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

Atlassian CEO Michael Cannon-Brookes sold a total of 8,048 Class A common stock shares on January 8, 2025, 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 January 8, 2025.
• The sales were executed through 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 weighted average prices for the transactions ranged from $240.8157 to $247.88 per share.
• The shares were sold indirectly through a trust, CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust.
• Following these transactions, Mr. Cannon-Brookes beneficially owns 445,088 shares indirectly through the trust.

Sentiment

Score: 5

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

Industry Context

This is a routine disclosure of insider trading activity, which is common for executives of publicly traded companies. The use of a 10b5-1 plan indicates that the sales were pre-planned and not based on any non-public information.

Comparison to Industry Standards

• The use of a 10b5-1 trading plan is a common practice among executives at publicly traded companies like Atlassian, including peers such as Salesforce (CRM) and Adobe (ADBE).
• These plans allow insiders to sell shares without being accused of trading on non-public information.
• The reported transactions are consistent with standard SEC Form 4 filings for insider sales.

Stakeholder Impact

• The stock sales may have a minor impact on the share price, but the use of a 10b5-1 plan suggests the sales were pre-planned and not based on any new information.
• The sales do not indicate any change in the company's fundamentals or future prospects.

Key Dates

Keywords

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