[Form 4] DocuSign, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Michael G. Rosenbaum, a director of DocuSign, Inc. (DOCU), was granted 6,265 restricted stock units (RSUs) on 09/09/2025. Each RSU converts to one share of common stock upon vesting and was issued at no cash price. The RSUs vest in twelve equal quarterly installments over three years, with a vesting commencement date of 09/03/2025, provided the reporting person remains a service provider through each vesting date. The RSUs do not expire; they either vest or are canceled prior to vesting. The Form 4 was signed by an attorney-in-fact on 09/10/2025.

Positive

• Service-based equity grant aligns director incentives with shareholders through multi-year vesting
• No cash price paid for the RSUs, indicating standard compensation rather than a purchase

Negative

• None.

Insights

Corporate Governance Expert

TL;DR Director received a standard equity grant of 6,265 RSUs that vests quarterly over three years, aligning pay with ongoing service.

The grant appears to be routine director compensation rather than a transaction indicating material ownership change. The RSU structure—twelve equal quarterly installments over three years with a September 3, 2025 commencement—ties value realization to continued service, supporting director alignment with shareholder interests. No exercise price or cash consideration was paid, and the RSUs are contingent on service through each vesting date. For investors this is immaterial to company valuation given the modest size relative to typical market-capitalization for a public company.

Compensation & Equity Plan Specialist

TL;DR The award is a non-expiring RSU grant with pro-rata quarterly vesting, consistent with standard long-term incentive design.

The grant’s mechanics—one RSU per share upon vesting, no expiration, and quarterly vesting over three years—are consistent with common corporate governance practices for director retention and alignment. The absence of a purchase price and the description that RSUs either vest or are canceled prior to vesting confirm these are service-based awards. The transaction code indicates an acquisition of derivative securities. There is no indication of accelerated vesting triggers or transfer to related parties in this filing.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Rosenbaum Michael George

(Last) (First) (Middle)

C/O DOCUSIGN, INC.

221 MAIN STREET, SUITE 800

(Street)

SAN FRANCISCO CA 94105

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DOCUSIGN, INC. [ DOCU ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	09/09/2025		A		6,265		(2)	(3)	Common Stock	6,265	$0	6,265	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

2. The RSUs will vest in twelve equal quarterly installments over three years, with a vesting commencement date of September 3, 2025, in each case subject to the Reporting Person being a service provider through each such date.

3. The RSUs do not expire; they either vest or are canceled prior to vesting date.

Remarks:

	/s/ Derrick Chapman, Attorney-in-fact	09/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did DOCU director Michael G. Rosenbaum receive on 09/09/2025?

He was granted 6,265 restricted stock units (RSUs), each representing the right to one share of common stock upon vesting.

When do the RSUs granted to Michael Rosenbaum vest?

The RSUs vest in twelve equal quarterly installments over three years with a vesting commencement date of 09/03/2025.

Did Michael Rosenbaum pay for the RSUs?

No. The RSUs were issued at a $0 price and are contingent on continued service through each vesting date.

Do the RSUs expire if unvested?

No expiration is stated; the RSUs either vest or are canceled prior to vesting.

Who signed the Form 4 filing for Michael Rosenbaum?

The form was signed by /s/ Derrick Chapman, Attorney-in-fact on 09/10/2025.