[144] DROPBOX, INC. SEC Filing

Rhea-AI Filing Summary

Dropbox, Inc. Form 144 shows a proposed sale of 1,066 shares of common stock through Morgan Stanley Smith Barney on NASDAQ, with an aggregate market value of $32,672.90 and an approximate sale date of 09/30/2025. The securities were acquired as Restricted Stock Units on 08/15/2024 and the acquisition and payment dates are both listed as 08/15/2024. The filing also discloses five prior 10b5-1 sales by the same account between 07/16/2025 and 09/15/2025, totaling 9,973 shares and gross proceeds of $277,118.83. The filer attests there is no undisclosed material adverse information and references reliance on Rule 10b5-1 where applicable.

Positive

• Full disclosure of acquisition details: acquisition date, nature (RSUs), and payment date are provided
• Broker and exchange identified: Morgan Stanley Smith Barney and NASDAQ are specified
• Prior 10b5-1 sales listed: recent sales totaling 9,973 shares with aggregate gross proceeds of $277,118.83, supporting transparency

Negative

• Insider liquidity noted: the filer sold a material number of shares recently (9,973 shares), which may concern some investors
• Limited context on ownership stake: the filing does not state the filer’s total holdings or percentage ownership

Insights

Securities Analyst

TL;DR: Routine insider sale filing showing RSU-derived shares and prior 10b5-1 sales; disclosure supports market transparency.

This Form 144 documents a proposed sale of 1,066 Dropbox shares derived from Restricted Stock Units granted 08/15/2024, scheduled via Morgan Stanley for 09/30/2025. The filing lists recent 10b5-1 plan executions that sold 9,973 shares from 07/16/2025 to 09/15/2025 for aggregate gross proceeds of $277,118.83. From a compliance and market-impact perspective, the filing is typical: it provides acquisition dates, payment details, broker information, and prior sales history, enabling investors to see insider liquidity without revealing undisclosed company information.

Corporate Governance Expert

TL;DR: Documentation indicates adherence to Rule 144 and 10b5-1 procedures; disclosures are complete for the proposed sale.

The notice identifies the securities as RSU-derived common stock and records the filer’s representation that no material nonpublic information exists. It includes broker details, share counts, market values, and a clear list of recent 10b5-1 sales. For governance review, these elements demonstrate procedural compliance and transparency regarding insider disposition of equity awards. No claims about undisclosed problems are made; the signature attestation is present as required.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	1066	32672.90	193414444	09/30/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	08/15/2024	Restricted Stock Units	Issuer			1066	08/15/2024	N/A

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
10b5-1 Sales for SARAH SCHUBACH 1800 Owens Street San Francisco CA 94158	Common	09/15/2025	1066	32907.42
10b5-1 Sales for SARAH SCHUBACH 1800 Owens Street San Francisco CA 94158	Common	09/02/2025	1067	30402.47
10b5-1 Sales for SARAH SCHUBACH 1800 Owens Street San Francisco CA 94158	Common	08/18/2025	5402	147474.06
10b5-1 Sales for SARAH SCHUBACH 1800 Owens Street San Francisco CA 94158	Common	07/31/2025	1354	37370.40
10b5-1 Sales for SARAH SCHUBACH 1800 Owens Street San Francisco CA 94158	Common	07/16/2025	1084	28964.48

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does Dropbox's (DBX) Form 144 disclose about the planned sale?

The Form 144 discloses a proposed sale of 1,066 common shares via Morgan Stanley on NASDAQ with an aggregate market value of $32,672.90, approximately dated 09/30/2025.

How were the shares to be sold by the filer acquired?

The shares were acquired as Restricted Stock Units (RSUs) on 08/15/2024, with the same date listed for payment/acquisition.

Has the filer sold Dropbox shares recently?

Yes. The filing lists five prior 10b5-1 sales between 07/16/2025 and 09/15/2025 totaling 9,973 shares and gross proceeds of $277,118.83.

Which broker and exchange are named for the proposed sale?

The broker is Morgan Stanley Smith Barney LLC, Executive Financial Services, and the exchange named is NASDAQ.

Does the filer attest to possession of any material nonpublic information?

The filer signs an attestation representing that they do not know any material adverse information about the issuer that has not been publicly disclosed.