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

Atlassian CEO Michael Cannon-Brookes sold shares of Class A Common Stock on April 23, 2025, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• On April 23, 2025, Michael Cannon-Brookes, CEO and Co-Founder of Atlassian Corp, sold multiple blocks of Class A Common Stock.
• The sales were executed under a Rule 10b5-1 trading plan adopted on February 8, 2024.
• The transactions were conducted through CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust.
• The prices per share varied across the transactions, ranging from $207.0704 to $217.29.
• A total of 8,853 shares were sold on this day.
• Following these transactions, the number of shares beneficially owned indirectly by Cannon-Brookes through the trust is 246,388.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the document simply reports transactions under a pre-existing trading plan. There is no indication of positive or negative implications for the company.

Industry Context

Insider sales are a common occurrence, especially when executed under pre-arranged trading plans like Rule 10b5-1. These plans allow insiders to sell shares over a period of time without being accused of trading on material non-public information. The market typically views these sales based on the context of the company's performance and the overall market conditions.

Comparison to Industry Standards

• Comparing Cannon-Brookes' transactions to other tech CEOs' trading activity, it's important to consider the percentage of total holdings sold and the reasons behind the sales.
• For example, sales by executives at companies like Microsoft, Alphabet, and Amazon are often scrutinized based on similar factors.
• The use of 10b5-1 plans is a standard practice among executives to avoid any appearance of impropriety.

Stakeholder Impact

• The share sales could have a minor impact on shareholder sentiment, depending on how the market interprets the transactions.
• However, given the use of a 10b5-1 plan, the impact is likely to be minimal.

Key Dates

Keywords

Atlassian, Cannon-Brookes, insider trading, Form 4, share sale, Rule 10b5-1, TEAM, CBC Co Pty Limited, Cannon-Brookes Head Trust