DEF 14A of Dropbox, Inc., Apr 7, 2026

DEF 14A of Dropbox, Inc.

Filed Apr 7, 2026 · FY20250001467623-26-000020

Open on EDGAR

  1. Availability of Bylaws

    Availability of Bylaws A copy of our bylaws is available via the SEC’s website at http://www.sec.gov. You may also contact our Corporate Secretary at the address set forth above for a copy of the relevant bylaw provisions regarding the requirements for making stockholder proposals and nominating director candidates.

  2. Availability of Bylaws

    | Dropbox, Inc. Proxy Statement and Notice of 2026 Annual Meeting of Stockholders | 5 |

  3. Availability of Bylaws

    Our business affairs are managed under the direction of our board of directors. Our board of directors consists of eight directors, seven of whom qualified as “independent” under the listing rules of the Nasdaq Stock Market (“Nasdaq”). Until the outstanding shares of our Class B common stock represent less than a majority of the combined voting power of our common stock, we will have a single class of directors who are each elected for one-year terms and until their successors are duly elected and qualified. When the outstanding shares of our Class B common stock represent less than a majority of the combined voting power of our common stock, we will have a classified board of directors consisting of three classes of approximately equal size, each serving staggered three-year terms. Our directors will be assigned by the then-current board of directors to a class. In determining the composition of our board, our board of directors and nominating and corporate governance committee are committed to ensuring that our directors maintain effective and independent oversight of our business and that they capably represent the interests of our company and our stockholders. In addition, our nominating and corporate governance committee strives to maintain a balance of tenure on our board. Long-serving directors bring valuable experience and institutional knowledge, while newer directors contribute fresh perspectives and viewpoints. The following charts provide summary information about our continuing directors and director nominees with respect to independence and tenure. For additional information regarding our criteria for evaluating director nominees, see the section titled “Board of Directors and Corporate Governance—Considerations in Evaluating Director Nominees.”

  4. Availability of Bylaws

    | 6 of 7 | | Director nominees who are independent |

  5. Availability of Bylaws

    | 6.4 Years | | Average tenure of director nominees |

  6. Availability of Bylaws

    | 6 | Dropbox, Inc. Proxy Statement and Notice of 2026 Annual Meeting of Stockholders |

  7. Availability of Bylaws

    Nominees for Director Our board of directors has nominated seven nominees for election at the Annual Meeting. Dr. Jacobs, whose term will end at the Annual Meeting, will not be standing for reelection. He will continue to serve as a director and as a member of the talent and compensation committee of the board of directors until the expiration of his term. The following provides summary information about each of our director nominees as of March 31, 2026:

  8. Availability of Bylaws

    | | ANDREW W. HOUSTON | | | AGE: 43 DIRECTOR SINCE: 2007 COMMITTEES: None CHAIR OF THE BOARD EXPERIENCE: Mr. Houston is one of our co-founders and has served as a member of our board of directors and our Chief Executive Officer since June 2007. Mr. Houston also currently serves as a member of the board of directors of Meta Platforms, Inc. (Nasdaq: META). Mr. Houston holds a B.S. in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology. Mr. Houston was selected to serve on our board of directors because of the perspective and experience he brings as our Chief Executive Officer and as one of our co-founders. |

  9. Availability of Bylaws

    | | LISA CAMPBELL | | | AGE: 62 DIRECTOR SINCE: 2019 COMMITTEES: Nominating & Corporate Governance (Chair); Audit INDEPENDENT DIRECTOR EXPERIENCE: Ms. Campbell has served as a member of our board of directors since August 2019. From July 2021 to August 2024, Ms. Campbell served as Chief Marketing Officer and Partner for OneTrust. From August 2017 to July 2021, Ms. Campbell served as Chief Marketing Officer and Executive Vice President of Business Strategy for Autodesk, Inc. From January 2015 to August 2017, Ms. Campbell served as Vice President, Industry Strategy and Marketing – Manufacturing at Autodesk, and she served as its Vice President, Industry Strategy and Marketing – Architecture, Engineering and Construction from February 2012 through January 2015. She has also held other senior positions at Autodesk, including managing its Global eCommerce business and Autodesk.com, and managing its Geospatial Business and infrastructure business. Prior to joining Autodesk in 2003, Ms. Campbell served in executive-level marketing positions at Evolve (now Oracle), Sterling Software Inc., and Digital Equipment Corporation. Ms. Campbell currently serves as a member of the board of directors for Dynatrace, Inc. (NYSE: DT), an application performance management software company, Similarweb Ltd. (NYSE: SMWB), a digital data and analytics company, and Quickbase, a Vista Equity company. Ms. Campbell holds an M.B.A. from Babson College and a B.A. in Mathematics and Computer Science from Boston College. She was selected to serve on our board of directors because of her valuable expertise in business, industry, and marketing strategy. |

  10. Availability of Bylaws

    | Dropbox, Inc. Proxy Statement and Notice of 2026 Annual Meeting of Stockholders | 7 |

  11. Availability of Bylaws

    | | WARREN JENSON | | | AGE: 69 DIRECTOR SINCE: 2025 COMMITTEES: Audit (Chair); Nominating and Corporate Governance INDEPENDENT DIRECTOR EXPERIENCE: Mr. Jenson has served as a member of our board of directors since January 2025. Mr. Jenson most recently acted as President and Chief Financial Officer of Nielsen Holdings plc, a firm specializing in audience measurement, data, and analytics, where he served from April 2023 to December 2024. From February 2012 to April 2023, Mr. Jenson worked at LiveRamp Holdings, Inc. (formerly known as Acxiom), a software-as-a-service company that provides identity and data connectivity services, where he most recently served as President, Chief Financial Officer and Executive Managing Director of International. Mr. Jenson has also held numerous C-suite positions with Electronic Arts (EA), Amazon.com, Delta Airlines, and NBC. Mr. Jenson currently serves as a member of the board of directors of DigitalOcean Holdings, Inc. (NYSE: DOCN), a cloud service provider, Delivery Hero German SE, a multinational online food ordering and delivery platform, and Ripple Labs, Inc., a provider of cryptocurrency solutions for businesses. Mr. Jenson has a B.S. in Accounting and a Master of Accountancy – Business Taxation from Brigham Young University. Mr. Jenson was selected to serve on our board of directors because of his breadth of experience leading and scaling companies through periods of transition and his track record of operational excellence. |

  12. Availability of Bylaws

    | | ANDREW MOORE, Ph.D | | | AGE: 61 DIRECTOR SINCE: 2023 COMMITTEES: Audit INDEPENDENT DIRECTOR EXPERIENCE: Dr. Moore has served as a member of our board of directors since December 2023. Since March 2023, Dr. Moore has served as the Founder and CEO of Lovelace AI, a startup AI company building products for national security. From January 2019 to January 2023, Dr. Moore served as General Manager and VP of Google Cloud Artificial Intelligence & Industry Solutions at Google LLC, a wholly owned subsidiary of Alphabet Inc., or Google. From September 2014 to January 2019, Dr. Moore served as the Dean of the School of Computer Science and as Professor of Computer Science and Robotics at Carnegie Mellon University. From October 2011 to July 2014, Dr. Moore served as VP of Engineering, Google Commerce at Google and from January 2006 to October 2011, he served as a Founding Director of Google’s Pittsburgh Engineering office. Prior to joining Google, Dr. Moore was an assistant professor and also professor of Computer Science and Robotics at Carnegie Mellon University from 1993-2006. Dr. Moore holds a Ph.D. in Computer Science and a B.A. in Mathematics and Computer Science from the University of Cambridge. Dr. Moore was selected to serve on our board of directors because of his deep academic experience, product knowledge, and engineering leadership. |

  13. Availability of Bylaws

    | 8 | Dropbox, Inc. Proxy Statement and Notice of 2026 Annual Meeting of Stockholders |

  14. Availability of Bylaws

    | | ABHAY PARASNIS | | | AGE: 51 DIRECTOR SINCE: 2022 COMMITTEES: Talent and Compensation INDEPENDENT DIRECTOR EXPERIENCE: Mr. Parasnis has served as a member of our board of directors since March 2022. Since May 2022, Mr. Parasnis has served as Chief Executive Officer of Typeface Inc., a company that provides enterprise AI solutions. From July 2015 to February 2022, Mr. Parasnis served as Chief Technology Officer of Adobe Inc., or Adobe, during which time Mr. Parasnis also held additional titles, including Executive Vice President from January 2016 to February 2022, Chief Strategy Officer from February 2020 to December 2020, and Chief Product Officer from December 2020 to February 2022. Prior to joining Adobe, Mr. Parasnis served in executive level positions with Kony, Inc., Oracle Corporation and Microsoft Corporation. Mr. Parasnis also serves as a member of the board of directors of Schneider Electric SE, a French digital automation and energy management company traded on the Euronext (Paris) exchange. Mr. Parasnis holds a B.S. in Electronics & Telecommunications from the College of Engineering Pune in Pune, India and an Advanced Diploma in Computer Science from the National Institute of Information Technology. Mr. Parasnis was selected to serve on our board of directors because of his extensive technical, product, and operational expertise and his experience leading and growing a multi-product portfolio. |

  15. Availability of Bylaws

    | | KAREN PEACOCK | | | AGE: 53 DIRECTOR SINCE: 2019 COMMITTEES: Talent and Compensation LEAD INDEPENDENT DIRECTOR EXPERIENCE: Ms. Peacock has served as a member of our board of directors since August 2019. From July 2020 to October 2022, Ms. Peacock served as Chief Executive Officer for Intercom, Inc., or Intercom, a corporation that develops and markets business messaging and communication software, and from May 2017 to July 2020, Ms. Peacock served as Chief Operating Officer for Intercom. From January 2016 to March 2017, Ms. Peacock served as Senior Vice President, Small Business at Intuit Inc., or Intuit, and from 2014 to January 2016, she served as VP, General Manager of Intuit’s Employee Management Solutions division. Ms. Peacock has also held other senior roles at Intuit, including Vice President of Marketing and Product Management. Prior to joining Intuit in 2002, Ms. Peacock was Director of Product Management at Allegis Corporation and prior to that, was a management consultant with the Boston Consulting Group. Ms. Peacock currently serves on the board of directors of IDEXX Laboratories Inc. (Nasdaq: IDXX), a veterinary diagnostics company, and Monzo Bank, a UK based bank and fintech company. Ms. Peacock holds an M.B.A. from Stanford Graduate School of Business and a B.A. in Applied Mathematics from Harvard University. She was selected to serve on our board of directors because of her valuable expertise in business, industry, and her extensive experience in executive-level operational roles. |

