[Form 4] Salesforce, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Salesforce President and CRO Miguel Milano reported multiple securities transactions on Form 4:

• On June 22, 2025, acquired 1,015 shares of common stock at $0 through the conversion of Restricted Stock Units (RSUs)
• On June 23, 2025, disposed of 405 shares at an average price of $262.35 to satisfy tax withholding obligations
• Following these transactions, Milano directly owns 9,933 shares of common stock and 11,170 RSUs

The RSUs vest quarterly, with 25% vesting on March 22, 2023, and 1/16 of the original grant vesting each quarter thereafter through March 22, 2028. These transactions were executed under a Rule 10b5-1 trading plan, demonstrating pre-planned, compliant insider trading activity.

Positive

• President and CRO Miguel Milano continues to hold a significant position of 9,933 shares after the reported transactions, demonstrating continued alignment with shareholder interests
• The RSU vesting schedule (25% first year, quarterly thereafter) indicates a long-term retention strategy for key executives

Negative

• Insider sale of 405 shares at $262.35, though this was specifically for tax withholding purposes rather than a discretionary sale
• The transaction reduces the executive's direct ownership position from 10,338 to 9,933 shares

Insights

Insider Trading Analyst

This Form 4 filing reveals a routine RSU vesting event for Miguel Milano, Salesforce's President and CRO, rather than a discretionary transaction that might signal executive sentiment. The 1,015 RSUs converted to common stock on June 22, 2025, followed by a sale of 405 shares (approximately 40% of the vested amount) specifically for tax withholding purposes.

This tax-related sale is standard practice for executives receiving equity compensation and shouldn't be interpreted as a negative signal about company prospects. What's more telling is that Milano retained approximately 60% of the newly vested shares, increasing his direct holdings to 9,933 shares while maintaining 11,170 unvested RSUs.

The retention rate above tax obligations suggests continued confidence in Salesforce's trajectory. The transaction occurred at $262.35 per share, which provides a reference point for analyzing whether executives are selling at perceived high points. For context, Milano's stake following this transaction represents meaningful skin in the game for a C-suite executive, aligning his interests with shareholders. The scheduled nature of these RSU vestings (quarterly after an initial cliff) creates predictable liquidity events that follow a predetermined pattern rather than opportunistic timing.

Executive Compensation Specialist

Milano's filing reveals Salesforce's strategic approach to executive compensation through their long-term equity incentive program. The RSU structure employs a four-year vesting schedule with a one-year cliff (25% vesting on March 22, 2023) followed by quarterly vesting of 1/16 of the original grant, balancing retention with regular reward intervals.

The immediate sale of approximately 40% of vested shares solely for tax withholding indicates a withholding rate consistent with senior executive tax obligations. This planned sale through a tax optimization strategy is structured and non-discretionary, which explains the Form 4 notation about Rule 10b5-1 compliance.

Milano retains substantial unvested equity (11,170 RSUs) compared to direct holdings (9,933 shares), creating a forward-looking retention mechanism. The retention ratio of unvested-to-vested equity of approximately 1.12:1 suggests Salesforce has implemented a compensation structure that encourages long-term alignment with company performance while providing regular liquidity.

For investors, this compensation structure demonstrates Salesforce's commitment to executive retention during a competitive talent market in the cloud software sector. The three-year post-cliff vesting window with quarterly increments represents an industry-standard approach that balances executive cash flow needs with shareholder alignment objectives.

Corporate Governance Expert

This Form 4 filing represents standard governance practice for equity award administration. Milano's transaction follows a predetermined vesting schedule established years prior, with the sale component limited strictly to tax withholding requirements, as explicitly noted in footnote 1.

From a governance perspective, the proper disclosure timing is noteworthy - the Form 4 was filed on June 24, 2025, within the required two-business-day window following the June 22-23 transactions. The filing was executed by an attorney-in-fact, indicating Salesforce has implemented proper delegation protocols for insider reporting compliance.

