EX-10.7



 Exhibit 10.7 

DROPBOX, INC. 
 2008
EQUITY INCENTIVE PLAN 
 As Adopted on January, 18, 2008 

As Amended on October 29, 2008, June 10, 2011, November 10, 2011, January 13, 2012, 

April 30, 2013, February 14, 2014, May 6, 2014, January 29, 2015, May 29, 2015, 

November 5, 2015 and November 2, 2016 

1. PURPOSE. The purpose of this Plan is to provide incentives to attract, retain and motivate eligible persons
whose present and potential contributions are important to the success of the Company, its Parent and Subsidiaries by offering eligible persons an opportunity to participate in the Company’s future performance through awards of Options,
Restricted Stock and Restricted Stock Units. Capitalized terms not defined in the text are defined in Section 23 hereof. Although this Plan is intended to be a written compensatory benefit plan within the meaning of Rule 701 promulgated
under the Securities Act, grants may be made pursuant to this Plan which do not qualify for exemption under Rule 701 or Section 25102(o) of the California Corporations Code
(“Section 25102(o)”). Any requirement of this Plan which is required in law only because of Section 25102(o) need not apply if the Committee so provides. 

2. SHARES SUBJECT TO THE PLAN. 

2.1 Number of Shares Available. Subject to Sections 2.2 and 18 hereof, the total number of Shares reserved and
available for grant and issuance pursuant to this Plan will be 110,582,476 Shares. Subject to Sections 2.2, 5.10 and 12 hereof, Shares subject to Awards that are cancelled, forfeited, settled in cash, expire by their terms, used to pay
withholding obligations or used to pay the exercise price of an Option will again be available for grant and issuance in connection with other Awards. At all times the Company will reserve and keep available a sufficient number of Shares as
will be required to satisfy the requirements of all Awards granted and outstanding under this Plan. In no event shall the total number of Shares issued (counting each reissuance of a Share that was previously issued and then forfeited or repurchased
by the Company as a separate issuance) under the Plan upon exercise of ISOs exceed 221,164,953 Shares (adjusted in proportion to any adjustments under Section 2.2 hereof) over the term of the Plan. 

2.2 Adjustment of Shares. In the event that the number of outstanding shares of the Company’s Common Stock is
changed by a stock dividend, recapitalization, stock split, reverse stock split, subdivision, combination, reclassification or similar change in the capital structure of the Company without consideration, then (i) the number of Shares reserved
for issuance under this Plan, (ii) the Exercise Prices of and number of Shares subject to outstanding Options and (iii) the Purchase Prices of and number of Shares subject to other outstanding Awards will be proportionately adjusted,
subject to any required action by the Board or the stockholders of the Company and compliance with applicable securities laws; provided, however, that fractions of a Share will not be issued but will either be paid in cash at the Fair Market Value
of such fraction of a Share or will be rounded down to the nearest whole Share, as determined by the Committee; and provided, further, that the Exercise Price of any Option may not be decreased to below the par value of the Shares. 







 3. ELIGIBILITY. ISOs (as defined in Section 5 hereof) may be
granted only to employees (including officers and directors who are also employees) of the Company or of a Parent or Subsidiary of the Company. NQSOs (as defined in Section 5 hereof),Restricted Stock Awards and RSUs (as defined in
Section 7 hereof) may be granted to employees, officers, directors and consultants of the Company or any Parent or Subsidiary of the Company; provided such consultants render bona fide services not in connection with the offer and sale of
securities in a capital-raising transaction. A person may be granted more than one Award under this Plan. 
 4.
ADMINISTRATION. 
 4.1 Committee Authority. This Plan will be administered by the Committee or the Board
if no Committee is created by the Board. Subject to the general purposes, terms and conditions of this Plan, and to the direction of the Board, the Committee will have full power to implement and carry out this Plan. Without limitation, the
Committee will have the authority to: 
 (a) construe and interpret this Plan, any Award Agreement and any other agreement or document
executed pursuant to this Plan; 
 (b) prescribe, amend and rescind rules and regulations relating to this Plan; 

(c) approve persons to receive Awards; 

(d) determine the form and terms of Awards; 

(e) determine the number of Shares or other consideration subject to Awards; 

(f) determine whether Awards will be granted singly, in combination with, in tandem with, in replacement of, or as alternatives to, other
Awards under this Plan or awards under any other incentive or compensation plan of the Company or any Parent or Subsidiary of the Company; 

(g) grant waivers of any conditions of this Plan or any Award; 

(h) determine the terms of vesting, exercisability and payment of Awards; 

(i) correct any defect, supply any omission, or reconcile any inconsistency in this Plan, any Award, any Award Agreement, any Exercise
Agreement or any Restricted Stock Purchase Agreement; 
 (j) determine whether an Award has been earned; 

  
 2 








 (k) make all other determinations necessary or advisable for the administration of this Plan;
and 
 (l) extend the vesting period beyond a Participant’s Termination Date. 

4.2 Committee Discretion. Unless in contravention of any express terms of this Plan or Award, any determination made by
the Committee with respect to any Award will be made in its sole discretion either (i) at the time of grant of the Award, or (ii) subject to Section 5.9 hereof, at any later time. Any such determination will be final and binding on
the Company and on all persons having an interest in any Award under this Plan. 
 5. OPTIONS. The Committee may
grant Options to eligible persons described in Section 3 hereof and will determine whether such Options will be Incentive Stock Options within the meaning of the Code (“ISOs”) or Nonqualified Stock Options
(“NQSOs”), the number of Shares subject to the Option, the Exercise Price of the Option, the period during which the Option may be exercised, and all other terms and conditions of the Option, subject to the following: 

5.1 Form of Option Grant. Each Option granted under this Plan will be evidenced by an Award Agreement which will
expressly identify the Option as an ISO or an NQSO (“Stock Option Agreement”), and will be in such form and contain such provisions (which need not be the same for each Participant) as the Committee may from time to time
approve, and which will comply with and be subject to the terms and conditions of this Plan. 
 5.2 Date of Grant. The
date of grant of an Option will be the date on which the Committee makes the determination to grant such Option, unless a later date is otherwise specified by the Committee. The Stock Option Agreement and a copy of this Plan will be delivered to the
Participant within a reasonable time after the granting of the Option. 
 5.3 Exercise Period. Options may be
exercisable immediately but subject to repurchase pursuant to Section 12 hereof or may be exercisable within the times or upon the events determined by the Committee as set forth in the Stock Option Agreement governing such Option; provided,
however, that no Option will be exercisable after the expiration of ten (10) years from the date the Option is granted; and provided further that no ISO granted to a person who directly or by attribution owns more than ten percent (10%) of the
total combined voting power of all classes of stock of the Company or of any Parent or Subsidiary (“Ten Percent Shareholder”) will be exercisable after the expiration of five (5) years from the date the ISO is granted.
The Committee also may provide for Options to become exercisable at one time or from time to time, periodically or otherwise, in such number of Shares or percentage of Shares as the Committee determines. An Option may not be exercised for a fraction
of a share. 
 5.4 Exercise Price. The Exercise Price of an Option will be determined by the Committee when the Option
is granted and shall not be less than the Fair Market Value per Share unless expressly determined in writing by the Committee on the Option’s date of grant; provided that the Exercise Price of an ISO will not be less than one hundred percent
(100%) of the Fair Market Value of the Shares on the date of grant and (ii) the Exercise Price of an ISO granted to a Ten Percent Shareholder will not be less than one hundred ten percent (110%) of the Fair Market Value of the Shares on the
date of grant. Payment for the Shares purchased must be made in accordance with Section 8 hereof. 

  
 3 








 5.5 Method of Exercise. Options may be exercised only by delivery to the
Company of a written stock option exercise agreement (the “Exercise Agreement”) in a form approved by the Committee (which need not be the same for each Participant). The Exercise Agreement will state (i) the number of
Shares being purchased, (ii) the restrictions imposed on the Shares purchased under such Exercise Agreement, if any, and (iii) such representations and agreements regarding Participant’s investment intent and access to information and
other matters, if any, as may be required or desirable by the Company to comply with applicable securities laws. Participant shall execute and deliver to the Company the Exercise Agreement together with payment in full of the Exercise Price, and any
applicable taxes, for the number of Shares being purchased. 
 5.6 Termination. Subject to earlier termination pursuant
to Sections 18 and 19 hereof and notwithstanding the exercise periods set forth in the Stock Option Agreement, exercise of an Option will always be subject to the following: 

(a) If the Participant is Terminated for any reason other than death, Disability or for Cause, then the Participant may exercise such
Participant’s Options only to the extent that such Options are exercisable as to Vested Shares upon the Termination Date or as otherwise determined by the Committee. Such Options must be exercised by the Participant, if at all, as to all or
some of the Vested Shares calculated as of the Termination Date or such other date determined by the Committee, within three (3) months after the Termination Date (or within such shorter time period, not less than thirty (30) days, or
within such longer time period after the Termination Date as may be determined by the Committee, with any exercise beyond three (3) months after the date the Participant ceases to be an employee deemed to be an NQSO) but in any event, no later
than the expiration date of the Options. 
 (b) If the Participant is Terminated because of Participant’s death or Disability (or the
Participant dies within three (3) months after a Termination other than for Cause), then Participant’s Options may be exercised only to the extent that such Options are exercisable as to Vested Shares by Participant on the Termination Date
or as otherwise determined by the Committee. Such options must be exercised by Participant (or Participant’s legal representative or authorized assignee), if at all, as to all or some of the Vested Shares calculated as of the Termination Date
or such other date determined by the Committee, within twelve (12) months after the Termination Date (or within such shorter time period, not less than six (6) months, or within such longer time period after the Termination Date as may be
determined by the Committee, with any exercise beyond (i) three (3) months after the date the Participant ceases to be an employee when the Termination is for any reason other than the Participant’s death or disability, within the
meaning of Section 22(e)(3) of the Code, or (ii) twelve (12) months after the date the Participant ceases to be an employee when the Termination is for Participant’s disability, within the meaning of Section 22(e)(3) of the
Code, deemed to be an NQSO) but in any event no later than the expiration date of the Options. 
 (c) If the Participant is terminated for
Cause, the Participant may exercise such Participant’s Options, but not to an extent greater than such Options are 

  
 4 








 
exercisable as to Vested Shares upon the Termination Date and Participant’s Options shall expire on such Participant’s Termination Date, or at such later time and on such conditions as
are determined by the Committee. 
 5.7 Limitations on Exercise. The Committee may specify a reasonable minimum number
of Shares that may be purchased on any exercise of an Option, provided that such minimum number will not prevent Participant from exercising the Option for the full number of Shares for which it is then exercisable. 

5.8 Limitations on ISOs. The aggregate Fair Market Value (determined as of the date of grant) of Shares with respect to
which ISOs are exercisable for the first time by a Participant during any calendar year (under this Plan or under any other incentive stock option plan of the Company or any Parent or Subsidiary of the Company) will not exceed One Hundred Thousand
Dollars ($100,000). If the Fair Market Value of Shares on the date of grant with respect to which ISOs are exercisable for the first time by a Participant during any calendar year exceeds One Hundred Thousand Dollars ($100,000), then the Options for
the first One Hundred Thousand Dollars ($100,000) worth of Shares to become exercisable in such calendar year will be ISOs and the Options for the amount in excess of One Hundred Thousand Dollars ($100,000) that become exercisable in that calendar
year will be NQSOs. In the event that the Code or the regulations promulgated thereunder are amended after the Effective Date (as defined in Section 19 hereof) to provide for a different limit on the Fair Market Value of Shares permitted to be
subject to ISOs, then such different limit will be automatically incorporated herein and will apply to any Options granted after the effective date of such amendment. 

5.9 Modification, Extension or Renewal. The Committee may modify, extend or renew outstanding Options and authorize the
grant of new Options in substitution therefor, provided that any such action may not, without the written consent of a Participant, impair any of such Participant’s rights under any Option previously granted. Any outstanding ISO that is
modified, extended, renewed or otherwise altered will be treated in accordance with Section 424(h) of the Code. Subject to Section 5.10 hereof, the Committee may reduce the Exercise Price of outstanding Options without the consent of
Participants by a written notice to them; provided, however, that the Exercise Price may not be reduced below the minimum Exercise Price that would be permitted under Section 5.4 hereof for Options granted on the date the action is taken to
reduce the Exercise Price. 
 5.10 No Disqualification. Notwithstanding any other provision in this Plan, no term of
this Plan relating to ISOs will be interpreted, amended or altered, nor will any discretion or authority granted under this Plan be exercised, so as to disqualify this Plan under Section 422 of the Code or, without the consent of the
Participant, to disqualify any Participant’s ISO under Section 422 of the Code. 
 5.11 Information to
Optionees. If the Company is relying on the exemption from registration under Section 12(g) of the Exchange Act pursuant to Rule 12h-1(f)(1) promulgated under the Exchange Act, then the
Company shall provide by physical or electronic delivery the Required Information (as defined below) in the manner required by Rule 12h-1(f)(1) to all optionees every six months until the Company becomes
subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act or is no longer relying on the 

  
 5 








 
exemption pursuant to Rule 12h-1(f)(1); provided, that, prior to receiving access to the Required Information the
optionee must agree to keep the Required Information confidential pursuant to a written agreement in the form provided by the Company. For purposes of this Section 5.11, “Required Information” means the information
described in Rules 701(e)(3), (4) and (5) under the Securities Act, with the financial statements being as of a date not more than 180 days before the sale of securities to which it relates. 

6. RESTRICTED STOCK. A Restricted Stock Award is an offer by the Company to sell to an eligible person Shares that
are subject to certain specified restrictions. The Committee will determine to whom an offer will be made, the number of Shares the person may purchase, the Purchase Price, the restrictions to which the Shares will be subject, and all other terms
and conditions of the Restricted Stock Award, subject to the following: 
 6.1 Form of Restricted Stock Award. All
purchases under a Restricted Stock Award made pursuant to this Plan will be evidenced by an Award Agreement (“Restricted Stock Purchase Agreement”) that will be in such form (which need not be the same for each Participant)
as the Committee will from time to time approve, and will comply with and be subject to the terms and conditions of this Plan. The Restricted Stock Award will be accepted by the Participant’s execution and delivery of the Restricted Stock
Purchase Agreement and full payment for the Shares to the Company within thirty (30) days from the date the Restricted Stock Purchase Agreement is delivered to the person. If such person does not execute and deliver the Restricted Stock
Purchase Agreement along with full payment for the Shares to the Company within such thirty (30) days, then the offer will terminate, unless otherwise determined by the Committee. 

6.2 Purchase Price. The Purchase Price of Shares sold pursuant to a Restricted Stock Award will be determined by the
Committee on the date the Restricted Stock Award is granted or at the time the purchase is consummated. Payment of the Purchase Price must be made in accordance with Section 8 hereof. 

6.3 Restrictions. Restricted Stock Awards may be subject to the restrictions set forth in Section 12 hereof or such
other restrictions not inconsistent with Section 25102(o) of the California Corporations Code. 
 7. RESTRICTED STOCK
UNITS. 
 7.1 Awards of Restricted Stock Units. A Restricted Stock Unit (“RSU”) is an
Award covering a number of Shares that may be settled in cash, or by issuance of those Shares at a date in the future. No Purchase Price shall apply to an RSU settled in Shares. All grants of Restricted Stock Units will be evidenced by an Award
Agreement that will be in such form (which need not be the same for each Participant) as the Committee will from time to time approve, and will comply with and be subject to the terms and conditions of this Plan. 

7.2 Form and Timing of Settlement. To the extent permissible under applicable law, the Committee may permit a Participant
to defer payment under a RSU to a date or dates after the RSU is earned, provided that the terms of the RSU and any deferral satisfy the requirements of Section 409A of the Code (or any successor) and any regulations or rulings
promulgated thereunder. Payment may be made in the form of cash or whole Shares or a combination thereof, all as the Committee determines. 

  
 6 








 7.3 Restrictions. RSU Awards may be subject to the restrictions set forth in
Section 12 hereof or such other restrictions not inconsistent with Section 25102(o) of the California Corporations Code. 

8. PAYMENT FOR SHARE PURCHASES. 

8.1 Payment. Payment for Shares purchased pursuant to this Plan may be made in cash (by check) or, where expressly
approved for the Participant by the Committee and where permitted by law: 
 (a) by cancellation of indebtedness of the Company owed to the
Participant; 
 (b) by surrender of shares of the Company that: (i) either (A) for which the Company has received “full
payment of the purchase price” within the meaning of SEC Rule 144 (and, if such shares were purchased from the Company by use of a promissory note, such note has been fully paid with respect to such shares) or (B) were obtained by
Participant in the public market and (ii) are clear of all liens, claims, encumbrances or security interests; 
 (c) by tender of a
full recourse promissory note having such terms as may be approved by the Committee and bearing interest at a rate sufficient to avoid (i) imputation of income under Sections 483 and 1274 of the Code and (ii) variable accounting
treatment under Financial Accounting Standards Board Interpretation No. 44 to APB No. 25; provided, however, that Participants who are not employees or directors of the Company will not be entitled to purchase Shares with a promissory note
unless the note is adequately secured by collateral other than the Shares; provided, further, that the portion of the Exercise Price or Purchase Price, as the case may be, equal to the par value of the Shares must be paid in cash or other
legal consideration permitted by Delaware General Corporation Law; 
 (d) by waiver of compensation due or accrued to the Participant from
the Company for services rendered; 
 (e) by participating in a formal cashless exercise program implemented by the Committee in connection
with the Plan; 
 (f) with respect only to purchases upon exercise of an Option, and provided that a public market for the Company’s
securities exists: 
 (i) through a “same day sale” commitment from the Participant and a broker-dealer that is a member of the
National Association of Securities Dealers (an “NASD Dealer”) whereby the Participant irrevocably elects to exercise the Option and to sell a portion of the Shares so purchased sufficient to pay the total Exercise Price, and
whereby the NASD Dealer irrevocably commits upon receipt of such Shares to forward the total Exercise Price directly to the Company; or 

  
 7 








 (ii) through a “margin” commitment from the Participant and an NASD Dealer whereby the
Participant irrevocably elects to exercise the Option and to pledge the Shares so purchased to the NASD Dealer in a margin account as security for a loan from the NASD Dealer in the amount of the total Exercise Price, and whereby the NASD Dealer
irrevocably commits upon receipt of such Shares to forward the total Exercise Price directly to the Company; or 
 (g) by any combination
of the foregoing or any other method of payment approved by the Committee. 
 8.2 Loan Guarantees. The Committee may,
in its sole discretion, elect to assist the Participant in paying for Shares purchased under this Plan by authorizing a guarantee by the Company of a third-party loan to the Participant. 

9. WITHHOLDING TAXES. 

9.1 Withholding Generally. Whenever Shares are to be issued in satisfaction of Awards granted under this Plan, the Company
may require the Participant to remit to the Company an amount sufficient to satisfy federal, state and local withholding tax requirements prior to the delivery of any book-entry records evidencing such Shares. Whenever, under this Plan, payments in
satisfaction of Awards are to be made in cash by the Company, such payment will be net of an amount sufficient to satisfy federal, state, and local withholding tax requirements. 

9.2 Stock Withholding. When, under applicable tax laws, a Participant incurs tax liability in connection with the
exercise or vesting of any Award that is subject to tax withholding and the Participant is obligated to pay the Company the amount required to be withheld, the Committee may in its sole discretion allow the Participant to satisfy the applicable
withholding tax obligation by electing to have the Company withhold from the Shares to be issued that number of Shares having a Fair Market Value equal to the amount required to be withheld, determined on the date that the amount of tax to be
withheld is to be determined; but in no event will the Company withhold Shares if such withholding would result in adverse accounting consequences to the Company. All elections by a Participant to have Shares withheld for this purpose will be made
in accordance with the requirements established by the Committee for such elections and be in writing in a form acceptable to the Committee. 

10. PRIVILEGES OF STOCK OWNERSHIP. No Participant will have any of the rights of a stockholder with respect to any Shares
until the Shares are issued to the Participant. After Shares are issued to the Participant, the Participant will be a stockholder and have all the rights of a stockholder with respect to such Shares, including the right to vote and receive all
dividends or other distributions made or paid with respect to such Shares; provided, that if such Shares are Restricted Stock, then any new, additional or different securities the Participant may become entitled to receive with respect to such
Shares by virtue of a stock dividend, stock split or any other change in the corporate or capital structure of the Company will be subject to the same restrictions as the Restricted Stock. The Participant will have no right to retain such stock
dividends or stock distributions with respect to Unvested Shares that are repurchased pursuant to Section 12 hereof. 

  
 8 








 11. TRANSFERABILITY. Except as permitted by the Committee, Awards
granted under this Plan, and any interest therein, will not be transferable or assignable by Participant, other than by will or by the laws of descent and distribution, and, with respect to NQSOs, by instrument to an inter vivos or testamentary
trust in which the options are to be passed to beneficiaries upon the death of the trustor (settlor), or by gift to “immediate family” as that term is defined in 17 C.F.R. 240.16a-1(e), and may not
be made subject to execution, attachment or similar process. During the lifetime of the Participant an Award will be exercisable only by the Participant or Participant’s legal representative and any elections with respect to an Award may be
made only by the Participant or Participant’s legal representative. 
 12. RESTRICTIONS ON SHARES. 

12.1 Right of First Refusal. At the discretion of the Committee, the Company may reserve to itself and/or its assignee(s)
in the Award Agreement a right of first refusal to purchase all Shares that a Participant (or a subsequent transferee) may propose to transfer to a third party, provided that such right of first refusal terminates upon the Company’s initial
public offering of the Company’s securities pursuant to an effective registration statement filed under the Securities Act. 

12.2 Right of Repurchase. At the discretion of the Committee, the Company may reserve to itself and/or its assignee(s) in
the Award Agreement a right to repurchase Unvested Shares held by a Participant for cash and/or cancellation of purchase money indebtedness owed to the Company by the Participant following such Participant’s Termination at any time. 

