Form 4: Atlassian Co-CEO Sells Shares Under 10b5-1 Plan

Atlassian Co-CEO Michael Cannon-Brookes reported the sale of 7,665 Class A Common Stock shares under a pre-arranged 10b5-1 trading plan.

Summary

• Michael Cannon-Brookes, Co-CEO and Co-Founder of Atlassian Corp, reported the sale of 7,665 shares of Class A Common Stock.
• The sales occurred on October 22, 2025, through four separate transactions.
• The shares were sold at weighted-average prices ranging from $168.0763 to $170.6667 per share.
• These transactions were executed pursuant to a Rule 10b5-1 trading plan adopted on February 20, 2025.
• Following these transactions, Michael Cannon-Brookes indirectly beneficially owns 367,920 shares of Class A Common Stock through the Cannon-Brookes Head Trust.

Sentiment

Score: 5

Explanation: The sentiment is neutral. While insider selling can sometimes be viewed negatively, the disclosure that these sales were made under a pre-arranged 10b5-1 plan significantly mitigates any negative implications, as it indicates a planned transaction rather than a reaction to new, undisclosed information.

Negatives

• Insider selling, even if pre-planned, can sometimes be perceived negatively by the market as it reduces the insider's direct equity stake.

Risks

• Potential for negative market perception if investors misinterpret the pre-planned nature of the sale.
• Reduced direct equity alignment of a key executive with shareholder interests, although indirect ownership remains substantial.

Future Outlook

The filing does not provide any forward-looking statements or guidance regarding the company's future performance or strategic direction.

Management Comments

• This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on February 20, 2025.
• The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transactions were effected.

Industry Context

Insider sales are a common occurrence, particularly for executives of mature companies, and are often pre-scheduled through 10b5-1 plans to avoid accusations of trading on material non-public information. Such sales can be for personal financial planning, diversification, or liquidity needs.

Related Party Transactions

• Shares are held indirectly by CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust, indicating a related party structure for beneficial ownership.

Stakeholder Impact

• Shareholders: May observe a slight reduction in direct equity alignment from a key executive, though the pre-planned nature and continued substantial indirect ownership limit significant concern.

Key Dates

Recommendation

The filing reports routine insider selling under a pre-arranged 10b5-1 plan, which is a common practice for executives for personal financial management. It does not provide new information about the company's operational performance or future prospects that would warrant a change in investment thesis. Therefore, a 'hold' recommendation is appropriate, maintaining current positions based on broader company fundamentals rather than this specific transaction.

Keywords

Atlassian, TEAM, Michael Cannon-Brookes, Insider Trading, Form 4, Stock Sale, 10b5-1 Plan, CEO, Co-Founder