[Form 4] Salesforce, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Marc Benioff, Chair and CEO of Salesforce, reported option exercise and multiple open-market sales executed under a Rule 10b5-1 plan. On 09/05/2025 he exercised 2,250 non-qualified stock options with an exercise price of $161.50 (option grant dated 03/22/2020) and acquired 2,250 shares. On the same date he sold a series of common stock lots totaling 3,189 shares at weighted-average prices ranging from $244.4600 to $250.8406, with per-lot weighted prices disclosed as $244.9015, $246.8863, $248.269, $249.55 and $250.1467. After these transactions he beneficially owned 11,911,571 shares directly and 10,107,000 shares indirectly (107,000 by trust; 10,000,000 held by Marc Benioff Fund LLC). The filing notes the sales were effected automatically under a 10b5-1 trading plan adopted January 9, 2025.

Positive

• Trades executed under a Rule 10b5-1 plan, indicating pre-arranged, automated trading with an affirmative defense to insider trading claims
• Clear post-transaction ownership disclosure: 11,911,571 shares direct and 10,107,000 shares indirect (107,000 by trust; 10,000,000 by Marc Benioff Fund LLC)
• Exercise of granted options is documented with grant and vesting details (grant date 03/22/2020; vesting schedule described)

Negative

• Insider sold 3,189 shares on 09/05/2025, which reduces the reporting person’s direct holdings (though amount is small relative to total stake)
• Sales executed at varying prices require weighted-average disclosures and per-lot details are not listed in the filing (available upon request)

Insights

Corporate Governance Expert

TL;DR: Insider exercised options and sold shares under a pre-arranged 10b5-1 plan; disclosures are routine and comply with Section 16 reporting.

The filing shows standard Section 16 reporting for an executive who both exercised options and sold shares on the same date. The use of a 10b5-1 plan (adopted January 9, 2025) and the attorney-in-fact signature are consistent with documented, pre-planned trades designed to provide an affirmative defense under Rule 10b5-1. Holdings after the transactions are clearly disclosed, separating direct ownership and indirect ownership via trust and an LLC. No new grants, amendments, or unusual derivative structures are reported beyond the previously granted non-qualified option exercisable through 03/22/2026.

Securities Analyst

TL;DR: Transactions are material for disclosure but present as routine insider liquidity and option exercise, not an operational signal.

The report documents an option exercise (2,250 shares at $161.50) and sales of 3,189 shares across multiple price points between $244.46 and $250.84. The amounts sold are small relative to total beneficial ownership (direct plus indirect exceed 21 million shares), indicating limited impact on overall stake. The filing provides weighted-average sale prices and indicates willingness to provide per-lot details upon request, which enhances transparency.

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)
09/05/2025

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	09/05/2025		M(1)		2,250	A	$161.5	11,913,821	D(2)
Common Stock	09/05/2025		S(1)		124	D	$244.9015(3)	11,913,697	D(2)
Common Stock	09/05/2025		S(1)		140	D	$246.8863(4)	11,913,557	D(2)
Common Stock	09/05/2025		S(1)		303	D	$248.269(5)	11,913,254	D(2)
Common Stock	09/05/2025		S(1)		844	D	$249.55(6)	11,912,410	D(2)
Common Stock	09/05/2025		S(1)		839	D	$250.1467(7)	11,911,571	D(2)
Common Stock								107,000	I	By Trust
Common Stock								10,000,000	I(8)	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	09/05/2025		M(1)			2,250	03/22/2020(9)	03/22/2026	Common Stock	2,250	$0	90,122	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 $244.4600 to $245.2700 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 $245.7709 to $247.6765 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 $247.8561 to $248.8425 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 $248.8827 to $249.8713 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 $249.8750 to $250.8406 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. Shares held in the Marc Benioff Fund LLC (the "Fund"). Fund interests are held in the reporting person's name or in trust.

9. 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	09/08/2025
	** 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 CRM on 09/05/2025?

The filing reports exercise of 2,250 non-qualified stock options at $161.50 and sales of 3,189 common shares across multiple lots executed on 09/05/2025 under a 10b5-1 plan.

Were the sales by Marc Benioff part of a Rule 10b5-1 trading plan?

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

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

After the reported transactions he beneficially owned 11,911,571 shares directly and 10,107,000 shares indirectly (107,000 by trust; 10,000,000 held by Marc Benioff Fund LLC).

What was the exercise price and expiration for the reported options exercised?

The exercised non-qualified stock options had an exercise price of $161.50, a grant date of 03/22/2020, and an expiration date of 03/22/2026.

At what prices were the shares sold in the reported transactions?

The filing lists weighted-average prices and ranges: overall sales ranged from $244.4600 to $250.8406 with disclosed weighted-average per groups of $244.9015, $246.8863, $248.269, $249.55 and $250.1467.