Cerebras Systems Form 4 Filings

Cerebras Systems Inc. (CBRS) Chief Operating Officer Dhiraj Mallick sold 396,000 Class A common shares on September 29, 2026, in 19 reported transactions, at reported weighted-average prices ranging from $194.91 to $212.93 per share. The sales were made under a Rule 10b5-1 trading plan adopted June 30, 2026. On the same date, he exercised options covering 276,000 Class B shares at $0.98 per share and converted 276,000 Class B shares into 276,000 Class A shares. His reported stock option position following the exercise was 91,370 shares.

Cerebras Systems Inc. (CBRS) Chief Accounting Officer Yagnesh Patel sold 1,320 shares of Class A Common Stock at $204.50 per share on September 28, 2026. The sale was made under a Rule 10b5-1 trading plan adopted on June 29, 2026. Patel directly held 15,356 shares after the sale.

Cerebras Systems Inc. (CBRS) Chief Technology Officer Sean Lie reported exercising stock options on September 25, 2026, covering 116,875 Class B shares at $5.48 per share and 3,125 at $5.02. He converted 120,000 Class B shares into 120,000 Class A shares, transferred 36,000 Class A shares to a charitable organization's donor-advised fund, and sold 120,000 Class A shares in nine transactions. Reported sale prices are weighted averages for each transaction, including $212.14 for 500 shares and $204.50 for 2,200 shares. The sales were made under a Rule 10b5-1 trading plan adopted May 20, 2026.

Cerebras Systems Inc. director Susan Lior reported transactions dated September 23, 2026, including a pro-rata, in-kind distribution of 451,118 Class A common shares by the Eclipse Entities to their partners for no additional consideration. She also reported in-kind acquisitions from the Eclipse Entities of 25,757 shares directly and 23,735 shares held by an estate-planning vehicle she controls, also for no additional consideration. Her direct holdings after the 25,757-share transaction were 351,927 shares.

Cerebras Systems Inc. (CBRS) CEO and President Andrew D. Feldman reported that the Feldman Bravo Family Trust acquired 120 shares of Class A Common Stock on September 21, 2026, through a pro-rata, in-kind distribution for no additional consideration. The trust held 926 shares following the transaction. Feldman also reported direct ownership of 16,853 shares. No Rule 10b5-1 plan is reported.

Cerebras Systems Inc. (CBRS) director Eric Vishria reported that entities he controls acquired 44,507 shares of Class A Common Stock on September 21, 2026, through a pro-rata, in-kind distribution by Benchmark Capital Partners VIII, L.P. and its affiliated funds to partners, including members and assignees, without additional consideration. Those entities held 275,854 shares following the transaction. The distribution was made in accordance with a Rule 10b5-1 trading plan adopted by Benchmark Capital Partners VIII, L.P. on May 14, 2026.

Cerebras Systems Inc. (CBRS) director Susan Lior reported a series of “other” transactions in Class A common stock on September 15, 2026 that reflect an internal restructuring rather than open‑market trading. An entity associated with Lior disposed of 451,115 shares indirectly as part of a pro‑rata, in‑kind distribution by Eclipse investment funds to their partners for no additional consideration. In the same distribution, Lior acquired 24,463 shares of Class A common stock directly and 23,734 shares indirectly through an estate‑planning vehicle she controls, bringing her directly held Class A position to 315,124 shares. No Rule 10b5‑1 trading plan is reported for these restructuring transactions.

Cerebras Systems Inc. (CBRS) director Eric Vishria reported an indirect acquisition of Class A Common Stock on September 8, 2026. An entity restructuring resulted in a pro-rata, in-kind distribution of 44,507 shares from Benchmark Capital Partners VIII, L.P. and affiliated funds to their partners, including entities controlled by him. After this non-cash distribution, entities controlled by Eric Vishria held 231,347 shares of Class A Common Stock indirectly. The filing states the transaction was reported as occurring under a Rule 10b5-1 trading plan.

Cerebras Systems Inc. (CBRS) director Steven Vassallo reported indirect sales of a total of 50,000 shares of Class A Common Stock on September 4, 2026, through a revocable family trust. The reported prices are weighted average sale prices across ranges from $209.00–$211.99 per share. Vassallo disclaims beneficial ownership of the trust-held shares except for his proportionate pecuniary interest. A separate irrevocable GST trust associated with him holds 139,618 shares after the reported transactions.

