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 April 9, 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 April 9, 2024.
• The sales were executed under a pre-arranged Rule 10b5-1 trading plan adopted on February 21, 2023.
• The transactions involved multiple trades at varying prices, with weighted-average prices ranging from $201.7231 to $206.656.
• A total of 9,241 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 457,101 shares through the Cannon-Brookes Head Trust.

Sentiment

Score: 5

Explanation: The document is a standard SEC Form 4 filing, indicating routine transactions under a pre-existing trading plan. It doesn't inherently convey positive or negative sentiment.

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

Stakeholder Impact

• The share sales may have a minor impact on shareholders, potentially causing a slight decrease in stock price due to increased selling pressure, although this is likely mitigated by the pre-planned nature of the transactions.

Key Dates