DocuSign (DOCU) CEO Form 4 shows RSU, PSU vesting and share withholding

Rhea-AI Filing Summary

DocuSign, Inc. President and CEO, who also serves as a director, reported equity award activity dated 12/15/2025. The filing shows the exercise and settlement of restricted stock units into 65,561 shares of common stock, with 33,296 shares withheld to cover tax obligations, leaving 168,511 shares of common stock held directly after the transactions.

Multiple grants of restricted stock units and performance stock units remain outstanding, each convertible into common stock at an exercise price of $0. These awards vest over multi‑year schedules, generally in quarterly installments, conditioned on continued service and, for performance stock units, on achieving subscription revenue and free cash flow targets for the FY24 and FY25 performance periods, with potential vesting capped at 200% of target.

Insider Trade Summary

65,561 shares exercised/converted

Mixed 10 txns

Insider Thygesen Allan C.

Role President and CEO

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	11,497	$0.00	--
Exercise	Restricted Stock Units	8,749	$0.00	--
Exercise	Restricted Stock Units	10,466	$0.00	--
Exercise	Restricted Stock Units	10,602	$0.00	--
Exercise	Performance Stock Units	3,215	$0.00	--
Exercise	Performance Stock Units	8,750	$0.00	--
Exercise	Performance Stock Units	5,087	$0.00	--
Exercise	Performance Stock Units	7,195	$0.00	--
Exercise	Common Stock	65,561	$0.00	--
Tax Withholding	Common Stock	33,296	$0.00	--

Holdings After Transaction: Restricted Stock Units — 45,989 shares (Direct); Performance Stock Units — 6,429 shares (Direct); Common Stock — 201,807 shares (Direct)

Footnotes (1)

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") or performance-vested restricted stock units ("PSUs"). Each RSU represents a contingent right to receive one share of the Issuer's common stock. The RSUs will vest in equal quarterly installments over four years, with a vesting commencement date of October 10, 2022, 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. The RSUs do not expire; they either vest or are canceled prior to vesting date. The RSUs will vest in equal quarterly installments over four years, with a vesting commencement date of May 10, 2023, in each case subject to the reporting person being a service provider through such date. 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. 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. Each PSU represents a contingent right to receive one share of the Issuer's common stock. The PSUs will vest depending on the Company's 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. 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. 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. 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.

Form 4 Insider Transactions: What Each Field Means →

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).

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^*

Thygesen Allan C.

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

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		M		65,561	A	$0	201,807	D
Common Stock	12/15/2025		F		33,296(1)	D	$0	168,511	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)	12/15/2025		M			11,497	(3)	(4)	Common Stock	11,497	$0	45,989	D
Restricted Stock Units	(2)	12/15/2025		M			8,749	(5)	(4)	Common Stock	8,749	$0	52,494	D
Restricted Stock Units	(2)	12/15/2025		M			10,466	(6)	(4)	Common Stock	10,466	$0	104,660	D
Restricted Stock Units	(2)	12/15/2025		M			10,602	(7)	(4)	Common Stock	10,602	$0	84,812	D
Performance Stock Units	(8)	12/15/2025		M			3,215	(9)	(9)	Common Stock	3,215	$0	6,429	D
Performance Stock Units	(8)	12/15/2025		M			8,750	(10)	(10)	Common Stock	8,750	$0	17,500	D
Performance Stock Units	(8)	12/15/2025		M			5,087	(11)	(11)	Common Stock	5,087	$0	32,278	D
Performance Stock Units	(8)	12/15/2025		M			7,195	(12)	(12)	Common Stock	7,195	$0	19,628	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") or performance-vested restricted stock units ("PSUs").

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

3. The RSUs will vest in equal quarterly installments over four years, with a vesting commencement date of October 10, 2022, 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 in equal quarterly installments over four years, with a vesting commencement date of May 10, 2023, in each case subject to the reporting person being a service provider through such 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's 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 vesting commencement date 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 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).
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FAQ

What insider transaction did DocuSign (DOCU) report on December 15, 2025?

The President and CEO of DocuSign, Inc. reported the settlement of equity awards on 12/15/2025, including restricted stock units and performance stock units converting into common stock.

How many DocuSign (DOCU) shares did the CEO acquire and withhold for taxes?

The CEO received 65,561 shares of common stock from equity award settlements, and 33,296 shares were withheld by the company to satisfy tax obligations related to vesting.

How many DocuSign (DOCU) shares does the reporting person own after this Form 4?

After the reported transactions, the reporting person directly beneficially owns 168,511 shares of DocuSign common stock.

What are the key terms of DocuSign restricted stock units (RSUs) reported in this Form 4?

Each RSU represents a right to receive one share of common stock, typically vesting in equal quarterly installments over four years, subject to the executive remaining a service provider, with certain awards eligible for accelerated vesting upon specified termination events or a change in control.

How do DocuSign performance stock units (PSUs) in this filing vest?

The PSUs vest based on subscription revenue and free cash flow for the FY24 and FY25 performance periods, with vesting capped at 200% of target; if performance is achieved, one-third vests after the one-year anniversary and the rest in eight quarterly installments, subject to continued service with limited exceptions.

Are there expiration dates for the DocuSign RSUs reported here?

The filing states that RSUs do not expire; they either vest according to their schedules or are canceled before the vesting date.