Cerebras Systems Inc. (CBRS) Chief Technology Officer Sean Lie reported multiple equity transactions on September 4, 2026. He exercised 46,141 stock options at $5.48 per share into Class B Common Stock and then converted 46,141 Class B into an equal number of Class A shares.

On the same date he made a bona fide gift of 16,038 Class A shares to a donor-advised fund and sold 53,460 Class A shares at a weighted average price of $210.16 per share pursuant to a Rule 10b5-1 trading plan adopted May 20, 2026. After these transactions he held 289,021 stock options directly and an indirect position through his spouse in Class B shares convertible into 180,600 Class A shares.

Cerebras Systems Inc. (CBRS) reported insider activity by CEO and President Andrew D. Feldman. On September 4, 2026 he exercised a stock option for 37,441 shares of Class B Common Stock at an exercise price of $2.72 per share and converted them into 37,441 Class A Common shares, then reported selling 37,441 Class A shares in multiple transactions, with sale prices disclosed as weighted averages within specified ranges and made pursuant to a Rule 10b5-1 trading plan adopted on May 20, 2026. He also reported an in-kind, pro-rata distribution of 120 Class A shares on September 8, 2026 to the Feldman Bravo Family Trust, which now holds 806 Class A shares indirectly, and continues to hold stock options for 525,000 shares and indirect Class B positions convertible into 50,000 Class A shares in each of two GRATs.

Cerebras Systems Inc. (CBRS) director Susan Lior reported restructuring-related transfers of Class A common stock on September 2, 2026. An entity associated with her disposed of 902,236 shares through a pro-rata, in-kind distribution by Eclipse-affiliated funds to their partners for no additional consideration. She directly received 46,455 shares and an estate-planning vehicle she controls indirectly received 47,470 shares from the same in-kind distributions. Following these transactions, she held 290,661 shares directly, with additional shares held indirectly through controlled entities over which she may be deemed to have voting, investment and dispositive power.

Cerebras Systems Inc. (CBRS) reported an insider ownership change by director Eric Vishria. On 2026-08-24, entities controlled by him indirectly acquired 44,507 shares of Class A Common Stock in an "other" restructuring transaction, described as a pro‑rata, in‑kind distribution from Benchmark Capital Partners VIII, L.P. and affiliated funds. Following this distribution, the reporting person’s controlled entities held a total of 186,840 indirect shares. The filing indicates the transaction was effected pursuant to a Rule 10b5-1 trading plan, and no per‑share consideration was reported for the distribution.

Cerebras Systems Inc. (CBRS) reports that entities affiliated with Benchmark collectively hold 2,527,646 shares of Class B Common Stock, reported here as an indirect holding. Each Class B share is convertible into one share of Class A Common Stock, including automatic conversion upon sale or transfer, subject to specified exceptions.

The shares are held by Benchmark AI Infrastructure Fund, L.P. as nominee for itself and Benchmark AI Infrastructure Fund B, L.P., with Benchmark AI Infrastructure Management Co., L.L.C. as general partner. These entities state they may be deemed to have sole voting and dispositive power but disclaim beneficial ownership except to the extent of their pecuniary interest.

Cerebras Systems Inc. (CBRS) reported a Form 4 for entities affiliated with Benchmark showing a conversion and redistribution of holdings. On 2026-08-24, Benchmark-affiliated funds converted 963,818 shares of Class B Common Stock into 963,818 shares of Class A Common Stock in accordance with the Class B terms. The same 963,818 Class A shares were then disposed of in a pro-rata, in-kind distribution to the funds’ partners under a Rule 10b5-1 trading plan. The filing also reports an indirect remaining Class B position corresponding to 689,990 underlying Class A shares held by separate Benchmark Capital Partners IX-affiliated funds, with all entities disclaiming group status and beneficial ownership beyond their pecuniary interests.

Cerebras Systems Inc. (CBRS) reported insider activity by director Steven Vassallo related to fund and trust restructurings rather than market trades. Investment entities affiliated with Foundation Capital converted Class B Common Stock into an equal number of Class A Common Stock at a 1:1 rate for no additional consideration, and then made pro rata, in-kind distributions of Class A shares to their general partners, members and related management entities.

