[Form 4] DROPBOX, INC. Insider Trading Activity

Rhea-AI Filing Summary

Sarah Elizabeth Schubach, Chief Accounting Officer of Dropbox, Inc. (DBX), reported a sale of 1,066 shares of Class A Common Stock on 09/15/2025 at a price of $30.87 per share. The filing states the sale was executed under a Rule 10b5-1 trading plan adopted May 16, 2025. After the reported transaction the reporting person beneficially owns 106,789 shares, some of which are restricted stock units that vest through February 15, 2029 and will be canceled if the reporting person ceases to be a service provider. The Form 4 was signed by an attorney-in-fact on 09/17/2025.

Positive

• Sale executed under a Rule 10b5-1 trading plan, indicating the transaction was pre-planned
• Reporting discloses restricted stock units with vesting schedule through 02/15/2029, clarifying nature of holdings

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider sold a small portion of holdings under a pre-established 10b5-1 plan; ownership remains substantial.

The sale of 1,066 shares at $30.87 represents roughly 1% of the post-transaction beneficial holdings (106,789 shares). Because the transaction was executed under a Rule 10b5-1 plan, it is a pre-planned disposition rather than an ad hoc sale, which typically reduces negative signaling. There is no financial performance data in this filing to change valuation assessments; this Form 4 only updates insider ownership and the presence of unvested restricted stock units with vesting through 02/15/2029.

Corporate Governance Expert

TL;DR: Disclosure follows standard governance practice; use of 10b5-1 plan suggests procedural compliance.

The reporting identifies the seller as the Chief Accounting Officer and discloses that the sale was made pursuant to a 10b5-1 trading plan adopted on 05/16/2025, which supports compliance with insider trading policies. The filing also clarifies that certain holdings are restricted stock units subject to vesting through 02/15/2029. The Form 4 includes an attorney-in-fact signature, indicating the filing was executed on behalf of the reporting person.

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
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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).

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

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	09/15/2025		S(1)		1,066	D	$30.87	106,789(2)	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. These shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on May 16, 2025.

2. 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	09/17/2025
	** 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 insider transaction did DBX Chief Accounting Officer Sarah Schubach report?

She reported a sale of 1,066 shares of Class A Common Stock on 09/15/2025 at $30.87 per share.

Was the DBX share sale by Sarah Schubach part of a pre-arranged plan?

Yes. The filing states the shares were sold pursuant to a Rule 10b5-1 trading plan adopted on 05/16/2025.

How many DBX shares does the reporting person own after the transaction?

The Form 4 reports beneficial ownership of 106,789 shares following the reported sale.

Are any of the reported DBX holdings restricted or subject to vesting?

Yes. The filing notes that certain securities are restricted stock units that vest through 02/15/2029 and will be canceled if the reporting person ceases to be a service provider.

Who signed the Form 4 filing for Sarah Schubach?

The Form 4 was signed by /s/ Cara Angelmar, Attorney-in-Fact on 09/17/2025.

Does the Form 4 disclose any derivative transactions by the reporting person?

No. Table II for derivative securities contains no reported transactions in this filing.