Form 4: Salesforce CEO Marc Benioff Sells Shares Under 10b5-1 Trading Plan
SEC Form 4 Filing
Salesforce CEO Marc Benioff executed multiple sales of common stock on April 8, 2024, under a pre-arranged Rule 10b5-1 trading plan.
Summary
- Marc Benioff, Chair and CEO of Salesforce, sold shares of common stock on April 8, 2024.
- The sales were executed under a Rule 10b5-1 trading plan adopted on December 29, 2023.
- A total of 21,000 shares were sold in multiple transactions at varying prices.
- The weighted average sale prices ranged from $300.4857 to $303.2117.
- Following the transactions, Benioff directly owns 12,936,166 shares and indirectly owns 10,000,000 shares through the Marc Benioff Fund LLC.
- The sales were conducted to satisfy the affirmative defense conditions of Rule 10b5-1(c).
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing detailing stock sales under a pre-arranged plan, so it has a neutral sentiment.
Industry Context
Executive stock sales are a common occurrence, and the use of 10b5-1 plans allows insiders to sell shares without being accused of trading on non-public information. The market will likely interpret this as a routine transaction.
Key Dates
| Date | Description |
|---|---|
| 12/29/2023 | Date of adoption of the Rule 10b5-1 trading plan |
| 04/08/2024 | Date of stock sale transactions |
| 04/09/2024 | Date of Form 4 filing |
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