These transactions include indirect holdings through Foundation Capital funds and through a revocable family trust and an irrevocable GST trust, where Vassallo is a co‑trustee. Across the filing, the reporting person disclaims beneficial ownership of the securities except to the extent of his pecuniary interest, and the footnotes characterize the movements as in‑kind distributions, not purchases or sales.

Cerebras Systems Inc. (CBRS) reported that investment entities affiliated with Foundation Capital reclassified holdings on August 21, 2026. Funds converted an aggregate 1,224,187 shares of Class B Common Stock into the same number of Class A shares for no additional consideration, with Class B convertible 1:1 and non‑expiring. The filing also lists several pro rata, in-kind distributions of Class A shares by Foundation Capital funds to their general partners, limited partners, or members, which the notes describe as not purchases or sales of securities. Voting and dispositive power, and beneficial ownership, are attributed primarily to the various Foundation Capital entities as disclosed in the footnotes.

Cerebras Systems Inc. (CBRS) reported insider transactions by CEO and President Andrew D. Feldman. Feldman exercised or converted derivative securities covering 712,677 shares, including the conversion of 237,559 shares of Class B Common Stock into Class A Common Stock. On August 21, 2026 he sold 237,559 shares of Class A Common Stock in multiple open-market transactions pursuant to a Rule 10b5-1 trading plan adopted on May 20, 2026. He also made a bona fide charitable gift of 50,000 shares of Class A Common Stock to a donor-advised fund and there was a 120-share pro-rata, in-kind distribution to the Feldman Bravo Family Trust. Following these transactions, Feldman continues to have indirect interests in derivative positions representing 50,000 underlying Class A shares in each of two GRATs.

Cerebras Systems Inc. (CBRS) reported that its Chief Technology Officer, Sean Lie, executed a series of option exercises, share conversions, sales, and a gift of stock. He exercised derivatives covering 2,139,273 shares of Class B Common Stock, converting them into Class A. He sold 726,540 shares of Class A Common Stock on August 20–21, 2026 at weighted average prices ranging from about $203 to $213 per share, with detailed price ranges disclosed in footnotes, and these sales were made pursuant to a Rule 10b5-1 trading plan adopted on May 20, 2026. In addition, he transferred 213,074 Class A shares as a bona fide gift to a donor-advised fund sponsored by a Section 501(c)(3) charitable organization. A remaining indirect derivative position corresponds to 180,600 underlying Class A shares held through Class B Common Stock owned by his spouse.

Cerebras Systems Inc. (CBRS) director Susan Lior reported a restructuring of her holdings in the company’s Class A common stock on 2026-08-19 using transaction code J. An affiliated group of Eclipse investment funds made a pro-rata, in-kind distribution of 902,235 shares to their partners for no additional consideration, reducing Lior’s indirect interest through those entities. Lior received 46,422 shares directly and 46,780 shares indirectly via an estate-planning vehicle she controls, both from the same in-kind distribution and for no additional consideration. Following these transactions, her directly held position is 244,206 shares of Class A common stock.

Cerebras Systems Inc. (CBRS) director Steven Vassallo reported a series of restructuring transactions dated 2026-08-18 involving entities affiliated with Foundation Capital and family trusts. These transactions primarily converted Class B Common Stock into Class A Common Stock and redistributed Class A shares among funds, management entities, and trusts.

A total of 1,912,792 shares of Class B Common Stock held by Foundation Capital VIII, L.P., Foundation Capital VIII Principals Fund, L.L.C., and Foundation Capital Leadership Fund II, L.P. were converted into an equal number of Class A shares for no additional consideration, followed by multiple pro rata, in-kind distributions that footnotes describe as not purchases or sales. Vassallo is a manager or co-trustee of the relevant entities and disclaims beneficial ownership beyond his pecuniary interest.

Cerebras Systems Inc. (CBRS) reported insider activity by investment entities affiliated with Foundation Capital, each a ten percent owner. On 2026-08-18, these entities converted an aggregate of 1,912,792 shares of Class B Common Stock into the same number of Class A Common Stock for no additional consideration. The filing also details pro rata, in-kind distributions of Class A shares among the funds, their general partners, and related management entities, which are described as not being purchases or sales of securities. All holdings are reported as indirect, with the management entities disclaiming beneficial ownership beyond their pecuniary interest.

