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

Atlassian CEO Michael Cannon-Brookes sold a total of 8,248 Class A common shares on November 13, 2024, through a pre-arranged 10b5-1 trading plan.

Summary

• Michael Cannon-Brookes, CEO and Co-Founder of Atlassian, sold 8,248 shares of Class A Common Stock on November 13, 2024.
• The sales were executed through 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 $245.46 to $254.312.
• The shares are held indirectly by the Cannon-Brookes Head Trust.

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 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, which is common in the tech industry. The use of a 10b5-1 plan is a standard practice to avoid accusations of insider trading.

Comparison to Industry Standards

• Sales by executives under 10b5-1 plans are common practice across the tech industry, including companies like Microsoft, Google, and Amazon.
• The volume of shares sold 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 within the normal trading range for Atlassian stock on the day of the transaction.

Stakeholder Impact

• The stock sale may have a minor impact on shareholder sentiment, but the pre-arranged nature of the sale should mitigate any significant negative reaction.

Key Dates

Keywords

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