Form 4: DocuSign CEO Allan Thygesen Reports Routine Stock Vesting and Tax-Related Share Disposition

DocuSign's President and CEO, Allan C. Thygesen, reported the vesting of over 91,000 shares from equity awards and the subsequent disposition of shares for tax obligations, as detailed in a recent SEC Form 4 filing.

Summary

• On June 15, 2025, Allan C. Thygesen, President and CEO of DocuSign, Inc., acquired 91,798 shares of common stock through the vesting and conversion of Restricted Stock Units (RSUs) and Performance Stock Units (PSUs).
• Concurrently, 46,619 shares of common stock were disposed of to satisfy tax withholding obligations related to the vesting of these equity awards.
• Following these transactions, Mr. Thygesen directly beneficially owns 183,983 shares of DocuSign common stock.
• Mr. Thygesen also holds unvested derivative securities, including 264,567 Restricted Stock Units (RSUs) and 124,327 Performance Stock Units (PSUs), which represent contingent rights to receive common stock.
• The Performance Stock Units (PSUs) are subject to vesting based on the Company's subscription revenue and free cash flow performance for the twelve-month periods ended January 31, 2024 (FY24) and January 31, 2025 (FY25).

Sentiment

Score: 5

Explanation: The document reports routine executive compensation transactions (vesting and tax withholding), which are neutral in sentiment as they are pre-scheduled and expected events.

Positives

• The vesting of 91,798 shares of common stock indicates the successful achievement of compensation milestones and continued alignment of the CEO's interests with shareholder value.
• The significant remaining beneficial ownership of 183,983 common shares, alongside substantial unvested RSUs and PSUs, demonstrates the CEO's ongoing equity stake in the company.

Negatives

• The disposition of 46,619 shares was solely for tax withholding purposes, which is a routine event and not indicative of a negative outlook or a discretionary sale by the CEO.

Future Outlook

Remaining Restricted Stock Units (RSUs) are scheduled to vest in equal quarterly installments over four years from their respective vesting commencement dates (October 10, 2022, May 10, 2023, and May 10, 2024), contingent on continued service. Performance Stock Units (PSUs) will vest based on DocuSign's achievement of subscription revenue and free cash flow targets for the fiscal years ending January 31, 2024, and January 31, 2025. Achieved PSUs will vest 1/3 after one year from the grant/vesting commencement date, with the remainder vesting in eight equal quarterly installments thereafter.

Industry Context

NA

Stakeholder Impact

• Shareholders: Provides transparency into executive compensation and equity ownership, aligning management incentives with company performance.
• Employees: Reflects standard executive compensation practices, which may influence broader compensation strategies within the company.

Next Steps

• Continued vesting of remaining Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) according to their established schedules and performance criteria.

Key Dates

Keywords

DocuSign, DOCU, SEC Form 4, Insider Transaction, Executive Compensation, Restricted Stock Units, Performance Stock Units, Equity Awards, Stock Vesting, Tax Withholding, Allan C. Thygesen