[Form 4] Salesforce, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Marc Benioff, Salesforce (CRM) Chair and CEO, reported transactions on 09/23/2025 showing an exercise and offsetting sales executed under a Rule 10b5-1 trading plan. He exercised 2,250 non-qualified stock options2,250 common shares in multiple transactions at weighted average prices within ranges spanning approximately $244.31 to $250.73 per share.

Following these transactions, Benioff is shown as beneficially owning 11,911,571–11,913,821 common shares directly or indirectly, including 10,000,000 shares held by the Marc Benioff Fund LLC and 107,000 shares held by trust.

Positive

• Transactions executed under a Rule 10b5-1 trading plan, indicating pre-established automated trades adopted January 9, 2025
• Exercise of 2,250 options at $161.50, demonstrating use of compensation-derived liquidity rather than ad hoc sales
• Substantial remaining beneficial ownership totaling over 11.9 million shares, including 10,000,000 shares in Marc Benioff Fund LLC

Negative

• Sales of 2,250 common shares on 09/23/2025 at weighted average prices within ranges approximately $244.31 to $250.73, reducing direct holdings slightly
• Sales executed across multiple price points, requiring follow-up for precise per-trade quantities if granular analysis is needed

Insights

Financial Analyst

TL;DR: Insider exercised options and sold equivalent shares under an established 10b5-1 plan; net holdings remain materially large.

The filing documents a routine option exercise of 2,250 shares at $161.50 and contemporaneous sales of 2,250 shares at prices ranging roughly $244.31 to $250.73, all effected pursuant to a Rule 10b5-1 trading plan adopted January 9, 2025. The transactions appear offsetting, leaving the reporting person with a substantial beneficial position exceeding 11.9 million shares, including 10.0 million held by an affiliated fund. For investors, this is a standard liquidity event by a primary insider rather than a change in control or material capital structure.

Corporate Governance Expert

TL;DR: Transactions follow a pre-established plan and are disclosed properly; no governance red flags in the filing itself.

The Form 4 discloses that trades were executed automatically under a Rule 10b5-1 plan, which provides pre-clearance defense against allegations of trading on material nonpublic information when properly adopted. The filing shows full disclosure of exercised options, multiple sale price ranges with undertakings to provide granular details on request, and identification of indirect holdings via trust and the Marc Benioff Fund LLC. Documentation aligns with required Section 16 reporting practices.

09/24/2025 - 04:56 PM

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).

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)
09/23/2025

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	09/23/2025		M(1)		2,250	A	$161.5	11,913,821	D(2)
Common Stock	09/23/2025		S(1)		685	D	$244.7361(3)	11,913,136	D(2)
Common Stock	09/23/2025		S(1)		272	D	$245.6781(4)	11,912,864	D(2)
Common Stock	09/23/2025		S(1)		400	D	$246.8317(5)	11,912,464	D(2)
Common Stock	09/23/2025		S(1)		535	D	$247.5323(6)	11,911,929	D(2)
Common Stock	09/23/2025		S(1)		97	D	$248.4421(7)	11,911,832	D(2)
Common Stock	09/23/2025		S(1)		261	D	$250.0807(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	09/23/2025		M(1)			2,250	03/22/2020(10)	03/22/2026	Common Stock	2,250	$0	63,122	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 $244.3100 to $245.3000 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.

4. Weighted average price. These shares were sold in multiple transactions at prices ranging from $245.3100 to $246.2500 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 $246.3300 to $247.3200 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 $247.3300 to $247.7900 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 $248.3600 to $248.5000 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 $249.7400 to $250.7323 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	09/24/2025
	** 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 transactions did Marc Benioff report on Form 4 for Salesforce (CRM)?

The filing reports a 2,250-share option exercise at an exercise price of $161.50 and sales totaling 2,250 common shares on 09/23/2025 executed under a Rule 10b5-1 trading plan.

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

The Form 4 shows beneficial ownership in the range of 11,911,571 to 11,913,821 common shares, including 10,000,000 shares held by Marc Benioff Fund LLC and 107,000 shares by trust.

Were the sales executed as part of a pre-arranged plan?

Yes. The filing states the transactions were effected automatically pursuant to a Rule 10b5-1 trading plan adopted on January 9, 2025.

At what price were the Salesforce shares sold?

Sales occurred at weighted average prices within multiple ranges; reported ranges span approximately $244.31 to $250.73 per share. The filer offered to provide exact per-trade quantities on request.

Does the Form 4 indicate any change in control or new related-party holdings?

No. The filing discloses routine option exercise and sales and lists existing indirect holdings via trust and Marc Benioff Fund LLC; it does not indicate a change in control.