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S-8

As filed with the Securities and Exchange Commission on March 23, 2018

Registration No. 333-

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM S-8

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

DROPBOX, INC.

(Exact name of Registrant as specified in its charter)

Delaware

26-0138832

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

Dropbox, Inc.

333 Brannan Street

San Francisco, California 94107

(415) 857-6800

(Address of principal executive offices, including zip code)

2008 Equity Incentive Plan

2017 Equity Incentive Plan

2018 Equity Incentive Plan

2018 Employee Stock Purchase Plan

(Full title of the plan)

Andrew W. Houston

Chief Executive Officer

Dropbox, Inc.

333 Brannan Street

San Francisco, California 94107

(415) 857-6800

(Name, address and telephone number, including area code, of agent for service)

Copies to:


Tony Jeffries, Esq.		Bart E. Volkmer, Esq.
Rezwan D. Pavri, Esq.		Mary Anne Becking, Esq.
Lisa L. Stimmell, Esq.		Cara M. Angelmar, Esq.
Shannon R. Delahaye, Esq.		Dropbox, Inc.
Wilson Sonsini Goodrich & Rosati, P.C.		333 Brannan Street
650 Page Mill Road		San Francisco, California 94107
Palo Alto, California 94304		(415) 857-6800
(650) 493-9300

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

CALCULATION OF REGISTRATION FEE



Title of Securities to be Registered	Amount to be Registered⁽¹⁾	Proposed Maximum Offering Price Per Share	Proposed Maximum Aggregate Offering Price	Amount of Registration Fee
Class A Common Stock, $0.00001 par value per share:
—2018 Equity Incentive Plan	53,781,073⁽²⁾	$21.00⁸⁾	$1,129,402,533	$140,611
—2018 Employee Stock Purchase Plan	4,136,832⁽³⁾	$17.85⁽⁹⁾	$73,842,452	$9,194
—2017 Equity Incentive Plan	25,828,402⁽⁴⁾	$21.00⁽¹⁰⁾	$542,396,442	$67,529
—2008 Equity Incentive Plan	13,031,978⁽⁵⁾	—⁽¹¹⁾	—	—
Class B Common Stock, $0.00001 par value per share:
—2008 Equity Incentive Plan (Options)	4,890,074⁽⁶⁾	$10.55⁽¹²⁾	$51,590,281	$6,423
—2008 Equity Incentive Plan (RSUs)	8,141,904⁽⁷⁾	$21.00⁽¹³⁾	$170,979,984	$21,288
TOTAL:	109,810,263		$1,968,211,692	$245,045

(1)

Pursuant to Rule 416(a) of the Securities Act of 1933, as amended, this Registration Statement covers any additional shares of the Registrant’s Class A common stock (“Class A Common Stock”) or the Registrant’s Class B common stock (“Class B Common Stock”) that become issuable under the Registrant’s 2018 Equity Incentive Plan (the “2018 Plan”), the Registrant’s 2018 Employee Stock Purchase Plan (the “2018 ESPP”), the Registrant’s 2017 Equity Incentive Plan (the “2017 Plan”), and the Registrant’s 2008 Equity Incentive Plan, as amended (the “2008 Plan”), by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the Registrant’s receipt of consideration which results in an increase in the number of the outstanding shares of Class A Common Stock or Class B Common Stock.

(2)

Represents 41,368,326 shares of Class A Common Stock reserved for issuance pursuant to future awards under the 2018 Plan, plus 12,412,747 shares of Class A Common Stock that were reserved but not issued pursuant to any awards granted under the 2017 Plan and are not subject to any awards granted thereunder. The number of shares of Class A Common Stock available for issuance under the 2018 Plan will be increased by (a) any shares of Class A Common Stock subject to awards outstanding under the 2017 Plan that, on or after the effective date of the registration statement relating to the Registrant’s initial public offering (the “Registration Date”), expire or otherwise terminate without having been exercised in full, are tendered to or withheld by the Registrant for payment of an exercise price or for tax withholding obligations, or are forfeited to or repurchased by the Registrant due to failure to vest and (b) a number of shares of Class A Common Stock equal to the shares of Class B Common Stock subject to awards outstanding under the 2008 Plan that, on or after the Registration Date, expire or otherwise terminate without having been exercised in full, are tendered to or withheld by the Registrant for payment of an exercise price or for tax withholding obligations (including, for the avoidance of doubt, shares withheld on or after the Registration Date to satisfy with respect to restricted stock units vesting on the Registration Date), or are forfeited to or repurchased by the Registrant due to failure to vest. The maximum number of shares of Class A Common Stock that can be added to the 2018 Plan from the 2017 Plan and 2008 Plan, in the aggregate, is 68,824,856. See footnotes 4, 5, 6, and 7 below.

