Document:

EX-10.22

 Exhibit 10.22 

DROPBOX, INC. 
 CLASS A
COMMON STOCK PURCHASE AGREEMENT 
 March 7, 2018 
  

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
	1.	 	Purchase and Sale of Stock	  	 	1	 
		 	1.1	  	Sale and Issuance of Common Stock	  	 	1	 
		 	1.2	  	Closing	  	 	1	 
			
	2.	 	Registration Rights	  	 	1	 
			
	3.	 	Representations and Warranties of the Company	  	 	1	 
		 	3.1	  	Organization, Good Standing and Qualification	  	 	1	 
		 	3.2	  	Authorization	  	 	2	 
		 	3.3	  	Valid Issuance of Common Stock	  	 	2	 
		 	3.4	  	Compliance with Other Instruments	  	 	2	 
		 	3.5	  	Description of Capital Stock	  	 	2	 
		 	3.6	  	Registration Statement	  	 	3	 
		 	3.7	  	Brokers or Finders	  	 	3	 
		 	3.8	  	Private Placement	  	 	3	 
			
	4.	 	Representations, Warranties and Covenants of the Investor	  	 	3	 
		 	4.1	  	Organization, Good Standing and Qualification	  	 	3	 
		 	4.2	  	Authorization	  	 	3	 
		 	4.3	  	Purchase Entirely for Own Account	  	 	4	 
		 	4.4	  	Disclosure of Information	  	 	4	 
		 	4.5	  	Investment Experience	  	 	4	 
		 	4.6	  	Accredited Investor	  	 	4	 
		 	4.7	  	Brokers or Finders	  	 	4	 
		 	4.8	  	Restricted Securities	  	 	4	 
		 	4.9	  	Legends	  	 	4	 
		 	4.10	  	Market Stand-Off Agreement; Lock-Up Agreement	  	 	5	 
		 	4.11	  	Standstill	  	 	5	 
			
	5.	 	Conditions of the Investor’s Obligations at Closing	  	 	6	 
		 	5.1	  	Representations and Warranties	  	 	6	 
		 	5.2	  	Public Offering Shares	  	 	6	 
		 	5.3	  	Rights Agreement Amendment	  	 	6	 
		 	5.4	  	Absence of Injunctions, Decrees, Etc.	  	 	6	 
			
	6.	 	Conditions of the Company’s Obligations at Closing	  	 	6	 
		 	6.1	  	Representations, Warranties and Covenants	  	 	6	 
		 	6.2	  	Public Offering Shares	  	 	7	 
		 	6.3	  	Absence of Injunctions, Decrees, Etc.	  	 	7	 
			
	7.	 	Termination	  	 	7	 
			
	8.	 	Miscellaneous	  	 	7	 
		 	8.1	  	Publicity	  	 	7	 
		 	8.2	  	Survival of Warranties	  	 	7	 
		 	8.3	  	Successors and Assigns	  	 	7	 
		 	8.4	  	Governing Law	  	 	7	 

  
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	    8.5	  	Counterparts	  	 	8	 
	    8.6	  	Notices	  	 	8	 
	    8.7	  	Brokers or Finders	  	 	8	 
	    8.8	  	Amendments and Waivers	  	 	8	 
	    8.9	  	Severability	  	 	9	 
	    8.10	  	Corporate Securities Law	  	 	9	 
	    8.11	  	Entire Agreement	  	 	9	 
	    8.12	  	Specific Performance	  	 	9	 

  

  
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	DROPBOX, INC.

 CLASS A COMMON STOCK PURCHASE AGREEMENT 

THIS CLASS A COMMON STOCK PURCHASE AGREEMENT (the “Agreement”) is made as of March 7, 2018, by and among Dropbox, Inc.,
a Delaware corporation (the “Company”), Salesforce Ventures LLC, a Delaware limited liability company (the “Investor”), and salesforce.com, inc., a Delaware corporation (the “Parent”). 

THE PARTIES HEREBY AGREE AS FOLLOWS: 

1. Purchase and Sale of Stock. 

1.1 Sale and Issuance of Common Stock. Subject to the terms and conditions of this Agreement, the Investor agrees to purchase from the
Company, and the Company agrees to sell and issue to the Investor, the Shares (as defined below) at a price per share equal to the per share initial public offering price (before underwriting discounts and expenses) in the Qualified IPO (as defined
below) (the “IPO Price”). “Shares” shall mean the number of shares of Class A Common Stock of the Company, par value $0.00001 (the “Common Stock”), equal to $100,000,000 divided by the IPO
Price, rounded up the nearest whole share. “Qualified IPO” shall mean the issuance and sale of shares of the Common Stock by the Company, pursuant to an Underwriting Agreement to be entered into by and among the Company and certain
underwriters (the “Underwriters”), in connection with the Company’s initial public offering pursuant to the Company’s Registration Statement on Form S-1 (File No. 333-223182) (the “Registration Statement”) and/or any related registration statements (the “Underwriting Agreement”). 

1.2 Closing. The purchase and sale of the Shares shall take place at the location and at the time immediately subsequent to the closing
of the Qualified IPO (which time and place are designated as the “Closing”). At the Closing, the Investor shall make payment of the purchase price of the Shares by wire transfer in immediately available funds to the account
specified by the Company against delivery to the Investor of the Shares registered in the name of the Investor, which Shares shall be uncertificated shares. 

2. Registration Rights. At the Closing, in connection with the purchase of the Shares, the Company’s Amended and Restated
Investors’ Rights Agreement, dated January 30, 2014, by and among the Company and the stockholders of the Company listed thereto, as amended by Amendment No. 1 to the Amended and Restated Rights Agreement, dated February 22,
2018, by and among the Company and the stockholders of the Company listed thereto (the “Existing Rights Agreement”), shall be amended by Amendment No. 2 to the Existing Rights Agreement pursuant to Section 4.2 thereof, in
substantially the form attached hereto as Exhibit A (the “Rights Agreement Amendment” and, together with the Existing Rights Agreement, the “Rights Agreement”), solely for the purpose of providing the
Investor with piggyback registration rights under Section 2.3 of the Rights Agreement. 
 3. Representations and Warranties of the
Company. The Company hereby represents and warrants to the Investor and the Parent that as of the date hereof and as of the date of the Closing: 

3.1 Organization, Good Standing and Qualification. 

  
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 (a) The Company is a corporation duly organized, validly existing and in good standing under the
laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as now conducted. 
 (b) The
Company is duly qualified to transact business and is in good standing in each jurisdiction in which it is required to be so qualified or in good standing. 

