[Form 4] DOCUSIGN, INC. Insider Trading Activity

Rhea-AI Filing Summary

Allan C. Thygesen, President and CEO and a director of DocuSign, reported equity activity on 09/15/2025. The filing shows an acquisition of 65,558 shares of common stock (Code M) and the withholding of 33,295 shares to satisfy tax obligations related to vesting (Code F). Following the reported transactions, the reported beneficial ownership for the directly held common stock lines is 209,541 shares and 176,246 shares, respectively. The filing also records multiple restricted stock units (RSUs) and performance stock units (PSUs) being acquired or vesting in varying amounts, including RSU grants of 11,498, 8,748, 10,466 and 10,601 shares and PSU amounts ranging from 3,215 to 8,748 shares, with each RSU/PSU convertible into one share if and when vested. The disclosure explains vesting schedules and performance conditions for the PSUs and notes certain shares were withheld to meet tax obligations.

Positive

• Equity grants tied to subscription revenue and free cash flow align executive incentives with key company performance metrics

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine executive equity vesting and tax-withholding; no governance red flags apparent.

The Form 4 documents standard equity compensation activity for the CEO and a director: issuance/vesting of RSUs and PSUs and share withholding to satisfy tax liabilities. The filing describes multi-year time-based vesting schedules and performance-based vesting tied to subscription revenue and free cash flow, which align executive compensation with company performance metrics. There is clear disclosure of the number of shares acquired and withheld, and of the vesting mechanics and caps for PSUs. This is consistent with typical public-company incentive structures and does not indicate material governance concerns in isolation.

Compensation Analyst

TL;DR: Equity grants blend time-based RSUs and performance PSUs, aligning pay with revenue and cash-flow goals.

The reported RSU and PSU figures show a mix of time-based retention awards and performance-contingent awards tied to subscription revenue and free cash flow with a 200% cap on payout. Vesting schedules include quarterly installments and multi-year cliffs for certain grants, consistent with retention and performance incentives. Share withholding to satisfy taxes is routine and reduces net shares issued to the executive. From a compensation design perspective, the structure supports long-term alignment but may cause modest near-term dilution if large numbers vest across executives over time; the Form 4 does not quantify company-wide dilution impact.

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

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

1. Name and Address of Reporting Person^*

Thygesen Allan C.

(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
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

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
Common Stock	09/15/2025		M		65,558	A	$0	209,541	D
Common Stock	09/15/2025		F		33,295(1)	D	$0	176,246	D

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	(2)	09/15/2025		M			11,498	(3)	(4)	Common Stock	11,498	$0	57,486	D
Restricted Stock Units	(2)	09/15/2025		M			8,748	(5)	(4)	Common Stock	8,748	$0	61,243	D
Restricted Stock Units	(2)	09/15/2025		M			10,466	(6)	(4)	Common Stock	10,466	$0	115,126	D
Restricted Stock Units	(2)	09/15/2025		M			10,601	(7)	(4)	Common Stock	10,601	$0	95,414	D
Performance Stock Units	(8)	09/15/2025		M			3,215	(9)	(9)	Common Stock	3,215	$0	9,644	D
Performance Stock Units	(8)	09/15/2025		M			8,748	(10)	(10)	Common Stock	8,748	$0	26,250	D
Performance Stock Units	(8)	09/15/2025		M			5,087	(11)	(11)	Common Stock	5,087	$0	37,365	D
Performance Stock Units	(8)	09/15/2025		M			7,195	(12)	(12)	Common Stock	7,195	$0	26,823	D

Explanation of Responses:

1. Represents shares withheld by the Issuer to satisfy a tax obligation realized by the Reporting Person upon the vesting and settlement of restricted stock units ("RSUs") or performance-vested restricted stock units ("PSUs").