Cerebras Systems Inc. (CBRS) reported that Chief Financial Officer Robert Patrick Komin Jr. converted 32,500 shares of Class B Common Stock into 32,500 shares of Class A Common Stock on 2026-08-18, at a stated price of $0.00 per share. Following the conversion, he held 821,653 shares of Class B Common Stock directly and 32,500 shares of Class A Common Stock directly. An additional 175,000 shares of Class B Common Stock, convertible into an equal number of Class A shares, are held indirectly by a GRAT. The Class B shares are convertible into an equal number of Class A shares at his election with no expiration date.

Cerebras Systems Inc. (CBRS) reported insider activity by Chief Accounting Officer Yagnesh Patel involving a derivative conversion and related sales on August 18, 2026. Patel converted 6,250 shares of Class B Common Stock into an equal number of Class A shares and now holds 114,588 Class B shares directly. On the same date, he sold 4,574 Class A shares in multiple transactions at weighted-average prices within ranges from $215.01–$215.99 up to $240.00–$240.01 per share to cover tax withholding obligations from restricted stock unit settlement, under a "sell to cover" arrangement that is exempt from the IPO lock-up agreement.

Cerebras Systems Inc. (CBRS) reported that Chief Operating Officer Dhiraj Mallick converted 158,889 shares of Class B Common Stock into an equal number of Class A Common Stock on August 18, 2026. On the same date, he sold 38,889 Class A shares at prices between $214.85 and $240.01 per share, primarily in a "sell to cover" transaction for tax withholding related to restricted stock units. Following the conversion, he held 520,807 Class B shares directly.

Cerebras Systems Inc. (CBRS) reported that Chief Technology Officer Sean Lie converted 616,706 shares of Class B Common Stock into an equal number of Class A shares on August 18, 2026, reflecting the Class B share feature of being convertible into Class A on a 1:1 basis with no expiration.

On the same date, he sold 21,257 shares of Class A Common Stock in multiple open-market transactions at per-share prices generally between the low $215 area and about $240. According to the disclosure, these sales were executed as a "sell to cover" to satisfy tax withholding obligations related to the settlement of restricted stock units and are described as not representing discretionary transactions.

After these transactions, Lie directly held 7,582,992 shares of Class B Common Stock, and an additional 180,600 shares of Class B Common Stock were held indirectly through his spouse, each share of Class B being convertible into one share of Class A Common Stock.

Cerebras Systems Inc. (CBRS) reported that CEO and President Andrew D. Feldman converted 93,497 shares of Class B Common Stock into the same number of Class A shares, leaving him with 13,945,134 Class B shares held directly. On the same date, he sold an aggregate 26,644 Class A shares in multiple open-market transactions at per-share prices generally between about $214.85 and $240.01. According to the company’s disclosure, these sales were executed as a non-discretionary “sell to cover” solely to satisfy tax withholding obligations arising from restricted stock unit settlement and are permitted under an IPO lock-up agreement. Separately, an entity transaction transferred 298 Class A shares as a pro-rata, in-kind distribution to the Feldman Bravo Family Trust, and two GRATs each hold Class B shares convertible into 50,000 Class A shares with no expiration date.

Cerebras Systems Inc. (CBRS) had a Form 4 filed by entities affiliated with Benchmark reporting an indirect holding of Class B Common Stock, rather than a new trade. Benchmark AI Infrastructure Fund, L.P. holds 2,527,646 shares of Class B Common Stock as nominee for itself and Benchmark AI Infrastructure Fund B, L.P. Benchmark AI Infrastructure Management Co., L.L.C., as general partner of both funds, may be deemed to have sole voting and dispositive power over these shares. Each Class B share is convertible into one share of Class A Common Stock, either automatically upon certain transfers or at any time at the option of the holder. The reporting entities state they disclaim the existence of a “group” and beneficial ownership of the securities except to the extent of their pecuniary interest.

Cerebras Systems Inc. (CBRS) reported insider activity by Benchmark-affiliated investment funds involving a conversion and distribution of shares. On August 17, 2026, these entities converted 2,402,352 shares of Class B Common Stock into the same number of Class A Common Stock shares in accordance with the Class B terms. The same 2,402,352 Class A shares were then disposed of through a pro-rata, in-kind distribution by Benchmark Capital Partners VIII, L.P. and affiliated funds to their partners, not for additional consideration, under a Rule 10b5-1 trading plan adopted on May 14, 2026. Benchmark Capital Partners IX, L.P. and affiliated funds continue to hold Class B shares that are convertible into 689,990 Class A shares on an indirect basis.