3.2 Authorization. All corporate action on the part of the Company, its officers, directors and stockholders necessary for the
authorization, execution and delivery of this Agreement and the Rights Agreement Amendment, the performance of all obligations of the Company under this Agreement, and the authorization, issuance, sale and delivery of the Shares being sold hereunder
has been taken, and this Agreement and the Rights Agreement constitute valid and legally binding obligations of the Company, enforceable in accordance with their respective terms, except (i) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable
remedies, and (iii) to the extent the indemnification provisions contained in the Rights Agreement may be limited by applicable federal or state securities laws. 

3.3 Valid Issuance of Common Stock. The Shares being purchased by the Investor hereunder, when issued, sold and delivered in accordance
with the terms of this Agreement for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and will be free of restrictions on transfer other than restrictions on transfer under applicable state and
federal securities laws or as contemplated hereby or by the Rights Agreement. 
 3.4 Compliance with Other Instruments. 

(a) The Company is not in violation or default of any provision of its Amended and Restated Certificate of Incorporation or Amended and
Restated Bylaws. 
 (b) The Company is not in violation or default in any material respect of any instrument, judgment, order, writ, decree
or contract to which it is a party or by which it is bound, or, to its knowledge, of any provision of any federal or state statute, rule or regulation applicable to the Company. The execution, delivery and performance of this Agreement and the
Rights Agreement Amendment, and the consummation of the transactions contemplated by this Agreement and the Rights Agreement will not result in any such violation or default or be in conflict with or constitute, with or without the passage of time
and giving of notice, either a default under any such provision, instrument, judgment, order, writ, decree or contract or an event that results in the creation of any lien, charge or encumbrance upon any assets of the Company or the suspension,
revocation, impairment, forfeiture, or nonrenewal of any material permit, license, authorization, or approval applicable to the Company, its business or operations or any of its assets or properties. 

3.5 Description of Capital Stock. As of the date of the Closing, the statements set forth in the Pricing Prospectus (as defined in the
Underwriting Agreement) and Prospectus (as defined in the Underwriting Agreement) under the caption “Description of Capital Stock,” insofar as they purport to constitute a summary of the terms of the Company’s capital stock, are
accurate, complete and fair in all material respects. 

  
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 3.6 Registration Statement. The Registration Statement, and any amendment thereto,
including any information deemed to be included therein pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) promulgated under the Securities Act of 1933, as amended (the
“Securities Act”), complied (or, in the case of amendments filed after the date of this Agreement, will comply) as of its filing date in all material respects with the requirements of the Securities Act and the rules and regulations
of the SEC promulgated thereunder, and did not (or, in the case of amendments filed after the date hereof, will not) contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading. As of the date it is declared effective by the SEC, the Registration Statement, as so amended, and any related registration statements, will
comply in all material respects with the requirements of the Securities Act and the rules and regulations of the SEC promulgated thereunder, and will not contain any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. Any preliminary prospectus included in the Registration Statement or any amendment thereto, any free
writing prospectus related to the Registration Statement and any final prospectus related to the Registration Statement filed pursuant to Rule 424 promulgated under the Securities Act, in each case as of its date, will comply in all material
respects with the requirements of the Securities Act and the rules and regulations promulgated thereunder, and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading. 
 3.7 Brokers or Finders. The Company has not
incurred, and will not incur, directly or indirectly, as a result of any action taken by the Company, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with the sale of the Shares
contemplated by this Agreement. 
 3.8 Private Placement. Assuming the accuracy of the representations, warranties and covenants of
the Investor and the Parent set forth in Section 4 of this Agreement, no registration under the Securities Act is required for the offer and sale of the Shares by the Company to the Investor under this Agreement. 

4. Representations, Warranties and Covenants of the Investor and the Parent. Each of the Investor and the Parent, on behalf of
itself and as applicable, hereby represents and warrants that as of the date hereof and as of the date of the Closing: 
 4.1
Organization, Good Standing and Qualification. The Investor is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware. The Parent is a corporation duly organized, validly
existing and in good standing under the laws of the State of Delaware. 
 4.2 Authorization. The Investor has full power and authority
to enter into this Agreement and the Rights Agreement, and each such agreement constitutes a valid and legally binding obligation of the Investor, enforceable in accordance with its terms except (i) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other
equitable remedies and (iii) to the extent the indemnification provisions contained in the Rights Agreement may be limited by applicable federal or state securities laws. The Parent has full power and authority to enter into this Agreement,
which constitutes a valid and legally binding obligation of the Parent, enforceable in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies. 

  
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 4.3 Purchase Entirely for Own Account. By the Investor’s execution of this Agreement,
the Investor hereby confirms, that the Shares to be received by the Investor will be acquired for investment for the Investor’s own account, not as a nominee or agent, and not with a view to the distribution of any part thereof, and that the
Investor has no present intention of selling, granting any participation in, or otherwise distributing the same, except as permitted by applicable federal or state securities laws. By executing this Agreement, the Investor further represents that
the Investor does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to any of the Shares. 

4.4 Disclosure of Information. The Investor believes it has received all the information it considers necessary or appropriate for
deciding whether to purchase the Shares. The Investor further represents that it has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Shares and the business,
properties, prospects and financial condition of the Company. The foregoing, however, does not limit or modify the representations and warranties of the Company in Section 3 of this Agreement or the right of the Investor to rely thereon. 

4.5 Investment Experience. The Investor is an investor in securities of companies in the development stage and acknowledges that it is
able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Shares. Investor also
represents it has not been organized for the purpose of acquiring the Shares. 
 4.6 Accredited Investor. The Investor is an
“accredited investor” within the meaning of Regulation D, Rule 501(a), promulgated by the SEC under the Securities Act, as presently in effect. 

