[Form 4] Salesforce, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Marc Benioff, Chair and CEO of Salesforce, executed a set of transactions on 09/11/2025 under a Rule 10b5-1 trading plan. He exercised 2,250 non-qualified stock options at a $161.50 exercise price and immediately sold those shares in multiple transactions at weighted-average prices between approximately $243.50 and $246.93. Following the transactions, Benioff directly beneficially owns 11,911,571 shares and indirectly owns 10,107,000 shares (including 10,000,000 held by Marc Benioff Fund LLC and 107,000 by trust). The filing was signed by an attorney-in-fact on 09/12/2025.

Positive

• Transactions executed under a Rule 10b5-1 plan, which provides pre-established trading parameters and reduces concerns about selective timing
• Exercise and sale were disclosed promptly with specific post-transaction beneficial ownership totals
• Majority ownership retained indirectly (10,000,000 shares in Marc Benioff Fund LLC and 107,000 in trust)

Negative

• 2,250 shares were sold following exercise, reducing direct beneficial ownership from 11,913,821 to 11,911,571 shares
• Sales executed at prices materially above exercise price, indicating realized insider liquidity that may be viewed negatively by some market participants

Insights

Financial Analyst

TL;DR: CEO exercised vested options and sold the resulting 2,250 shares under a pre-established 10b5-1 plan; ownership change is modest relative to total holdings.

Benioff exercised options granted previously and sold the 2,250 underlying shares at weighted-average prices in the $243.50–$246.93 range, realizing a spread over the $161.50 exercise price. The transactions were effected automatically under a 10b5-1 plan adopted January 9, 2025, which reduces signaling risk. Direct beneficial ownership declined marginally from 11,913,821 to 11,911,571 shares. For investors, these are routine insider liquidity actions rather than a clear signal about company fundamentals.

Corporate Governance Expert

TL;DR: Transactions comply with a documented 10b5-1 plan and were reported promptly; procedural governance appears intact.

The filing discloses that the sales were conducted pursuant to an established Rule 10b5-1 trading plan and provides range details for multiple sale tranches. The report identifies direct and indirect holdings and specifies holdings held in trust and an LLC. Signature by an attorney-in-fact is properly included. There is no indication of unusual timing or undisclosed related-party arrangements in the filing itself.

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)
09/11/2025

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	09/11/2025		M(1)		2,250	A	$161.5	11,913,821	D(2)
Common Stock	09/11/2025		S(1)		128	D	$243.9994(3)	11,913,693	D(2)
Common Stock	09/11/2025		S(1)		695	D	$245.2536(4)	11,912,998	D(2)
Common Stock	09/11/2025		S(1)		1,336	D	$246.2561(5)	11,911,662	D(2)
Common Stock	09/11/2025		S(1)		91	D	$246.8444(6)	11,911,571	D(2)
Common Stock								107,000	I	By Trust
Common Stock								10,000,000	I(7)	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	09/11/2025		M(1)			2,250	03/22/2020(8)	03/22/2026	Common Stock	2,250	$0	81,122	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 $243.5000 to $244.3500 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 $244.7308 to $245.7142 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 $245.7412 to $246.7328 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 $246.7641 to $246.9266 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. Shares held in the Marc Benioff Fund LLC (the "Fund"). Fund interests are held in the reporting person's name or in trust.

8. 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	09/12/2025
	** 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 file on Form 4 for CRM?

He reported exercising 2,250 options at $161.50 and selling the resulting 2,250 shares in multiple transactions on 09/11/2025 under a 10b5-1 plan.

How many Salesforce (CRM) shares does Benioff own after these transactions?

Directly owns 11,911,571 shares and indirectly owns 10,107,000 shares (10,000,000 via Marc Benioff Fund LLC and 107,000 by trust).

Were the sales part of a planned trading program for CRM?

Yes. The checkbox and explanation state the transactions were effected automatically pursuant to a Rule 10b5-1 trading plan adopted January 9, 2025.

What prices were the CRM shares sold at in these transactions?

Weighted-average sale prices ranged approximately from $243.50 to $246.93 across multiple tranches; weighted-average prices per tranche are disclosed in the filing.

When did the reported option grant vest and what are its terms?

The option vests over four years beginning March 22, 2020, with 25% on the first anniversary and monthly vesting thereafter; the exercised options expire March 22, 2026.