Form 4: Salesforce Co-Founder Parker Harris Executes Stock Option and Sells Shares
SEC Form 4 Filing
Parker Harris, Co-Founder and CTO of Slack at Salesforce, exercised stock options and sold shares of Salesforce common stock on February 27, 2024, according to a Form 4 filing with the SEC.
Summary
- Parker Harris, Co-Founder and CTO of Slack at Salesforce, filed a Form 4 with the SEC on February 28, 2024.
- On February 27, 2024, Harris exercised a non-qualified stock option to acquire 4,200 shares of Salesforce common stock at a price of $118.04 per share.
- On the same day, Harris sold a total of 4,190 shares of Salesforce common stock in multiple transactions at prices ranging from $297.243 to $301.58.
- These sales were executed automatically pursuant to a Rule 10b5-1 trading plan adopted on September 26, 2023.
- Following these transactions, Harris directly owns 104,904 shares of Salesforce common stock and indirectly owns 960,987 shares through the HJ Family Trust.
- He also indirectly owns shares through several LLCs.
- Harris also directly owns 150,970 non-qualified stock options.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing detailing stock transactions. It doesn't inherently convey positive or negative sentiment.
Industry Context
Executive stock transactions are a common occurrence in publicly traded companies. Monitoring these transactions can provide insights into management's perspective on the company's valuation and future prospects.
Comparison to Industry Standards
- Executive compensation packages often include stock options as a way to align management's interests with those of shareholders.
- Rule 10b5-1 trading plans are a common mechanism for executives to sell shares in a pre-planned manner, avoiding accusations of insider trading.
- The volume of shares sold by Parker Harris is relatively small compared to the total outstanding shares of Salesforce.
Stakeholder Impact
- The stock sales could have a minor impact on shareholders due to the increased supply of shares in the market.
- The transactions do not appear to have a direct impact on employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 03/22/2019 | First vesting date of the non-qualified stock option. |
| 09/26/2023 | Date of adoption of the Rule 10b5-1 trading plan. |
| 02/27/2024 | Date of stock option exercise and share sales. |
| 02/28/2024 | Date of Form 4 filing. |
| 03/22/2025 | Expiration date of the non-qualified stock option. |
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