[Form 4] DOCUSIGN, INC. Insider Trading Activity

Rhea-AI Filing Summary

Paula Hansen, Chief Revenue Officer of DocuSign, Inc. (DOCU), reported transactions dated 09/15/2025. The filing shows an acquisition of 80,455 shares of common stock and a disposal of 40,857 shares (withholding to satisfy tax obligations), leaving 105,580 and 64,723 shares beneficially owned following those reported non-derivative transactions, respectively. The report also records awards of restricted stock units (RSUs) and performance stock units (PSUs) settled on 09/15/2025, including 63,920 RSUs, 4,033 RSUs, and PSUs of 7,324 and 5,178 units, with resulting beneficial ownership totals shown in the filing. Vesting schedules and performance conditions for these awards are described in the explanatory notes.

Positive

• Significant equity alignment: Receipt of 80,455 common shares and multiple RSU/PSU awards increases executive ownership
• Performance linkage disclosed: PSUs vest tied to FY25 subscription revenue and free cash flow with clear caps and vesting mechanics

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider received significant equity awards and shares were withheld for taxes; vesting tied to service and FY25 performance metrics.

The filing documents a package of equity settlements and withholdings for the Chief Revenue Officer dated 09/15/2025. Material items include the receipt of 80,455 common shares and the settlement/recognition of multiple RSU and PSU grants increasing reported beneficial ownership across several security classes. The RSUs carry multi-year time-based vesting schedules; the PSUs vest based on subscription revenue and free cash flow for the FY25 performance period, each capped at 200% of target. The tax-withholding disposition of 40,857 shares reduced net ownership. Overall, this is a compensation-related ownership change with specified performance/service-based vesting conditions.

Corporate Governance Expert

TL;DR: Disclosure details standard executive equity settlement, vesting terms, and tax withholding; no governance exceptions noted in the filing.

The Form 4 provides clear disclosure of settlement dates, amounts, and the nature of indirect ownership for Paula Hansen as CRO. Time-based RSUs include a one-year cliff then quarterly vesting or a multi-year quarterly structure; PSUs are tied to FY25 subscription revenue and free cash flow with explicit caps and phased vesting. The filing is signed by an attorney-in-fact and includes standard explanatory remarks regarding tax withholding and vesting acceleration on certain terminations or change-in-control events. No additional governance actions or departures are disclosed.

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^*

Hansen Paula

(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 Revenue Officer

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		80,455	A	$0	105,580	D
Common Stock	09/15/2025		F		40,857(1)	D	$0	64,723	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			63,920	(3)	(4)	Common Stock	63,920	$0	191,761	D
Restricted Stock Units	(2)	09/15/2025		M			4,033	(5)	(4)	Common Stock	4,033	$0	36,298	D
Performance Stock Units	(6)	09/15/2025		M			7,324	(7)	(7)	Common Stock	7,324	$0	27,303	D
Performance Stock Units	(6)	09/15/2025		M			5,178	(8)	(8)	Common Stock	5,178	$0	38,034	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") and performance-vested restricted stock unit ("PSUs").

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

3. 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 August 10, 2024, 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 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.

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

7. 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.

8. 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 date of grant 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

What did DOCU insider Paula Hansen report on Form 4 dated 09/15/2025?

The report shows acquisition of 80,455 common shares, disposition of 40,857 shares for tax withholding, and settlement/grants of RSUs and PSUs recorded on 09/15/2025.

How many RSUs and PSUs were recorded for Paula Hansen in this filing?

The filing records RSU amounts of 63,920 and 4,033, and PSU amounts of 7,324 and 5,178, each reflected as contingent rights to receive common stock.

What are the vesting conditions for the PSUs in the DocuSign Form 4?

PSUs vest based on the Company's subscription revenue and free cash flow for the FY25 performance period, each capped at 200% of target with phased vesting schedules described in the filing.

Did the filing disclose any accelerated vesting provisions?

Yes; the explanatory notes state certain RSUs are subject to accelerated vesting upon termination of employment, including under certain change-in-control circumstances.

How did tax withholding affect the reported ownership?

The issuer withheld 40,857 shares to satisfy a tax obligation upon the vesting and settlement of RSUs/PSUs, reducing net beneficial ownership accordingly.