Form 4: Atlassian CEO Michael Cannon-Brookes Sells Shares Under 10b5-1 Plan

Atlassian CEO Michael Cannon-Brookes sold a total of 7,958 Class A common stock shares on November 20, 2024, under a pre-arranged 10b5-1 trading plan.

Summary

• Michael Cannon-Brookes, CEO and Co-Founder of Atlassian, sold 7,958 shares of Class A common stock on November 20, 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 $242.3027 to $249.55.
• The shares are held indirectly by the Cannon-Brookes Head Trust, with CBC Co Pty Limited as trustee.
• Following these transactions, Mr. Cannon-Brookes indirectly holds 214,596 shares through the trust.

Sentiment

Score: 5

Explanation: The document is a routine disclosure of stock sales under a pre-arranged plan, which is neither positive nor negative. It is a neutral event.

Risks

• The sale of shares by a high-profile executive could potentially be perceived negatively by the market, although it was conducted under a pre-arranged trading plan.

Industry Context

This is a routine disclosure of stock sales by a company executive under a pre-arranged trading plan, which is a common practice among public company executives.

Comparison to Industry Standards

• The use of a 10b5-1 trading plan is a standard practice for executives at publicly traded companies like Atlassian, similar to other tech companies such as Microsoft, Google, and Amazon, where executives often use these plans to manage their personal finances and avoid accusations of insider trading.
• The volume of shares sold is relatively small compared to the total outstanding shares of Atlassian, and the transactions were executed over a single day, which is typical for 10b5-1 plan sales.
• The price range of the transactions is within the normal trading range for Atlassian stock, indicating no unusual market activity.

Stakeholder Impact

• The stock sales are unlikely to have a significant impact on stakeholders, as they were conducted under a pre-arranged trading plan and represent a small portion of the total shares.

Key Dates

Keywords

Atlassian, Michael Cannon-Brookes, stock sale, insider trading, Rule 10b5-1, Class A common stock, CBC Co Pty Limited, Cannon-Brookes Head Trust