[Form 4] Salesforce, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Marc Benioff, Salesforce's chair and CEO, reported transactions on 09/02/2025 under a Rule 10b5-1 trading plan. He acquired 2,250 shares/options at a conversion/exercise price of $161.50 and concurrently sold a total of 2,250 common shares in multiple transactions at weighted average prices ranging roughly from $248.92 to $254.39. After these trades the reporting person directly beneficially owned approximately 11,911,571 shares, with additional indirect holdings of 107,000 shares held by trust and 10,000,000 shares held by Marc Benioff Fund LLC. The Form 4 was signed by an attorney-in-fact on 09/03/2025.

Positive

• Transactions executed under a Rule 10b5-1 plan, which provides documented pre-planned trading and reduces appearance of opportunistic insider trading.
• Substantial residual ownership disclosed: the reporting person retains ~11.9 million direct shares plus indirect holdings of 107,000 and 10,000,000 via affiliated entities, indicating continued alignment with shareholders.

Negative

• Insider sales occurred: a total of 2,250 shares were sold on 09/02/2025, which investors may note as liquidity-taking activity.
• Sales executed at materially higher prices than exercise price (exercise/conversion at $161.50 vs sale prices ~$249–$254), indicating option monetization that reduced vested economic upside for those shares.

Insights

Corporate Governance Expert

TL;DR: Insider used a pre-established 10b5-1 plan to sell shares and exercised options; trades appear routine and pre-planned.

The filing shows the CEO transacted under a Rule 10b5-1 plan adopted January 9, 2025, which provides an affirmative defense to insider trading claims by documenting pre-set trades. The reported activity combines an acquisition/exercise at a strike of $161.50 for 2,250 shares and contemporaneous sales of 2,250 shares across multiple price points near $249–$254. The disclosure includes both direct and indirect beneficial ownership, demonstrating the CEO maintains substantial stock control both personally and via entities. From a governance perspective, use of a documented trading plan and clear disclosure reduces legal and compliance risk.

Securities/Equity Analyst

TL;DR: Transactions are small relative to total holdings; unlikely to change valuation but provide liquidity at current market prices.

The net trade size—2,250 shares sold—is trivial relative to reported direct and indirect holdings (over 22 million combined when adding direct and disclosed indirect holdings). The exercise/acquisition at $161.50 indicates the material benefit from a prior option grant date, while sales occurred at substantially higher prices (weighted averages in the high $240s to low $250s). This pattern is consistent with option exercise followed by partial sell-to-cover or liquidity selling under a trading plan. There is no indication of material change to ownership control or of a market-moving disposition.

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)
09/02/2025

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	09/02/2025		M(1)		2,250	A	$161.5	11,913,821	D(2)
Common Stock	09/02/2025		S(1)		304	D	$249.361(3)	11,913,517	D(2)
Common Stock	09/02/2025		S(1)		234	D	$250.2035(4)	11,913,283	D(2)
Common Stock	09/02/2025		S(1)		689	D	$251.4807(5)	11,912,594	D(2)
Common Stock	09/02/2025		S(1)		760	D	$252.5428(6)	11,911,834	D(2)
Common Stock	09/02/2025		S(1)		219	D	$253.3084(7)	11,911,615	D(2)
Common Stock	09/02/2025		S(1)		44	D	$254.39	11,911,571	D(2)
Common Stock								107,000	I	By Trust
Common Stock								10,000,000	I(8)	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	09/02/2025		M(1)			2,250	03/22/2020(9)	03/22/2026	Common Stock	2,250	$0	96,872	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 $248.9154 to $249.8950 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 $249.9221 to $250.6702 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 $250.9798 to $251.9344 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 $252.1020 to $252.5428 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 $253.1000 to $253.8200 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. Shares held in the Marc Benioff Fund LLC (the "Fund"). Fund interests are held in the reporting person's name or in trust.

9. 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	09/03/2025
	** 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 09/02/2025?

The report shows the acquisition/exercise of 2,250 shares/options at a $161.50 conversion/exercise price and the sale of 2,250 common shares in multiple transactions under a Rule 10b5-1 plan.

Were the trades executed under a pre-arranged trading plan?

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

How many Salesforce shares does Marc Benioff beneficially own after these transactions?

The Form 4 shows approximately 11,911,571 shares owned directly after the reported transactions, plus 107,000 shares held by trust and 10,000,000 held by Marc Benioff Fund LLC (indirect).

What prices were the sold shares executed at?

The sales were executed in multiple transactions with weighted average prices reported in ranges from about $248.9154 up to $254.39 across different tranches, with specific weighted averages listed per tranche in the filing.

Did the filing include option vesting details?

Yes. A footnote states the option vests over four years with 25% vesting on March 22, 2020 and the remainder vesting in equal monthly installments over the next 36 months (relating to the option grant dated March 22, 2020).

Who signed the Form 4?

The Form 4 was signed by Andrew Leeds, Attorney-in-Fact for Marc Benioff on 09/03/2025.