  16. Availability of Bylaws

    | Dropbox, Inc. Proxy Statement and Notice of 2026 Annual Meeting of Stockholders | 9 |

  17. Availability of Bylaws

    | | MICHAEL SEIBEL | | | AGE: 43 DIRECTOR SINCE: 2020 COMMITTEES: Talent and Compensation INDEPENDENT DIRECTOR EXPERIENCE: Mr. Seibel has served as a member of our board of directors since December 2020. Mr. Seibel is Partner Emeritus at Y Combinator, an accelerator and investment company for early-stage technology companies, where he previously was a Partner from October 2014 to March 2025, and served as Managing Director of YC Early Stage. From February 2012 to August 2012, Mr. Seibel served as Chief Executive Officer of Socialcam, Inc., a social media company, and from June 2007 to October 2011, Mr. Seibel served as Chief Executive Officer of Justin.tv (now known as Twitch.tv), an online video broadcasting company. Mr. Seibel currently serves on the board of directors of Reddit, Inc. (NYSE: RDDT), a community and discussion platform. Mr. Seibel holds a B.A. in Political Science from Yale University. Mr. Seibel was selected to serve on our board of directors because of his financial and managerial experience. |

  18. Availability of Bylaws

    | 10 | Dropbox, Inc. Proxy Statement and Notice of 2026 Annual Meeting of Stockholders |

  19. Availability of Bylaws

    Non-Continuing Director The following provides summary information about Dr. Jacobs, whose term will end at the Annual Meeting:

  20. Availability of Bylaws

    | | PAUL E. JACOBS, Ph.D | | | AGE: 63 DIRECTOR SINCE: 2016 COMMITTEES: Talent & Compensation (Chair) INDEPENDENT DIRECTOR EXPERIENCE: Dr. Jacobs has served as a member of our board of directors since April 2016. Since August 2023, Dr. Jacobs has served as Chief Executive Officer of Globalstar, Inc., or Globalstar, a telecom infrastructure provider. From April 2018 to May 2024, Dr. Jacobs served as Chief Executive Officer of VIREWIRX, Inc., formerly XCOM Labs, Inc., a wireless technology company. From March 2014 to March 2018, Dr. Jacobs served as Executive Chair for Qualcomm Incorporated, a semiconductor and telecommunications equipment company, or Qualcomm. From March 2009 to March 2018, Dr. Jacobs served as Chair of the board of directors for Qualcomm. From July 2005 to March 2014, Dr. Jacobs served as Chief Executive Officer for Qualcomm. Dr. Jacobs currently serves as a member of the board of directors of Globalstar (Nasdaq: GSAT), a satellite and terrestrial communication services company, and Arm Holdings plc (Nasdaq: ARM), a microchip design company. Dr. Jacobs holds a Ph.D. in Electrical Engineering and Computer Science, an M.S. in Electrical Engineering, and a B.S. in Electrical Engineering and Computer Science from the University of California, Berkeley. Dr. Jacobs was selected to serve on our board of directors because of his extensive business, operations, and management experience. |

  21. Availability of Bylaws

    | Dropbox, Inc. Proxy Statement and Notice of 2026 Annual Meeting of Stockholders | 11 |

  22. Availability of Bylaws

    Director Independence Under the listing rules of Nasdaq, independent directors must comprise a majority of a listed company’s board of directors. In addition, Nasdaq rules require that, subject to specified exceptions, each member of a listed company’s audit, talent and compensation, and nominating and corporate governance committees be independent. Under Nasdaq rules, a director will only qualify as an “independent director” if, in the opinion of the company’s board of directors, the director does not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. Our board of directors has undertaken a review of the independence of each director. Based on information provided by each director concerning his or her background, employment, and affiliations, our board of directors has determined that Drs. Jacobs and Moore, Messrs. Jenson, Parasnis and Seibel, and Mss. Campbell and Peacock do not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director and that each of these directors is “independent” as that term is defined under Nasdaq listing rules. In making these determinations, our board of directors considered the current and prior relationships that each non-employee director has with our company and all other facts and circumstances our board of directors deemed relevant in determining their independence, including the beneficial ownership of our capital stock by each non-employee director, and the transactions involving them, if any, described in the section titled “Certain Relationships, Related Party and Other Transactions.” Board Leadership Structure and Role of the Lead Independent Director Mr. Houston currently serves as both the chair of our board of directors and as our Chief Executive Officer. As our co-founder, Mr. Houston is best positioned to identify strategic priorities, lead critical discussion, and execute our business plans. Our board of directors has adopted Corporate Governance Guidelines that provide that one of our independent directors should serve as our lead independent director at any time when the chair of our board of directors is not independent, including when our Chief Executive Officer serves as the chair of our board of directors. Because Mr. Houston is our chair and is not an “independent” director as defined in Nasdaq’s listing rules, our board of directors has determined that it is advisable and in the best interests of the company and our stockholders to have a lead independent director to, among other things, preside over meetings of the independent directors and help set the agenda for board meetings. Ms. Peacock has served as lead independent director since May 2025. Our lead independent director presides over periodic meetings of our independent directors, consults with Mr. Houston on the agenda for meetings of the board, serves as a liaison between Mr. Houston and our independent directors, and performs such additional duties as our board of directors may otherwise determine and delegate. The lead independent director’s responsibilities include: •presiding over all meetings of the board of directors at which the chair is not present; •calling separate meetings of the independent directors and determining the agenda and serving as chair of meetings of independent directors; •reporting to our Chief Executive Officer and chair regarding feedback from executive sessions; and •serving as spokesperson for the company if requested. Only independent directors serve on the audit committee, the talent and compensation committee, and the nominating and corporate governance committee of our board of directors. Our independent directors meet at least quarterly in executive sessions chaired by the lead independent director, which include discussions and recommendations regarding guidance to be provided to the Chief Executive Officer, and such topics as the independent directors may determine. As a result of the board of directors’ committee system and the existence of a majority of independent directors, combined with a strong lead independent director with significant responsibilities and the company’s robust corporate governance policies and procedures, the board of directors believes it maintains effective oversight of our business operations, including independent oversight of our financial statements and risk management, executive compensation, selection of director candidates, and corporate governance programs. We believe that the leadership structure of our board of directors, including the role of a strong lead independent director, as well as the robust independent committees of our board of directors is appropriate and enhances our board of directors’ ability to effectively carry out its roles and responsibilities on behalf of the company. Mr. Houston’s combined role leverages his deep involvement with the company’s business, and his history as a co-founder of the company with knowledge of the company’s development and culture enables strong leadership, creates clear accountability and enhances our ability to communicate our message and strategy clearly and consistently to stockholders.

  23. Availability of Bylaws

    | 12 | Dropbox, Inc. Proxy Statement and Notice of 2026 Annual Meeting of Stockholders |

  24. Availability of Bylaws

    Board Committees Our board of directors has established an audit committee, a talent and compensation committee, and a nominating and corporate governance committee. The composition and responsibilities of each of the committees of our board of directors is described below. Members will serve on these committees until their resignation or until as otherwise determined by our board of directors.

  25. Availability of Bylaws

    | Director | Audit | Talent and Compensation | Nominating and Corporate Governance | | Andrew W. Houston | | | | | Lisa Campbell | | | | | Paul E. Jacobs, Ph.D | | | | | Warren Jenson | | | | | Andrew Moore, Ph.D | | | | | Abhay Parasnis | | | | | Karen Peacock | | | | | Michael Seibel | | | | | Number of Meetings | 4 | 4 | 3 | | Committee member | Committee chair | Financial expert | |

  26. Availability of Bylaws

    | Dropbox, Inc. Proxy Statement and Notice of 2026 Annual Meeting of Stockholders | 13 |

  27. Employee Training

    | Principle | Description | | Pay Mix | Our director compensation policy consists of a balance of cash and equity, with an emphasis on equity over cash, in order to better align the interests of our non-employee directors with those of our stockholders. | | Total Compensation Limit | Our director compensation policy includes a maximum annual limit of $1,200,000 of cash compensation and equity awards that may be paid, issued, or granted to a non-employee director in any fiscal year. The maximum limit does not reflect the intended size of any potential compensation or equity awards to our non-employee directors. Any cash compensation paid or equity awards granted to a person for his or her services as an employee, or for his or her services as a consultant (other than as a non-employee director), will not count for purposes of the limitation. For purposes of this limitation, the value of equity awards is based on the grant date fair value (determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”)). | | Regular Review | With advice from Compensia, our talent and compensation committee regularly reviews a competitive market analysis of the amount and form of director compensation to ensure consistency with prudent governance practices and comparability with our compensation peer group. | | Board Leadership Compensation | Our director compensation policy provides additional compensation for leadership positions on the board of directors, including lead independent director and committee chair roles, to account for the added time and effort associated with these positions. |

  28. 2025 Director Compensation

    2025 Director Compensation The following table provides information regarding compensation of our non-employee directors for their service as directors, for the fiscal year ended December 31, 2025. Directors who are also our employees receive no additional compensation for their service as directors. During 2025, Mr. Houston was an employee and executive officer of the company and, therefore, did not receive compensation as a director. See the section titled “Executive Compensation” for additional information regarding Mr. Houston’s compensation.