4.7 Brokers or Finders. The Investor and the Parent have not engaged any brokers, finders or agents, and neither the Company
nor the Investor or the Parent has, nor will, incur, directly or indirectly, as a result of any action taken by the Investor, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with
this Agreement. 
 4.8 Restricted Securities. The Investor understands that the Shares will be characterized as “restricted
securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold without
registration under the Securities Act, only in certain limited circumstances. In this connection, the Investor represents that it is familiar with Rule 144 promulgated under the Securities Act, as presently in effect, and understands the resale
limitations imposed thereby and by the Securities Act. 
 4.9 Legends. The Investor understands that the Shares may bear one or all of
the following legends: 
 (a) “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTIONS. THESE SECURITIES MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT, APPLICABLE STATE SECURITIES LAWS (PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM).
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 ACT AND ANY APPLICABLE STATE SECURITIES LAWS.” 

  
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 (b) “THESE SHARES ARE SUBJECT TO A 180 DAY MARKET STANDOFF RESTRICTION AS SET FORTH IN A
CERTAIN AGREEMENT BETWEEN THE ISSUER AND THE INVESTOR, 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 COMMON STOCK OF THE ISSUER HEREOF. SUCH RESTRICTION IS BINDING ON TRANSFEREES OF THESE SHARES.” 
 (c) Any legend
required by applicable state “blue sky” securities laws, rules and regulations. 
 4.10 Market
Stand-Off Agreement; Lock-Up Agreement. The Investor and the Parent hereby agree that they shall not sell or otherwise transfer or dispose of the Shares, other than
to donees, partners or Affiliates (as defined in the Rights Agreement) of the Investor or the Parent who agree to be similarly bound, for up to 180 days following the effective date of the Qualified IPO. In order to enforce this covenant, the
Company shall have the right to place restrictive legends on the book-entry accounts representing the Shares and to impose stop transfer instructions with respect to the Shares until the end of such period. The provisions of this Section 4.10
shall not apply to any sale of the Shares pursuant to an underwriting agreement or to shares acquired in market purchases (subject to Section 4.11) following the Qualified IPO, unless otherwise required by the underwriters of securities of the
Company. In addition, the Investor and the Parent hereby confirm that they have executed and delivered to the Underwriters the lock-up agreement provided by the Company (the “Lock-Up Agreement”). The Lock-Up Agreement is in full force and effect, and following the consummation of the transactions contemplated by this Agreement will remain
in full force and effect, including with respect to the Shares.  
 4.11
Standstill. Unless approved in advance in writing by the board of directors of the Company, the Investor and the Parent agree that, neither they nor any of their Representatives (as defined below) acting on behalf of or in concert with the
Investor or the Parent (or any of their Representatives) will, until 16 months following the Closing (“Standstill Expiration”), directly or indirectly: 

(a) Make any statement or proposal to any of the Company’s Representatives or any of the Company’s stockholders (other than a
private communication with one or more members of the board of directors of the Company) regarding, or make any public announcement, proposal, or offer (including any “solicitation” of “proxies” as such terms are defined or used
in Regulation 14A of the Securities Exchange Act of 1934, as amended) with respect to, or otherwise solicit, seek, or offer to effect (including, for the avoidance of doubt, indirectly by means of communication with the press or media) (i) any
business combination, merger, tender offer, exchange offer, or similar transaction involving the Company or any of its subsidiaries, (ii) any restructuring, recapitalization, liquidation, or similar transaction involving the Company or any of
its subsidiaries, (iii) any acquisition of any of the Company’s loans, debt securities, equity securities or assets, or rights or options to acquire interests in any of the Company’s loans, debt securities, equity securities, or
assets, (iv) any proposal to seek representation on the board of directors of the Company or otherwise seek to control or influence the management, board of directors, or policies of the Company, or (v) any proposal, arrangement, or other
statement that is inconsistent with the terms of this Agreement, including this Section 4.11; 
 (b) instigate, encourage, or assist
any third party (including forming a “group” with any such third party) to do, or enter into any discussions or agreements with any third party with respect to, any of the actions set forth in Section 4.11(a); or 

  
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 (c) take any action that would reasonably be expected to require the Company or any of its
Affiliates to make a public announcement regarding any of the actions set forth in Section 4.11(a). 
 In addition, until the Standstill Expiration,
unless approved in advance in writing by the board of directors of the Company, the Investor and the Parent agree that, neither the Investor nor the Parent, nor any of the direct and indirect subsidiaries of the Parent or the Investor, nor any
officer of Parent (within the meaning of Section 3b-2 of the Securities Exchange Act of 1934, as determined by the Board of Directors of the Parent) acting on behalf of or in concert with the Investor or
the Parent, will acquire (or propose or agree to acquire), of record or beneficially, by purchase or otherwise, any loans, debt securities, equity securities, or assets of the Company or any of its subsidiaries, or rights or options to acquire
interests in any of the Company’s loans, debt securities, equity securities, or assets, other than (i) equity securities acquired from the Company in exchange for equity securities of the Company currently held by the Investor, the Parent,
any of the direct and indirect subsidiaries of the Parent and the Investor or any of such officers and (ii) the acquisition of the Shares as contemplated by this Agreement. 

For purposes of this Section 4.11, the term “Representatives” means, as to any person, such person’s Affiliates, and its and their
respective directors, officers, employees, managing members, general partners, agents, and consultants (including attorneys, financial advisors, and accountants). 

5. Conditions of the Investor’s Obligations at Closing. The obligations of the Investor under subsection 1.1 of
this Agreement are subject to the fulfillment on or before the Closing of each of the following conditions. 
 5.1 Representations and
Warranties. The representations and warranties of the Company contained in Sections 3.1(b), 3.4(b), 3.7 and 3.8 shall be true on and as of the Closing, except as would not reasonably be expected to have a material adverse effect on the
Company. The representations and warranties of the Company contained in Sections 3.1(a), 3.2, 3.3, 3.4(a), 3.5 and 3.6 shall be true on and as of the Closing. 

