[Form 4] Salesforce, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Miguel Milano, President and Chief Revenue Officer of Salesforce, Inc. (CRM), reported transactions on 08/22/2025. Restricted stock units (RSUs) vested and converted one-for-one into 1,663 shares that were reported as acquired. To satisfy tax withholding upon settlement, 690 shares were withheld (reported as disposed) at a reported price of $248.29 per share. After these transactions the filings show beneficial ownership levels reported as 13,301 shares (derivative/total beneficial ownership) and 10,906 shares (direct beneficial ownership) in different table lines; the form does not provide additional context on total outstanding holdings beyond these reported figures.

Positive

• RSU vesting converted to 1,663 shares, reflecting compensation alignment with company performance
• Transaction annotated as tax-withholding, indicating the sale of 690 shares was to satisfy tax liabilities rather than a discretionary large-sale

Negative

• 690 shares withheld and disposed at $248.29, reducing direct holdings reported in the non-derivative table
• Filing does not disclose aggregate historical insider holdings or the total company-wide impact of the vesting event

Insights

Corporate Governance Expert

TL;DR: Routine RSU vesting with tax-withhold sale; no evidence of material change in insider stake.

The filing documents a standard equity compensation event: RSUs vested and converted into shares while a portion was withheld to cover tax obligations. The reported sale (690 shares at $248.29) is explicitly described as tax withholding rather than an open-market disposition for liquidity or diversification. This pattern is common for executive compensation settlements and typically is considered a routine, non-disruptive event from a governance perspective. The filing contains clear numbers for shares acquired, withheld, and post-transaction beneficial ownership but does not disclose aggregate historical holdings or any change in control.

Securities Analyst

TL;DR: Minor net increase in share count from RSU settlement; transaction size is not material to company market cap.

The report shows conversion of 1,663 RSUs into common stock and a simultaneous withholding of 690 shares for taxes at a price of $248.29. The net effect on the reporting person’s direct holdings is a change consistent with compensation vesting mechanics. The filing does not indicate any exercise of derivative instruments for cash proceeds or large sales that would signal a change in insider sentiment. Impact to shareholders or market liquidity appears negligible based solely on the disclosed quantities.

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
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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).

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^*

Milano Miguel

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CRO

3. Date of Earliest Transaction (Month/Day/Year)
08/22/2025

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	08/22/2025		M		1,663	A	$0	11,596	D
Common Stock	08/22/2025		F		690(1)	D	$248.29	10,906	D

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
Restricted Stock Units	$0(2)	08/22/2025		M			1,663	08/22/2024(3)	08/22/2027	Common Stock	1,663	$0	13,301	D

Explanation of Responses:

1. Represents shares withheld to satisfy the reporting person's tax liability upon vesting and settlement of a restricted stock unit award.

2. Restricted Stock Units convert to shares of common stock on a one-for-one basis.

3. These Restricted Stock Units vest as to 25% of the original grant on August 22, 2024 and vest as to 1/16 of the original grant quarterly thereafter.

Remarks:

Exhibit 24 - Power of Attorney

	/s/ Sarah Dale, Attorney-in-Fact for Miguel Milano	08/25/2025
	** 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 Salesforce (CRM) insider Miguel Milano report on Form 4?

Miguel Milano reported RSU vesting and settlement on 08/22/2025: 1,663 RSUs converted to common stock and 690 shares were withheld/disposed to satisfy taxes.

At what price were the withheld shares reported on the Form 4 for CRM?

The 690 shares withheld were reported at a price of $248.29 per share.

How many shares does Milano beneficially own after the reported transactions?

The Form 4 shows beneficial ownership figures of 13,301 shares (derivative/total line) and 10,906 shares (direct line) following the reported transactions.

Was the sale of shares by Milano described as discretionary or for tax withholding?

The filing indicates the disposition of 690 shares represents withholding to satisfy the reporting person’s tax liability upon RSU vesting.

When did the RSUs vest and what is the vesting schedule referenced?

The RSUs reported vested on 08/22/2025; the explanation states the original grant vested 25% on 08/22/2024 with the remainder vesting quarterly at 1/16 thereafter, and RSUs convert one-for-one to common stock.