  29. 2025 Director Compensation

    | Name | Fees Paid or Earned in Cash ($) | Stock Awards ($)(1)(2) | All Other Compensation ($) | Total ($) | | Lisa Campbell | 84,391 | 249,997 | — | 334,388 | | Paul E. Jacobs | 70,649 | 249,997 | — | 320,646 | | Andrew Moore | 62,500 | 249,997 | — | 312,497 | | Abhay Parasnis | 60,000 | 249,997 | — | 309,997 | | Karen Peacock | 73,301 | 249,997 | — | 323,298 | | Michael Seibel | 60,000 | 249,997 | — | 309,997 | | Warren Jenson | 52,967 | 333,318 | — | 386,285 | | Donald W. Blair(3) | 80,814 | — | — | 80,814 | | Sara Mathew(3) | 61,759 | — | — | 61,759 |

  30. 2025 Director Compensation

    (1)Amounts shown do not reflect compensation actually received by each non-employee director, and there can be no assurance that these amounts will ever be realized by the non-employee directors. Instead, the amount shown is the grant date fair value of the RSU awards granted in fiscal 2025 computed in accordance with ASC Topic 718 — Compensation — Stock Compensation (“ASC Topic 718”), disregarding forfeiture assumptions. The grant date fair value of the RSU awards is based on the closing price for a share of our Class A common stock as reported by Nasdaq on the day immediately preceding the grant date. Unless otherwise described in the footnotes below, the grant date fair value of the RSU awards was $29.61 per share, which represents the closing price for a share of our Class A common stock as reported by Nasdaq on May 14, 2025. (2)100% of the shares of our Class A common stock underlying the RSUs vest on May 15, 2026 or the day before the next annual meeting of our stockholders, if earlier, subject to the director’s continued service with us. See the section titled “Board of Directors and Corporate Governance—Director Compensation” above. (3)Mr. Blair and Ms. Mathew did not stand for reelection at the 2025 Annual Meeting and therefore only received compensation for the first quarter of the fiscal year ended December 31, 2025.

  31. 2025 Director Compensation

    | Dropbox, Inc. Proxy Statement and Notice of 2026 Annual Meeting of Stockholders | 23 |

  32. 2025 Director Compensation

    The following table lists all outstanding equity awards held by non-employee directors as of December 31, 2025:

  33. 2025 Director Compensation

    | Name | Date of Grant(1) | Number of Shares Underlying Unvested Stock Awards (#) | | Lisa Campbell | 5/15/2025 | 8,443 | | Paul E. Jacobs | 5/15/2025 | 8,443 | | Andrew Moore | 5/15/2025 | 8,443 | | Abhay Parasnis | 5/15/2025 | 8,443 | | Karen Peacock | 5/15/2025 | 8,443 | | Michael Seibel | 5/15/2025 | 33,487(2) | | Warren Jenson | 5/15/2025 | 8,443 | | Donald W. Blair | — | —(3) | | Sara Mathew | — | —(3) |

  34. 2025 Director Compensation

    (1)100% of the shares of our Class A common stock underlying the RSUs vest on May 15, 2026 or the day before the next annual meeting of our stockholders, if earlier, subject to the director’s continued service with us. See the section titled “Board of Directors and Corporate Governance—Director Compensation” above. (2)Includes 4,632 vested RSUs granted on December 11, 2020, 9,335 vested RSUs granted on May 20, 2021, and 11,077 vested RSUs granted on May 18, 2023 that were deferred at time of grant. These vested RSUs will be settled upon the earlier of (a) immediately prior to a Change in Control or (b) within 60 days of Mr. Seibel’s separation from the board or death. (3)Mr. Blair and Ms. Mathew did not stand for reelection at the 2025 Annual Meeting, are no longer board members, and did not hold any outstanding equity awards as of December 31, 2025.

  35. 2025 Director Compensation

    | 24 | Dropbox, Inc. Proxy Statement and Notice of 2026 Annual Meeting of Stockholders |

  36. 2025 Director Compensation

    PROPOSAL NO. 1—ELECTION OF DIRECTORS Our board of directors consists of eight directors. Until the outstanding shares of our Class B common stock represent less than a majority of the combined voting power of our common stock, we will have a single class of directors with each director elected for a one-year term and until their successor is duly elected and qualified, or until their earlier resignation or removal. As noted above, Paul E. Jacobs is not standing for reelection at the annual meeting and therefore, following the meeting, the number of authorized directors will be decreased to seven. The board of directors is grateful for Dr. Jacobs' service. Nominees Our nominating and corporate governance committee has recommended, and our board of directors has approved, Andrew W. Houston, Lisa Campbell, Warren Jenson, Andrew Moore, Abhay Parasnis, Karen Peacock and Michael Seibel as nominees for election as directors at the Annual Meeting. Each of the nominees is an incumbent director. If elected, each of the nominees will serve as directors until the 2027 annual meeting of stockholders and until their successors are duly elected and qualified. For information concerning the nominees, please see “Board of Directors and Corporate Governance.” We expect that each of Dr. Moore, Messrs. Houston, Jenson, Parasnis and Seibel, and Mss. Campbell and Peacock will accept such nomination; however, in the event that a director nominee is unable or declines to serve as a director at the time of the Annual Meeting, the proxies will be voted for any nominee designated by our board of directors to fill such vacancy. If you are a stockholder of record and you sign your proxy card or vote by telephone or over the Internet but do not give instructions with respect to the voting of directors, your shares will be voted “FOR” the election of Dr. Moore, Messrs. Houston, Jenson, Parasnis and Seibel, and Mss. Campbell and Peacock. If you are a street name stockholder and you do not give voting instructions to your broker or nominee, your broker will leave your shares unvoted on this matter. Vote Required Each director is elected by a plurality of the votes of the shares present virtually or represented by proxy at the meeting and entitled to vote on the election of directors at the Annual Meeting. “Plurality” means that the seven nominees who receive the largest number of votes cast “For” such nominees are elected as directors. As a result, any shares not voted “For” a particular nominee (whether as a result of a "Withhold" vote or a broker non-vote) will not be counted in such nominee’s favor and will have no effect on the outcome of the election. THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” EACH OF THE NOMINEES NAMED ABOVE.

  37. 2025 Director Compensation

    | Dropbox, Inc. Proxy Statement and Notice of 2026 Annual Meeting of Stockholders | 25 |

  38. 2025 Director Compensation

    PROPOSAL NO. 2—RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Our audit committee has appointed Ernst & Young LLP, an independent registered public accounting firm, to audit our consolidated financial statements for our fiscal year ending December 31, 2026. Ernst & Young LLP has served as our independent registered public accounting firm since 2013. At the Annual Meeting, our stockholders are being asked to ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for our fiscal year ending December 31, 2026. Our audit committee is submitting the appointment of Ernst & Young LLP to our stockholders because we value our stockholders’ views on our independent registered public accounting firm and as a matter of good corporate governance. Notwithstanding the appointment of Ernst & Young LLP, and even if our stockholders ratify the appointment, our audit committee, in its discretion, may appoint another independent registered public accounting firm at any time during our fiscal year if our audit committee believes that such a change would be in the best interests of our company and our stockholders. If our stockholders do not ratify the appointment of Ernst & Young LLP, our board of directors may reconsider the appointment. Representatives of Ernst & Young LLP will be present at the Annual Meeting, and they will have an opportunity to make a statement and will be available to respond to appropriate questions from our stockholders. Fees Paid to the Independent Registered Public Accounting Firm The following table presents fees for professional audit services and other services rendered to our company by Ernst & Young LLP for our fiscal years ended December 31, 2025 and 2024.

  39. 2025 Director Compensation

    | | 2025 | 2024 | | Audit Fees(1) | $3,843,000 | $4,780,000 | | Audit-Related Fees(2) | $1,318,000 | $1,744,000 | | Tax Fees(3) | $49,000 | $239,000 | | All Other Fees(4) | $7,000 | $7,000 | | Total Fees | $5,217,000 | $6,770,000 |

  40. 2025 Director Compensation

    (1)Consists of fees billed for professional services rendered in connection with the audit of our consolidated financial statements, audit of our internal controls over financial reporting, reviews of our quarterly consolidated financial statements, related accounting consultations, and statutory audits of our international subsidiaries. (2)Consists of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of our consolidated financial statements, audit of our internal controls over financial reporting, and not reported under “Audit Fees”. This includes fees for professional services with respect to the Statement on Standards for Attestation Engagements (SSAE) No. 18 and other service organization control related examinations, certifications, and assessments. (3)Tax Fees consist of fees for professional services for domestic and international tax advisory services. (4)Consists of aggregate fees billed for products and services provided by the independent registered public accounting firm other than those disclosed above, which relate to subscription fees paid for access to online accounting research software applications.

  41. 2025 Director Compensation

    | 26 | Dropbox, Inc. Proxy Statement and Notice of 2026 Annual Meeting of Stockholders |

  42. 2025 Director Compensation

    PROPOSAL NO. 2—RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Auditor Independence In our fiscal year ended December 31, 2025, there were no other professional services provided by Ernst & Young LLP, other than those listed above, that would have required our audit committee to consider their compatibility with maintaining the independence of Ernst & Young LLP. Audit Committee Policy on Pre-Approval of Audit and Permissible Non-Audit Services of Independent Registered Public Accounting Firm Our audit committee has established a policy governing our use of the services of our independent registered public accounting firm. Under this policy, our audit committee is required to pre-approve all services performed by our independent registered public accounting firm in order to ensure that the provision of such services does not impair the public accountants’ independence. All services provided by Ernst & Young LLP for our fiscal years ended December 31, 2024 and 2025 were pre-approved by our audit committee. Vote Required The ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm for our fiscal year ending December 31, 2026 requires the affirmative vote of a majority of the voting power of the shares of our common stock present virtually or by proxy at the Annual Meeting and entitled to vote thereon. Abstentions will have the effect of a vote against this proposal, and broker non-votes will have no effect. THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” THE RATIFICATION OF THE APPOINTMENT OF ERNST & YOUNG LLP AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.

