Starboard Value LP Increases Stake in BILL Holdings, Inc. and Enters Cooperation Agreement

Starboard Value LP has filed an amended Schedule 13D/A with the SEC, disclosing an 8.6% ownership stake in BILL Holdings, Inc. (BILL). The filing includes details of a Cooperation Agreement between Starboard and BILL, which outlines changes to the composition of BILL's Board of Directors. As part of the agreement, Stephen Fisher will resign from the Board, and Peter A. Feld and Lee Kirkpatrick will be appointed as Class II directors. Additionally, the Board will nominate Beth Johnson and Natalie Derse for election as Class III directors at the 2025 Annual Meeting. The agreement also includes standstill provisions, restricting Starboard from certain actions related to BILL's governance and operations until the earlier of 15 business days prior to the 2026 Annual Meeting or 100 days prior to the first anniversary of the 2025 Annual Meeting. The filing highlights Starboard's commitment to vote in favor of the Board's recommendations at the 2025 Annual Meeting, subject to certain conditions.