(3)	Represents 4,136,832 shares of Class A Common Stock reserved for issuance under the 2018 ESPP.

(4)

Represents 25,828,402 shares of Class A Common Stock reserved for issuance pursuant to restricted stock unit awards outstanding under the 2017 Plan as of the date of this Registration Statement. Any shares of Class A Common Stock subject to such awards that, on or after the Registration Date, expire or otherwise terminate, are tendered to or withheld by the Registrant for tax withholding obligations, or are forfeited to or repurchased by the Registrant due to failure to vest, will become available for issuance under the 2018 Plan subject to maximum limit. See footnote 2 above.

(5)

Represents 13,031,978 shares of Class A Common Stock issuable upon conversion of shares of Class B Common Stock underlying equity awards outstanding under the 2008 Plan as of the date of this Registration Statement. A number of shares of Class A Common Stock equal to the shares of Class B Common Stock subject to awards outstanding under the 2008 Plan that, on or after the Registration Date, expire or otherwise terminate, are tendered to or withheld by the Registrant for payment of an exercise price or for tax withholding obligations (including, for the avoidance of doubt, shares withheld on or after the Registration Date to satisfy with respect to restricted stock units vesting on the Registration Date), or are forfeited to or repurchased by the Registrant due to failure to vest will become available for issuance as shares of Class A Common Stock under the 2018 Plan, subject to the maximum limit set forth in the 2018 Plan. See footnote 2 above.

(6)

Represents 4,890,074 shares of Class B Common Stock reserved for issuance pursuant to stock option awards outstanding under the 2008 Plan as of the date of this Registration Statement. A number of shares of Class A Common Stock equal to the shares of Class B Common Stock subject to awards outstanding under the 2008 Plan that, on or after the Registration Date, expire or otherwise terminate, are tendered to or withheld by the Registrant for tax withholding obligations, or are forfeited to or repurchased by the Registrant due to failure to vest will become available for issuance under the 2018 Plan, subject to the maximum limit set forth in the 2018 Plan. See footnote 2 above.

(7)

Represents 8,141,904 shares of Class B Common Stock reserved for issuance pursuant to restricted stock unit awards outstanding under the 2008 Plan as of the date of this Registration Statement. A number of shares of Class A Common Stock equal to the shares of Class B Common Stock subject to awards outstanding under the 2008 Plan that, on or after the Registration Date, expire or otherwise terminate, are tendered to or withheld by the Registrant for tax withholding obligations (including, for the avoidance of doubt, shares withheld on or after the Registration Date to satisfy with respect to restricted stock units vesting on the Registration Date), or are forfeited to or repurchased by the Registrant due to failure to vest will become available for issuance pursuant to such awards will become available for issuance under the 2018 Plan, subject to the maximum limit set forth in the 2018 Plan. See footnote 2 above.

(8)

Estimated in accordance with Rule 457(h) solely for the purpose of calculating the registration fee on the basis of $21.00 per share, which is the initial public offering price per share of Class A Common Stock set forth on the cover page of the Registrant’s prospectus dated March 22, 2018 relating to its initial public offering.

(9)

Estimated in accordance with Rule 457(h) solely for the purpose of calculating the registration fee on the basis of 85% of $21.00 per share, which is the initial public offering price per share of Class A Common Stock set forth on the cover page of the Registrant’s prospectus dated March 22, 2018 relating to its initial public offering. Pursuant to the 2018 ESPP, the purchase price of the shares of Class A Common Stock reserved for issuance thereunder will be at least 85% of the lower of the fair market value of Class A Common Stock on the Enrollment Date or the Exercise Date (as such terms are defined in the 2018 ESPP).

(10)

(11)

Pursuant to Rule 457(i), there is no fee associated with the registration of shares of Class A Common Stock issuable upon conversion of shares of Class B Common Stock (a convertible security) being registered under this Registration Statement because no additional consideration will be received in connection with the conversion of shares of Class B Common Stock.