Cerebras Systems Inc. (CBRS) director Eric Vishria reported multiple indirect transactions in Class A Common Stock on August 17, 2026. Entities he controls, including The Vishria Revocable Trust, sold 68,268 shares in open-market transactions under a Rule 10b5-1 trading plan at weighted-average prices in the mid-$220s to $250 per share. On the same date, entities associated with him received 110,950 shares at no additional consideration through a pro-rata, in-kind distribution from Benchmark Capital Partners VIII, L.P. and affiliated funds.

Cerebras Systems Inc. (CBRS) director Steven Vassallo, through various Foundation Capital entities and family trusts, reported multiple Class B-to-Class A conversions and related restructurings on June 24 and August 14, 2026. Entities associated with him converted an aggregate of 1,912,792 shares of Class B Common Stock into Class A Common Stock for no additional consideration and made pro rata, in-kind distributions among affiliated funds and management entities. A revocable family trust associated with Vassallo sold a total of 50,000 shares of Class A Common Stock in multiple transactions at weighted‑average prices within disclosed ranges of approximately $215.79–$220.15 per share. Across these holdings, Vassallo is described as a manager or co‑trustee and disclaims beneficial ownership except to the extent of his pecuniary interest in the applicable entities or trusts, and the transactions are not indicated as occurring under a Rule 10b5‑1 trading plan.

Cerebras Systems Inc. (CBRS) reported that several affiliated Foundation Capital funds, all greater-than-10% holders, undertook internal equity restructurings involving its dual-class shares. On June 24 and August 14, 2026, these entities converted an aggregate of 1,912,792 shares of Class B Common Stock into the same number of Class A Common Stock for no additional consideration, consistent with the 1-for-1 convertibility of Class B into Class A. They then made pro rata, in-kind distributions of Class A shares from the funds to their general partners, limited partners, and members, and certain affiliated management entities received corresponding shares. The filing states these in-kind distributions were not purchases or sales of securities, and the reporting entities disclaim beneficial ownership beyond their pecuniary interests. No Rule 10b5-1 trading plan is indicated.

Cerebras Systems Inc. (CBRS) director Susan Lior reported restructuring-related movements in Class A common stock involving investment and estate-planning entities. An Eclipse-affiliated fund group made a pro-rata, in-kind distribution of 2,248,855 shares to its partners for no additional consideration, reducing Lior’s indirect position there while she received 104,811 shares directly and 119,816 shares indirectly through an estate-planning vehicle she controls. Separately from these transfers, Eclipse-managed entities continue to hold several million Cerebras shares over which Lior may be deemed to have voting, investment, and dispositive power.

Cerebras Systems Inc. director Eric Vishria reported an internal restructuring involving 99,651 shares of Class A Common Stock. The shares were received indirectly by entities he controls through a pro-rata, in-kind distribution from Benchmark Capital Partners VIII, L.P. and affiliated funds, with no cash consideration. The filing reflects a change in how the shares are held rather than an open-market trade.

Cerebras Systems Inc. insider filing shows a structural change in Benchmark-affiliated funds’ holdings, not an open-market trade. Benchmark Capital Partners VIII and related funds converted 2,157,802 shares of Class B Common Stock into the same number of Class A Common Stock in accordance with the securities’ terms.

The filing also records a pro-rata, in-kind distribution of these Class A shares by the funds to their partners, including Benchmark Capital Management Co. VIII, for no additional consideration. After these transactions, the reporting entities hold 2,157,802 shares of Class A Common Stock and 12,227,545 shares of Class B Common Stock indirectly, reflecting a reallocation of ownership among affiliated investors rather than a change in the overall economic stake.

Cerebras Systems Inc. director and CEO Andrew D. Feldman reported an entity restructuring involving 268 shares of Class A Common Stock held indirectly through the Feldman Bravo Family Trust. The transaction is described as a pro-rata, in-kind distribution not for additional consideration, rather than a market buy or sell. Following this event, the trust is shown as holding 268 shares.

