Houston Andrew 4

What Happened
Andrew Houston, CEO of Dropbox (DBX), converted 111,166 Class B shares into 111,166 Class A shares (no cost) and then sold those 111,166 Class A shares in the open market on April 1, 2026. The sales were executed in multiple trades at prices ranging from $22.39 to $23.07, with a weighted-average sale price of $22.89, generating total proceeds of $2,544,601. The sales were made pursuant to a Rule 10b5-1 trading plan adopted March 12, 2025.

Key Details

• Transaction date: April 1, 2026. Weighted-average sale price: $22.89; trade price range: $22.39–$23.07. Total proceeds: $2,544,601. (Multiple trades; weighted avg reported.)
• Conversion: 111,166 Class B Common shares converted one-for-one into Class A Common shares at $0 (conversion had no expiration).
• Shares owned after transaction: Not disclosed in this filing.
• Notable footnotes: sale executed under a Rule 10b5-1 plan (F3); conversion rights described (Class B convertible one-for-one, F1/F8); several holdings held in trusts for which Houston or his spouse serve as trustee (F2, F6, F7, F9). Filing offers to provide detailed per-trade prices upon request (F4).
• Filing timeliness: Reported on April 3, 2026 for April 1 transactions — appears timely (Form 4 due within two business days).

Context: This filing shows a conversion of voting class shares followed by an open-market sale under a pre-established 10b5-1 plan. Conversions were recorded as derivative-to-common conversions (no cash exercise). Sales by executives under 10b5-1 plans are typically routine and preplanned; the filing is factual and does not indicate the insider’s motives.