Atlassian Co-CEOs Adopt New 10b5-1 Trading Plans
May 29 2020 - 4:05PM
Business Wire
Atlassian Corporation Plc (NASDAQ: TEAM), a leading provider of
team collaboration and productivity software, today announced that
Scott Farquhar and Mike Cannon-Brookes, co-CEOs, co-founders and
directors of Atlassian, each adopted a new stock trading plan in
February 2020 in accordance with guidelines specified under Rule
10b5-1 of the Securities and Exchange Act of 1934, as amended, and
the policies of Atlassian regarding stock transactions.
These pre-arranged trading plans were adopted in order to allow
Mr. Farquhar and Mr. Cannon-Brookes to sell a portion of their
Atlassian stock over time as part of their long-term strategies for
individual asset diversification and liquidity. Using these new
trading plans, Mr. Farquhar and Mr. Cannon-Brookes will spread
their stock trades out over a period of a year from the time their
current trading plans expire in June 2020 to reduce market impact
on any given day. All sales of shares under Mr. Farquhar’s and Mr.
Cannon-Brookes’ trading plans are subject to volume limitations,
pursuant to Rule 144, which limits the amount of shares that can be
sold in any three-month period.
In the aggregate, Mr. Farquhar and Mr. Cannon-Brookes currently
hold approximately 118.60 million Class B ordinary shares and
414,180 Class A ordinary shares, which represent approximately
48.00% of Atlassian’s outstanding Class B and Class A ordinary
shares, taken together, and approximately 89.49% of the voting
power. Under the terms of the new trading plans, Mr. Farquhar and
Mr. Cannon-Brookes each intends to sell up to approximately 2.34
million Class B ordinary shares (with such shares converting into
Class A ordinary shares prior to sale). If Mr. Farquhar and Mr.
Cannon-Brookes complete all the planned sales under their current
and new trading plans, they would continue to collectively own
approximately 114.23 million Class B ordinary shares, which would
represent approximately 46.07% of Atlassian’s outstanding Class B
and Class A ordinary shares, taken together, and approximately
88.79% of the voting power (assuming no other issuances,
repurchases, sales or conversions of Atlassian’s capital stock
occur). Each Class B ordinary share is entitled to ten votes and
each Class A ordinary share is entitled to one vote.
About Atlassian
Atlassian unleashes the potential of every team. Our team
collaboration and productivity software helps teams organize,
discuss, and complete shared work. Teams at more than 171,000
customers, across large and small organizations – including General
Motors, Walmart Labs, Bank of America Merrill Lynch, Lyft, Verizon,
Spotify and NASA - use Atlassian’s project tracking, content
creation and sharing, and service management products to work
better together and deliver quality results on time. Learn more
about our products, including Jira Software, Confluence, Trello,
Bitbucket, Opsgenie, Jira Service Desk, and Jira Align at
https://atlassian.com/.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200529005598/en/
Investor Relations Contact Martin Lam & Matt
Sonefeldt IR@atlassian.com
Media Contact Jake Standish press@atlassian.com
Atlassian (NASDAQ:TEAM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Atlassian (NASDAQ:TEAM)
Historical Stock Chart
From Apr 2023 to Apr 2024