<SEC-DOCUMENT>0001387131-21-008875.txt : 20210823
<SEC-HEADER>0001387131-21-008875.hdr.sgml : 20210823
<ACCEPTANCE-DATETIME>20210823160534
ACCESSION NUMBER:		0001387131-21-008875
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210823
DATE AS OF CHANGE:		20210823

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BOX INC
		CENTRAL INDEX KEY:			0001372612
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				202714444
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36805
		FILM NUMBER:		211196861

	BUSINESS ADDRESS:	
		STREET 1:		900 JEFFERSON AVE
		CITY:			REDWOOD CITY
		STATE:			CA
		ZIP:			94063
		BUSINESS PHONE:		877-729-4269

	MAIL ADDRESS:	
		STREET 1:		900 JEFFERSON AVE
		CITY:			REDWOOD CITY
		STATE:			CA
		ZIP:			94063

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BOX.NET INC
		DATE OF NAME CHANGE:	20060814
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>box-defa14a_082321.htm
<DESCRIPTION>ADDITIONAL DEFINITIVE PROXY SOLICITING MATERIAL
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549 </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>SCHEDULE 14A </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>PROXY STATEMENT PURSUANT TO SECTION 14(a)
OF THE </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Filed by the Registrant <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT>
Filed by a Party other than the Registrant <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Check the appropriate box:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Soliciting Material Pursuant to &sect;240.14a-2</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center"><B>Box, Inc. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Name of Registrant as Specified In Its Charter)
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0">Payment of Filing Fee (Check the appropriate box):</P>

