Dropbox, Inc.: 10% owner Andrew Houston sold 354,300 shares

What happened Andrew Houston, a 10% owner, converted 354,300 Class B shares into 354,300 Class A shares and sold 354,300 Class A shares in the open market on Oct 1, 2026. The sale generated $12,049,814 at a weighted average price of $34.01; the conversion showed a $0.00 price.

Key details

• Transaction date: Oct 1, 2026. Sale: 354,300 shares at a weighted average price of $34.01; execution prices ranged from $34.0094 to $34.0174 (F4). Proceeds: $12,049,814.
• Conversion: 354,300 shares of Class B Common Stock were converted into 354,300 shares of Class A Common Stock at the reporting person's election; Class B is convertible 1-for-1 and has no expiration date (F1, F8).
• Sale plan: The shares were sold pursuant to a Rule 10b5-1 trading plan adopted Jun 11, 2026 (F3).
• Trust holdings: Some shares are held in trusts for which the reporting person or spouse serves as trustee (F2, F6, F7, F9).
• Restricted shares: The filing references restricted stock awards of Class A that vest over up to 10 years subject to service, market, and liquidity conditions (F5).
• Shares owned after the transaction: not reported in this filing.

Why it may matter

• The filing shows a conversion of Class B into Class A followed by an open-market sale on the same date, not a cashless option exercise.
• The reporting person is a 10% owner, indicating a large holder rather than an executive title in the filing.
• A filing does not show why the insider traded or why the company acted.