4/A: Salesforce Executive Parker Harris Amends SEC Filing to Correct Stock Option Exercise Price
SEC Filing
Parker Harris, Co-Founder and CTO of Slack, amends a previous SEC Form 4 filing to correct the price of a stock option exercise and report sales of Salesforce (CRM) common stock.
Summary
- Parker Harris, a Director and Officer (Co-Founder and CTO, Slack) of Salesforce, filed an amended Form 4 with the SEC.
- The amendment corrects the price of a stock option exercise that occurred on August 9, 2024.
- The original filing date was August 12, 2024.
- Harris also reported the sale of Salesforce common stock on August 9, 2024, at prices ranging from $251.0363 to $252.5239.
- These sales were executed under a pre-arranged Rule 10b5-1 trading plan adopted on September 26, 2023.
- Following these transactions, Harris directly owns 117,581 shares of common stock.
- Harris also indirectly owns shares through various LLCs and a family trust.
- He also owns 54,370 non-qualified stock options.
Sentiment
Score: 5
Explanation: This is a routine SEC filing related to stock transactions by a company executive. It doesn't contain any information that would significantly impact investor sentiment positively or negatively.
Industry Context
This filing is a routine disclosure related to insider trading activity, which is common among executives of publicly traded companies like Salesforce. These transactions are often pre-planned and executed under Rule 10b5-1 trading plans to avoid accusations of insider trading.
Comparison to Industry Standards
- Executive compensation and stock ownership are standard practices in the tech industry, with companies like Microsoft, Apple, and Amazon having similar executive compensation structures.
- Rule 10b5-1 trading plans are a common tool used by executives at companies like Google (Alphabet) and Meta (Facebook) to manage their stock sales and avoid insider trading concerns.
- The level of stock ownership and option grants for Parker Harris appears consistent with that of other top executives at comparable tech companies.
Key Dates
| Date | Description |
|---|---|
| 03/22/2019 | Option is exercisable and vests over four years at the rate of 25% on March 22, 2019, the first anniversary of the holder's date of grant, with the balance vesting in equal monthly installments over the remaining 36 months. |
| 09/26/2023 | Date the reporting person adopted a Rule 10b5-1 trading plan. |
| 08/09/2024 | Date of stock option exercise and stock sales. |
| 08/12/2024 | Original filing date of the Form 4. |
| 08/14/2024 | Date of the amended filing. |
| 03/22/2025 | Expiration date of the non-qualified stock option. |
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