[Form 4] Salesforce, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Marc Benioff, Chair and CEO of Salesforce (CRM), reported Rule 10b5-1 plan trades on Form 4. On 08/25/2025 he exercised 2,250 non-qualified stock options with a $161.50 exercise price, acquiring 2,250 shares. That same day he sold a matching aggregate of 2,250 shares in multiple transactions: 1,761 shares at a weighted average of $247.3368, 412 shares at $248.2744, and 77 shares at $249.1571. Following these transactions his direct beneficial ownership is reported as 11,911,571 shares. He also reports 107,000 shares held indirectly by trust and 10,000,000 shares indirectly via Marc Benioff Fund LLC. The option balance following the reported transaction is 108,122 options.

Positive

• Transactions executed under a 10b5-1 plan, providing affirmative defense for pre-planned trades
• Full disclosure of exercise and sales including weighted-average price ranges and exact share counts
• Substantial indirect holdings remain (10,000,000 shares via Marc Benioff Fund LLC and 107,000 by trust)

Negative

• None.

Insights

Securities Analyst

TL;DR: CEO exercised options and sold the same number of shares under a 10b5-1 plan; significant indirect holdings remain.

The filing shows a routine insider exercise-and-sell executed under a 10b5-1 trading plan adopted January 9, 2025, which provides affirmative defense to insider trading claims. The numbers are explicit: 2,250 options exercised at $161.50 and 2,250 shares sold across three price bands yielding weighted average sale prices between $247.34 and $249.16. Direct ownership decreased marginally from 11,913,821 to 11,911,571 shares, while material indirect holdings remain (107,000 by trust and 10,000,000 via the Marc Benioff Fund LLC). For investors this is a disclosure of liquidity activity, not an operational update.

Corporate Governance Expert

TL;DR: Transactions were pre-planned under a 10b5-1 plan and properly disclosed; substantial indirect ownership persists.

The form clearly indicates the checkbox showing transactions were effected pursuant to a Rule 10b5-1 plan adopted January 9, 2025, which is standard practice for insiders to schedule trades. The filing includes detailed weighted-average price ranges for multiple sale tranches and identifies ownership held directly and indirectly. The disclosure appears complete and signed by an attorney-in-fact, meeting Form 4 requirements. No governance red flags are evident from this single filing alone.

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)
08/25/2025

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	08/25/2025		M(1)		2,250	A	$161.5	11,913,821	D(2)
Common Stock	08/25/2025		S(1)		1,761	D	$247.3368(3)	11,912,060	D(2)
Common Stock	08/25/2025		S(1)		412	D	$248.2744(4)	11,911,648	D(2)
Common Stock	08/25/2025		S(1)		77	D	$249.1571(5)	11,911,571	D(2)
Common Stock								107,000	I	By Trust
Common Stock								10,000,000	I(6)	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	08/25/2025		M(1)			2,250	03/22/2020(7)	03/22/2026	Common Stock	2,250	$0	108,122	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 $246.9152 to $247.8500 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 $247.9680 to $248.9300 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 $248.9700 to $249.3700 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. Shares held in the Marc Benioff Fund LLC (the "Fund"). Fund interests are held in the reporting person's name or in trust.

7. 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	08/26/2025
	** 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 did Marc Benioff report on the Form 4 for CRM?

He reported exercising 2,250 options at an exercise price of $161.50 and selling 2,250 shares on 08/25/2025 under a 10b5-1 plan.

Were the trades executed under a pre-planned trading plan for CRM insider Marc Benioff?

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

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

The filing reports 11,911,571 shares directly beneficially owned after the transactions, plus 107,000 held indirectly by trust and 10,000,000 indirectly via Marc Benioff Fund LLC.

What prices were the sold CRM shares transacted at?

Sales occurred in multiple tranches with weighted average prices reported as $247.3368, $248.2744, and $249.1571; specific trade ranges are disclosed in the filing.

How many options does Marc Benioff hold after the reported exercise?

The Form 4 reports 108,122 derivative securities (options) beneficially owned following the transaction.