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 March 18, 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 March 18, 2024.
• The sales were executed under a Rule 10b5-1 trading plan adopted on February 21, 2023.
• The transactions involved multiple trades at varying prices, with weighted-average prices reported for each set of transactions.
• Cannon-Brookes sold 625 shares at a weighted-average price of $198.1972, 4,004 shares at $197.6383, 550 shares at $195.7204, and 3,062 shares at $196.812.
• Following the reported transactions, Cannon-Brookes indirectly owns 65,928 to 73,544 shares through a trust.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the document simply reports stock sales under a pre-arranged trading plan, which is a common and legal practice.

Industry Context

Sales by insiders are a common occurrence and are often pre-planned through Rule 10b5-1 trading plans to avoid accusations of trading on material 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 stock sales 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 information being used for trading purposes.

Key Dates