DocuSign Insider Files to Divest ~67K Shares Worth $5M Under Rule 144

Rhea-AI Filing Summary

DocuSign, Inc. (DOCU) filed a Form 144 disclosing that the Daniel Springer Revocable Trust, identified as a former affiliate, plans to sell up to 66,882 common shares on or about 26 June 2025. The shares will be sold through Morgan Stanley Smith Barney LLC on the Nasdaq exchange. At the 4 June 2025 market price implied by the filing, the transaction represents an aggregate market value of approximately US$5.04 million, equating to an implied price of roughly US$75.31 per share.

The proposed sale represents less than 0.04 % of DocuSign’s 202,062,772 shares outstanding, indicating limited dilution or market overhang risk. The securities were originally acquired via open-market purchase on 15 March 2022 and were fully paid for in cash. The filer reported no other sales in the past three months and affirmed that no undisclosed material adverse information is known.

Form 144 filings are routinely used by insiders and affiliates to notify the SEC of intended Rule 144 sales and do not obligate the seller to complete the transaction. Nevertheless, investors often monitor such filings as indicators of insider sentiment, even when the dollar amount is modest relative to the company’s market capitalization.

Positive

• None.

Negative

• Insider sale: Former affiliate Daniel Springer Revocable Trust intends to sell 66,882 shares (~US$5.0 million), potentially signaling reduced insider commitment, albeit small relative to the float.

Insights

Securities Analyst

TL;DR: Minor insider sale; limited market impact.

The trust linked to former affiliate Daniel Springer plans to sell 66.9 k shares (≈US$5 m), less than 0.04 % of DOCU’s float. The size is immaterial and aligns with normal wealth-diversification behavior. Rule 144 compliance suggests no immediate red flags, and the filer certifies the absence of undisclosed adverse information. I view the disclosure as neutral for valuation or liquidity.

Corporate Governance Expert

TL;DR: Governance-compliant filing, but insider selling can weigh on sentiment.

The Form 144 shows transparent adherence to SEC rules, mitigating governance risk. However, insider sales, even modest, can influence perception of future prospects—particularly as Daniel Springer formerly led the company. Given the fractional size versus shares outstanding, I classify the event as not materially impactful, though it may attract short-term attention.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0001517205
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	DOCUSIGN, INC.
SEC File Number	001-38465
Address of Issuer	221 Main Street, Suite 800 San Francisco CALIFORNIA 94105
Phone	(415) 489-4940
Name of Person for Whose Account the Securities are To Be Sold	DANIEL SPRINGER REVOCABLE TR
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	Former Affiliate

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	66882	5036963.68	202062772	06/26/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	03/15/2022	Open Market Purchase	Issuer			66882	03/15/2022	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks
Date of Notice	06/26/2025
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	/s/ Daniel Springer, Trustee
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How many DocuSign (DOCU) shares are being sold under this Form 144?

The filing covers 66,882 common shares of DocuSign.

What is the estimated market value of the proposed DOCU share sale?

The aggregate market value is approximately US$5.04 million.

Who is selling the DocuSign shares and what is their relationship to the company?

The Daniel Springer Revocable Trust, listed as a former affiliate, is the seller.

When is the approximate sale date for the DOCU shares?

The trust indicated an approximate sale date of 26 June 2025.

What percentage of DocuSign’s outstanding shares does this sale represent?

The 66,882 shares equal about 0.04 % of the 202,062,772 shares outstanding.