12.3 Transfer Restrictions. Participants shall be bound by any and all restrictions on transfers of securities as set
forth in the Company’s Bylaws (as may be amended from time to time), including, but not limited to, those transfer restrictions set forth in Section 6.8. 

13. ISSUANCE OF SHARES. All Shares or other securities delivered under this Plan will be issued in book-entry form
and will be subject to such stock transfer orders, legends and other restrictions as the Committee may deem necessary or advisable, including restrictions under any applicable federal, state or foreign securities law, or any rules, regulations and
other requirements of the SEC or any stock exchange or automated quotation system upon which the Shares may be listed or quoted. 

14. ESCROW; PLEDGE OF SHARES. To enforce any restrictions on a Participant’s Shares set forth in
Section 12 hereof, the Committee may require the Participant to deposit stock powers or other instruments of transfer approved by the Committee, appropriately endorsed in blank, with the Company or an agent designated by the Company to hold in
escrow until such restrictions have lapsed or terminated. The Committee may cause a legend or legends referencing such restrictions to be placed on the book-entries evidencing the Shares. Any Participant who is permitted to execute a promissory note
as partial or full consideration for the purchase of Shares under this Plan will be required to pledge and deposit with the Company all or part of the Shares so purchased as collateral to secure the payment of Participant’s obligation to the
Company under the promissory note; provided, however, that the Committee may require 

  
 9 








 
or accept other or additional forms of collateral to secure the payment of such obligation and, in any event, the Company will have full recourse against the Participant under the promissory note
notwithstanding any pledge of the Participant’s Shares or other collateral. In connection with any pledge of the Shares, Participant will be required to execute and deliver a written pledge agreement in such form as the Committee will from time
to time approve. The Shares purchased with the promissory note may be released from the pledge on a pro rata basis as the promissory note is paid. 

15. EXCHANGE AND BUYOUT OF AWARDS. The Committee may, at any time or from time to time, authorize the Company,
with the consent of the respective Participants, to issue new Awards in exchange for the surrender and cancellation of any or all outstanding Awards. The Committee may at any time buy from a Participant an Award previously granted with payment in
cash, shares of Common Stock of the Company (including Restricted Stock) or other consideration, based on such terms and conditions as the Committee and the Participant may agree. 

16. SECURITIES LAW AND OTHER REGULATORY COMPLIANCE. Although this Plan is intended to be a written compensatory
benefit plan within the meaning of Rule 701 promulgated under the Securities Act, grants may be made pursuant to this plan that do not qualify for exemption under Rule 701 or Section 25102(o) of the California Corporations Code. Any
requirement of this Plan which is required in law only because of Section 25102(o) need not apply with respect to a particular Award if the Committee so provides. An Award will not be effective unless such Award is in compliance with all
applicable federal and state securities laws, rules and regulations of any governmental body, and the requirements of any stock exchange or automated quotation system upon which the Shares may then be listed or quoted, as they are in effect on the
date of grant of the Award and also on the date of exercise or other issuance. Notwithstanding any other provision in this Plan, the Company will have no obligation to issue or deliver any book-entry records evidencing the Shares under this Plan
prior to (i) obtaining any approvals from governmental agencies that the Company determines are necessary or advisable, and/or (ii) compliance with any exemption, completion of any registration or other qualification of such Shares under
any state or federal law or ruling of any governmental body that the Company determines to be necessary or advisable. The Company will be under no obligation to register the Shares with the SEC or to effect compliance with the exemption,
registration, qualification or listing requirements of any state securities laws, stock exchange or automated quotation system, and the Company will have no liability for any inability or failure to do so. 

17. NO OBLIGATION TO EMPLOY. Nothing in this Plan or any Award granted under this Plan will confer or be deemed to
confer on any Participant any right to continue in the employ of, or to continue any other relationship with, the Company or any Parent or Subsidiary or limit in any way the right of the Company or any Parent or Subsidiary to terminate
Participant’s employment or other relationship at any time, with or without Cause. 
 18. CORPORATE TRANSACTIONS.

 18.1 Assumption or Replacement of Awards by Successor or Acquiring Company. In the event of (i) a
dissolution or liquidation of the Company, (ii) any 

  
 10 








 
reorganization, consolidation, merger or similar transaction or series of related transactions (each, a “combination transaction”)) in which the Company is a constituent
corporation or is a party if, as a result of such combination transaction, the voting securities of the Company that are outstanding immediately prior to the consummation of such combination transaction (other than any such securities
that are held by an Acquiring Shareholder (defined below)) do not represent, or are not converted into, securities of the surviving corporation of such combination transaction (or such surviving corporation’s parent corporation if the surviving
corporation is owned by the parent corporation) that, immediately after the consummation of such combination transaction, together possess at least fifty percent (50%) of the total voting power of all securities of such surviving corporation
(or its parent corporation, if applicable) that are outstanding immediately after the consummation of such combination transaction, including securities of such surviving corporation (or its parent corporation, if applicable) that are held by the
Acquiring Shareholder; or (b) a sale of all or substantially all of the assets of the Company, that is followed by the distribution of the proceeds to the Company’s stockholders, any or all outstanding Awards may be assumed, converted or
replaced by the successor or acquiring corporation (if any), which assumption, conversion or replacement will be binding on all Participants. In the alternative, the successor or acquiring corporation may substitute equivalent Awards or provide
substantially similar consideration to Participants as was provided to stockholders of the Company (after taking into account the existing provisions of the Awards). The successor or acquiring corporation may also substitute by issuing, in place of
outstanding Shares of the Company held by the Participant, substantially similar shares or other property subject to repurchase restrictions and other provisions no less favorable to the Participant than those which applied to such outstanding
Shares immediately prior to such transaction described in this Section 18.1. For purposes of this Section 18.1, an “Acquiring Shareholder “ means a stockholder or stockholders of the Company that (i) merges or
combines with the Company in such combination transaction or (ii) owns or controls a majority of another corporation that merges or combines with the Corporation in such combination transaction. In the event such successor or acquiring
corporation (if any) does not assume, convert replace or substitute Awards, as provided above, pursuant to a transaction described in this Section 18.1, then notwithstanding any other provision in this Plan to the contrary, the vesting of such
Awards will accelerate and the Options will become exercisable in full prior to the consummation of such event at such times and on such conditions as the Committee determines, and all Options that are not exercised prior to the consummation of the
corporation transaction and all other Awards, shall terminate in accordance with the provisions of the Plan. 
 18.2 Other
Treatment of Awards. Subject to any greater rights granted to Participants under the foregoing provisions of this Section 18, in the event of the occurrence of any transaction described in Section 18.1 hereof, any outstanding
Awards will be treated as provided in the applicable agreement or plan of reorganization, merger, consolidation, dissolution, liquidation or sale of assets. 

18.3 Assumption of Awards by the Company. The Company, from time to time, also may substitute or assume outstanding
awards granted by another company, whether in connection with an acquisition of such other company or otherwise, by either (i) granting an Award under this Plan in substitution of such other company’s award or (ii) assuming such award
as if it had been granted under this Plan if the terms of such assumed award could be applied to an Award granted under this Plan. Such substitution or assumption will be 

  
 11 








 
permissible if the holder of the substituted or assumed award would have been eligible to be granted an Award under this Plan if the other company had applied the rules of this Plan to such
grant. In the event the Company assumes an award granted by another company, the terms and conditions of such award will remain unchanged (except that the exercise price and the number and nature of shares issuable upon exercise of any such option
or any award that is subject to Section 409A of the Code will be adjusted appropriately pursuant to Section 424(a) of the Code). In the event the Company elects to grant a new Option rather than assuming an existing option, such new Option
may be granted with a similarly adjusted Exercise Price. 
 19. ADOPTION AND STOCKHOLDER APPROVAL. This Plan
will become effective on the date that it is adopted by the Board (the “Effective Date”). This Plan will be approved by the stockholders of the Company (excluding Shares issued pursuant to this Plan), consistent with
applicable laws, within twelve (12) months before or after the Effective Date. Upon the Effective Date, the Board may grant Awards pursuant to this Plan; provided, however, that: (i) no Option may be exercised prior to initial stockholder
approval of this Plan; (ii) no Option granted pursuant to an increase in the number of Shares approved by the Board shall be exercised prior to the time such increase has been approved by the stockholders of the Company; (iii) in the event
that initial stockholder approval is not obtained within the time period provided herein, all Awards for which only the exemption from California’s securities qualification requirements provided by Section 25102(o) can apply shall be
canceled, any Shares issued pursuant to any such Award shall be canceled and any purchase of such Shares issued hereunder shall be rescinded; and (iv) Awards (to which only the exemption from California’s securities qualification
requirements provided by Section 25102(o) can apply) granted pursuant to an increase in the number of Shares approved by the Board which increase is not approved by stockholders within the time then required under Section 25102(o) shall be
canceled, any Shares issued pursuant to any such Awards shall be canceled, and any purchase of Shares subject to any such Award shall be rescinded. 

20. TERM OF PLAN/GOVERNING LAW. Unless earlier terminated as provided herein, this Plan will automatically
terminate ten (10) years after the later of (i) the Effective Date, or (ii) the most recent increase in the number of Shares reserved under Section 2 that was approved by stockholders. This Plan and all agreements hereunder shall
be governed by and construed in accordance with the laws of the State of California. 
 21. AMENDMENT OR TERMINATION OF
PLAN. Subject to Section 5.9 hereof, the Board may at any time terminate or amend this Plan in any respect, including without limitation amendment of any form of Award Agreement or instrument to be executed pursuant to this Plan;
provided, however, that the Board will not, without the approval of the stockholders of the Company, amend this Plan in any manner that requires such stockholder approval pursuant to Section 25102(o) of the California Corporations Code or the
Code or the regulations promulgated thereunder as such provisions apply to ISO plans. The termination of the Plan, or any amendment thereof, shall not affect any Share previously issued or any Award previously granted under the Plan. 

22. NONEXCLUSIVITY OF THE PLAN. Neither the adoption of this Plan by the Board, the submission of this Plan to the
stockholders of the Company for approval, nor any provision of this Plan will be construed as creating any limitations on the power of the Board to 

  
 12 








 
adopt such additional compensation arrangements as it may deem desirable, including, without limitation, the granting of stock options and other equity awards otherwise than under this Plan, and
such arrangements may be either generally applicable or applicable only in specific cases. 
 23. DEFINITIONS.
As used in this Plan, the following terms will have the following meanings: 
 “Award” means any award under this
Plan, including any Option, RSU or Restricted Stock Award. 
 “Award Agreement” means, with respect to each Award,
the signed written or electronic agreement between the Company and the Participant setting forth the terms and conditions of the Award, including the Stock Option Agreement, Restricted Stock Agreement, and Restricted Stock Unit Agreement, which may
be executed via written or electronic means. 
 “Board” means the Board of Directors of the Company. 

“Cause” means Termination because of (i) any willful, material violation by the Participant of any law or
regulation applicable to the business of the Company or a Parent or Subsidiary of the Company, the Participant’s conviction for, or guilty plea to, a felony or a crime involving moral turpitude, or any willful perpetration by the Participant of
a common law fraud, (ii) the Participant’s commission of an act of personal dishonesty which involves personal profit in connection with the Company or any other entity having a business relationship with the Company, (iii) any
material breach by the Participant of any provision of any agreement or understanding between the Company or any Parent or Subsidiary of the Company and the Participant regarding the terms of the Participant’s service as an employee, officer,
director or consultant to the Company or a Parent or Subsidiary of the Company, including without limitation, the willful and continued failure or refusal of the Participant to perform the material duties required of such Participant as an employee,
officer, director or consultant of the Company or a Parent or Subsidiary of the Company, other than as a result of having a Disability, or a breach of any applicable invention assignment and confidentiality agreement or similar agreement between the
Company or a Parent or Subsidiary of the Company and the Participant, (iv) Participant’s disregard of the policies of the Company or any Parent or Subsidiary of the Company so as to cause loss, damage or injury to the property, reputation
or employees of the Company or a Parent or Subsidiary of the Company, or (v) any other misconduct by the Participant which is materially injurious to the financial condition or business reputation of, or is otherwise materially injurious to,
the Company or a Parent or Subsidiary of the Company. 
 “Code” means the Internal Revenue Code of 1986, as amended.

 “Committee” means the committee created and appointed by the Board to administer this Plan, or if no committee is
created and appointed, the Board. 
 “Common Stock” means the Class B Common Stock, $0.00001 par value per
share, of the Company. 
 “Company” means Dropbox, Inc., or any successor corporation. 

  
 13 








 “Disability” means a disability, whether temporary or permanent, partial
or total, as determined by the Committee. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “Exercise Price” means the price per Share at which a holder of an Option may purchase Shares issuable upon
exercise of the Option. 
 “Fair Market Value” means, as of any date, the value of a share of the Company’s
Common Stock determined as follows: 
 (a) if the Company’s Class A Common Stock is then publicly traded on a national securities
exchange, the Fair Market Value of the Common Stock will be equal to the closing price of such Class A Common Stock on the date of determination on the principal national securities exchange on which the Class A Common Stock is listed or
admitted to trading as reported in The Wall Street Journal; 
 (b) if the Company’s Class A Common Stock is publicly
traded but is not quoted on the Nasdaq National Market nor listed or admitted to trading on a national securities exchange, the Fair Market Value of the Common Stock will be equal to the average of the closing bid and asked prices of such
Class A Common Stock on the date of determination as reported by The Wall Street Journal (or, if not so reported, as otherwise reported by any newspaper or other source as the Committee may determine); or 

(c) if none of the foregoing is applicable, by the Committee in good faith. 

“Option” means an award of an option to purchase Shares pursuant to Section 5 hereof. 

“Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company
if each of such corporations other than the Company owns stock representing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 

“Participant” means a person who receives an Award under this Plan. 

“Plan” means this Dropbox, Inc. Equity Incentive Plan, as amended from time to time. 

“Purchase Price” means the price at which a Participant may purchase Restricted Stock. 

“Restricted Stock” means Shares purchased pursuant to a Restricted Stock Award. 

“Restricted Stock Award” means an award of Shares pursuant to Section 6 hereof. 

  
 14 








 “Restricted Stock Unit” or “RSU” means an award
made pursuant to Section 7 hereof.
 “SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Shares” means shares of the Company’s Common Stock reserved for issuance under this Plan, as adjusted pursuant
to Sections 2 and 18 hereof, and any successor security. 
 “Subsidiary” means any corporation (other than the
Company) in an unbroken chain of corporations beginning with the Company if each of the corporations other than the last corporation in the unbroken chain owns stock representing fifty percent (50%) or more of the total combined voting power of all
classes of stock in one of the other corporations in such chain. 
 “Termination” or
“Terminated” means, for purposes of this Plan with respect to a Participant, that the Participant has for any reason ceased to provide services as an employee, officer, director or consultant to the Company or a Parent or
Subsidiary of the Company. A Participant will not be deemed to have ceased to provide services in the case of (i) sick leave, (ii) military leave, or (iii) any other leave of absence approved by the Committee, provided that such leave
is for a period of not more than ninety (90) days (a) unless reinstatement (or, in the case of an employee with an ISO, reemployment) upon the expiration of such leave is guaranteed by contract or statute, or (b) unless provided
otherwise pursuant to formal policy adopted from time to time by the Company’s Board and issued and promulgated in writing. In the case of any Participant on (i) sick leave, (ii) military leave or (iii) an approved leave of
absence, the Committee may make such provisions respecting suspension of vesting of the Award while on leave from the Company or a Parent or Subsidiary of the Company as it may deem appropriate, except that in no event may an Option be exercised
after the expiration of the term set forth in the Stock Option Agreement. The Committee will have sole discretion to determine whether a Participant has ceased to provide services and the effective date on which the Participant ceased to provide
services (the “Termination Date”). 
 “Unvested Shares” means “Unvested
Shares” as defined in the Award Agreement. 
 “Vested Shares” means “Vested
Shares” as defined in the Award Agreement. 

  
 15 








 DROPBOX, INC. 

2008 EQUITY INCENTIVE PLAN 

STOCK OPTION AGREEMENT 

This Stock Option Agreement (the “Agreement”) is made and entered into as of the date of grant set forth below (the
“Date of Grant”) by and between Dropbox, Inc., a Delaware corporation (the “Company”), and the participant named below (the “Participant”). Capitalized terms not defined herein shall
have the meaning ascribed to them in the Company’s 2008 Equity Incentive Plan (the “Plan”). 
  

					
	Grant Number:	 	  
	 	
	Participant:	 	  
	 	
	Address:	 	  
	 	
		 	  
	 	
	Total Option Shares:	 	  
	 	
	Exercise Price Per Share:	 	 $
	 	
	Date of Grant:	 	  
	 	
	First Vesting Date:	 	  
	 	
	Expiration Date:	 	  
	 	
		 	(unless earlier terminated under Section 5.6 of the Plan)	 	
	Type of Stock Option	 		 	
	(Check one):	 	[    ] Incentive Stock Option	 	
		 	[    ] Nonqualified Stock Option	 	

 1. Grant of Option. The Company hereby grants to Participant an option (this
“Option”) to purchase the total number of shares of Common Stock of the Company set forth above as Total Option Shares (the “Shares”) at the Exercise Price Per Share set forth above (the
“Exercise Price”), subject to all of the terms and conditions of this Agreement and the Plan. If designated as an Incentive Stock Option above, the Option is intended to qualify as an “incentive stock option” (the
“ISO”) within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). 

2. Exercise Period. 

2.1 Exercise Period of Option. This Option is immediately exercisable although the Shares issued upon exercise of the Option will be
subject to the restrictions on transfer and Repurchase Options set forth in Sections 7, 8 and 9 below. Provided Participant continues to provide services to the Company or to any Parent or Subsidiary of the Company, the Shares issuable upon exercise
of this Option will become vested with respect to     % of the Shares on the First Vesting Date set forth on the first page of this Agreement (the “First Vesting Date”) and thereafter on the corresponding
day of the month as the First Vesting Date an additional                      of the Shares will become vested (or if there is no such day in any
month, then the last day of such calendar month) until the Shares are vested with respect to all of 

  
 1 








 
the Shares. Unvested Shares may not be sold or otherwise transferred by Participant without the Company’s prior written consent. Notwithstanding any provision in the Plan or this
Agreement to the contrary, Options for Unvested Shares (as defined in Section 2.2 of this Agreement) will not be exercisable on or after Participant’s Termination Date. Participant agrees and acknowledges that the vesting schedule set
forth in this Section 2.1 may change prospectively in the event that Participant’s service status changes between full and part time status in accordance with Company policies relating to work schedules and vesting of equity awards. 

2.2 Vesting of Options. Shares that are vested pursuant to the schedule set forth in Section 2.1 are “Vested
Shares.” Shares that are not vested pursuant to the schedule set forth in Section 2.1 are “Unvested Shares.” 

2.3 Expiration. The Option shall expire on the Expiration Date set forth above or earlier as provided in Section 3 below or
pursuant to Section 5.6 of the Plan. 
 3. Termination. 

3.1 Termination for Any Reason Except Death, Disability or Cause. If Participant is Terminated for any reason, except death, Disability
or for Cause, then (a) on and after Participant’s Termination Date, the Option shall expire immediately with respect to any Shares that are Unvested Shares and (b) the Option, to the extent (and only to the extent) that it is
exercisable with respect to Vested Shares on Participant’s Termination Date, may be exercised by Participant no later than three (3) months after the Termination Date, but in any event no later than the Expiration Date. 

3.2 Termination Because of Death or Disability. If Participant is Terminated because of death or Disability of Participant (or
Participant dies within three (3) months of Termination when Termination is for any reason other than Participant’s Disability or for Cause) then (a) on and after Participant’s Termination Date, the Option shall expire
immediately with respect to any Shares that are Unvested Shares and (b) the Option, to the extent that it is exercisable with respect to Vested Shares by Participant on the Termination Date, may be exercised by Participant (or
Participant’s legal representative) no later than twelve (12) months after the Termination Date, but in any event no later than the Expiration Date. Any exercise beyond (i) three (3) months after the date Participant ceases to be an
employee when the Termination is for any reason other than the Participant’s death or disability, within the meaning of Section 22(e)(3) of the Code; or (ii) twelve (12) months after the date Participant ceases to be an employee when
the termination is for Participant’s disability, within the meaning of Section 22(e)(3) of the Code, is deemed to be an NQSO. 

3.3 Termination for Cause. If the Participant is terminated for Cause, the Participant may exercise such Participant’s Options, but
not to an extent greater than such Options are exercisable as to Vested Shares upon the Termination Date and Participant’s Options shall expire on such Participant’s Termination Date, or at such later time and on such conditions as are
determined by the Committee. On and after Participant’s Termination Date, the Option shall expire immediately with respect to any Shares that are Unvested Shares. 

  
 2 








 3.4 No Obligation to Employ. Nothing in the Plan or this Agreement shall confer on
Participant any right to continue in the employ of, or other relationship with, the Company or any Parent or Subsidiary of the Company, or limit in any way the right of the Company or any Parent or Subsidiary of the Company to terminate
Participant’s employment or other relationship at any time, with or without Cause. 
 4. Manner of Exercise. 