(12)	Estimated in accordance with Rule 457(h) solely for the purpose of calculating the registration fee on the basis of $10.55 per share, the weighted-average exercise price of stock option awards outstanding under the 2008 Plan as of the date of this Registration Statement.

(13)

PART I

INFORMATION REQUIRED IN THE PROSPECTUS

The information specified in Item 1 and Item 2 of Part I of Form S-8 is omitted from this Registration Statement on Form S-8 (the “Registration Statement”) in accordance with the provisions of Rule 428 under the Securities Act of 1933, as amended (the “Securities Act”) and the introductory note to Part I of Form S-8. The documents containing the information specified in Part I of Form S-8 will be delivered to the participants in the equity benefit plans covered by this Registration Statement as specified by Rule 428(b)(1) under the Securities Act.

PART II

INFORMATION REQUIRED IN REGISTRATION STATEMENT

Item 3.

Incorporation of Documents by Reference.

Dropbox, Inc. (the “Registrant”) hereby incorporates by reference into this Registration Statement the following documents previously filed with the Securities and Exchange Commission (the “Commission”):

(1) The Registrant’s Prospectus dated March 22, 2018, filed with the Commission pursuant to Rule 424(b) under the Securities Act, as a part of the Registration Statement on Form S-1, as amended (File No. 333-223182), which contains the Registrant’s audited financial statements for the latest fiscal year for which such statements have been filed; and

(2) The description of the Registrant’s Class A Common Stock contained in the Company’s Registration Statement on Form 8-A (File No. 001-38434) filed with the Commission on March 19, 2018, pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including any amendment or report filed for the purpose of updating such description.

All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act on or after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement that indicates that all securities offered have been sold or that deregisters all securities then remaining unsold shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents; provided, however, that documents or information deemed to have been furnished and not filed in accordance with the rules of the Commission shall not be deemed incorporated by reference into this Registration Statement. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document which also is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

Item 4.

Description of Securities.

Not applicable.

Item 5.

Interests of Named Experts and Counsel.

Not applicable.

Item 6.

Indemnification of Directors and Officers.

Section 145 of the Delaware General Corporation Law authorizes a corporation’s board of directors to grant, and authorizes a court to award, indemnity to officers, directors, and other corporate agents.

The Registrant’s amended and restated certificate of incorporation contains provisions that limit the liability of its directors for monetary damages to the fullest extent permitted by Delaware law. Consequently, the Registrant’s directors will not be personally liable to the Registrant or its stockholders for monetary damages for any breach of fiduciary duties as directors, except liability for the following:

•

any breach of their duty of loyalty to the Registrant or its stockholders;

•

any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;

•

unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the Delaware General Corporation Law; or

•

any transaction from which they derived an improper personal benefit.

Any amendment to, or repeal of, these provisions will not eliminate or reduce the effect of these provisions in respect of any act, omission, or claim that occurred or arose prior to that amendment or repeal. If the Delaware General Corporation Law is amended to provide for further limitations on the personal liability of directors of corporations, then the personal liability of the Registrant’s directors will be further limited to the greatest extent permitted by the Delaware General Corporation Law.

In addition, the Registrant’s amended and restated bylaws will indemnify, to the fullest extent permitted by law, any person who is or was a party or is threatened to be made a party to any action, suit, or proceeding by reason of the fact that he or she is or was one of the Registrant’s directors or officers or is or was serving at the Registrant’s request as a director or officer of another corporation, partnership, joint venture, trust, or other enterprise. The Registrant’s amended and restated bylaws provide that the Registrant may indemnify to the fullest extent permitted by law any person who is or was a party or is threatened to be made a party to any action, suit, or proceeding by reason of the fact that he or she is or was one of the Registrant’s employees or agents or is or was serving at the Registrant’s request as an employee or agent of another corporation, partnership, joint venture, trust, or other enterprise. The Registrant’s amended and restated bylaws will also provide that the Registrant must advance expenses incurred by or on behalf of a director or officer in advance of the final disposition of any action or proceeding, subject to limited exceptions.

