DocuSign CEO exercises equity awards, withholds shares

DocuSign, Inc. President and CEO Allan C. Thygesen reported vesting and settlement of restricted and performance stock units on September 15, 2025, converting 65,558 units into common stock at $0.00 per share.

Rhea-AI Filing Summary

DocuSign, Inc. President and CEO Allan C. Thygesen reported vesting and settlement of restricted and performance stock units on September 15, 2025, converting 65,558 units into common stock at $0.00 per share. 33,295 shares were withheld to cover taxes. He now holds 176,246 common shares, 329,269 restricted stock units and 100,082 performance stock units.

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.

Insider Trade Summary

65,558 shares exercised/converted

Exercise 10 txns

Insider Thygesen Allan C.

Role President and CEO

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	11,498	$0.00	$0.00
Exercise	Restricted Stock Units	8,748	$0.00	$0.00
Exercise	Restricted Stock Units	10,466	$0.00	$0.00
Exercise	Restricted Stock Units	10,601	$0.00	$0.00
Exercise	Performance Stock Units	3,215	$0.00	$0.00
Exercise	Performance Stock Units	8,748	$0.00	$0.00
Exercise	Performance Stock Units	5,087	$0.00	$0.00
Exercise	Performance Stock Units	7,195	$0.00	$0.00
Exercise	Common Stock	65,558	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock	33,295	$0.00	$0.00

Holdings After Transaction: Restricted Stock Units — 329,269 contracts (Direct); Performance Stock Units — 100,082 contracts (Direct); Common Stock — 176,246 shares (Direct)

Footnotes (12)

1. F1. 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. F2. Each RSU represents a contingent right to receive one share of the Issuer's common stock.
3. F3. 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. F4. The RSUs do not expire; they either vest or are canceled prior to vesting date.
5. F5. 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. F6. 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. F7. 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. F8. Each PSU represents a contingent right to receive one share of the Issuer's common stock.
9. F9. 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. F10. 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. F11. 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. F12. 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.

Key Figures

RSU/PSU conversion: 65,558 shares Tax-withheld shares: 33,295 shares Common stock holding: 176,246 shares +3 more

6 metrics

RSU/PSU conversion 65,558 shares Units converted into common stock on September 15, 2025

Tax-withheld shares 33,295 shares Common stock withheld to satisfy tax obligations

Common stock holding 176,246 shares Post-transaction direct holding of DocuSign common stock

Restricted Stock Units holding 329,269 units Post-transaction RSU balance reported for Allan C. Thygesen

Performance Stock Units holding 100,082 units Post-transaction PSU balance reported for Allan C. Thygesen

Transaction date September 15, 2025 Date of RSU/PSU vesting and tax-withholding disposition

Key Terms

Restricted Stock Units, Performance Stock Units, subscription revenue, free cash flow, +1 more

5 terms

Restricted Stock Units financial

"settlement of restricted stock units ("RSUs") or performance-vested restricted"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Performance Stock Units financial

"settlement of restricted stock units ("RSUs") or performance-vested restricted"

Performance stock units are a type of company award that grants employees shares of stock only if certain performance goals are met. They motivate employees to work toward specific company achievements, aligning their interests with those of shareholders. For investors, they can influence a company's future stock supply and reflect management’s confidence in reaching key targets.

subscription revenue financial

"PSUs will vest depending on the Company's subscription revenue for the"

Payments a company receives on a regular schedule from customers who pay to access a product or service over time, like a magazine or gym membership fee. Investors care because these recurring payments create more predictable sales and cash flow, make future revenue easier to forecast, and indicate customer loyalty; changes in subscription growth or churn can quickly affect a company’s valuation and financial health.

free cash flow financial

"The PSUs will vest depending on the Company's free cash flow for the FY24"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

change in control financial

"subject to accelerated vesting in the event of a termination of employment"

A "change in control" occurs when the ownership or management of a company shifts significantly, such as through a merger, acquisition, or sale of a large part of its assets. This change can impact how the company is run and may influence its future direction. For investors, it matters because it can affect the company's stability, strategy, and value, often signaling potential changes in investment risk or opportunity.

FAQ

What did DOCU CEO Allan C. Thygesen report in this Form 4?

Allan C. Thygesen reported vesting and settlement of restricted and performance stock units on September 15, 2025, converting 65,558 units into DocuSign common stock and having 33,295 shares withheld to satisfy tax obligations.

How many DOCU common shares does Allan C. Thygesen hold after these transactions?

Following the reported equity vesting and tax withholding, Allan C. Thygesen holds 176,246 shares of DocuSign common stock directly. This reflects his post-transaction ownership reported in the filing’s holdings summary.

What RSU and PSU balances does DOCU CEO Allan Thygesen retain?

After the September 15, 2025 vesting events, Allan C. Thygesen retains 329,269 restricted stock units and 100,082 performance stock units. These balances represent his outstanding equity awards still subject to future vesting conditions.

How were taxes handled in Allan Thygesen’s DOCU equity vesting?

To satisfy tax obligations from RSU and PSU vesting, 33,295 DocuSign common shares were withheld by the company. The footnotes clarify this was a tax-withholding disposition, not an open-market sale of shares.

How do Allan Thygesen’s DOCU PSUs vest based on company performance?

The performance stock units vest based on DocuSign’s subscription revenue and free cash flow for FY24 and FY25. Achieved PSUs can vest up to 200% of target, with one-third vesting after one year and the rest in equal quarterly installments.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 09/16/2025 - 07:33 PM Learn about SEC filing dates

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).

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.
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