4.1 Stock Option Exercise Agreement. To exercise this Option, Participant (or in the case of exercise after Participant’s death or
incapacity, Participant’s executor, administrator, heir or legatee, as the case may be) must deliver to the Company an executed stock option exercise agreement in the form attached hereto as Exhibit A, or in such other form as may be
approved by the Committee from time to time (the “Exercise Agreement”), deliver payment for the shares being purchased in accordance with this Agreement and satisfy any applicable federal, state and local withholding
obligations of the Company. The Exercise Agreement shall set forth, inter alia, (i) Participant’s election to exercise the Option, (ii) the number of Shares being purchased, (iii) any restrictions imposed on the
Shares and (iv) any representations, warranties and agreements regarding Participant’s investment intent and access to information as may be required by the Company to comply with applicable securities laws. If someone other than
Participant exercises the Option, then such person must submit documentation reasonably acceptable to the Company verifying that such person has the legal right to exercise the Option and such person shall be subject to all of the restrictions
contained herein as if such person were the Participant. 
 4.2 Limitations on Exercise. The Option may not be exercised unless such
exercise is in compliance with all applicable federal and state securities laws, as they are in effect on the date of exercise. The Option may not be exercised as to fewer than one hundred (100) Shares unless it is exercised as to all Shares as
to which the Option is then exercisable. 
 4.3 Payment. The Exercise Agreement shall be accompanied by full payment of the Exercise
Price for the shares being purchased in cash (by check), or where permitted by law: 
 (a) by cancellation of indebtedness of the Company
to the Participant; 
 (b) by waiver of compensation due or accrued to Participant for services rendered; 

(c) provided that a public market for the Company’s securities exists: (i) through a “same day sale” commitment from
Participant and a broker-dealer that is a member of the National Association of Securities Dealers (an “NASD Dealer”) whereby Participant irrevocably elects to exercise the Option and to sell a portion of the Shares so
purchased sufficient to pay for the total Exercise Price and whereby the NASD Dealer irrevocably commits upon receipt of such Shares to forward the total Exercise Price directly to the Company, or (ii) through a “margin” commitment
from Participant and an NASD Dealer whereby Participant irrevocably elects to exercise the Option and to pledge the Shares so purchased to the NASD Dealer in a margin account as security for a loan from the NASD Dealer in the amount of the total
Exercise Price, and whereby the NASD Dealer irrevocably commits upon receipt of such Shares to forward the total Exercise Price directly to the Company; 

  
 3 








 (d) by participating in a formal cashless exercise program implemented by the Committee in
connection with the Plan; 
 (e) any other form of consideration approved by the Committee; or 

(f) by any combination of the foregoing. 

4.4 Tax Withholding. Prior to the issuance of the Shares upon exercise of the Option, Participant must pay or provide for any
applicable federal, state and local withholding obligations of the Company. If the Committee permits, Participant may provide for payment of withholding taxes upon exercise of the Option by requesting that the Company retain the minimum number of
Shares with a Fair Market Value equal to the minimum amount of taxes required to be withheld; or to arrange a mandatory “sell to cover” on Participant’s behalf (without further authorization); but in no event will the Company withhold
Shares or “sell to cover” if such withholding would result in adverse accounting consequences to the Company. In such case, the Company shall issue the net number of Shares to the Participant by deducting the Shares retained from the
Shares issuable upon exercise. 
 4.5 Issuance of Shares. Provided that the Exercise Agreement and payment are in form and substance
satisfactory to counsel for the Company, the Company shall issue the Shares in book-entry form, registered in the name of Participant, Participant’s authorized assignee, or Participant’s legal representative, and upon request from the
Participant, shall deliver book-entry records evidencing the Shares with the appropriate legends affixed thereto. 
 5. Notice
of Disqualifying Disposition of ISO Shares. If the Option is an ISO, and if Participant sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years after
the Date of Grant, and (ii) the date one (1) year after transfer of such Shares to Participant upon exercise of the Option, Participant shall immediately notify the Company in writing of such disposition. Participant agrees that
Participant may be subject to income tax withholding by the Company on the compensation income recognized by Participant from the early disposition by payment in cash or out of the current wages or other compensation payable to Participant. 

6. Compliance with Laws and Regulations. The Plan and this Agreement are intended to comply with
Section 25102(o) of the California Corporations Code and any regulations relating thereto. Any provision of this Agreement which is inconsistent with Section 25102(o) or any regulations relating thereto shall, without further act or
amendment by the Company or the Board, be reformed to comply with the requirements of Section 25102(o) and any regulations relating thereto. The exercise of the Option and the issuance and transfer of Shares shall be subject to compliance by
the Company and Participant with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Company’s securities may be listed at the time of such issuance or
transfer. Participant understands that the Company is under no obligation to register or qualify the Shares with the SEC, any state securities commission or any stock exchange to effect such compliance. 

  
 4 








 7. Nontransferability of Option. The Option may not be transferred in
any manner other than by will or by the laws of descent and distribution, and, with respect to NQSOs, by instrument to an inter vivos or testamentary trust in which the options are to be passed to beneficiaries upon the death of the trustor
(settlor), or by gift to “immediate family” as that term is defined in 17 C.F.R. 240.16a-1(e), and may be exercised during the lifetime of Participant only by Participant or in the event of
Participant’s incapacity, by Participant’s legal representative. The terms of the Option shall be binding upon the executors, administrators, successors and assigns of Participant. 

8. Company’s Repurchase Option for Unvested Shares. The Company, or its assignee, shall have the option to
repurchase Participant’s Unvested Shares (as defined in Section 2.2 of this Agreement) on the terms and conditions set forth in the Exercise Agreement (the “Repurchase Option”) if Participant is Terminated (as
defined in the Plan) for any reason, or no reason, including without limitation Participant’s death, Disability (as defined in the Plan), voluntary resignation or termination by the Company with or without Cause. Notwithstanding the foregoing,
the Company shall retain the Repurchase Option for Unvested Shares only as to that number of Unvested Shares (whether or not exercised) that exceeds the number of shares which remain unexercised. 

9. Company’s Right of First Refusal. Unvested Shares may not be sold or otherwise transferred by Participant
without the Company’s prior written consent. Before any Vested Shares held by Participant or any transferee of such Vested Shares may be sold or otherwise transferred (including without limitation a transfer by gift or operation of law), the
Company and/or its assignee(s) shall have an assignable right of first refusal to purchase the Vested Shares to be sold or transferred on the terms and conditions set forth in the Exercise Agreement (the “Right of First
Refusal”). The Company’s Right of First Refusal will terminate when the Company’s securities become publicly traded. 

10. Tax Consequences. Set forth below is a brief summary as of the Effective Date of the Plan of some of the
federal and California tax consequences of exercise of the Option and disposition of the Shares. THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. PARTICIPANT SHOULD CONSULT A TAX ADVISER BEFORE
EXERCISING THE OPTION OR DISPOSING OF THE SHARES. 
 10.1 Exercise of ISO. If the Option qualifies as an ISO, there will be no
regular federal or California income tax liability upon the exercise of the Option, although the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price will be treated as a tax preference item for
federal alternative minimum tax purposes and may subject the Participant to the alternative minimum tax in the year of exercise. 
 10.2
Exercise of Nonqualified Stock Option. If the Option does not qualify as an ISO, there may be a regular federal and California income tax liability upon the exercise of the Option. Participant will be treated as having received compensation
income (taxable at ordinary income tax rates) equal to the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price. If Participant is a current or former employee of the Company, the Company may be
required to withhold from Participant’s compensation or collect from Participant and pay to the applicable taxing authorities an amount equal to a percentage of this compensation income at the time of exercise. 

  
 5 








 10.3 Disposition of Shares. The following tax consequences may apply upon disposition of
the Shares. 
 (a) Incentive Stock Options. If the Shares are held for more than twelve (12) months after the date of purchase
of the Shares pursuant to the exercise of an ISO and are disposed of more than two (2) years after the Date of Grant, any gain realized on disposition of the Shares will be treated as long term capital gain for federal and California income tax
purposes. If Vested Shares purchased under an ISO are disposed of within the applicable one (1) year or two (2) year period, any gain realized on such disposition will be treated as compensation income (taxable at ordinary income rates in
the year of the disposition) to the extent of the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price. To the extent the Shares were exercised prior to vesting coincident with the filing of an 83(b)
Election, the amount taxed because of a disqualifying disposition will be based upon the excess, if any, of the fair market value on the date of vesting over the exercise price. 

(b) Nonqualified Stock Options. If the Shares are held for more than twelve (12) months after the date of the transfer of the
Shares pursuant to the exercise of an NQSO, any gain realized on disposition of the Shares will be treated as long term capital gain. 

(c) Withholding. The Company may be required to withhold from the Participant’s compensation or collect from the Participant and
pay to the applicable taxing authorities an amount equal to a percentage of this compensation income. 
 10.4. Section 83(b) Election for
Unvested Shares. With respect to Unvested Shares, which are subject to the Repurchase Option, unless an election is filed by the Participant with the Internal Revenue Service (and, if necessary, the proper state taxing authorities), within 30
days of the purchase of the Unvested Shares, electing pursuant to Section 83(b) of the Code (and similar state tax provisions, if applicable) to be taxed currently on any difference between the Exercise Price of the Unvested Shares and
their Fair Market Value on the date of purchase, there may be a recognition of taxable income (including, where applicable, alternative minimum taxable income) to the Participant, measured by the excess, if any, of the Fair Market Value of the
Unvested Shares at the time they cease to be Unvested Shares, over the Exercise Price of the Unvested Shares. 
 11. Transfer
Restrictions. Participant hereby agrees to be bound by any and all restrictions on transfers of securities as set forth in the Company’s Bylaws (as may be amended from time to time), including, but not limited to, those transfer
restrictions set forth in Section 6.8. 
 12. Privileges of Stock Ownership. Participant shall not have any
of the rights of a stockholder with respect to any Shares until the Shares are issued to Participant. 

  
 6 








 13. Interpretation. Any dispute regarding the interpretation of this
Agreement shall be submitted by Participant or the Company to the Committee for review. The resolution of such a dispute by the Committee shall be final and binding on the Company and Participant. 

14. Entire Agreement. The Plan is incorporated herein by reference. This Agreement and the Plan constitute the
entire agreement and understanding of the parties with respect to the subject matter of this Agreement, and supersede all prior understandings and agreements, whether oral or written, between or among the parties hereto with respect to the specific
subject matter hereof. 
 15. Notices. Any and all notices required or permitted to be given to a party pursuant
to the provisions of this Agreement will be in writing and will be effective and deemed to provide such party sufficient notice under this Agreement on the earliest of the following: (i) at the time of personal delivery, if delivery is in
person; (ii) at the time an electronic confirmation of receipt is received, if delivery is by email; (iii) at the time of transmission by facsimile, addressed to the other party at its facsimile number specified herein (or hereafter
modified by subsequent notice to the parties hereto), with confirmation of receipt made by both telephone and printed confirmation sheet verifying successful transmission of the facsimile; (iv) one (1) business day after deposit with an express
overnight courier for United States deliveries, or two (2) business days after such deposit for deliveries outside of the United States, with proof of delivery from the courier requested; or (v) three (3) business days after deposit in the
United States mail by certified mail (return receipt requested) for United States deliveries. 
 All notices for delivery outside the United
States will be sent by facsimile or by express courier. All notices not delivered personally or by facsimile will be sent with postage and/or other charges prepaid and properly addressed to the party to be notified at the address or facsimile number
set forth below the signature lines of this Agreement, or at such other address or facsimile number as such other party may designate by one of the indicated means of notice herein to the other parties hereto. Notices to the Company will be marked
“Attention: President”. Notices by facsimile shall be machine verified as received. 
 16. Successors and
Assigns. The Company may assign any of its rights under this Agreement including its rights to purchase Shares under the Repurchase Option and the Right of First Refusal. No other party to this Agreement may assign, whether
voluntarily or by operation of law, any of its rights and obligations under this Agreement, except with the prior written consent of the Company. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the
Company. Subject to the restrictions on transfer set forth herein, this Agreement shall be binding upon Participant and Participant’s heirs, executors, administrators, legal representatives, successors and assigns. 

17. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
California, without giving effect to that body of laws pertaining to conflict of laws. 
 18. Acceptance.
Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. Participant has read and understands the terms and provisions thereof, and accepts the Option subject to all the terms and conditions of the Plan and this Agreement.
Participant acknowledges that there may be adverse tax consequences upon exercise of the Option or disposition of the Shares and that Participant should consult a tax adviser prior to such exercise or disposition. 

  
 7 








 19. Further Assurances. The parties agree to execute such further
documents and instruments and to take such further actions as may be reasonably necessary to carry out the purposes and intent of this Agreement. 

20. Titles and Headings. The titles, captions and headings of this Agreement are included for ease of reference
only and will be disregarded in interpreting or construing this Agreement. Unless otherwise specifically stated, all references herein to “sections” and “exhibits” will mean “sections” and “exhibits” to this
Agreement. 
 21. Counterparts. This Agreement may be executed in any number of counterparts, each of which when
so executed and delivered will be deemed an original, and all of which together shall constitute one and the same agreement. 
 22.
Severability. If any provision of this Agreement is determined by any court or arbitrator of competent jurisdiction to be invalid, illegal or unenforceable in any respect, such provision will be enforced to the maximum extent
possible given the intent of the parties hereto. If such clause or provision cannot be so enforced, such provision shall be stricken from this Agreement and the remainder of this Agreement shall be enforced as if such invalid, illegal or
unenforceable clause or provision had (to the extent not enforceable) never been contained in this Agreement. Notwithstanding the forgoing, if the value of this Agreement based upon the substantial benefit of the bargain for any party is materially
impaired, which determination as made by the presiding court or arbitrator of competent jurisdiction shall be binding, then both parties agree to substitute such provision(s) through good faith negotiations. 

23. Facsimile Signatures. This Agreement may be executed and delivered by facsimile and upon such delivery the
facsimile signature will be deemed to have the same effect as if the original signature had been delivered to the other party. The original signature copy shall be delivered to the other party by express overnight delivery. The failure to deliver
the original signature copy and/or the nonreceipt of the original signature copy shall have no effect upon the binding and enforceable nature of this Agreement. 

[Signature Page follows] 

  
 8 








 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in triplicate by its duly
authorized representative and Participant has executed this Agreement in triplicate, effective as of the Date of Grant. 
  



			
	DROPBOX, INC.
		
	By:	 	/s/ Ramsey Homsany


			
		 	
	Ramsey Homsany
	(Please print name)
	
	General Counsel
	(Please print title
		
	Address: 	 	185 Berry Street, Suite 400


			
	
	San Francisco, CA 94107
		
	Phone No.:	 	 
		
		 	




 
			
	PARTICIPANT
		
	 	 	 
	 Signature

	 	 	 
	(Please print name)
		
		 	
		 	


 
			
		
	Address:	 	 
	
	 


 
			
		
	Phone No.:	 	 


 
			
		
	Email:	 	 




 








 DROPBOX, INC. 

2008 EQUITY INCENTIVE PLAN 

STOCK OPTION AGREEMENT 

This Stock Option Agreement (the “Agreement”) is made and entered into as of the date of grant set forth below (the
“Date of Grant”) by and between Dropbox, Inc., a Delaware corporation (the “Company”), and the participant named below (the “Participant”). Capitalized terms not
defined herein shall have the meaning ascribed to them in the Company’s 2008 Equity Incentive Plan (the “Plan”). 
  

			
	Grant Number:	  	  

		
	Participant:	  	  

		
	Address:	  	  

		
		  	  

		
	Total Option Shares:	  	  

		
	Exercise Price Per Share:	  	 $

		
	Date of Grant:	  	  

		
	Vesting Commencement Date:	  	  

		
	Expiration Date:	  	  

		  	(unless earlier terminated under Section 5.6 of the Plan)
		
	Type of Stock Option	  	
	(Check one):	  	☐ Incentive Stock Option
		  	☒ Nonqualified Stock Option

 1. GRANT OF OPTION. The Company hereby grants to Participant an option (this
“Option”) to purchase the total number of shares of Common Stock of the Company set forth above as Total Option Shares (the “Shares”) at the Exercise Price Per Share set forth above (the
“Exercise Price”), subject to all of the terms and conditions of this Agreement and the Plan. If designated as an Incentive Stock Option above, the Option is intended to qualify as an “incentive stock
option” (the “ISO”) within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). 

2. EXERCISE PERIOD. 

2.1 Exercise Period of Option. Provided Participant continues to provide services to the Company or any Subsidiary or Parent of the
Company, the Option will become vested and exercisable as to portions of the Shares as follows: Twenty-five percent (25%) of the Shares subject to this Option shall vest on the one (1) year anniversary of the Vesting


  
 1 








 
Commencement Date set forth on the first page of this Agreement (the “Vesting Commencement Date”) and an additional one forty-eighth (1/48th) of the Shares subject to this Option shall vest each month thereafter on the corresponding day of the month as the Vesting Commencement Date (or if there is no such day in any month, then the last
day of such calendar month), until the Shares are vested with respect to one hundred percent (100%) of the Shares. Participant agrees and acknowledges that the vesting schedule set forth in this Section 2.1 may change prospectively in the
event that Participant’s service status changes between full and part time status in accordance with Company policies relating to work schedules and vesting of equity awards. 

2.2 Vesting of Options. Shares that are vested pursuant to the schedule set forth in Section 2.1 are
“Vested Shares.” Shares that are not vested pursuant to the schedule set forth in Section 2.1 are “Unvested Shares.” 

2.3 Expiration. The Option shall expire on the Expiration Date set forth above or earlier as provided in Section 3 below or
pursuant to Section 5.6 of the Plan. 
 3. TERMINATION. 

3.1 Termination for Any Reason Except Death, Disability or Cause. If Participant is Terminated for any reason, except death,
Disability or for Cause, then (a) on and after Participant’s Termination Date, the Option shall expire immediately with respect to any Shares that are Unvested Shares and (b) the Option, to the extent (and only to the extent) that it
is exercisable with respect to Vested Shares on Participant’s Termination Date, may be exercised by Participant no later than three (3) months after the Termination Date, but in any event no later than the Expiration Date. 

3.2 Termination Because of Death or Disability. If Participant is Terminated because of death or Disability of Participant (or
Participant dies within three (3) months of Termination when Termination is for any reason other than Participant’s Disability or for Cause) then (a) on and after Participant’s Termination Date, the Option shall expire
immediately with respect to any Shares that are Unvested Shares and (b) the Option, to the extent that it is exercisable with respect to Vested Shares by Participant on the Termination Date, may be exercised by Participant (or
Participant’s legal representative) no later than twelve (12) months after the Termination Date, but in any event no later than the Expiration Date. Any exercise beyond (i) three (3) months after the date Participant ceases to be
an employee when the Termination is for any reason other than the Participant’s death or disability, within the meaning of Section 22(e)(3) of the Code; or (ii) twelve (12) months after the date Participant ceases to be an
employee when the termination is for Participant’s disability, within the meaning of Section 22(e)(3) of the Code, is deemed to be an NQSO. 

3.3 Termination for Cause. If the Participant is terminated for Cause, the Participant may exercise such Participant’s
Options, but not to an extent greater than such Options are exercisable as to Vested Shares upon the Termination Date and Participant’s Options shall expire on such Participant’s Termination Date, or at such later time and on such
conditions as are determined by the Committee. On and after Participant’s Termination Date, the Option shall expire immediately with respect to any Shares that are Unvested Shares. 

  
 2 








 3.4 No Obligation to Employ. Nothing in the Plan or this Agreement shall confer on
Participant any right to continue in the employ of, or other relationship with, the Company or any Parent or Subsidiary of the Company, or limit in any way the right of the Company or any Parent or Subsidiary of the Company to terminate
Participant’s employment or other relationship at any time, with or without Cause. 
 4. MANNER OF EXERCISE. 

4.1 Stock Option Exercise Agreement. To exercise this Option, Participant (or in the case of exercise after Participant’s
death or incapacity, Participant’s executor, administrator, heir or legatee, as the case may be) must deliver to the Company an executed stock option exercise agreement in the form attached hereto as Exhibit A, or in such other form as
may be approved by the Committee from time to time (the “Exercise Agreement”), deliver payment for the shares being purchased in accordance with this Agreement and satisfy any applicable federal, state and local
withholding obligations of the Company. The Exercise Agreement shall set forth, inter alia, (i) Participant’s election to exercise the Option, (ii) the number of Shares being purchased, (iii) any restrictions
imposed on the Shares and (iv) any representations, warranties and agreements regarding Participant’s investment intent and access to information as may be required by the Company to comply with applicable securities laws. If someone other
than Participant exercises the Option, then such person must submit documentation reasonably acceptable to the Company verifying that such person has the legal right to exercise the Option and such person shall be subject to all of the restrictions
contained herein as if such person were the Participant. 
 4.2 Limitations on Exercise. The Option may not be exercised unless
such exercise is in compliance with all applicable federal and state securities laws, as they are in effect on the date of exercise. The Option may not be exercised as to fewer than one hundred (100) Shares unless it is exercised as to all
Shares as to which the Option is then exercisable. 
 4.3 Payment. The Exercise Agreement shall be accompanied by full payment
of the Exercise Price for the shares being purchased in cash (by check), or where permitted by law: 
 (a) by cancellation of
indebtedness of the Company to the Participant; 
 (b) by waiver of compensation due or accrued to Participant for services rendered;

 (c) provided that a public market for the Company’s securities exists: (i) through a “same day sale”
commitment from Participant and a broker-dealer that is a member of the National Association of Securities Dealers (an “NASD Dealer”) whereby Participant irrevocably elects to exercise the Option and to sell a
portion of the Shares so purchased sufficient to pay for the total Exercise Price and whereby the NASD Dealer irrevocably commits upon receipt of such Shares to forward the total Exercise Price directly to the Company, or (ii) through a
“margin” commitment from Participant and an NASD Dealer whereby Participant irrevocably elects to exercise the Option and to pledge the Shares so purchased to the NASD Dealer in a margin account as security for a loan from the NASD Dealer
in the amount of the total Exercise Price, and whereby the NASD Dealer irrevocably commits upon receipt of such Shares to forward the total Exercise Price directly to the Company; 

  
 3 








 (d) by participating in a formal cashless exercise program implemented by the Committee
in connection with the Plan; 
 (e) any other form of consideration approved by the Committee; or 

(f) by any combination of the foregoing. 

