Form 4: Atlassian Co-Founder Converts Shares for Trading Plan

Atlassian Co-Founder Michael Cannon-Brookes converted 467,565 Class B shares to Class A common stock in preparation for sales under a Rule 10b5-1 trading plan.

Summary

• Michael Cannon-Brookes, a Director, 10% Owner, CEO, and Co-Founder of Atlassian Corp (TEAM), reported a change in beneficial ownership.
• On January 2, 2026, Cannon-Brookes converted 467,565 shares of Class B Common Stock into an equal number of Class A Common Stock.
• This conversion is in connection with sales planned to be executed pursuant to a Rule 10b5-1 trading plan, which was adopted on February 20, 2025.
• Each share of Class B Common Stock is convertible into Class A Common Stock on a one-to-one basis at the reporting person's election and has no expiration date.
• Following this transaction, Cannon-Brookes indirectly beneficially owns 467,565 shares of Class A Common Stock and 47,066,808 shares of Class B Common Stock.
• The shares are held indirectly by CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust.

Sentiment

Score: 5

Explanation: The filing reports a routine insider stock conversion under a pre-established 10b5-1 trading plan, which is a neutral event for the company's operational performance and does not imply new fundamental information.

Future Outlook

The filing indicates future sales of Class A Common Stock by Michael Cannon-Brookes, which will be effected pursuant to a pre-adopted Rule 10b5-1 trading plan.

Industry Context

This filing represents a routine insider transaction for personal financial planning, specifically a stock conversion in preparation for pre-scheduled sales under a Rule 10b5-1 plan. It does not directly reflect broader industry trends or competitive dynamics but is a standard disclosure for key executives managing their equity holdings.

Related Party Transactions

• Shares are held indirectly by CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust, indicating an indirect ownership structure involving a related entity to the reporting person.

Stakeholder Impact

• Shareholders: Potential for minor, pre-planned selling pressure on Class A shares when the actual sales occur, but generally neutral as it's a scheduled event under a 10b5-1 plan.
• Employees, Customers, Suppliers, Creditors: No direct impact from this insider stock conversion.

Next Steps

• Sales of Class A Common Stock by the reporting person pursuant to the Rule 10b5-1 trading plan.

Key Dates

Recommendation

This Form 4 reports a routine conversion of Class B to Class A common stock by a key insider, Michael Cannon-Brookes, in preparation for sales under a pre-established Rule 10b5-1 trading plan. Such transactions are generally neutral for the company's fundamentals and do not typically signal a change in investment thesis. Investors should monitor the actual sales volume when they occur, but the conversion itself does not warrant an immediate change in investment recommendation.

Keywords

Atlassian, TEAM, Michael Cannon-Brookes, Form 4, Insider Transaction, Stock Conversion, 10b5-1 Plan, Class A Common Stock, Class B Common Stock