5.2 Public Offering Shares. The Underwriters shall have purchased, immediately prior to the purchase of the Shares by the Investor
hereunder, the Firm Shares (as defined in the Underwriting Agreement) pursuant to the Registration Statement and Underwriting Agreement. 

5.3 Rights Agreement Amendment. The Rights Agreement Amendment shall have been executed and delivered by the Company and other parties
to the Existing Rights Agreement sufficient to amend the Existing Rights Agreement pursuant to Section 4.2 thereof. 
 5.4 Absence of
Injunctions, Decrees, Etc. During this period from the date of this Agreement to immediately prior to the Closing, no governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any decision,
injunction, decree, ruling, law or order permanently enjoining or otherwise prohibiting or making illegal the consummation of the transactions contemplated at the Closing. 

6. Conditions of the Company’s Obligations at Closing. The obligations of the Company under subsection 1.1 of
this Agreement are subject to the fulfillment on or before the Closing of each of the following conditions. 
 6.1 Representations,
Warranties and Covenants. The representations, warranties and covenants of the Investor and the Parent contained in Section 4 shall be true on and as of the Closing. 

  
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 6.2 Public Offering Shares. The Underwriters shall have purchased, immediately prior to
the purchase of the Shares by the Investor hereunder, the Firm Shares (as defined in the Underwriting Agreement) pursuant to the Registration Statement and Underwriting Agreement, with an initial offering price to the public (before underwriting
discount and commissions) of at least $500 million. 
 6.3 Absence of Injunctions, Decrees, Etc. During this period from the date
of this Agreement to immediately prior to the Closing, no governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any decision, injunction, decree, ruling, law or order permanently enjoining or
otherwise prohibiting or making illegal the consummation of the transactions contemplated at the Closing. 
 7. Termination. This
Agreement shall terminate (i) at any time upon the written consent of the Company, the Investor and the Parent, (ii) upon the withdrawal by the Company of the Registration Statement, or (iii) on May 31, 2018 if the Closing has
not occurred. 
 8. Miscellaneous. 

8.1 Publicity. No party shall issue any press release or make any other public announcement, including any website posting or social
media post, that includes the name or any logo or brand name of any party, or discloses the terms of this Agreement or the fact that the Investor has made or proposes to make an investment in the Company, except as may be required by law or with the
prior written consent of the other parties. Each party will provide reasonable advance notice to the other parties prior to making any disclosure of this Agreement or the terms hereof in any filings made with the SEC, and will provide the other
parties with reasonable opportunity to review and comment on such proposed disclosures. Notwithstanding the foregoing, the parties may use the other parties’ current logo or logos in connection with describing their portfolio or this investment
on their webpages and in their promotional materials. 
 8.2 Survival of Warranties. The warranties, representations and covenants of
the Company, the Investor and the Parent contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing and shall in no way be affected by any investigation of the subject matter thereof
made by or on behalf of the Investor, the Parent or the Company. 
 8.3 Successors and Assigns. This Agreement, and any and all
rights, duties and obligations hereunder, shall not be assigned, transferred, delegated or sublicensed by the Investor without the prior written consent of the Company; provided, however, that after the Closing, the Shares and the rights, duties and
obligations of the Investor hereunder may be assigned to an Affiliate of the Investor without the prior written consent of the Company. Any attempt by the Investor without such permission to assign, transfer, delegate or sublicense any rights,
duties or obligations that arise under this Agreement in a manner that is not permitted by the foregoing sentence to be made without such permission shall be void. Subject to the foregoing and except as otherwise provided herein, the provisions of
this Agreement shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto. Notwithstanding the foregoing, the Investor, the Parent and their Representatives shall remain
subject to Section 4.11 of this Agreement until the Standstill Expiration. 
 8.4 Governing Law. This Agreement shall be governed
in all respects by the internal laws of the State of California as applied to agreements entered into among California residents to be performed entirely within California, without regard to principles of conflicts of law. 

  
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 8.5 Counterparts. This Agreement may be executed in any number of counterparts, each of
which shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one instrument. 

8.6 Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered
or certified mail, postage prepaid, sent by facsimile or electronic mail (if to the Investor, the Parent or any other holder of Company securities) or otherwise delivered by hand, messenger or courier service addressed: 

(a) if to the Investor, to the Investor’s address or electronic mail address as shown on the Investor’s signature page to this
Agreement, with a copy (which shall not constitute notice) to Jodie Bourdet, Cooley LLP, 101 California Street, San Francisco, California 94111. 

(b) if to the Parent, to the Parent’s address or electronic mail address as shown on the Parent’s signature page to this Agreement,
with a copy (which shall not constitute notice) to Jodie Bourdet, Cooley LLP, 101 California Street, San Francisco, California 94111. 
 (c)
if to the Company, to the attention of the General Counsel of the Company at 333 Brannan Street, San Francisco, California 94107 or bart@dropbox.com, or at such other current address or electronic mail address as the Company shall have furnished to
the Investor and the Parent, with a copy (which shall not constitute notice) to Tony Jeffries, Wilson Sonsini Goodrich & Rosati, P.C., 650 Page Mill Road, Palo Alto, California 94304. 

Each such notice or other communication shall for all purposes of this Agreement be treated as effective or having been given (i) if
delivered by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier service, freight prepaid, specifying next-business-day delivery, one business day after
deposit with the courier), or (ii) if sent via mail, at the earlier of its receipt or five days after the same has been deposited in a regularly-maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid,
or (iii) if sent via electronic mail, when directed to the relevant electronic mail address, if sent during normal business hours of the recipient, or if not sent during normal business hours of the recipient, then on the recipient’s next
business day. In the event of any conflict between the Company’s books and records and this Agreement or any notice delivered hereunder, the Company’s books and records will control absent fraud or error. 

