Item 1.01 Entry into a Material Definitive Agreement.
Credit Agreement
Effective upon the consummation of theU.S. Domestication, AtlassianU.S. assumed from AtlassianUK its guaranty and other obligations under (a) the Credit Agreement, dated as ofOctober 28, 2020 (the "Credit Agreement"), by and among AtlassianUK ,Atlassian US, Inc. ,Bank of America, N.A ., as Administrative Agent and the lenders from time to time party thereto and (b) all other loan documents entered into in connection with the Credit Agreement, as amended by the First Amendment (as defined below) (the "Assumption"). 2 -------------------------------------------------------------------------------- OnSeptember 30, 2022 , prior to the consummation of theU.S. Domestication and the Assumption, AtlassianUK entered into that certain Amendment No. 1 to Credit Agreement (the "First Amendment") amending the Credit Agreement. The First Amendment sets forth, among other things, the requirements for the assumption of the obligations of AtlassianUK by AtlassianU.S. under the Credit Agreement and provides that following the completion of theU.S. Domestication, the financial statements required to be delivered under the Credit Agreement, as amended, will be prepared in accordance withU.S. generally accepted accounting principles ("U.S. GAAP") and financial definitions under the Credit Agreement, as amended, will be interpreted in accordance withU.S. GAAP. The foregoing description of the First Amendment is not intended to be complete and is qualified in its entirety by reference to the First Amendment, a copy of which is included as Exhibit 10.1, and incorporated herein by reference.
Indemnification Agreements
Effective upon the consummation of theU.S. Domestication, AtlassianU.S. entered into indemnification agreements (the "Indemnification Agreements") with each of AtlassianU.S.'s directors and executive officers. The Indemnification Agreements provide for indemnification of the directors and executive officers of AtlassianU.S. to the fullest extent permitted underDelaware law as it now exists or may in the future be amended, against all expenses, liabilities and loss incurred in connection with their service as a director or executive officer on behalf of AtlassianU.S. In addition, the Indemnification Agreements provide that, to the extent not prohibited by applicable law, AtlassianU.S. shall pay the expenses, including attorneys' fees, incurred by a director or executive officer of AtlassianU.S. , in defending any action, suit or proceeding . . .
Item 2.01 Completion of Acquisition or Disposition of Assets.
The information set forth in the Introductory Note of this Current Report on Form 8-K is incorporated by reference into this Item 2.01.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under the heading "Credit Agreement" under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
Item 3.02 Unregistered Sale of
The information set forth in the Introductory Note of this Current Report on Form 8-K is incorporated by reference into this Item 3.02.
Item 3.03 Material Modification to the Rights of Security Holders.
The information set forth in the Introductory Note and Item 5.03 of this Current Report on Form 8-K is incorporated by reference into this Item 3.03.
Item 5.01 Changes in Control of Registrant.
The information set forth in the Introductory Note of this Current Report on Form 8-K is incorporated by reference into this Item 5.01.
