UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported)
(Exact name of Registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I. R. S. Employer Identification No.) | ||||||
(Address of principal executive offices)
(415 ) 857-6800
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||||||||||||
| (Nasdaq Global Select Market) | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
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 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
(d) Election of Director
On March 25, 2022, the Board of Directors (the “Board”) of Dropbox, Inc. (the “Company”) appointed Abhay Parasnis to serve as a member of the Board. He was also appointed to the Compensation Committee of the Board.
“We’re thrilled to have Abhay join our Board,” said Dropbox Co-founder and Chief Executive Officer Drew Houston. “Abhay is a proven innovator, operator and technologist, with over two decades of experience scaling businesses and fostering a culture of innovation. His familiarity with our core customers and his experience leading technology, operations, and engineering during times of transformation, will be invaluable to us as we work towards our long-term vision of building one organized place for cloud content and the workflows around it.”
“I’m honored to join Dropbox’s board,” said Mr. Parasnis. “Dropbox invented the file sync and share category and built an incredible product that hundreds of millions of people use daily. As I look at where the technology landscape is headed, I firmly believe Dropbox is uniquely positioned to build that next category - technology centered around improving people’s working lives. I’m excited to be part of this next chapter in Dropbox’s journey.”
There are no arrangements or understandings between Mr. Parasnis and any other person, in each case, pursuant to which Mr. Parasnis was appointed to serve on the Board. There are no family relationships between Mr. Parasnis and any other director or executive officer of the Company and there have been no transactions between Mr. Parasnis and the Company in the last fiscal year, and none are currently proposed that would require disclosure under Item 404(a) of Regulation S-K.
Mr. Parasnis will receive the standard compensation available to the Company’s current non-employee directors, which is discussed in the Company’s Proxy Statement filed with the Securities and Exchange Commission (“SEC”) on April 6, 2021. In accordance with the Company’s customary practice, the Company will also enter into its standard form of indemnification agreement with Mr. Parasnis, which agreement is filed as Exhibit 10.1 to the Company’s Registration Statement on Form S-1 (File No. 333-223182) filed with the SEC on February 23, 2018.
A copy of the blog post announcing the appointment of Mr. Parasnis to the Board is attached here as Exhibit 99.1.
For additional information, see the blog post attached as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
| Exhibit No. | Exhibit Description | |||||||
| 99.1 | ||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: March 28, 2022
| Dropbox, Inc. | ||
| /s/ Bart Volkmer | ||
| Bart Volkmer | ||
| Chief Legal Officer | ||
Exhibit 99.1
Welcome Abhay Parasnis to the Dropbox Board!
We’re excited to welcome Abhay Parasnis, Adobe’s former Chief Technology Officer and Chief Product Officer, to the Dropbox Board of Directors. Abhay has extensive experience scaling new businesses, driving product and technology strategy, and operating with a customer-first mentality to solve universal problems.
Abhay served as Chief Technology Officer at Adobe for seven years. Over the course of his tenure, he also led the company as Chief Product Officer and Chief Strategy Officer, among other leadership roles. During that time, he set Adobe’s technology vision and strategy, while driving overall product and engineering execution. Abhay championed a culture of innovation and reinvention, helping scale Adobe to become a software company with one of the largest and most diverse product portfolios in the industry.
Before joining Adobe in 2015, Abhay spent nine years at Microsoft in various leadership positions driving strategic platform initiatives and consumer technologies. He’s also held senior leadership roles at several major technology companies, including Oracle, i2, and IBM. Abhay holds a Bachelor of Science in Electronics and Telecommunications from the College of Engineering Pune and an advanced diploma from the National Institute of Information Technology. He’s also contributed to 35 patents.
We believe there’s never been a better time in history to be building software to improve the experience of modern work, especially as companies accelerate their shifts to the cloud amidst the rise of distributed work and the creator economy. Abhay’s deep understanding of our customers and experience leading and growing a multi-product portfolio will be an important resource as we transition beyond our FSS roots and expand our product capabilities. We’re excited to tap into his extensive technical, product, and operational expertise to help us achieve our long-term vision of organizing our customers’ cloud content and the workflows around it.
Please join us in welcoming Abhay to the Dropbox Board!