DocuSign Insider Filing: CFO Vesting of RSUs/PSUs Raises Ownership to 136,958 Shares
Rhea-AI Filing Summary
DocuSign CFO Blake Grayson reported multiple equity transactions on 09/15/2025, primarily reflecting the vesting and settlement of restricted stock units (RSUs) and performance stock units (PSUs). The filing shows 37,449 shares acquired and 15,289 shares withheld to satisfy tax obligations, leaving the reporting person with 136,958 shares after the transactions. Several RSU grants vest over multi‑year schedules (quarterly over four years or front‑loaded schedules) and PSUs vest subject to FY25 subscription revenue and free cash flow performance with a 200% maximum payout, with earned PSUs vesting partially after one year then in quarterly installments. All reported holdings are direct.
Positive
- 37,449 shares acquired through settlement of RSUs/PSUs, increasing direct ownership
- Performance stock units are tied to FY25 subscription revenue and free cash flow with up to 200% payout, aligning executive incentives with company performance
- Detailed vesting schedules disclosed, showing multi‑year retention incentives
Negative
- 15,289 shares withheld to satisfy tax obligations, reducing net shares received from vesting
- Potential dilution from vested and potentially vested PSUs if performance targets are achieved up to the 200% cap
Insights
TL;DR: Routine executive equity vesting and tax withholdings; not a material change to ownership.
This Form 4 documents scheduled vesting and settlement activity for the company's CFO rather than open-market purchases or sales. The filing records 37,449 shares acquired from vested RSUs/PSUs and 15,289 shares withheld for taxes, resulting in 136,958 shares beneficially owned. The PSUs are performance‑based tied to FY25 subscription revenue and free cash flow with a 200% cap, which could affect future dilution if targets are met. Timing and structure are consistent with standard executive compensation practices and do not indicate an opportunistic trade.
TL;DR: Compensation-driven vesting with performance conditions; disclosure aligns with typical Section 16 reporting.
The filing discloses multiple RSU schedules (quarterly vesting over four years or graduated year‑by‑year vesting) and PSUs contingent on FY25 metrics. Shares withheld to cover tax obligations are explicitly noted, a common settlement method. All holdings are reported as direct ownership and the form is signed by an attorney‑in‑fact, indicating administrative handling. There are no indications of departures, option exercises, sales to raise cash, or other governance red flags in this submission.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Units | 23,141 | $0.00 | -- |
| Exercise | Restricted Stock Units | 5,119 | $0.00 | -- |
| Exercise | Restricted Stock Units | 5,185 | $0.00 | -- |
| Exercise | Performance Stock Units | 1,659 | $0.00 | -- |
| Exercise | Performance Stock Units | 2,345 | $0.00 | -- |
| Exercise | Common Stock | 37,449 | $0.00 | -- |
| Tax Withholding | Common Stock | 15,289 | $0.00 | -- |
Footnotes (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"). Each RSU represents a contingent right to receive one share of the Issuer's common stock. The RSUs will vest in sixteen equal quarterly installments over four years, with a vesting commencement date of June 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 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, 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, 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. 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.
FAQ
What transactions did DOCU insider Blake Grayson report on 09/15/2025?
What performance metrics govern the PSUs reported in the DOCU filing?
How are the RSUs scheduled to vest according to the Form 4?
Does the Form 4 indicate direct or indirect ownership for Blake Grayson?