Further, the Registrant has entered into indemnification agreements with each of its directors and executive officers that may be broader than the specific indemnification provisions contained in the Delaware General Corporation Law. These indemnification agreements require the Registrant, among other things, to indemnify its directors and executive officers against liabilities that may arise by reason of their status or service. These indemnification agreements also require the Registrant to advance all expenses incurred by the directors and executive officers in investigating or defending any such action, suit, or proceeding. The Registrant believes that these agreements are necessary to attract and retain qualified individuals to serve as directors and executive officers.

The limitation of liability and indemnification provisions in the Registrant’s amended and restated certificate of incorporation, amended and restated bylaws, and the indemnification agreements that the Registrant has entered into with its directors and executive officers may discourage stockholders from bringing a lawsuit against the Registrant’s directors and executive officers for breach of their fiduciary duties. They may also reduce the likelihood of derivative litigation against the Registrant’s directors and executive officers, even though an action, if successful, might benefit the Registrant and other stockholders. Further, a stockholder’s investment may be adversely affected to the extent that the Registrant pays the costs of settlement and damage awards against directors and executive officers as required by these indemnification provisions. At present, the Registrant is not aware of any pending litigation or proceeding involving any person who is or was one of the Registrant’s directors, officers, employees, or other agents or is or was serving at its request as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, for which indemnification is sought, and the Registrant is not aware of any threatened litigation that may result in claims for indemnification.

The Registrant has obtained insurance policies under which, subject to the limitations of the policies, coverage is provided to the Registrant’s directors and executive officers against loss arising from claims made by reason of breach of

fiduciary duty or other wrongful acts as a director or executive officer, including claims relating to public securities matters, and to the Registrant with respect to payments that may be made by the Registrant to these directors and executive officers pursuant to its indemnification obligations or otherwise as a matter of law.

Certain of the Registrant’s non-employee directors may, through their relationships with their employers, be insured and/or indemnified against certain liabilities incurred in their capacity as members of the Registrant’s Board of Directors.

Item 7.

Exemption from Registration Claimed.

Not applicable.

Item 8.

Exhibits.


Exhibit Number		Description

4.1⁽¹⁾		Form of Class A common stock certificate.

4.2⁽²⁾		Dropbox, Inc. 2018 Equity Incentive Plan and related form agreements.

4.3⁽³⁾		Dropbox, Inc. 2018 Employee Stock Purchase Plan and related form agreements.

4.4⁽⁴⁾		Dropbox, Inc. 2017 Equity Incentive Plan and related form agreements.

4.5⁽⁵⁾		Dropbox, Inc. 2008 Equity Incentive Plan, as amended, and related form agreements.

5.1		Opinion of Wilson Sonsini Goodrich & Rosati, P.C.

23.1		Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm.

23.2		Consent of Wilson Sonsini Goodrich & Rosati, Professional Corporation (included in Exhibit 5.1).

24.1		Power of Attorney (contained on signature page hereto).

⁽¹⁾	Incorporated by reference to Exhibit 4.1 filed with the Registrant’s Registration Statement on Form S-1/A (Registration No. 333-223182), filed with the Commission on March 12, 2018.

⁽²⁾	Incorporated by reference to Exhibit 10.2 filed with the Registrant’s Registration Statement on Form S-1/A (Registration No. 333-223182), filed with the Commission on March 21, 2018.

⁽³⁾	Incorporated by reference to Exhibit 10.3 filed with the Registrant’s Registration Statement on Form S-1/A (Registration No. 333-223182), filed with the Commission on March 21, 2018.

⁽⁴⁾	Incorporated by reference to Exhibit 10.6 filed with the Registrant’s Registration Statement on Form S-1/A (Registration No. 333-223182), filed with the Commission on March 21, 2018.

⁽⁵⁾	Incorporated by reference to Exhibit 10.7 filed with the Registrant’s Registration Statement on Form S-1/A (Registration No. 333-223182), filed with the Commission on March 21, 2018.

Item 9.

Undertakings.

A.	The undersigned Registrant hereby undertakes:

(1)

To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

(i)

To include any prospectus required by Section 10(a)(3) of the Securities Act;

(ii)

To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective Registration Statement; and

(iii)

To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement.

Provided, however, that paragraphs (A)(1)(i) and (A)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

(2)

For the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(3)

It will remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in San Francisco, California, on the 23rd day of March, 2018.


DROPBOX, INC.

