Hansen Paula, Chief Revenue Officer at DocuSign (DOCU), has been a consistent seller of company stock over the past year, with no open-market purchases on record. Across 42 total Form 4 filings, her transactions show a clear disposition bias: roughly $1.38 million in open-market sales against zero buy-side activity. The selling has been steady and recurring, with notable clusters on January 2, 2026 (four separate sales totaling roughly $402,000), April 1, 2026 (three sales worth about $281,000), and a single $273,240 sale on July 1, 2026. These are all code "S" transactions—voluntary open-market sales, not automatic tax withholdings or issuer buybacks.
The pattern is punctuated by routine equity compensation mechanics. Hansen regularly receives stock awards (code "A"), including a $14,224 grant on April 3, 2026, and exercises vested options (code "M") on a quarterly schedule—most recently on June 15, 2026, when she also had shares withheld to cover taxes (code "F"). These are mechanical events that add no cash value to her position but provide the shares she subsequently sells. The July 1 sale, for instance, came just weeks after her June option exercise, suggesting she is converting vested equity into cash on a regular cadence.
The overall picture is one of systematic monetization rather than opportunistic timing. Hansen has not bought a single share of DOCU in the filing period, and her sales are spread across multiple dates and price points, which is typical of a pre-arranged 10b5-1 plan or routine portfolio diversification. The absence of any "P" (purchase) codes, combined with the steady quarterly rhythm of exercises and sales, indicates she is consistently reducing her concentrated position in the company she helps lead.
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