:---|
| Starboard X Master Fund Ltd | Starboard X Master Fund Ltd |
| By: | /s/ Lindsey Cara |
|  | Lindsey Cara, Authorized Signatory of Starboard Value LP, its investment manager |
| Date: | 09/04/2025 |

---

---

| | |
|:---|:---|
| Starboard Value GP LLC | Starboard Value GP LLC |
| By: | /s/ Lindsey Cara |
|  | Lindsey Cara, Authorized Signatory of Starboard Principal Co LP, its member |
| Date: | 09/04/2025 |

---

---

| | |
|:---|:---|
| Starboard Principal Co LP | Starboard Principal Co LP |
| By: | /s/ Lindsey Cara |
|  | Lindsey Cara, Authorized Signatory of Starboard Principal Co GP LLC, its general partner |
| Date: | 09/04/2025 |

---

---

| | |
|:---|:---|
| Starboard Principal Co GP LLC | Starboard Principal Co GP LLC |
| By: | /s/ Lindsey Cara |
|  | Lindsey Cara, Authorized Signatory |
| Date: | 09/04/2025 |

---

---

| | |
|:---|:---|
| Smith Jeffrey C | Smith Jeffrey C |
| By: | /s/ Lindsey Cara |
|  | Lindsey Cara, Attorney-in-Fact for Jeffrey C. Smith |
| Date: | 09/04/2025 |

---

---

| | |
|:---|:---|
| Feld Peter A | Feld Peter A |
| By: | /s/ Lindsey Cara |
|  | Lindsey Cara, Attorney-in-Fact for Peter A. Feld |
| Date: | 09/04/2025 |

---

## Exhibit 99.2

Exhibit 99.2

**POWER OF ATTORNEY**

The undersigned hereby appoints Jeffrey C. Smith, Peter A. Feld, Lindsey Cara and Kenneth R. Marlin, or any of them, his true and lawful attorney-in fact and agent to execute and file with the Securities and Exchange Commission any Schedule 13D, Schedule 13G, Form 3, Form 4, Form 5, any settlement agreement, any amendments to any of the foregoing and any related documentation which may be required to be filed in his individual capacity as a result of the undersigned's beneficial ownership of, or participation in a group with respect to, securities directly or indirectly beneficially owned by Starboard Value and Opportunity Master Fund Ltd, Starboard Value and Opportunity S LLC, Starboard Value and Opportunity Master Fund L LP, Starboard Value L LP, Starboard Value R GP LLC, Starboard X Master Fund Ltd, Starboard Value LP, Starboard Value GP LLC, Starboard Principal Co LP and Starboard Principal Co GP LLC or any of their respective affiliates, and granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing which he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof. The authority of Jeffrey C. Smith, Peter A. Feld, Lindsey Cara and Kenneth R. Marlin, or any of them, under this Power of Attorney shall continue with respect to the undersigned until revoked in writing.

---

| | |
|:---|:---|
| Smith Jeffrey C | Smith Jeffrey C |
| By: | /s/ Jeffrey C. Smith |
|  | Jeffrey C. Smith |
| Date: | 09/04/2025 |

---

---

| | |
|:---|:---|
| Feld Peter A | Feld Peter A |
| By: | /s/ Peter A. Feld |
|  | Peter A. Feld |
| Date: | 09/04/2025 |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**BILL Holdings, Inc.**

*(Name of Issuer)*

**Common Stock, $0.00001 par value per share**

*(Title of Class of Securities)*

**090043100**

*(CUSIP Number)*

**JEFFREY C. SMITH**<br>STARBOARD VALUE LP<br>777 Third Avenue, 18th Floor<br>New York NY 10017<br>212-845-7977

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**08/28/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **090043100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Starboard Value LP** | Name of reporting person<br>**Starboard Value LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**8639900.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**8639900.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**8639900.00** | Aggregate amount beneficially owned by each reporting person<br>**8639900.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.5%** | Percent of class represented by amount in Row (11)<br>**8.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Note to rows (7)(9)(11): Includes 1,614,152 shares of Common Stock underlying certain forward purchase contracts exercisable within 60 days hereof.

| **CUSIP No.** | **090043100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**STARBOARD VALUE & OPPORTUNITY MASTER FUND LTD** | Name of reporting person<br>**STARBOARD VALUE & OPPORTUNITY MASTER FUND LTD** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**4597782.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**4597782.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4597782.00** | Aggregate amount beneficially owned by each reporting person<br>**4597782.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.5%** | Percent of class represented by amount in Row (11)<br>**4.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Note to rows (7)(9)(11): Includes 1,614,152 shares of Common Stock underlying certain forward purchase contracts exercisable within 60 days hereof.

