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Is this agreed on, and properly documented? Or is it just your words against Box that very soon will become your owner and can do whatever the hell they want to, including shutting you down (if some insane people are in charge [this happened before]).

This is the way to do it. Not every acquisition means that customers lose.

It is indeed. I believe that their API will remain up and be used by many, but it probably won't be used by DropBox for long. Classy move by their CEO to make it clear that DropBox is welcome to use it.

Congrats on creating a great product. Add watermarking please!