Form 4: Atlassian CEO Michael Cannon-Brookes Executes Stock Sales Under 10b5-1 Plan

Atlassian CEO Michael Cannon-Brookes sold shares of Class A Common Stock on April 9, 2025, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Michael Cannon-Brookes, CEO and Co-Founder of Atlassian Corp, executed multiple sales of Class A Common Stock on April 9, 2025.
• The sales were conducted under a pre-arranged Rule 10b5-1 trading plan adopted on February 8, 2024.
• The transactions involved the disposal of shares held indirectly through a trust (CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust).
• The sales prices varied across multiple trades, with weighted-average prices ranging from $180.1374 to $212.69 per share.
• A total of 9,448 shares were sold on April 9, 2025.
• Following these transactions, the number of shares beneficially owned indirectly by Cannon-Brookes through the trust decreased to 317,920.

Sentiment

Score: 5

Explanation: The document is a standard SEC Form 4 filing, indicating stock sales by an executive under a pre-arranged trading plan. It doesn't inherently convey positive or negative sentiment, but rather provides factual information about the transactions.

Industry Context

Executive stock sales are a common occurrence, especially when executed under pre-arranged trading plans like Rule 10b5-1, which allows insiders to sell shares over a period of time without being accused of trading on inside information. Investors often monitor these transactions for insights into management's perspective on the company's valuation and future prospects.

Comparison to Industry Standards

• Comparing Cannon-Brookes' transactions to other tech CEOs' stock sales, the volume and frequency appear within a normal range for executives utilizing 10b5-1 plans.
• For example, executives at companies like Microsoft or Alphabet often have similar trading plans in place.
• The weighted average prices of the sales are consistent with the trading price of Atlassian (TEAM) on the date of the transaction.

Stakeholder Impact

• The stock sales may have a minor impact on shareholders, potentially creating slight downward pressure on the stock price in the short term.
• However, given the pre-arranged nature of the sales under a 10b5-1 plan, the impact is likely to be limited.

Key Dates

Keywords

Form 4, Atlassian, TEAM, Michael Cannon-Brookes, Stock Sale, Rule 10b5-1, Insider Trading, CBC Co Pty Limited, Cannon-Brookes Head Trust