Cerebras Systems Inc. Chief Operating Officer Dhiraj Mallick reported a combination of stock conversion and sale. On June 30, 2026, he converted 10,000 shares of Class B Common Stock into 10,000 shares of Class A Common Stock and sold 10,000 Class A shares in open-market transactions at a weighted average price of $206.51 per share, within a price range of $206.08 to $206.91. Following these transactions, he directly holds 10,000 shares of Class A Common Stock and 679,696 shares of Class B Common Stock, which is convertible into an equal number of Class A shares at his election with no expiration date.

Cerebras Systems Inc. Chief Operating Officer Dhiraj Mallick reported open-market sales of Class A Common Stock. On June 25–26, 2026, he sold a total of 33,314 shares across 28 separate transactions. Reported sale prices ranged from about $161.30 to $186.94 per share, with several trades reported at weighted average prices within narrower bands. The filing does not report any option exercises, and there are no remaining derivative positions shown.

Cerebras Systems Inc. Chief Operating Officer Dhiraj Mallick reported a combination of share sales and conversions. On June 25, 2026, he sold 36,131 shares of Class A Common Stock in multiple open-market transactions, mainly to cover tax withholding obligations tied to restricted stock unit settlements under a “sell to cover” arrangement that the filing describes as not a discretionary transaction. The RSU settlement triggered an automatic conversion of shares into Class A immediately before the sales, and he also converted 69,445 shares of Class B Common Stock into the same number of Class A shares. Following these moves, he held 69,445 Class A shares and 689,696 Class B shares directly, while remaining subject to an IPO lock-up agreement that runs until the earlier of the second trading day after earnings for the quarter ending September 30, 2026 or November 9, 2026, with the tax-related sales specifically permitted as an exemption.

Cerebras Systems Inc. Chief Accounting Officer Yagnesh Patel reported both an equity grant and share sales in Class A common stock. On June 26, 2026, he received 15,000 shares at a price of $0.00, described as restricted stock units that each convert into one share upon vesting. Over June 25–26, he also executed 15 open-market sales totaling 4,000 shares, at individual transaction prices between about $161.61 and $189.36, using weighted-average prices within narrower ranges as noted in the footnotes.

Cerebras Systems Inc. Chief Accounting Officer Yagnesh Patel reported compensation-related stock activity. On June 25, 2026, he converted 10,079 shares of Class B Common Stock into the same number of Class A shares. In connection with the settlement of restricted stock units, he then sold 6,079 Class A shares in multiple open-market transactions to cover tax withholding obligations under a “sell to cover” arrangement. The filing explains these sales are not discretionary transactions and are permitted as an exemption under Patel’s IPO lock-up agreement, which runs until the earlier of the second trading day after earnings for the quarter ending September 30, 2026 or November 9, 2026. Following the transactions, he continues to hold Class A and 120,838 shares of Class B Common Stock, which is convertible into Class A on a one-for-one basis with no expiration date.

Cerebras Systems CEO Andrew D. Feldman reported a tax-driven share sale and related share conversion. On Class A Common Stock, he sold a total of 17,990 shares in multiple open-market transactions on June 25, 2026. The filing explains these sales were made to cover tax withholding obligations tied to the settlement of restricted stock units through a "sell to cover" arrangement, and are described as not representing a discretionary transaction.

Immediately before the sales, 17,990 shares of Class B Common Stock were converted into an equal number of Class A shares. Class B is stated to be convertible into Class A at any time and has no expiration. Feldman continues to hold 14,038,631 shares of Class B Common Stock directly, and additional Class B positions indirectly through two GRATs, each linked to 50,000 underlying Class A shares.

Cerebras Systems Inc. Chief Technology Officer Sean Lie reported a mix of sales and conversions of company stock. On June 25, 2026, he sold 10,033 shares of Class A Common Stock in multiple open-market transactions, with weighted average prices in ranges from $165.11 to $185.24 per share, to cover tax withholding obligations tied to restricted stock unit settlements. A footnote states this was a pre-arranged “sell to cover” for taxes and does not represent a discretionary transaction, and is permitted under his IPO lock-up agreement, which runs until the earlier of 6:00 a.m. Eastern Time on the second trading day after earnings for the quarter ending September 30, 2026 or November 9, 2026.

The filing also shows a conversion of 10,033 shares of Class B Common Stock into an equal number of Class A shares, reflecting the 1:1 convertibility of Class B with no expiration. After these transactions, an indirect derivative position remains covering 180,600 underlying Class A shares through Class B stock held by his spouse.

