DocuSign CFO Disposes 9,509 Shares; Sales Executed via Rule 10b5-1

Rhea-AI Filing Summary

DocuSign Chief Financial Officer Blake Grayson sold a total of 9,509 shares of DocuSign, Inc. (ticker DOCU) on 09/17/2025 under a pre-established Rule 10b5-1 trading plan. The sales consisted of 5,658 shares at prices ranging from $82.22 to $83.18 and 3,851 shares at prices ranging from $83.20 to $83.65. Following the transactions the reporting person beneficially owned 116,011 shares after the first sale and 112,160 shares after the second sale, reported as direct ownership. The Form 4 was signed by an attorney-in-fact.

Positive

• Sales were executed under a Rule 10b5-1 plan, indicating pre-authorized trading rather than ad-hoc insider timing.
• Filing discloses price ranges for the sales and offers to provide per-price quantities on request, supporting transparency.
• Reporting person retains significant direct ownership (112,160 shares reported after the second sale).

Negative

• Form 4 does not state ownership as a percentage of outstanding shares, limiting assessment of economic stake relative to company size.

Insights

Securities Analyst

TL;DR: Insider sales by the CFO totaled 9,509 shares under a Rule 10b5-1 plan, with reported direct ownership remaining material.

The filing documents routine, pre-planned disposals rather than open-market timing. Sales were executed through a Rule 10b5-1 plan, which indicates pre-authorized trades and reduces likelihood these reflect new, contemporaneous company-specific material information. The remaining direct holdings (reported as 112,160 shares after the second transaction) show the CFO retains a meaningful stake, though the Form 4 does not state the percentage ownership relative to outstanding shares. Transactions were at prices between $82.22 and $83.65, and the filer has offered to provide a breakdown of quantities per price on request.

Corporate Governance Expert

TL;DR: Sales are documented and executed under a documented plan; disclosure appears compliant and transparent.

The Form 4 clearly discloses the relationship (Chief Financial Officer), the Rule 10b5-1 plan usage, and price ranges for the executed sales with an offer to provide granularity on request. The signature by an attorney-in-fact is included, which is acceptable where authorized. There is no indication in the filing of other derivative transactions or amendments. From a governance perspective, the filing meets standard disclosure practices for insider disposals.

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^*

GRAYSON BLAKE JEFFREY

(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)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/17/2025

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	09/17/2025		S		5,658(1)	D	$82.95(2)	116,011	D
Common Stock	09/17/2025		S		3,851(1)	D	$83.33(3)	112,160	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

Explanation of Responses:

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

2. The shares were sold at prices ranging from $82.22 to $83.18. 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.

3. The shares were sold at prices ranging from $83.20 to $83.65. 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.

Remarks:

	/s/ Derrick Chapman, Attorney-in-fact	09/17/2025
	** 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.
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 insider transactions were reported for DOCU on 09/17/2025?

The CFO sold 9,509 shares in two transactions under a Rule 10b5-1 plan on 09/17/2025, at prices between $82.22 and $83.65.

How many DocuSign shares does the reporting person own after the sales?

The Form 4 reports 116,011 shares after the first sale and 112,160 shares after the second sale, reported as direct ownership.

Were the sales pre-planned or ad-hoc?

The filing states the transactions were effected pursuant to a Rule 10b5-1 plan, indicating pre-planned sales.

What price ranges were the DOCU shares sold at?

Shares were sold at prices ranging from $82.22 to $83.18 for one block and $83.20 to $83.65 for the other.

Who signed the Form 4 for the reporting person?

The Form 4 was signed by Derrick Chapman, Attorney-in-fact on behalf of the reporting person.