Form 4: Michael Cannon-Brookes Converts Class B Common Stock to Class A Under 10b5-1 Trading Plan

Michael Cannon-Brookes, Atlassian's CEO and Co-Founder, converted 508,672 shares of Class B Common Stock into Class A Common Stock on October 1, 2024, under a pre-arranged 10b5-1 trading plan.

Summary

• On October 1, 2024, Michael Cannon-Brookes, CEO and Co-Founder of Atlassian, converted 508,672 shares of Class B Common Stock into Class A Common Stock.
• The conversion was executed under a Rule 10b5-1 trading plan adopted on February 21, 2023, and February 8, 2024.
• Each share of Class B Common Stock is convertible into Class A Common Stock on a one-to-one basis.
• Following the transaction, Cannon-Brookes beneficially owns 508,672 shares of Class A Common Stock directly and 49,488,852 shares indirectly through a trust.
• The shares are held by CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust.

Sentiment

Score: 5

Explanation: The document is a routine SEC filing related to stock conversion under a pre-arranged trading plan, indicating a neutral sentiment.

Future Outlook

The document indicates ongoing sales under a pre-arranged 10b5-1 trading plan, suggesting continued conversions of Class B to Class A shares.

Industry Context

The conversion of Class B to Class A shares is a common practice among companies with dual-class stock structures. It often occurs as part of pre-planned sales by executives, providing liquidity while adhering to insider trading regulations.

Stakeholder Impact

• The conversion and potential sale of shares may have a minor impact on the stock's trading volume and price.

Key Dates