The restricted stock unit program with quarterly vesting creates predictable, calendar-driven transactions rather than discretionary timing that might raise concerns about information asymmetry. The sale price of $262.3478 suggests a market-based transaction executed at prevailing rates rather than a negotiated block transaction.

Shareholders should view this as a routine administrative event rather than a signal of executive sentiment. The proportion sold (approximately 40%) aligns with typical withholding rates for executives in this tax bracket. The continued substantial equity position held by the President/CRO demonstrates appropriate alignment with shareholder interests, while the structured vesting schedule supports succession planning by creating predictable retention incentives for key revenue leadership.

Investment Analyst

This Form 4 reveals Milano, Salesforce's President and Chief Revenue Officer, maintains a significant equity position following a routine vesting event. After converting 1,015 RSUs to common stock and selling 405 shares for tax purposes, Milano retains 9,933 directly owned shares plus 11,170 unvested RSUs - a combined potential ownership of over 21,000 shares worth approximately $5.5 million at the reported transaction price.

For investors, the CRO's equity position is particularly noteworthy as this role directly oversees Salesforce's revenue generation. The limited nature of the sale (strictly for tax withholding) rather than discretionary liquidation suggests Milano maintains confidence in Salesforce's growth trajectory and valuation at the $262 level.

The ongoing quarterly vesting schedule through 2028 creates a retention mechanism for this key executive during a period when Salesforce faces intensifying competition in the CRM space. The sale price provides a reference point for institutional investors tracking insider transaction prices relative to current market valuation.

From a technical perspective, significant insider retention following vesting events generally correlates with positive medium-term performance. The regular, predictable nature of these transactions based on a predetermined vesting schedule makes them less significant as sentiment indicators than discretionary open-market purchases or sales, which are absent in this filing.

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).

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^*

Milano Miguel

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CRO

3. Date of Earliest Transaction (Month/Day/Year)
06/22/2025

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	06/22/2025		M		1,015	A	$0	10,338	D
Common Stock	06/23/2025		S(1)		405	D	$262.3478	9,933	D

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
Restricted Stock Units	$0(2)	06/22/2025		M			1,015	03/22/2025(3)	03/22/2028	Common Stock	1,015	$0	11,170	D

Explanation of Responses:

1. Represents a sale of shares to satisfy the tax withholding obligations of the Issuer with respect to the settlement of shares that were earned by the holder pursuant to a restricted stock unit award that vested based on the holder's continued employment through June 22, 2025.

2. Restricted Stock Units convert to shares of common stock on a one-for-one basis.

3. These restricted stock units vest as to 25% of the original grant on March 22, 2023 and vest as to 1/16 of the original grant quarterly thereafter.

	/s/ Ryan Guerrero, Attorney-in-Fact for Miguel Milano	06/24/2025
	** 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

What insider trading activity occurred at CRM on June 22-23, 2025?

Salesforce President and CRO Miguel Milano acquired 1,015 shares through RSU conversion on June 22, 2025, and then sold 405 shares on June 23, 2025 at an average price of $262.3478 per share to cover tax obligations.

How many Salesforce (CRM) shares does Miguel Milano own after the recent transactions?

Following the reported transactions, Miguel Milano directly owns 9,933 shares of Salesforce (CRM) common stock and 11,170 restricted stock units.

What is the vesting schedule for Miguel Milano's CRM restricted stock units?

The restricted stock units vest 25% of the original grant on March 22, 2023, followed by quarterly vesting of 1/16 of the original grant thereafter, with an expiration date of March 22, 2028.

Why did Salesforce (CRM) President Miguel Milano sell shares on June 23, 2025?

The sale of 405 shares was specifically to satisfy tax withholding obligations related to the settlement of restricted stock units that vested based on Milano's continued employment through June 22, 2025.

What is Miguel Milano's role at Salesforce (CRM)?

Miguel Milano serves as President and Chief Revenue Officer (CRO) of Salesforce, as indicated in the Form 4 filing.