[Form 4] Salesforce, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Marc Benioff, Chair and CEO of Salesforce (CRM), reported a set of related transactions on Form 4 executed under a Rule 10b5-1 trading plan. On 08/22/2025 he exercised 2,250 stock options with an exercise price of $161.50 and immediately sold the same 2,250 shares in multiple block sales at weighted average prices ranging from about $244.61 to $249.02, realizing materially higher proceeds than the exercise price.

The filing shows substantial ongoing holdings: 11.91 million shares held directly or in trust, 107,000 shares indirectly held by trust, and 10,000,000 shares held indirectly by the Marc Benioff Fund LLC. The transactions were automatic under a 10b5-1 plan adopted January 9, 2025.

Positive

• Transaction executed under a Rule 10b5-1 plan, indicating pre-established, automated trading and reduced insider trading risk
• Full disclosure of holdings and weighted-average sale prices, enhancing transparency
• Profitable exercise and sale: options exercised at $161.50 and sold in the $244.61–$249.02 range

Negative

• None.

Insights

Financial Analyst

TL;DR: CEO exercised options and sold the resulting shares under a pre-established 10b5-1 plan; holdings remain large and sales are small versus total ownership.

The filing shows a common pattern: exercise of vested options followed by immediate disposition of the same shares, executed under a 10b5-1 plan. Economically, the CEO captured the spread between the $161.50 exercise price and the approximately $244.61–$249.02 sale prices. The aggregate sold (2,250 shares) is immaterial relative to reported total beneficial ownership (tens of millions of shares), suggesting limited impact on cap table or control. Investors should view this as routine liquidity management rather than a signal of change in ownership stance.

Corporate Governance Expert

TL;DR: Transactions follow governance best practices via an established 10b5-1 plan and were reported timely; transparency is appropriate.

The report discloses use of a Rule 10b5-1 trading plan adopted January 9, 2025, which provides an affirmative defense to insider trading claims when properly structured. The filing lists both direct and indirect holdings, including trust and fund vehicles, and includes the requisite explanatory detail about weighted-average sale prices and option vesting terms. From a governance perspective, the disclosure meets SEC Form 4 requirements and enhances transparency around insider liquidity activity.

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)
08/22/2025

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)		2,250	A	$161.5	11,913,821	D(2)
Common Stock	08/22/2025		S(1)		128	D	$245.2159(3)	11,913,693	D(2)
Common Stock	08/22/2025		S(1)		199	D	$246.2511(4)	11,913,494	D(2)
Common Stock	08/22/2025		S(1)		704	D	$247.2982(5)	11,912,790	D(2)
Common Stock	08/22/2025		S(1)		1,050	D	$248.2772(6)	11,911,740	D(2)
Common Stock	08/22/2025		S(1)		169	D	$249.0171(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	08/22/2025		M(1)			2,250	03/22/2020(9)	03/22/2026	Common Stock	2,250	$0	110,372	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 $244.6094 to $245.5987 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 $245.7800 to $246.6600 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 $246.8612 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.

6. Weighted average price. These shares were sold in multiple transactions at prices ranging from $247.8600 to $248.6740 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 $248.9185 to $249.2046 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	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).
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FAQ

What did Marc Benioff report on Form 4 for CRM?

He exercised 2,250 options at $161.50 and sold 2,250 shares on 08/22/2025, with sales executed under a 10b5-1 plan.

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

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

How many Salesforce shares does Benioff beneficially own after the transactions?

Reported beneficial ownership totals include approximately 11,911,571 shares direct, 107,000 shares by trust, and 10,000,000 shares via Marc Benioff Fund LLC as disclosed in the Form 4.

What prices were the shares sold for?

Weighted-average sale prices ranged roughly from $244.61 to $249.02 across multiple transactions; the filer provided price ranges for each block.

Did the filing disclose option vesting terms?

Yes. The option vests over four years with 25% on the first anniversary of grant and monthly vesting thereafter.