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 April 11, 2024, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• On April 11, 2024, Michael Cannon-Brookes, Co-CEO and Co-Founder of Atlassian, disposed of Class A Common Stock.
• The sales were executed under a Rule 10b5-1 trading plan adopted on February 21, 2023.
• The transactions involved multiple trades at varying prices, ranging from approximately $209.17 to $217.33 per share.
• A total of 8,132 shares were sold, resulting 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 440,619 shares through the CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the document simply reports the sale of shares under a pre-arranged trading plan. It doesn't inherently indicate positive or negative sentiment towards the company's prospects.

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. The market typically views these sales in the context of the overall trading plan and the insider's remaining holdings.

Stakeholder Impact

• The sale of shares by a high-profile executive like Cannon-Brookes could have a minor psychological impact on shareholders, but the existence of a pre-arranged trading plan mitigates concerns about insider information being used.

Key Dates