[Form 4] DOCUSIGN, INC. Insider Trading Activity

Rhea-AI Filing Summary

Robert Chatwani, an officer (President General Mgr, Growth) of DocuSign, Inc. (DOCU), reported two open-market sales of Common Stock on 09/17/2025 executed under a Rule 10b5-1 plan. The Form 4 shows a sale of 8,215 shares at prices ranging from $82.20 to $83.18, after which the report lists 76,764 shares beneficially owned. A second sale on the same date of 5,602 shares occurred at prices ranging from $83.20 to $83.65, after which the report lists 71,162 shares beneficially owned. The filing was signed by an attorney-in-fact, and the Reporting Person will provide detailed per-price share counts on request.

Positive

• Transaction executed under a Rule 10b5-1 plan, indicating pre-arranged trading and reducing concerns about opportunistic timing
• Full Form 4 disclosure provided with price ranges and post-transaction beneficial ownership figures
• Offer to provide per-price allocation on request increases transparency for regulators and investors

Negative

• Executive sold 13,817 shares on 09/17/2025, which may be viewed unfavorably by some investors despite being pre-arranged
• Post-transaction beneficial ownership declined from the higher pre-sale positions (reflected as 76,764 and 71,162 shares after each reported sale)

Insights

Securities Analyst

TL;DR: Officer sold a modest number of shares under a pre-established Rule 10b5-1 plan; transaction appears routine and disclosed properly.

The Form 4 documents two open-market dispositions by an executive on 09/17/2025 totaling 13,817 shares via an established 10b5-1 plan, with sale prices reported in two ranges between $82.20 and $83.65. The filing provides post-transaction beneficial ownership figures of 76,764 and 71,162 shares respectively and notes availability of per-price allocation on request. From a market-impact perspective, these are disclosed sales rather than option exercises or transfers, and the 10b5-1 framework reduces questions about opportunistic timing.

Corporate Governance Expert

TL;DR: Disclosure follows standard governance practice; use of attorney-in-fact and 10b5-1 plan increases procedural transparency.

The report names the reporting person and relationship to the issuer, cites a Rule 10b5-1 plan as the execution mechanism, and includes an attorney-in-fact signature, which are all consistent with routine insider transaction governance. The reporting notes precise price ranges and offers detailed allocation upon request, supporting auditability of the trades. No departures from standard Form 4 disclosure norms are evident in the 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
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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^*

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)
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		8,215(1)	D	$82.94(2)	76,764	D
Common Stock	09/17/2025		S		5,602(1)	D	$83.34(3)	71,162	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 $82.20 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 did DOCU insider Robert Chatwani report on Form 4?

The Form 4 reports two sales on 09/17/2025 totaling 13,817 shares executed under a Rule 10b5-1 plan at price ranges between $82.20 and $83.65.

Were the sales by DOCU's insider pre-planned or discretionary?

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

How many shares did the reporting person own after the reported transactions?

The Form 4 lists post-transaction beneficial ownership amounts of 76,764 shares and 71,162 shares following each reported sale line.

At what prices were the DOCU shares sold?

The filing reports sale price ranges of $82.20 to $83.18 for one block and $83.20 to $83.65 for the other; the filer will provide share counts per price on request.

Who signed the Form 4?

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