DocuSign (DOCU) growth executive discloses December stock sales and RSU/PSU vesting

Rhea-AI Filing Summary

DocuSign, Inc. reported insider stock activity by its President and General Manager, Growth. On December 15, 2025, the executive sold 1,683 shares of common stock at $70.87 per share under a Rule 10b5-1 trading plan. That same day, vested equity awards were exercised, adding 31,538 shares, and the company withheld 16,019 shares at no price to cover tax obligations from vesting restricted and performance stock units.

On December 17, 2025, the executive completed additional open-market sales of 5,253 shares at an average price of $67.88 and 8,565 shares at an average price of $68.61, with exact prices ranging from $67.31 to $69.05. Following these transactions, the executive directly held 70,197 shares of DocuSign common stock, along with multiple tranches of restricted stock units and performance stock units that may convert into shares over time based on service and performance conditions.

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

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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).

X

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^*

Chatwani Robert

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President General Mgr, Growth

3. Date of Earliest Transaction (Month/Day/Year)
12/15/2025

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	12/15/2025		S		1,683(1)	D	$70.87	68,496	D
Common Stock	12/15/2025		M		31,538	A	$0	100,034	D
Common Stock	12/15/2025		F		16,019(2)	D	$0	84,015	D
Common Stock	12/17/2025		S		5,253(1)	D	$67.88(3)	78,762	D
Common Stock	12/17/2025		S		8,565(1)	D	$68.61(4)	70,197	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	(5)	12/15/2025		M			20,006	(6)	(7)	Common Stock	20,006	$0	100,033	D
Restricted Stock Units	(5)	12/15/2025		M			3,412	(8)	(7)	Common Stock	3,412	$0	34,129	D
Restricted Stock Units	(5)	12/15/2025		M			3,457	(9)	(7)	Common Stock	3,457	$0	27,656	D
Performance Stock Units	(10)	12/15/2025		M			535	(11)	(11)	Common Stock	535	$0	1,071	D
Performance Stock Units	(10)	12/15/2025		M			1,458	(12)	(12)	Common Stock	1,458	$0	2,918	D
Performance Stock Units	(10)	12/15/2025		M			1,106	(13)	(13)	Common Stock	1,106	$0	7,018	D
Performance Stock Units	(10)	12/15/2025		M			1,564	(14)	(14)	Common Stock	1,564	$0	4,270	D

Explanation of Responses:

1. The transaction was effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person.

2. 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") and performance-vested restricted stock unit ("PSUs").

3. The shares were sold at prices ranging from $67.31 to $68.29. The Reporting Person will provide upon request to the SEC, the Issuer or security holder of the Issuer, full information regarding the number of shares sold at each separate price.

4. The shares were sold at prices ranging from $68.33 to $69.05. The Reporting Person will provide upon request to the SEC, the Issuer or security holder of the Issuer, full information regarding the number of shares sold at each separate price.

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

6. The RSUs will vest 25% over the first year, while the remaining will vest in twelve (12) equal quarterly installments over three years, with a vesting commencement date of March 10, 2023, 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.

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

8. 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.

9. 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.

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

11. The PSUs will vest depending on the Company 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.

12. 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.

13. 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 vesting commencement date and the balance will vest in eight equal quarterly installments thereafter, subject to continued service with certain limited exceptions.

14. 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	12/17/2025
	** 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.
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FAQ

What insider activity at DocuSign (DOCU) is disclosed in this Form 4?

The filing reports that a DocuSign, Inc. executive, identified as the President and General Manager, Growth, executed multiple stock transactions in December 2025, including open-market sales of common stock, shares issued from vested equity awards, and shares withheld to satisfy tax obligations related to restricted and performance stock units.

How many DocuSign (DOCU) shares did the executive sell and at what prices?

According to the disclosure, on December 15, 2025, the executive sold 1,683 shares of DocuSign common stock at $70.87 per share. On December 17, 2025, the executive sold 5,253 shares at an average price of $67.88 per share, with actual prices between $67.31 and $68.29, and 8,565 shares at an average price of $68.61 per share, with actual prices between $68.33 and $69.05.

Were the DocuSign (DOCU) stock sales made under a Rule 10b5-1 trading plan?

Yes. The explanation notes that at least one of the reported transactions on December 15, 2025 was effected pursuant to a Rule 10b5-1 plan adopted by the reporting person, which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) for pre-planned trading.

What were the tax-related share withholdings for the DocuSign (DOCU) executive?

The filing states that 16,019 shares of DocuSign common stock were withheld by the issuer on December 15, 2025 to satisfy a tax obligation realized upon the vesting and settlement of restricted stock units (RSUs) and performance-vested restricted stock units (PSUs) held by the executive.

How many DocuSign (DOCU) shares did the executive own after these transactions?

Following the reported December 2025 transactions, the Form 4 shows that the executive directly owned 70,197 shares of DocuSign common stock, in addition to various outstanding RSUs and PSUs that may convert into additional shares if service and performance conditions are met.

What equity awards for the DocuSign (DOCU) executive are described in the filing?

The document details several restricted stock unit and performance stock unit grants. RSUs generally convert into one share of common stock each and vest over multi-year schedules, such as 25% in the first year with the remainder in quarterly installments. PSUs vest based on metrics like subscription revenue or free cash flow during the FY24 and FY25 performance periods, with potential vesting capped at 200% of target units.