Tennenbaum Ross 4

What Happened
Ross Tennenbaum, Chief Financial Officer of Dropbox, had 20,325 shares of Class A common stock withheld by the company to satisfy tax withholding related to the vesting and net settlement of restricted stock units. The shares were valued at $26.20 each, for a total disposition of $532,515. This was a tax-withholding/net settlement transaction (code F), not an open-market sale.

Key Details

• Transaction date: 2026-05-15; Filing date: 2026-05-19 (filed 4 days after the transaction; appears late relative to the 2-business-day Form 4 reporting requirement)
• Price per share: $26.20; Shares withheld/disposed: 20,325; Total value: $532,515
• Transaction code: F (shares withheld to satisfy tax withholding obligations)
• Shares owned after transaction: Not disclosed in the provided filing
• Footnotes:
  • F1: Shares were withheld by the issuer to satisfy tax withholding and remittance obligations for the vesting/net settlement.
  • F2: These securities are restricted stock units (RSUs). Each RSU converts to one share subject to vesting through November 15, 2029; unvested RSUs are canceled if the reporting person ceases service.

Context
This was a routine tax-withholding net settlement of RSUs (cashless in effect) rather than a discretionary sale, so it does not necessarily signal a change in insider outlook. The withheld shares simply covered tax obligations arising from RSU vesting. The late filing is a procedural note investors may want to monitor for compliance patterns.