  43. 2025 Director Compensation

    | Dropbox, Inc. Proxy Statement and Notice of 2026 Annual Meeting of Stockholders | 27 |

  44. 2025 Director Compensation

    REPORT OF THE AUDIT COMMITTEE The audit committee is a committee of the board of directors comprised solely of independent directors as required by Nasdaq listing standards and SEC rules and regulations. The composition of the audit committee, the attributes of its members and the responsibilities of the audit committee, as reflected in its charter, are intended to be in accordance with applicable requirements for corporate audit committees. With respect to Dropbox’s financial reporting process, Dropbox’s management is responsible for (1) establishing and maintaining internal controls and (2) preparing Dropbox’s consolidated financial statements. Dropbox’s independent registered public accounting firm, Ernst & Young LLP (“Ernst & Young”), is responsible for performing an independent audit of Dropbox’s consolidated financial statements and the effectiveness of the company’s internal control over financial reporting. It is the responsibility of the audit committee to oversee these activities. It is not the responsibility of the audit committee to prepare Dropbox’s financial statements. These are the fundamental responsibilities of management. In the performance of its oversight function, the audit committee has: •reviewed and discussed the audited consolidated financial statements with management, internal audit and Ernst & Young; •discussed with Ernst & Young the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board (“PCAOB”) and the SEC; and •received the written disclosures and the letter from Ernst & Young required by applicable requirements of the PCAOB regarding the independent accountant’s communications with the audit committee concerning independence, and has discussed with Ernst & Young its independence. Based on the audit committee’s review and discussions with management and Ernst & Young, the audit committee recommended to the board of directors that the audited financial statements be included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for filing with the SEC. Respectfully submitted by the members of the audit committee of the board of directors:

  45. Role of Compensation Consultant

    Role of Compensation Consultant The talent and compensation committee engages an external compensation consultant to assist the committee in discharging its responsibilities by providing information, analysis, and other guidance relating to our executive compensation program and the decisions resulting from its annual executive compensation review. The compensation consultant reports directly to the talent and compensation committee and its chair and serves at the discretion of the talent and compensation committee, which reviews the engagement annually. For 2025, the talent and compensation committee retained Compensia to serve as its compensation consultant to advise on executive and director compensation matters, including competitive market pay practices for our executive officers, and data selection of the compensation peer group used for purposes of Compensia's competitive market and other analyses. During 2025, Compensia attended talent and compensation committee meetings and provided the following services: •Consulted with the talent and compensation committee chair and other members between talent and compensation committee meetings; •Conducted a review, identification and updating of our compensation peer group; •Provided a competitive market analysis based on data drawn from the compensation peer group for our executive officer positions, including new hire compensation, and evaluated how the compensation of our executive officers compared both to our performance and to how the companies in our compensation peer group compensate their executives in comparable positions; •Provided a competitive market analysis based on data drawn from the compensation peer group for non-employee directors, and evaluated how the compensation of our non-employee directors compared to how the companies in our compensation peer group compensate their non-employee directors; •Reviewed and analyzed base salary levels, annual cash bonus opportunities, and long-term equity incentive compensation opportunities of our executive officers; •Conducted a “burn rate” and “overhang” analysis; •Conducted a review and analysis of short-term and long-term incentive compensation program designs; •Conducted a review and analysis of the competitive market with respect to the compensation arrangements for the Chief Financial Officer position; •Assessed executive compensation trends within our industry, and provided updates on corporate governance and regulatory issues and developments; •Reviewed our executive compensation disclosure; •Assessed compensation risk to determine whether our compensation policies and practices are reasonably likely to have a material adverse impact on the company; and •Supported on other ad hoc matters throughout the year. Compensia did not provide any services to us other than the consulting services to the talent and compensation committee. The talent and compensation committee regularly reviews the objectivity and independence of the advice provided by its compensation consultant on executive and director compensation matters. The talent and compensation committee has evaluated Compensia’s engagement, and based on the six factors for assessing independence and identifying potential conflicts of interest that are set forth in Rule 10C-1(b)(4) of the Exchange Act, Rule 5605(d)(3)(D) of the Nasdaq Marketplace Rules, and such other factors as were deemed relevant under the circumstances, has determined that its relationship with Compensia and the work of Compensia on behalf of the talent and compensation committee did not raise any conflict of interest, and that Compensia is independent as defined in Rule 5605(a)(2) of the Nasdaq Marketplace Rules.

  46. Role of Compensation Consultant

    | Dropbox, Inc. Proxy Statement and Notice of 2026 Annual Meeting of Stockholders | 37 |

  47. Competitive Positioning

    Competitive Positioning For purposes of assessing our executive compensation against the competitive market, the talent and compensation committee reviews and considers the compensation levels and practices of a select group of peer companies. This compensation peer group consists of technology companies that are similar to us in terms of revenue, market capitalization, geographical location, and industry sector. The companies in the compensation peer group for 2025 were approved in August 2024 on the basis of their similarity to us, as determined using the following criteria, each as of July 2024: •revenue – approximately 0.4x to approximately 2.5x our last four fiscal quarter revenue of approximately $2.5 billion (approximately $1.0 billion to $6.3 billion); •market capitalization – approximately 0.2x to approximately 5.0x our market capitalization of approximately $7.5 billion (approximately $1.5 billion to $37.5 billion); •industry sector – software and SaaS, internet services and infrastructure, interactive media services, software, technology hardware and storage, transaction and payment processing services, and certain SaaS companies not classified as such; and •relevance – software-as-a-service model or product similarity.

  48. Competitive Positioning

    | 38 | Dropbox, Inc. Proxy Statement and Notice of 2026 Annual Meeting of Stockholders |

  49. Competitive Positioning

    In selecting the 2025 compensation peer group, the talent and compensation committee chose companies that resulted in us being near the median of the group as of July 2024, in terms of both revenue and market capitalization.

  50. Competitive Positioning

    | 2024 Compensation Peer Group | Changes to Peer Group | 2025 Compensation Peer Group | | Affirm Holdings | Removed: | Affirm Holdings | | AppLovin | Splunk (acquired) | AppLovin | | Box | | Box | | DocuSign | | DocuSign | | Dolby Laboratories | | Dolby Laboratories | | Elastic | | Elastic | | Etsy | | Etsy | | F5 | | F5 | | GoDaddy | | GoDaddy | | HubSpot | | HubSpot | | Informatica | Added: None | Informatica | | Nutanix | | Nutanix | | Okta | | Okta | | Paycom Software | | Paycom Software | | Pinterest | | Pinterest | | Pure Storage | | Pure Storage | | RingCentral | | RingCentral | | Roku | | Roku | | Splunk | | Teradata | | Teradata | | Zoom Communications | | Zoom Communications | | |

  51. Competitive Positioning

    The compensation practices of the compensation peer group were the primary guide used by the talent and compensation committee in 2025 to compare the competitiveness of each compensation element and our annual target total direct compensation (base salary, target annual cash bonus opportunities, and target long-term equity incentive compensation opportunities) for our executive officers. To analyze the compensation practices of our compensation peer group, Compensia gathered data from public filings of the peer group companies, as well as from the Radford Global Technology Survey. This market data was then used as a reference point for the talent and compensation committee to assess our current compensation levels in the course of its deliberations on compensation forms and amounts. The talent and compensation committee does not engage in formal benchmarking against other companies’ compensation programs or practices to establish our compensation levels or make specific compensation recommendations with respect to our executive officers, including our named executive officers. The talent and compensation committee reviews our compensation peer group each year and adjusts its composition if warranted, taking into account changes in both our business and the businesses of the companies in the peer group.

  52. Compensation Setting

    | •Our executive compensation program objectives; •Our performance against the financial, operational, and strategic objectives established by the talent and compensation committee and our board of directors; •Each individual executive officer’s knowledge, skills, experience, qualifications, and tenure relative to other similarly-situated executives at the companies in our compensation peer group and/or selected broad-based compensation surveys; •The scope of each executive officer’s role and responsibilities compared to other similarly-situated executives at the companies in our compensation peer group and/or selected broad-based compensation surveys; •The prior performance of each individual executive officer, based on a subjective assessment of their contributions to our overall performance, ability to lead their business unit or function, and work as part of a team, all of which reflect our core values; | •The potential of each individual executive officer to contribute to our long-term financial, operational, and strategic objectives; •Our Chief Executive Officer’s compensation relative to that of our executive officers, and compensation parity among our executive officers; •Our financial performance and profile relative to our compensation peers; •The compensation practices of our compensation peer group and the positioning of each executive officer’s compensation in a ranking of peer company compensation levels based on an analysis of competitive market data; and •The recommendations of our Chief Executive Officer with respect to the compensation of our other executive officers. |

  53. Annual Cash Bonuses

    Annual Cash Bonuses In January 2025, the talent and compensation committee, with input from management, adopted our 2025 annual cash bonus plan (the “2025 Cash Bonus Plan”), which was designed to provide financial incentives for our executive officers if we met or exceeded the pre-established threshold levels for annual revenue and non-GAAP operating margin established under our 2025 annual operating plan. The 2025 Cash Bonus Plan is funded based on our actual achievement against the pre-established target levels for the applicable corporate performance measure.

