DOCU insider notice: 15,000 shares via Merrill Lynch valued at $1.2M

Rhea-AI Filing Summary

DocuSign (DOCU) Form 144 notice reports a proposed sale of 15,000 shares of common stock through Merrill Lynch, with an aggregate market value of $1,202,850 and an indicated outstanding share count of 201,104,117. The securities were originally acquired in 2008–2009 as initial venture capital funding from Sigma Partners in three lots totaling 15,000 shares. No securities were reported sold in the past three months. The filer affirms no undisclosed material adverse information and includes the standard signature and legal warnings.

Positive

• Sale size is immaterial relative to the stated 201,104,117 shares outstanding, suggesting limited market impact
• Acquisition history disclosed (dates and source: Sigma Partners, 2008–2009), supporting transparency
• No sales in past three months reported, indicating the filer has not recently been disposing material blocks

Negative

• Insider/affiliate sale is planned, which could be viewed negatively by some investors despite its small size
• Limited context on identity of the selling person and motivation for sale beyond standard representations

Insights

Securities Analyst

TL;DR Proposed sale is small relative to outstanding shares and appears routine for early investor liquidity.

The Form 144 shows an early investor (positions acquired in 2008–2009 from Sigma Partners) proposing to sell 15,000 shares via Merrill Lynch for roughly $1.2 million. Against the stated 201.1 million shares outstanding, this disposal represents a de minimis percentage of the float, suggesting limited market impact. The filing contains no disclosure of recent sales in the past three months and includes the standard attestation on material non-public information.

Corporate Governance Specialist

TL;DR The notice is a routine insider/affiliate sale filing; governance disclosure is standard and complete within form limits.

The document records acquisition origins tied to venture-capital initial funding and provides dates and unit counts for each lot. The broker and approximate sale date (09/15/2025) are listed, and the filer certifies compliance with public-disclosure statements. There is no indication of unusual arrangements or aggregated recent dispositions, which aligns with typical compliance for planned sales under Rule 144.

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

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

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

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	Merrill Lynch, William Blick 4900 Hopyard Rd, Ste 140 Pleasanton CA 94588	15000	1202850	201104117	09/15/2025	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	05/09/2008	Initial funding by venture capital, Sigma Partners	Issuer			1355	05/09/2008	stock
Common	04/24/2009	Initial funding by venture capital, Sigma Partners	Issuer			3476	04/24/2009	stock
Common	04/24/2009	Initial funding by venture capital, Sigma Partners	Issuer			10169	04/24/2009	stock

* 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

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

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does DocuSign's (DOCU) Form 144 filed here report?

The filing reports a proposed sale of 15,000 common shares through Merrill Lynch with aggregate market value $1,202,850 and an approximate sale date of 09/15/2025.

Who originally acquired the shares being sold in this DOCU Form 144?

The shares were acquired in 2008–2009 as initial venture-capital funding from Sigma Partners, reported in three lots totaling 15,000 shares.

How material is the proposed sale compared to DocuSign's outstanding shares?

The sale of 15,000 shares is de minimis relative to the stated 201,104,117 shares outstanding, implying minimal market impact.

Did the filer report other sales of the issuer's securities in the past three months?

The filing states "Nothing to Report" for securities sold during the past three months.

Which broker is handling the proposed sale listed in the Form 144?

The broker named is Merrill Lynch, William Blick located at 4900 Hopyard Rd, Ste 140, Pleasanton, CA.