Atlassian Corporation Plc, a leading provider of team collaboration and productivity software, 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.
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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.
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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.
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