8.7 Brokers or Finders. The Company shall indemnify and hold harmless the Investor and the Parent from any liability for any commission
or compensation in the nature of a brokerage or finder’s fee or agent’s commission (and the costs and expenses of defending against such liability or asserted liability) for which the Investor and the Parent or any of their constituent
partners, members, officers, directors, employees or representatives is responsible to the extent such liability is attributable to any inaccuracy or breach of the representations and warranties contained in Section 3.7, and the Investor and
the Parent agree to indemnify and hold harmless the Company and the Investor and the Parent from any liability for any commission or compensation in the nature of a brokerage or finder’s fee or agent’s commission (and the costs and
expenses of defending against such liability or asserted liability) for which the Company, the Investor, the Parent or any of their constituent partners, members, officers, directors, employees or representatives is responsible to the extent such
liability is attributable to any inaccuracy or breach of the representations and warranties contained in Section 4.7. 
 8.8
Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written
consent of the Company, the Investor and the Parent. 

  
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 8.9 Severability. If any provision of this Agreement becomes or is declared by a court of
competent jurisdiction to be illegal, unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Agreement, and such court will replace such illegal, void or
unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, void or unenforceable provision. The balance of this Agreement
shall be enforceable in accordance with its terms. 
 8.10 Corporate Securities Law. THE SALE OF THE SECURITIES THAT ARE THE SUBJECT
OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION IS
UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102, OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED,
UNLESS THE SALE IS SO EXEMPT. 
 8.11 Entire Agreement. This Agreement and the documents referred to herein constitute the entire
agreement among the parties. No party shall be liable or bound to any other party in any manner with regard to the subjects hereof or thereof by any warranties, representations or covenants except as specifically set forth herein or therein. 

8.12 Specific Performance. The parties to this Agreement hereby acknowledge and agree that the Company would be irreparably injured by a
breach of this Agreement by the Investor and the Parent, and the Investor and the Parent would be irreparably injured by a breach of this Agreement by the Company, and that money damages are an inadequate remedy for an actual or threatened breach of
this Agreement because of the difficulty of ascertaining the amount of damage that will be suffered by the aggrieved party in the event that this agreement is breached. Therefore, each of the parties to this Agreement agree to the granting of
specific performance of this Agreement and injunctive or other equitable relief in favor of the aggrieved party as a remedy for any such breach, without proof of actual damages, and the parties to this Agreement further waive any requirement for the
securing or posting of any bond in connection with any such remedy. Such remedy shall not be deemed to be the exclusive remedy for breach of this Agreement, but shall be in addition to all other remedies available at law or in equity to the
aggrieved party. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this
Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. 
 [Remainder of page
intentionally left blank] 

  
 9 

 IN WITNESS WHEREOF, the parties have executed this Class A Common Stock Purchase
Agreement as of the date first above written. 
  

			
	 DROPBOX, INC.
  

	By:	 	 /s/ Andrew Houston

	Name:	 	Andrew Houston
	Title:	 	Chief Executive Officer
	  
 Address:

 

	    333 Brannan Street
	    San Francisco, California 94107

 IN WITNESS WHEREOF, the parties have executed this Class A Common Stock Purchase
Agreement as of the date first above written. 
  

			
	INVESTOR:
	
	SALESFORCE VENTURES LLC
		
	By:	 	 /s/ John Somorjai

	Name:	 	John Somorjai
	Title:	 	President

 
			
		
	Address:	 	The Landmark @ One Market Street
		 	Suite 300
		 	San Francisco, CA 94105

 
			
		
	Email:	 	    jsomorjai@salesforce.com

 
			
	
	PARENT:
	
	SALESFORCE.COM, INC.
		
	By:	 	 /s/ John Somorjai

	Name:	 	John Somorjai
	Title:	 	President
		
	Address:	 	The Landmark @ One Market Street
		 	Suite 300
		 	San Francisco, CA 94105

  

			
	Email:	 	    jsomorjai@salesforce.com

  

 Exhibit A 

Amendment No. 2 to the Existing Rights Agreement 

 DROPBOX, INC. 

AMENDMENT NO. 2 TO THE 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

This Amendment No. 2 to the Amended and Restated Investors’ Rights Agreement, as amended (this “Amendment”),
is made as of March    , 2018 by and among Dropbox, Inc., a Delaware corporation (the “Company”) and the Investors set forth on the signature pages hereto. Capitalized terms not herein defined shall have
the meanings ascribed to them in the Amended and Restated Investors’ Rights Agreement by and among the Company and the Investors dated as of January 30, 2014, as amended (the “Existing Rights
Agreement”). 
 RECITALS 

WHEREAS, the Company has entered into that certain Class A Common Stock Purchase Agreement, dated March 7, 2018, with
Salesforce Ventures LLC, a Delaware limited liability company (“Salesforce”), and salesforce.com, inc., a Delaware corporation (the “Purchase Agreement”), pursuant to which Salesforce
will purchase shares of the Company’s Class A Common Stock, par value $0.0001 per share (the “Shares”), immediately subsequent to the closing of the Qualified IPO (as defined in the Purchase Agreement). 

WHEREAS, the Company and the undersigned parties desire to amend the terms of the Existing Rights Agreement for the limited purposes of
providing Salesforce with certain “piggyback” registration rights under Section 2.3 of the Existing Rights Agreement with respect to the Shares. 

WHEREAS, pursuant to Section 4.2 of the Existing Rights Agreement, the Existing Rights Agreement may be amended only with the
written consent of the Company and Investors holding shares of Preferred Stock convertible into a majority of all the Investors’ Shares (collectively, the “Requisite Consent”). 

WHEREAS, the undersigned parties constitute the Requisite Consent and consent to the change as set forth in this Amendment. 

