TEAM.NASDAQAtlassian CORP

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

Sentiment:

SEC Form 4

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Michael Cannon-Brookes, Atlassian's Co-CEO and Co-Founder, converted 514,788 shares of Class B Common Stock into Class A Common Stock on March 28, 2024, under a pre-arranged 10b5-1 trading plan.

Summary

  • On March 28, 2024, Michael Cannon-Brookes converted 514,788 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 one share of Class A Common Stock at any time.
  • Following the transaction, Cannon-Brookes beneficially owns 514,788 shares of Class A Common Stock directly and 50,506,196 shares of Class A Common Stock indirectly through a trust.
  • The shares are held by CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust.

Sentiment

Score: 6

Explanation: The document is a routine SEC Form 4 filing related to stock conversion under a pre-arranged trading plan, indicating a neutral sentiment.

Future Outlook

The reporting person will continue to execute sales pursuant to a Rule 10b5-1 trading plan.

Industry Context

The use of 10b5-1 trading plans is a common practice among corporate executives to sell shares in a pre-planned manner, avoiding accusations of insider trading.

Stakeholder Impact

  • The conversion of shares may have a minor impact on the overall share structure of Atlassian.

Key Dates

DateDescription
February 21, 2023Date of adoption of Rule 10b5-1 trading plan.
February 8, 2024Date of adoption of Rule 10b5-1 trading plan.
March 28, 2024Date of Class B to Class A Common Stock conversion.

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