Milano Miguel 4

What Happened

• Miguel Milano, President and Chief Revenue Officer of Salesforce (CRM), had multiple award and derivative transactions on March 22, 2026. The filing shows conversions/exercises and awards resulting in a total of 118,887 shares reported as acquired at a $0.00 exercise/issuance price.
• To satisfy tax withholding obligations, 2,288 shares were surrendered (248 + 2,040 shares) at a reported price of $195.38 per share, totaling $447,029. The filing also shows derivative instruments (1,015 and 6,103 shares) marked as disposed in connection with the conversions/exercises (reported at $0.00).
• These transactions are compensation-related (awards/vesting and conversion/exercise of derivative awards), not open-market purchases or sales.

Key Details

• Transaction date: March 22, 2026. Form 4 filed March 24, 2026 (timely; not marked late).
• Reported prices: exercises/conversions listed at $0.00; tax withholding shares valued at $195.38 each.
• Shares reported acquired (aggregate): 118,887 shares. Shares surrendered for taxes: 2,288 shares ($447,029). Derivative dispositions shown: 1,015 and 6,103 shares (reported $0.00).
• Shares owned after the transactions: not specified in the provided filing details.
• Relevant footnotes from the filing:
  • F1: Shares withheld to satisfy tax liability on vesting/settlement.
  • F2: PRSU award earned for a 3-year performance period; certified Mar 22, 2026; scheduled to vest Sept 15, 2026, subject to continued employment.
  • F3: RSUs convert one-for-one to common stock.
  • F4–F7 and F6: Various vesting schedules for grants and a fiscal 2026 performance option (some portions vest immediately or in scheduled installments over months/years).
• Transaction codes: M = exercise/conversion of derivative; A = grant/award; F = payment of exercise price or tax withholding.

Context

• These transactions appear to reflect compensation-related vesting/conversion (restricted stock units and performance-based awards and/or earned performance options). The $0.00 exercise/conversion price typically indicates conversion of unit-based awards rather than a cash purchase.
• The share withholding was done to cover tax liabilities (common practice) and should not be confused with an open-market sale expressing a liquidity or sentiment decision.
• For retail investors: awards and RSU conversions are routine executive compensation events. They provide information about how many shares are being issued or scheduled to vest, but they are not the same signal as an insider buying shares on the open market.