Hayes Cain A 4

What Happened

• Hayes Cain, a director of DocuSign, had two related derivative transactions reported. On May 29, 2026 the filing shows an exercise/conversion of 729 derivative shares (code M) reported as both acquired and disposed at $0.00. On June 1, 2026 Cain was granted 4,384 restricted stock units (RSUs) (code A), reported at $0.00 (derivative award).
• The Form 4 reports $0 as the transaction price because these entries are derivative/award transactions (RSUs), not open-market purchases or cash sales.

Key Details

• Transaction dates and amounts:
  • 2026-05-29: Exercise/conversion of 729 derivative shares (M) — acquired and disposed same day; price reported $0.00.
  • 2026-06-01: Grant/award of 4,384 RSUs (A) — price reported $0.00.
• Shares owned after transaction: Not specified in this Form 4 filing.
• Footnotes of note:
  • F1: Each RSU represents a contingent right to receive one share of common stock.
  • F2/F4: The older RSUs (vest commencement 5/29/2025) and the new grant (vest commencement 6/1/2026) vest in equal quarterly installments over one year; the fourth installment may vest early at the next annual meeting or the one-year anniversary, subject to continued service.
  • F3: RSUs do not expire; they either vest or are canceled prior to vesting.
• Filing timeliness: Report was filed 2026-06-02 for transactions on 5/29 and 6/01 — the Form 4 appears to have been filed within the required reporting window (not marked late).

Context

• These transactions are derivative/award-related (RSUs). RSU grants are long-term compensation and vest over time; they are not the same as an open-market purchase (which is usually a stronger bullish signal). The paired acquire-and-dispose entry for 729 shares on 5/29 is presented in the filing without explanation; such paired entries often reflect plan mechanics (e.g., conversion or administrative settlement) rather than an open-market sale.