2. Each RSU represents a contingent right to receive one share of the Issuer's common stock.

3. The RSUs will vest in equal quarterly installments over four years, with a vesting commencement date of October 10, 2022, in each case subject to the Reporting Person being a service provider through each such date. The RSUs are subject to accelerated vesting in the event of a termination of employment of the Reporting Person including under certain circumstances following a change in control of the Issuer.

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

5. The RSUs will vest in equal quarterly installments over four years, with a vesting commencement date of May 10, 2023, in each case subject to the reporting person being a service provider through such date.

6. The RSUs will vest in equal quarterly installments over four years, with a vesting commencement date of May 10, 2024, in each case subject to the reporting person being a service provider through such date.

7. The RSUs will vest quarterly over a four year period commencing May 10, 2025, with 40% vesting during year 1, 35% vesting during year 2, 15% vesting during year 3, and 10% vesting during year 4, in each case subject to the Reporting Person being a service provider through each such date.

8. Each PSU represents a contingent right to receive one share of the Issuer's common stock.

9. The PSUs will vest depending on the Company's subscription revenue for the twelve-month period ended January 31, 2024 (the "FY24 Performance Period"). The maximum number of subscription revenue-based PSUs that may vest is capped at 200% of the target number of subscription revenue-based PSUs. To the extent achieved, 1/3 of any achieved subscription revenue-based PSUs will vest following the one-year anniversary of the date of grant and the balance will vest in eight equal quarterly installments thereafter, subject to continued service with certain limited exceptions.

10. The PSUs will vest depending on the Company's free cash flow for the FY24 Performance Period. The maximum number of free cash flow-based PSUs that may vest is capped at 200% of the target number of free cash flow-based PSUs. To the extent achieved, 1/3 of any achieved free cash flow-based PSUs will vest following the one-year anniversary of the date of grant and the balance will vest in eight equal quarterly installments thereafter, subject to continued service with certain limited exceptions.

11. The PSUs will vest depending on the Company's subscription revenue for the twelve-month period ended January 31, 2025 (the "FY25 Performance Period"). The maximum number of subscription revenue-based PSUs that may vest is capped at 200% of the target number of subscription revenue-based PSUs. To the extent achieved, 1/3 of any achieved subscription revenue-based PSUs will vest following the one-year anniversary of the date of grant and the balance will vest in eight equal quarterly installments thereafter, subject to continued service with certain limited exceptions.

12. The PSUs will vest depending on the Company's free cash flow for the FY25 Performance Period. The maximum number of free cash flow-based PSUs that may vest is capped at 200% of the target number of free cash flow-based PSUs. To the extent achieved, 1/3 of any achieved free cash flow-based PSUs will vest following the one-year anniversary of the vesting commencement date and the balance will vest in eight equal quarterly installments thereafter, subject to continued service with certain limited exceptions.

Remarks:

	/s/ Derrick Chapman, Attorney-in-fact	09/16/2025
	** 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).
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FAQ

Who filed this Form 4 for DOCU and what is their role?

The Form 4 was filed for Allan C. Thygesen, who is listed as President and CEO and a director of DocuSign.

What were the principal share transactions reported on 09/15/2025 for DOCU?

The filing reports an acquisition of 65,558 common shares (Code M) and the withholding of 33,295 common shares to satisfy tax obligations (Code F).

Did the Form 4 report any restricted stock units (RSUs) or performance stock units (PSUs)?

Yes. The filing reports multiple RSU grants (for example, 11,498, 8,748, 10,466, 10,601) and PSUs (for example, 3,215, 8,748, 5,087, 7,195), each convertible into one share upon vesting or achievement of performance conditions.

What performance metrics govern the PSUs in the filing?

PSUs are tied to the Company’s subscription revenue and free cash flow for specified fiscal performance periods, with a maximum payout capped at 200% of target for each metric.

Are there vesting schedules disclosed for the RSUs and PSUs?

Yes. RSUs generally vest in equal quarterly installments over four years (various commencement dates), and PSUs that vest upon performance achievement have additional staggered vesting where portions vest after one year and the remainder in quarterly installments.