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, executed multiple sales of Class A Common Stock on March 4, 2024, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• On March 4, 2024, Michael Cannon-Brookes, Co-CEO and Co-Founder of Atlassian, sold shares 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 throughout the day.
• The weighted-average sale prices ranged from $204.1021 to $207.8542.
• A total of 8,241 shares were sold across the reported transactions.
• The shares are held indirectly by CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust.
• Following the reported transactions, the number of shares beneficially owned indirectly by the trust is 148,338.

Sentiment

Score: 5

Explanation: The document is a standard SEC Form 4 filing, indicating insider trading activity. The sentiment is neutral as it simply reports transactions without expressing any opinion or forward-looking statements.

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 inside information. The market typically views these sales in the context of the overall health and prospects of the company.

Stakeholder Impact

• The share sales by a key executive could have a minor negative impact on shareholder sentiment, although the existence of a 10b5-1 plan mitigates this concern.

Key Dates