Form 4: Atlassian Co-CEO Michael Cannon-Brookes Executes Stock Sales Under 10b5-1 Trading Plan

Michael Cannon-Brookes, Co-CEO of Atlassian, reports multiple sales of Class A Common Stock executed on August 9, 2024, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Michael Cannon-Brookes, Co-CEO and Co-Founder of Atlassian, filed a Form 4 detailing changes in beneficial ownership.
• On August 9, 2024, Cannon-Brookes sold Class A Common Stock in multiple transactions.
• The sales were executed under a Rule 10b5-1 trading plan adopted on February 8, 2024.
• The transactions involved the sale of 4,706 shares at a weighted-average price of $141.5477, 1,830 shares at $140.9947, 450 shares at $138.3149, 250 shares at $139.122, and 712 shares at $142.3352.
• These shares are held by CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust.
• Following the reported transactions, the number of shares held indirectly by trust are: 281,422, 279,592, 279,142, 278,892, and 278,180.

Sentiment

Score: 5

Explanation: The document is a routine disclosure of stock sales under a pre-arranged trading plan, indicating a neutral sentiment.

Industry Context

Executive stock sales are a common occurrence in publicly traded companies. Rule 10b5-1 plans allow insiders to sell shares over a predetermined period, avoiding concerns about insider trading.

Stakeholder Impact

• The stock sales may have a minor impact on shareholders, potentially causing a slight decrease in stock price due to increased supply.

Key Dates