[Form 4] Salesforce, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Marc Benioff, Salesforce (CRM) executed option exercises and matched share sales under a pre-established Rule 10b5-1 plan on 09/10/2025. He exercised 2,250 non-qualified stock options with an exercise price of $161.50, resulting in acquisition of 2,250 shares. Concurrently, the filing reports aggregate sales of 2,250 shares at weighted-average prices ranging from about $242.01 to $252.99, producing a sequence of small block sales.

After these transactions, Benioff retains beneficial ownership of roughly 11.91 million shares directly and indirectly, additional indirect holdings include 107,000 shares by trust and 10,000,000 shares held by Marc Benioff Fund LLC; he also holds 83,372 options outstanding. The transactions were made pursuant to a 10b5-1 trading plan adopted January 9, 2025.

Positive

• Trades executed under a Rule 10b5-1 trading plan, which provides a pre-established, automated framework and reduces timing concerns
• Exercise and sales quantitatively matched (2,250 options exercised and 2,250 shares sold), indicating liquidity conversion rather than a large, unscheduled divestiture
• Post-transaction ownership remains substantial (~11.91 million shares directly/indirectly plus 83,372 options), showing continued long-term exposure

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Insider exercised options and sold an equal number of shares under a 10b5-1 plan, signaling planned liquidity rather than ad hoc selling.

The filing documents a routine insider exercise-and-sell event executed pursuant to a Rule 10b5-1 trading plan adopted on January 9, 2025. The reporting person exercised 2,250 options at $161.50 and sold 2,250 shares across multiple transactions with weighted-average prices reported in the $242–$253 range. From a governance perspective, use of a pre-established plan reduces information asymmetry concerns because trades are scheduled and automatic. The scale of sales is small relative to the holder's total reported beneficial ownership (~11.91 million shares directly/indirectly), so the transactions are immaterial to ownership concentration or corporate control.

Securities/Insider Trading Analyst

TL;DR: Transactions appear mechanically linked to option exercise and planned disposition; no indication of material change in ownership.

Detail review shows a non-qualified option exercise (2,250 shares) vesting schedule noted historically and matched sell transactions totaling 2,250 shares executed at multiple price points between approximately $242.01 and $252.99. The filing explicitly states the trades were effected under a Rule 10b5-1 plan, which supports an affirmative defense under Rule 10b5-1(c). Post-transaction beneficial ownership remains about 11.91 million shares, plus 83,372 options and indirect holdings through trust and an LLC. No material transfer of control or large disposition is documented.

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)
09/10/2025

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	09/10/2025		M(1)		2,250	A	$161.5	11,913,821	D(2)
Common Stock	09/10/2025		S(1)		485	D	$242.5357(3)	11,913,336	D(2)
Common Stock	09/10/2025		S(1)		137	D	$243.395(4)	11,913,199	D(2)
Common Stock	09/10/2025		S(1)		193	D	$245.1585(5)	11,913,006	D(2)
Common Stock	09/10/2025		S(1)		322	D	$245.953(6)	11,912,684	D(2)
Common Stock	09/10/2025		S(1)		463	D	$247.1159(7)	11,912,221	D(2)
Common Stock	09/10/2025		S(1)		190	D	$248.3589(8)	11,912,031	D(2)
Common Stock	09/10/2025		S(1)		82	D	$249.9443(9)	11,911,949	D(2)
Common Stock	09/10/2025		S(1)		74	D	$250.8281(10)	11,911,875	D(2)
Common Stock	09/10/2025		S(1)		257	D	$252.5287(11)	11,911,618	D(2)
Common Stock	09/10/2025		S(1)		47	D	$253.81	11,911,571	D(2)
Common Stock								107,000	I	By Trust
Common Stock								10,000,000	I(12)	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	09/10/2025		M(1)			2,250	03/22/2020(13)	03/22/2026	Common Stock	2,250	$0	83,372	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 $242.0107 to $242.8896 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 $243.0404 to $243.9480 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 $244.5952 to $245.5854 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 $245.6000 to $246.5719 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 $246.7000 to $247.5681 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. Weighted average price. These shares were sold in multiple transactions at prices ranging from $247.7303 to $248.6505 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.

9. Weighted average price. These shares were sold in multiple transactions at prices ranging from $249.6137 to $250.2914 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.

10. Weighted average price. These shares were sold in multiple transactions at prices ranging from $250.7444 to $250.8992 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.

11. Weighted average price. These shares were sold in multiple transactions at prices ranging from $252.1462 to $252.9940 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.

12. Shares held in the Marc Benioff Fund LLC (the "Fund"). Fund interests are held in the reporting person's name or in trust.

13. 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/ Sarah Dale, Attorney-in-Fact for Marc Benioff	09/11/2025
	** 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 Marc Benioff report on the Form 4 for CRM?

The Form 4 reports exercise of 2,250 non-qualified stock options at an exercise price of $161.50 and sales totaling 2,250 shares executed on 09/10/2025 at weighted-average prices in the roughly $242–$253 range.

Were these trades part of a trading plan for Salesforce (CRM)?

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

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

After the reported transactions, the filing shows approximately 11,911,571 shares in the reporting person's name or trust, plus indirect holdings of 107,000 and 10,000,000 via Marc Benioff Fund LLC as disclosed.

Does the Form 4 show any change in control or large disposition for CRM?

No. The sizes of the exercise and sales (2,250 shares) are small relative to the total disclosed beneficial ownership and do not indicate a change in control.

How many options does Marc Benioff still hold according to the filing?

The filing reports 83,372 non-qualified stock options outstanding following the reported transactions.