[Form 4] Salesforce, Inc. Insider Trading Activity

Rhea-AI Filing Summary

On 25 Jul 2025, Salesforce (CRM) Chair & CEO Marc Benioff filed a Form 4 detailing an automatic Rule 10b5-1 transaction. He exercised 2,250 options at an exercise price of $161.50 and sold the same 2,250 shares in four open-market tranches at weighted-average prices of $267.54 – $270.70. The trade generated a gross spread of roughly $106 per share.

Following the exercise-and-sale, Benioff’s direct holdings fall marginally to 11,911,571 shares. He also retains 107,000 shares via a personal trust and 10 million shares through the Marc Benioff Fund LLC, so his overall economic exposure remains effectively unchanged. The option was granted in 2020 and expires in 2026; the 10b5-1 plan governing the trade was adopted on 9 Jan 2025.

• Shares sold equal about 0.02 % of Benioff’s direct stake—immaterial at the corporate level.
• No operational or financial guidance is affected; the filing is purely an insider transaction notice.

Positive

• CEO retains >22 million shares, maintaining strong alignment with shareholders.
• Exercise price ($161.50) far below market, indicating options remain well in-the-money and incentivise long-term value creation.

Negative

• Open-market sale of shares, albeit small, can be perceived as incremental insider selling.

Insights

Financial Analyst

TL;DR: Tiny 10b5-1 option exercise & sale; negligible ownership change, neutral signal for CRM investors.

The transaction involves just 2,250 shares versus Benioff’s >22 million aggregate exposure, so portfolio impact is de minimis. Because trades were pre-scheduled, information content is low. Exercising in-the-money options and immediately selling stock is typical for liquidity and tax purposes. The sizeable remaining stake underscores continued alignment with shareholders. I see no implication for Salesforce’s fundamentals or valuation.

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
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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).

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)
07/25/2025

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	07/25/2025		M(1)		2,250	A	$161.5	11,913,821	D(2)
Common Stock	07/25/2025		S(1)		338	D	$267.9378(3)	11,913,483	D(2)
Common Stock	07/25/2025		S(1)		698	D	$269.2841(4)	11,912,785	D(2)
Common Stock	07/25/2025		S(1)		1,171	D	$269.8065(5)	11,911,614	D(2)
Common Stock	07/25/2025		S(1)		43	D	$270.7	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	07/25/2025		M(1)			2,250	03/22/2020(7)	03/22/2026	Common Stock	2,250	$0	155,372	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 $267.5400 to $268.2800 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 $268.5500 to $269.5400 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 $269.5500 to $270.4400 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/ Ryan Guerrero, Attorney-in-Fact for Marc Benioff	07/28/2025
	** 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).
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FAQ

How many Salesforce (CRM) shares did Marc Benioff sell?

He sold 2,250 shares on 25 Jul 2025 in four tranches.

What was the average sale price of the shares?

Weighted-average prices ranged $267.54–$270.70 per share.

Did the CEO’s overall ownership change materially?

No. Direct holdings fell slightly to 11,911,571 shares; indirect holdings remain 10,107,000 shares.

Were the transactions pre-scheduled?

Yes, they were executed under a Rule 10b5-1 plan adopted 9 Jan 2025.

What option was exercised?

A non-qualified option for 2,250 shares granted in 2020 with a $161.50 strike, expiring 2026.