AGREEMENT 
 NOW,
THEREFORE, the undersigned parties hereby agree as follows: 
 1. Grant of Piggyback Registration Rights and Assumption of
Obligations Related Thereto. Upon the consummation of the transaction contemplated by the Purchase Agreement, Salesforce (i) shall become a party to the Existing Rights Agreement, but only with respect to the
“piggyback” registration rights set forth in Section 2.3 of the Existing Rights Agreement (“Piggyback Registration Rights”) and the Related Provisions (as defined below) and (ii) shall be deemed a Holder
(as defined in the Existing Rights Agreement) only for the purposes of Section 2.3 and the Related Provisions. In connection with the grant of such Piggyback Registration Rights, Salesforce hereby assumes the rights, obligations and
restrictions on Holders as set forth in Section 2.1, Section 2.5 through Section 2.12 inclusive and Section 4.2 of the Existing Rights Agreement (collectively, the “Related Provisions”). With
respect to the 

 
Shares purchased by Salesforce in connection with the Purchase Agreement, Salesforce shall not be deemed to possess any rights set forth in the Existing Rights Agreement (including, without
limitation, any demand or Form S-3 registration rights, information rights, preemptive rights, rights of first refusal, or rights of co-sale) other than the Piggyback
Registration Rights. 
 2.Registrable Securities. Solely for purposes of Section 2.3 of the Existing Rights
Agreement and the Related Provisions, the Shares purchased by Salesforce in connection with the Purchase Agreement shall be deemed “Registrable Securities” as such term is defined in Section 2.1(b) of the Existing Rights Agreement.

 3.Consent. The undersigned parties hereby consent to the addition of Salesforce as an “Investor”
party to the Existing Rights Agreement, as amended, solely for the purposes set forth in this Amendment. Salesforce shall become a party to the Existing Rights Agreement, as amended, solely for the purposes set forth in this Amendment by executing
and delivering a counterpart signature to this Amendment. 
 4.Full Force and Effect. Except as expressly
modified by this Amendment, the terms of the Existing Rights Agreement shall remain in full force and effect. 
 5.Governing
Law. This Amendment shall be governed, construed and interpreted in accordance with the laws of the State of California, without giving effect to principles of conflicts of law. 

6.Integration. This Amendment and the Existing Rights Agreement, and the documents referred to herein and therein
and the exhibits and schedules thereto, constitute the entire agreement among the parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the
parties hereto are expressly canceled. 
 7.Counterparts. This Amendment may be executed in two or more
counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. 
 [SIGNATURE PAGE
FOLLOWS] 

 In Witness Whereof, the parties hereto have executed this Amendment No. 2 to the
Existing Rights Agreement as of the date first written above. 
  

			
	THE COMPANY:
	
	DROPBOX, INC.

 
			
		
	By:	 	  

 
			
	Name:	 	Andrew Houston
	Title:	 	Chief Executive Officer

 In Witness Whereof, the parties hereto have executed this Amendment No. 2 to the
Existing Rights Agreement as of the date first written above. 
  

			
	INVESTORS:
	
	
[            ]

			
		
	By:	 	  

 
			
	Name:	 	  

 
			
	Title:EX-10.23

 Exhibit 10.23 

DROPBOX, INC. 
 OUTSIDE
DIRECTOR COMPENSATION POLICY 
 Adopted and approved by the Board of Directors on February 22, 2018 

Dropbox, Inc. (the “Company”) believes that providing cash and equity compensation to its members of the Board of
Directors (the “Board,” and members of the Board, the “Directors”) represents an effective tool to attract, retain and reward Directors who are not employees of the Company (the “Outside
Directors”). This Outside Director Compensation Policy (the “Policy”) is intended to formalize the Company’s policy regarding cash compensation and grants of equity to its Outside Directors. Unless otherwise
defined herein, capitalized terms used in this Policy will have the meaning given to such terms in the Company’s 2018 Equity Incentive Plan (the “Plan”), or if the Plan is no longer in place, the meaning given to such terms or
any similar terms in the equity plan then in place. Each Outside Director will be solely responsible for any tax obligations incurred by such Outside Director as a result of the equity and cash payments such Outside Director receives under this
Policy. 
 Subject to Section 8 of this Policy, this Policy will be effective as of the effective date of the registration statement in
connection with the initial public offering of the Company’s securities (the “Registration Statement”) (such date, the “Effective Date”). 

1. CASH COMPENSATION 

Annual Cash Retainer 
 Each Outside
Director will be paid an annual cash retainer of $50,000. There are no per-meeting attendance fees for attending Board meetings. This cash compensation will be paid quarterly in arrears on a prorated basis.

 Committee Annual Cash Retainer 

Effective as of the Registration Date, each Outside Director who serves as the chair of the Board, the lead Outside Director, or the chair or a
member of a committee of the Board will be eligible to earn additional annual fees (paid quarterly in arrears on a prorated basis) as follows: 
  

					
	 Lead Independent Director:
	  	$	20,000	 
	 Chair of Audit Committee:
	  	$	25,000	 
	 Member of Audit Committee:
	  	$	12,500	 
	 Chair of Compensation Committee:
	  	$	20,000	 
	 Member of Compensation Committee:
	  	$	10,000	 
	 Chair of Nominating and Governance Committee:
	  	$	10,000	 
	 Member of Nominating and Governance Committee:
	  	$	5,000	 

 For clarity, each Outside Director who serves as the chair of a committee will receive both the
additional annual fee as the chair of the committee and the additional annual fee as a member of the committee. 
 2.
EQUITY COMPENSATION 
 Outside Directors will be eligible to receive all types of
Awards (except Incentive Stock Options) under the Plan (or the applicable equity plan in place at the time of grant), including discretionary Awards not covered under this Policy. All grants of Awards to Outside Directors pursuant to
Section 2 of this Policy will be automatic and nondiscretionary, except as otherwise provided herein, and will be made in accordance with the following provisions: 

(a) No Discretion. No person will have any discretion to select which Outside Directors will be granted any Awards under this
Policy or to determine the number of Shares to be covered by such Awards. 
 (b) Initial Award. Subject to 4 of this Policy, each
individual who first becomes an Outside Director following the Effective Date will be granted an award of restricted stock units (an “Initial Award”) covering a number of Shares having a grant date fair value (determined in
accordance with U.S. generally accepted accounting principles) (the “Grant Value”) equal to (x) $300,000 multiplied by (y) the fraction obtained by dividing (A) the number of full months during the period beginning on
the date the individual first becomes an Outside Director and ending on the one-year anniversary of the date of the then-most recent Annual Meeting (the “Initial Award Vesting Period”) by (B)
12, rounded to the nearest whole Share. The Initial Award will be made on the first trading date on or after the date on which such individual first becomes an Outside Director, whether through election by the stockholders of the Company or
appointment by the Board to fill a vacancy. If an individual was a member of the Board and also an employee, becoming an Outside Director due to termination of employment will not entitle the Outside Director to an Initial Award. 

