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

Atlassian CEO Michael Cannon-Brookes sold a total of 7,948 Class A common shares on January 15, 2025, under a pre-arranged 10b5-1 trading plan.

Summary

• Michael Cannon-Brookes, CEO and Co-Founder of Atlassian, sold 7,948 Class A common shares on January 15, 2025.
• The sales were executed under a Rule 10b5-1 trading plan adopted on February 8, 2024.
• The shares were sold in multiple transactions at weighted average prices ranging from $250.3604 to $256.1.
• The total number of shares held indirectly by Mr. Cannon-Brookes through a trust after the transactions is 405,348.
• The transactions were executed by CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust.

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.
• The reliance on a pre-arranged trading plan may not fully reflect the executive's current outlook on the company.

Industry Context

The use of 10b5-1 trading plans is a common practice for corporate insiders to sell shares while avoiding accusations of insider trading. This transaction is a routine disclosure and does not necessarily indicate a change in the executive's view of the company's prospects.

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 such as Microsoft, Google, and Amazon.
• These plans allow for scheduled sales of shares to avoid any appearance of trading on inside information.
• The reported transactions are consistent with typical insider trading activity under such plans.

Stakeholder Impact

• The share sale may have a minor impact on shareholder sentiment, but is unlikely to have a significant effect given the pre-arranged nature of the transactions.
• The transactions do not directly impact employees, customers, suppliers, or creditors.

Key Dates

Keywords

Atlassian, Michael Cannon-Brookes, Share Sale, 10b5-1 Trading Plan, Insider Trading, Class A Common Stock, SEC Form 4