4.4 Tax Withholding. Prior to the issuance of the Shares upon exercise of the Option, Participant must pay or provide for any
applicable federal, state and local withholding obligations of the Company. If the Committee permits, Participant may provide for payment of withholding taxes upon exercise of the Option by requesting that the Company retain the minimum number of
Shares with a Fair Market Value equal to the minimum amount of taxes required to be withheld; or to arrange a mandatory “sell to cover” on Participant’s behalf (without further authorization); but in no event will the Company withhold
Shares or “sell to cover” if such withholding would result in adverse accounting consequences to the Company. In such case, the Company shall issue the net number of Shares to the Participant by deducting the Shares retained from the
Shares issuable upon exercise. 
 4.5 Issuance of Shares. Provided that the Exercise Agreement and payment are in form and
substance satisfactory to counsel for the Company, the Company shall issue the Shares in book-entry form, registered in the name of Participant, Participant’s authorized assignee, or Participant’s legal representative, and upon request
from the Participant, shall deliver book-entry records evidencing the Shares with the appropriate legends affixed thereto. 
 5.
NOTICE OF DISQUALIFYING DISPOSITION OF ISO SHARES. If the Option is an ISO, and if Participant sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years
after the Date of Grant, and (ii) the date one (1) year after transfer of such Shares to Participant upon exercise of the Option, Participant shall immediately notify the Company in writing of such disposition. Participant agrees that
Participant may be subject to income tax withholding by the Company on the compensation income recognized by Participant from the early disposition by payment in cash or out of the current wages or other compensation payable to Participant. 

6. COMPLIANCE WITH LAWS AND REGULATIONS. The Plan and this Agreement are intended to comply with Section 25102(o) of the
California Corporations Code and any regulations relating thereto. Any provision of this Agreement which is inconsistent with Section 25102(o) or any regulations relating thereto shall, without further act or amendment by the Company or the
Board, be reformed to comply with the requirements of Section 25102(o) and any regulations relating thereto. The exercise of the Option and the issuance and transfer of Shares shall be subject to compliance by the Company and Participant with
all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Company’s securities may be listed at the time of such issuance or transfer. Participant understands that
the Company is under no obligation to register or qualify the Shares with the SEC, any state securities commission or any stock exchange to effect such compliance. 

  
 4 








 7. NONTRANSFERABILITY OF OPTION. The Option may not be transferred in any manner
other than by will or by the laws of descent and distribution, and, with respect to NQSOs, by instrument to an inter vivos or testamentary trust in which the options are to be passed to beneficiaries upon the death of the trustor (settlor), or by
gift to “immediate family” as that term is defined in 17 C.F.R. 240.16a-1(e), and may be exercised during the lifetime of Participant only by Participant or in the event of Participant’s incapacity, by Participant’s legal
representative. The terms of the Option shall be binding upon the executors, administrators, successors and assigns of Participant. 
 8.
COMPANY’S RIGHT OF FIRST REFUSAL. Before any Vested Shares held by Participant or any transferee of such Vested Shares may be sold or otherwise transferred (including without limitation a transfer by gift or operation of law), the
Company and/or its assignee(s) shall have an assignable right of first refusal to purchase the Vested Shares to be sold or transferred on the terms and conditions set forth in the Exercise Agreement (the “Right of First
Refusal”). The Company’s Right of First Refusal will terminate when the Company’s securities become publicly traded. 

9. TAX CONSEQUENCES. Set forth below is a brief summary as of the Effective Date of the Plan of some of the federal and
California tax consequences of exercise of the Option and disposition of the Shares. THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. PARTICIPANT SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THE
OPTION OR DISPOSING OF THE SHARES. 
 9.1 Exercise of ISO. If the Option qualifies as an ISO, there will be no regular federal
or California income tax liability upon the exercise of the Option, although the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price will be treated as a tax preference item for federal alternative
minimum tax purposes and may subject the Participant to the alternative minimum tax in the year of exercise. 
 9.2 Exercise of
Nonqualified Stock Option. If the Option does not qualify as an ISO, there may be a regular federal and California income tax liability upon the exercise of the Option. Participant will be treated as having received compensation income
(taxable at ordinary income tax rates) equal to the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price. If Participant is a current or former employee of the Company, the Company may be required to
withhold from Participant’s compensation or collect from Participant and pay to the applicable taxing authorities an amount equal to a percentage of this compensation income at the time of exercise. 

9.3 Disposition of Shares. The following tax consequences may apply upon disposition of the Shares: 

  
 5 








 (a) Incentive Stock Options. If the Shares are held for more than twelve
(12) months after the date of the transfer of the Shares pursuant to the exercise of an ISO and are disposed of more than two (2) years after the Date of Grant, any gain realized on disposition of the Shares will be treated as long term
capital gain for federal and California income tax purposes. If Shares purchased under an ISO are disposed of within the applicable one (1) year or two (2) year period, any gain realized on such disposition will be treated as compensation
income (taxable at ordinary income rates) to the extent of the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price. 

(b) Nonqualified Stock Options. If the Shares are held for more than twelve (12) months after the date of the transfer of
the Shares pursuant to the exercise of an NQSO, any gain realized on disposition of the Shares will be treated as long term capital gain. 

(c) Withholding. The Company may be required to withhold from the Participant’s compensation or collect from the
Participant and pay to the applicable taxing authorities an amount equal to a percentage of this compensation income. 
 10. TRANSFER
RESTRICTIONS. Participant hereby agrees to be bound by any and all restrictions on transfers of securities as set forth in the Company’s Bylaws (as may be amended from time to time), including, but not limited to, those transfer
restrictions set forth in Section 6.8. 
 11. PRIVILEGES OF STOCK OWNERSHIP. Participant shall not have any of the rights
of a stockholder with respect to any Shares until the Shares are issued to Participant. 
 12. INTERPRETATION. Any dispute
regarding the interpretation of this Agreement shall be submitted by Participant or the Company to the Committee for review. The resolution of such a dispute by the Committee shall be final and binding on the Company and Participant. 

13. ENTIRE AGREEMENT. The Plan is incorporated herein by reference. This Agreement and the Plan constitute the entire agreement
and understanding of the parties with respect to the subject matter of this Agreement, and supersede all prior understandings and agreements, whether oral or written, between or among the parties hereto with respect to the specific subject matter
hereof. 
 14. NOTICES. Any and all notices required or permitted to be given to a party pursuant to the provisions of this
Agreement will be in writing and will be effective and deemed to provide such party sufficient notice under this Agreement on the earliest of the following: (i) at the time of personal delivery, if delivery is in person; (ii) at the time
an electronic confirmation of receipt is received, if delivery is by email; (iii) at the time of transmission by facsimile, addressed to the other party at its facsimile number specified herein (or hereafter modified by subsequent notice to the
parties hereto), with confirmation of receipt made by both telephone and printed confirmation sheet verifying successful transmission of the facsimile; (iv) one (1) business day after deposit with an express overnight courier for United
States deliveries, or two (2) business days after such deposit for deliveries outside of the United States, with proof of delivery from the courier requested; or (v) three (3) business days after deposit in the United States mail by
certified mail (return receipt requested) for United States deliveries. 

  
 6 








 All notices for delivery outside the United States will be sent by facsimile or by express
courier. All notices not delivered personally or by facsimile will be sent with postage and/or other charges prepaid and properly addressed to the party to be notified at the address or facsimile number set forth below the signature lines of this
Agreement, or at such other address or facsimile number as such other party may designate by one of the indicated means of notice herein to the other parties hereto. Notices to the Company will be marked “Attention: President”. Notices by
facsimile shall be machine verified as received. 
 15. SUCCESSORS AND ASSIGNS. The Company may assign any of its rights under
this Agreement including its rights to purchase Shares under the Right of First Refusal. No other party to this Agreement may assign, whether voluntarily or by operation of law, any of its rights and obligations under this Agreement, except with the
prior written consent of the Company. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement shall be binding upon
Participant and Participant’s heirs, executors, administrators, legal representatives, successors and assigns. 
 16. GOVERNING
LAW. This Agreement shall be governed by and construed in accordance with the laws of the State of California, without giving effect to that body of laws pertaining to conflict of laws. 

17. ACCEPTANCE. Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. Participant has read and
understands the terms and provisions thereof, and accepts the Option subject to all the terms and conditions of the Plan and this Agreement. Participant acknowledges that there may be adverse tax consequences upon exercise of the Option or
disposition of the Shares and that Participant should consult a tax adviser prior to such exercise or disposition. 
 18. FURTHER
ASSURANCES. The parties agree to execute such further documents and instruments and to take such further actions as may be reasonably necessary to carry out the purposes and intent of this Agreement. 

19. TITLES AND HEADINGS. The titles, captions and headings of this Agreement are included for ease of reference only and will be
disregarded in interpreting or construing this Agreement. Unless otherwise specifically stated, all references herein to “sections” and “exhibits” will mean “sections” and “exhibits” to this Agreement. 

20. COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered
will be deemed an original, and all of which together shall constitute one and the same agreement. 
 21. SEVERABILITY. If any
provision of this Agreement is determined by any court or arbitrator of competent jurisdiction to be invalid, illegal or unenforceable in any respect, such provision will be enforced to the maximum extent possible given the intent of the parties
hereto. If such clause or provision cannot be so enforced, such provision shall be stricken from this Agreement and the remainder of this Agreement shall be enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent
not enforceable) never been contained in 

  
 7 








 
this Agreement. Notwithstanding the forgoing, if the value of this Agreement based upon the substantial benefit of the bargain for any party is materially impaired, which determination as made by
the presiding court or arbitrator of competent jurisdiction shall be binding, then both parties agree to substitute such provision(s) through good faith negotiations. 

22. FACSIMILE SIGNATURES. This Agreement may be executed and delivered by facsimile and upon such delivery the facsimile
signature will be deemed to have the same effect as if the original signature had been delivered to the other party. 
 [Signature Page
Follows] 

  
 8 








 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly
authorized representative and Participant has executed this Agreement, effective as of the Date of Grant. 
  



			
	DROPBOX, INC.
		
	By:	 	/s/ Ramsey Homsany
		 	


			
	
	 Ramsey Homsany

	(Please print name)
	
	 General Counsel

	(Please print title)
		
	 Address:
	 	185 Berry Street, Suite 400


			
	San Francisco, CA 94107
	Phone No.:	 	 




 
			
	PARTICIPANT
	
	 
	Signature	 	
	
	 «Name»

	(Please print name)
		
	Address:	 	«Address1»


 
			
	«Address2»
	Phone No.:	 	 


 
			
	Email:	  	 




 








 EXHIBIT A 

FORM OF STOCK OPTION EXERCISE AGREEMENT 







 No.
                 
 DROPBOX,
INC.     
 2008 EQUITY INCENTIVE PLAN 

STOCK OPTION EXERCISE AGREEMENT 

This Stock Option Exercise Agreement (the “Exercise Agreement”) is made and entered into as of
                    , 20         (the “Effective Date”) by and between Dropbox, Inc.,
a Delaware corporation (the “Company”), and the purchaser named below (the “Purchaser”). Capitalized terms not defined herein shall have the meanings ascribed to them in the Company’s 2008 Equity
Incentive Plan (the “Plan”). 
  

					
	Purchaser:	 	 	 	
			
	Taxpayer ID:	 	 	 	
			
	Address:	 	 	 	
			
		 	 	 	
			
	Total Number of Shares:	 	 	 	
			
	Exercise Price Per Share:	 	 	 	
			
	Date of Grant:	 	 	 	
			
	Vesting Commencement Date:	 	 	 	
			
	Expiration Date:	 	 	 	
		 	(Unless earlier terminated under Section 5.6 of the Plan)	 	
			
	Type of Stock Option	 		 	
			
	(Check one):	 	[ ] Incentive Stock Option	 	
			
		 	[ ] Nonqualified Stock Option	 	

 1. Exercise of Option. 

1.1 Exercise. Pursuant to exercise of that certain option (the “Option”) granted to Purchaser under the Plan
and subject to the terms and conditions of this Exercise Agreement, Purchaser hereby purchases from the Company, and the Company hereby sells to Purchaser, the Total Number of Shares set forth above (the “Shares”) of the
Company’s Common Stock at the Exercise Price Per Share set forth above (the “Exercise Price”). As used in this Exercise Agreement, the term “Shares” refers to the Shares purchased under this
Exercise Agreement and includes all securities received (i) in replacement of the Shares, (ii) as a result of stock dividends or stock splits with respect to the Shares, and (iii) all securities received in replacement of the Shares
in a merger, recapitalization, reorganization or similar corporate transaction. 

  
 1 








 1.2 Title to Shares. The exact spelling of the name(s) under which Purchaser will take
title to the Shares is: 
 [Name] 

To assign the Shares to a trust, a stock transfer agreement in the form provided by the Company (the “Stock Transfer
Agreement”) must be completed and executed. 
 1.3 Payment. Purchaser hereby delivers payment of the Exercise Price in
the manner permitted in the Stock Option Agreement as follows (check and complete as appropriate): 
  

	[    ]	in cash (by check) in the amount of $            , receipt of which is acknowledged by the Company; 


 

	[    ]	by cancellation of indebtedness of the Company owed to Purchaser in the amount of $            ; 


 

	[    ]	by the waiver hereby of compensation due or accrued for services rendered in the amount of $            . 


2. Delivery. 
 2.1
Deliveries by Purchaser. Purchaser hereby delivers to the Company (i) this Exercise Agreement, (ii) two (2) copies of a blank Stock Power and Assignment Separate from Stock Certificate in the form of Exhibit 1 attached hereto
(the “Stock Powers”), both executed by Purchaser (and Purchaser’s spouse, if any) and (iii) the Exercise Price and payment or other provision for any applicable tax obligations in the form of a wire, a copy of which
is attached hereto as Exhibit 2. 
 2.2 Deliveries by the Company. Upon its receipt of the Exercise Price, payment or other
provision for any applicable tax obligations and all the documents to be executed and delivered by Purchaser to the Company under Section 2.1, the Company will issue the Shares in book-entry form in the name of Purchaser subject to the
Company’s Repurchase Option and Right of First Refusal described in Sections 8, 9 and 10. 
 3. Representations and
Warranties of Purchaser. Purchaser represents and warrants to the Company that: 
 3.1 Agrees to Terms of the Plan.
Purchaser has received a copy of the Plan and the Stock Option Agreement, has read and understands the terms of the Plan, the Stock Option Agreement and this Exercise Agreement, and agrees to be bound by their terms and conditions. Purchaser
acknowledges that there may be adverse tax consequences upon exercise of the Option or disposition of the Shares, and that Purchaser should consult a tax adviser prior to such exercise or disposition. 

3.2 Purchase for Own Account for Investment. Purchaser is purchasing the Shares for Purchaser’s own account for investment
purposes only and not with a view to, or for sale in connection with, a distribution of the Shares within the meaning of the Securities Act. Purchaser has no present intention of selling or otherwise disposing of all or any portion of the Shares and
no one other than Purchaser has any beneficial ownership of any of the Shares. 

  
 2 








 3.3 Access to Information. Purchaser has had access to all information regarding the
Company and its present and prospective business, assets, liabilities and financial condition that Purchaser reasonably considers important in making the decision to purchase the Shares, and Purchaser has had ample opportunity to ask questions of
the Company’s representatives concerning such matters and this investment. 
 3.4 Understanding of Risks. Purchaser is fully
aware of: (i) the highly speculative nature of the investment in the Shares; (ii) the financial hazards involved; (iii) the lack of liquidity of the Shares and the restrictions on transferability of the Shares (e.g., that
Purchaser may not be able to sell or dispose of the Shares or use them as collateral for loans); (iv) the qualifications and backgrounds of the management of the Company; and (v) the tax consequences of investment in the Shares. Purchaser is
capable of evaluating the merits and risks of this investment, has the ability to protect Purchaser’s own interests in this transaction and is financially capable of bearing a total loss of this investment. 

3.5 No General Solicitation. At no time was Purchaser presented with or solicited by any publicly issued or circulated newspaper, mail,
radio, television or other form of general advertising or solicitation in connection with the offer, sale and purchase of the Shares. 
 3.6
Spouse Consent. If Purchaser is married, Purchaser agrees to seek the consent of Purchaser’s spouse to the extent required by the Company to enforce the terms and conditions of the Plan, the Stock Option Agreement and this Exercise
Agreement. 
 4. Compliance with Securities Laws. 

4.1 Compliance with U.S. Federal Securities Laws. Purchaser understands and acknowledges that the Shares have not been registered with
the SEC under the Securities Act and that, notwithstanding any other provision of the Stock Option Agreement to the contrary, the exercise of any rights to purchase any Shares is expressly conditioned upon compliance with the Securities Act and all
applicable state securities laws. Purchaser agrees to cooperate with the Company to ensure compliance with such laws. 
 4.2 Compliance
with California Securities Laws. THE PLAN, THE STOCK OPTION AGREEMENT, AND THIS EXERCISE AGREEMENT ARE INTENDED TO COMPLY WITH SECTION 25102(o) OF THE CALIFORNIA CORPORATIONS CODE AND ANY RULES (INCLUDING COMMISSIONER RULES, IF APPLICABLE) OR
REGULATIONS PROMULGATED THEREUNDER BY THE CALIFORNIA DEPARTMENT OF CORPORATIONS (THE “REGULATIONS”). ANY PROVISION OF THIS EXERCISE AGREEMENT THAT IS INCONSISTENT WITH SECTION 25102(o) SHALL, WITHOUT FURTHER ACT OR
AMENDMENT BY THE COMPANY OR THE BOARD, BE REFORMED TO COMPLY WITH THE REQUIREMENTS OF SECTION 25102(o). THE SALE OF THE SECURITIES THAT ARE THE SUBJECT OF THIS EXERCISE AGREEMENT, IF NOT YET QUALIFIED WITH THE CALIFORNIA
COMMISSIONER OF CORPORATIONS AND NOT EXEMPT FROM SUCH QUALIFICATION, IS SUBJECT TO SUCH QUALIFICATION, AND THE ISSUANCE OF SUCH SECURITIES, AND THE RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION IS UNLAWFUL UNLESS THE
SALE IS EXEMPT. THE RIGHTS OF THE PARTIES TO THIS EXERCISE AGREEMENT ARE EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED OR AN EXEMPTION BEING AVAILABLE. 

  
 3 








 5. Restricted Securities. 

5.1 No Transfer Unless Registered or Exempt. Purchaser understands that Purchaser may not transfer any Shares unless such Shares are
registered under the Securities Act or qualified under applicable state securities laws or unless, in the opinion of counsel to the Company, exemptions from such registration and qualification requirements are available. Purchaser understands that
only the Company may file a registration statement with the SEC and that the Company is under no obligation to do so with respect to the Shares. Purchaser has also been advised that exemptions from registration and qualification may not be available
or may not permit Purchaser to transfer all or any of the Shares in the amounts or at the times proposed by Purchaser. 
 5.2 SEC Rule
144. In addition, Purchaser has been advised that SEC Rule 144 promulgated under the Securities Act, which permits certain limited sales of unregistered securities, is not presently available with respect to the Shares and, in any event,
requires that the Shares be held for a minimum of one (1) year, and in certain cases two (2) years, after they have been purchased and paid for (within the meaning of Rule 144). Purchaser understands that Rule 144 may indefinitely
restrict transfer of the Shares so long as Purchaser remains an “affiliate” of the Company or if “current public information” about the Company (as defined in Rule 144) is not publicly available. 

5.3 SEC Rule 701. The Shares are issued pursuant to SEC Rule 701 promulgated under the Securities Act and may
become freely tradeable by non-affiliates (under limited conditions regarding the method of sale) ninety (90) days after the first sale of the Company’s securities to the general public pursuant to a
registration statement filed with and declared effective by the SEC, subject to the lengthier market standoff agreement contained in Section 7 of this Exercise Agreement or any other agreement entered into by Purchaser. Affiliates must comply
with the provisions (other than the holding period requirements) of Rule 144. 
 6. Restrictions on Transfers. 

6.1 Disposition of Shares. Purchaser hereby agrees that Purchaser shall make no disposition of the Shares (other than as permitted by
this Exercise Agreement) unless and until: 
 (a) Purchaser shall have notified the Company of the proposed disposition and provided a
written summary of the terms and conditions of the proposed disposition; 
 (b) Purchaser shall have complied with all requirements of this
Exercise Agreement applicable to the disposition of the Shares; 
 (c) Purchaser shall have provided the Company with written assurances,
in form and substance satisfactory to counsel for the Company, that (i) the proposed disposition does not require registration of the Shares under the Securities Act or (ii) all appropriate actions necessary for compliance with the
registration requirements of the Securities Act or of any exemption from registration available under the Securities Act (including Rule 144) have been taken; and 

  
 4 








 (d) Purchaser shall have provided the Company with written assurances, in form and substance
satisfactory to the Company, that the proposed disposition will not result in the contravention of any transfer restrictions applicable to the Shares pursuant to the provisions of the Regulations referred to in Section 4.2 hereof. 

6.2 Restriction on Transfer. Purchaser shall not transfer, assign, grant a lien or security interest in, pledge, hypothecate, encumber
or otherwise dispose of any of the Shares which are subject to the Company’s Repurchase Option or the Company’s Right of First Refusal described below, except as permitted by this Exercise Agreement. 

6.3 Transferee Obligations. Each person (other than the Company) to whom the Shares are transferred by means of one of the permitted
transfers specified in this Exercise Agreement must, as a condition precedent to the validity of such transfer, acknowledge in writing to the Company that such person is bound by the provisions of this Exercise Agreement and that the transferred
Shares are subject to (i) both the Company’s Repurchase Option and the Company’s Right of First Refusal granted hereunder and (ii) the market stand-off provisions of Section 7 hereof,
to the same extent such Shares would be so subject if retained by the Purchaser. 
 6.4 Additional Transfer Restrictions. Purchaser
hereby agrees to be bound by any and all restrictions on transfers of securities as set forth in the Company’s Bylaws (as may be amended from time to time), including, but not limited to, those transfer restrictions set forth in
Section 6.8. 
 7. Market Standoff Agreement. Purchaser agrees in connection with any registration of the
Company’s securities that, upon the request of the Company or the underwriters managing any public offering of the Company’s securities, Purchaser will not sell or otherwise dispose of any shares of the Company’s capital stock without
the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed one hundred eighty (180) days) after the effective date of such registration requested by such managing underwriters and
subject to all restrictions as the Company or the underwriters may specify. Purchaser further agrees to enter into any agreement reasonably required by the underwriters to implement the foregoing. 

