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

Atlassian's Co-CEO, Michael Cannon-Brookes, executed multiple sales of Class A Common Stock on May 8, 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 May 8, 2024.
• The sales were executed under a Rule 10b5-1 trading plan adopted on February 21, 2023.
• The transactions involved multiple sales at varying prices.
• A total of 250 shares were sold at a weighted-average price of $180.336.
• An additional 6,668 shares were sold at a weighted-average price of $178.7197.
• Furthermore, 1,323 shares were sold at a weighted-average price of $179.7535.
• The shares are held indirectly through CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust.
• Following these transactions, Cannon-Brookes indirectly owns 284,040 shares through the trust.

Sentiment

Score: 5

Explanation: The document is a standard SEC Form 4 filing, indicating insider transactions. It's neutral in sentiment as it simply reports factual information about stock sales.

Industry Context

Sales by insiders are a common occurrence and are often pre-planned to avoid accusations of trading on material non-public information. The use of a 10b5-1 plan provides a legal framework for insiders to sell shares.

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 based on non-public information.

Key Dates