Dropbox co-CEO Houston trust sells 383,800 shares

Q: How many DBX shares did Andrew Houston’s trust sell, and at what price?

The Andrew Houston Revocable Trust sold 383,800 Class A shares on November 2, 2026, at a weighted average price of $35.8108 per share. The sale involved multiple trades ranging from $35.8063 to $35.8460 and was made under a Rule 10b5-1 trading plan adopted June 11, 2026.

Q: How did the DBX Class B shares convert to Class A?

The trust converted 383,800 Class B shares into 383,800 Class A shares at Andrew Houston’s election on November 2, 2026. Dropbox’s Class B shares are convertible into Class A shares on a one-for-one basis and have no expiration date.

Q: What holdings did Andrew Houston report after the DBX transaction?

Reported positions included 8,266,666 directly held Class A shares identified as restricted stock awards. The Houston Remainder Trust held Class B shares convertible into 7,608,764 Class A shares, and the Houston 2012 Irrevocable Children’s Trust held Class B shares convertible into 500,500 Class A shares. The awards have service-based, market-based and liquidity event-related performance vesting conditions.

Available on EDGAR 11/04/2026 - 04:08 PM EST Accepted by SEC EDGAR 11/04/2026 - 04:07 PM EST

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Rhea-AI Filing Summary

Dropbox, Inc. Co-CEO Andrew Houston reported that the Andrew Houston Revocable Trust, for which he serves as trustee, converted 383,800 Class B shares into 383,800 Class A shares on November 2, 2026, then sold 383,800 Class A shares at a weighted average $35.8108 per share. The conversion was at Andrew Houston’s election, and the sale was made under a Rule 10b5-1 trading plan adopted June 11, 2026.

Insider Trade Summary 10b5-1

Exercise and sale activity reported; no spread calculated

Exercise and Sale 3 txns

Insider Houston Andrew

Role Co-CEO

Sold 383,800 shs ($13.74M)

Approx. gross sale proceeds $13.74M

Share of Position Sold 100%

Type	Security	Shares	Price	Value
Conversion	Class B Common Stock ^{F8, F2}	383,800	$0.00	$0.00
Conversion	Class A Common Stock ^{F1, F2}	383,800	$0.00	$0.00
Sale	Class A Common Stock ^{F3, F4, F2}	383,800	$35.8108	$13.74M
Holding	Class B Common Stock ^{F8, F6}	--	--	--
Holding	Class B Common Stock ^{F8, F9}	--	--	--
Holding	Class A Common Stock ^F5	--	--	--
Holding	Class A Common Stock ^F6	--	--	--
Holding	Class A Common Stock ^F7	--	--	--

Holdings After Transaction: Class B Common Stock — 65,677,729 contracts for 500,500 underlying shares (Indirect, See foonote); Class A Common Stock — 1,161,172 shares (Indirect, See footnote); Class B Common Stock — 7,608,764 contracts (Indirect, See Footnote); Class A Common Stock — 8,266,666 shares (Direct)

Holdings Before and After: Class B Common Stock, 66,061,529 to 65,677,729 contracts (Indirect, See foonote); Class A Common Stock, 1,161,172 to 1,161,172 shares (Indirect, See footnote)

Other Insiders: 1 other insider reported open-market sales of this stock in the 30 days up to this filing.

Footnotes (9)

F1. 383,800 shares of Class B Common Stock were converted into 383,800 shares of Class A Common Stock at the election of the Reporting Person and had no expiration date.
F2. Shares held by the Andrew Houston Revocable Trust u/a/d 9/7/2011, for which Reporting Person serves as trustee.
F3. These shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 11, 2026.
F4. This transaction was executed in multiple trades at prices ranging from $35.8063 to $35.8460. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected
F5. These securities are restricted stock awards of Class A Common Stock. The restricted stock awards vest over a period of up to ten years following the closing of the Issuer's initial public offering of Class A Common Stock, or March 27, 2028, upon achievement of service-based, market-based, and liquidity event-related performance vesting conditions.
F6. Shares held by the Houston Remainder Trust u/a/d 12/30/2010, for which reporting person serves as trustee.
F7. Shares held by The Erin Yu Houston Revocable Trust u/a/d 1/18/2024, for which the Reporting Person's spouse serves as trustee.
F8. The Issuer's Class B Common Stock is convertible into the Issuer's Class A Common Stock on a one-for-one basis at the Reporting Person's election and has no expiration date.
F9. Shares held by the Houston 2012 Irrevocable Children's Trust u/a/d 4/12/2012, for which Reporting Person serves as trustee.

