David Hornik
BILL HoldingsAbout David Hornik
Independent director of BILL since 2016; age 57; standing for re-election as a Class III director with a term expiring in 2028. Education includes A.B. in Political Science and Computer Music (Stanford), M.Phil. in Criminology (Cambridge), and J.D. (Harvard Law School). Background spans over 25 years in software investment and governance; currently Founder and General Partner at Lobby Capital and General Partner at August Capital, with deep expertise in SaaS, AI integration, and M&A .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lobby Capital | Founder and General Partner | Since 2021 | Strategic advisor to technology companies; focus on SaaS and ML capabilities |
| August Capital | General Partner | Since 2000 | Advised on product innovation, pricing, and scaling enterprise apps |
| Perkins Coie; Venture Law Group; Cravath, Swaine & Moore | Attorney (Corporate/M&A) | Prior career (dates not specified) | Corporate law and M&A; taught IP/product management at Stanford |
External Roles
| Company | Role | Tenure | Notes |
|---|---|---|---|
| Fastly, Inc. (NYSE: FSLY) | Director | Since 2012 | Current public board; content delivery network sector |
| GitLab Inc. (Nasdaq: GTLB) | Director | 2019–2022 | Prior public board |
| Splunk Inc. (formerly Nasdaq: SPLK) | Director | 2004–2017 | Prior public board |
Board Governance
- Committee assignments: Member, Nominating and Corporate Governance Committee .
- Independence: Board determined Hornik is independent under NYSE and SEC rules; all members of Audit, Compensation, and Nominating & Corporate Governance Committees are independent .
- Years of service at BILL: Director since 2016; standing for re-election at the 2025 Annual Meeting for a term to 2028 .
- Attendance: In fiscal 2025, the Board met 5 times; each director attended at least 75% of Board and relevant committee meetings. Committee meetings held: Audit (8), Compensation (8), Nominating & Corporate Governance (4), Cybersecurity (4) .
- Board leadership: Chair/CEO is René Lacerte; Lead Independent Director is Allie Kline; independent directors meet in executive session regularly .
- Risk oversight: Board reorganized risk oversight with a dedicated Cybersecurity Committee and an Audit Subcommittee on Compliance and Payments Operations Risk; the subcommittee oversees payments-related regulatory and operational risks .
Fixed Compensation
| Component | Amount (USD) | FY | Detail/Notes |
|---|---|---|---|
| Annual Board cash retainer | $35,000 | 2025 | Paid quarterly in arrears |
| Nominating & Corporate Governance Committee member fee | $4,000 | 2025 | Non-chair member |
| Total cash paid to Hornik | $39,000 | 2025 | Per Director Compensation table |
| Meeting fees | $0 | 2025 | No meeting/perquisite fees; travel reimbursed |
Performance Compensation
| Equity Award Type | Grant Date Basis | Grant Date Fair Value (USD) | Vesting | Performance Metrics |
|---|---|---|---|---|
| Annual RSU Award | At annual meeting (continuing directors) | $200,010 (Hornik, FY25) | Vests at earlier of next annual meeting or one year, subject to service | None disclosed; time-based vesting only |
| Initial RSU Award (new directors) | Appointment date | $400,000 (policy level) | 3 equal annual installments | None disclosed |
| Options | Not applicable | — | — | No option awards outstanding for Hornik |
No director performance metrics (e.g., TSR, revenue, ESG) are tied to director equity; awards are time-based RSUs under the 2019 Plan .
Other Directorships & Interlocks
| External Company | Interlock Detail | Potential Exposure |
|---|---|---|
| Fastly, Inc. (NYSE: FSLY) | Hornik is a director since 2012; BILL director Aida Alvarez also serves on Fastly’s board since 2019 | Shared external board service; Fastly is in CDN/infrastructure, not a direct BILL competitor; low direct conflict signal based on disclosed information |
Expertise & Qualifications
- Top skills: Governance; SaaS/Technology/Innovation; Strategy/M&A .
- Transaction experience: Advised and positioned technology firms for acquisition (WePay–JPMorgan 2017; Aardvark–Google 2010; PayCycle–Intuit 2009; Evite–Ticketmaster 2001) .
- Legal and academic credentials: Corporate/M&A legal background; taught IP and product management at Stanford .
Equity Ownership
| Item | Amount | As-of Date | Notes |
|---|---|---|---|
| Beneficially owned shares | 43,696 | Oct 20, 2025 | 23,891 held directly; 17,710 by 2011 Hornik Family Trust |
| Ownership % of outstanding | <1% | Oct 20, 2025 | Shares outstanding: 100,378,848 |
| RSUs/stock awards outstanding (#) | 2,095 | Jun 30, 2025 | Options outstanding: none |
| Hedging policy | Prohibited | Policy (2023/Insider Trading) | Applies to directors |
| Pledging policy | Prohibited unless approved; strongly discouraged | Policy (2023/Insider Trading) | Applies to directors |
| Director ownership guidelines | 5x annual cash retainer | Policy | Directors have met or are on track within 5 years |
Governance Assessment
- Alignment and independence: Independent director with long tenure (since 2016); significant alignment via annual RSUs and 5x-retainer ownership guideline; anti-hedging/pledging policies apply to directors .
- Committee effectiveness: Active on Nominating & Corporate Governance, which oversees board composition, succession, governance evolution, and sustainability; committee fully independent .
- Attendance and engagement: Met the ≥75% attendance threshold; Board and committees met regularly (Board 5; Audit 8; Compensation 8; Nominating & Corporate Governance 4; Cybersecurity 4) signaling active oversight .
- Compensation structure: Director pay weighted toward equity (time-based RSUs), with modest cash retainers and committee fees; no meeting fees or perqs—supportive of shareholder alignment .
- Conflicts/related-party exposure: No Hornik-specific related party transactions disclosed; BILL’s related party items in FY25 did not involve Hornik (e.g., Starboard cooperation, director emeritus arrangement for Peter Kight) .
- Signals and red flags: Shared Fastly board service with another BILL director suggests a network interlock but no disclosed transactional ties to BILL; activist cooperation agreement shaped nominations (includes Hornik’s nomination) but no individual conflict disclosed for Hornik .
Overall: Hornik presents as an experienced, independent director with strong technology/M&A credentials, meaningful equity alignment, and clean related-party profile. Engagement (committee service and attendance) appears adequate, and compensation design emphasizes equity over cash, consistent with governance best practices .