Houston Andrew 4

What Happened
Andrew Houston, CEO of Dropbox, converted 30,332 shares of Class B common stock into 30,332 shares of Class A common stock (no cost), then sold those 30,332 Class A shares in an open-market transaction on May 18, 2026 at $27.50 per share for proceeds of $834,130. The filing shows a conversion (derivative) followed by a sale.

Key Details

• Transaction date: May 18, 2026. Filing date: May 20, 2026 (timely; within two business days).
• Conversion: 30,332 Class B → 30,332 Class A (no cash paid) (footnotes F1, F7).
• Sale: 30,332 shares sold at $27.50 each, total proceeds $834,130 (footnote F3).
• Shares owned after transaction: not specified in this Form 4.
• Notable footnotes: sale executed under a Rule 10b5-1 trading plan adopted March 12, 2025 (F3); shares originated from restricted stock awards with multi-year vesting and performance conditions (F4); several trusts hold shares for which Houston or family members serve as trustees (F2, F5, F6, F8).

Context

• This was a conversion of Class B into Class A common stock followed immediately by an open-market sale — a common pattern when convertible insider holdings are converted and sold.
• The sale was made under a prearranged 10b5-1 plan, which typically indicates the trades were planned in advance rather than timed to new company information.