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

Atlassian CEO Michael Cannon-Brookes sold a total of 8,948 Class A common shares on December 10, 2024, through a pre-arranged 10b5-1 trading plan.

Summary

• Michael Cannon-Brookes, CEO and Co-Founder of Atlassian, sold 8,948 Class A common shares on December 10, 2024.
• The sales were executed through a pre-arranged Rule 10b5-1 trading plan adopted on February 8, 2024.
• The transactions occurred in multiple trades throughout the day at varying prices.
• The shares were sold at weighted average prices ranging from $264.9184 to $275.6778.
• The shares are indirectly held by the Cannon-Brookes Head Trust, with CBC Co Pty Limited as trustee.
• Following these transactions, the trust now holds 111,272 Class A common 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 event.

Risks

• The sale of shares by a high-profile executive could be perceived negatively by some investors, potentially impacting the stock price.
• The reliance on a pre-arranged trading plan may not reflect the executive's current outlook on the company's performance.

Industry Context

Executive stock sales are a common occurrence in publicly traded companies, often executed through pre-arranged trading plans to avoid accusations of insider trading. This transaction is not unusual and is part of a planned strategy.

Comparison to Industry Standards

• The use of a 10b5-1 trading plan is a standard practice among executives at publicly traded companies, including those in the tech sector like Atlassian.
• Similar sales by executives at companies like Microsoft, Google, and Salesforce are often reported through SEC filings.
• The volume of shares sold is not unusual for an executive of Cannon-Brookes' position and is within the typical range for such transactions.

Stakeholder Impact

• The sale of shares by the CEO could cause some short-term volatility in the stock price.
• The long-term impact on shareholders is likely to be minimal as the sales were part of a pre-planned strategy.

Key Dates

Keywords

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