Form 4: Atlassian CEO Michael Cannon-Brookes Executes Stock Sales Under 10b5-1 Trading Plan
SEC Form 4
Atlassian CEO Michael Cannon-Brookes sold shares of Class A Common Stock on October 14, 2024, 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 October 14, 2024.
- The sales were conducted under a Rule 10b5-1 trading plan adopted on February 8, 2024.
- The transactions involved the disposal of shares held indirectly through the Cannon-Brookes Head Trust, with CBC Co Pty Limited acting as trustee.
- The sales occurred at varying prices throughout the day, ranging from $189.97 to $196.20 per share.
- A total of 8,208 shares were sold in multiple transactions.
- Following the reported transactions, the number of shares beneficially owned indirectly by the trust is 429,192.
Sentiment
Score: 5
Explanation: The document is a routine disclosure of stock sales under a pre-arranged trading plan, indicating a neutral sentiment.
Industry Context
Sales by insiders are a common occurrence and are often pre-planned to avoid accusations of insider trading. The use of a 10b5-1 plan allows insiders to sell shares at predetermined times and prices.
Key Dates
| Date | Description |
|---|---|
| February 8, 2024 | Date the Rule 10b5-1 trading plan was adopted by the Reporting Person |
| October 14, 2024 | Date of the stock sale transactions |
| October 15, 2024 | Date of the signature on the Form 4 filing |
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