[Form 4] Salesforce, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Marc Benioff, Chair and CEO of Salesforce (CRM), reported insider transactions under a Rule 10b5-1 trading plan. The filing shows purchases via option-related transactions of 2,250 shares on 09/17/2025 and 2,250 shares on 09/18/2025 at an exercise/conversion price of $161.50. On those same dates the reporting person sold a total of 4,500 common shares in multiple transactions at weighted-average prices ranging from about $239.79 to $247.08. After these transactions the reporting person directly beneficially owned 11,911,571 shares, indirectly held 107,000 shares via a trust, and had interests in 10,000,000 shares through the Marc Benioff Fund LLC. The filing was signed by an attorney-in-fact and indicates the trades were effected pursuant to a 10b5-1 plan adopted January 9, 2025.

Insights

Securities Analyst

TL;DR: Insider executed option exercises and concurrent sales under a pre-established 10b5-1 plan; overall beneficial ownership remains substantial.

The Form 4 discloses symmetrical activity on 09/17/2025 and 09/18/2025: option-related acquisitions of 4,500 shares at $161.50 total and concurrent open-market disposals of 4,500 shares at weighted-average prices in the ~$240–$247 range. The use of a Rule 10b5-1 plan is explicitly stated, which documents that the trades were pre-planned rather than opportunistic. Post-transaction holdings show continued significant economic and voting exposure: 11.91 million shares directly, plus at least 10.107 million indirectly via trust and an affiliated fund. For investors, the material fact is continued concentrated insider ownership rather than a change in control or large dilution.

Corporate Governance Expert

TL;DR: Trades were executed under an adopted trading plan, and disclosure appears to follow Section 16 reporting requirements.

The filing identifies Marc Benioff as both an officer and director and documents the adoption date of the Rule 10b5-1 plan (January 9, 2025). The Form 4 provides weighted-average sale-price ranges and commits to providing per-price breakdowns on request, demonstrating compliance with reporting detail. No change in aggregate control is disclosed; large indirect holdings through the Marc Benioff Fund LLC and a revocable trust remain in place. From a governance standpoint, these filings reflect routine liquidity management rather than governance shifts.

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)
09/17/2025

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	09/17/2025		M(1)		2,250	A	$161.5	11,913,821	D(2)
Common Stock	09/17/2025		S(1)		453	D	$240.4153(3)	11,913,368	D(2)
Common Stock	09/17/2025		S(1)		988	D	$241.2295(4)	11,912,380	D(2)
Common Stock	09/17/2025		S(1)		804	D	$241.9974(5)	11,911,576	D(2)
Common Stock	09/17/2025		S(1)		5	D	$242.8364	11,911,571	D(2)
Common Stock	09/18/2025		M(1)		2,250	A	$161.5	11,913,821	D(2)
Common Stock	09/18/2025		S(1)		525	D	$243.7737(6)	11,913,296	D(2)
Common Stock	09/18/2025		S(1)		800	D	$244.6618(7)	11,912,496	D(2)
Common Stock	09/18/2025		S(1)		420	D	$245.6899(8)	11,912,076	D(2)
Common Stock	09/18/2025		S(1)		505	D	$246.6517(9)	11,911,571	D(2)
Common Stock								107,000	I	By Trust
Common Stock								10,000,000	I(10)	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	09/17/2025		M(1)			2,250	03/22/2020(11)	03/22/2026	Common Stock	2,250	$0	72,122	D
Non-qualified Stock Option (Right to Buy)	$161.5	09/18/2025		M(1)			2,250	03/22/2020(11)	03/22/2026	Common Stock	2,250	$0	69,872	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 $239.7914 to $240.7843 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 $240.7992 to $241.7705 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 $241.8069 to $242.5710 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 $243.1610 to $244.1443 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 $244.1800 to $245.1319 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 $245.2387 to $246.1393 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. Weighted average price. These shares were sold in multiple transactions at prices ranging from $246.2369 to $247.0809 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.

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

11. 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	09/19/2025
	** 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.