[Form 3] Dropbox, Inc. Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Dropbox, Inc. (DBX) Form 3: Sarah Elizabeth Schubach, listed as Chief Accounting Officer and a director/officer, reported beneficial ownership of 108,922 shares of Class A Common Stock. The filing notes that some holdings are restricted stock units (RSUs) that convert one-for-one to Class A shares as they vest through February 15, 2029. If she ceases to be a service provider, unvested RSUs will be cancelled. The form was signed by an attorney-in-fact on 08/26/2025.

Positive

• Disclosure of insider ownership provides transparency into executive alignment with shareholders
• Equity is time-vested (RSUs), indicating retention incentives through February 15, 2029

Negative

• Unvested RSUs are cancellable if the reporting person ceases to be a service provider, reducing guaranteed long-term ownership

Insights

Financial Analyst

TL;DR: Officer ownership disclosed; amount is modest relative to large-cap peers, aligns executive incentives via time-based RSUs.

The Form 3 shows an initial public disclosure of equity holdings for the Chief Accounting Officer: 108,922 Class A shares, including time-vesting RSUs through February 15, 2029. This is a routine Section 16 filing that documents insider alignment with shareholder interests through equity-based compensation. There is no indication of derivative positions or immediate disposition plans in the filing. For investors, the filing is informational and does not represent a material corporate event.

Corporate Governance Expert

TL;DR: Standard initial beneficial-ownership disclosure with typical restrictive vesting; governance impact is minimal.

The submission documents standard governance practice: disclosure of direct beneficial ownership and the nature of unvested RSUs that are cancellable upon termination of service. The vesting schedule extending to 02/15/2029 indicates long-term retention incentives. There are no red flags such as accelerated vesting, pledging, or derivative instruments disclosed. Impact on board-level governance or control is negligible based on the reported stake size.

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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:			3235-0104
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1. Name and Address of Reporting Person^*

Schubach Sarah Elizabeth

(Last) (First) (Middle)

1800 OWENS STREET

(Street)

SAN FRANCISCO CA 94158

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
08/21/2025

3. Issuer Name and Ticker or Trading Symbol
DROPBOX, INC. [ DBX ]

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

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

5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock	108,922(1)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Certain of these securities are restricted stock units. Each restricted stock unit represents the Reporting Person's right to receive one share of Class A Common Stock, subject to the applicable vesting schedule through February 15, 2029. In the event the Reporting Person ceases to be a Service Provider, the unvested restricted stock units will be cancelled by the Issuer.

Remarks:

	/s/ Cara Angelmar, Attorney-in-Fact	08/26/2025
	** 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 5 (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 Sarah Elizabeth Schubach report on Form 3 for DBX?

She reported beneficial ownership of 108,922 shares of Class A Common Stock, including restricted stock units that vest over time.

What is Sarah Schubach's relationship to Dropbox (DBX)?

She is reported as Chief Accounting Officer and an officer/director of the issuer.

When do the restricted stock units vest?

The filing states RSUs vest according to the applicable schedule through February 15, 2029.

Are the unvested RSUs guaranteed if she leaves the company?

No; the filing specifies unvested RSUs will be cancelled if the reporting person ceases to be a service provider.

Was the Form 3 filed and signed, and when?

The form was signed by an attorney-in-fact, Cara Angelmar, on 08/26/2025.