Key Figures

Class B shares converted: 383,800 shares Class A shares sold: 383,800 shares Weighted average sale price: $35.8108 per share +3 more

6 metrics

Class B shares converted 383,800 shares Converted into Class A shares on November 2, 2026

Class A shares sold 383,800 shares Sold by the Andrew Houston Revocable Trust on November 2, 2026

Weighted average sale price $35.8108 per share Sale on November 2, 2026

Direct Class A restricted stock awards 8,266,666 shares Direct holding reported on November 2, 2026

Class A shares underlying Houston Remainder Trust position 7,608,764 shares Indirect Class B position convertible into Class A shares, reported November 2, 2026

Class A shares underlying Houston 2012 Irrevocable Children’s Trust position 500,500 shares Indirect Class B position convertible into Class A shares, reported November 2, 2026

Key Terms

Rule 10b5-1 trading plan, weighted average sale price, restricted stock awards, market-based performance vesting conditions

4 terms

Rule 10b5-1 trading plan regulatory

"sold pursuant to a Rule 10b5-1 trading plan"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

weighted average sale price financial

"reflects the weighted average sale price"

restricted stock awards financial

"These securities are restricted stock awards of Class A Common Stock"

Restricted stock awards are company shares given to employees or executives that cannot be sold or transferred until certain conditions — like staying with the company for a set time or meeting performance targets — are met, like a gift that is locked in a safe until rules are satisfied. Investors care because these awards tie management’s pay to company performance, can increase the number of shares outstanding when they become tradable (dilution), and may signal expected future selling pressure or commitment to long-term growth.

market-based performance vesting conditions financial

"service-based, market-based, and liquidity event-related performance vesting conditions"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many DBX shares did Andrew Houston’s trust sell, and at what price?

The Andrew Houston Revocable Trust sold 383,800 Class A shares on November 2, 2026, at a weighted average price of $35.8108 per share. The sale involved multiple trades ranging from $35.8063 to $35.8460 and was made under a Rule 10b5-1 trading plan adopted June 11, 2026.

How did the DBX Class B shares convert to Class A?

The trust converted 383,800 Class B shares into 383,800 Class A shares at Andrew Houston’s election on November 2, 2026. Dropbox’s Class B shares are convertible into Class A shares on a one-for-one basis and have no expiration date.

What holdings did Andrew Houston report after the DBX transaction?

Reported positions included 8,266,666 directly held Class A shares identified as restricted stock awards. The Houston Remainder Trust held Class B shares convertible into 7,608,764 Class A shares, and the Houston 2012 Irrevocable Children’s Trust held Class B shares convertible into 500,500 Class A shares. The awards have service-based, market-based and liquidity event-related performance vesting conditions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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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).

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^*

Houston Andrew

(Last)

(First)

(Middle)

50 HAWTHORNE STREET

(Street)

SAN FRANCISCO

CALIFORNIA

94105

(City)

(State)

(Zip)

UNITED STATES

(Country)

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

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

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Co-CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
11/02/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	11/02/2026		C		383,800	A	$0⁽¹⁾	383,800	I	See Footnote⁽²⁾
Class A Common Stock	11/02/2026		S⁽³⁾		383,800	D	$35.8108⁽⁴⁾	0	I	See Footnote⁽²⁾
Class A Common Stock								8,266,666⁽⁵⁾	D
Class A Common Stock								716,728	I	See footnote⁽⁶⁾
Class A Common Stock								444,444	I	See Footnote⁽⁷⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Class B Common Stock	⁽⁸⁾	11/02/2026		C			383,800	⁽⁸⁾	⁽⁸⁾	Class A Common Stock	383,800	$0	65,177,229	I	See foonote⁽²⁾
Class B Common Stock	⁽⁸⁾							⁽⁸⁾	⁽⁸⁾	Class A Common Stock	7,608,764		7,608,764	I	See Footnote⁽⁶⁾
Class B Common Stock	⁽⁸⁾							⁽⁸⁾	⁽⁸⁾	Class A Common Stock	500,500		500,500	I	See foonote⁽⁹⁾

Explanation of Responses:

1. 383,800 shares of Class B Common Stock were converted into 383,800 shares of Class A Common Stock at the election of the Reporting Person and had no expiration date.

2. Shares held by the Andrew Houston Revocable Trust u/a/d 9/7/2011, for which Reporting Person serves as trustee.

3. These shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 11, 2026.

4. This transaction was executed in multiple trades at prices ranging from $35.8063 to $35.8460. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected

5. These securities are restricted stock awards of Class A Common Stock. The restricted stock awards vest over a period of up to ten years following the closing of the Issuer's initial public offering of Class A Common Stock, or March 27, 2028, upon achievement of service-based, market-based, and liquidity event-related performance vesting conditions.

6. Shares held by the Houston Remainder Trust u/a/d 12/30/2010, for which reporting person serves as trustee.

7. Shares held by The Erin Yu Houston Revocable Trust u/a/d 1/18/2024, for which the Reporting Person's spouse serves as trustee.

8. The Issuer's Class B Common Stock is convertible into the Issuer's Class A Common Stock on a one-for-one basis at the Reporting Person's election and has no expiration date.

9. Shares held by the Houston 2012 Irrevocable Children's Trust u/a/d 4/12/2012, for which Reporting Person serves as trustee.

Remarks:

	/s/ Cara Angelmar, Attorney-in-Fact	11/04/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR