Form 4: Dropbox CFO Timothy Regan Executes Stock Sale Under 10b5-1 Plan
SEC Form 4
Dropbox's Chief Financial Officer, Timothy Regan, sold 3,000 shares of Class A Common Stock at an average price of $23.7116, while also having shares withheld to cover tax obligations related to vesting restricted stock units.
Summary
- On May 15, 2024, Dropbox withheld 31,873 shares from CFO Timothy Regan to cover tax obligations related to vesting restricted stock units at a price of $24.02 per share.
- On May 16, 2024, Timothy Regan sold 3,000 shares of Dropbox Class A Common Stock at an average price of $23.7116.
- The sale was executed under a pre-arranged Rule 10b5-1 trading plan adopted on May 8, 2023.
- Following these transactions, Regan directly owns 557,122 shares of Dropbox Class A Common Stock, some of which are restricted stock awards and restricted stock units vesting through February 15, 2028.
- Unvested restricted stock awards and restricted stock units will be cancelled if Regan ceases to be a Service Provider.
Sentiment
Score: 5
Explanation: Neutral sentiment as it reports routine stock transactions by an executive under a pre-arranged trading plan.
Industry Context
This is a routine disclosure of insider trading activity. It is common for executives to utilize 10b5-1 trading plans to sell shares over time to avoid accusations of trading on inside information.
Key Dates
| Date | Description |
|---|---|
| 1/25/2021 | Limited Power of Attorney executed. |
| 05/08/2023 | Reporting Person adopted a Rule 10b5-1 trading plan. |
| 05/15/2024 | Dropbox withheld shares to satisfy tax obligations. |
| 05/16/2024 | Timothy Regan sold shares of Class A Common Stock. |
| 05/17/2024 | Form 4 filing date. |
| February 15, 2028 | Restricted stock awards and restricted stock units vesting schedule end date. |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.