[Form 4] Salesforce, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Marc Benioff, Chair and CEO of Salesforce, executed and reported securities transactions on 08/28/2025 under a Rule 10b5-1 trading plan adopted 01/09/2025. He exercised 2,250 non-qualified stock options with an exercise price of $161.50 and the underlying 2,250 common shares were sold in multiple transactions at weighted-average prices ranging from $251.2845 to $255.2865, resulting in an incremental net reduction of his direct holdings from 11,913,821 to 11,911,571 shares.

The filing shows indirect holdings of 107,000 shares by a trust and 10,000,000 shares held by Marc Benioff Fund LLC. All information reported is transactional and routine: an option exercise followed by sales effected pursuant to a pre-established trading plan.

Positive

• Transactions executed pursuant to a Rule 10b5-1 plan, which promotes transparency and reduces timing concerns
• Full disclosure of weighted-average sale prices and price ranges for the multiple tranches sold on 08/28/2025
• Limited net change in direct ownership, a small reduction of 2,250 shares from reported holdings

Negative

• Large concentration of indirect holdings remains (10,000,000 shares in Marc Benioff Fund LLC), which may sustain governance voting concentration
• Immediate sale following option exercise results in no long-term increase in personally held common shares from the exercised options

Insights

Financial Analyst

TL;DR Routine option exercise and matched sales under a 10b5-1 plan; minimal change to total beneficial ownership.

The filing documents a standard insider liquidity event: exercise of 2,250 options at $161.50 and immediate disposition of the 2,250 underlying shares in multiple tranches at weighted-average prices between $251.28 and $255.29 on 08/28/2025. The trades were executed pursuant to a Rule 10b5-1 plan adopted 01/09/2025, which reduces the risk of signaling or timing disclosure. Direct beneficial ownership decreased marginally by 2,250 shares to 11,911,571. From an investor-impact perspective, the event is routine and immaterial to company operations or capital structure.

Corporate Governance Expert

TL;DR Transactions follow an established 10b5-1 plan, indicating pre-planned dispositions rather than opportunistic sales.

The report clearly states the trades were effected automatically under a 10b5-1 trading plan adopted 01/09/2025, and includes granular weighted-average price ranges for the multiple sale tranches. Disclosure of indirect holdings (107,000 by trust; 10,000,000 by Marc Benioff Fund LLC) provides transparency on concentrated ownership. This filing reflects compliant insider reporting and standard governance practice for executive liquidity events.

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)
08/28/2025

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	08/28/2025		M(1)		2,250	A	$161.5	11,913,821	D(2)
Common Stock	08/28/2025		S(1)		89	D	$251.2845(3)	11,913,732	D(2)
Common Stock	08/28/2025		S(1)		564	D	$252.4957(4)	11,913,168	D(2)
Common Stock	08/28/2025		S(1)		400	D	$253.3896(5)	11,912,768	D(2)
Common Stock	08/28/2025		S(1)		745	D	$254.6108(6)	11,912,023	D(2)
Common Stock	08/28/2025		S(1)		452	D	$255.2865(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	08/28/2025		M(1)			2,250	03/22/2020(9)	03/22/2026	Common Stock	2,250	$0	101,372	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 $250.8278 to $251.6500 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 $251.9142 to $252.9013 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 $252.9477 to $253.7700 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 $254.0430 to $255.0000 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.

7. Weighted average price. These shares were sold in multiple transactions at prices ranging from $255.0649 to $255.5272 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	08/29/2025
	** 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.
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FAQ

What transactions did Marc Benioff report on Form 4 for CRM?

The filing reports exercise of 2,250 non-qualified stock options at $161.50 and sale of the resulting 2,250 common shares in multiple tranches on 08/28/2025.

Were the sales part of a pre-arranged trading plan?

Yes. The transactions were effected automatically pursuant to a Rule 10b5-1 trading plan adopted on 01/09/2025.

What prices were received for the sold shares?

Shares were sold in multiple transactions with weighted-average prices reported between $251.2845 and $255.2865, with specified price ranges provided for each tranche.

How did these transactions change Benioff's ownership?

Direct beneficial ownership decreased from 11,913,821 to 11,911,571 shares after the transactions, a net reduction of 2,250 shares.

Does Benioff hold shares indirectly?

Yes. The filing reports 107,000 shares held by a trust and 10,000,000 shares held by Marc Benioff Fund LLC as indirect holdings.