[Form 4] Salesforce, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Salesforce, Inc. (CRM) – Form 4 filed 07/25/2025: Chair & CEO Marc Benioff exercised 2,250 non-qualified stock options at an exercise price of $161.50 and immediately sold the same number of shares under a Rule 10b5-1 plan dated 01/09/2025.

Sales were executed in three tranches: 1,442 sh at a VWAP of $266.3326, 471 sh at $267.1911, and 337 sh at $268.0984. Because the exercised shares were fully offset by same-day sales, Benioff’s direct ownership remained unchanged at 11,911,571 shares.

He continues to hold an additional 107,000 shares through a revocable trust and 10 million shares via the Marc Benioff Fund LLC, bringing total beneficial ownership to roughly 22 million shares. The transactions represent less than 0.05 % of his aggregate stake and were executed pursuant to a pre-arranged trading plan, limiting signaling value to investors.

Positive

• No net share reduction; option exercise fully offset by sales, leaving direct holdings unchanged.
• Trades executed under a Rule 10b5-1 plan, signalling pre-committed, non-opportunistic activity.

Negative

• Incremental share sales could still be viewed negatively by some investors, even if immaterial.
• Filing reveals option expiration in March 2026, hinting at potential future supply as more options vest/expire.

Insights

Corporate Governance Expert

TL;DR: Routine 10b5-1 option exercise and sale; no change in economic stake.

The filing shows a classic same-day exercise-and-sell pattern: 2,250 options converted, 2,250 shares sold. Benioff’s direct holdings revert to their pre-trade level, preserving his voting power and economic exposure. The use of a pre-cleared 10b5-1 plan reduces concerns about information asymmetry. Given his total ownership of ~22 million shares, the dollar value (≈$600 k gross sales) is immaterial to both insider sentiment and float dynamics.

Portfolio Manager

TL;DR: Immaterial insider sale; no portfolio action warranted.

Transactions equal just 0.01 % of CRM’s ~1.0 bn diluted share count and are offset by option exercise. Absence of net disposition plus 10b5-1 framing suggests liquidity management rather than bearish view. I assess the filing as neutral with negligible impact on valuation models or short-term trading flows.

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).

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)
07/24/2025

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	07/24/2025		M(1)		2,250	A	$161.5	11,913,821	D(2)
Common Stock	07/24/2025		S(1)		1,442	D	$266.3326(3)	11,912,379	D(2)
Common Stock	07/24/2025		S(1)		471	D	$267.1911(4)	11,911,908	D(2)
Common Stock	07/24/2025		S(1)		337	D	$268.0984(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	07/24/2025		M(1)			2,250	03/22/2020(7)	03/22/2026	Common Stock	2,250	$0	157,622	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 $265.8006 to $266.7755 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 $266.8041 to $267.6942 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 $267.8676 to $268.5200 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/ Ryan Guerrero, Attorney-in-Fact for Marc Benioff	07/25/2025
	** 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

How many Salesforce (CRM) shares did Marc Benioff sell on 07/24/2025?

He sold 2,250 shares in three trades at prices between $266.33 and $268.10.

Did Benioff’s total ownership in CRM change after the Form 4 transactions?

No. After exercising and selling the same number of shares, his direct stake remained at 11,911,571 shares.

Were the sales part of a pre-arranged plan?

Yes, they were executed automatically under a Rule 10b5-1 plan adopted on 01/09/2025.

How many Salesforce shares does Benioff control in total?

Including indirect holdings, he beneficially owns approximately 22 million shares (direct + trust + Marc Benioff Fund LLC).

What was the option exercise price disclosed in the Form 4?

The non-qualified stock options were exercised at $161.50 per share.