[Form 4] Salesforce, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Marc Benioff, Salesforce's Chair and CEO, reported transactions on 09/09/2025 under a Rule 10b5-1 trading plan adopted January 9, 2025. He exercised 2,250 non-qualified stock options at an exercise price of $161.50 and simultaneously sold multiple blocks of common stock in several transactions at weighted average prices ranging from $251.32 to $255.00.

After these transactions Benioff beneficially owned 11,911,714 shares directly (including trust holdings) plus 107,000 shares held indirectly by trust and 10,000,000 shares indirectly through the Marc Benioff Fund LLC. The Form 4 was signed by an attorney-in-fact on behalf of Benioff on 09/10/2025.

Positive

• Transactions executed under a Rule 10b5-1 plan, providing a pre-established compliance framework
• Detailed disclosure of weighted-average price ranges and willingness to provide per-trade breakdowns on request
• Continued substantial indirect holdings via the Marc Benioff Fund LLC (10,000,000 shares) and trusts

Negative

• Insider sold shares on 09/09/2025 (multiple blocks totaling 2,450 shares sold directly), reducing direct holdings
• Exercise and sale indicate insider liquidity, which could be perceived negatively by some investors despite compliance

Insights

Securities Analyst

TL;DR: CEO exercised options and sold shares under a pre-existing 10b5-1 plan; transactions are routine insider liquidity actions.

The exercise of 2,250 options at $161.50 with immediate sales at weighted average prices between $251.32 and $255.00 generated monetization of option gains while retaining large direct and indirect holdings. The use of a Rule 10b5-1 plan indicates these sales were pre-planned to provide an affirmative defense against insider trading claims. Absolute monetary amounts are not disclosed on the form, but the activity reduced direct share count slightly while maintaining substantial ownership through trust and the Marc Benioff Fund LLC.

Corporate Governance Expert

TL;DR: Governance-wise, disclosures are complete and follow standard practice; the 10b5-1 plan provides procedural compliance.

The Form 4 clearly states the 10b5-1 adoption date and provides weighted-average sale price ranges with undertakings to supply detailed breakdowns if requested, which supports transparency. Holdings remain concentrated via trusts and the Fund (10,000,000 shares), preserving alignment with shareholders despite executed sales. No unexplained or unusual transactions, amendments, or related-party issues are disclosed.

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)
09/09/2025

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	09/09/2025		M(1)		2,250	A	$161.5	11,913,821	D(2)
Common Stock	09/09/2025		S(1)		561	D	$252.0971(3)	11,913,260	D(2)
Common Stock	09/09/2025		S(1)		1,354	D	$252.7763(4)	11,911,906	D(2)
Common Stock	09/09/2025		S(1)		192	D	$253.5308(5)	11,911,714	D(2)
Common Stock	09/09/2025		S(1)		143	D	$254.7857(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	09/09/2025		M(1)			2,250	03/22/2020(8)	03/22/2026	Common Stock	2,250	$0	85,622	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 $251.3200 to $252.3111 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 $252.3300 to $253.3200 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 $253.3300 to $254.1062 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 $254.4912 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. 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	09/10/2025
	** 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 Form 4 for CRM on 09/09/2025?

He exercised 2,250 options at $161.50 and sold multiple blocks of common stock at weighted average prices between $251.32 and $255.00, under a 10b5-1 plan.

Were these transactions part of a pre-arranged trading plan?

Yes. The Form 4 states the transactions were effected automatically pursuant to a Rule 10b5-1 trading plan adopted on January 9, 2025.

How many Salesforce shares does Benioff beneficially own after the reported transactions?

The Form 4 reports 11,911,714 shares beneficially owned directly plus 107,000 held by trust and 10,000,000 indirectly through the Marc Benioff Fund LLC.

Who signed the Form 4 on behalf of Marc Benioff?

The Form 4 was signed by Sarah Dale, Attorney-in-Fact for Marc Benioff on 09/10/2025.

Did the filing disclose exact per-trade sale prices?

Not exactly; the filing provides weighted-average prices and price ranges for the sales and offers to supply detailed per-trade breakdowns upon request.