8. Company’s Repurchase Option for Unvested Shares. The Company, or its assignee, shall have the option to
repurchase all or a portion of the Purchaser’s Unvested Shares (as defined in the Stock Option Agreement and determined as of the date on which the Company’s option is to be exercised) on the terms and conditions set forth in this Section
(the “Repurchase Option”) if Purchaser is Terminated (as defined in the Plan) for any reason, or no reason, including without limitation, Purchaser’s death, Disability (as defined in the Plan), voluntary resignation or
termination by the Company with or without Cause. 
 8.1 Termination and Termination Date. In case of any dispute as to whether
Purchaser is Terminated, the Committee shall have discretion to determine whether Purchaser has been Terminated and the effective date of such Termination (the “Termination Date”). 

8.2 Exercise of Repurchase Option. At any time within ninety (90) days after the Purchaser’s Termination Date (or, in the
case of securities issued upon exercise of an Option after the Purchaser’s Termination Date, within ninety (90) days after the date of such exercise), the Company, or its assignee, may elect to repurchase any or all the Purchaser’s
Unvested Shares by giving Purchaser written notice of exercise of the Repurchase Option. 

  
 5 








 8.3 Calculation of Repurchase Price for Unvested Shares. The Company or its
assignee shall have the option to repurchase from Purchaser (or from Purchaser’s personal representative as the case may be) the Unvested Shares at the Purchaser’s Exercise Price, proportionately adjusted for any stock split or similar
change in the capital structure of the Company as set forth in Section 2.2 of the Plan (the “Repurchase Price”). 

8.4 Payment of Repurchase Price. The Repurchase Price shall be payable, at the option of the Company or its assignee, by check or by
cancellation of all or a portion of any outstanding purchase money indebtedness owed by Purchaser to the Company or such assignee, or by any combination thereof. The Repurchase Price shall be paid without interest within the term of the Repurchase
Option as described in Section 8.2. 
 8.5 Right of Termination Unaffected. Nothing in this Exercise Agreement shall be
construed to limit or otherwise affect in any manner whatsoever the right or power of the Company (or any Parent or Subsidiary of the Company) to terminate Purchaser’s employment or other relationship with Company (or the Parent or Subsidiary
of the Company) at any time, for any reason or no reason, with or without Cause. 
 9. Company’s Right of First
Refusal. Unvested Shares may not be sold or otherwise transferred by Purchaser without the Company’s prior written consent. Before any Vested Shares held by Purchaser or any transferee of such Vested Shares (either sometimes referred to
herein as the “Holder”) may be sold or otherwise transferred (including, without limitation, a transfer by gift or operation of law), the Company and/or its assignee(s) will have a right of first refusal to purchase the
Vested Shares to be sold or transferred (the “Offered Shares”) on the terms and conditions set forth in this Section (the “Right of First Refusal”). 

9.1 Notice of Proposed Transfer. The Holder of the Offered Shares will deliver to the Company a written notice (the
“Notice”) stating: (i) the Holder’s bona fide intention to sell or otherwise transfer the Offered Shares; (ii) the name and address of each proposed purchaser or other transferee (the “Proposed
Transferee”); (iii) the number of Offered Shares to be transferred to each Proposed Transferee; (iv) the bona fide cash price or other consideration for which the Holder proposes to transfer the Offered Shares (the
“Offered Price”); and (v) that the Holder acknowledges this Notice is an offer to sell the Offered Shares to the Company and/or its assignee(s) pursuant to the Company’s Right of First Refusal at the Offered Price
as provided for in this Exercise Agreement. 
 9.2 Exercise of Right of First Refusal. At any time within thirty (30) days after
the date of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all (or, with the consent of the Holder, less than all) the Offered Shares proposed to be transferred to any one or more of the
Proposed Transferees named in the Notice, at the purchase price, determined as specified below. 
 9.3 Purchase Price. The purchase
price for the Offered Shares purchased under this Section will be the Offered Price, provided that if the Offered Price consists of no legal consideration (as, for example, in the case of a transfer by gift) the purchase price will be the fair
market value of the Offered Shares as determined in good faith by the Company’s Board 

  
 6 








 
of Directors. If the Offered Price includes consideration other than cash, then the value of the non-cash consideration, as determined in good faith by the
Company’s Board of Directors, will conclusively be deemed to be the cash equivalent value of such non-cash consideration. 

9.4 Payment. Payment of the purchase price for the Offered Shares will be payable, at the option of the Company and/or its assignee(s)
(as applicable), by check or by cancellation of all or a portion of any outstanding purchase money indebtedness owed by the Holder to the Company (or to such assignee, in the case of a purchase of Offered Shares by such assignee) or by any
combination thereof. The purchase price will be paid without interest within sixty (60) days after the Company’s receipt of the Notice, or, at the option of the Company and/or its assignee(s), in the manner and at the time(s) set forth in
the Notice. 
 9.5 Holder’s Right to Transfer. If all of the Offered Shares proposed in the Notice to be transferred to a given
Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section, then the Holder may sell or otherwise transfer such Offered Shares to each Proposed Transferee at the Offered Price or at a higher price,
provided that (i) such sale or other transfer is consummated within one hundred twenty (120) days after the date of the Notice, (ii) any such sale or other transfer is effected in compliance with all applicable securities laws,
and (iii) each Proposed Transferee agrees in writing that the provisions of this Section will continue to apply to the Offered Shares in the hands of such Proposed Transferee. If the Offered Shares described in the Notice are not transferred to
each Proposed Transferee within such one hundred twenty (120) day period, then a new Notice must be given to the Company pursuant to which the Company will again be offered the Right of First Refusal before any Shares held by the Holder may be
sold or otherwise transferred. 
 9.6 Exempt Transfers. Notwithstanding anything to the contrary in this Section, the following
transfers of Vested Shares will be exempt from the Right of First Refusal: (i) the transfer of any or all of the Vested Shares during Purchaser’s lifetime by gift or on Purchaser’s death by will or intestacy to Purchaser’s
“Immediate Family” (as defined below) or to a trust for the benefit of Purchaser or Purchaser’s Immediate Family, provided that each transferee or other recipient agrees in a writing satisfactory to the Company that the provisions of
this Section will continue to apply to the transferred Vested Shares in the hands of such transferee or other recipient; (ii) any transfer of Vested Shares made pursuant to a statutory merger or statutory consolidation of the Company with or
into another corporation or corporations (except that the Right of First Refusal will continue to apply thereafter to such Vested Shares, in which case the surviving corporation of such merger or consolidation shall succeed to the rights of the
Company under this Section unless the agreement of merger or consolidation expressly otherwise provides); or (iii) any transfer of Vested Shares pursuant to the winding up and dissolution of the Company. As used herein, the term
“Immediate Family” will mean Purchaser’s spouse, the lineal descendant or antecedent, father, mother, brother or sister, child, adopted child, grandchild or adopted grandchild of the Purchaser or the Purchaser’s
spouse, or the spouse of any of the above or Spousal Equivalent, as defined herein. As used herein, a person is deemed to be a “Spousal Equivalent” provided the following circumstances are true: (i) irrespective of
whether or not the Participant and the Spousal Equivalent are the same sex, they are the sole spousal equivalent of the other for the last twelve (12) months, (ii) they intend to remain so indefinitely, (iii) neither are married to anyone
else, (iv) both are at least 18 years of age and mentally competent to consent to contract, (v) they are not related by blood to a degree of closeness that which would prohibit legal marriage in the state in which they legally reside,
(vi) they are jointly responsible for each other’s common welfare and financial obligations, and (vii) they reside together in the same residence for the last twelve (12) months and intend to do so indefinitely. 

  
 7 








 9.7 Termination of Right of First Refusal. The Right of First Refusal will terminate as to
all Shares (i) on the effective date of the first sale of the Company’s securities to the general public pursuant to a registration statement filed with and declared effective by the SEC under the 1933 Act (other than a registration
statement relating solely to the issuance of securities pursuant to a business combination or an employee incentive or benefit plan) or (ii) on any transfer or conversion of Shares made pursuant to a statutory merger or statutory consolidation
of the Company with or into another corporation or corporations if the common stock of the surviving corporation or any direct or indirect parent corporation thereof is registered under the Securities Exchange Act of 1934, as amended. 

9.8 Encumbrances on Vested Shares. Purchaser may grant a lien or security interest in, or pledge, hypothecate or encumber Vested Shares
only if each party to whom such lien or security interest is granted, or to whom such pledge, hypothecation or other encumbrance is made, agrees in a writing satisfactory to the Company that: (i) such lien, security interest, pledge,
hypothecation or encumbrance will not apply to such Vested Shares after they are acquired by the Company and/or its assignees under this Section; and (ii) the provisions of this Section will continue to apply to such Vested Shares in the hands
of such party and any transferee of such party. Purchaser may not grant a lien or security interest in, or pledge, hypothecate or encumber, any Unvested Shares. 

10. Rights as a Stockholder. Subject to the terms and conditions of this Exercise Agreement, Purchaser will have
all of the rights of a stockholder of the Company with respect to the Shares from and after the date that Shares are issued to Purchaser until such time as Purchaser disposes of the Shares or the Company and/or its assignee(s) exercise(s) the
Repurchase Option or Right of First Refusal. Upon an exercise of the Repurchase Option or the Right of First Refusal, Purchaser will have no further rights as a holder of the Shares so purchased upon such exercise, other than the right to receive
payment for the Shares so purchased in accordance with the provisions of this Exercise Agreement. 
 11. Escrow. As security
for Purchaser’s faithful performance of this Exercise Agreement, Purchaser agrees to deliver the Stock Powers executed by Purchaser and by Purchaser’s spouse, if any (with the date and number of Shares left blank), to the Secretary of the
Company or other designee of the Company (the “Escrow Holder”), who is hereby appointed to hold such Stock Powers in escrow and to take all such actions and to effectuate all such transfers and/or releases of such Shares as
are in accordance with the terms of this Exercise Agreement. Purchaser and the Company agree that Escrow Holder will not be liable to any party to this Exercise Agreement (or to any other party) for any actions or omissions unless Escrow Holder is
grossly negligent or intentionally fraudulent in carrying out the duties of Escrow Holder under this Exercise Agreement. Escrow Holder may rely upon any letter, notice or other document executed with any signature purported to be genuine and may
rely on the advice of counsel and obey any order of any court with respect to the transactions contemplated by this Exercise Agreement. The Stock Powers will be released from escrow upon termination of both the Repurchase Option and the Right of
First Refusal. 

  
 8 








 12. Restrictive Legends and Stop-Transfer Orders. 

12.1 Legends. Purchaser understands and agrees that the Company will place the legends set forth below or similar legends on any
book-entries evidencing the Shares, together with any other legends that may be required by state or U.S. Federal securities laws, the Company’s Certificate of Incorporation or Bylaws, any other agreement between Purchaser and the Company or
any agreement between Purchaser and any third party: 
 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE INCLUDING, BUT NOT LIMITED TO, RESTRICTIONS ON TRANSFERABILITY AND RESALE SET FORTH
IN THE COMPANY’S BYLAWS, AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS (PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM) AND THE COMPANY’S GOVERNING DOCUMENTS.
INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO
THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 

THESE SHARES ARE SUBJECT TO CERTAIN RESTRICTIONS ON PUBLIC RESALE AND TRANSFER, INCLUDING THE RIGHT OF REPURCHASE AND RIGHT OF FIRST
REFUSAL OPTIONS HELD BY THE ISSUER AND/OR ITS ASSIGNEE(S) AS SET FORTH IN A STOCK OPTION EXERCISE AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH
PUBLIC SALE AND TRANSFER RESTRICTIONS INCLUDING THE RIGHT OF REPURCHASE AND RIGHT OF FIRST REFUSAL ARE BINDING ON TRANSFEREES OF THESE SHARES. 

THESE SHARES ARE SUBJECT TO A 180 DAY MARKET STANDOFF RESTRICTION AS SET FORTH IN A CERTAIN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL
HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. AS A RESULT OF SUCH AGREEMENT, THESE SHARES MAY NOT BE TRADED PRIOR TO 180 DAYS AFTER THE EFFECTIVE DATE OF ANY PUBLIC OFFERING OF THE SECURITIES OF THE
ISSUER HEREOF. SUCH RESTRICTION IS BINDING ON TRANSFEREES OF THESE SHARES. 
 12.2 Stop-Transfer Instructions. Purchaser agrees
that, to ensure compliance with the restrictions imposed by this Exercise Agreement, the Company may issue appropriate “stop-transfer” instructions to its transfer agent, if any, and if the Company transfers its own securities, it may make
appropriate notations to the same effect in its own records. 
 12.3 Refusal to Transfer. The Company will not be required
(i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Exercise Agreement or (ii) to treat as owner of such Shares, or to accord the right to vote or pay dividends
to any purchaser or other transferee to whom such Shares have been so transferred. 

  
 9 








 13. Tax Consequences. PURCHASER UNDERSTANDS THAT PURCHASER MAY
SUFFER ADVERSE TAX CONSEQUENCES AS A RESULT OF PURCHASER’S PURCHASE OR DISPOSITION OF THE SHARES. PURCHASER REPRESENTS: (i) THAT PURCHASER HAS CONSULTED WITH ANY TAX ADVISER THAT PURCHASER DEEMS ADVISABLE IN CONNECTION WITH
THE PURCHASE OR DISPOSITION OF THE SHARES AND (ii) THAT PURCHASER IS NOT RELYING ON THE COMPANY FOR ANY TAX ADVICE. IN PARTICULAR, IF UNVESTED SHARES ARE SUBJECT TO REPURCHASE BY THE COMPANY, PURCHASER REPRESENTS THAT PURCHASER
HAS CONSULTED WITH PURCHASER’S OWN TAX ADVISER CONCERNING THE ADVISABILITY OF FILING AN 83(b) ELECTION WITH THE INTERNAL REVENUE SERVICE WHICH MUST BE FILED WITHIN THIRTY (30) DAYS OF THE PURCHASE OF SHARES TO BE
EFFECTIVE. Set forth below is a brief summary as of the date the Plan was adopted by the Board of some of the U.S. Federal and California tax consequences of exercise of the Option and disposition of the Shares. THIS SUMMARY IS NECESSARILY
INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. PURCHASER SHOULD CONSULT HIS OR HER OWN TAX ADVISER BEFORE EXERCISING THIS OPTION OR DISPOSING OF THE SHARES. 

13.1 Exercise of Incentive Stock Option. If the Option qualifies as an ISO, there will be no regular U.S. Federal income tax liability
or California income tax liability upon the exercise of the Option, although the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price will be treated as a tax preference item for U.S. Federal
alternative minimum tax purposes and may subject Purchaser to the alternative minimum tax in the year of exercise. 
 13.2 Exercise of
Nonqualified Stock Option. If the Option does not qualify as an ISO, there may be a regular U.S. Federal income tax liability and a California income tax liability upon the exercise of the Option. Purchaser will be treated as having received
compensation income (taxable at ordinary income tax rates) equal to the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price. If Purchaser is or was an employee of the Company, the Company may be
required to withhold from Purchaser’s compensation or collect from Purchaser and pay to the applicable taxing authorities an amount equal to a percentage of this compensation income at the time of exercise. 

13.3 Disposition of Shares. The following tax consequences may apply upon disposition of the Shares. 

(a) Incentive Stock Options. If the Shares are held for more than twelve (12) months after the date of purchase of the Shares
pursuant to the exercise of an ISO and are disposed of more than two (2) years after the Date of Grant, any gain realized on disposition of the Shares will be treated as long term capital gain for federal and California income tax purposes. If
Vested Shares purchased under an ISO are disposed of within the applicable one (1) year or two (2) year period, any gain realized on such disposition will be treated as compensation income (taxable at ordinary income rates in the year of
the disposition) to the extent of the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price. To the extent the Shares were exercised prior to vesting coincident with the filing of an 83(b) Election,
the amount taxed because of a disqualifying disposition will be based upon the excess, if any, of the fair market value on the date of vesting over the exercise price. 

  
 10 








 (b) Nonqualified Stock Options. If the Shares are held for more than twelve
(12) months after the date of the transfer of the Shares pursuant to the exercise of an NQSO, any gain realized on disposition of the Shares will be treated as long term capital gain. 

(c) Withholding. The Company may be required to withhold from the Purchaser’s compensation or collect from the Purchaser and pay
to the applicable taxing authorities an amount equal to a percentage of this compensation income. 
 13.4 Section 83(b) Election for
Unvested Shares. With respect to Unvested Shares, which are subject to the Repurchase Option, unless an election is filed by the Purchaser with the Internal Revenue Service (and, if necessary, the proper state taxing authorities), within
30 days of the purchase of the Unvested Shares, electing pursuant to Section 83(b) of the Code (and similar state tax provisions, if applicable) to be taxed currently on any difference between the Exercise Price of the Unvested Shares
and their Fair Market Value on the date of purchase, there may be a recognition of taxable income (including, where applicable, alternative minimum taxable income) to the Purchaser, measured by the excess, if any, of the Fair Market Value of the
Unvested Shares at the time they cease to be Unvested Shares, over the Exercise Price of the Unvested Shares. A form of Election under Section 83(b) is attached hereto as Exhibit 3 for reference. 

14. Compliance with Laws and Regulations. The issuance and transfer of the Shares will be subject to and
conditioned upon compliance by the Company and Purchaser with all applicable state and U.S. Federal laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which the Company’s securities
may be listed or quoted at the time of such issuance or transfer. 
 15. Successors and Assigns. The Company may
assign any of its rights and obligations under this Exercise Agreement, including its rights to purchase Shares under the Repurchase Option and the Right of First Refusal. No other party to this Exercise Agreement may assign, whether voluntarily or
by operation of law, any of its rights and obligations under this Exercise Agreement, except with the prior written consent of the Company. This Exercise Agreement shall be binding upon and inure to the benefit of the successors and assigns of the
Company. Subject to the restrictions on transfer herein set forth, this Exercise Agreement will be binding upon Purchaser and Purchaser’s heirs, executors, administrators, legal representatives, successors and assigns. 

16. Governing Law. This Exercise Agreement shall be governed by and construed in accordance with the laws of the
State of California, without giving effect to that body of laws pertaining to conflict of laws. 
 17. Notices.
Any and all notices required or permitted to be given to a party pursuant to the provisions of this Exercise Agreement will be in writing and will be effective and deemed to provide such party sufficient notice under this Exercise Agreement on the
earliest of the following: (i) at the time of personal delivery, if delivery is in person; (ii) at the time an electronic confirmation of receipt is received, if delivery is by email; (iii) at the time of transmission by facsimile,
addressed to the other party at its facsimile number specified herein (or hereafter modified by subsequent notice to the parties hereto), with confirmation of receipt made by both telephone and printed confirmation sheet verifying successful
transmission of the facsimile; (iv) one (1) business day after deposit with an express overnight courier for United 

  
 11 








 
States deliveries, or two (2) business days after such deposit for deliveries outside of the United States, with proof of delivery from the courier requested; or (v) three (3) business
days after deposit in the United States mail by certified mail (return receipt requested) for United States deliveries. 
 All notices for
delivery outside the United States will be sent by facsimile or by express courier. All notices not delivered personally or by facsimile will be sent with postage and/or other charges prepaid and properly addressed to the party to be notified at the
address or facsimile number set forth below the signature lines of this Exercise Agreement, or at such other address or facsimile number as such other party may designate by one of the indicated means of notice herein to the other parties hereto.
Notices to the Company will be marked “Attention: President”. Notices by facsimile shall be machine verified as received. 

18. Further Assurances. The parties agree to execute such further documents and instruments and to take such
further actions as may be reasonably necessary to carry out the purposes and intent of this Exercise Agreement. 
 19. Titles
and Headings. The titles, captions and headings of this Exercise Agreement are included for ease of reference only and will be disregarded in interpreting or construing this Exercise Agreement. Unless otherwise specifically stated,
all references herein to “sections” and “exhibits” will mean “sections” and “exhibits” to this Exercise Agreement. 

20. Entire Agreement. The Plan, the Stock Option Agreement and this Exercise Agreement, together with all Exhibits
thereto, constitute the entire agreement and understanding of the parties with respect to the subject matter of this Exercise Agreement, and supersede all prior understandings and agreements, whether oral or written, between or among the parties
hereto with respect to the specific subject matter hereof. 
 21. Counterparts. This Exercise Agreement may be
executed in any number of counterparts, each of which when so executed and delivered will be deemed an original, and all of which together shall constitute one and the same agreement. 

22. Severability. If any provision of this Exercise Agreement is determined by any court or arbitrator of
competent jurisdiction to be invalid, illegal or unenforceable in any respect, such provision will be enforced to the maximum extent possible given the intent of the parties hereto. If such clause or provision cannot be so enforced, such provision
shall be stricken from this Exercise Agreement and the remainder of this Exercise Agreement shall be enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable) never been contained in this Exercise
Agreement. Notwithstanding the forgoing, if the value of this Exercise Agreement based upon the substantial benefit of the bargain for any party is materially impaired, which determination as made by the presiding court or arbitrator of competent
jurisdiction shall be binding, then both parties agree to substitute such provision(s) through good faith negotiations. 
 23.
Facsimile Signatures. This Exercise Agreement may be executed and delivered by facsimile and upon such delivery the facsimile signature will be deemed to have the same effect as if the original signature had been delivered to
the other party. 
 [Signature Page Follows] 

  
 12 








 IN WITNESS WHEREOF, the Company has caused this Exercise Agreement to be executed in triplicate
by its duly authorized representative and Purchaser has executed this Exercise Agreement in triplicate as of the Effective Date, indicated above. 
  



			
	DROPBOX, INC.
		
