Form 4: Salesforce Executive Parker Harris Sells Shares Under 10b5-1 Trading Plan
SEC Form 4 Filing
Salesforce's Co-Founder and CTO of Slack, Parker Harris, executed stock sales and option exercises on October 1, 2024, under a pre-arranged 10b5-1 trading plan.
Summary
- Parker Harris, Co-Founder and CTO of Slack at Salesforce, reported changes in beneficial ownership of Salesforce (CRM) stock on October 2, 2024.
- The transactions occurred on October 1, 2024, and involved the exercise of non-qualified stock options and the sale of common stock.
- Harris sold a total of 4,200 shares acquired through option exercise at a price of $118.04.
- He also sold 4,196 shares of common stock in multiple transactions at weighted average prices ranging from $270.5379 to $274.3697.
- These transactions were executed under a pre-arranged Rule 10b5-1 trading plan adopted on September 26, 2023.
- Following the reported transactions, Harris directly owns 118,514 shares of common stock.
- He also indirectly owns shares through various LLCs and a family trust.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing detailing stock transactions by an executive. It doesn't inherently convey positive or negative sentiment, but rather provides factual information.
Industry Context
Executive stock transactions are common and closely monitored, especially in the tech industry. Sales under 10b5-1 plans are pre-arranged and allow insiders to sell shares without being accused of acting on non-public information.
Comparison to Industry Standards
- Executive stock sales are a common occurrence in publicly traded companies, particularly in the technology sector.
- Many executives use 10b5-1 trading plans to diversify their holdings and manage personal finances.
- Companies like Apple, Microsoft, and Amazon also see regular filings of Form 4s by their executives.
- The volume and frequency of these transactions can vary widely based on individual circumstances and company policies.
Stakeholder Impact
- The stock sales could have a minor impact on shareholders, potentially creating slight downward pressure on the stock price.
- However, given the pre-planned nature of the sales, the impact is likely to be minimal.
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 of adoption of Rule 10b5-1 trading plan. |
| 10/01/2024 | Date of stock option exercise and sales. |
| 10/02/2024 | Date of Form 4 filing. |
| 03/22/2025 | Expiration date of Non-qualified Stock Option (Right to Buy) |
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