[Form 4] Salesforce, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Marc Benioff, Chair and CEO of Salesforce, reported Rule 10b5-1 plan trades dated 09/15/2025. He exercised 2,250 non-qualified stock options with a $161.50 exercise price and immediately sold an equal number of shares in multiple transactions under the plan at weighted-average prices ranging from approximately $241.28 to $244.35. After these transactions, Benioff directly beneficially owned 11,911,571 shares. The filing also discloses 107,000 shares held indirectly by trust and 10,000,000 shares held indirectly by the Marc Benioff Fund LLC.

Positive

• None.

Negative

• Direct holdings decreased by 2,250 shares following exercise and sales on 09/15/2025
• Shares sold at high market prices (weighted-average sale prices approximately $241.28 to $244.35), representing insider liquidity

Insights

Securities Analyst

TL;DR Routine Section 16 transactions under a 10b5-1 plan: option exercise paired with sales; ownership remains concentrated via trusts and a fund.

The filing documents an option exercise of 2,250 shares at a $161.50 strike followed by sales executed under a pre-existing 10b5-1 plan on 09/15/2025 at weighted-average prices near $241–$244. The net effect at the direct level is a small reduction in reported shares, while substantial indirect holdings persist: 107,000 shares via a trust and 10,000,000 shares via Marc Benioff Fund LLC. For investors, this is a compliance-driven, routine liquidity action rather than a material shift in control.

Corporate Governance Expert

TL;DR Disclosure aligns with governance best practices: transactions executed under an established 10b5-1 plan with explanatory footnotes.

The report confirms the trades were effected automatically under a 10b5-1 trading plan adopted January 9, 2025, and includes granular weighted-average price ranges for multiple sale tranches. The filing also identifies ownership form distinctions (direct versus indirect) and provides vesting details for the exercised options. This level of disclosure supports transparency and reduces informational asymmetry for shareholders.

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)
09/15/2025

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	09/15/2025		M(1)		2,250	A	$161.5	11,913,821	D(2)
Common Stock	09/15/2025		S(1)		1,165	D	$241.8104(3)	11,912,656	D(2)
Common Stock	09/15/2025		S(1)		791	D	$242.7311(4)	11,911,865	D(2)
Common Stock	09/15/2025		S(1)		258	D	$243.7155(5)	11,911,607	D(2)
Common Stock	09/15/2025		S(1)		36	D	$244.3451	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	09/15/2025		M(1)			2,250	03/22/2020(7)	03/22/2026	Common Stock	2,250	$0	76,622	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 $241.2750 to $242.2700 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 $242.2800 to $243.2622 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 $243.3488 to $244.1793 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	09/16/2025
	** 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 trades did Marc Benioff report for Salesforce (CRM)?

The filing reports an exercise of 2,250 options at $161.50 and the sale of 2,250 shares on 09/15/2025 under a 10b5-1 plan.

Were these transactions part of a 10b5-1 trading plan?

Yes. The checkbox and explanation state the transactions were effected automatically under a 10b5-1 plan adopted on January 9, 2025.

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

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

At what prices were the shares sold?

Sales occurred in multiple tranches with weighted-average prices in ranges from about $241.2750 to $244.1793, disclosed in three grouped ranges.

Did the filing disclose option grant or vesting details?

Yes. The exercised non-qualified stock option had an original grant date of 03/22/2020 and vests over four years with initial 25% vesting on the first anniversary.