  54. Annual Cash Bonuses

    | 42 | Dropbox, Inc. Proxy Statement and Notice of 2026 Annual Meeting of Stockholders |

  55. Target Annual Cash Bonus Opportunities

    Target Annual Cash Bonus Opportunities Under the 2025 Cash Bonus Plan, annual cash bonus opportunities and payments were based upon an eligible percentage of each participant’s base salary. In March 2025, the talent and compensation committee reviewed and approved the target annual cash bonus opportunities of our then-current executive officers, taking into consideration a competitive market analysis prepared by our compensation consultant and the recommendations of our Chief Executive Officer (except with respect to his own target annual cash bonus opportunity) as well as the other factors described in “Compensation-Setting Process—Compensation Setting” above. Based on this review, the talent and compensation committee decided to make no adjustment to the 2024 target annual cash bonus opportunity (as a percentage of base salary) of each of our then-current named executive officers. Mr. Yoon's target annual cash bonus opportunity was increased from 50% to 75% of his base salary in connection with his appointment as Chief Legal Officer to reflect his increased responsibilities in his new role and taking into consideration a competitive market analysis prepared by the talent and compensation committee's compensation consultant and the recommendations of our Chief Executive Officer, as well as the other factors described in “Compensation-Setting Process—Compensation Setting” above. Target annual cash bonus opportunities for Messrs. Dasdan, and Tennenbaum were determined by the talent and compensation committee in connection with their hiring, prior to commencement of employment. Mr. Dasdan’s initial target annual cash bonus opportunity was set in December 2024 in advance of his March 2025 start date; and Mr. Tennenbaum’s 2026 target annual cash bonus opportunity was set in advance of his December 2025 start date. In each case, target annual cash bonus opportunity determinations were made taking into account a competitive market analysis prepared by the talent and compensation committee's compensation consultant and the recommendations of our Chief Executive Officer, as well as the other factors described in “Compensation-Setting Process—Compensation Setting” above. The 2025 target annual cash bonus opportunities for our named executive officers were:

  56. Target Annual Cash Bonus Opportunities

    | Named Executive Officer | Target Annual Cash Bonus Opportunity (as a Percentage of Base Salary) | 2025 Target Annual Cash Bonus Opportunity ($)(1) | | Andrew W. Houston | 100% | 800,000 | | Ross Tennenbaum(2) | — | — | | Timothy Regan | 85% | 476,000 | | William Yoon(3) | 75% | 320,188 | | Ali Dasdan(4) | 100% | 416,438 | | Ashraf Alkarmi | 100% | 500,000 |

  57. Target Annual Cash Bonus Opportunities

    (1)Target annual cash bonus opportunities are shown as of December 31, 2025. Target annual cash bonus opportunities are prorated as applicable to reflect any salary and/or target bonus changes as well as employment start dates in 2025. (2)Mr. Tennenbaum joined the company in December 2025 and therefore was not eligible to receive an annual cash bonus for 2025. (3)Mr. Yoon's target annual cash bonus opportunity reflects the adjustments to his base salary and target annual cash bonus opportunity during 2025 in connection with his appointment to Chief Legal Officer. (4)Mr. Dasdan's target annual cash bonus amount is prorated based on his start date. Potential annual cash bonus payments for our executive officers under the 2025 Cash Bonus Plan ranged from zero to 187.5% of their target annual cash bonus opportunity.

  58. Target Annual Cash Bonus Opportunities

    | Individual Bonus Target % of Salary | | | Corporate Performance 0% - 125% | | | Individual Performance 0% -150% | | Bonus Payout 0% - 187.5% of Target | | | | | | | | | | | | | Revenue (67% weight) | | | Non-GAAP Operating Margin (33% weight) | | | | |

  59. Target Annual Cash Bonus Opportunities

    | Dropbox, Inc. Proxy Statement and Notice of 2026 Annual Meeting of Stockholders | 43 |

  60. Corporate Performance Measure

    Corporate Performance Measure The talent and compensation committee approved annual revenue (weighted 67%) and non-GAAP operating margin (weighted 33%) as components of the corporate performance measure under the 2025 Cash Bonus Plan because it believes incorporating both annual revenue and non-GAAP operating margin aligns with our emphasis on driving profitable growth. For purposes of the 2025 Cash Bonus Plan, “annual revenue” was calculated by excluding the impact of foreign exchange from our annual revenue reflected in our audited financial statements for the 2025 fiscal year. For purposes of the 2025 Cash Bonus plan, “non-GAAP operating margin” was calculated by excluding the impact of stock-based compensation expense, acquisition-related and other expenses, amortization of acquired intangible assets, workforce reduction expenses, and net gains and losses on real estate assets. These adjustments were made to provide a clearer view of our core operating performance for the year. In January 2025, the talent and compensation committee set the target performance levels under the 2025 Cash Bonus Plan at (i) $2,502 million for annual revenue and (ii) 39.0% for non-GAAP operating margin. In addition, the talent and compensation committee approved the performance matrix for funding the 2025 Cash Bonus Plan (as described below). With respect to the annual revenue performance measure, funding was 0% if revenue did not meet the threshold performance level of $2,426 million. At 97% of the target revenue performance level, funding was 50%. For performance between 97% and 100% of target, the funding percentage increased linearly up to 100% at target performance. For performance between 100% and 103% of target, the funding percentage increased linearly from 100% to a maximum of 125% at 103% of target revenue. The maximum annual revenue bonus funding percentage was 125%. For the non-GAAP operating margin performance measure, bonus funding was 0% if performance fell below the 35.1% threshold level. At 35.1%, bonus funding was 50%. Funding then increased linearly from 50% at 35.1% to 100% at the target performance level of 39.0%. Above target, funding increased linearly from 100% at 39.0% to a maximum of 125% at 42.9%. The maximum bonus funding percentage for this component was 125%.

  61. Individual Performance Factor

    Individual Performance Factor In determining the amount of annual cash bonus payments under the 2025 Cash Bonus Plan, the talent and compensation committee considered an evaluation of each bonus eligible executive officer’s individual performance for the year. Generally, this evaluation involved, in the case of our Chief Executive Officer, an evaluation of his performance by the talent and compensation committee and, in the case of our other executive officers, an evaluation by our Chief Executive Officer. These evaluations were based on an overall subjective assessment of each bonus eligible executive officer's performance based on company priorities for the year, and no single factor was determinative in setting bonus payout levels, nor was the impact of any individual factor on the bonus quantifiable. Dropbox operates in a highly competitive industry and we set a high bar for performance expectations for each one of our named executive officers. Our named executive officers are evaluated based on their overall performance, impact, and results.

  62. 2025 Annual Cash Bonus Decisions

    2025 Annual Cash Bonus Decisions In March 2026, the talent and compensation committee, based on its evaluation of our performance against our annual operating plan, determined the size of the bonus pool based on our performance during 2025 and determined the annual cash bonus payments for our bonus eligible executive officers, including our bonus eligible named executive officers, pursuant to the 2025 Cash Bonus Plan. The talent and compensation committee reviewed our actual annual revenue performance for 2025 and determined that, for purposes of the calculation used for the 2025 Cash Bonus Plan, we had achieved annual revenue of $2,518 million, which was 101% of our annual revenue target for the year. In addition, the talent and compensation committee determined that we had achieved non-GAAP operating margin of 40.7% (for purposes of the calculation used for the 2025 Cash Bonus Plan) compared to our target of 39.0% for the year. Our revenue and non-GAAP operating margin performances resulted in a corporate performance measure of 107.3%. Accordingly, the talent and compensation committee approved a bonus funding percentage of 107.3% with respect to the corporate performance measure. Our Chief Executive Officer evaluated the achievement of each other bonus eligible executive officer and formulated a recommendation for each such executive officer’s annual cash bonus payment for consideration by the talent and compensation committee. These recommendations were based on our Chief Executive Officer’s subjective assessment of each individual’s contributions taking into account company priorities for the year. In the case of our Chief Executive Officer, the talent and compensation committee evaluated our financial and operational performance for 2025 and formulated an annual cash bonus payment for him based on the subjective assessment of his performance. Based on these evaluations, the talent and compensation committee approved the annual cash bonus payments for our bonus eligible named executive officers for 2025 as set forth in the table below, including adjustments for the named executive officer's individual performance factor.

  63. 2025 Annual Cash Bonus Decisions

    | Named Executive Officer | Target Annual Cash Bonus Payment ($) | Annual Cash Bonus Payment ($) | Percentage of Target Annual Cash Bonus Actually Paid | | Andrew W. Houston | 800,000 | 750,400 | 94% | | Ross Tennenbaum | — | — | — | | Timothy Regan(1) | 476,000 | 558,000 | 117% | | William Yoon | 320,188 | 375,000 | 117% | | Ali Dasdan | 416,438 | 391,000 | 94% | | Ashraf Alkarmi | 500,000 | 586,000 | 117% |

  64. 2025 Annual Cash Bonus Decisions

    (1) Due to his continued employment through March 2026, Mr. Regan remained eligible to receive an annual cash bonus payment based on his 2025 target annual cash bonus opportunity. The annual cash bonus payments made to our named executive officers for 2025 are set forth in the “Summary Compensation Table for Fiscal Year 2025” below.

  65. Long-Term Equity Incentive Compensation

    Long-Term Equity Incentive Compensation We view long-term equity incentive compensation as a critical element of our executive compensation program. The realized value of these equity awards bears a direct relationship to our stock price, and, therefore, these awards are an incentive for our executive officers to create value for our stockholders. Equity awards also help us retain qualified executive officers in a competitive market. The amount and forms of the equity awards granted to our executive officers are determined by the talent and compensation committee after considering a competitive market analysis prepared by our compensation consultant, the recommendation of our Chief Executive Officer (other than for himself), and the factors described in the section titled “Executive Compensation—Compensation-Setting Process—Compensation Setting” above. The size of the equity awards is also intended to be competitive and result in target total direct compensation opportunities that the talent and compensation committee believes are reasonable and appropriate taking into consideration the factors described in the preceding sentence. In March 2025, the talent and compensation committee approved equity grants in the form of restricted stock unit awards (“RSUs”) covering our Class A common stock to Messrs. Regan and Yoon, each of which were effective April 1, 2025. Separately, the talent and compensation committee approved a new hire award for Mr. Alkarmi, which was granted effective January 1, 2025 and a new hire award for Mr. Dasdan, which was granted effective April 1, 2025.