	By:	 	/s/ Ramsey Homsany
	
	
	Ramsey Homsany
	(Please print name)
	
	General Counsel
	(Please print title)
	
	Address:
	
	185 Berry Street, Suite 400
	
	San Francisco, CA 94107
		 	




 
			
	PURCHASER	 	
	
	  

		
	(Signature)	 	
	 
	(Please print name)
		
		 	


 
			
		
	Address:	 	 
	
	 
		
		 	


 
			
	Phone No.:	 	 




 

  
 List of Exhibits 

			
		
	Exhibit 1:	  	Stock Power and Assignment Separate from Stock Certificate
		
	Exhibit 2:	  	Copy of Purchaser’s Check
		
	Exhibit 3:	  	Section 83(b) Election


  
 [Signature page to
Dropbox, Inc. Stock Option Exercise Agreement] 








 EXHIBIT 1 

STOCK POWER AND ASSIGNMENT 

SEPARATE FROM STOCK CERTIFICATE 







 Stock Power and Assignment 

Separate from Stock Certificate 

FOR VALUE RECEIVED and pursuant to that certain Stock Option Exercise Agreement No.         dated as
of                     , 20         (the “Agreement”), the undersigned hereby sells, assigns
and transfers unto
                                        ,
                                shares of the Common Stock of Dropbox, Inc., a
Delaware corporation (the “Company”), standing in the undersigned’s name on the books of the Company represented by book-entry record no(s).
                , and does hereby irrevocably constitute and appoint the Secretary of the Company as the undersigned’s attorney-in-fact, with full power of substitution, to transfer said stock on the books of the Company. THIS ASSIGNMENT MAY ONLY BE USED AS AUTHORIZED BY THE AGREEMENT AND ANY EXHIBITS THERETO. 

Dated:                    ,
20         
  

	
	 PURCHASER

	
	  

	 (Signature)

	
	  

	 (Please Print Name)

	
	  

	 (Spouse’s Signature, if any)

	
	  

	(Please Print Spouse’s Name)


 Instructions to Purchaser: Please do not fill in any blanks other than the signature line. The
purpose of this Stock Power and Assignment is to enable the Company to acquire the shares and to exercise its “Repurchase Option” and/or “Right of First Refusal” set forth in the Exercise Agreement without requiring additional
signatures on the part of the Purchaser or Purchaser’s Spouse. 







 EXHIBIT 2 

COPY OF PURCHASER’S CHECK 







 EXHIBIT 3 

SECTION 83(b) ELECTION 







 ELECTION UNDER SECTION 83(b) OF THE INTERNAL REVENUE CODE 

The undersigned Taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include the excess, if any, of the
fair market value of the property described below at the time of transfer over the amount paid for such property, as compensation for services in the calculation of: (1) regular gross income; (2) alternative minimum taxable income or
(3) disqualifying disposition gross income, as the case may be. 
  

			
	 1.      TAXPAYER’S NAME:
	  	 
		
	 2.      TAXPAYER’S ADDRESS:
	  	 
		
	 3.      SOCIAL SECURITY NUMBER:
	  	 

  

	4.	The property with respect to which the election is made is described as follows:                     shares of
Class B Common Stock of Dropbox, Inc., a Delaware corporation (the “Company”) which were transferred upon exercise of an option by Company, which is Taxpayer’s employer or the corporation for whom the Taxpayer
performs services. 

  

	5.	The date on which the shares were transferred pursuant to the exercise of the option was                     ,
20         and this election is made for calendar year 20        . 

  

	6.	The shares received upon exercise of the option are subject to the following restrictions: The Company may repurchase all or a portion of the shares at the Taxpayer’s original purchase price under certain
conditions at the time of Taxpayer’s termination of employment or services. 

  

	7.	The fair market value of the shares (without regard to restrictions other than a nonlapse restriction as defined in § 1.83.3(h) of the Income Tax Regulations) was
$             per share x                     shares =
$            . 

  

	8.	The amount paid for such shares upon exercise of the option was $             per share
x                     shares =
$                    . 

  

	9.	The Taxpayer has submitted a copy of this statement to the Company. 

  

	10.	The amount to include in the Taxpayer’s gross income for the Taxpayer’s current taxable year is $            . 


THIS ELECTION MUST BE FILED WITH THE INTERNAL REVENUE SERVICE (“IRS”), AT THE OFFICE WHERE THE TAXPAYER FILES ANNUAL INCOME
TAX RETURNS, WITHIN 30 DAYS AFTER THE DATE OF TRANSFER OF THE SHARES, AND MUST ALSO BE FILED WITH THE TAXPAYER’S INCOME TAX RETURNS FOR THE CALENDAR YEAR. THE ELECTION CANNOT BE REVOKED WITHOUT THE CONSENT OF THE IRS. 

 

			
	 Dated:             ,
20        
	 	  

		 	 (Taxpayer Signature)









 No. «GrantNo» 

DROPBOX, INC. 
 2008
EQUITY INCENTIVE PLAN 
 STOCK OPTION EXERCISE AGREEMENT 

This Stock Option Exercise Agreement (the “Exercise Agreement”) is made and entered into as
of                    ,         (the “Effective Date”) by and between Dropbox, Inc.,
a Delaware corporation (the “Company”), and the purchaser named below (the “Purchaser”). Capitalized terms not defined herein shall have the meanings ascribed to them in the Company’s 2008 Equity
Incentive Plan (the “Plan”). 
  

					
	Purchaser:	 		  	 «Name»

			
	Taxpayer ID:	 		  	 «SSN»

			
	Address:	 		  	  

			
		 		  	  

			
		 		  	  

			
	Total Number of Shares:	 		  	  

			
	Exercise Price Per Share:	 		  	 «ExPrice»

			
	Date of Grant:	 		  	 «GrantDate»

			
	Vesting Commencement Date:	 		  	 «VCD»

			
	Expiration Date:	 		  	 «ExpDate»

		 		  	(Unless earlier terminated under Section 5.6 of the Plan)
			
	Type of Stock Option	 		  	
			
	(Check one):	 		  	[    ] Incentive Stock Option
	 	 	 	  	[X] Nonqualified Stock Option

 1. Exercise of Option. 

1.1 Exercise. Pursuant to exercise of that certain option (the “Option”) granted to Purchaser under the Plan and
subject to the terms and conditions of this Exercise Agreement, Purchaser hereby purchases from the Company, and the Company hereby sells to Purchaser, the Total Number of Shares set forth above (the “Shares”) of the
Company’s Common Stock at the Exercise Price Per Share set forth above (the “Exercise Price”). As used in this Exercise Agreement, the term “Shares” refers to the Shares purchased under this
Exercise Agreement and includes all securities received (i) in replacement of the Shares, (ii) as a result of stock dividends or stock splits with respect to the Shares, and (iii) all securities received in replacement of the Shares
in a merger, recapitalization, reorganization or similar corporate transaction. 

  
 1 








 1.2 Title to Shares. The exact spelling of the name(s) under which Purchaser will take
title to the Shares is: 
 To assign the Shares to a trust, a stock transfer agreement in the form provided by the Company (the
“Stock Transfer Agreement”) must be completed and executed. 
 1.3 Payment. Purchaser hereby delivers payment
of the Exercise Price in the manner permitted in the Stock Option Agreement as follows (check and complete as appropriate): 
  

	[    ]	in cash (by check) in the amount of $            , receipt of which is acknowledged by the Company; 


 

	[    ]	by cancellation of indebtedness of the Company owed to Purchaser in the amount of $            ; 


 

	[    ]	by the waiver hereby of compensation due or accrued for services rendered in the amount of $            .; or 


 

	[    ]	by any combination of the foregoing. 

 2. Delivery. 

2.1 Deliveries by Purchaser. Purchaser hereby delivers to the Company (i) this Exercise Agreement, (ii) two (2) copies of a
blank Stock Power and Assignment Separate from Stock Certificate in the form of Exhibit 1 attached hereto (the “Stock Powers”), both executed by Purchaser (and Purchaser’s spouse, if any) and (iii) the
Exercise Price and payment or other provision for any applicable tax obligations in the form of check, a copy of which is attached hereto as Exhibit 2. 

2.2 Deliveries by the Company. Upon its receipt of the Exercise Price, payment or other provision for any applicable tax obligations
and all the documents to be executed and delivered by Purchaser to the Company under Section 2.1, the Company will issue the Shares in book-entry form in the name of Purchaser subject to the Company’s Right of First Refusal described
in Sections 8, 9 and 10. 
 3. Representations and Warranties of Purchaser. Purchaser represents and
warrants to the Company that: 
 3.1 Agrees to Terms of the Plan. Purchaser has received a copy of the Plan and the Stock Option
Agreement, has read and understands the terms of the Plan, the Stock Option Agreement and this Exercise Agreement, and agrees to be bound by their terms and conditions. Purchaser acknowledges that there may be adverse tax consequences upon exercise
of the Option or disposition of the Shares, and that Purchaser should consult a tax adviser prior to such exercise or disposition. 

  
 2 








 3.2 Purchase for Own Account for Investment. Purchaser is purchasing the Shares for
Purchaser’s own account for investment purposes only and not with a view to, or for sale in connection with, a distribution of the Shares within the meaning of the Securities Act. Purchaser has no present intention of selling or otherwise
disposing of all or any portion of the Shares and no one other than Purchaser has any beneficial ownership of any of the Shares. 
 3.3
Access to Information. Purchaser has had access to all information regarding the Company and its present and prospective business, assets, liabilities and financial condition that Purchaser reasonably considers important in making the
decision to purchase the Shares, and Purchaser has had ample opportunity to ask questions of the Company’s representatives concerning such matters and this investment. 

3.4 Understanding of Risks. Purchaser is fully aware of: (i) the highly speculative nature of the investment in the Shares;
(ii) the financial hazards involved; (iii) the lack of liquidity of the Shares and the restrictions on transferability of the Shares (e.g., that Purchaser may not be able to sell or dispose of the Shares or use them as collateral
for loans); (iv) the qualifications and backgrounds of the management of the Company; and (v) the tax consequences of investment in the Shares. Purchaser is capable of evaluating the merits and risks of this investment, has the ability to
protect Purchaser’s own interests in this transaction and is financially capable of bearing a total loss of this investment. 
 3.5
No General Solicitation. At no time was Purchaser presented with or solicited by any publicly issued or circulated newspaper, mail, radio, television or other form of general advertising or solicitation in connection with the offer, sale and
purchase of the Shares. 
 3.6 Spouse Consent. If Purchaser is married, Purchaser agrees to seek the consent of Purchaser’s
spouse to the extent required by the Company to enforce the terms and conditions of the Plan, the Stock Option Agreement and this Exercise Agreement. 

4. Compliance with Securities Laws. 

4.1Compliance with U.S. Federal Securities Laws. Purchaser understands and acknowledges that the Shares have not been registered with
the SEC under the Securities Act and that, notwithstanding any other provision of the Stock Option Agreement to the contrary, the exercise of any rights to purchase any Shares is expressly conditioned upon compliance with the Securities Act and all
applicable state securities laws. Purchaser agrees to cooperate with the Company to ensure compliance with such laws. 
 4.2 Compliance
with California Securities Laws. THE PLAN, THE STOCK OPTION AGREEMENT, AND THIS EXERCISE AGREEMENT ARE INTENDED TO COMPLY WITH SECTION 25102(o) OF THE CALIFORNIA CORPORATIONS CODE AND ANY RULES (INCLUDING COMMISSIONER RULES, IF APPLICABLE) OR
REGULATIONS PROMULGATED THEREUNDER BY THE CALIFORNIA DEPARTMENT OF CORPORATIONS (THE “REGULATIONS”). ANY PROVISION OF THIS EXERCISE AGREEMENT THAT IS INCONSISTENT WITH SECTION 25102(o) SHALL, WITHOUT FURTHER ACT OR
AMENDMENT BY THE COMPANY OR THE BOARD, BE REFORMED TO COMPLY WITH THE REQUIREMENTS OF SECTION 25102(o). THE SALE OF THE SECURITIES THAT ARE THE SUBJECT OF THIS EXERCISE AGREEMENT, IF NOT YET QUALIFIED WITH THE CALIFORNIA COMMISSIONER OF CORPORATIONS
AND NOT EXEMPT FROM SUCH QUALIFICATION, IS SUBJECT TO SUCH QUALIFICATION, AND THE ISSUANCE OF SUCH SECURITIES, AND THE RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO SUCH  

  
 3 








 
QUALIFICATION IS UNLAWFUL UNLESS THE SALE IS EXEMPT. THE RIGHTS OF THE PARTIES TO THIS EXERCISE AGREEMENT ARE EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED OR AN EXEMPTION
BEING AVAILABLE. 
 5. Restricted Securities. 

5.1 No Transfer Unless Registered or Exempt. Purchaser understands that Purchaser may not transfer any Shares unless such Shares are
registered under the Securities Act or qualified under applicable state securities laws or unless, in the opinion of counsel to the Company, exemptions from such registration and qualification requirements are available. Purchaser understands that
only the Company may file a registration statement with the SEC and that the Company is under no obligation to do so with respect to the Shares. Purchaser has also been advised that exemptions from registration and qualification may not be available
or may not permit Purchaser to transfer all or any of the Shares in the amounts or at the times proposed by Purchaser. 
 5.2 SEC Rule
144. In addition, Purchaser has been advised that SEC Rule 144 promulgated under the Securities Act, which permits certain limited sales of unregistered securities, is not presently available with respect to the Shares and, in any event,
requires that the Shares be held for a minimum of one (1) year, and in certain cases two (2) years, after they have been purchased and paid for (within the meaning of Rule 144). Purchaser understands that Rule 144 may indefinitely
restrict transfer of the Shares so long as Purchaser remains an “affiliate” of the Company or if “current public information” about the Company (as defined in Rule 144) is not publicly available. 

5.3 SEC Rule 701. The Shares are issued pursuant to SEC Rule 701 promulgated under the Securities Act and may
become freely tradeable by non-affiliates (under limited conditions regarding the method of sale) ninety (90) days after the first sale of the Company’s securities to the general public pursuant to a
registration statement filed with and declared effective by the SEC, subject to the lengthier market standoff agreement contained in Section 7 of this Exercise Agreement or any other agreement entered into by Purchaser. Affiliates must comply
with the provisions (other than the holding period requirements) of Rule 144. 
 6. Restrictions on Transfers. 

6.1 Disposition of Shares. Purchaser hereby agrees that Purchaser shall make no disposition of the Shares (other than as permitted by
this Exercise Agreement) unless and until: 
 (a) Purchaser shall have notified the Company of the proposed disposition and provided a
written summary of the terms and conditions of the proposed disposition; 
 (b) Purchaser shall have complied with all requirements of this
Exercise Agreement applicable to the disposition of the Shares; 
 (c) Purchaser shall have provided the Company with written assurances,
in form and substance satisfactory to counsel for the Company, that (i) the proposed disposition does not require registration of the Shares under the Securities Act or (ii) all 

  
 4 








 
appropriate actions necessary for compliance with the registration requirements of the Securities Act or of any exemption from registration available under the Securities Act (including Rule 144)
have been taken; and 
 (d) Purchaser shall have provided the Company with written assurances, in form and substance satisfactory to the
Company, that the proposed disposition will not result in the contravention of any transfer restrictions applicable to the Shares pursuant to the provisions of the Regulations referred to in Section 4.2 hereof. 

6.2 Restriction on Transfer. Purchaser shall not transfer, assign, grant a lien or security interest in, pledge, hypothecate, encumber
or otherwise dispose of any of the Shares which are subject to the Company’s Right of First Refusal described below, except as permitted by this Exercise Agreement. 

6.3 Transferee Obligations. Each person (other than the Company) to whom the Shares are transferred by means of one of the permitted
transfers specified in this Exercise Agreement must, as a condition precedent to the validity of such transfer, acknowledge in writing to the Company that such person is bound by the provisions of this Exercise Agreement and that the transferred
Shares are subject to (i) the Company’s Right of First Refusal granted hereunder and (ii) the market stand-off provisions of Section 7 hereof, to the same extent such Shares would be so
subject if retained by the Purchaser. 
 6.4 Additional Transfer Restrictions. Purchaser hereby agrees to be bound by any and all
restrictions on transfers of securities as set forth in the Company’s Bylaws (as may be amended from time to time), including, but not limited to, those transfer restrictions set forth in Section 6.8. 

7. Market Standoff Agreement. Purchaser agrees in connection with any registration of the Company’s
securities that, upon the request of the Company or the underwriters managing any public offering of the Company’s securities, Purchaser will not sell or otherwise dispose of any shares of the Company’s capital stock without the prior
written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed one hundred eighty (180) days) after the effective date of such registration requested by such managing underwriters and subject to
all restrictions as the Company or the underwriters may specify. Purchaser further agrees to enter into any agreement reasonably required by the underwriters to implement the foregoing. 

8. Company’s Right of First Refusal. Unvested Shares may not be sold or otherwise transferred by Purchaser without
the Company’s prior written consent. Before any Vested Shares held by Purchaser or any transferee of such Vested Shares (either sometimes referred to herein as the “Holder”) may be sold or otherwise transferred
(including, without limitation, a transfer by gift or operation of law), the Company and/or its assignee(s) will have a right of first refusal to purchase the Vested Shares to be sold or transferred (the “Offered Shares”) on
the terms and conditions set forth in this Section (the “Right of First Refusal”). 
 8.1 Notice of Proposed
Transfer. The Holder of the Offered Shares will deliver to the Company a written notice (the “Notice”) stating: (i) the Holder’s bona fide intention to sell or otherwise transfer the Offered Shares;
(ii) the name and address of each proposed purchaser or other transferee (the “Proposed Transferee”); (iii) the number of Offered 

  
 5 








 
Shares to be transferred to each Proposed Transferee; (iv) the bona fide cash price or other consideration for which the Holder proposes to transfer the Offered Shares (the
“Offered Price”); and (v) that the Holder acknowledges this Notice is an offer to sell the Offered Shares to the Company and/or its assignee(s) pursuant to the Company’s Right of First Refusal at the Offered Price
as provided for in this Exercise Agreement. 
 8.2 Exercise of Right of First Refusal. At any time within thirty (30) days after
the date of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all (or, with the consent of the Holder, less than all) the Offered Shares proposed to be transferred to any one or more of the
Proposed Transferees named in the Notice, at the purchase price, determined as specified below. 
 8.3 Purchase Price. The purchase
price for the Offered Shares purchased under this Section will be the Offered Price, provided that if the Offered Price consists of no legal consideration (as, for example, in the case of a transfer by gift) the purchase price will be the fair
market value of the Offered Shares as determined in good faith by the Company’s Board of Directors. If the Offered Price includes consideration other than cash, then the value of the non-cash
consideration, as determined in good faith by the Company’s Board of Directors, will conclusively be deemed to be the cash equivalent value of such non-cash consideration. 

8.4 Payment. Payment of the purchase price for the Offered Shares will be payable, at the option of the Company and/or its assignee(s)
(as applicable), by check or by cancellation of all or a portion of any outstanding purchase money indebtedness owed by the Holder to the Company (or to such assignee, in the case of a purchase of Offered Shares by such assignee) or by any
combination thereof. The purchase price will be paid without interest within sixty (60) days after the Company’s receipt of the Notice, or, at the option of the Company and/or its assignee(s), in the manner and at the time(s) set forth in
the Notice. 
 8.5 Holder’s Right to Transfer. If all of the Offered Shares proposed in the Notice to be transferred to a given
Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section, then the Holder may sell or otherwise transfer such Offered Shares to each Proposed Transferee at the Offered Price or at a higher price,
provided that (i) such sale or other transfer is consummated within one hundred twenty (120) days after the date of the Notice, (ii) any such sale or other transfer is effected in compliance with all applicable securities laws,
and (iii) each Proposed Transferee agrees in writing that the provisions of this Section will continue to apply to the Offered Shares in the hands of such Proposed Transferee. If the Offered Shares described in the Notice are not transferred to
each Proposed Transferee within such one hundred twenty (120) day period, then a new Notice must be given to the Company pursuant to which the Company will again be offered the Right of First Refusal before any Shares held by the Holder may be
sold or otherwise transferred. 
 8.6 Exempt Transfers. Notwithstanding anything to the contrary in this Section, the following
transfers of Vested Shares will be exempt from the Right of First Refusal: (i) the transfer of any or all of the Vested Shares during Purchaser’s lifetime by gift or on Purchaser’s death by will or intestacy to Purchaser’s
“Immediate Family” (as defined below) or to a trust for the benefit of Purchaser or Purchaser’s Immediate Family, provided that each transferee or other recipient agrees in a writing satisfactory to the Company that the provisions of
this Section will continue to apply to the transferred Vested Shares in the hands of such transferee or other recipient; (ii) any transfer of Vested Shares made pursuant to a statutory 

  
 6 








 
merger or statutory consolidation of the Company with or into another corporation or corporations (except that the Right of First Refusal will continue to apply thereafter to such Vested Shares,
in which case the surviving corporation of such merger or consolidation shall succeed to the rights of the Company under this Section unless the agreement of merger or consolidation expressly otherwise provides); or (iii) any transfer of Vested
Shares pursuant to the winding up and dissolution of the Company. As used herein, the term “Immediate Family” will mean Purchaser’s spouse, the lineal descendant or antecedent, father, mother, brother or sister, child,
adopted child, grandchild or adopted grandchild of the Purchaser or the Purchaser’s spouse, or the spouse of any of the above or Spousal Equivalent, as defined herein. As used herein, a person is deemed to be a “Spousal
Equivalent” provided the following circumstances are true: (i) irrespective of whether or not the Participant and the Spousal Equivalent are the same sex, they are the sole spousal equivalent of the other for the last twelve
(12) months, (ii) they intend to remain so indefinitely, (iii) neither are married to anyone else, (iv) both are at least 18 years of age and mentally competent to consent to contract, (v) they are not related by blood to a
degree of closeness that which would prohibit legal marriage in the state in which they legally reside, (vi) they are jointly responsible for each other’s common welfare and financial obligations, and (vii) they reside together in the
same residence for the last twelve (12) months and intend to do so indefinitely. 
 8.7 Termination of Right of First Refusal.
The Right of First Refusal will terminate as to all Shares (i) on the effective date of the first sale of the Company’s securities to the general public pursuant to a registration statement filed with and declared effective by the
SEC under the 1933 Act (other than a registration statement relating solely to the issuance of securities pursuant to a business combination or an employee incentive or benefit plan) or (ii) on any transfer or conversion of Shares made pursuant
to a statutory merger or statutory consolidation of the Company with or into another corporation or corporations if the common stock of the surviving corporation or any direct or indirect parent corporation thereof is registered under the Securities
Exchange Act of 1934, as amended. 
 8.8 Encumbrances on Vested Shares. Purchaser may grant a lien or security interest in, or
pledge, hypothecate or encumber Vested Shares only if each party to whom such lien or security interest is granted, or to whom such pledge, hypothecation or other encumbrance is made, agrees in a writing satisfactory to the Company that:
(i) such lien, security interest, pledge, hypothecation or encumbrance will not apply to such Vested Shares after they are acquired by the Company and/or its assignees under this Section; and (ii) the provisions of this Section will
continue to apply to such Vested Shares in the hands of such party and any transferee of such party. Purchaser may not grant a lien or security interest in, or pledge, hypothecate or encumber, any Unvested Shares. 

