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

Atlassian CEO Michael Cannon-Brookes sold a total of 7,898 Class A common shares on November 19, 2024, through a pre-arranged 10b5-1 trading plan.

Summary

• Michael Cannon-Brookes, CEO and Co-Founder of Atlassian, sold 7,898 shares of Class A Common Stock on November 19, 2024.
• The sales were executed under a pre-arranged 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 prices ranging from $236.98 to $247.93 per share.
• The shares are held indirectly by CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust.
• Following these transactions, Mr. Cannon-Brookes indirectly holds 222,544 Class A Common Stock shares.

Sentiment

Score: 5

Explanation: The document reflects a routine transaction under a pre-arranged trading plan, with no indication of positive or negative sentiment. It is a neutral disclosure.

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

Sales by insiders are a common occurrence, especially when executed under pre-arranged trading plans like Rule 10b5-1, which are designed to avoid accusations of insider trading. This is a routine disclosure and does not necessarily indicate a change in the company's outlook.

Comparison to Industry Standards

• Many executives at publicly traded companies use 10b5-1 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 is not unusual for executives with significant holdings.
• Similar sales are often seen at other tech companies such as Microsoft, Google, and Amazon, where executives use these plans to diversify their holdings.

Stakeholder Impact

• The stock sale may have a minor impact on shareholder sentiment, but it is unlikely to have a significant effect given the pre-arranged nature of the transactions.

Key Dates

Keywords

Atlassian, Michael Cannon-Brookes, stock sale, insider trading, Rule 10b5-1, Class A Common Stock, SEC Form 4