Form 4: Atlassian CEO Michael Cannon-Brookes Sells Shares Under 10b5-1 Trading Plan
SEC Form 4
Atlassian CEO Michael Cannon-Brookes sold shares of Atlassian Corp (TEAM) on November 5, 2024, under a pre-arranged Rule 10b5-1 trading plan.
Summary
- Michael Cannon-Brookes, CEO and Co-Founder of Atlassian Corp, executed multiple sales of Class A Common Stock on November 5, 2024.
- These transactions were conducted under a pre-existing Rule 10b5-1 trading plan adopted on February 8, 2024.
- The sales were executed at varying prices, ranging from $215.28 to $222.28 per share.
- A total of 7,948 shares were sold across multiple transactions.
- The shares were sold both directly and indirectly through a trust (CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust).
- Following these transactions, the number of shares held indirectly by the trust is 302,024.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the document simply reports stock sales under a pre-arranged trading plan, which is a common practice.
Industry Context
This filing is a routine disclosure of insider trading activity. It is common for executives to use 10b5-1 plans to sell shares over time to avoid accusations of trading on inside information.
Stakeholder Impact
- The stock sales could have a minor negative impact on shareholder sentiment, but the existence of a 10b5-1 plan mitigates this.
Key Dates
| Date | Description |
|---|---|
| February 8, 2024 | Date the Reporting Person adopted a Rule 10b5-1 trading plan |
| November 5, 2024 | Date of the reported transactions (stock sales) |
| November 6, 2024 | Date of the signature on the Form 4 filing |
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