[Form 4] Salesforce, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 144 Overview: Krystal Biotech, Inc. (ticker KRYS) has filed a Form 144 indicating the proposed sale of 25,000 common shares through Morgan Stanley Smith Barney on or about 9 July 2025 on Nasdaq.

Key details

• Aggregate market value: US$3,583,375.
• Outstanding shares: 28,898,680.
• Percentage of float: roughly 0.09 % of shares outstanding.
• Seller’s position: Shares were acquired on 31 Mar 2017 as founders shares; no prior sales reported in the past three months.

The filing is a routine notice required under Rule 144 when an affiliate or insider intends to dispose of restricted or control securities. At <0.1 % of the company’s outstanding stock, the transaction is immaterial in scale and unlikely to meaningfully impact liquidity or corporate control. Nonetheless, insider sales can attract investor attention because they may be interpreted—rightly or wrongly—as signals about management’s outlook. The seller affirms they possess no undisclosed material adverse information, and no 10b5-1 trading plan adoption date is disclosed.

Investment view: This appears to be a low-impact, discretionary sale by an insider. Investors typically monitor cumulative insider activity and sale frequency rather than isolated filings of this size. No information in the document suggests operational, financial, or strategic changes at Krystal Biotech.

Insights

Securities Analyst

TL;DR Routine Form 144 for 25 k shares (0.09 % float); insignificant on valuation, mildly negative sentiment due to insider selling.

From a capital-markets perspective, the proposed sale represents less than 0.1 % of the 28.9 million shares outstanding—far below any threshold likely to pressure daily trading volumes. The US$3.6 million notional value is modest for a company with a multi-billion-dollar market cap, implying negligible dilution or liquidity concerns. While insider sales often trigger knee-jerk reactions, the lack of accompanying operational disclosures, combined with the founders shares origin, suggests personal liquidity rather than strategic repositioning. I classify the filing as not impactful to earnings outlook or valuation multiples.

Corporate Governance Expert

TL;DR Governance risk minimal; standard Rule 144 compliance, no aggregation issues, no recent insider sales.

The filer certifies absence of undisclosed adverse information and reports no sales in the preceding three months, satisfying Rule 144(e) aggregation limits. There is no indication of a 10b5-1 plan, so timing is discretionary but still permissible. Given the fractional share percentage, board-level governance implications are negligible. Investors should continue to track overall insider activity trends, but this single notice does not alter governance risk assessments.

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)
07/08/2025

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	07/08/2025		M(1)		2,250	A	$161.5	11,864,707	D(2)
Common Stock	07/08/2025		S(1)		382	D	$270.6061(3)	11,864,325	D(2)
Common Stock	07/08/2025		S(1)		123	D	$271.6543(4)	11,864,202	D(2)
Common Stock	07/08/2025		S(1)		837	D	$273.4855(5)	11,863,365	D(2)
Common Stock	07/08/2025		S(1)		536	D	$274.2949(6)	11,862,829	D(2)
Common Stock	07/08/2025		S(1)		255	D	$275.216(7)	11,862,574	D(2)
Common Stock	07/08/2025		S(1)		117	D	$276.168(8)	11,862,457	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	07/08/2025		M(1)			2,250	03/22/2020(10)	03/22/2026	Common Stock	2,250	$0	184,622	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 $270.0908 to $271.0000 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 $271.2886 to $271.9930 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 $272.8300 to $273.8200 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 $273.8300 to $274.7852 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 $274.9100 to $275.8200 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 $275.9638 to $276.4070 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/ Sarah Dale, Attorney-in-Fact for Marc Benioff	07/09/2025
	** 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

How many Krystal Biotech (KRYS) shares are being sold under this Form 144?

The notice covers 25,000 common shares.

What is the market value of the proposed KRYS share sale?

The aggregate market value is US$3,583,375.

What percentage of Krystal Biotech’s outstanding shares does 25,000 represent?

Approximately 0.09 % of the 28,898,680 shares outstanding.

When is the KRYS insider planning to sell the shares?

The approximate sale date stated is 09 July 2025.

Which broker will handle the KRYS share sale?

The broker is Morgan Stanley Smith Barney LLC.

Were any other KRYS shares sold by this insider in the last three months?

No. The filing states “Nothing to Report” for prior three-month sales.