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

Atlassian CEO Michael Cannon-Brookes sold a total of 7,948 Class A Common Stock shares on December 3, 2024, under a pre-arranged 10b5-1 trading plan.

Summary

• Michael Cannon-Brookes, CEO and Co-Founder of Atlassian, sold 7,948 shares of Class A Common Stock on December 3, 2024.
• The sales were executed under a Rule 10b5-1 trading plan adopted on February 8, 2024.
• The transactions were conducted in multiple trades throughout the day at varying prices.
• The shares were sold at weighted average prices ranging from $265.6167 to $268.5963.
• The shares were sold from a trust, CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust.
• Following the transactions, the trust holds 151,012 to 153,908 shares of Class A Common Stock.

Sentiment

Score: 5

Explanation: The document reflects a routine stock sale by an executive under a pre-arranged plan, which is neither positive nor negative for the company's outlook.

Risks

• Sales by company insiders, even under pre-arranged plans, can sometimes be perceived negatively by the market.

Industry Context

Insider trading activity is a common occurrence in publicly traded companies, and sales under 10b5-1 plans are a routine way for executives to manage their personal finances while avoiding accusations of trading on non-public information. This activity is not unusual for a company like Atlassian.

Comparison to Industry Standards

• Sales by executives under 10b5-1 plans are common across the tech industry, including companies like Microsoft, Google, and Amazon.
• The volume of shares sold by Cannon-Brookes is relatively small compared to the total outstanding shares of Atlassian, which is typical for these types of transactions.
• The price range of the sales is consistent with the trading price of Atlassian stock on the day of the transaction.

Stakeholder Impact

• The stock sales may have a minor impact on the share price, but the effect is likely to be minimal given the pre-planned nature of the transactions.

Key Dates

Keywords

Atlassian, Michael Cannon-Brookes, Stock Sale, Rule 10b5-1, Insider Trading, Class A Common Stock, CBC Co Pty Limited, Cannon-Brookes Head Trust