Form 4: Atlassian Co-CEO Michael Cannon-Brookes Sells Shares Under 10b5-1 Trading Plan
SEC Form 4
Atlassian's Co-CEO, Michael Cannon-Brookes, executed sales of Class A Common Stock on June 5, 2024, under a pre-arranged Rule 10b5-1 trading plan.
Summary
- Michael Cannon-Brookes, Co-CEO and Co-Founder of Atlassian, sold shares of Class A Common Stock on June 5, 2024.
- The sales were executed under a Rule 10b5-1 trading plan adopted on February 21, 2023.
- A total of 2,722 shares were sold at a weighted-average price of $157.9316, with prices ranging from $157.72 to $158.50.
- An additional 5,519 shares were sold at a weighted-average price of $157.3123, with prices ranging from $156.72 to $157.69.
- The shares are held indirectly by CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust.
- Following the transactions, Cannon-Brookes beneficially owns 132,980 shares through the trust after the first transaction and 127,461 after the second transaction.
Sentiment
Score: 5
Explanation: The document is a standard SEC Form 4 filing, indicating insider trading activity under a pre-arranged plan. It's neutral in sentiment as it simply reports transactions.
Industry Context
Sales by insiders are a common occurrence and are often pre-planned to avoid accusations of trading on inside information. The use of a 10b5-1 plan provides a legal framework for insiders to sell shares at predetermined times and prices.
Stakeholder Impact
- The stock sale could have a minor negative impact on shareholder sentiment, although the existence of a 10b5-1 plan mitigates concerns about insider trading.
Key Dates
| Date | Description |
|---|---|
| 02/21/2023 | Date the Rule 10b5-1 trading plan was adopted. |
| 06/05/2024 | Date of the stock sale transactions. |
| 06/06/2024 | Date of the signature on the SEC Form 4. |
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