CRM: Benioff executes option exercise and multiple sales under 10b5-1 plan
Rhea-AI Filing Summary
Marc Benioff, Chair and CEO of Salesforce (CRM), reported option exercise and share sales conducted under a Rule 10b5-1 plan. On 09/03/2025 he exercised 2,250 non-qualified stock options with an exercise price of $161.50 (options originally granted 03/22/2020). The same date shows sales of 2,250 shares in multiple transactions at weighted average prices reported across six price bands ranging approximately from $251.34 to $257.65, with specific weighted-average prices disclosed for each band.
Following these transactions he directly beneficially owns 11,911,571–11,913,821 shares depending on the line items for direct holdings, plus 107,000 shares held indirectly by trust and 10,000,000 shares indirectly held by Marc Benioff Fund LLC.
Positive
- Transactions effected under a Rule 10b5-1 plan, indicating pre-established trading instructions (plan adopted January 9, 2025).
- Option exercise and sales fully disclosed with weighted-average prices and price ranges for each sale tranche.
- Substantial continuing ownership: reporting shows a combined large position including 10,000,000 shares held by Marc Benioff Fund LLC and direct/other indirect holdings exceeding 11.9 million shares.
Negative
- Reported sales totaled 2,250 shares on 09/03/2025, executed across multiple price bands (weighted-average prices provided).
- Exercise and immediate disposition of 2,250 option shares occurred the same date, reducing direct share count by the sold amount.
Insights
TL;DR: Insider exercised options and sold the resulting shares under a pre-established 10b5-1 plan; overall ownership remains substantial.
The filing shows a routine option exercise of 2,250 shares at $161.50 and contemporaneous sales of 2,250 shares executed pursuant to a Rule 10b5-1 trading plan adopted January 9, 2025. Sales were completed in multiple transactions across price ranges from approximately $251.34 to $257.65, with weighted-average prices provided for each tranche. These trades are consistent with liquidity or portfolio-management activity rather than an unscheduled disposition because they were effected under an established plan. Material ownership remains large, driven by 10.0 million shares held indirectly by the Marc Benioff Fund LLC and over 11.9 million in direct/other indirect holdings as reported.
TL;DR: Transactions comply with Rule 10b5-1 disclosure; signatures and explanatory notes provide required transaction ranges and holding details.
The form is properly executed by an attorney-in-fact and includes the Rule 10b5-1 checkbox and explanatory footnotes detailing price ranges for multiple sale tranches and the plan adoption date. The report identifies direct holdings, trust holdings, and fund-held interests, clarifying the nature of indirect beneficial ownership. From a governance and disclosure perspective, the filing furnishes the necessary transactional detail to allow stakeholders and regulators to verify compliance with Section 16 reporting requirements.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Non-qualified Stock Option (Right to Buy) | 2,250 | $0.00 | -- |
| Exercise | Common Stock | 2,250 | $161.50 | $363K |
| Sale | Common Stock | 198 | $251.9969 | $50K |
| Sale | Common Stock | 456 | $252.8898 | $115K |
| Sale | Common Stock | 242 | $254.0811 | $61K |
| Sale | Common Stock | 742 | $255.017 | $189K |
| Sale | Common Stock | 356 | $255.8528 | $91K |
| Sale | Common Stock | 256 | $257.1662 | $66K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- As indicated by the checkbox above, this transaction was effected automatically pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on January 9, 2025. Shares held in the reporting person's name or in the Marc R. Benioff Revocable Trust. Weighted average price. These shares were sold in multiple transactions at prices ranging from $251.3434 to $252.3300 inclusive. The reporting person undertakes to provide 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 above. Weighted average price. These shares were sold in multiple transactions at prices ranging from $252.3900 to $253.2500 inclusive. The reporting person undertakes to provide 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 above. Weighted average price. These shares were sold in multiple transactions at prices ranging from $253.4484 to $254.4202 inclusive. The reporting person undertakes to provide 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 above. Weighted average price. These shares were sold in multiple transactions at prices ranging from $254.4775 to $255.4667 inclusive. The reporting person undertakes to provide 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 above. Weighted average price. These shares were sold in multiple transactions at prices ranging from $255.5364 to $256.5200 inclusive. The reporting person undertakes to provide 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 above. Weighted average price. These shares were sold in multiple transactions at prices ranging from $256.6569 to $257.6500 inclusive. The reporting person undertakes to provide 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 above. Shares held in the Marc Benioff Fund LLC (the "Fund"). Fund interests are held in the reporting person's name or in trust. Option vests over four years at the rate of 25% on March 22, 2020, the first anniversary of the holder's date of grant, with the balance vesting in equal monthly installments over the remaining 36 months.
