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: GRAYSON BLAKE JEFFREY (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-12-15	Common Stock	M	37453	—	Acquired	143113	Direct
2025-12-15	Common Stock	F	15385	—	Disposed	127728	Direct
2025-12-17	Common Stock	S	3525	$67.86	Disposed	124203	Direct
2025-12-17	Common Stock	S	5990	$68.61	Disposed	118213	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-12-15	Restricted Stock Units	$	M	23141	Disposed		Common Stock (23141)	Direct
2025-12-15	Restricted Stock Units	$	M	5120	Disposed		Common Stock (5120)	Direct
2025-12-15	Restricted Stock Units	$	M	5186	Disposed		Common Stock (5186)	Direct
2025-12-15	Performance Stock Units	$	M	1659	Disposed		Common Stock (1659)	Direct
2025-12-15	Performance Stock Units	$	M	2347	Disposed		Common Stock (2347)	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") and performance-vested restricted stock unit ("PSUs").

F2: The transaction was effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person.

F3: The shares were sold at prices ranging from $67.31 to $68.29. The Reporting Person will provide upon request to the SEC, the Issuer or security holder of the Issuer, full information regarding the number of shares sold at each separate price.

F4: The shares were sold at prices ranging from $68.33 to $69.05. The Reporting Person will provide upon request to the SEC, the Issuer or security holder of the Issuer, full information regarding the number of shares sold at each separate price.

F5: Each RSU represents a contingent right to receive one share of the Issuer's common stock.

F6: 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

F7: The RSUs do not expire; they either vest or are canceled prior to vesting date.

F8: 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.

F9: 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.

F10: Each PSU represents a contingent right to receive one share of the Issuer's common stock.

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.