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 stock shares on November 25, 2024, under a pre-arranged 10b5-1 trading plan.

Summary

• Michael Cannon-Brookes, CEO and Co-Founder of Atlassian, sold 8,948 shares of Class A common stock on November 25, 2024.
• 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 weighted average prices for the transactions ranged from $260.797 to $268.9653 per share.
• The shares were sold from a trust, CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust.
• Following these transactions, the trust now holds 190,752 shares of Atlassian Class A common stock.

Sentiment

Score: 5

Explanation: The document reflects a routine transaction under a pre-arranged trading plan, which is neither positive nor negative for the company's outlook. It is a neutral event.

Industry Context

This is a routine transaction under a pre-arranged trading plan, which is common for executives of publicly traded companies to manage their personal finances and avoid accusations of insider trading. It does not necessarily indicate a change in the executive's outlook on the company's future.

Comparison to Industry Standards

• The use of 10b5-1 trading plans is a standard practice among executives at publicly traded companies, including those in the technology sector like Atlassian.
• Similar transactions are regularly reported by executives at companies such as Microsoft, Google, and Salesforce, as part of their personal financial planning.
• The volume of shares sold is relatively small compared to the total outstanding shares of Atlassian, and is not unusual for executives using these plans.

Stakeholder Impact

• The stock sales may have a minor impact on the share price, but are unlikely to significantly affect shareholders due to the relatively small volume of shares sold.
• The transactions do not directly impact employees, customers, suppliers, or creditors.

Key Dates

Keywords

Atlassian, Michael Cannon-Brookes, stock sale, Rule 10b5-1, insider trading, Class A common stock, CBC Co Pty Limited, Cannon-Brookes Head Trust