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

Atlassian's Co-CEO and Co-Founder, Michael Cannon-Brookes, executed multiple sales of Class A Common Stock on August 21, 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 August 21, 2024.
• The sales were executed under a Rule 10b5-1 trading plan adopted on February 8, 2024.
• The transactions involved multiple trades at varying prices.
• A total of 4,717 shares were sold at a weighted-average price of $157.0702.
• An additional 2,331 shares were sold at a weighted-average price of $156.2071.
• Finally, 900 shares were sold at a weighted-average price of $157.9811.
• The shares were sold directly and indirectly through a trust (CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust).
• Following the reported transactions, Cannon-Brookes continues to beneficially own a significant number of Atlassian shares, both directly and indirectly.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the document simply reports stock sales under a pre-existing trading plan. It doesn't inherently indicate positive or negative sentiment about the company's performance.

Industry Context

Sales by insiders are a common occurrence, especially when executed under pre-arranged trading plans like Rule 10b5-1, which allows insiders to sell shares at predetermined times and prices to avoid accusations of trading on non-public information. The market typically views these sales in the context of the overall health and prospects of the company.

Stakeholder Impact

• The stock sale could have a minor impact on shareholders, potentially causing a slight decrease in stock price due to increased supply.
• The impact on employees, customers, suppliers, and creditors is likely to be minimal, as this is a personal financial transaction of an executive.

Key Dates