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Directors and Officers
In connection with the completion of theU.S. Domestication, the directors of AtlassianUK immediately prior to the completion of theU.S. Domestication became the directors of AtlassianU.S. In addition, following completion of theU.S. Domestication, AtlassianU.S. replicated the structure of the committees of the board of directors that previously were in place for AtlassianUK . Membership of the AtlassianU.S. board of directors and committees of the AtlassianU.S. board of directors following the completion of theU.S. Domestication is as set forth in the first table below. The executive officers of AtlassianU.S. are set forth in the second table below. Information regarding AtlassianU.S.'s directors, executive officers and committee members is included in the Proxy Statement under the headings "Directors and Officers of NewAtlassian " and "Corporate Governance Overview" and AtlassianUK's Annual Report on Form 20-F for the year endedJune 30, 2022 under the heading "Directors and Senior Management" and is incorporated herein by reference. Compensation and Nominating and Audit Leadership Development Corporate Governance Director Name Board Committee Committee Committee Shona L. Brown x* x Michael Cannon-Brookes x Scott Farquhar x Heather M. Fernandez x x x Sasan Goodarzi x x* Jay Parikh x x Enrique Salem x x x Steven Sordello x x* Richard P. Wong x x* Michelle Zatlyn x * Chair Name Title Michael Cannon-Brookes Co-Founder and Co-Chief Executive Officer Scott Farquhar Co-Founder and Co-Chief Executive Officer Joseph Binz Chief Financial Officer Anutthara Bharadwaj Chief Operating Officer Cameron Deatsch Chief Revenue Officer Gene Liu Corporate Controller and Principal Accounting Officer Rajeev B. Rajan Chief Technology Officer Equity Plans Upon the completion of theU.S. Domestication, AtlassianU.S. assumed the following equity incentive plans (collectively, the "Equity Incentive Plans"): the Atlassian Corporation Plc 2015 Share Incentive Plan (the "2015 Plan"), the Atlassian Corporation Plc 2013 U.S. Share Option Plan (the "2013 Plan") and the Atlassian Corporation Plc 2015 Employee Share Purchase Plan (the "ESPP"). In connection with its assumption of the Equity Incentive Plans, AtlassianU.S. amended and restated the 2015 Plan as the Atlassian Corporation Amended and Restated 2015 Share Incentive Plan, the ESPP as the Atlassian Corporation Amended and Restated 2015 Employee Share Purchase Plan and the 2013 Plan as the Atlassian Corporation Amended and Restated 2013 U.S. Share Option Plan to reflect the assumption and changes in applicable law and to provide for the securities to be issuable in connection with equity awards will be shares of AtlassianU.S. Class A common stock instead of AtlassianUK Class A ordinary shares. In addition, AtlassianU.S. assumed each option to purchase AtlassianUK Class A ordinary shares and restricted share unit award covering AtlassianUK Class A ordinary shares that was outstanding under an Equity Incentive Plan and amended the option or restricted share unit award to reflect the assumption and to provide for the securities issuable in connection with the exercise or settlement of the option or award to be AtlassianU.S. Class A common stock. Each offering under the ESPP was continued under the Amended and Restated 2015 Employee Share Purchase Plan, provided that the securities sold in the offering will be AtlassianU.S. Class A common stock instead of AtlassianUK Class A ordinary shares The Equity Incentive Plans, as amended and restated, are filed as Exhibits 10.3 - 10.5 hereto and incorporated herein by reference. 4
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Executive Severance Plan
Upon the completion of theU.S. Domestication, AtlassianU.S. assumed the Atlassian Corporation Plc Amended and Restated Executive Severance Plan and amended and restated the plan as the Atlassian Corporation Amended and Restated Executive Severance Plan (the "Severance Plan") and amended the participation agreements under the Severance Plan to reflect the assumption. The Severance . . .
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
In connection with theU.S. Domestication, AtlassianU.S. filed an Amended and Restated Certificate of Incorporation onSeptember 27, 2022 , a copy of which is attached hereto as Exhibit 3.1 (the "Certificate"). In addition, AtlassianU.S. adopted Amended and Restated Bylaws effective as ofSeptember 30, 2022 , a copy of which is attached hereto as Exhibit 3.2 (the "Bylaws"). A summary of the material terms of the Certificate and the Bylaws of AtlassianU.S. is set forth under the heading "Description of AtlassianU.S. Capital Stock" under Item 8.01 of this Current Report on Form 8-K and is incorporated by reference into this Item 5.03. Such descriptions do not purport to be complete and are qualified in their entirety by reference to the full text of the Certificate and the Bylaws, copies of which are attached hereto as Exhibits 3.1 and 3.2 hereto, respectively, each of which is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
OnOctober 3, 2022 , AtlassianU.S. issued a press release announcing the effectiveness of the Scheme and the completion of theU.S. Domestication. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by AtlassianU.S. under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filings. This Current Report on Form 8-K will not be deemed an admission as to the materiality of any information contained in this Item 7.01, including Exhibit 99.1. Item 8.01 Other Events.
