CRM Insider Filing: Benioff Exercises 2,250 Shares, Sells Under 10b5-1
Rhea-AI Filing Summary
Marc Benioff, Chair and CEO of Salesforce (CRM), executed a set of equity transactions on 10/08/2025. He exercised a non-qualified stock option to acquire 2,250 shares at an exercise price of $161.50, and contemporaneously sold the same total of 2,250 common shares in multiple block trades at weighted average prices ranging from $236.7400 to $241.3000 (individual weighted averages reported). The sales were effected under a Rule 10b5-1 trading plan adopted on 01/09/2025, as indicated on the form. After these transactions, the reporting person is shown as beneficially owning 11,913,821 shares directly (plus 107,000 held by a trust and 10,000,000 held indirectly by Marc Benioff Fund LLC), with derivative holdings of 38,372 option shares outstanding.
Positive
- Transactions executed under a Rule 10b5-1 plan, indicating pre-arranged timing and procedural compliance
- Exercise and sale totaled 2,250 shares, a modest and clearly disclosed insider liquidity event
- Large retained indirect holdings — 10,000,000 shares held by Marc Benioff Fund LLC and 11,913,821 shares directly, showing continued substantial ownership
Negative
- Immediate sale of 2,250 shares reduced direct share count by the transacted amount (reported on Form 4)
Insights
Routine insider exercises/options and sales executed under a 10b5-1 plan; disclosure aligns with standard governance practice.
The filing shows an exercise of 2,250 option shares at $161.50 and immediate sales of the same total amount at weighted average prices between $236.74 and $241.30. Reporting the use of a Rule 10b5-1 plan signals pre-arranged execution timing rather than opportunistic trading.
Key dependencies include the terms of the 10b5-1 plan and the option vesting schedule noted in the filing. Monitor any future Form 4 filings for additional material changes to direct or indirect holdings over the next 3–12 months.
Transaction pair (exercise then sale) appears cash-neutral for share count; option vesting schedule remains as disclosed.
The option exercised was from a grant dated 03/22/2020 with vesting described in the filing; the form reports 38,372 options remaining following the transaction. Exercising at $161.50 and selling at ~$237–241 realized a gross spread per share consistent with typical executive liquidity events.
Watch subsequent disclosures for additional option exercises, sales under the 10b5-1 plan, or changes to total derivative counts within the next fiscal year to assess ongoing dilution or insider liquidity patterns.
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 | 125 | $236.8095 | $30K |
| Sale | Common Stock | 258 | $238.31 | $61K |
| Sale | Common Stock | 795 | $239.7174 | $191K |
| Sale | Common Stock | 1,039 | $240.5293 | $250K |
| Sale | Common Stock | 33 | $241.2845 | $8K |
| 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 $236.7400 to $236.9200 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 $237.8900 to $238.8400 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 $239.1000 to $240.0700 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 $240.0950 to $241.0700 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 $241.2800 to $241.3000 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.
