Form 4: Atlassian CEO Michael Cannon-Brookes Converts Class B Stock to Class A Shares

Atlassian CEO Michael Cannon-Brookes converted 484,828 Class B common stock shares into Class A common stock shares on January 2, 2025.

Summary

• Michael Cannon-Brookes, CEO and Co-Founder of Atlassian, converted 484,828 shares of Class B common stock into Class A common stock on January 2, 2025.
• The conversion was executed in connection with sales to be made under a pre-arranged Rule 10b5-1 trading plan.
• The shares are held indirectly by CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust.
• Each share of Class B common stock is convertible into one share of Class A common stock at any time.

Sentiment

Score: 5

Explanation: The document describes a routine stock conversion by an executive, which is neither positive nor negative for the company's performance.

Industry Context

This is a routine transaction for executives with pre-arranged trading plans and is not unusual in the tech industry.

Comparison to Industry Standards

• Many tech company executives use Rule 10b5-1 trading plans to manage their stock sales and avoid accusations of insider trading.
• The conversion of Class B to Class A shares is a common practice for companies with dual-class stock structures, such as Atlassian.
• Similar transactions are regularly reported by executives at companies like Google (Alphabet), Meta (Facebook), and other tech firms.

Stakeholder Impact

• The transaction is unlikely to have a significant impact on shareholders, employees, customers, suppliers, or creditors.

Key Dates

Keywords

Atlassian, Michael Cannon-Brookes, Class B Common Stock, Class A Common Stock, Stock Conversion, Rule 10b5-1, Insider Trading, CBC Co Pty Limited, Cannon-Brookes Head Trust