Paula Hansen
President, Chief Revenue Officer at DOCU
Executive
About Paula Hansen
Paula Hansen, age 52, is Docusign’s President and Chief Revenue Officer, appointed in August 2024. She previously served as President (Feb 2022–Jul 2024) and CRO (May 2021–Jul 2024) at Alteryx; CRO of SAP Customer Experience (Feb 2019–May 2021); and held senior sales roles at Cisco (Apr 2000–Feb 2019). She holds a B.S. in Electrical Engineering from Virginia Tech and serves on the board of Darktrace plc (since Jan 2024); she previously served on the board of Qualtrics (Dec 2020–May 2021) . Company performance context: FY2025 revenue was $2.98B (+8% YoY), with billings +7% and GAAP gross margin 79.1% . FY2025 PSU achievements tied to business performance were 97.2% for Subscription Revenue Growth and 137.5% for Free Cash Flow .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Alteryx, Inc. | President | Feb 2022 – Jul 2024 | Not disclosed |
| Alteryx, Inc. | Chief Revenue Officer | May 2021 – Jul 2024 | Not disclosed |
| SAP Customer Experience (SAP SE) | Chief Revenue Officer | Feb 2019 – May 2021 | Not disclosed |
| Cisco Systems, Inc. | Various sales roles incl. VP Sales, Global Enterprise Segment | Apr 2000 – Feb 2019 | Not disclosed |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Darktrace plc | Director | Jan 2024 – Present | Current public company board |
| Qualtrics | Director | Dec 2020 – May 2021 | Prior public company board |
Fixed Compensation
| Component | FY2025 Terms | Notes |
|---|---|---|
| Base Salary | $550,000 | Initial base salary set at $550k upon hire in Aug 2024 |
| Target Bonus % | 100% of base salary | FY2025 target; she participated in a sales commission plan in Q3–Q4 FY2025 |
| Signing Bonus | $4,000,000 | One-time sign-on; vests over 1 year in equal monthly installments; subject to repayment if terminated for cause or resigns without good reason within 1 year |
| FY2025 Commissions Paid | $449,084 | Non-Equity Incentive Plan Compensation for FY2025 (reflects Q3/Q4 commission plan) |
Performance Compensation
Long-term equity (new-hire awards granted Aug 9, 2024)
| Award Type | Target Grant Value | Metrics / Performance Period | Vesting | FY2025 Achievement |
|---|---|---|---|---|
| RSUs | $13,500,000 | Time-based | 25% on Aug 10, 2025, then in 12 equal quarterly installments over 3 years | N/A (time-based) |
| PSUs (50% TSR; 50% financial) | $13,500,000 | - TSR: relative TSR vs Nasdaq Composite over ~3 years (Jun 2024–Jun 2027)<br>- Financial: FY2025 Subscription Revenue Growth and Free Cash Flow | - TSR: cliff vest at end of 3-year period upon certification<br>- Financial: 1/3 vests in Jun 2025; remaining 2/3 vests quarterly over 2 additional years | Financial PSU achievement: 97.2% (SRG) and 137.5% (FCF) |
Sales commission plan (Q3 & Q4 FY2025)
| Metric | Weight | Target | Actual | Payout | Quarter |
|---|---|---|---|---|---|
| Gross New MRR (GNMRR) | 55% | Not disclosed | Not disclosed | 192% | Q3 FY2025 |
| Retention (on book of renewals) | 25% | $27.9M | $28.4M | 112% | Q3 FY2025 |
| Non-GAAP Operating Income (YTD) | 20% | $633.6M | $662.3M | 107% | Q3 FY2025 |
| Gross New MRR (GNMRR) | 55% | Not disclosed | Not disclosed | 250% | Q4 FY2025 |
| Retention (on book of renewals) | 25% | $34.8M | $35.6M | 117% | Q4 FY2025 |
| Non-GAAP Operating Income (YTD) | 20% | $854.4M | $886.0M | 106% | Q4 FY2025 |
| ESG Modifier (scaled for plan) | — | — | — | 103.1% applied to Q4 payout | Q4 FY2025 |
| Quarterly payout ($) | — | — | — | $213,198 (Q3); $235,886 (Q4) | Q3/Q4 FY2025 |
Equity Ownership & Alignment
| Item | Detail | As-of |
|---|---|---|
| Beneficial ownership (common shares) | Less than 1% (no listed shares in table) | Mar 15, 2025 |
| Unvested RSUs outstanding | 255,681 units; market value $24,732,023 | Jan 31, 2025 |
| PSUs – TSR (unearned) | 127,841 target units; market value $12,366,060 | Jan 31, 2025 |
| PSUs – SRG (achieved) | 62,130 units; market value $6,009,835 | Jan 31, 2025 |
| PSUs – FCF (achieved) | 87,890 units; market value $8,501,600 | Jan 31, 2025 |
| Ownership guidelines | Executive officers must hold 1x base salary in stock within 5 years of hire/promotion; status as of Jan 31, 2025: each NEO had satisfied or has time remaining | |
| Hedging/pledging | Prohibited; no short sales, hedging, pledging, margin or derivatives by employees/directors | |
| Rule 10b5-1 trading plans | Allowed under policy; must comply with company Insider Trading Policy |
Key vesting dates indicating potential selling pressure (subject to trading windows/policies)
- RSUs: 25% on Aug 10, 2025; remainder quarterly for 3 years .
- Financial PSUs (FY2025): 1/3 vests in Jun 2025; remaining 2/3 vests quarterly over next two years .
- TSR PSUs: cliff vest upon certification after 3-year period ending Jun 2027 .
