I admire Atlassian's putative motivations here, but their sanctimoniousness is a bit rich: this term sheet would force key employees to agree to a non-compete (something that should be redlined immediately) and would reserve the right to force employees to waive the protections that they may have been granted in terms of accelerated vesting triggers and change-of-control provisions. These are the kinds of provisions which actually affect the rank-and-file in an acquisition (and, of course, the actual purchase price with respect to the preference stack); for Atlassian to pretend that they are coming up with a ludicrously seller-friendly term sheet because of the escrow and insurance terms is a little absurd. Or perhaps Atlassian would also share which of these terms became redlined in the deals that they've done?