By:		/s/ Andrew W. Houston
		Andrew W. Houston
		Chief Executive Officer

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Andrew W. Houston, Ajay V. Vashee, and Bart E. Volkmer, and each of them, as such individual’s true and lawful attorney in fact and agent with full power of substitution, for such individual in any and all capacities, to sign any and all amendments to this Registration Statement on Form S-8 (including post-effective amendments), and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney in fact, proxy and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully for all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney in fact, proxy and agent, or the individual’s substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement on Form S-8 has been signed by the following persons in the capacities and on the dates indicated:


Signature	Title	Date

/s/ Andrew W. Houston Andrew W. Houston	Chief Executive Officer and Chairman (Principal Executive Officer)	March 23, 2018

/s/ Ajay V. Vashee Ajay V. Vashee	Chief Financial Officer (Principal Financial Officer)	March 23, 2018

/s/ Timothy J. Regan Timothy J. Regan	Chief Accounting Officer (Principal Accounting Officer)	March 23, 2018

/s/ Donald W. Blair Donald W. Blair	Director	March 23, 2018

/s/ Arash Ferdowsi Arash Ferdowsi	Director	March 23, 2018

/s/ Paul E. Jacobs Paul E. Jacobs	Director	March 23, 2018


Signature	Title	Date

/s/ Robert J. Mylod, Jr. Robert J. Mylod, Jr.	Director	March 23, 2018

/s/ Condoleezza Rice Condoleezza Rice	Director	March 23, 2018

/s/ R. Bryan Schreier R. Bryan Schreier	Director	March 23, 2018

/s/ Margaret C. Whitman Margaret C. Whitman	Director	March 23, 2018

EX-5.1

Exhibit 5.1

LOGO

650 Page Mill Road

Palo Alto, CA 94304-1050

PHONE 650.493.9300

FAX 650.493.6811

www.wsgr.com

March 23, 2018

Dropbox, Inc.

333 Brannan Street

San Francisco, CA 94107

Re: Registration Statement on Form S-8

Ladies and Gentlemen:

We have examined the Registration Statement on Form S-8 (the “Registration Statement”) to be filed by Dropbox, Inc., a Delaware corporation (the “Company”), with the Securities and Exchange Commission on or about the date hereof, relating to the registration under the Securities Act of 1933, as amended, of (i) 13,031,978 shares of Class A common stock, par value $0.00001 per share (“Class A Common Stock”) and 13,031,978 shares of Class B common stock, par value $0.00001 per share (“Class B Common Stock”) reserved for issuance pursuant to the Company’s 2008 Equity Incentive Plan, (ii) 25,828,402 shares of Class A Common Stock reserved for issuance pursuant to the Company’s 2017 Equity Incentive Plan, (iii) 53,781,073 shares of Class A Common Stock reserved for issuance pursuant to the Company’s 2018 Equity Incentive Plan, and (iv) 4,136,832 shares of Class A Common Stock reserved for issuance pursuant to the Company’s 2018 Employee Stock Purchase Plan (which plans are referred to herein as the “Plans” and which shares of Class A Common Stock and Class B Common Stock are referred to herein as the “Shares”).

On the basis of the foregoing, and in reliance thereon, we are of the opinion that the Shares, when issued and sold in the manner referred to in the Plans and pursuant to the agreements that accompany the Plans, will be validly issued, fully paid, and nonassessable.

We consent to the use of this opinion as an exhibit to the Registration Statement and further consent to the use of our name wherever appearing in the Registration Statement and any amendments thereto.

Very truly yours,

WILSON SONSINI GOODRICH & ROSATI

Professional Corporation

/s/ Wilson Sonsini Goodrich & Rosati, P.C.

EX-23.1

Exhibit 23.1

CONSENT OF ERNST & YOUNG LLP, INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the Registration Statement (Form S-8) pertaining to the 2008 Equity Incentive Plan, the 2017 Equity Incentive Plan, the 2018 Equity Incentive Plan and the 2018 Employee Stock Purchase Plan of Dropbox, Inc. of our report dated February 23, 2018, (except as to the eleventh paragraph of Note 1, as to which the date is March 7, 2018), in the Registration Statement (Form S-1 No. 333-223182) and related Prospectus of Dropbox, Inc. for the registration of shares of its Class A common stock.

/s/ Ernst & Young LLP

San Francisco, California

March 23, 2018