Description of Atlassian
AtlassianU.S. has one class of securities registered under Section 12 of the Exchange Act: its Class A common stock. The following description ofAtlassian U.S.'s capital stock is a summary. This summary is subject to the General Corporation Law of theState of Delaware (the "DGCL") and the complete text of the Certificate and Bylaws which are incorporated herein by reference.
General
Atlassian
Common Stock
AtlassianU.S. has two classes of authorized common stock: Class A common stock and Class B common stock. Only AtlassianU.S.'s Class A common stock is registered under Section 12 of the Exchange Act, and trades on the Nasdaq Global Select Market under the ticker symbol "TEAM." 6
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Voting Rights
Shares of AtlassianU.S. Class A common stock are entitled to one vote per share and shares of AtlassianU.S. Class B common stock are entitled to ten votes per share. The holders of AtlassianU.S. Class A common stock and the holders of AtlassianU.S. Class B common stock will generally vote together as a single class on all matters submitted to a vote of AtlassianU.S. stockholders, unless otherwise required byDelaware law or the Certificate.Delaware law could require either holders of AtlassianU.S. Class A common stock or holders of AtlassianU.S. Class B common stock to vote separately in the following circumstances:
• If Atlassian
decrease the par value of a class of its capital stock, then that class would
be required to vote separately to approve the proposed amendment;
• if Atlassian
decrease the aggregate number of authorized shares of Atlassian
common stock; and
• if Atlassian
alters or changes the powers, preferences, or special rights of a class of
its capital stock in a manner that would affect its holders adversely, then
that class would be required to vote separately to approve the proposed
amendment.
Stockholders will not be entitled to cumulative voting for the election of directors. As a result, the holders of a majority of AtlassianU.S.'s voting power will be able to elect all of the directors then standing for election. A holder of shares of AtlassianU.S. Class B common stock (together with its permitted transferees) will not be entitled to exercise voting rights in AtlassianU.S. in excess of 49.9999%, unless the AtlassianU.S. board of directors resolves otherwise.
Conversion Rights
Each outstanding share of AtlassianU.S. Class B common stock will be convertible at any time at the option of the holder into one share ofAtlassian U.S. Class A common stock. Each share of AtlassianU.S. Class B common stock will convert automatically into one share of AtlassianU.S. Class A common stock in the following circumstances:
• upon the written consent of the holders of at least 66.66% of the total
number of outstanding shares of AtlassianU.S. Class B common stock;
• if the aggregate number of shares of Atlassian
outstanding comprises less than ten percent (10%) of the total number of
shares of Atlassian
common stock then outstanding; and
• upon any transfer to a person that is not a permitted transferee described in
the Certificate.
Once converted into shares of Atlassian
Dividends
Any dividend or distribution paid or payable to the holders of shares of AtlassianU.S. Class A common stock and AtlassianU.S. Class B common stock shall be paid pro rata, on an equal priority, pari passu basis, unless different treatment of the shares of each such class is approved by the affirmative vote of the holders of a majority of the outstanding shares of AtlassianU.S. Class A common stock and by the affirmative vote of the holders of a majority of the outstanding shares of AtlassianU.S. Class B common stock, each voting separately as a class.