9. Rights as a Stockholder. Subject to the terms and conditions of this Exercise Agreement, Purchaser will have
all of the rights of a stockholder of the Company with respect to the Shares from and after the date that Shares are issued to Purchaser until such time as Purchaser disposes of the Shares or the Company and/or its assignee(s) exercise(s) the
Right of First Refusal. Upon an exercise of the Right of First Refusal, Purchaser will have no further rights as a holder of the Shares so purchased upon such exercise, other than the right to receive payment for the Shares so purchased in
accordance with the provisions of this Exercise Agreement. 

  
 7 








 10. Escrow. As security for Purchaser’s faithful performance of
this Exercise Agreement, Purchaser agrees to deliver the Stock Powers executed by Purchaser and by Purchaser’s spouse, if any (with the date and number of Shares left blank), to the Secretary of the Company or other designee of the Company (the
“Escrow Holder”), who is hereby appointed to hold such Stock Powers in escrow and to take all such actions and to effectuate all such transfers and/or releases of such Shares as are in accordance with the terms of this
Exercise Agreement. Purchaser and the Company agree that Escrow Holder will not be liable to any party to this Exercise Agreement (or to any other party) for any actions or omissions unless Escrow Holder is grossly negligent or intentionally
fraudulent in carrying out the duties of Escrow Holder under this Exercise Agreement. Escrow Holder may rely upon any letter, notice or other document executed with any signature purported to be genuine and may rely on the advice of counsel and obey
any order of any court with respect to the transactions contemplated by this Exercise Agreement. The Stock Powers will be released from escrow upon termination of the Right of First Refusal. 

11. Restrictive Legends and Stop-Transfer Orders. 

11.1 Legends. Purchaser understands and agrees that the Company will place the legends set forth below or similar legends on any
book-entries evidencing the Shares, together with any other legends that may be required by state or U.S. Federal securities laws, the Company’s Certificate of Incorporation or Bylaws, any other agreement between Purchaser and the Company or
any agreement between Purchaser and any third party: 
 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE INCLUDING, BUT NOT LIMITED TO, RESTRICTIONS ON TRANSFERABILITY AND RESALE SET FORTH
IN THE COMPANY’S BYLAWS, AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS (PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM) AND THE COMPANY’S GOVERNING DOCUMENTS.
INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO
THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 

THESE SHARES ARE SUBJECT TO CERTAIN RESTRICTIONS ON PUBLIC RESALE AND TRANSFER, INCLUDING THE RIGHT OF FIRST REFUSAL OPTIONS HELD BY THE
ISSUER AND/OR ITS ASSIGNEE(S) AS SET FORTH IN A STOCK OPTION EXERCISE AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH PUBLIC SALE AND TRANSFER
RESTRICTIONS INCLUDING THE RIGHT OF FIRST REFUSAL ARE BINDING ON TRANSFEREES OF THESE SHARES. 
 THESE SHARES ARE SUBJECT TO A 180 DAY
MARKET STANDOFF RESTRICTION AS SET FORTH IN A CERTAIN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. AS A RESULT OF SUCH AGREEMENT, THESE SHARES MAY NOT BE
TRADED PRIOR TO 180 DAYS AFTER THE EFFECTIVE DATE OF ANY PUBLIC OFFERING OF THE SECURITIES OF THE ISSUER HEREOF. SUCH RESTRICTION IS BINDING ON TRANSFEREES OF THESE SHARES. 

  
 8 








 11.2 Stop-Transfer Instructions. Purchaser agrees that, to ensure compliance with the
restrictions imposed by this Exercise Agreement, the Company may issue appropriate “stop-transfer” instructions to its transfer agent, if any, and if the Company transfers its own securities, it may make appropriate notations to the same
effect in its own records. 
 11.3 Refusal to Transfer. The Company will not be required (i) to transfer on its books any Shares
that have been sold or otherwise transferred in violation of any of the provisions of this Exercise Agreement or (ii) to treat as owner of such Shares, or to accord the right to vote or pay dividends to any purchaser or other transferee to whom
such Shares have been so transferred. 
 12. Tax Consequences. PURCHASER UNDERSTANDS THAT PURCHASER MAY
SUFFER ADVERSE TAX CONSEQUENCES AS A RESULT OF PURCHASER’S PURCHASE OR DISPOSITION OF THE SHARES. PURCHASER REPRESENTS: (i) THAT PURCHASER HAS CONSULTED WITH ANY TAX ADVISER THAT PURCHASER DEEMS ADVISABLE IN CONNECTION WITH
THE PURCHASE OR DISPOSITION OF THE SHARES AND (ii) THAT PURCHASER IS NOT RELYING ON THE COMPANY FOR ANY TAX ADVICE. Set forth below is a brief summary as of the date the Plan was adopted by the Board of some of the U.S. Federal and
California tax consequences of exercise of the Option and disposition of the Shares. THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. PURCHASER SHOULD CONSULT HIS OR HER OWN TAX ADVISER BEFORE
EXERCISING THIS OPTION OR DISPOSING OF THE SHARES. 
 12.1 Exercise of Incentive Stock Option. If the Option qualifies as an ISO,
there will be no regular U.S. Federal income tax liability or California income tax liability upon the exercise of the Option, although the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price will
be treated as a tax preference item for U.S. Federal alternative minimum tax purposes and may subject Purchaser to the alternative minimum tax in the year of exercise. 

12.2 Exercise of Nonqualified Stock Option. If the Option does not qualify as an ISO, there may be a regular U.S. Federal income tax
liability and a California income tax liability upon the exercise of the Option. Purchaser will be treated as having received compensation income (taxable at ordinary income tax rates) equal to the excess, if any, of the Fair Market Value of the
Shares on the date of exercise over the Exercise Price. If Purchaser is or was an employee of the Company, the Company may be required to withhold from Purchaser’s compensation or collect from Purchaser and pay to the applicable taxing
authorities an amount equal to a percentage of this compensation income at the time of exercise. 
 12.3 Disposition of Shares. The
following tax consequences may apply upon disposition of the Shares. 
 (a) Incentive Stock Options. If the Shares are held for more
than twelve (12) months after the date of the transfer of the Shares pursuant to the exercise of an ISO and are disposed of more than two (2) years after the Date of Grant, any gain realized on disposition of the Shares will be treated as
long term capital gain for federal and California income tax purposes. If Shares purchased under an ISO are disposed of within the applicable one 

  
 9 








 
(1) year or two (2) year period, any gain realized on such disposition will be treated as compensation income (taxable at ordinary income rates in the year of disposition) to the extent of
the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price. 
 (b) Nonqualified Stock
Options. If the Shares are held for more than twelve (12) months after the date of the transfer of the Shares pursuant to the exercise of an NQSO, any gain realized on disposition of the Shares will be treated as long term capital gain.

 (c) Withholding. The Company may be required to withhold from the Purchaser’s compensation or collect from the Purchaser and
pay to the applicable taxing authorities an amount equal to a percentage of this compensation income. 
 13. Compliance with
Laws and Regulations. The issuance and transfer of the Shares will be subject to and conditioned upon compliance by the Company and Purchaser with all applicable state and U.S. Federal laws and regulations and with all applicable
requirements of any stock exchange or automated quotation system on which the Company’s securities may be listed or quoted at the time of such issuance or transfer. 

14. Successors and Assigns. The Company may assign any of its rights and obligations under this Exercise
Agreement, including its rights to purchase Shares under the Right of First Refusal. No other party to this Exercise Agreement may assign, whether voluntarily or by operation of law, any of its rights and obligations under this Exercise
Agreement, except with the prior written consent of the Company. This Exercise Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this
Exercise Agreement will be binding upon Purchaser and Purchaser’s heirs, executors, administrators, legal representatives, successors and assigns. 

15. Governing Law. This Exercise Agreement shall be governed by and construed in accordance with the laws of the
State of California, without giving effect to that body of laws pertaining to conflict of laws. 
 16. Notices.
Any and all notices required or permitted to be given to a party pursuant to the provisions of this Exercise Agreement will be in writing and will be effective and deemed to provide such party sufficient notice under this Exercise Agreement on the
earliest of the following: (i) at the time of personal delivery, if delivery is in person; (ii) at the time an electronic confirmation of receipt is received, if delivery is by email; (iii) at the time of transmission by facsimile,
addressed to the other party at its facsimile number specified herein (or hereafter modified by subsequent notice to the parties hereto), with confirmation of receipt made by both telephone and printed confirmation sheet verifying successful
transmission of the facsimile; (iv) one (1) business day after deposit with an express overnight courier for United States deliveries, or two (2) business days after such deposit for deliveries outside of the United States, with
proof of delivery from the courier requested; or (v) three (3) business days after deposit in the United States mail by certified mail (return receipt requested) for United States deliveries. 

  
 10 








 All notices for delivery outside the United States will be sent by facsimile or by express
courier. All notices not delivered personally or by facsimile will be sent with postage and/or other charges prepaid and properly addressed to the party to be notified at the address or facsimile number set forth below the signature lines of this
Exercise Agreement, or at such other address or facsimile number as such other party may designate by one of the indicated means of notice herein to the other parties hereto. Notices to the Company will be marked “Attention: President”.
Notices by facsimile shall be machine verified as received. 
 17. Further Assurances. The parties agree to
execute such further documents and instruments and to take such further actions as may be reasonably necessary to carry out the purposes and intent of this Exercise Agreement. 

18. Titles and Headings. The titles, captions and headings of this Exercise Agreement are included for ease of
reference only and will be disregarded in interpreting or construing this Exercise Agreement. Unless otherwise specifically stated, all references herein to “sections” and “exhibits” will mean “sections” and
“exhibits” to this Exercise Agreement. 
 19. Entire Agreement. The Plan, the Stock Option Agreement
and this Exercise Agreement, together with all Exhibits thereto, constitute the entire agreement and understanding of the parties with respect to the subject matter of this Exercise Agreement, and supersede all prior understandings and agreements,
whether oral or written, between or among the parties hereto with respect to the specific subject matter hereof. 
 20.
Counterparts. This Exercise Agreement may be executed in any number of counterparts, each of which when so executed and delivered will be deemed an original, and all of which together shall constitute one and the same agreement.

 21. Severability. If any provision of this Exercise Agreement is determined by any court or arbitrator of
competent jurisdiction to be invalid, illegal or unenforceable in any respect, such provision will be enforced to the maximum extent possible given the intent of the parties hereto. If such clause or provision cannot be so enforced, such provision
shall be stricken from this Exercise Agreement and the remainder of this Exercise Agreement shall be enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable) never been contained in this Exercise
Agreement. Notwithstanding the forgoing, if the value of this Exercise Agreement based upon the substantial benefit of the bargain for any party is materially impaired, which determination as made by the presiding court or arbitrator of competent
jurisdiction shall be binding, then both parties agree to substitute such provision(s) through good faith negotiations. 
 22.
Facsimile Signatures. This Agreement may be executed and delivered by facsimile and upon such delivery the facsimile signature will be deemed to have the same effect as if the original signature had been delivered to the other
party. 

  
 11 








 IN WITNESS WHEREOF, the Company has caused this Exercise Agreement to be executed in triplicate
by its duly authorized representative and Purchaser has executed this Exercise Agreement in triplicate as of the Effective Date, indicated above. 
  

							
	DROPBOX, INC.	  		 	PURCHASER


							
				
	By:	 	  
	  		  	  

		 		  		  	(Signature)


							
			
	 Ramsey Homsany
	  		  	 «Name»

	(Please print name)	  		  	(Please print name)
			
	 General Counsel
	  		  	
	(Please print title)	  		  	
				
	Address:	 		  		  	Address:
			
	 185 Berry Street, Suite 400
	  		  	  

			
	 San Francisco, CA 94104
	  		  	  

				
		 		  		  	Email: «Email»                                
                                         
    
				
	Phone No.:	 	  
	  		  	Phone No.:                                   
                                         
        

 List of Exhibits 
  

			
	Exhibit 1:	  	Stock Power and Assignment Separate from Stock Certificate
	Exhibit 2:	  	Copy of Purchaser’s Check


  
 [Signature page to
Dropbox, Inc. Stock Option Exercise Agreement] 








 EXHIBIT 1 

STOCK POWER AND ASSIGNMENT 

SEPARATE FROM STOCK CERTIFICATE 







 Stock Power and Assignment 

Separate from Stock Certificate 

FOR VALUE RECEIVED and pursuant to that certain Stock Option Exercise Agreement No. «GrantNo» dated as
of                    , (the “Agreement”), the undersigned hereby sells, assigns and transfers
unto                    ,         shares of the Common Stock of Dropbox, Inc., a Delaware corporation
(the “Company”), standing in the undersigned’s name on the books of the Company represented by book-entry record no(s).        , and does
hereby irrevocably constitute and appoint the Secretary of the Company as the undersigned’s attorney-in-fact, with full power of substitution, to transfer said
stock on the books of the Company. THIS ASSIGNMENT MAY ONLY BE USED AS AUTHORIZED BY THE AGREEMENT AND ANY EXHIBITS THERETO. 

Dated:                    ,     
    
  

	
	PURCHASER
	
	 «Name»

	(Signature)
	
	      

	(Please Print Name)
	
	      

	(Spouse’s Signature, if any)
	
	      

	(Please Print Spouse’s Name)


 Instructions to Purchaser: Please do not fill in any blanks other than the signature line. The
purpose of this Stock Power and Assignment is to enable the Company to acquire the shares to exercise its “Right of First Refusal” set forth in the Exercise Agreement without requiring additional signatures on the part of the Purchaser or
Purchaser’s Spouse. 







 EXHIBIT 2 

COPY OF PURCHASER’S CHECK 







 DROPBOX, INC. 

2008 EQUITY INCENTIVE PLAN 

NOTICE OF RESTRICTED STOCK UNIT AWARD 

Terms defined in the Company’s 2008 Equity Incentive Plan (the “Plan”) shall have the same meanings in this
Notice of Restricted Stock Unit Award (“Notice of Grant”). 
  

			
	Name:	  	«Name»
	Address:	  	«Address1»
		  	«Address2»


 You (“Participant”) have been granted an award of Restricted Stock Units
(“RSUs”), subject to the terms and conditions of the Plan and the attached Restricted Stock Unit Agreement (hereinafter “RSU Agreement”) under the Plan, as follows: 

 

			
	RSU Grant Number:	  	«GrantNo»
		
	Total Number of RSUs:	  	«Shares»
		
	RSU Grant Date:	  	«GrantDate»
		
	Vesting Start Date:	  	«VCD»
		
	Expiration Date:	  	The earlier to occur of: (a) the date on which settlement of all vested RSUs granted hereunder occurs and (b) the tenth anniversary of the Grant Date.


 Vesting: (a) No RSUs will vest until the earlier to occur of: (i) the date that is the
earlier of (x) six (6) months after the effective date of an initial public offering of the Company’s securities (“IPO”) or (y) March 15 of the calendar year following the year in which the IPO was
declared effective; and (ii) the date of a Change in Control; (the earlier of the foregoing (i) and (ii) being the “Initial Vesting Event”). 

(b) The number of RSUs that vest on the Initial Vesting Event shall be calculated as follows: (i) If Participant has been in
Continuous Service Status for at least one year from the Vesting Start Date, the number of RSUs that shall vest on the Initial Vesting Event shall be equal to the product obtained by multiplying the “Total Number of RSUs” identified above
by a fraction, the numerator of which is the number of monthly anniversaries from the Vesting Start Date on which the Participant was in Continuous Service Status through the date of the Initial Vesting Event and the denominator of which is
forty-eight (48); and (ii) If Participant has not been in Continuous Service Status for at least one year from the Vesting Start Date, then the number of vested RSUs on the date of the Initial Vesting Event shall be zero. If Participant
is not in Continuous Service Status on the date of the Initial Vesting Event but had completed one year from the Vesting Start Date, then the number of RSUs that shall vest on the Initial Vesting Event shall be equal to the product obtained by
multiplying the “Total Number of RSUs” identified above by a fraction, the numerator of which is the number of monthly anniversaries from the Vesting Start Date until the date on which the Participant ceased Continuous Service Status and
the denominator of which is forty-eight (48). 
 (c) If Participant is in Continuous Service Status on the date of the Initial Vesting
Event, then with respect to RSUs that have not vested as of such Initial Vesting Event, vesting shall be determined as follows (each vesting date under either of the following (i) or (ii) being a “Subsequent Vesting
Event”): (i) If Participant has not been in Continuous Service Status for at least one year from the Vesting Start Date at the time of the Initial Vesting Event, then on the first anniversary of the Vesting Start Date,
twenty-five percent (25%) of the RSUs will vest provided 

  
 - 1 - 








 
that Participant remains in Continuous Service Status through such first anniversary, and thereafter on each subsequent quarterly anniversary, 3/48th of the RSUs will vest provided that
Participant remains in Continuous Service Status through each such date; and (ii) If Participant has been in Continuous Service Status for at least one year from the Vesting Start Date at the time of the Initial Vesting Event, vesting of any
unvested RSUs shall continue on each subsequent quarterly anniversary of the Vesting Start Date at a rate of 3/48th of the RSUs provided that Participant remains in Continuous Service Status through each such date (provided that vesting shall be at
the rate of N/48th of the RSUs on the first quarterly anniversary of the Vesting Start Date after the Initial Vesting Event, where N is 3 or such lesser number of months in that quarter from the
date of the Initial Vesting Event). “Continuous Service Status” means Participant continues to provide services as an employee, officer, director or consultant to the Company or a Parent or Subsidiary of the Company. 

Settlement: RSUs that vest as of the Initial Vesting Event shall be settled immediately upon the Initial Vesting Event. Within
30 days following the occurrence of any Subsequent Vesting Event as set forth above, RSUs that vest as of the Subsequent Vesting Event shall be settled. Settlement means the delivery of the Shares vested under an RSU. Settlement of RSUs on the
Initial Vesting Event or any Subsequent Vesting Event shall be in Shares unless at the time of settlement the Committee, in its sole discretion, determines that settlement shall, in whole or in part, be in the form of cash. Settlement of vested RSUs
shall occur whether or not Participant is in Continuous Service Status at the time of settlement. No fractional RSUs or rights for fractional Shares shall be created pursuant to this Notice of Grant. 

Participant understands that his or her employment or consulting relationship with the Company is for an unspecified duration, can be terminated at any time
(i.e., is “at-will”), and that nothing in this Notice of Grant, the RSU Agreement or the Plan changes the at-will nature of that relationship.
Participant acknowledges that the vesting of the RSUs pursuant to this Notice of Grant is conditioned on the occurrence of an Initial Vesting Event or a Subsequent Vesting Event. Participant also understands that this Notice of Grant is subject to
the terms and conditions of both the RSU Agreement and the Plan, both of which are incorporated herein by reference. Participant has read both the RSU Agreement and the Plan. 

By your acceptance hereof (whether written, electronic or otherwise), you agree, to the fullest extent permitted by law, that in lieu of receiving documents
in paper format, you accept the electronic delivery of any documents the Company, or any third party involved in administering the Plan which the Company may designate, may deliver in connection with this grant (including the Plan, the Notice of
Grant, this Agreement, the 701 Disclosures, account statements, or other communications or information) whether via the Company’s intranet or the Internet site of such third party or via email or such other means of electronic delivery
specified by the Company. 
 By your signature and the signature of the Company’s representative on the Notice of Grant, Participant and the Company
agree that this RSU is granted under and governed by the terms and conditions of the Plan, the Notice of Grant and the RSU Agreement. 
  

					
	PARTICIPANT	  		  	DROPBOX, INC.
			
	«NAME»	  		  	
			
	  
	  		  	  
 /s/ Ramsey Homsany



  
 - 2 - 








 DROPBOX, INC. 

RSU AGREEMENT UNDER THE 

2008 EQUITY INCENTIVE PLAN 

You have been granted Restricted Stock Units (“RSUs”) subject to the terms, restrictions and conditions of the Company’s 2008
Equity Incentive Plan (the “Plan”), the Notice of Restricted Stock Unit Award (“Notice of Grant”) and this Agreement. Unless otherwise defined herein, the terms defined in the Plan shall have the same
defined meanings in this RSU Agreement (the “Agreement”). 
 1. No Stockholder Rights. Unless and until
such time as Shares are issued in settlement of vested RSUs, Participant shall have no ownership of the Shares allocated to the RSUs and shall have no right to dividends or to vote such Shares. 

