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 stock shares on December 6, 2024, under a pre-arranged 10b5-1 trading plan.

Summary

• Michael Cannon-Brookes, CEO and Co-Founder of Atlassian, sold shares of Class A common stock on December 6, 2024.
• The sales were executed under a pre-arranged Rule 10b5-1 trading plan adopted on February 8, 2024.
• A total of 7,948 shares were sold in multiple transactions at weighted average prices of $279.2298, $278.6184 and $280.5521.
• The shares were sold from a trust, CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust.
• Following the transactions, the trust holds 127,168 shares of Atlassian Class A common stock.

Sentiment

Score: 5

Explanation: The document reports a routine stock sale by an executive under a pre-arranged plan. It is neither particularly positive nor negative.

Risks

• Sales by company insiders, even under pre-arranged plans, can sometimes be perceived negatively by the market.

Industry Context

Insider trading activity is a common occurrence in publicly traded companies, and these transactions are closely monitored by regulators and investors.

Comparison to Industry Standards

• Rule 10b5-1 trading plans are a common mechanism for corporate insiders to sell shares while avoiding accusations of insider trading.
• The reported transactions are consistent with standard practices for executives managing their personal finances while complying with securities regulations.
• Other tech company executives also use similar plans to manage their stock holdings.

Stakeholder Impact

• The stock sale may have a minor impact on shareholder sentiment, but it is unlikely to have a significant effect given the pre-arranged nature of the transactions.

Key Dates

Keywords

Atlassian, Michael Cannon-Brookes, insider trading, stock sale, Rule 10b5-1, TEAM, Class A Common Stock