[Form 4] Salesforce, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Federal Agricultural Mortgage Corporation (Farmer Mac) filed a Form 8-K disclosing a leadership change in its finance organization. On 8 July 2025, Executive Vice President & Chief Financial Officer (CFO) Aparna Ramesh notified the company she will resign effective 31 July 2025 to pursue another opportunity. The company states the departure is not related to any disagreement over accounting, reporting, internal controls or operations.

The Board has engaged an executive search firm to conduct a nationwide search for a permanent successor. In the interim, beginning 1 August 2025, Gregory N. Ramsey—currently Vice President & Chief Accounting Officer—will assume the role of principal financial officer. Ramsey, 61, has served as Farmer Mac’s principal accounting officer since 2013 and previously filled the interim CFO role from July 2019 to January 2020. No new compensatory arrangements were announced, and the filing reports no related-party transactions.

While a senior-level departure can introduce short-term uncertainty, the appointment of an experienced internal executive and the absence of accounting disputes help contain governance risk. There is no immediate financial impact disclosed, and all other terms of the company’s securities remain unchanged.

Positive

• Orderly transition: experienced internal executive appointed interim CFO, limiting disruption
• No accounting disagreements: company affirms resignation unrelated to financial reporting or controls

Negative

• Leadership turnover: Departure of CFO introduces uncertainty until a permanent successor is found

Insights

Corporate Governance Expert

TL;DR: CFO exit poses governance risk but orderly transition and experienced interim limit impact; search for permanent CFO underway.

The sudden loss of a sitting CFO is typically viewed as an elevated governance concern because it creates potential gaps in strategic financial oversight and investor communication. However, Farmer Mac mitigates this risk by (1) clarifying that the resignation is voluntary and unrelated to accounting disagreements, (2) appointing a seasoned, internally-groomed executive with prior interim CFO experience, and (3) launching an immediate nationwide search. The absence of new compensation packages or related-party issues keeps cost and compliance exposure low. Overall, I view the development as neutral: investors should monitor the duration of the search and assess whether the next CFO brings strategic value.

Sell-Side Financial Analyst

TL;DR: Minimal near-term financial impact; watch for guidance changes once permanent CFO is named.

This 8-K is operational rather than financial. There is no guidance revision or balance-sheet implication. Mr. Ramsey’s continuity as chief accounting officer reduces risk to reporting timelines and audit readiness, suggesting Q3 filings remain on schedule. Any material impact will hinge on the profile of the eventual permanent CFO and strategic shifts they might introduce. For now, I classify the disclosure as neutral from a valuation standpoint.

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)
07/09/2025

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	07/09/2025		M(1)		2,250	A	$161.5	11,864,707	D(2)
Common Stock	07/09/2025		S(1)		684	D	$270.2653(3)	11,864,023	D(2)
Common Stock	07/09/2025		S(1)		855	D	$271.0748(4)	11,863,168	D(2)
Common Stock	07/09/2025		S(1)		168	D	$272.1631(5)	11,863,000	D(2)
Common Stock	07/09/2025		S(1)		178	D	$273.5312(6)	11,862,822	D(2)
Common Stock	07/09/2025		S(1)		250	D	$274.5329(7)	11,862,572	D(2)
Common Stock	07/09/2025		S(1)		115	D	$275.075(8)	11,862,457	D(2)
Common Stock	07/09/2025		A		93,109(9)	A	$0	11,955,566	D(2)
Common Stock								107,000	I	By Trust
Common Stock								10,000,000	I(10)	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	07/09/2025		M(1)			2,250	03/22/2020(11)	03/22/2026	Common Stock	2,250	$0	182,372	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 $269.7104 to $270.6886 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 $270.7203 to $271.5895 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 $271.8277 to $272.6549 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 $272.9568 to $273.7326 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 $273.9618 to $274.8967 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 $274.9821 to $275.2644 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. This represents the number of shares earned based upon the achievement of applicable performance criteria pursuant to a performance-based restricted stock unit award with a performance period that ended on June 22, 2025. Such shares will become vested, if at all, subject to the holder's continued employment through July 15, 2025.

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

11. 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	07/10/2025
	** 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

Why did Federal Agricultural Mortgage Corporation (AGM) CFO Aparna Ramesh resign?

The 8-K states that Ms. Ramesh resigned effective 31 July 2025 to pursue another opportunity and that her departure is not related to accounting or operational disagreements.

Who is replacing the AGM CFO on an interim basis?

Gregory N. Ramsey, the company’s Vice President & Chief Accounting Officer, will assume CFO duties starting 1 August 2025.

Does the CFO change affect Farmer Mac’s financial reporting?

The filing indicates no impact on accounting practices or internal controls; Ramsey has served as principal accounting officer since 2013 and previously acted as interim CFO.

Is Farmer Mac (AGM) offering additional compensation to the interim CFO?

No. The company disclosed that no new compensatory arrangement was entered into in connection with Mr. Ramsey’s appointment.

When will Farmer Mac appoint a permanent CFO?

The Board has hired an executive search firm and will conduct a nationwide search, but no specific timeline was provided.