[Form 4] Salesforce, Inc. Insider Trading Activity

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

Financial Analyst

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.

Corporate Governance Expert

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.

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^*

Benioff Marc

(Last) (First) (Middle)

415 MISSION STREET

3RD FLOOR

(Street)

SAN FRANCISCO CA 94105

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Salesforce, Inc. [ CRM ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/03/2025

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	09/03/2025		M(1)		2,250	A	$161.5	11,913,821	D(2)
Common Stock	09/03/2025		S(1)		198	D	$251.9969(3)	11,913,623	D(2)
Common Stock	09/03/2025		S(1)		456	D	$252.8898(4)	11,913,167	D(2)
Common Stock	09/03/2025		S(1)		242	D	$254.0811(5)	11,912,925	D(2)
Common Stock	09/03/2025		S(1)		742	D	$255.017(6)	11,912,183	D(2)
Common Stock	09/03/2025		S(1)		356	D	$255.8528(7)	11,911,827	D(2)
Common Stock	09/03/2025		S(1)		256	D	$257.1662(8)	11,911,571	D(2)
Common Stock								107,000	I	By Trust
Common Stock								10,000,000	I(9)	By Marc Benioff Fund LLC

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
Non-qualified Stock Option (Right to Buy)	$161.5	09/03/2025		M(1)			2,250	03/22/2020(10)	03/22/2026	Common Stock	2,250	$0	94,622	D

Explanation of Responses:

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.

2. Shares held in the reporting person's name or in the Marc R. Benioff Revocable Trust.

3. 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.

4. 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.

5. 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.

6. 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.

7. 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.

8. 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.

9. Shares held in the Marc Benioff Fund LLC (the "Fund"). Fund interests are held in the reporting person's name or in trust.

10. 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.

	/s/ Andrew Leeds, Attorney-in-Fact for Marc Benioff	09/04/2025
	** 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 Marc Benioff report on Form 4 for Salesforce (CRM)?

He reported exercising 2,250 non-qualified stock options at $161.50 and selling 2,250 shares on 09/03/2025 under a Rule 10b5-1 plan.

Were the sales conducted under a trading plan for CRM?

Yes. The transaction was effected automatically pursuant to a Rule 10b5-1 trading plan adopted January 9, 2025, as indicated on the form.

How many Salesforce shares does Marc Benioff beneficially own after these transactions?

The filing lists direct beneficial holdings in the range of about 11.9 million shares, plus 107,000 held by a trust and 10,000,000 held indirectly by Marc Benioff Fund LLC.

At what prices were the CRM shares sold?

Sales occurred in multiple tranches with weighted-average prices reported across ranges approximately from $251.3434 to $257.6500, with specific weighted-average prices disclosed for each tranche.

Who signed the Form 4 filing for Marc Benioff?

The form is signed by /s/ Andrew Leeds, Attorney-in-Fact for Marc Benioff with the signature date 09/04/2025.