2. Dividend Equivalents. Cash dividends, if any, shall not be credited to Participant. 

3. No Transfer. The RSUs and any interest therein shall not be sold, assigned, transferred, pledged, hypothecated, or otherwise
disposed of, other than by will or by the laws of descent and distribution. Notwithstanding the foregoing, Participant may, in the manner established by the Committee, designate a beneficiary or beneficiaries to exercise the rights of Participant
and receive any property distributable with respect to the RSUs upon the death of Participant. Any transferee who receives an interest in the RSU or the underlying Shares upon the death of Participant shall acknowledge in writing that the RSU
shall continue to be subject to the restrictions set forth in this Section 3. 
 4. Termination. If Participant’s
Continuous Service Status terminates for any reason, all RSUs for which vesting is no longer possible under the terms of the Notice of Grant and this Agreement shall be forfeited to the Company forthwith, and all rights of Participant to such RSUs
shall immediately terminate. In case of any dispute as to whether such termination has occurred, the Committee shall have sole discretion to determine whether such termination has occurred and the effective date of such termination. 

5. Acknowledgement. The Company and Participant agree that the RSUs are granted under and governed by the Notice of Grant, this
Agreement and by the provisions of the Plan (incorporated herein by reference). Participant: (i) acknowledges receipt of a copy of each of the foregoing documents, (ii) represents that Participant has carefully read and is familiar with
their provisions, and (iii) hereby accepts the RSUs subject to all of the terms and conditions set forth herein and those set forth in the Plan and the Notice of Grant. 

6. Limitations on Transfer of Stock. In addition to any other limitation on transfer created by applicable securities laws,
Participant shall not assign, encumber or dispose of any interest in the Shares issued pursuant to this Agreement except with the Company’s prior written consent and in compliance with the provisions of Article 12 of the Plan, the
Company’s then current Insider Trading Policy, and applicable securities laws. The restrictions on transfer also include a prohibition on any short position, any “put equivalent position” or any “call equivalent position” by
the RSU holder with respect to the RSU itself as well as any shares issuable upon settlement of the RSU prior to the settlement thereof until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act.

 7. Restrictions Binding on Transferees. All transferees of Shares or any interest therein will receive and hold such shares
or interest subject to the provisions of this Agreement, including the transfer restrictions of Sections 3 and 6, and the transferee shall acknowledge such restrictions in writing. Any sale or transfer of the Shares shall be void unless the
provisions of this Agreement are satisfied. 
 8. Withholding of Tax. When the RSUs are vested and/or settled the fair market
value of the Shares is treated as income subject to withholding by the Company for income and employment taxes if 







 
Participant is or was an employee of the Company. The Company shall withhold an amount equal to the tax due at vesting and/or settlement from the Participant’s other compensation or require
Participant to remit to the Company an amount equal to the tax then due. In its sole discretion, the Company may instead withhold a number of Shares with a fair market value (determined on the date the Shares are settled) equal to the minimum amount
the Company is then required to withhold for taxes. 
 9. Code Section 409A. For purposes of this
Agreement, a termination of employment will be determined consistent with the rules relating to a “separation from service” as defined in Section 409A of the Code and the regulations thereunder
(“Section 409A”). Notwithstanding anything else provided herein, to the extent any payments provided under this Agreement in connection with Participant’s termination of employment constitute deferred
compensation subject to Section 409A, and Participant is deemed at the time of such termination of employment to be a “specified employee” under Section 409A, then such payment shall not be made or commence until the earlier of
(i) the expiration of the 6-month period measured from Participant’s separation from service from the Company or (ii) the date of Participant’s death following such a separation from
service; provided, however, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to Participant including, without limitation, the additional tax for which Participant would otherwise be liable under
Section 409A(a)(1)(B) in the absence of such a deferral. The first payment thereof will include a catch-up payment covering the amount that would have otherwise been paid during the period between
Participant’s termination of employment and the first payment date but for the application of this provision, and the balance of the installments (if any) will be payable in accordance with their original schedule. To the extent that any
provision of this Agreement is ambiguous as to its compliance with Section 409A, the provision will be read in such a manner so that all payments hereunder comply with Section 409A. To the extent any payment under this Agreement may be
classified as a “short-term deferral” within the meaning of Section 409A, such payment shall be deemed a short-term deferral, even if it may also qualify for an exemption from Section 409A under another provision of
Section 409A. Payments pursuant to this section are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 

10. U.S. Tax Consequences. Participant acknowledges that there will be tax consequences upon vesting and/or settlement of the RSUs
and/or disposition of the Shares, if any, received in connection therewith, and Participant should consult a tax adviser regarding Participant’s tax obligations prior to such settlement or disposition. 

11.
Compliance with Laws and Regulations. The issuance of Shares will be subject to and conditioned
upon compliance by the Company and Participant (including any written representations, warranties and agreements as the Committee may request of Participant for compliance with Applicable Laws) with all applicable state and federal laws and
regulations and with all applicable requirements of any stock exchange or automated quotation system on which the Company’s securities may be listed or quoted at the time of such issuance or transfer. Participant may not be issued any Shares if
such issuance would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Stock may then be listed. The inability of
the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance and sale of any Shares shall relieve the Company of any liability in respect
of the failure to issue or sell such shares. 
 12. Legend. The Shares issued hereunder shall be subject to such stop transfer
orders and other restrictions as the Committee may deem advisable under the Plan, this Agreement or the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such shares of the
Company’s securities are listed, and any applicable Federal or state laws, and the Committee may cause a legend or legends to be put on any such book-entries to make appropriate reference to such restrictions. 

  
 - 2 - 








 13.
Successors and Assigns. The Company may assign any of its rights under this Agreement. This Agreement shall be binding upon and inure to the benefit of the
successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon Participant and Participant’s heirs, executors, administrators, legal representatives, successors and assigns.

 14. Entire Agreement; Severability. The Plan and Notice of Grant are incorporated herein by reference. The Plan, the Notice
of Grant and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject
matter hereof (including, without limitation, any commitment to make any other form of equity award (such as stock options) that may have been set forth in any employment offer letter or other agreement between the parties). If any provision of this
Agreement is determined by a court of law to be illegal or unenforceable, then such provision will be enforced to the maximum extent possible and the other provisions will remain fully effective and enforceable. 

15. Market Standoff Agreement. Participant agrees that in
connection with any registration of the Company’s securities that, upon the request of the Company or the underwriters managing any public offering of the Company’s securities, Participant will not sell or otherwise dispose of shares of
the Company’s capital stock without the prior written consent of the Company or such underwriters, as the case may be, for such reasonable period of time after the effective date of such registration as may be requested by such managing
underwriters and subject to all restrictions as the Company or the underwriters may specify. Participant will enter into any agreement reasonably required by the underwriters to implement the foregoing. 

16. No Rights as Employee, Director or Consultant. Nothing in this Agreement shall affect in any manner whatsoever the right or power of
the Company, or a Parent or Subsidiary of the Company, to terminate Participant’s Continuous Service Status, for any reason, with or without cause. 

17. Information to Participants. If the Company is relying on an exemption from registration under
Section 12(h)-1 of the Exchange Act and such information is required to be provided by such Section 12(h)-1, the Company shall provide the information
described in Rules 701(e)(3), (4), and (5) of the Securities Act by a method allowed under Section 12(h)-1 of the Exchange Act in accordance with
Section 12(h)-1 of the Exchange Act, provided that Participant agrees to keep the information confidential. 

18. Assumption or Replacement of Awards by Successor or Acquiring Company. For purposes of this RSU only, the last sentence of
Section 18.1 of the Plan shall read as follows: In the event such successor or acquiring corporation (if any) does not assume, convert, replace or substitute this RSU, as provided above, pursuant to a transaction described in this
Section 18.1, then notwithstanding any other provision in this Plan to the contrary, the vesting of such Award will accelerate in full. 
 19.
Delivery of Documents and Notices. Any document relating to participating in the Plan and/or notice required or permitted hereunder shall be given in writing and shall be deemed effectively given (except to the extent
that this Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery, electronic delivery, or upon deposit in the U.S. Post Office or foreign postal service, by registered or certified mail, with postage and
fees prepaid, addressed to the other party at the e-mail address, if any, provided for Participant by the Company or at such other address as such party may designate in writing from time to time to the other
party. 
 20. Definition. “Change in Control” shall mean (i) a dissolution or liquidation of the Company,
(ii) any reorganization, consolidation, merger or similar transaction or series of related transactions (each, a “combination transaction”) in which the Company is a constituent corporation or is a party if, as a result
of such combination transaction, the voting securities of the Company that are outstanding 

  
 - 3 - 








 
immediately prior to the consummation of such combination transaction (other than any such securities that are held by an Acquiring Shareholder (defined below)) do not represent, or
are not converted into, securities of the surviving corporation of such combination transaction (or such surviving corporation’s parent corporation if the surviving corporation is owned by the parent corporation) that, immediately after the
consummation of such combination transaction, together possess at least fifty percent (50%) of the total voting power of all securities of such surviving corporation (or its parent corporation, if applicable) that are outstanding immediately
after the consummation of such combination transaction, including securities of such surviving corporation (or its parent corporation, if applicable) that are held by the Acquiring Shareholder; or (b) a sale of all or substantially all of the
assets of the Company, that is followed by the distribution of the proceeds to the Company’s stockholders; provided in each case that the transaction constitutes a change in the ownership or effective control of the Company or in the ownership
of a substantial portion of the assets of the Company as defined in the regulations under Section 409A of the Code. An “Acquiring Stockholder” means a stockholder or stockholders of the Company that (i) merges or
combines with the Company in such combination transaction or (ii) owns or controls a majority of another corporation that merges or combines with the Company in such combination transaction. 

  
 - 4 - 








 DROPBOX, INC. 

2008 EQUITY INCENTIVE PLAN 

NOTICE OF RESTRICTED STOCK UNIT AWARD 

Unless otherwise defined herein, the terms defined in the Company’s 2008 Equity Incentive Plan (the “Plan”) shall
have the same meanings in this Notice of Restricted Stock Unit Award (“Notice of Grant”). 
  

			
	Name:	  	«Name»
	Address:	  	«Address1»
		  	«Address2»


 You (“Participant”) have been granted an award of Restricted Stock Units
(“RSUs”) under the Plan, subject to the terms and conditions of the Plan and the attached Restricted Stock Unit Agreement (hereinafter “RSU Agreement”), as follows: 

 

			
	RSU Grant Number:	  	«GrantNo»
		
	Total Number of RSUs:	  	«Shares»
		
	RSU Grant Date:	  	«GrantDate»
		
	Vesting Start Date:	  	«VCD»


 Expiration Date: The earlier to occur of (a) the date on which settlement of all RSUs granted
hereunder occurs and (b) the tenth anniversary of the RSU Grant Date. Notwithstanding the foregoing, this RSU expires earlier if your Continuous Service Status (defined below) terminates earlier, as described in the RSU Agreement. 

Vesting Schedule: Subject to the limitations set forth in this Notice, the Plan and the RSU Agreement, 25% of the total number of RSUs
will vest on the 12 month anniversary of the Vesting Start Date and 6.25% of the total number of RSUs will vest on each quarterly anniversary thereafter so long as your Continuous Service Status continues. “Continuous Service
Status” means Participant continues to provide services as an employee, officer, director or consultant to the Company or a Parent or Subsidiary of the Company. 

Participant understands that his or her employment or consulting relationship with the Company is for an unspecified duration, can be terminated at any time
(i.e., is “at-will”), and that nothing in this Notice of Grant, the RSU Agreement or the Plan changes the at-will nature of that relationship.
Participant also understands that this Notice of Grant is subject to the terms and conditions of both the RSU Agreement and the Plan, both of which are incorporated herein by reference. Participant has read both the RSU Agreement and the Plan. 

By your acceptance hereof (whether written, electronic or otherwise), you agree, to the fullest extent permitted by law, that in lieu of receiving documents
in paper format, you accept the electronic delivery of any documents the Company, or any third party involved in administering the Plan which the Company may designate, may deliver in connection with this grant (including the Plan, the Notice of
Grant, this Agreement, the 701 Disclosures, account statements, or other communications or information) whether via the Company’s intranet or the Internet site of such third party or via email or such other means of electronic delivery
specified by the Company. 
 By your signature and the signature of the Company’s representative on the Notice of Grant, Participant and the Company
agree that this RSU is granted under and governed by the terms and conditions of the Plan, the Notice of Grant and the RSU Agreement. 








					
	  
 PARTICIPANT
	  		  	  
 DROPBOX, INC.

			
	«NAME»	  		  	
	  
	  		  	  



  
 - 2 - 








 DROPBOX, INC. 

RSU AGREEMENT UNDER THE 

2008 EQUITY INCENTIVE PLAN 

You have been granted Restricted Stock Units (“RSUs”) subject to the terms, restrictions and conditions of the Company’s 2008
Equity Incentive Plan (the “Plan”), the Notice of Restricted Stock Unit Award (“Notice of Grant”) and this Agreement. Unless otherwise defined herein, the terms defined in the Plan shall have the same
defined meanings in this RSU Agreement (the “Agreement”). 
 1. Settlement. Settlement of RSUs shall be
made no later March 15 of the calendar year following the applicable date of vesting under the vesting schedule set forth in the Notice. Settlement of RSUs shall be in Shares. Settlement means the delivery of the Shares vested under an RSU. No
fractional RSUs or rights for fractional Shares shall be created pursuant to this RSU Agreement. 
 2. No Stockholder Rights.
Unless and until such time as Shares are issued in settlement of vested RSUs, Participant shall have no ownership of the Shares allocated to the RSUs and shall have no right to dividends or to vote such Shares. 

3. Dividend Equivalents. Dividends, if any (whether in cash or Shares), shall not be credited to Participant. 

4. No Transfer. The RSUs and any interest therein shall not be sold, assigned, transferred, pledged, hypothecated, or otherwise
disposed of, other than by will or by the laws of descent and distribution. Notwithstanding the foregoing, Participant may, in the manner established by the Committee, designate a beneficiary or beneficiaries to exercise the rights of Participant
and receive any property distributable with respect to the RSUs upon the death of Participant. Any transferee who receives an interest in the RSU or the underlying Shares upon the death of Participant shall acknowledge in writing that the RSU
shall continue to be subject to the restrictions set forth in this Section 4. 
 5. Termination. The RSUs shall terminate
on the Expiration Date or earlier as provided in this Section 5. If Participant’s Continuous Service Status terminates for any reason, all RSUs for which vesting is no longer possible under the terms of the Notice of Grant and this
Agreement shall be forfeited to the Company forthwith, and all rights of Participant to such RSUs shall immediately terminate. In case of any dispute as to whether such termination has occurred, the Committee shall have sole discretion to determine
whether such termination has occurred and the effective date of such termination. 
 6. Acknowledgement. The Company and
Participant agree that the RSUs are granted under and governed by the Notice of Grant, this Agreement and by the provisions of the Plan (incorporated herein by reference). Participant: (i) acknowledges receipt of a copy of each of the foregoing
documents, (ii) represents that Participant has carefully read and is familiar with their provisions, and (iii) hereby accepts the RSUs subject to all of the terms and conditions set forth herein and those set forth in the Plan and the
Notice of Grant. 
 7. Limitations on Transfer of Stock. In addition to any other limitation on transfer created by applicable
securities laws, Participant shall not assign, encumber or dispose of any interest in the Shares issued pursuant to this Agreement except with the Company’s prior written consent and in compliance with the provisions of Article 12 of the Plan,
the Company’s then current Insider Trading Policy, and applicable securities laws. The restrictions on transfer also include a prohibition on any short position, any “put equivalent position” or any “call equivalent
position” by the RSU holder with respect to the RSU itself as well as any shares issuable upon settlement of the RSU prior to the settlement thereof until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of
the Exchange Act. 







 8. Restrictions Binding on Transferees. All transferees of Shares or any interest
therein will receive and hold such shares or interest subject to the provisions of this Agreement, including the transfer restrictions of Sections 4 and 7, and the transferee shall acknowledge such restrictions in writing. Any sale or transfer
of the Shares shall be void unless the provisions of this Agreement are satisfied. 
 9. Withholding of Tax. When the RSUs are
vested and/or settled the fair market value of the Shares is treated as income subject to withholding by the Company for income and employment taxes if Participant is or was an employee of the Company. The Company shall withhold an amount equal to
the tax due at vesting and/or settlement from the Participant’s other compensation or require Participant to remit to the Company an amount equal to the tax then due. In its sole discretion, the Company may instead withhold a number of Shares
with a fair market value (determined on the date the Shares are settled) equal to the minimum amount the Company is then required to withhold for taxes. 

10. Code Section 409A. For purposes of this Agreement, a termination of employment will be determined
consistent with the rules relating to a “separation from service” as defined in Section 409A of the Code and the regulations thereunder (“Section 409A”). Notwithstanding anything else provided
herein, to the extent any payments provided under this Agreement in connection with Participant’s termination of employment constitute deferred compensation subject to Section 409A, and Participant is deemed at the time of such termination
of employment to be a “specified employee” under Section 409A, then such payment shall not be made or commence until the earlier of (i) the expiration of the six-month period measured from
Participant’s separation from service from the Company or (ii) the date of Participant’s death following such a separation from service; provided, however, that such deferral shall only be effected to the extent required to avoid
adverse tax treatment to Participant including, without limitation, the additional tax for which Participant would otherwise be liable under Section 409A(a)(1)(B) in the absence of such a deferral. The first payment thereof will include a catch-up payment covering the amount that would have otherwise been paid during the period between Participant’s termination of employment and the first payment date but for the application of this provision,
and the balance of the installments (if any) will be payable in accordance with their original schedule. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A, the provision will be read in such
a manner so that all payments hereunder comply with Section 409A. To the extent any payment under this Agreement may be classified as a “short-term deferral” within the meaning of Section 409A, such payment shall be deemed a
short-term deferral, even if it may also qualify for an exemption from Section 409A under another provision of Section 409A. Payments pursuant to this section are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 
 11. Award Subject to Company Clawback or
Recoupment. The RSU shall be subject to clawback or recoupment pursuant to any compensation clawback or recoupment policy adopted by the Board or required by law during the term of Participant’s Continuous Service Status with the
Company that is applicable to executive officers, employees, directors or other service providers of the Company, and in addition to any other remedies available under such policy and applicable law may require the cancellation of Participant’s
RSU (whether vested or unvested) and the recoupment of any gains realized with respect to Participant’s RSU. 
 12. Tax
Consequences. Participant acknowledges that there will be tax consequences upon vesting and/or settlement of the RSUs and/or disposition of the Shares, if any, received in connection therewith, and Participant should consult a tax
adviser regarding Participant’s tax obligations prior to such settlement or disposition. 
 13.
Compliance with Laws and Regulations. The issuance of Shares will be subject to and conditioned
upon compliance by the Company and Participant (including any written representations, warranties and agreements as the Committee may request of Participant for compliance with Applicable Laws) with all applicable state and federal laws and
regulations and with all applicable requirements of any stock exchange or automated quotation system on which the Company’s securities may be listed or quoted at the time of such issuance or transfer. Participant may not be issued any Shares if
such issuance 

  
 - 2 - 








 
would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the
Stock may then be listed. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance and sale of any Shares shall
relieve the Company of any liability in respect of the failure to issue or sell such shares. 
 14. Legend. The Shares issued
hereunder shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan, this Agreement or the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock
exchange upon which such shares of the Company’s securities are listed, and any applicable Federal or state laws, and the Committee may cause a legend or legends to be put on any such book-entries to make appropriate reference to such
restrictions. 
 15. Successors and Assigns. The Company may
assign any of its rights under this Agreement. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be
binding upon Participant and Participant’s heirs, executors, administrators, legal representatives, successors and assigns. 
 16. Entire
Agreement; Severability. The Plan and Notice of Grant are incorporated herein by reference. The Plan, the Notice of Grant and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and
supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof (including, without limitation, any commitment to make any other form of equity award (such as stock options)
that may have been set forth in any employment offer letter or other agreement between the parties). If any provision of this Agreement is determined by a court of law to be illegal or unenforceable, then such provision will be enforced to the
maximum extent possible and the other provisions will remain fully effective and enforceable. 
 17.
Market Standoff Agreement. Participant agrees that in connection with any registration of the Company’s securities that, upon the request of the Company or
the underwriters managing any public offering of the Company’s securities, Participant will not sell or otherwise dispose of shares of the Company’s capital stock without the prior written consent of the Company or such underwriters, as
the case may be, for such reasonable period of time after the effective date of such registration as may be requested by such managing underwriters and subject to all restrictions as the Company or the underwriters may specify. Participant will
enter into any agreement reasonably required by the underwriters to implement the foregoing. 
 18. No Rights as Employee, Director or
Consultant. Nothing in this Agreement shall affect in any manner whatsoever the right or power of the Company, or a Parent or Subsidiary of the Company, to terminate Participant’s
Continuous Service Status, for any reason, with or without cause. 
 19. Information to Participants. If the Company is relying on an
exemption from registration under Section 12(h)-1 of the Exchange Act and such information is required to be provided by such Section 12(h)-1, the Company
shall provide the information described in Rules 701(e)(3), (4), and (5) of the Securities Act by a method allowed under Section 12(h)-1 of the Exchange Act in accordance with Section 12(h)-1 of the Exchange Act, provided that Participant agrees to keep the information confidential. 

20. Assumption or Replacement of Awards by Successor or Acquiring Company. For purposes of this RSU only, the last sentence of
Section 18.1 of the Plan shall read as follows: In the event such successor or acquiring corporation (if any) does not assume, convert, replace or substitute this RSU, as provided above, pursuant to a transaction described in this
Section 18.1, then notwithstanding any other provision in this Plan to the contrary, the vesting of such Award will accelerate in full. 

  
 - 3 - 








 21. Delivery of Documents and Notices. Any document relating to participating
in the Plan and/or notice required or permitted hereunder shall be given in writing and shall be deemed effectively given (except to the extent that this Agreement provides for effectiveness only upon actual receipt of such notice) upon personal
delivery, electronic delivery, or upon deposit in the U.S. Post Office or foreign postal service, by registered or certified mail, with postage and fees prepaid, addressed to the other party at the e-mail
address, if any, provided for Participant by the Company or at such other address as such party may designate in writing from time to time to the other party. 

[End of document] 

  
 - 4 -