| **CUSIP No.** | **090043100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**STARBOARD VALUE & OPPORTUNITY S LLC** | Name of reporting person<br>**STARBOARD VALUE & OPPORTUNITY S LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**681182.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**681182.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**681182.00** | Aggregate amount beneficially owned by each reporting person<br>**681182.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.7%** | Percent of class represented by amount in Row (11)<br>**0.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **090043100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Starboard Value & Opportunity Master Fund L LP** | Name of reporting person<br>**Starboard Value & Opportunity Master Fund L LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**239363.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**239363.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**239363.00** | Aggregate amount beneficially owned by each reporting person<br>**239363.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.2%** | Percent of class represented by amount in Row (11)<br>**0.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **090043100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Starboard Value L LP** | Name of reporting person<br>**Starboard Value L LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**239363.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**239363.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**239363.00** | Aggregate amount beneficially owned by each reporting person<br>**239363.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.2%** | Percent of class represented by amount in Row (11)<br>**0.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **090043100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Starboard Value R GP LLC** | Name of reporting person<br>**Starboard Value R GP LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**239363.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**239363.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**239363.00** | Aggregate amount beneficially owned by each reporting person<br>**239363.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.2%** | Percent of class represented by amount in Row (11)<br>**0.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **090043100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Starboard X Master Fund Ltd** | Name of reporting person<br>**Starboard X Master Fund Ltd** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**1712590.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**1712590.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1712590.00** | Aggregate amount beneficially owned by each reporting person<br>**1712590.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.7%** | Percent of class represented by amount in Row (11)<br>**1.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **090043100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Starboard Value GP LLC** | Name of reporting person<br>**Starboard Value GP LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**8639900.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**8639900.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**8639900.00** | Aggregate amount beneficially owned by each reporting person<br>**8639900.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.5%** | Percent of class represented by amount in Row (11)<br>**8.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note to rows (7)(9)(11): Includes 1,614,152 shares of Common Stock underlying certain forward purchase contracts exercisable within 60 days hereof.

| **CUSIP No.** | **090043100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Starboard Principal Co LP** | Name of reporting person<br>**Starboard Principal Co LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**8639900.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**8639900.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**8639900.00** | Aggregate amount beneficially owned by each reporting person<br>**8639900.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.5%** | Percent of class represented by amount in Row (11)<br>**8.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Note to rows (7)(9)(11): Includes 1,614,152 shares of Common Stock underlying certain forward purchase contracts exercisable within 60 days hereof.

| **CUSIP No.** | **090043100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Starboard Principal Co GP LLC** | Name of reporting person<br>**Starboard Principal Co GP LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**8639900.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**8639900.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**8639900.00** | Aggregate amount beneficially owned by each reporting person<br>**8639900.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.5%** | Percent of class represented by amount in Row (11)<br>**8.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Note to rows (7)(9)(11): Includes 1,614,152 shares of Common Stock underlying certain forward purchase contracts exercisable within 60 days hereof.

| **CUSIP No.** | **090043100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Smith Jeffrey C** | Name of reporting person<br>**Smith Jeffrey C** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**8639900.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**8639900.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**8639900.00** | Aggregate amount beneficially owned by each reporting person<br>**8639900.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.5%** | Percent of class represented by amount in Row (11)<br>**8.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Note to rows (7)(9)(11): Includes 1,614,152 shares of Common Stock underlying certain forward purchase contracts exercisable within 60 days hereof.

| **CUSIP No.** | **090043100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Feld Peter A** | Name of reporting person<br>**Feld Peter A** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**8639900.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**8639900.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**8639900.00** | Aggregate amount beneficially owned by each reporting person<br>**8639900.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.5%** | Percent of class represented by amount in Row (11)<br>**8.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

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**Comment for Reporting Person:** Note to rows (7)(9)(11): Includes 1,614,152 shares of Common Stock underlying certain forward purchase contracts exercisable within 60 days hereof.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, $0.00001 par value per share

**(b) Name of Issuer:**
BILL Holdings, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
6220 AMERICA CENTER DR., SUITE 100, SAN JOSE, CA, 95002

The following constitutes the Schedule 13D filed by the undersigned (the "Schedule 13D").

**Item 4. Purpose of Transaction**

The Reporting Persons purchased the Shares based on the Reporting Persons' belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable.

The Reporting Persons intend to nominate a slate of highly qualified director candidates for election to the Issuer's Board of Directors (the "Board") at the Issuer's 2025 Annual Meeting of Stockholders. The Reporting Persons have engaged, and expect to continue to engage in, discussions with management and the Board regarding opportunities for value creation, Board representation and the composition of the Issuer's Board, generally.

No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors including, without limitation, the Issuer's financial position and investment strategy, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, engaging in communications with management and the Board, engaging in discussions with stockholders of the Issuer or other third parties about the Issuer and the Reporting Persons' investment, including potential business combinations or dispositions involving the Issuer or certain of its businesses, making recommendations or proposals to the Issuer concerning changes to the capitalization, ownership structure, board structure (including board composition), potential business combinations or dispositions involving the Issuer or certain of its businesses, or suggestions for improving the Issuer's financial and/or operational performance, purchasing additional Shares, selling some or all of their Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares, including swaps and other derivative instruments, or changing their intention with respect to any and all matters referred to in Item 4.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The percentages used in this Schedule 13D are based upon 101,628,611 Shares outstanding, as of August 21, 2025, as reported in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on August 28, 2025.

