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

Atlassian CEO Michael Cannon-Brookes sold shares of Class A Common Stock on September 27, 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 September 27, 2024.
• These transactions were conducted under a pre-arranged Rule 10b5-1 trading plan adopted on February 8, 2024.
• The sales were executed at varying prices, with weighted-average prices of $161.0805, $163.1645, $161.7076 and $163.99.
• The shares were sold both directly and indirectly through a trust (CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust).
• Following these transactions, Cannon-Brookes continues to beneficially own a significant number of Atlassian shares, both directly and indirectly.

Sentiment

Score: 5

Explanation: The sentiment is neutral. The filing simply reports stock sales under a pre-existing plan, which is a common practice. There's no inherent positive or negative implication.

Industry Context

Sales by insiders, particularly CEOs, are closely watched by investors. The use of a 10b5-1 plan suggests the sales were pre-planned and not based on current inside information. However, large or frequent sales can sometimes create negative sentiment.

Stakeholder Impact

• The stock sales could have a minor negative impact on shareholder sentiment, although the existence of a 10b5-1 plan mitigates this concern.

Key Dates