  66. Long-Term Equity Incentive Compensation

    | Dropbox, Inc. Proxy Statement and Notice of 2026 Annual Meeting of Stockholders | 45 |

  67. Long-Term Equity Incentive Compensation

    Differentiation was made among our named executive officers based on the talent and compensation committee’s review of a competitive market analysis for their respective positions, internal equity, past performance, and expected future contributions. Mr. Houston did not receive an equity grant in 2025 in light of his significant ownership position in the company and the Co-Founder Grant he received in 2017. The equity awards granted to our named executive officers in 2025 were as follows:

  68. Long-Term Equity Incentive Compensation

    | Named Executive Officer | RSUs(1) | Aggregate Grant Date Fair Value ($) | | Andrew W. Houston | — | — | | Ross Tennenbaum(2) | — | — | | Timothy Regan | 209,777 | 5,603,144 | | William Yoon | 190,706 | 5,093,757 | | Ali Dasdan | 610,260 | 16,300,045 | | Ashraf Alkarmi | 537,936 | 16,159,597 |

  69. Long-Term Equity Incentive Compensation

    (1)The time-based RSU awards granted to Messrs. Regan Yoon, Dasdan, and Alkarmi were scheduled to vest over a four-year period in equal quarterly installments. The unvested portion of the RSU awards previously granted to Mr. Regan terminated upon his departure from the company. (2)Mr. Tennenbaum joined the company in December 2025 and, in connection with his hiring, he was granted an equity award in January 2026. The equity awards granted to our named executive officers during 2025 are set forth in the “Summary Compensation Table for Fiscal Year 2025” and under “Grants of Plan-Based Awards in 2025” below.

  70. CFO Sign On Bonus

    CFO Sign On Bonus As noted above, Mr. Tennenbaum was not eligible to receive a bonus under the 2025 Cash Bonus Plan. However, in connection with his hiring, the talent and compensation committee approved a one-time sign-on bonus in the aggregate amount of $350,000 to Mr. Tennenbaum, which was paid in December 2025.

  71. Performance Achievement of Mr. Houston’s Co-Founder Grant

    Performance Achievement of Mr. Houston’s Co-Founder Grant In December 2017, our board approved a grant to Mr. Houston (our co-founder, Chief Executive Officer and chair of the board of directors) of a restricted stock award ("RSA") with respect to 10.3 million shares of Class A common stock in the aggregate (the “Co-Founder Grant”). The Co-Founder Grant has service-based, market-based, and performance-based vesting conditions. The Co-Founder Grant is eligible to vest over the ten-year period following the closing of our initial public offering. The Co-Founder Grant is comprised of nine tranches that are eligible to vest based on the achievement of stock price goals (each, a “Stock Price Target”), measured over a consecutive thirty-day trading period during the Performance Period (defined below), as follows:

  72. Practices with Regard to Timing of Equity Awards

    Practices with Regard to Timing of Equity Awards Our board and the talent and compensation committee of our board does not take material nonpublic information into account when determining the timing and terms of equity grants. We do not have a policy or practice to time equity grants based on the release of material non-public information. We did not grant stock options to any of our named executive officers in 2025 and have never granted stock appreciation rights.

  73. Compensation Recovery Policy

    Compensation Recovery Policy In August 2023, the talent and compensation committee adopted a compensation recovery ("clawback") policy in compliance with Nasdaq and SEC requirements. Consistent with the requirements, for compensation received after October 2, 2023 and during the applicable covered period (which generally includes the three completed fiscal years prior to the restatement date), the clawback policy requires the company to recover excess incentive-based compensation from current and former executives that is granted, earned or vested based upon the attainment of a financial reporting measure in the event of an accounting restatement due to material non-compliance with any financial reporting requirement under U.S. securities laws that was in excess of what would have been received had the incentive-based compensation been determined based on the restated amounts. Employment Arrangements We have entered into written employment letters with our Chief Executive Officer and each of our other executive officers. Each of these arrangements was approved on our behalf by the talent and compensation committee or our board of directors. In filling each of our executive positions, our board of directors or the talent and compensation committee, as applicable, recognized that we would need to develop competitive compensation packages to attract qualified candidates in a dynamic labor market. At the same time, our board of directors and the talent and compensation committee were sensitive to the need to integrate new executive officers into the executive compensation structure, balancing both competitive and internal equity considerations. Each of our employment arrangements provides for “at will” employment (meaning that either we or the executive officer may terminate the employment relationship at any time with or without cause) and sets forth the initial compensation arrangements for the executive officer, including an initial base salary, participation in our employee benefit programs, an equity award recommendation, and, in some cases, sign-on bonuses and reimbursement or payment of relocation expenses. These employment arrangements also prohibit the executive officer from engaging directly or indirectly in competition with us during their employment, diverting our customers to a competitor, or disclosing our confidential information or business practices, and recruiting or soliciting any of our employees for a period after their employment. Our executive officers are also eligible to enter into change in control and severance agreements with the company. These post-employment compensation terms are discussed in “Post-Employment Compensation” below.

  74. Compensation Recovery Policy

    Post-Employment Compensation We have entered into change in control and severance agreements with each of our executive officers, including each of our named executive officers. These agreements provide these individuals with certain protection in the event of their termination of employment under specified circumstances, including following a change in control of the company. We believe that these protections were necessary to induce these individuals to accept a demanding position with the company and help retain them. These arrangements provide reasonable compensation to an executive officer if they leave our employ under certain circumstances to facilitate transition to new employment. Further, in some instances, we seek to mitigate any potential employer liability and avoid future disputes or litigation by requiring a departing executive officer to sign a separation and release agreement as a condition to receiving post-employment compensation payments or benefits. We also believe that these arrangements help maintain our executive officers’ continued focus and dedication to their fiduciary duties under Nevada law. The terms and conditions were approved by our board of directors after an analysis of competitive market data. All payments and benefits in the event of a change in control of the company are payable only if there is a subsequent loss of employment by an executive officer (a so-called “double-trigger” arrangement). In the case of the acceleration of vesting of outstanding equity awards, we use this double-trigger arrangement to protect against the loss of retention value following a change in control of the company, and to avoid windfalls, both of which could occur if vesting of either equity or cash-based awards accelerated automatically as a result of the transaction. Mr. Houston’s Co-Founder Grant (as described below) is eligible to vest in connection with our acquisition if the per share deal price in the acquisition causes a Stock Price Target that has not previously been achieved to be satisfied, in which case the tranche(s) of shares corresponding to that Stock Price Target will vest. Additionally, if the acquisition price falls between a Stock Price Target that has been achieved and one that has not, then a portion of that tranche of shares will vest based on a linear interpolation between each of these Stock Price Targets. See the section titled “Potential Payments on Termination or Change in Control” below for additional details.

  75. Taxation of Parachute Payments and Deferred Compensation

    Taxation of Parachute Payments and Deferred Compensation We do not provide, and have no obligation to provide, any of our named executive officers with a “gross-up” payment for any tax liability he or she might owe because of the application of Sections 280G, 4999 or 409A of the Code. If any of the payments or benefits provided for under the change in control and severance agreements or otherwise payable to a named executive officer would constitute “parachute payments” within the meaning of Section 280G of the Code and could be subject to the related excise tax, he or she would receive either full payment of such payments and benefits or such lesser amount that would cause no portion of the payments and benefits being subject to the excise tax, whichever results in the greater after-tax benefits to our named executive officer.

  76. Accounting for Stock-Based Compensation

    Accounting for Stock-Based Compensation Our talent and compensation committee considers accounting effects in designing compensation plans and arrangements for our executive officers and other employees. Chief among these is ASC Topic 718, the standard which governs the accounting treatment of stock-based compensation awards. ASC Topic 718 requires companies to measure the compensation expense for all share-based payment awards made to employees and directors, including stock options, restricted stock units and restricted stock awards, based on the grant date “fair value” of these awards. This calculation is performed for accounting purposes and reported in the compensation tables below, even though our executive officers may realize no value from their awards. ASC Topic 718 also requires companies to recognize the compensation cost of their share-based payment awards in their income statements over the period that an executive officer is required to render service in exchange for the option or other award. We estimated the grant date fair value of Mr. Houston’s Co-Founder Grant using a model based on multiple stock price paths developed through the use of a Monte Carlo simulation that incorporates into the valuation the possibility that the Stock Price Targets may not be satisfied. The average grant date fair value of the Co-Founder Grant was estimated to be $10.60 per share, and we will recognize total stock-based compensation expense of $109.6 million over the requisite service period of each tranche, which ranged from 2.9 to 6.9 years, using the accelerated attribution method. As of December 31, 2024, Mr. Houston's Co-Founder Grant has been fully recognized, and no further stock-based compensation expense related to the Co-Founder Grant remains. The fair value of the Co-Founder Grant, whereby vesting is contingent on meeting certain market conditions was estimated using the following assumptions:

  77. Michael Seibel

    Compensation Risk Assessment Our management regularly assesses and discusses with the talent and compensation committee our compensation programs, policies, and practices for our employees as they relate to our risk management. In this regard, we undertake a risk review of our employee compensation programs, policies, and practices (including our executive compensation program) each year to determine whether these programs, policies, and practices contain features that might create undue risks or encourage unnecessary and excessive risk-taking that could threaten our value. Based upon this review, we believe that any risks arising from such programs, policies, and practices are not reasonably likely to have a material adverse effect on us. Our employees’ base salaries are fixed in amount and thus we do not believe that they encourage excessive risk-taking. While performance-based cash bonuses and sales commissions focus on achievement of short-term or annual goals, which may encourage the taking of short-term risks at the expense of long-term results, we believe that our compensation policies and the risk mitigation features of our cash bonus plans help mitigate this risk and our performance-based cash bonuses and sales commissions are limited, representing a small portion of the total compensation opportunities available to most non-executive employees. We also believe that our performance-based cash bonuses and sales commissions appropriately balance risk and the desire to focus our employees on specific short-term goals important to our success, and do not encourage unnecessary or excessive risk-taking. A significant proportion of the compensation provided to most of our employees involves long-term incentive compensation in the form of equity awards that we believe are important to help further align our employees’ interests with those of our stockholders. These equity awards directly tie their expectations of compensation to their contributions to the long-term value of our company. We do not believe that these equity awards encourage unnecessary or excessive risk-taking given their multi-year vesting schedules and since their ultimate value is tied to our stock price.