Subject to Section 3 of this Policy, each Initial Award will vest on the earlier of (i) the last day of the Initial Award Vesting
Period or (ii) the day prior to the date of the Annual Meeting next following the date the Initial Award is granted, in each case, subject to the Outside Director continuing to be a Service Provider through the applicable vesting date. 

(c) Annual Award. Subject to Section 4 of this Policy, on the date of each annual meeting of the Company’s stockholders
following the Effective Date (each, an “Annual Meeting”), each Outside Director will be automatically granted an award of restricted stock units (an “Annual Award”) covering a number of Shares having a Grant Value
of $300,000, rounded to the nearest whole Share. 
 Subject to Section 3 of this Policy, each Annual Award will vest on the earlier of
(i) the one-year anniversary of the date the Annual Award is granted or (ii) the day prior to the date of the Annual Meeting next following the date the Annual Award is granted, in each case, subject
to the Outside Director continuing to be a Service Provider through the applicable vesting date. 

  
 2 

 (d) Deferral of Awards. Unless and until otherwise determined by the Board or the
Compensation Committee, as applicable, each Outside Director may elect to defer the delivery of the proceeds of any Initial Award or Annual Award that would otherwise be delivered to such Outside Director on or following the date such Award vests
pursuant to the terms of Sections 2(b) and 2(c) above (the “Deferral Election”). Unless otherwise determined by the Board or the Compensation Committee, for any such Deferral Election to be effective, it must be submitted on or
prior to the end of the calendar year prior to the date the Award will be granted (or, in the case of any individual who first becomes an Outside Director following the Effective Date, within 30 days after the individual first becomes an
Outside Director) (in each case, the “Deferral Election Deadline”). Any Deferral Election will be irrevocable, and will be subject to such rules, conditions and procedures as shall be determined by the Board or the
Compensation Committee, in its sole discretion, which rules, conditions and procedures shall at all times comply with the requirements of Section 409A of the Code, unless otherwise specifically determined by the Board or the Compensation
Committee. Deferral Elections shall be made pursuant to a form of deferral election in substantially the form attached hereto as Exhibit A or such other form as approved by the Board or the Compensation Committee. 

3. CHANGE IN CONTROL 

In the event of a Change in Control, each Outside Director will fully vest in his or her outstanding Company equity awards, including any
Initial Award or Annual Award, provided that the Outside Director continues to be an Outside Director through such date. 
 4.
ANNUAL COMPENSATION LIMIT 
 No Outside Director may be paid, issued
or granted, in any Fiscal Year, cash compensation and Awards with an aggregate value greater than $1,200,000 (with the value of each Award based on its Grant Value for purposes of the limitation under this Section 4). Any cash compensation paid
or Awards granted to an individual for his or her services as an Employee, or for his or her services as a Consultant (other than as an Outside Director), will not count for purposes of the limitation under this Section 4. 

5. TRAVEL EXPENSES 

Each Outside Director’s reasonable, customary and documented travel expenses to Board meetings will be reimbursed by the Company. 

6. ADDITIONAL PROVISIONS 

All provisions of the Plan not inconsistent with this Policy will apply to Awards granted to Outside Directors. 

7. ADJUSTMENTS 

In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities or other property),
recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other
securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available
under this Policy, will adjust the number of Shares issuable pursuant to Awards granted under this Policy. 

  
 3 

 8. SECTION 409A 

In no event will cash compensation or expense reimbursement payments under this Policy be paid after the later of (i) 15th day of the 3rd
month following the end of the Company’s fiscal year in which the compensation is earned or expenses are incurred, as applicable, or (ii) 15th day of the 3rd month following the end of the calendar year in which the compensation is earned
or expenses are incurred, as applicable, in compliance with the “short-term deferral” exception under Section 409A of the Internal Revenue Code of 1986, as amended, and the final regulations and guidance thereunder, as may be amended
from time to time (together, “Section 409A”). It is the intent of this Policy that this Policy and all payments hereunder be exempt from or otherwise comply with the requirements of Section 409A so that none
of the compensation to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to be so exempt or comply. In no event will the Company reimburse
an Outside Director for any taxes imposed or other costs incurred as a result of Section 409A. 
 9. STOCKHOLDER
APPROVAL 
 This Policy will be subject to approval by the Company’s stockholders. 

10. REVISIONS 

The Board may amend, alter, suspend or terminate this Policy at any time and for any reason. No amendment, alteration, suspension or
termination of this Policy will materially impair the rights of an Outside Director with respect to compensation that already has been paid or awarded, unless otherwise mutually agreed between the Outside Director and the Company. Termination of
this Policy will not affect the Board’s or the Compensation Committee’s ability to exercise the powers granted to it under the Plan with respect to Awards granted under the Plan pursuant to this Policy prior to the date of such
termination. 

  
 4 

 EXHIBIT A 

DROPBOX, INC. 
 OUTSIDE
DIRECTOR COMPENSATION POLICY 
 Restricted Stock Unit Deferral Election Form 

For Outside Directors 
 Please
complete and return this Restricted Stock Unit Deferral Election Form (the “Election Form”), as described below, [for existing outside directors: on or before December 31 of each year] [for new outside directors only:
within 30 days following the date you join the Board] (the “Submission Deadline”), to Stock Administration, Dropbox, Inc. 333 Brannan Street, San Francisco, CA 94107. 

Neither the provision of this Election Form nor your completion of this Election Form represents a commitment by the Company to grant an Award to you. The
grant of an Award remains subject to the terms of the Company’s Outside Director Compensation Policy as may be hereinafter amended (the “Policy”). Terms not otherwise defined herein shall have the meaning set forth in the
Policy. 
 I understand that my Election Form will become irrevocable effective as of the Submission Deadline. 

I. PERSONAL INFORMATION 
 (Please print)

 Participant Name:
                                      
               (the “Participant”) 
 II. RSU
DEFERRAL ELECTION 
 By signing below, I elect to defer in accordance with Article III below 100% of my Annual Award that may
be granted to me, if any, under the Plan and pursuant to the Policy for services performed by me during the calendar year following the year in which I tender this election. If I do not make this deferral election, then my Annual Award will vest on
the earlier of (i) the one-year anniversary of the date the Annual Award is granted or (ii) the day prior to the date of the Annual Meeting next following the date the Annual Award is granted, in
each case, subject to my continuing to be a Service Provider through the applicable vesting date, and further subject to Section 3 of the Policy. 

For new outside directors only: 

By signing below, I elect to defer in accordance with Article III below 100% of my Initial Award that may be granted to me, if any,
under the Plan and pursuant to the Policy. If I do not make this deferral election, then my Initial Award will vest on the earlier of (i) the one-year anniversary of the date of the then-most recent
Annual Meeting or (ii) the day prior to the date of the Annual Meeting next following the date the Initial Award is granted, in each case, subject to my continuing to be a Service Provider through the applicable vesting date, and further
subject to Section 3 of the Policy. 

  
 5 

 All Awards that are deferred pursuant to this Section II shall be referred to as “Deferred
Awards” in this Election Form. 
 III. DEFERRED SETTLEMENT 

By signing below, I elect to have my Deferred Awards settled as follows: 

1. Subject to the following paragraph, my Deferred Awards will be settled in a single lump sum installment in whole shares on the earlier of
(a) immediately prior to a Change in Control or (b) within 60 days following my Separation Date or my death, whichever is earlier. For these purposes, “Separation Date” means the date of my retirement or other separation
from service with the Company and all of its Affiliates (as determined in accordance with Section 409A(2)(A)(i) of the Code and Treasury regulation section 1.409A-1(h)). 

2. If a distribution hereunder is triggered because of my Separation Date and I am a “specified employee” within the meaning of
Section 409A at the time of my Separation Date, then the distribution that I would otherwise be entitled to receive upon the Separation Date will not be settled until the date that is 6 months and 1 day following the Separation Date, unless I
die following my Separation Date, in which case, my distribution will commence as soon as practicable following my death. 
 IV. PARTICIPANT
ACKNOWLEDGEMENTS AND SIGNATURE 
 1. I agree to all of the terms and conditions of this Election Form. 

2. I acknowledge that I have received and read a copy of the Plan’s prospectus and that I am familiar with the terms and provisions of the
Plan. 
 3. I agree to the right of the Administrator to amend or terminate this election at any time and for any reason, with or without
notice; provided that such termination or amendment is performed in compliance with Section 409A (as determined by Company legal counsel in its sole and absolute discretion). 

4. I understand that the obligation of the Company to settle any Deferred Awards is unfunded and that no assets of any kind have been
segregated in a trust or otherwise set aside to satisfy any obligation under this Election Form. I also understand that any election to defer the settlement of any Awards pursuant to this Election Form will make me only a general, unsecured creditor
of the Company. 
 5. I understand that any amounts deferred will be taxable as ordinary income in the year settled. Notwithstanding, I agree
and understand that the Company does not guarantee in any way whatsoever the tax treatment of any deferrals or payments made under the Policy or this Election Form. I will be responsible for all taxes and any other costs owed with respect to any
deferrals or payments made with respect to my Awards. 

  
 6 

 6. I understand that the Company will be under no obligation to settle any Deferred Awards until
any income and employment tax withholding obligations are satisfied and that if I fail to satisfy any such tax withholding obligations I may forfeit my right to receive the shares subject to my Deferred Award. I understand that the Company has the
right (but not the obligation) to withhold taxes from my Deferred Awards (including pursuant to net share withholding) in any amount and through such procedure as the Company deems necessary or desirable to satisfy any income or other tax
obligations incurred with respect to my Awards. 
 7. I understand that, upon receipt of any Deferred Awards, in addition to federal taxes, I
may owe taxes to the state where I resided at the time of vesting in the Award and/or to the state where I reside when the Deferred Awards are settled, if different. 

8. I understand, acknowledge and agree that the Administrator has the discretion to make all determinations and decisions regarding any
elections set forth on this Election Form. 
 9. I understand that this Election Form and the elections made hereunder are intended to comply
with the requirements of Section 409A so that none of the Deferred Awards issuable will be subject to the tax acceleration and additional penalty taxes imposed under Section 409A, and any ambiguities herein will be interpreted to so
comply. If applicable, I understand that I am solely responsible for any accelerated income taxes and additional taxes and tax penalties imposed by Section 409A. 

10. I also understand that this Election Form and the elections made hereunder will in all respects be subject to the terms and conditions of
the Policy and the Plan, as applicable. Should any inconsistency exist between this Election Form, the Policy, the Plan, the Award Agreement under which an Award was granted, and/or any applicable law, then the provisions of either the applicable
law (including, but not limited to, Section 409A) or the Plan will control, with the Plan subordinated to the applicable law and the Award Agreement and the Policy subordinated to this Election Form. 

  
 7 

 By signing this Election Form, I authorize the implementation of the above elections. I understand that my
deferral election is irrevocable effective as of the Submission Deadline and may not be changed in the future, except in accordance with the requirements of Section 409A and the procedures specified by the Administrator. 

 

			
	Signed:
                                         
           	  	Date: _______________, ______
	                    PARTICIPANT	  	
		
	Agreed to and accepted:	  	
		
	DROPBOX, INC.	  	
		
	By:
                                         
                                         
      	  	Date: ________________, ______

 IMPORTANT DEADLINE: Please remember that if you wish to make any election set forth on this
Election Form, then the properly completed Election Form must be signed by you and returned ON OR BEFORE THE SUBMISSION DEADLINE to Stock Administration, Dropbox, Inc., Inc., 333 Brannan Street, San Francisco, CA 94107, or by e-mail to stock.administration@dropbox.com.  

  
 8

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