Patrick W. Smith Disposes 10,000 AXON Shares via 10b5-1 Plan

Rhea-AI Filing Summary

Patrick W. Smith, Axon CEO and director, reported multiple open-market sales of common stock executed pursuant to a Rule 10b5-1 trading plan adopted May 12, 2025. The Form 4 lists 16 separate sales on 08/11/2025 totaling 10,000 shares executed in multiple trades with reported weighted-average prices by tranche. Reported per-share execution ranges span approximately $821.50 to $839.11. After the reported transactions the filing shows the reporting person beneficially owned 3,053,982 shares of Axon.

The filing discloses the trades were made under a written 10b5-1 plan and provides weighted-average sale prices for each block; the submission is a routine insider disclosure of securities dispositions and the specific trade execution details are available upon request to the SEC staff, issuer or security holders per the filer’s statement.

Positive

• Transactions were executed pursuant to a Rule 10b5-1 trading plan, with the adoption date disclosed (May 12, 2025).
• Filer retains substantial ownership after the sales (3,053,982 shares), preserving significant alignment with shareholders.
• Tranche-level weighted-average prices and execution ranges are disclosed, enabling verification of trade execution details upon request.

Negative

• None.

Insights

Securities Analyst

TL;DR: CEO sold 10,000 AXON shares under a pre-established 10b5-1 plan; sales are a small percentage of his >3 million share holding.

The filing reports 16 tranches sold on 08/11/2025 totaling 10,000 shares at weighted-average prices by tranche, with execution ranges from about $821.50 to $839.11 per share. Given the post-transaction beneficial ownership of 3,053,982 shares, the dispositions represent roughly 0.3% of that holding, indicating limited direct impact on ownership concentration or control. The explicit statement that trades were effected pursuant to a Rule 10b5-1 plan reduces uncertainty about timing intent and supports transparent disclosure for investors.

Corporate Governance Expert

TL;DR: Use of a Rule 10b5-1 plan and detailed tranche pricing supports governance transparency; transactions appear pre-planned and fully disclosed.

The Form 4 identifies the trading plan adoption date and includes tranche-level weighted-average prices and executory ranges, allowing stakeholders to verify that sales were pre-authorized. The reporting person remains a substantial shareholder with 3,053,982 shares after the disposals. From a governance perspective, clear documentation of a 10b5-1 plan and full Section 16 disclosure are positive controls on potential insider trading concerns, and the size of the disposals is not material to overall ownership.

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)
08/11/2025

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	08/11/2025		S(1)		305	D	$821.6848(2)	3,063,677	D
Common Stock	08/11/2025		S(1)		969	D	$823.281(3)	3,062,708	D
Common Stock	08/11/2025		S(1)		706	D	$824.5407(4)	3,062,002	D
Common Stock	08/11/2025		S(1)		92	D	$826.1392(5)	3,061,910	D
Common Stock	08/11/2025		S(1)		72	D	$827.397(6)	3,061,838	D
Common Stock	08/11/2025		S(1)		456	D	$828.8176(7)	3,061,382	D
Common Stock	08/11/2025		S(1)		943	D	$830.248(8)	3,060,439	D
Common Stock	08/11/2025		S(1)		951	D	$831.4853(9)	3,059,488	D
Common Stock	08/11/2025		S(1)		1,194	D	$832.3429(10)	3,058,294	D
Common Stock	08/11/2025		S(1)		1,035	D	$833.7127(11)	3,057,259	D
Common Stock	08/11/2025		S(1)		1,327	D	$834.6172(12)	3,055,932	D
Common Stock	08/11/2025		S(1)		1,166	D	$835.5671(13)	3,054,766	D
Common Stock	08/11/2025		S(1)		448	D	$836.5273(14)	3,054,318	D
Common Stock	08/11/2025		S(1)		125	D	$838.0874(15)	3,054,193	D
Common Stock	08/11/2025		S(1)		182	D	$839.0971(16)	3,054,011	D
Common Stock	08/11/2025		S(1)		29	D	$842.89	3,053,982	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 $821.50 to $822.12. 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 $822.735 to $823.60. 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 $823.90 to $824.83. 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 $826.09 to $826.22. 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 $827.185 to $827.40. 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 $828.405 to $829.27. 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 $829.52 to $830.43. 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 $831.00 to $831.985. 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 $832.00 to $832.73. 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 $833.015 to $834.00. 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.

12. The transaction was executed in multiple trades at prices ranging from $834.01 to $834.99. 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 $835.14 to $836.025. 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.

14. The transaction was executed in multiple trades at prices ranging from $836.51 to $836.57. 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.

15. The transaction was executed in multiple trades at prices ranging from $837.795 to $838.145. 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.

16. The transaction was executed in multiple trades at prices ranging from $838.93 to $839.11. 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	08/12/2025
	** 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

Who filed the Form 4 for AXON?

Patrick W. Smith, who is identified in the filing as a director and the Chief Executive Officer, filed the Form 4.

How many Axon (AXON) shares were sold in this filing?

The filing reports sales totaling 10,000 shares executed in multiple tranches on 08/11/2025.

At what prices were the AXON shares sold?

Tranche-weighted average and execution ranges are provided by the filer; the reported execution price range across tranches is approximately $821.50 to $839.11 per share.

Were the sales made under a trading plan?

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

How many AXON shares does the reporting person beneficially own after the transactions?

After the reported transactions the filing shows the reporting person beneficially owned 3,053,982 shares.

Can additional details about the trades be requested?

Yes. The filer states they will provide full information on the number of shares and prices at which transactions were effected upon request to the SEC staff, the issuer or a security holder.