Salesforce CEO Benioff exercises options, sells 2,250 shares

Salesforce, Inc. chair and CEO Marc Benioff exercised 2,250 non-qualified stock options at $161.50 per share on September 23, 2025, receiving 2,250 common shares.

Rhea-AI Filing Summary

Salesforce, Inc. chair and CEO Marc Benioff exercised 2,250 non-qualified stock options at $161.50 per share on September 23, 2025, receiving 2,250 common shares. On the same date he sold 2,250 shares in multiple trades at weighted-average prices between $244.3100 and $250.7323. He continues to hold 11,911,571 shares directly, plus indirect holdings through a revocable trust and Marc Benioff Fund LLC, with at least one transaction effected automatically under a Rule 10b5-1 trading plan adopted on January 9, 2025.

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.

Insider Trade Summary

Exercise and Sale: 2,250 shares ($192K approx. pre-tax spread)

Exercise and Sale 10 txns

Insider Benioff Marc

Role Chair and CEO

Sold 2,250 shs ($555K)

Approx. gross sale proceeds $555K

Approx. exercise cost $363K

Approx. pre-tax spread $192K

Type	Security	Shares	Price	Value
Exercise	Non-qualified Stock Option (Right to Buy)	2,250	$0.00	$0.00
Exercise	Common Stock	2,250	$161.50	$363K
Sale	Common Stock	685	$244.7361	$168K
Sale	Common Stock	272	$245.6781	$67K
Sale	Common Stock	400	$246.8317	$99K
Sale	Common Stock	535	$247.5323	$132K
Sale	Common Stock	97	$248.4421	$24K
Sale	Common Stock	261	$250.0807	$65K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Non-qualified Stock Option (Right to Buy) — 63,122 contracts (Direct); Common Stock — 11,911,571 shares (Direct); Common Stock — 107,000 shares (Indirect, By Trust); Common Stock — 10,000,000 shares (Indirect, By Marc Benioff Fund LLC)

Footnotes (10)

1. F1. 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. F2. Shares held in the reporting person's name or in the Marc R. Benioff Revocable Trust.
3. F3. 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. F4. 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. F5. 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. F6. 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. F7. 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. F8. 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. F9. Shares held in the Marc Benioff Fund LLC (the "Fund"). Fund interests are held in the reporting person's name or in trust.
10. F10. 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.

Key Figures

Options Exercised: 2,250 shares Shares Sold: 2,250 shares Sale Price Range: $244.3100–$250.7323 +3 more

6 metrics

Options Exercised 2,250 shares Non-qualified stock options exercised on 2025-09-23 at $161.5000 per share

Shares Sold 2,250 shares Total Salesforce common shares sold on 2025-09-23 across multiple transactions

Sale Price Range $244.3100–$250.7323 Weighted-average prices across reported Salesforce share sales

Direct Holdings After Transaction 11,911,571 shares Salesforce common stock held directly by Marc Benioff following reported trades

Indirect Trust Holdings 107,000 shares Salesforce common stock held indirectly by trust as of 2025-09-23

Indirect Fund Holdings 10,000,000 shares Salesforce common stock held indirectly through Marc Benioff Fund LLC

Key Terms

Non-qualified Stock Option, Rule 10b5-1 trading plan, Revocable Trust, weighted average price, +1 more

5 terms

Non-qualified Stock Option financial

"Security title listed as Non-qualified Stock Option (Right to Buy)"

A non-qualified stock option (NSO) is a contract that lets an employee or service provider buy company shares at a fixed price for a set period, like a voucher to purchase stock later at today’s price. It matters to investors because exercising NSOs creates ordinary income for the holder and can increase share count, affecting a company’s earnings and ownership mix; think of it as a future sale that can dilute existing shareholders and has immediate tax consequences for the recipient.

Rule 10b5-1 trading plan regulatory

"transaction was effected automatically pursuant to a Rule 10b5-1 trading plan"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

Revocable Trust financial

"Shares held in the Marc R. Benioff Revocable Trust"

A revocable trust is a legal arrangement where the person who creates it keeps control and can change or cancel the trust at any time, while naming who will manage and receive the assets later. Think of it like a flexible folder for your investments and property that can be relabeled or reworked as circumstances change; it matters to investors because it determines how ownership is recorded, how easily assets transfer on incapacity or death, and whether holdings bypass public probate proceedings.

weighted average price financial

"Weighted average price. These shares were sold in multiple transactions"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

Marc Benioff Fund LLC financial

"Shares held in the Marc Benioff Fund LLC (the "Fund")"

FAQ

What did Salesforce (CRM) CEO Marc Benioff report in this Form 4?

Marc Benioff exercised 2,250 non-qualified stock options at $161.50, receiving 2,250 Salesforce common shares, and sold 2,250 shares on September 23, 2025. He reported these trades while continuing to hold a large direct and indirect equity position in Salesforce.

How many Salesforce (CRM) shares did Marc Benioff sell, and at what prices?

He sold 2,250 Salesforce common shares across several transactions. Footnotes show weighted-average prices in ranges from $244.3100 to $250.7323, with detailed breakdowns available on request from Salesforce, its security holders, or SEC staff.

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

After the reported trades, Marc Benioff holds 11,911,571 Salesforce common shares directly. He also reports indirect holdings of 107,000 shares through a trust and 10,000,000 shares through Marc Benioff Fund LLC, reflecting substantial ongoing ownership.

Were Marc Benioff’s Salesforce (CRM) trades made under a Rule 10b5-1 plan?

A footnote states that at least one transaction was effected automatically under a Rule 10b5-1 trading plan adopted on January 9, 2025. Such plans pre-arrange trades, reducing the significance of short-term market timing for those transactions.

What options did Marc Benioff exercise in Salesforce (CRM)?

He exercised a non-qualified stock option2,250 shares$161.5000. The option began vesting 25% on March 22, 2020, with the remaining balance vesting in equal monthly installments over the following 36 months.

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Accepted by SEC EDGAR 09/24/2025 - 04:56 PM Learn about SEC filing dates

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.
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