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

Michael Cannon-Brookes, Co-CEO and Co-Founder of Atlassian, executed multiple sales of Class A Common Stock on June 28, 2024, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• On June 28, 2024, Michael Cannon-Brookes, Co-CEO and Co-Founder of Atlassian, sold shares of Class A Common Stock.
• The sales were executed under a Rule 10b5-1 trading plan adopted on February 8, 2024.
• The transactions involved multiple trades at varying prices, with weighted-average prices reported for each set of trades.
• The shares were sold at prices ranging from $173.37 to $178.37.
• The sales resulted in a decrease in the number of shares directly owned by Cannon-Brookes and a corresponding decrease in shares indirectly owned through a trust.
• Veena Bhatia, Attorney-in-Fact, signed the report on behalf of Michael Cannon-Brookes.

Sentiment

Score: 5

Explanation: The document is a standard SEC Form 4 filing, indicating insider trading activity. The sentiment is neutral as it simply reports transactions under a pre-arranged plan.

Industry Context

Sales by insiders 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 non-public information.

Stakeholder Impact

• The stock sale may have a minor impact on shareholders, potentially causing a slight decrease in stock price due to increased supply.
• The impact is likely to be minimal given the pre-planned nature of the sales and the relatively small volume of shares sold compared to the total outstanding shares.

Key Dates