[Form 4] Atlassian Corporation Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filed 07/01/2025: Atlassian Corporation (TEAM) Co-Founder, CEO, Director and 10% owner Michael Cannon-Brookes converted 490,560 Class B shares into Class A shares (Transaction Code C). The Class B shares were held by CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust. The conversion was executed in connection with sales to be effected under a Rule 10b5-1 trading plan adopted on 02/20/2025.

Following the transaction, Cannon-Brookes’ reported holdings are:

• Class A common stock: 490,560 shares (indirect)
• Class B common stock (convertible one-for-one with no expiration): 48,024,933 shares (indirect)

No price was paid for the conversion (exercise price $0.00). The filing signals preparation for future open-market sales while complying with Section 16 reporting obligations and the updated Rule 10b5-1 affirmative-defense conditions.

Positive

• Transparent disclosure under Section 16 with explicit reference to a Rule 10b5-1 plan, aligning with recent SEC guidance.

Negative

• Potential upcoming insider sale signaled by conversion, introducing a modest supply overhang of 490,560 Class A shares.

Insights

Securities Analyst

TL;DR – Insider converts 490k B to A shares, likely preceding planned sales; modest supply overhang, governance impact small.

The CEO’s shift of 490,560 super-voting Class B shares into regular Class A increases the free-float marginally and reduces his voting power by an immaterial fraction (≈1% of his total B stake). The conversion itself is cost-free and does not change the overall economic exposure, but the footnote links it to a Rule 10b5-1 plan, indicating forthcoming disposals. Near-term, the market may view the planned sale as a minor negative due to incremental supply; however, scale is limited relative to the ~48 million B shares he still controls. Governance dilution is minimal, so valuation impact should remain muted.

Corporate Governance Expert

TL;DR – Routine one-for-one conversion; transparency enhanced by 10b5-1 disclosure; control structure largely unchanged.

Class B holders enjoy 10× voting rights, so converting a small block into Class A slightly narrows the dual-class gap while boosting public float. The explicit mention of a pre-planned 10b5-1 program demonstrates procedural compliance, reducing litigation risk under new SEC rules. Given the CEO retains >48 million Class B shares, the transaction does not materially alter control dynamics.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Cannon-Brookes Michael

(Last) (First) (Middle)

C/O ATLASSIAN CORPORATION

350 BUSH STREET, FLOOR 13

(Street)

SAN FRANCISCO CA 94104

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Atlassian Corp [ TEAM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	CEO, Co-Founder

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	07/01/2025		C		490,560	A	(1)(2)	490,560	I	See Footnote(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock	(3)	07/01/2025		C			490,560	(3)	(3)	Class A Common Stock	490,560	$0.00	48,024,933	I	See Footnote(2)

Explanation of Responses:

1. Represents the conversion of Class B Common Stock into Class A Common Stock held of record by the Reporting Person in connection with sales to be effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on February 20, 2025.

2. Shares are held by CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust.

3. Each share of Class B Common Stock is convertible at any time into Class A Common Stock on a one-to-one basis at the Reporting Person's election and has no expiration date.

Remarks:

	/s/ Veena Bhatia, Attorney-in-Fact for Cannon-Brookes Michael	07/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Atlassian shares did CEO Michael Cannon-Brookes convert on 07/01/2025?

He converted 490,560 Class B shares into Class A shares.

What share classes were involved in the Atlassian (TEAM) Form 4 filing?

Class B common stock was converted into Class A common stock on a one-for-one basis.

Does the filing indicate future sales of Atlassian shares?

Yes. The conversion is "in connection with sales to be effected" under a Rule 10b5-1 trading plan adopted on 02/20/2025.

How many Class B shares does Cannon-Brookes still hold after the transaction?

He beneficially owns 48,024,933 Class B shares following the reported conversion.

Was there any cost associated with the share conversion?

No. The exercise/conversion price was reported as $0.00.