  78. Michael Seibel

    | Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($)(1) | Non-equity Incentive Plan Compensation ($)(2) | All Other Compensation ($)(3) | Total ($) | | Andrew W. Houston Chief Executive Officer and Co-Founder | 2025 | 800,000 | — | — | 750,400 | 616,222(4) | 2,166,622 | | | 2024 | 756,250 | — | — | 551,480 | 398,775(4) | 1,706,505 | | | 2023 | 625,000 | — | — | 485,000 | 429,577(4) | 1,539,577 | | Ross Tennenbaum Chief Financial Officer | 2025 | 22,917 | 350,000(5) | — | — | — | 372,917 | | | 2024 | — | — | — | — | — | — | | | 2023 | — | — | — | — | — | — | | Timothy Regan Former Chief Financial Officer | 2025 | 560,000 | — | 5,603,144 | 558,000 | 256,000(6) | 6,977,144 | | | 2024 | 560,000 | — | 5,034,474 | 623,000 | 6,000 | 6,223,474 | | | 2023 | 560,000 | — | 4,761,200 | 348,000 | 6,000 | 5,675,200 | | William Yoon Chief Legal Officer | 2025 | 461,250 | — | 5,093,757 | 375,000 | 9,273 | 5,939,280 | | | 2024 | — | — | — | — | — | — | | | 2023 | — | — | — | — | — | — | | Ali Dasdan Chief Technology Officer | 2025 | 415,063 | — | 16,300,045 | 391,000 | 9,488 | 17,115,597 | | | 2024 | — | — | — | — | — | — | | | 2023 | — | — | — | — | — | — | | Ashraf Alkarmi General Manager and Senior Vice President, Core Products | 2025 | 500,000 | — | 16,159,597 | 586,000 | 9,808 | 17,255,405 | | | 2024 | — | — | — | — | — | — | | | 2023 | — | — | — | — | — | — |

  79. Amount of Payments Upon Termination at 2025 Year-End

    Amount of Payments Upon Termination at 2025 Year-End The following table describes the payments that would have been provided to each of our named executive officers in the event that they were involuntarily terminated by Dropbox without cause or resigned for good reason outside of a change in control context, assuming such termination occurred on December 31, 2025. Mr. Regan is not included in this table since he voluntarily terminated his employment with the company prior to December 31, 2025.

  80. Amount of Payments Upon Termination at 2025 Year-End

    | Name | Base Salary Component ($) | Cash Bonus Component ($) | Value of Accelerated Equity Awards ($)(1) | Value of Benefits ($) | Total ($) | | Andrew W. Houston | 400,000 | — | — | 17,511 | 417,511 | | Ross Tennenbaum | 275,000 | — | — | 14,129 | 289,129 | | William Yoon | 237,500 | — | 566,731 | 17,578 | 821,809 | | Ali Dasdan | 250,000 | — | 1,060,320 | 17,578 | 1,327,898 | | Ashraf Alkarmi | 250,000 | — | 934,664 | 17,578 | 1,202,242 |

  81. Amount of Payments Upon Termination at 2025 Year-End

    (1)Value based on a per share price of $27.80, which was the closing price for a share of our Class A common stock, as reported on December 31, 2025, the last trading day of the year.

  82. Amount of Payments Upon Termination at 2025 Year-End

    | Dropbox, Inc. Proxy Statement and Notice of 2026 Annual Meeting of Stockholders | 57 |

  83. Amount of Payments Upon Termination at 2025 Year-End

    The following table describes the payments that would have been provided to each of our named executive officers that remained employed by the company as of December 31, 2025, upon termination of employment in connection with a change in control of Dropbox as described above, assuming such termination had occurred on December 31, 2025. Mr. Regan is not included in this table since he resigned as our Chief Financial Officer prior to December 31, 2025.

  84. Amount of Payments Upon Termination at 2025 Year-End

    | Name(1) | Base Salary Component ($) | Cash Bonus Component ($) | Value of Accelerated Equity Awards ($)(2) | 280G Gross-up ($) | Value of Benefits ($) | Total ($) | | Andrew W. Houston | 800,000 | 800,000 | —(3) | — | 35,021 | 1,635,021 | | Ross Tennenbaum | 550,000 | — | — | — | 28,259 | 578,259 | | William Yoon | 475,000 | 320,188 | 5,462,172 | — | 35,156 | 6,292,516 | | Ali Dasdan | 500,000 | 416,438 | 13,784,241 | — | 35,156 | 14,735,835 | | Ashraf Alkarmi | 500,000 | 500,000 | 11,215,966 | — | 35,156 | 12,251,122 |

  85. Amount of Payments Upon Termination at 2025 Year-End

    (1)All of our named executive officers are subject to a better-after-tax provision whereby Dropbox would either pay such person (i) the full amount of their severance benefits or, alternatively (ii) an amount of certain severance benefits otherwise payable to them such that the severance benefits will not be subject to the tax imposed by Section 4999 of the Code, whichever produces the better after-tax result for such named executive officer. (2)Unless otherwise noted, the value is based on a per share price of $27.80, which was the closing price for a share of our Class A common stock as reported on December 31, 2025, the last trading day of the year. (3)Excludes 8,266,666 shares of Class A common stock underlying RSAs subject to Mr. Houston’s Co-Founder Grant. See the section titled “Executive Compensation—Potential Payments on Termination or Change in Control—Certain Equity Awards” above for additional information regarding the terms of Mr. Houston’s Co-Founder Grant in connection with a change in control.

  86. Amount of Payments Upon Termination at 2025 Year-End

    | 58 | Dropbox, Inc. Proxy Statement and Notice of 2026 Annual Meeting of Stockholders |

  87. Amount of Payments Upon Termination at 2025 Year-End

    CEO Pay Ratio In accordance with Item 402 of Regulation S-K under the Securities Act (“Item 402”), below is the ratio of the annual total compensation of the median employee of the company to the annual total compensation of the CEO (the “Pay Ratio Disclosure”).

  88. Amount of Payments Upon Termination at 2025 Year-End

    | $2,166,622 | $286,151 | 8:1 | | CEO Total Annual Compensation | Median Employee Total Compensation | CEO Pay Ratio |

  89. Amount of Payments Upon Termination at 2025 Year-End

    In order to identify our median employee, we examined the total compensation in 2025 of all employees globally, including those employed on a full-time, part-time, seasonal or temporary basis by the company as of December 31, 2025, and then such compensation was converted into U.S. dollars. We did not annualize compensation for employees who were not employed for the entire 2025 fiscal year. We chose total compensation to use as our consistently applied compensation measure. Total compensation includes each employee’s base salary, bonuses, sales commissions paid and the grant date fair market value of equity awards granted during the 12-month period from January 1, 2025 through December 31, 2025. Our CEO had annual total compensation for 2025, calculated using the requirements of Item 402 for purposes of the Pay Ratio Disclosure, of $2,166,622. The annual total compensation of the median employee of the company for 2025, calculated using the same requirements under Item 402 for purposes of the Pay Ratio Disclosure, which included base pay, incentive compensation, the grant date fair value of equity grants and the company’s matching contribution to that employee’s 401(k) plan account, was $286,151. Accordingly, the ratio of the annual total compensation of the CEO to the annual total compensation of the median employee of the company was 8:1. The Pay Ratio Disclosure presented above is a reasonable estimate calculated in a manner consistent with Item 402. Because the SEC’s final regulations for identifying the median employee, calculating annual total compensation and determining the pay ratio allow companies to use different methodologies, exemptions, estimates and assumptions, the company’s Pay Ratio Disclosure may not be comparable to that reported by other companies.

  90. Amount of Payments Upon Termination at 2025 Year-End

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  91. Amount of Payments Upon Termination at 2025 Year-End

    Pay Versus Performance In accordance with Item 402, below is the comparison of the total compensation actually paid to company performance (the “Pay Versus Performance Disclosure”). For further information concerning our variable pay-for-performance philosophy and how we align executive compensation with the company’s performance, refer to the section titled “Executive Compensation—Compensation Discussion and Analysis.”

  92. Amount of Payments Upon Termination at 2025 Year-End

    | (a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | | Year | Summary Compensation Table Total for PEO ($)(1) | Compensation Actually Paid to PEO ($)(2) | Average Summary Compensation Table Total for Non-PEO NEOs ($)(3) | Average Compensation Actually Paid to Non-PEO NEOs ($)(4) | Value of Initial Fixed $100 Investment Based On: | | Net Income ($M)(7) | Revenue ($M)(8) | | | | | | | Total Company Shareholder Return ($)(5) | Peer Group Total Shareholder Return ($)(6) | | | | 2025 | 2,166,622 | -42,424,294 | 9,532,069 | 9,530,364 | 125.28 | 258.44 | 508.4 | 2,518 | | 2024 | 1,706,505 | -16,215,315 | 7,182,866 | 7,498,844 | 135.38 | 200.98 | 452.3 | 2,545 | | 2023 | 1,539,577 | 19,457,888 | 2,515,311 | 1,165,036 | 132.85 | 147.39 | 453.6 | 2,541 | | 2022 | 1,146,000 | -22,783,000 | 3,473,372 | 528,487 | 100.86 | 88.54 | 553.2 | 2,357 | | 2021 | 1,515,269 | 25,163,611 | 2,832,378 | 1,261,953 | 110.59 | 137.86 | 335.8 | 2,149 |