Cerebras Systems director Susan Lior reported internal restructuring transactions involving Class A common stock, without any open-market buying or selling. Code J entries show 2,153,875 shares moved through pro-rata, in-kind distributions among Eclipse-related investment entities and an estate-planning vehicle, all at a stated price of $0.00 per share. Following these changes, she holds 92,973 shares directly, 40,975 shares indirectly via an estate-planning vehicle, and may be deemed to have voting, investment, and dispositive power over 11,446,270 additional shares held by Eclipse Continuity Fund, Eclipse SPV II, Eclipse SPV XIII, and Eclipse Ventures Fund I.

Cerebras Systems Inc. director Susan Lior reported an internal share reclassification rather than a market trade. On June 11, 2026, entities she manages, the Eclipse funds, voluntarily converted 13,466,197 shares of Class B common stock into the same number of Class A common shares.

After the conversion, these Eclipse entities collectively hold 13,466,197 Class A shares indirectly attributed to Lior. The filing shows a derivative conversion with no stated purchase or sale price and no remaining Class B shares from this block, reflecting a shift in share class rather than a change in overall economic exposure.

Cerebras Systems Inc. reported that affiliated Benchmark AI Infrastructure funds converted derivative securities as part of its initial public offering. The funds converted 2,527,646 shares of Series H Preferred Stock into 2,527,646 shares of Class B Common Stock, then reported a corresponding derivative conversion into Class A Common Stock. These holdings are reported as indirect, with Benchmark AI Infrastructure Management Co., L.L.C. as general partner potentially having voting and dispositive power, and each entity disclaiming beneficial ownership beyond its pecuniary interest. No open-market buy or sell transactions occurred in this filing.

Cerebras Systems Inc. reported that investment funds affiliated with Benchmark converted multiple series of preferred stock into Class B Common Stock in connection with the company’s initial public offering. The Form 4 shows eight derivative conversions, covering an aggregate of 30,150,674 shares, at a stated conversion price of $0.00 per share.

Each share of Series A, B, C, D, E and G Preferred Stock automatically converted into one share of Class B Common Stock pursuant to their terms. According to the footnotes, the shares are held by Benchmark Capital Partners VIII and IX funds and related Founders’ Funds, with Benchmark Capital Management entities as general partners that may be deemed to have sole voting and dispositive power, while each entity disclaims group status and beneficial ownership beyond its pecuniary interest.

The filing also notes that each share of Class B Common Stock held by the reporting persons will automatically convert into one share of Class A Common Stock upon sale or transfer, subject to specified exceptions, and may be converted at any time at the holders’ option.

Cerebras Systems Inc. disclosed that investment entities affiliated with Foundation Capital converted multiple series of preferred stock into common equity on May 15, 2026, in connection with the company’s initial public offering.

According to the filing, a total of 30,604,686 derivative shares were converted in exempt transactions coded "C" as conversions of derivative securities. Redeemable convertible preferred stock in Series A, B, C, D and E was reclassified into Class B Common Stock, and each share of Class B Common Stock is convertible at any time into one share of Class A Common Stock.

The converted holdings are owned by funds including Foundation Capital VIII, L.P., which reports 13,911,305 shares of Class B Common Stock following conversion, and Foundation Capital Leadership Fund II, L.P., which reports 1,091,411 shares of Class B Common Stock following conversion. The footnotes state these transactions were automatic conversions completed immediately prior to the IPO and were treated as exempt under Rule 16b-7, with the general partner and manager entities disclaiming beneficial ownership except to the extent of their pecuniary interest.

Cerebras Systems Inc. Chief Operating Officer Dhiraj Mallick reported mainly administrative equity adjustments. On May 13, 2026, 491,091 shares of Class A common stock were withheld at $185.00 per share to cover tax obligations on vesting restricted stock units, which the company notes was not a market sale. Immediately prior to the company’s initial public offering, 801,998 shares of Class A common stock and related RSU and stock option awards were reclassified into Class B common stock in an exempt restructuring under Rule 16b-7, with each Class B share convertible into one Class A share at the holder’s option. The filing also records several stock option entries with exercise prices between $0.98 and $6.47 per share, described as other acquisitions or dispositions related to this equity restructuring, rather than open-market trades.