[Form 4] Axon Enterprise, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Axon CEO and director Patrick W. Smith reported sales of 10,000 shares of Axon Enterprise, Inc. (AXON) common stock executed on 09/08/2025 under a Rule 10b5-1 trading plan. The Form 4 lists 13 separate sell transactions that reduced his direct holdings to 3,043,982 shares following the sales. The filings state the trades were effected pursuant to a 10b5-1 plan adopted May 12, 2025, and executed in multiple trades with prices reported as weighted averages for each lot, with executed trade prices ranging from $734.22 to $749.00 per share. The Form 4 was signed on behalf of Mr. Smith by an attorney-in-fact.

Positive

• Transactions executed under a Rule 10b5-1 trading plan, indicating a pre-established, documented disposition process
• Full post-transaction ownership disclosed: the filing reports 3,043,982 shares held after the sales
• Granular disclosure of lot-level weighted-average prices and price ranges, with an undertaking to provide detailed trade information upon request

Negative

• Insider sold a total of 10,000 shares, representing a reduction in direct holdings on 09/08/2025
• Sales executed at high price levels (reported trade prices ranged from $734.22 to $749.00), which may be viewed unfavorably by some investors though no intent or motive is stated

Insights

Securities Analyst

TL;DR: Insider sales of 10,000 AXON shares were executed under a documented 10b5-1 plan on 09/08/2025; holdings remain material at ~3.044M shares.

The filing documents a planned disposition rather than opportunistic trading, as all transactions are noted as pursuant to a Rule 10b5-1 plan adopted May 12, 2025. The sales are itemized in 13 lots with weighted-average prices reported per lot and an overall executed price range of $734.22 to $749.00. From an investor-information standpoint, the filing is clear on the mechanics: date, plan provenance, quantities sold totaling 10,000 shares, and resulting post-transaction ownership of 3,043,982 shares. No options or derivative transactions are reported.

Corporate Governance Expert

TL;DR: Documented 10b5-1 plan use provides procedural compliance; aggregate sale size and residual ownership are clearly disclosed.

The Form 4 properly discloses that the disposals were effectuated pursuant to a pre-established 10b5-1 plan, which supports the affirmative defense for insider trading if conditions of the plan are met. The reporting includes granular lot-level weighted-average prices and an explicit post-transaction share count, enabling stakeholders to assess scale and transparency. The signature by attorney-in-fact is noted and the filer affirms readiness to provide detailed trade-level information upon request.

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^*

SMITH PATRICK W

(Last) (First) (Middle)

17800 NORTH 85TH STREET

(Street)

SCOTTSDALE AZ 85255

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AXON ENTERPRISE, INC. [ AXON ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/08/2025

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
Common Stock	09/08/2025		S(1)		283	D	$734.291(2)	3,053,699	D
Common Stock	09/08/2025		S(1)		14	D	$735.9454(3)	3,053,685	D
Common Stock	09/08/2025		S(1)		1,353	D	$739.3933(4)	3,052,332	D
Common Stock	09/08/2025		S(1)		449	D	$740.618(5)	3,051,883	D
Common Stock	09/08/2025		S(1)		1,403	D	$741.8155(6)	3,050,480	D
Common Stock	09/08/2025		S(1)		918	D	$742.9469(7)	3,049,562	D
Common Stock	09/08/2025		S(1)		372	D	$743.5314(8)	3,049,190	D
Common Stock	09/08/2025		S(1)		1,865	D	$744.9006(9)	3,047,325	D
Common Stock	09/08/2025		S(1)		1,546	D	$745.7974(10)	3,045,779	D
Common Stock	09/08/2025		S(1)		779	D	$746.7708(11)	3,045,000	D
Common Stock	09/08/2025		S(1)		544	D	$747.9687(12)	3,044,456	D
Common Stock	09/08/2025		S(1)		331	D	$748.9088(13)	3,044,125	D
Common Stock	09/08/2025		S(1)		143	D	$749.82	3,043,982	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 transactions reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 12, 2025.

2. The transaction was executed in multiple trades at prices ranging from $734.22 to $734.64. The price reported above reflects the weighted average sales price. 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 transaction was effected.

3. The transaction was executed in multiple trades at prices ranging from $735.235 to $736.00. The price reported above reflects the weighted average sales price. 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 transaction was effected.

4. The transaction was executed in multiple trades at prices ranging from $738.84 to $739.825. The price reported above reflects the weighted average sales price. 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 transaction was effected.

5. The transaction was executed in multiple trades at prices ranging from $740.08 to $741.02. The price reported above reflects the weighted average sales price. 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 transaction was effected.

6. The transaction was executed in multiple trades at prices ranging from $741.19 to $742.175. The price reported above reflects the weighted average sales price. 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 transaction was effected.

7. The transaction was executed in multiple trades at prices ranging from $742.20 to $743.13. The price reported above reflects the weighted average sales price. 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 transaction was effected.

8. The transaction was executed in multiple trades at prices ranging from $743.22 to $744.19. The price reported above reflects the weighted average sales price. 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 transaction was effected.

9. The transaction was executed in multiple trades at prices ranging from $744.37 to $745.34. The price reported above reflects the weighted average sales price. 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 transaction was effected.

10. The transaction was executed in multiple trades at prices ranging from $745.375 to $746.36. The price reported above reflects the weighted average sales price. 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 transaction was effected.

11. The transaction was executed in multiple trades at prices ranging from $746.42 to $747.325. The price reported above reflects the weighted average sales price. 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 transaction was effected.

12. The transaction was executed in multiple trades at prices ranging from $747.675 to $748.64. The price reported above reflects the weighted average sales price. 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 transaction was effected.

13. The transaction was executed in multiple trades at prices ranging from $748.75 to $749.00. The price reported above reflects the weighted average sales price. 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 transaction was effected.

Remarks:

	/s/ Patrick W. Smith by Isaiah Fields, Attorney-in-Fact	09/09/2025
	** 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 Patrick W. Smith report on Form 4 for AXON?

He reported sales of 10,000 shares of Axon common stock executed on 09/08/2025 and a post-transaction ownership of 3,043,982 shares.

Were the AXON sales executed under a 10b5-1 plan?

Yes. The Form 4 states the transactions were effected pursuant to a Rule 10b5-1 trading plan adopted on May 12, 2025.

What price range did the AXON sales occur at?

The filing reports weighted-average lot prices and states the executed trades ranged from $734.22 to $749.00 per share.

How many separate transactions were reported on the Form 4?

Thirteen separate sell transactions are listed, which together total 10,000 shares sold on 09/08/2025.

Did the Form 4 disclose any derivative transactions for Patrick W. Smith?

No. Table II for derivative securities contains no reported transactions or holdings.