Liquidation
In the event of AtlassianU.S.'s liquidation, dissolution or winding up, AtlassianU.S.'s remaining assets legally available for distribution to stockholders shall be distributed ratably on a per share basis to the holders of shares of Atlassian Class A common stock and AtlassianU.S. Class B common stock, unless disparate or different treatment of the shares of each such class is approved by the affirmative vote of the holders of a majority of the outstanding shares of AtlassianU.S. Class A common stock and by the affirmative vote of the holders of a majority of the outstanding shares of AtlassianU.S. Class B common stock, each voting separately as a class. These provisions will also apply in the event of certain mergers, consolidations, business combination or other similar change in control transactions, unless the AtlassianU.S. board of directors determines otherwise. 7
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Subdivisions and Combinations
If AtlassianU.S. subdivides, combines or reclassifies outstanding shares of AtlassianU.S. Class A common stock or AtlassianU.S. Class B common stock, then the outstanding shares of the other class will be subdivided, combined or reclassified in a manner that maintains the same proportionate equity ownership between the shares of AtlassianU.S. Class A common stock and the AtlassianU.S. Class B common stock, unless different treatment of the shares of each such class is approved in advance by the affirmative vote of the holders of a majority of the outstanding shares of AtlassianU.S. Class A common stock and by the affirmative vote of the holders of a majority of the outstanding shares of AtlassianU.S. Class B common stock, each voting separately as a class.
No Pre-Emptive or Similar Rights
Holders of shares of Atlassian
Fully Paid and Non-Assessable
All of the outstanding shares of Atlassian
Preferred Stock
The AtlassianU.S. Certificate authorizes the board of directors ofAtlassian U.S. to issue preferred stock in one or more series from time to time and to determine the preferences, limitations and relative rights of any shares of preferred stock that it shall choose to issue, without vote or action by the stockholders. Annual Stockholder Meetings The AtlassianU.S. Certificate and Bylaws provide that annual stockholder meetings will be held at a date, place (if any) and time, as exclusively selected by the AtlassianU.S. board of directors. To the extent permitted under applicable law, AtlassianU.S. may but is not obligated to conduct meetings by remote communications, including by webcast.
Anti-Takeover Effects of Provisions of the Atlassian
The DGCL and the AtlassianU.S. Certificate and Bylaws contain provisions that may delay, defer, or discourage another party from acquiring control of AtlassianU.S. AtlassianU.S. expects that these provisions, which are summarized below, will discourage coercive takeover practices or inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of AtlassianU.S. to first negotiate with AtlassianU.S.'s board of directors, which AtlassianU.S. believes may result in an improvement of the terms of any such acquisition in favor of AtlassianU.S. stockholders. However, they will also give AtlassianU.S.'s board of directors the power to discourage acquisitions that some stockholders may favor.
Delaware Anti-Takeover Statute
AtlassianU.S. is subject to Section 203 of the DGCL, which prohibits persons deemed "interested stockholders" from engaging in a "business combination" with a publicly-heldDelaware corporation for three years following the date these persons become interested stockholders unless the business combination is, or the transaction in which the person became an interested stockholder was, approved in a prescribed manner or another prescribed exception applies. Generally, an "interested stockholder" is a person who, together with affiliates and associates, owns, or within three years prior to the determination of interested stockholder status did own, 15% or more of a corporation's voting . . .
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. Exhibit No. Description 3.1* Amended and Restated Certificate of Incorporation of Atlassian Corporation, adopted as ofSeptember 27, 2022 . 3.2* Amended and Restated Bylaws of Atlassian Corporation, adopted as ofSeptember 30, 2022 . 10.1* Amendment No. 1 to Credit Agreement, dated as ofSeptember 30, 2022 , by and among Atlassian Corporation,Atlassian US, Inc. ,Bank of America, N.A ., as Administrative Agreement, and the other
lenders party
thereto. 10.2* Form of Indemnification Agreement.
10.3* Atlassian Corporation Amended and Restated 2015 Share Incentive Plan.
10.4* Atlassian Corporation Amended and Restated 2013 U.S. Share Option Plan. 10.5* Atlassian Corporation Amended and Restated 2015 Employee Share Purchase Plan. 10.6* Atlassian Corporation Amended and Restated Executive Severance Plan. 10.7* Atlassian Corporation Amended and Restated Cash Incentive Bonus Plan. 10.8* Atlassian Corporation Amended and Restated Non-Employee Director Compensation Policy. 99.1* Press Release, datedOctober 3, 2022 . 104.1 Cover page interactive data file (embedded within the Inline XBRL document). * Filed herewith 11
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