Employment Terms
| Provision | Outside CIC Period | During CIC Period | Notes |
|---|---|---|---|
| Severance multiple (cash) | 12 months base salary + 100% target bonus | 12 months base salary + 100% target bonus | Double-trigger during CIC (termination without cause/good reason) |
| COBRA | 12 months | 12 months | Company-paid or taxable equivalent |
| Time-based equity | 12 months vesting acceleration | 100% acceleration | |
| PSUs | Vesting per award agreements (pro-rata or as certified) - | Vesting per award agreements (performance measured; if assumed, service-continued vesting; if not assumed or post-CIC termination, acceleration) - | |
| Payment conditions | Release of claims, confidentiality obligations, return of property, non-disparagement | Same | |
| Clawback | Subject to Dodd-Frank compliant clawback policy (adopted Nov 2023) | Same | |
| 280G treatment | Best-net cut (no excise tax gross-up) | Same |
Estimated value of benefits for Paula Hansen (illustrative as of Jan 31, 2025)
| Scenario | Cash Severance ($) | Health ($) | Accel. RSUs ($) | Accel. PSUs ($) | Total ($) |
|---|---|---|---|---|---|
| CIC with qualifying termination | 1,100,000 | 25,595 | 24,732,023 | 33,246,015 | 59,103,633 |
| Qualifying termination outside CIC | 1,100,000 | 25,595 | 7,728,727 | 7,255,234 | 16,109,556 |
Compensation Structure Analysis
- Mix and performance linkage: Hansen’s FY2025 package includes substantial at-risk equity with PSUs tied to multi-year relative TSR and FY2025 financial goals (Subscription Revenue Growth and Free Cash Flow), with earned financial PSUs time-vested over two additional years . FY2025 financial PSUs achieved at 97.2% (SRG) and 137.5% (FCF) .
- New-hire design aligned with shareholder feedback: Her package incorporated a 4-year sign-on RSU and performance-based equity, consistent with 2024 commitments to improve new-hire award structures .
- Short-term incentive: As a sales leader, she was placed on a commission plan in Q3–Q4 FY2025 with strong payouts on GNMRR, retention, and non-GAAP operating income; ESG modifier applied in Q4 (103.1%) .
- No single-trigger CIC vesting; no tax gross-ups; clawback policy in place .
Compensation Peer Group (for FY2025 program design)
Autodesk; CoStar Group; CrowdStrike; Dropbox; HubSpot; Informatica; Nutanix; Okta; Paycom; RingCentral; Splunk; Toast; The Trade Desk; Twilio; Unity; Veeva; Zoom .
Say-on-Pay & Shareholder Feedback
- Say-on-Pay outcomes: ~16% support (2023), ~45% support (2024) .
- Responsive actions: Increased PSU mix, 3-year TSR periods, added Subscription Revenue Growth and Free Cash Flow metrics, commitments on new-hire awards—reflected in Hansen’s package .
Risk Indicators & Red Flags
- Large new-hire equity/bonus can create vest-driven selling pressure in 2025–2027 (Aug 10, 2025 RSU cliff; Jun 2025 PSU vesting; then quarterly thereafter) .
- Hedging/pledging prohibited; mitigates alignment concerns .
- Robust CIC and severance protections (double-trigger equity acceleration; best-net cut on 280G) support retention through potential strategic events .
- Clawback compliant with Dodd-Frank; ownership guidelines in force (1x salary within 5 years) .
Equity Ownership & Vesting Schedule Detail (Breakout)
| Award | Grant Date | Units/Target | Selected Vesting Milestones |
|---|---|---|---|
| RSUs | Aug 9, 2024 | 255,681 | 25% on Aug 10, 2025; quarterly thereafter for 12 quarters |
| PSUs – TSR | Aug 9, 2024 | 127,841 target | Cliff vest after 3-year period ending Jun 2027, subject to performance |
| PSUs – SRG (FY2025) | Aug 9, 2024 | 62,130 achieved | 1/3 in Jun 2025; remainder quarterly over 2 years |
| PSUs – FCF (FY2025) | Aug 9, 2024 | 87,890 achieved | 1/3 in Jun 2025; remainder quarterly over 2 years |
Employment Agreements Notes
- Agreements are at-will; severance contingent on release, confidentiality compliance, return of property, and non-disparagement .
- Non-compete/non-solicit terms not explicitly disclosed; standard At-Will Employment, Confidential Information, Invention Assignment and Arbitration Agreement referenced .
Performance & Track Record
- Company-level FY2025 results provide context for sales execution during Hansen’s partial-year tenure: revenue $2.98B (+8%), billings +7%, GAAP gross margin 79.1% .
- Hansen’s commission outcomes indicate strong GNMRR and retention performance in H2 FY2025, with Q3 and Q4 quarterly payouts of $213,198 and $235,886; Q4 adjusted by ESG modifier (103.1%) .
Investment Implications
- Near-term supply risk from scheduled vesting: 1/3 of FY2025 Financial PSUs in Jun 2025 and 25% of RSUs in Aug 2025 could create incremental selling pressure as shares settle, subject to trading windows and any 10b5-1 plans .
- Strong pay-for-performance alignment: 50% TSU-based PSUs (3-year relative TSR) and financial PSUs (SRG, FCF) with meaningful FY2025 achievements support linkage to value creation and liquidity generation .
- Retention risk appears low near term: substantial unvested equity, double-trigger CIC protection, and 12-month cash/benefit safety net reduce voluntary departure risk during strategic transitions .
- Governance trajectory improved but still a watch item: Say-on-Pay rebounded to ~45% in 2024; Hansen’s new-hire design evidences responsiveness to investor feedback (4-year RSU + PSUs) .