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, sold shares of Class A Common Stock on May 22, 2024, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Michael Cannon-Brookes, Co-CEO and Co-Founder of Atlassian, reported the sale of Class A Common Stock on May 22, 2024.
• The sales were executed under a Rule 10b5-1 trading plan adopted on February 21, 2023.
• A total of 9,241 shares were sold in multiple transactions at varying prices.
• The prices ranged from $173.2547 to $178.21 per share.
• The sales resulted in a decrease in the number of shares indirectly beneficially owned by Cannon-Brookes through a trust.
• Following the reported transactions, Cannon-Brookes indirectly beneficially owns 201,630 shares through the Cannon-Brookes Head Trust.

Sentiment

Score: 5

Explanation: The document is a standard SEC Form 4 filing, reporting the sale of shares by an insider. It doesn't inherently convey positive or negative sentiment, as it's a routine disclosure.

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 sale of shares by a high-profile executive could create short-term uncertainty among shareholders.
• However, the existence of a pre-arranged trading plan mitigates concerns about insider trading.

Key Dates