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  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 0.25in">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-size: 10pt">Title of each class of securities to which transaction applies:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-size: 10pt">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-size: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-size: 10pt">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-size: 10pt">Total fee paid:</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-size: 10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-size: 10pt">Amount Previously Paid:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-size: 10pt">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(3)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(4)</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filing Party:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date Filed:</P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Leading Independent Proxy Advisory Firm ISS Recommends
Box Stockholders Vote on Box&rsquo;s BLUE Proxy Card</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>ISS Recognizes That Change Led by the Current Board
Is Already Underway </I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Box Urges Stockholders to Support the Momentum
Underway by Voting &ldquo;FOR ALL&rdquo; of Box&rsquo;s Director </I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Nominees &ndash; Dana Evan, Peter Leav and Aaron
Levie - on the <B><U>BLUE</U></B> Proxy Card</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Redwood City, CA &ndash; August 23, 2021 &ndash; </B>Box, Inc. (NYSE:
BOX) today announced that Institutional Shareholder Services (&quot;ISS&quot;), a leading independent proxy advisory firm, has recommended
that Box stockholders vote on the company&rsquo;s BLUE proxy card in connection with the company&rsquo;s 2021 Annual Meeting of Stockholders
(&ldquo;Annual Meeting&rdquo;), scheduled to be held on September 9, 2021. The company urges stockholders to vote &ldquo;FOR ALL&rdquo;
of Box&rsquo;s director nominees &ndash; Dana Evan, Peter Leav and Aaron Levie &ndash; on the BLUE proxy card.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">In its August 23, 2021 report, ISS recognized that the Box of today is
not the Box of 2019 and that significant changes have already been made at Box. In commenting on the company&rsquo;s financial performance
and recognizing that the refreshed Board and management team are overseeing improvement in operating margin and reacceleration of revenue
growth, ISS stated<SUP>1</SUP>:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD>&ldquo;Eight of the 10 directors are now independent, there is an independent chairperson, and the average tenure is 2.3 years for
the independent directors. The company reported a significant improvement in operating margin and Revenue Growth + FCF in FY21, and recently
raised its FY22 guidance to incorporate an acceleration in revenue and better-than-expected improvements in operating margin and Revenue
Growth + FCF. These improvements have driven significant share price gains since the settlement, driving meaningful TSR outperformance
vs. the median of the peer set, as well [as] Dropbox and Open Text.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD>&ldquo;Since the 2020 settlement with the dissident and the formation of the operating committee, the company appears to have made
significant progress on the margin side over the past several quarters. While the revenue metrics are taking longer to improve, the company's
assertion that there are green shoots appears fair, particularly in the most recent quarters, as evidenced by the improvements in net
retention rate and large deal growth.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">In commenting on the experience and engagement of the current Box Board,
and direct representation by the dissident not being necessary, ISS stated:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD>&ldquo;The company collaborated with the dissident in 2020, and has given the two board members directly chosen by the dissident prominent
roles on the board. Between the two directors placed on the board last year by the dissident, and the three candidates it is nominating
this year, if successful, the dissident would have a direct tie to five out of 10 directors (or 11, if CEO Levie were added back). At
this stage, despite the room for improvement, in light of the progress made over the past several quarters since the settlement, such
a significant presence by the dissident at the board level does not appear necessary.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD>&ldquo;Given the level of collaboration in the initial stages of the dissident's involvement, it is unclear what incremental benefit
the dissident's presence on the board would impart at this stage. The nominees who joined the board as a result of the settlement appear
credible, experienced, and engaged, and they have expressed conviction in the company&rsquo;s strategy.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; padding: 0; margin: 0 0 3pt">__________________________</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0; padding: 0"><SUP>1</SUP> Permission to use quotes neither sought nor
obtained</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0; padding: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in"></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Commenting on the ISS recommendation, the Box Board of Directors issued
the following statement:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">The Box Board is pleased that ISS has recommended that stockholders
vote on the company&rsquo;s proxy card and recognizes that the Box of today is not the Box of 2019.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">As ISS has concluded, the current Board has taken meaningful
actions to accelerate the company&rsquo;s growth strategy, improve its operational and financial results, and enhance its governance.
As a result of these actions, Box is in the strongest financial position in its history and the positive momentum is continuing.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">The Box Board includes executives with deep technology industry
expertise, diverse skillsets, and proven track records driving disciplined growth, profitability, and stockholder value. Importantly,
in addition to prior experience sitting on public boards, the Board brings a strong history of leadership in SaaS and enterprise software,
skills critical to overseeing our operations. Each of the three Box nominees &ndash; Dana Evan, Peter Leav and Aaron Levie &ndash; has
played an essential role in designing and overseeing Box&rsquo;s strategy and has the expertise needed to continue to drive the company
forward.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">We urge stockholders to protect the value of their investment
by following ISS&rsquo; recommendation and voting &ldquo;FOR ALL&rdquo; of the company&rsquo;s highly qualified directors &ndash; Dana
Evan, Peter Leav and Aaron Levie &ndash; on the <B><U>BLUE</U></B> proxy card today.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Box reminds stockholders that every vote is important, no matter how many
