Box Insider Sale: Aaron Levie Disposes 15,000 Shares Under 10b5-1 Plan

Rhea-AI Filing Summary

Aaron Levie, Chief Executive Officer and Director of Box Inc. (BOX), reported the sale of 15,000 shares of Class A common stock on 09/10/2025 under a Rule 10b5-1 trading plan adopted March 28, 2025. The reported weighted-average sale price was $32.806 per share, with individual sale prices ranging from $32.62 to $33.51. After the sale, the Reporting Person beneficially owned 2,937,030 shares, held directly, including shares represented by restricted stock units that vest subject to continued service.

Positive

• Sale executed under a Rule 10b5-1 trading plan, indicating the transactions were pre-arranged (plan adopted March 28, 2025).
• Clear disclosure of sale pricing range ($32.62 to $33.51) and weighted-average price ($32.806).
• Post-transaction beneficial ownership disclosed as 2,937,030 shares, including RSUs, providing transparency.

Negative

• Disposition of 15,000 shares reduced direct holdings, as reported on Form 4.
• Some holdings are RSUs subject to vesting, indicating not all reported beneficial shares are currently transferable.

Insights

Securities Analyst

TL;DR: CEO sold 15,000 BOX shares via a pre-established 10b5-1 plan; holdings remain substantial at 2.94 million shares.

The filing documents a routine insider disposition executed under a Rule 10b5-1 plan adopted March 28, 2025, indicating the sales were pre-planned rather than opportunistic trades. The weighted-average sale price reported is $32.806, with the sale range disclosed as $32.62 to $33.51. The report also clarifies that some of the beneficially owned shares are represented by restricted stock units subject to vesting and service conditions. From a disclosure and compliance standpoint, the filing is complete and explicit about the mechanics of the sale.

Corporate Governance Expert

TL;DR: Insider used a 10b5-1 plan and properly reported the transaction; disclosure identifies RSUs and direct ownership.

The Form 4 clearly states the transaction code and the 10b5-1 plan adoption date, which supports the affirmative defense to insider trading allegations. It also specifies that certain holdings are restricted stock units that convert to common stock upon vesting, clarifying the nature of beneficial ownership reported. The signature by attorney-in-fact is included, completing required attestations.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Levie Aaron

(Last) (First) (Middle)

900 JEFFERSON AVE

(Street)

REDWOOD CITY CA 94063

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BOX INC [ BOX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/10/2025		S(1)		15,000	D	$32.806(2)	2,937,030(3)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 28, 2025.

2. This sale price represents the weighted average sale price of the shares sold ranging from $32.62 to $33.51 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

3. Certain of these shares are represented by restricted stock units ("RSUs"). Each RSU represents the Reporting Person's right to receive one share of Common Stock of the Issuer subject to the applicable vesting schedule and the Reporting Person's continuous service through each such date.

	/s/ David Leeb, Attorney-in-Fact	09/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Aaron Levie report on the Form 4 for BOX?

The Form 4 reports that Aaron Levie sold 15,000 shares of Class A common stock on 09/10/2025 and beneficially owned 2,937,030 shares after the sale.

Were the sales part of a pre-established trading plan?

Yes. The sales were effected pursuant to a Rule 10b5-1 trading plan adopted on March 28, 2025.

At what prices were the shares sold?

The Form 4 reports a weighted-average sale price of $32.806 with individual sale prices ranging from $32.62 to $33.51 per share.

Does the filing disclose the nature of the remaining holdings?

Yes. The filing states that certain shares are represented by restricted stock units (RSUs), each convertible to one share of common stock subject to vesting and continued service.

Who signed the Form 4 filing?

The Form 4 was signed by David Leeb, Attorney-in-Fact on behalf of the Reporting Person on 09/11/2025.