[Form 4] Salesforce, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Marc Benioff reported an 08/07/2025 transaction in which he exercised a non-qualified stock option for 2,250 Salesforce (CRM) shares at an exercise price of $161.50 and immediately sold the same 2,250 shares under a Rule 10b5-1 trading plan adopted on January 9, 2025. The sales were executed in multiple trades with prices disclosed across tranches and ranges from $237.2777 to $252.5229.

Following these transactions the filing shows Mr. Benioff beneficially owns 11,911,571 shares directly, plus 107,000 held by a trust and 10,000,000 held indirectly through Marc Benioff Fund LLC. The filing also reports 135,122 derivative securities beneficially owned after the reported transactions.

Positive

• Transaction executed under a Rule 10b5-1 trading plan adopted January 9, 2025, which clarifies intent and timing of trades.
• Detailed disclosure of exercise and sale terms including exercise price $161.50 and sale price ranges $237.2777–$252.5229, improving transparency.

Negative

• None.

Insights

Financial Analyst

TL;DR: Exercise and sale of 2,250 CRM shares is routine and immaterial given Benioff’s substantial direct and indirect holdings.

The Form 4 documents a same-day exercise and sale: 2,250 options exercised at $161.50 and 2,250 shares sold across multiple price tranches between $237.2777 and $252.5229 under a 10b5-1 plan. After the trades Benioff retains 11,911,571 direct shares and indirect holdings of 10,107,000 (107,000 trust + 10,000,000 LLC), plus 135,122 derivative securities. From a capital-structure perspective this transaction does not materially change his ownership percentage or the company’s outstanding shares.

Corporate Governance Expert

TL;DR: The disclosure follows standard governance practice; use of a 10b5-1 plan and tranche-level pricing increases transparency.

The filing explicitly states the trades were effected pursuant to a Rule 10b5-1 trading plan adopted January 9, 2025, and provides tranche-level weighted-average prices and price ranges for the sales. That level of detail supports compliance and reduces potential insider-trading ambiguity. The transaction is fully reported on Form 4 with indirect holdings and option balances disclosed, meeting Form 4 transparency expectations.

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)
08/07/2025

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	08/07/2025		M(1)		2,250	A	$161.5	11,913,821	D(2)
Common Stock	08/07/2025		S(1)		92	D	$237.8735(3)	11,913,729	D(2)
Common Stock	08/07/2025		S(1)		253	D	$238.8495(4)	11,913,476	D(2)
Common Stock	08/07/2025		S(1)		455	D	$239.9565(5)	11,913,021	D(2)
Common Stock	08/07/2025		S(1)		459	D	$240.6922(6)	11,912,562	D(2)
Common Stock	08/07/2025		S(1)		70	D	$241.9452(7)	11,912,492	D(2)
Common Stock	08/07/2025		S(1)		115	D	$243.676(8)	11,912,377	D(2)
Common Stock	08/07/2025		S(1)		119	D	$244.6797(9)	11,912,258	D(2)
Common Stock	08/07/2025		S(1)		151	D	$245.991(10)	11,912,107	D(2)
Common Stock	08/07/2025		S(1)		90	D	$247.4067(11)	11,912,017	D(2)
Common Stock	08/07/2025		S(1)		86	D	$248.7282(12)	11,911,931	D(2)
Common Stock	08/07/2025		S(1)		77	D	$249.8114(13)	11,911,854	D(2)
Common Stock	08/07/2025		S(1)		28	D	$250.4091	11,911,826	D(2)
Common Stock	08/07/2025		S(1)		224	D	$251.894(14)	11,911,602	D(2)
Common Stock	08/07/2025		S(1)		31	D	$252.7435	11,911,571	D(2)
Common Stock								107,000	I	By Trust
Common Stock								10,000,000	I(15)	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	08/07/2025		M(1)			2,250	03/22/2020(16)	03/22/2026	Common Stock	2,250	$0	135,122	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 $237.2777 to $238.2539 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 $238.3722 to $239.2665 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 $239.3827 to $240.3577 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 $240.3951 to $241.0147 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 $241.6334 to $242.5267 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 $243.3128 to $244.2458 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 $244.3646 to $244.9500 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 $245.5950 to $246.4334 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 $247.0727 to $247.6148 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. Weighted average price. These shares were sold in multiple transactions at prices ranging from $248.2368 to $249.0366 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.

13. Weighted average price. These shares were sold in multiple transactions at prices ranging from $249.3866 to $250.3192 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.

14. Weighted average price. These shares were sold in multiple transactions at prices ranging from $251.5600 to $252.5229 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.

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

16. 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	08/08/2025
	** 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 did Marc Benioff report on the Form 4 for CRM?

He reported exercising a non-qualified stock option for 2,250 shares at $161.50 and selling those 2,250 shares on 08/07/2025 under a 10b5-1 plan.

At what prices were the CRM shares sold?

The sales were executed in multiple tranches with disclosed price ranges from $237.2777 to $252.5229, with weighted-average prices reported per tranche.

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

The filing shows 11,911,571 shares beneficially owned directly after the reported transactions.

Does Benioff hold additional indirect CRM holdings?

Yes. The form reports 107,000 shares held by a trust and 10,000,000 shares held indirectly through Marc Benioff Fund LLC.

How many derivative securities does he hold after the reported transactions?

The Form 4 reports 135,122 derivative securities beneficially owned following the reported transactions.