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

Atlassian CEO Michael Cannon-Brookes sold a total of 8,048 Class A common shares on January 17, 2025, under a pre-arranged 10b5-1 trading plan.

Summary

• Michael Cannon-Brookes, CEO and Co-Founder of Atlassian, sold 8,048 Class A common shares on January 17, 2025.
• 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 $252.1423 to $258.425 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 beneficially owns 389,452 shares indirectly through the trust.

Sentiment

Score: 5

Explanation: The document describes a routine stock sale under a pre-arranged plan, which is neither positive nor negative. It's 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

Executive stock sales are a common occurrence, especially under pre-arranged trading plans like Rule 10b5-1, which are designed to avoid accusations of insider trading. This transaction is not unusual for a company of Atlassian's size and maturity.

Comparison to Industry Standards

• Many tech company executives use 10b5-1 plans to manage their stock holdings, so this is a common practice.
• The sale of 8,048 shares is not a significant amount compared to the total outstanding shares of Atlassian, and is unlikely to have a major impact on the stock price.
• Other tech companies such as Microsoft, Apple, and Google have similar executive stock sale programs.

Stakeholder Impact

• The impact on shareholders is likely to be minimal, as the sale was conducted under a pre-arranged plan and the volume of shares sold is relatively small.

Key Dates

Keywords

Atlassian, Michael Cannon-Brookes, stock sale, insider trading, Rule 10b5-1, share transaction, executive stock, TEAM