DOCUSIGN, INC. — Director's Dealing 2025

Dec 17, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DOCUSIGN, INC. (DOCU)
CIK: 0001261333
Period of Report: 2025-12-15

Reporting Person: Thygesen Allan C. (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-12-15	Common Stock	M	65561	—	Acquired	201807	Direct
2025-12-15	Common Stock	F	33296	—	Disposed	168511	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-12-15	Restricted Stock Units	$	M	11497	Disposed		Common Stock (11497)	Direct
2025-12-15	Restricted Stock Units	$	M	8749	Disposed		Common Stock (8749)	Direct
2025-12-15	Restricted Stock Units	$	M	10466	Disposed		Common Stock (10466)	Direct
2025-12-15	Restricted Stock Units	$	M	10602	Disposed		Common Stock (10602)	Direct
2025-12-15	Performance Stock Units	$	M	3215	Disposed		Common Stock (3215)	Direct
2025-12-15	Performance Stock Units	$	M	8750	Disposed		Common Stock (8750)	Direct
2025-12-15	Performance Stock Units	$	M	5087	Disposed		Common Stock (5087)	Direct
2025-12-15	Performance Stock Units	$	M	7195	Disposed		Common Stock (7195)	Direct

Footnotes

F1: 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").

F2: Each RSU represents a contingent right to receive one share of the Issuer's common stock.

F3: 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.

F4: The RSUs do not expire; they either vest or are canceled prior to vesting date.

F5: 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.

F6: 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.

F7: 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.

F8: Each PSU represents a contingent right to receive one share of the Issuer's common stock.

F9: 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.

F10: 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.

F11: 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.

F12: 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.