See rows (11) and (13) of the cover pages to this Schedule 13D for the aggregate number of Shares and percentage of the Shares beneficially owned by each of the Reporting Persons. The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.

**(b)**
See rows (7) through (10) of the cover pages to this Schedule 13D for the number of Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and the sole or shared power to dispose or to direct the disposition.

**(c)**
Information concerning transactions in the securities of the Issuer effected by the Reporting Persons during the past sixty days is set forth in Exhibit 2 attached hereto and is incorporated herein by reference. Except as otherwise noted, all of the transactions in the securities of the Issuer listed therein were effected in the open market through various brokerage entities.

In addition to the Shares beneficially owned by the Reporting Persons as set forth in this filing, and while the Reporting Persons have no current knowledge of the following holdings, the Reporting Persons understand that TD Asset Management Inc. ( "TD") had investment discretion over 13,828 Shares as of June 30, 2025, which would represent beneficial ownership of approximately 0.01% of the outstanding Shares as of such date, as such information is set forth in the Form 13F-HR filing filed by TD on July 28, 2025. As reported in the Form ADV filed by Starboard Value LP, Toronto Dominion Bank is included as an indirect control person under Schedule B/C Indirect Owners of the Form ADV as a result of the closing of the acquisition of Cowen Inc. by Toronto Dominion Bank. The validity of the indirect transfer of Cowen Inc.'s ownership interest in Starboard Value LP is subject to an ongoing dispute. The Reporting Persons disclaim the existence of a "group" within the meaning of Section 13(d)(3) of the Exchange Act with TD or any other person other than the other Reporting Persons.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Starboard V&O Fund 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 having an aggregate purchase price of $69,096,198 (the "Nomura Forward Contracts"). The Nomura Forward Contracts have a final valuation date of December 21, 2026, however, Starboard V&O Fund 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 Nomura Forward Contracts provides for physical settlement. Until the settlement date, none of the Nomura Forward Contracts give Starboard V&O Fund voting and dispositive control over the Shares to which such contracts relate.

On September 4, 2025, the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law. The Joint Filing Agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Starboard Value LP

**Signature:** /s/ Lindsey Cara

**Name/Title:** Lindsey Cara, Authorized Signatory of Starboard Value GP LLC, its general partner

**Date:** 09/04/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** STARBOARD VALUE & OPPORTUNITY MASTER FUND LTD

**Signature:** /s/ Lindsey Cara

**Name/Title:** Lindsey Cara, Authorized Signatory of Starboard Value LP, its investment manager

**Date:** 09/04/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** STARBOARD VALUE & OPPORTUNITY S LLC

**Signature:** /s/ Lindsey Cara

**Name/Title:** Lindsey Cara, Authorized Signatory of Starboard Value LP, its manager

**Date:** 09/04/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Starboard Value & Opportunity Master Fund L LP

**Signature:** /s/ Lindsey Cara

**Name/Title:** Lindsey Cara, Authorized Signatory of Starboard Value L LP, its general partner

**Date:** 09/04/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Starboard Value L LP

**Signature:** /s/ Lindsey Cara

**Name/Title:** Lindsey Cara, Authorized Signatory of Starboard Value R GP LLC, its general partner

**Date:** 09/04/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Starboard Value R GP LLC

**Signature:** /s/ Lindsey Cara

**Name/Title:** Lindsey Cara, Authorized Signatory

**Date:** 09/04/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Starboard X Master Fund Ltd

**Signature:** /s/ Lindsey Cara

**Name/Title:** Lindsey Cara, Authorized Signatory of Starboard Value LP, its investment manager

**Date:** 09/04/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Starboard Value GP LLC

**Signature:** /s/ Lindsey Cara

**Name/Title:** Lindsey Cara, Authorized Signatory of Starboard Principal Co LP, its member

**Date:** 09/04/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Starboard Principal Co LP

**Signature:** /s/ Lindsey Cara

**Name/Title:** Lindsey Cara, Authorized Signatory of Starboard Principal Co GP LLC, its general partner

**Date:** 09/04/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Starboard Principal Co GP LLC

**Signature:** /s/ Lindsey Cara

**Name/Title:** Lindsey Cara, Authorized Signatory

**Date:** 09/04/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Smith Jeffrey C

**Signature:** /s/ Lindsey Cara

**Name/Title:** Lindsey Cara, Attorney-in-Fact for Jeffrey C. Smith

**Date:** 09/04/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Feld Peter A

**Signature:** /s/ Lindsey Cara

**Name/Title:** Lindsey Cara, Attorney-in-Fact for Peter A. Feld

**Date:** 09/04/2025