Form 4: Atlassian CEO Michael Cannon-Brookes Sells Shares Under 10b5-1 Plan
SEC Form 4
Atlassian CEO Michael Cannon-Brookes sold a total of 8,048 Class A Common Stock shares on December 12, 2024, through a pre-arranged 10b5-1 trading plan.
Summary
- Michael Cannon-Brookes, CEO and Co-Founder of Atlassian, sold 8,048 shares of Class A Common Stock on December 12, 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 weighted average prices ranging from $272.945 to $279.67.
- The shares were held indirectly by CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust.
- Following these transactions, the trust holds 95,376 shares of Atlassian Class A Common Stock.
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
The sale of shares by a company executive is a common occurrence, especially when conducted under a pre-arranged 10b5-1 trading plan. These plans are designed to allow insiders to sell shares without being accused of trading on non-public information.
Comparison to Industry Standards
- Many executives at publicly traded companies use 10b5-1 trading 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, suggesting this is likely a routine transaction.
Stakeholder Impact
- The share sale is unlikely to have a significant impact on stakeholders, as it was a planned transaction.
Key Dates
| Date | Description |
|---|---|
| 02/08/2024 | Date the Rule 10b5-1 trading plan was adopted by Michael Cannon-Brookes. |
| 12/12/2024 | Date of the share sale transactions. |
| 12/13/2024 | Date the SEC Form 4 was signed. |
Keywords
Atlassian, Michael Cannon-Brookes, Class A Common Stock, Rule 10b5-1, Share Sale, Insider Trading, CBC Co Pty Limited, Cannon-Brookes Head Trust
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