# EDGAR Filing Document

**Accession Number:** 0001517137
**File Stem:** 0000921895-25-002557
**Filing Date:** 2025-9
**Character Count:** 8013
**Document Hash:** a29bb5ba867161ed73844f2c78c0d32a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000921895-25-002557.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0000921895-25-002557

**CONFORMED SUBMISSION TYPE**: DFAN14A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**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:** DFAN14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39149
- **FILM NUMBER:** 251300604

**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:** DFAN14A

**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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**SCHEDULE 14A**

(Rule 14a-101)

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

(Amendment No.)

Filed by the Registrant ☐

Filed by a Party other than the Registrant ☒

Check the appropriate box:

☐ Preliminary Proxy Statement

☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

☐ Definitive Proxy Statement

☐ Definitive Additional Materials

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ Soliciting Material Under § 240.14a-12

---

| |
|:---|
| BILL HOLDINGS, INC. |
| (Name of Registrant as Specified In Its Charter) |
| STARBOARD VALUE LP<br> STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD<br> STARBOARD VALUE AND OPPORTUNITY S LLC<br> STARBOARD VALUE AND OPPORTUNITY MASTER FUND L LP<br> STARBOARD VALUE L LP<br> STARBOARD VALUE R GP LLC<br> STARBOARD X MASTER FUND LTD<br> STARBOARD VALUE GP LLC<br> STARBOARD PRINCIPAL CO LP<br> STARBOARD PRINCIPAL CO GP LLC<br> JEFFREY C. SMITH<br> PETER A. FELD<br> LIAT BEN-ZUR<br> NANCY DISMAN<br> FRANK T. YOUNG |
| (Name of Persons(s) Filing Proxy Statement, if other than the Registrant) |

---

Payment of Filing Fee (Check all boxes that apply):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ No fee required

☐ Fee paid previously with preliminary materials

☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

Starboard Value LP, together with the other participants named herein (collectively, "Starboard"), intends to file a preliminary proxy statement and accompanying universal proxy card with the Securities and Exchange Commission (the "SEC") to be used to solicit votes for the election of its slate of highly-qualified director nominees at the 2025 annual meeting of stockholders (the "Annual Meeting") of BILL Holdings, Inc., a Delaware corporation (the "Company").

On September 8, 2025, Starboard filed its Amendment No. 1 to the Schedule 13D with respect to the Company announcing its nomination of a slate of highly-qualified director nominees for election at the Annual Meeting. A copy of Starboard's Amendment No. 1 to the Schedule 13D is attached hereto as Exhibit 1 and is incorporated herein by reference.

**CERTAIN INFORMATION CONCERNING THE PARTICIPANTS**

Starboard Value LP, together with the other participants named herein (collectively, "Starboard"), intends to file a preliminary proxy statement and accompanying universal proxy card with the Securities and Exchange Commission (the "SEC") to be used to solicit votes for the election of its slate of highly-qualified director nominees at the 2025 annual meeting of stockholders (the "Annual Meeting") of BILL Holdings, Inc., a Delaware corporation (the "Company").

STARBOARD STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.

The participants in the proxy solicitation are anticipated to be Starboard Value and Opportunity Master Fund Ltd ("Starboard V&O Fund"), Starboard Value and Opportunity S LLC ("Starboard S LLC"), Starboard Value and Opportunity Master Fund L LP ("Starboard L Master"), Starboard Value L LP ("Starboard L GP"), Starboard Value R GP LLC ("Starboard R GP"), Starboard X Master Fund Ltd ("Starboard X Master"), Starboard Value LP, Starboard Value GP LLC ("Starboard Value GP"), Starboard Principal Co LP ("Principal Co"), Starboard Principal Co GP LLC ("Principal GP"), Jeffrey C. Smith, Peter A. Feld, Liat Ben-Zur, Nancy Disman and Frank T. Young.

As of the close of business on September 8, 2025, Starboard V&O Fund beneficially owned directly 4,597,782 shares of Common Stock, $0.00001 par value per share (the "Common Stock"), which includes 1,614,152 shares of Common Stock underlying certain forward purchase contracts exercisable within 60 days of the date hereof. As of the close of business on September 8, 2025, Starboard S LLC directly owned 681,182 shares of Common Stock. As of the close of business on September 8, 2025, Starboard L Master directly owned 239,363 shares of Common Stock. Starboard L GP, as the general partner of Starboard L Master, may be deemed the beneficial owner of the 239,363 shares of Common Stock owned by Starboard L Master. Starboard R GP, as the general partner of Starboard L GP, may be deemed the beneficial owner of the 239,363 shares of Common Stock owned by Starboard L Master. As of the close of business on September 8, 2025, Starboard X Master directly owned 1,712,590 shares of Common Stock. As of the close of business on September 8, 2025, 1,408,983 shares of Common Stock were held in an account managed by Starboard Value LP (the "Starboard Value LP Account"). Starboard Value LP, as the investment manager of each of Starboard V&O Fund, Starboard L Master, Starboard X Master and the Starboard Value LP Account and the manager of Starboard S LLC, may be deemed the beneficial owner of an aggregate of 8,639,900 shares of Common Stock directly owned by Starboard V&O Fund, Starboard S LLC, Starboard L Master, Starboard X Master and held in the Starboard Value LP Account. Each of Starboard Value GP, as the general partner of Starboard Value LP, Principal Co, as a member of Starboard Value GP, Principal GP, as the general partner of Principal Co, and Messrs. Smith and Feld, as members of Principal GP and as members of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed the beneficial owner of 8,639,900 shares of Common Stock directly owned by Starboard V&O Fund, Starboard S LLC, Starboard L Master, Starboard X Master and held in the Starboard Value LP Account. As of the close of business on September 8, 2025, none of Mses. Ben-Zur or Disman or Mr. Young owns any shares of Common Stock.

### Attached PDF Documents

**Attachment 1:** `ex1todfan14a06297bill_090825.pdf`

_No text found in this document._