or few shares it represents. Stockholders are urged to discard any WHITE proxy materials and to only vote using the <B><U>BLUE</U></B>
proxy card.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Box stockholders who need assistance in voting their shares may call Box&rsquo;s
proxy solicitor, Innisfree M&amp;A Incorporated, at (877) 750-8233 (toll-free from the U.S. and Canada), or +1 (412) 232-3651 (from other
countries).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Additional materials regarding the Board of Directors&rsquo; recommendations
for the 2021 Annual Meeting can be found at VoteBlueForBox.com.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Advisors</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Morgan Stanley &amp; Co. LLC is serving as financial advisor to Box. Wilson
Sonsini Goodrich &amp; Rosati, P.C. and Sidley Austin LLP are serving as legal advisors to Box.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>About Box</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Box (NYSE:BOX) is the leading Content Cloud that enables organizations
to accelerate business processes, power workplace collaboration, and protect their most valuable information, all while working with a
best-of-breed enterprise IT stack. Founded in 2005, Box simplifies work for leading organizations globally, including AstraZeneca, JLL,
and Morgan Stanley. Box is headquartered in Redwood City, CA, with offices in the United States, Europe, and Asia. To learn more about
Box, visit http://www.box.com. To learn more about how Box powers nonprofits to fulfill their missions,
visit Box.org.</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Forward-Looking Statements </B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">This press release contains forward-looking statements that involve risks,
uncertainties, and assumptions, including statements regarding Box&rsquo;s expectations regarding the size of its market opportunity,
sales productivity, its leadership position in the cloud content management market, the demand for its products, the impact of its acquisitions
on future Box product offerings, its ability to grow and scale its business and drive operating efficiencies, its ability to achieve revenue
targets and billings expectations, its ability to achieve profitability on a quarterly or ongoing basis, its free cash flow, its ability
to grow unrecognized revenue and remaining performance obligations, the timing of recent and planned product introductions, enhancements
and integrations, the short- and long-term success, market adoption and retention, capabilities, and benefits of such product introductions
and enhancements, the success of strategic partnerships, its revenue, billings, gross margin, non-GAAP operating margins, net retention
rate, large deal growth, the KKR-led investment and achievement of its potential benefits; any potential repurchase of shares of Box common
stock, whether, when, in what amount and by what method any such repurchase would be consummated, and the per share price of any such
repurchase. There are a significant number of factors that could cause actual results to differ materially from statements made in this
press release, including: (1) adverse changes in general economic or market conditions, including those caused by the COVID 19 pandemic;
(2) delays or reductions in information technology spending; (3) factors related to Box&rsquo;s highly competitive market, including but
not limited to pricing pressures, industry consolidation, entry of new competitors and new applications and marketing initiatives by Box&rsquo;s
current or future competitors; (4) the development of the cloud content management market; (5) the risk that Box&rsquo;s customers do
not renew their subscriptions, expand their use of Box&rsquo;s services, or adopt new products offered by Box on a timely basis, or at
all; (6) Box&rsquo;s ability to provide timely and successful enhancements and integrations, new features, integrations and modifications
to its platform and services; (7) actual or perceived security vulnerabilities in Box&rsquo;s services or any breaches of Box&rsquo;s
security controls; (8) Box&rsquo;s ability to realize the expected benefits of its third party partnerships; (9) the potential impact
of shareholder activism on Box&rsquo;s business and operations; and (10) Box&rsquo;s ability to successfully integrate acquired businesses
and achieve the expected benefits from those acquisitions. Further information on these and other factors that could affect the forward-looking
statements we make in this press release can be found in the documents that we file with or furnish to the US Securities and Exchange
Commission, including Box's most recent Quarterly Report on Form 10-Q filed for the fiscal quarter ended April 30, 2021.</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">These statements are based on estimates and information available to us
at the time of this press release and are no guarantees of future performance. We assume no obligation and do not intend to update these
forward-looking statements or to conform these statements to actual results or to changes in our expectations.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Important Additional Information and Where to Find It</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Box has filed a definitive proxy statement on Schedule 14A (the &ldquo;Proxy
Statement&rdquo;), an accompanying BLUE proxy card and other relevant documents with the SEC in connection with such solicitation of proxies
from Box stockholders for Box&rsquo;s 2021 Annual Meeting of Stockholders. BOX STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ BOX&rsquo;S
DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), ACCOMPANYING BLUE PROXY CARD AND ALL OTHER DOCUMENTS FILED
WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and
stockholders may obtain a copy of the Proxy Statement, an accompanying BLUE proxy card, any amendments or supplements to the Proxy Statement
and other documents that Box files with the SEC at no charge at the SEC&rsquo;s website at&nbsp;www.sec.gov.
Copies will also be available at no charge in the &ldquo;SEC Filings&rdquo; subsection of the &ldquo;Financial Information&rdquo; section
of Box&rsquo;s Investor Relations website at&nbsp;www.boxinvestorrelations.com
or by contacting Box&rsquo;s Investor Relations department at&nbsp;ir@box.com, as soon as reasonably practicable
after such materials are electronically filed with, or furnished to, the SEC.</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Investors:<BR>
Cynthia Hiponia / Elaine Gaudioso<BR>
+1 650-209-3463<BR>
ir@box.com</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Or</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Innisfree M&amp;A Incorporated<BR>
Larry Miller / Jennifer Shotwell<BR>
212-750-5833</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Media:<BR>
Denis Roy / Rachel Levine<BR>
+1 650-543-6926<BR>
press@box.com</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Or</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Joele Frank, Wilkinson Brimmer Katcher<BR>
Leigh Parrish / Dan Moore<BR>
+1 212-355-4449</P>

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