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 shares on December 20, 2024, through a pre-arranged 10b5-1 trading plan.

Summary

• Michael Cannon-Brookes, CEO and Co-Founder of Atlassian, sold 8,048 Class A common shares on December 20, 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 shares were sold at weighted average prices ranging from $247.13 to $257.73 per share.
• The shares are held indirectly by CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust.
• Following these transactions, the trust now holds 47,688 Class A common shares.

Sentiment

Score: 5

Explanation: The document reports a routine transaction under a pre-arranged trading plan, which is neither positive nor negative. It is a neutral event.

Risks

• The sale of shares by a high-profile executive could potentially be interpreted negatively by the market, although it was conducted under a pre-arranged trading plan.

Industry Context

Executive share sales are a common occurrence, and the use of a 10b5-1 plan is a standard practice to avoid accusations of insider trading. This transaction is not unusual for executives of publicly traded companies.

Comparison to Industry Standards

• The use of a 10b5-1 trading plan is a common practice among executives at publicly traded companies, including those in the technology sector such as Microsoft, Google, and Amazon.
• These plans allow executives to sell shares at predetermined times and prices, mitigating the risk of insider trading allegations.
• The volume of shares sold by Cannon-Brookes is not unusual for an executive of a company the size of Atlassian.

Stakeholder Impact

• The share sale may have a minor impact on shareholder sentiment, but the use of a 10b5-1 plan should mitigate any negative perception.

Key Dates

Keywords

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