DOCU insider filing shows Rule 10b5-1 sale, share withholding for taxes, and award vesting

Rhea-AI Filing Summary

Robert Chatwani, an officer of DocuSign, reported multiple equity transactions on 09/15/2025. The filing shows a sale of 1,682 shares at $80.30 executed pursuant to a Rule 10b5-1 plan and disposition of 16,020 shares withheld by the issuer to satisfy tax obligations upon RSU/PSU vesting. The report also records a non-priced acquisition of 31,538 shares and numerous restricted stock units and performance stock units granted or settled, increasing holdings across several award series. Post-transactions, beneficial ownership figures are shown for each line (for example, 100,999 shares following one reported acquisition). The Form 4 discloses vesting schedules and performance criteria for PSUs and RSUs but does not provide company results or broader financial guidance.

Positive

• Acquisition of 31,538 shares reported, increasing beneficial ownership to 100,999 shares on that line
• Grant/settlement of multiple RSU and PSU tranches with documented vesting schedules and performance metrics, aligning compensation with company performance

Negative

• Sale of 1,682 shares at $80.30 reported under a Rule 10b5-1 plan
• 16,020 shares withheld by the issuer to satisfy tax obligations upon vesting, reducing net realized share count

Insights

Financial Analyst

TL;DR: Routine insider activity with mixed buy/sell and equity compensation vesting; not clearly material to valuation alone.

The filing documents a modest sale of 1,682 shares at $80.30 under a Rule 10b5-1 plan and the withholding of 16,020 shares to satisfy taxes on vesting awards. Offsetting those dispositions is a reported acquisition of 31,538 shares (listed as "M" with $0 price) and the settling/granting of multiple RSU and PSU tranches totaling tens of thousands of underlying shares across different vesting schedules and performance conditions. These disclosures primarily reflect compensation mechanics and planned trading rather than a new material development for DOCU's operations or capital structure.

Corporate Governance Expert

TL;DR: Governance processes appear followed: 10b5-1 sale noted and awards include customary vesting and performance conditions.

The report explicitly states the sale was effected under a Rule 10b5-1 plan, which indicates pre-arranged trading. The RSU and PSU descriptions include clear vesting schedules, acceleration on certain termination/change-in-control events, and performance metrics tied to subscription revenue and free cash flow for FY24 and FY25. The form is signed by an attorney-in-fact, consistent with typical insider filing procedures. No regulatory or compliance issues are disclosed in this Form 4.

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).

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)
09/15/2025

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		S		1,682(1)	D	$80.3	69,461	D
Common Stock	09/15/2025		M		31,538	A	$0	100,999	D
Common Stock	09/15/2025		F		16,020(2)	D	$0	84,979	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	(3)	09/15/2025		M			20,006	(4)	(5)	Common Stock	20,006	$0	120,039	D
Restricted Stock Units	(3)	09/15/2025		M			3,413	(6)	(5)	Common Stock	3,413	$0	37,541	D
Restricted Stock Units	(3)	09/15/2025		M			3,457	(7)	(5)	Common Stock	3,457	$0	31,113	D
Performance Stock Units	(8)	09/15/2025		M			536	(9)	(9)	Common Stock	536	$0	1,606	D
Performance Stock Units	(8)	09/15/2025		M			1,458	(10)	(10)	Common Stock	1,458	$0	4,376	D
Performance Stock Units	(8)	09/15/2025		M			1,105	(11)	(11)	Common Stock	1,105	$0	8,124	D
Performance Stock Units	(8)	09/15/2025		M			1,563	(12)	(12)	Common Stock	1,563	$0	5,834	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. Each RSU represents a contingent right to receive one share of the Issuer's common stock.

4. 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.

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

What insider transactions did DOCU officer Robert Chatwani report on Form 4?

The Form 4 reports a sale of 1,682 shares at $80.30 under a Rule 10b5-1 plan, a disposition of 16,020 shares withheld for taxes, and a non-priced acquisition of 31,538 shares, plus multiple RSU and PSU settlements/grants.

Were any transactions executed under a Rule 10b5-1 trading plan in the DOCU filing?

Yes. The filing states that the sale of 1,682 shares was effected pursuant to a Rule 10b5-1 plan.

How many restricted stock units and performance stock units were reported in the DOCU Form 4?

The filing lists several RSU tranches (for example, 20,006; 3,413; 3,457 RSUs) and multiple PSU tranches (for example, 536; 1,458; 1,105; 1,563 PSUs), with underlying common stock amounts shown for each.

Do the PSUs in the DOCU filing have performance conditions?

Yes. The PSUs vest based on subscription revenue and free cash flow metrics for the FY24 and FY25 performance periods, each capped at 200% of target with staged vesting schedules.

Did the Form 4 disclose any changes to total beneficial ownership for Robert Chatwani?

Yes. The tables list post-transaction beneficial ownership figures for each reported line, including totals such as 100,999 shares and other per-line balances (e.g., 120,039; 37,541; 31,113 for RSU-related lines).