[Form 4] Asana, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insider sales under a Rule 10b5-1 plan. A Form 4 shows Director Justin Rosenstein sold Class A common stock in two reported transactions. On 10/08/2025 he sold 454,913 shares at a weighted average price of $15.0817, leaving 2,755,485 shares beneficially owned. On 10/09/2025 he sold 1,199,560 shares at a weighted average price of $15.2346, leaving 1,555,925 shares beneficially owned.

The filing states the sales were effected pursuant to a Rule 10b5-1 trading plan adopted 03/18/2025. The report was signed by an attorney-in-fact on 10/10/2025. Footnotes disclose the price ranges for the multiple transactions that produced the weighted averages.

Positive

• Sales executed under a Rule 10b5-1 plan, providing an affirmative defense and reducing questions about opportunistic timing
• Detailed disclosure of weighted average prices and price ranges for the multiple executions, aiding transparency for investors

Negative

• Large insider dispositions: reported sales of 454,913 and 1,199,560 shares on 10/08/2025 and 10/09/2025, respectively
• Notable reduction in beneficial ownership across the two transactions from 2,755,485 to 1,555,925 shares

Insights

Corporate Governance Analyst

Director executed planned sales under a 10b5-1 program.

The sales were carried out under a Rule 10b5-1 plan adopted on 03/18/2025, which provides an affirmative defense for pre‑arranged trades. That mechanism reduces the likelihood these trades were opportunistic and signals pre‑set disposition rather than ad‑hoc insider selling.

Dependencies and risks include adherence to plan terms and possible market perception of insider selling; monitor any further scheduled plan disclosures or amendments within the next several months.

Equity Trading Specialist

Large share dispositions executed across two days at ~$15 per share.

The filing reports weighted average sale prices of $15.0817 (10/08/2025) and $15.2346 (10/09/2025) for total reported executed sales of 1,654,473 shares across the two dates. The transactions were split into multiple executions with disclosed price ranges.

Immediate effects include a sizable reduction in the director's holdings between the two entries; watch short‑term trading volume and any related company statements in the coming days for market impact signals.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Rosenstein Justin

(Last) (First) (Middle)

C/O ASANA, INC.

633 FOLSOM STREET, SUITE 100

(Street)

SAN FRANCISCO CA 94107

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Asana, Inc. [ ASAN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	10/08/2025		S(1)		454,913	D	$15.0817(2)	2,755,485	D
Class A Common Stock	10/09/2025		S(1)		1,199,560	D	$15.2346(3)	1,555,925	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted March 18, 2025.

2. The reported price in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $14.95 to $15.17 per share. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. The reported price in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $15.03 to $15.46 per share. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Remarks:

	/s/ Katie Colendich, Attorney-in-Fact	10/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Asana director Justin Rosenstein report on Form 4 (ASAN)?

He reported sales of Class A common stock: 454,913 shares on 10/08/2025 at a weighted average $15.0817, and 1,199,560 shares on 10/09/2025 at a weighted average $15.2346.

Were the Asana (ASAN) trades part of a prearranged plan?

Yes. The filing states the sales were effected pursuant to a Rule 10b5-1 trading plan adopted on 03/18/2025.

How many Asana shares did the reporting person own after the reported transactions?

The Form 4 shows beneficial ownership of 2,755,485 shares after the 10/08/2025 transactions and 1,555,925 shares after the 10/09/2025 transactions.

What price ranges produced the weighted average sale prices?

Footnotes disclose ranges: the 10/08/2025 sales occurred between $14.95 and $15.17; the 10/09/2025 sales ranged from $15.03 to $15.46.

Who signed the Form 4 filing for Justin Rosenstein?

The Form 4 was signed by an attorney-in-fact, Katie Colendich, on 10/10/2025.