  93. Amount of Payments Upon Termination at 2025 Year-End

    (1) The dollar amounts reported in column (b) are the amounts of total compensation reported for Mr. Houston, our Chief Executive Officer (“PEO”), for each corresponding year in the “Total” column of the applicable “Summary Compensation Table.” Refer to “Executive Compensation – Summary Compensation Table.” (2) The dollar amounts reported in column (c) represent the amount of “compensation actually paid” to Mr. Houston, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Houston during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Houston’s total compensation for each year to determine the compensation actually paid:

  94. Amount of Payments Upon Termination at 2025 Year-End

    | Year | Reported Summary Compensation Table Total for PEO ($) | Reported Value of Equity Awards ($)(a) | Equity Award Adjustments ($)(b) | Compensation Actually Paid to PEO ($) | | 2025 | 2,166,622 | 0 | -44,590,916 | -42,424,294 | | 2024 | 1,706,505 | 0 | -17,921,820 | -16,215,315 | | 2023 | 1,539,577 | 0 | 17,918,311 | 19,457,888 | | 2022 | 1,146,000 | 0 | -23,929,000 | -22,783,000 | | 2021 | 1,515,269 | 0 | 23,648,342 | 25,163,611 |

  95. Amount of Payments Upon Termination at 2025 Year-End

    (a)The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” column in the “Summary Compensation Table” for the applicable year. (b)The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the applicable year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in the same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. Fair values were computed as of the end of the respective fiscal year, other than with regards to fair values of awards that vest in each covered

  96. Amount of Payments Upon Termination at 2025 Year-End

    | 60 | Dropbox, Inc. Proxy Statement and Notice of 2026 Annual Meeting of Stockholders |

  97. Amount of Payments Upon Termination at 2025 Year-End

    year, which are valued as of the applicable vesting date. The amounts deducted or added in calculating the equity award adjustments are as follows:

  98. Amount of Payments Upon Termination at 2025 Year-End

    | Year | Year End Fair Value of Equity Awards ($) | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards ($) | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year ($) | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($) | Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year ($) | Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation ($) | Total Equity Award Adjustments ($) | | 2025 | 0 | -44,590,916 | 0 | 0 | 0 | 0 | -44,590,916 | | 2024 | 0 | -17,921,820 | 0 | 0 | 0 | 0 | -17,921,820 | | 2023 | 0 | 17,918,311 | 0 | 0 | 0 | 0 | 17,918,311 | | 2022 | 0 | -23,929,000 | 0 | 0 | 0 | 0 | -23,929,000 | | 2021 | 0 | 8,238,085 | 0 | 15,410,257 | 0 | 0 | 23,648,342 |

  99. Amount of Payments Upon Termination at 2025 Year-End

    (3) The dollar amounts reported in column (d) represent the average of the amounts reported for the company’s named executive officers (“NEOs”) as a group (excluding Mr. Houston) in the “Total” column of the “Summary Compensation Table” in each applicable year. The names of each of the NEOs (excluding Mr. Houston) included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2025, Ross Tennenbaum, Tim Regan, William Yoon, Ali Dasdan, and Ashraf Alkarmi; (ii) for 2024, Tim Regan, Bart Volkmer, and Eric Cox; (iii) for 2023, Timothy Young, Tim Regan, Bart Volkmer, and Eric Cox; (iv) for 2022, Timothy Young, Tim Regan and Bart Volkmer; and (v) for 2021, Timothy Young, Tim Regan, Bart Volkmer, and Olivia Nottebohm. (4) The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” to the NEOs as a group (excluding Mr. Houston), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group (excluding Mr. Houston) during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the NEOs as a group (excluding Mr. Houston) for each year to determine the compensation actually paid, using the same methodology described above in Note 2:

  100. Amount of Payments Upon Termination at 2025 Year-End

    | Year | Average Reported Summary Compensation Table Total for Non-PEO NEOs ($) | Average Reported Value of Equity Awards($) | Average Equity Award Adjustments ($)(a) | Average Compensation Actually Paid to Non- PEO NEOs ($) | | 2025 | 9,532,069 | 8,631,309 | 8,629,604 | 9,530,364 | | 2024 | 7,182,866 | 6,566,199 | 6,882,177 | 7,498,844 | | 2023 | 2,515,311 | 2,049,960 | 699,685 | 1,165,036 | | 2022 | 3,473,372 | 2,607,061 | -337,824 | 528,487 | | 2021 | 2,832,378 | 1,946,253 | 375,828 | 1,261,953 |

  101. Amount of Payments Upon Termination at 2025 Year-End

    (a)The amounts deducted or added in calculating the total average equity award adjustments are as follows:

  102. Amount of Payments Upon Termination at 2025 Year-End

    | Year | (a) | (b) | (c) | (d) | (e) | (f) | Total Average Equity Award Adjustments ($)(a) | | | Average Year End Fair Value of Equity Awards ($) | Year over Year Average Change in Fair Value of Outstanding and Unvested Equity Awards ($) | Average Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year ($) | Year over Year Average Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($) | Average Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year ($) | Average Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation ($) | | | 2025 | 6,809,226 | -107,298 | 1,918,157 | 9,520 | 0 | 0 | 8,629,604 | | 2024 | 5,703,394 | 62,853 | 1,382,982 | -267,053 | 0 | 0 | 6,882,177 | | 2023 | 2,271,117 | 586,030 | 460,877 | 299,187 | -2,917,528 | 0 | 699,685 | | 2022 | 2,038,975 | -2,637,402 | 479,292 | -218,688 | 0 | 0 | -337,824 | | 2021 | 1,455,584 | 1,400,515 | 385,547 | 648,906 | 3,514,724 | 0 | 375,828 |

  103. Amount of Payments Upon Termination at 2025 Year-End

    (a)The total average equity award adjustment is calculated by adding the values in columns (a), (b), (c), (d), and (f) less (e). Due to rounding, the total average equity award may not equal the total obtained by adding and subtracting the applicable columns.

  104. Amount of Payments Upon Termination at 2025 Year-End

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  105. Amount of Payments Upon Termination at 2025 Year-End

    (5) Cumulative total shareholder return (“TSR”) is calculated as the difference between the company’s share price at the end and the beginning of the measurement period divided by the company’s share price at the beginning of the measurement period. (6) The peer group used for this purpose is the following published industry index: Nasdaq Computer Index. (7) The dollar amounts reported represent the amount of net income reflected in the company’s audited financial statements for the applicable year. (8) Annual revenue was calculated to exclude the impact of foreign exchange from our annual revenue reflected in our audited financial statements for the applicable fiscal year by applying the prior year weighted average exchange rate to the applicable period’s results.

  106. Analysis of the Information Presented in the Pay Versus Performance Table

    Analysis of the Information Presented in the Pay Versus Performance Table As described in more detail in the section titled “Executive Compensation—Compensation Discussion and Analysis,” the company’s executive compensation program reflects a variable pay-for-performance philosophy. While the company utilizes several performance measures to align executive compensation with company performance, not all of those company measures are presented in the “Pay Versus Performance” table. Moreover, the company generally seeks to incentivize long-term performance, and therefore does not specifically align the company’s performance measures with compensation that is actually paid (as computed in accordance with Item 402(v) of Regulation S-K) for a particular year. In accordance with Item 402(v) of Regulation S-K, the company is providing the following descriptions of the relationships between information presented in the “Pay Versus Performance” table.

  107. Compensation Actually Paid and Cumulative TSR

    Compensation Actually Paid and Cumulative TSR As demonstrated by the following graph, the amount of compensation actually paid to Mr. Houston decreased between 2021 and 2022, increased between 2022 and 2023, and then decreased again in 2024 and 2025. The average amount of compensation actually paid to the company’s NEOs as a group (excluding Mr. Houston) decreased between 2021 and 2022 and increased between 2022 and 2025. During that five-year period, total shareholder return has been positive. The variance in compensation actually paid over the five-year period is because a significant portion of compensation actually paid is comprised of equity awards, and in the case of Mr. Houston, vesting of equity awards is contingent upon achieving stock price targets as described in more detail in the section titled “Executive Compensation—Compensation Discussion and Analysis”.

  108. Compensation Actually Paid and Cumulative TSR

    | 62 | Dropbox, Inc. Proxy Statement and Notice of 2026 Annual Meeting of Stockholders |

  109. Compensation Actually Paid and Net Income

    Compensation Actually Paid and Net Income As demonstrated by the following graph, the amount of compensation actually paid to Mr. Houston decreased between 2021 and 2022, increased between 2022 and 2023, and then decreased again in 2024 and 2025. Meanwhile, the company's net income stabilized at a strong position over the same period. The average amount of compensation actually paid to the company’s NEOs as a group (excluding Mr. Houston) decreased between 2021 and 2022 and increased between 2022 and 2025, while the company's net income stabilized at a strong position over the same period. We do not use net income as a performance measure in our short or long-term incentive programs and as further discussed in the section titled “Executive Compensation—Compensation Discussion and Analysis”, a majority of the total compensation for the company’s NEOs is in the form of equity and therefore tied to stock price performance.

  110. Compensation Actually Paid and Revenue

    Compensation Actually Paid and Revenue As demonstrated by the following graph, the amount of compensation actually paid to Mr. Houston decreased between 2021 and 2022, increased between 2022 and 2023, and decreased again in 2024 and 2025. Meanwhile, the company's revenue increased between 2021 and 2024, before declining slightly in 2025. The average amount of compensation actually paid to the company’s NEOs as a group (excluding Mr. Houston) decreased between 2021 and 2022 and increased between 2022 and 2025. Over the same period, the company’s revenue increased from 2021 through 2024, followed by a slight decline in 2025. The company has determined that revenue is the financial performance measure that, in the company’s assessment, represents the most important financial measure used by the company to link compensation actually paid to the company’s NEOs, for the most recently completed fiscal year, to company performance. As further discussed above in the section titled “Executive Compensation—Compensation Discussion and Analysis”, revenue represents two-thirds of the corporate multiplier of the short-term incentive plan.

  111. Compensation Actually Paid and Revenue

    | Dropbox, Inc. Proxy Statement and Notice of 2026 Annual Meeting of Stockholders | 63 |