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  4. [Form 4] DROPBOX, INC. Insider Trading Activity

Dropbox (NASDAQ: DBX) CAO awarded 57,217 shares, sells 1,416

Filing Impact
(Neutral)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Dropbox, Inc. Chief Accounting Officer Sarah Elizabeth Schubach reported both an equity grant and a small share sale. On April 1, 2026, she received 57,217 shares of Class A Common Stock, including restricted stock units that vest quarterly through dates extending to February 15, 2030, contingent on continued service. On March 31, 2026, she sold 1,416 Class A shares at $22.60 per share pursuant to a pre-arranged Rule 10b5-1 trading plan adopted on May 16, 2025. After these transactions, she holds 139,290 Class A shares directly.

Positive

  • None.

Negative

  • None.
Insider Schubach Sarah Elizabeth
Role Chief Accounting Officer
Sold 1,416 shs ($32K)
Type Security Shares Price Value
Grant/Award Class A Common Stock 57,217 $0.00 --
Sale Class A Common Stock 1,416 $22.60 $32K
Holdings After Transaction: Class A Common Stock — 139,290 shares (Direct)
Footnotes (1)
  1. These shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on May 16, 2025. 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. 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. The restricted stock units vest as to 1/16th of the shares on May 15, 2026 and each three-month anniversary thereafter through February 15, 2030. 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, 2030. In the event the Reporting Person ceases to be a Service Provider, the unvested restricted stock units will be cancelled by the Issuer.
Equity grant 57,217 shares Class A Common Stock grant on April 1, 2026
Shares sold 1,416 shares Open-market sale on March 31, 2026
Sale price $22.60 per share Price for 1,416 Class A shares sold
Direct holdings after transactions 139,290 shares Class A shares held directly after reported grant and sale
Net shares sold 1,416 shares Net buy/sell shares across reported sale transactions
Rule 10b5-1 trading plan regulatory
"These shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on May 16, 2025."
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.
restricted stock units financial
"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."
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
Service Provider other
"In the event the Reporting Person ceases to be a Service Provider, the unvested restricted stock units will be cancelled by the Issuer."
vest financial
"The restricted stock units vest as to 1/16th of the shares on May 15, 2026 and each three-month anniversary thereafter through February 15, 2030."
A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
Schubach Sarah Elizabeth
(Last)(First)(Middle)
1800 OWENS STREET
(Street)
SAN FRANCISCO CALIFORNIA 94158
(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)
Director10% Owner
XOfficer (give title below)Other (specify below)
Chief Accounting Officer
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Class A Common Stock03/31/2026S(1)1,416D$22.682,073(2)D
Class A Common Stock04/01/2026A57,217(3)A$0139,290(4)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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount 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.
3. 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. The restricted stock units vest as to 1/16th of the shares on May 15, 2026 and each three-month anniversary thereafter through February 15, 2030.
4. 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, 2030. 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-Fact04/02/2026
** Signature of Reporting PersonDate
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

FAQ

What insider transactions did Dropbox (DBX) disclose for Sarah Elizabeth Schubach?

Dropbox reported that Chief Accounting Officer Sarah Elizabeth Schubach received an equity grant of 57,217 Class A shares and sold 1,416 Class A shares. The sale occurred at $22.60 per share and the grant consists largely of restricted stock units subject to multi-year vesting.

How many Dropbox (DBX) shares did the CAO sell and at what price?

Sarah Elizabeth Schubach sold 1,416 shares of Dropbox Class A Common Stock at $22.60 per share. This open-market sale was executed on March 31, 2026 under a Rule 10b5-1 trading plan, representing a relatively small portion of her reported holdings.

What equity award did Dropbox (DBX) grant to its Chief Accounting Officer?

On April 1, 2026, Dropbox granted Sarah Elizabeth Schubach 57,217 shares of Class A Common Stock, including restricted stock units. Each restricted stock unit entitles her to one share, subject to vesting schedules that run through February 15, 2029 and February 15, 2030.

How many Dropbox (DBX) shares does the CAO hold after these Form 4 transactions?

Following the reported transactions, Sarah Elizabeth Schubach directly holds 139,290 shares of Dropbox Class A Common Stock. This figure reflects her position after receiving the 57,217-share equity grant and the separate sale of 1,416 shares under her Rule 10b5-1 plan.

Were the Dropbox (DBX) insider sales by the CAO pre-planned under Rule 10b5-1?

Yes. The filing states that the 1,416 shares sold by Sarah Elizabeth Schubach were transacted pursuant to a Rule 10b5-1 trading plan adopted on May 16, 2025. Such plans schedule trades in advance, reducing the significance of the exact sale timing.

How do the Dropbox (DBX) restricted stock units for the CAO vest over time?

The restricted stock units generally vest in installments, with one schedule vesting 1/16th of the shares on May 15, 2026 and on each three-month anniversary through February 15, 2030. Unvested units are cancelled if she ceases to be a Service Provider to Dropbox.