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  4. [Form 4] Dell Technologies Inc. Insider Trading Activity

Dell Technologies director’s fund sells 75K shares

Silver Lake–affiliated holders and director Egon Durban reported Dell stock conversions and sales but retain large Class B and Class C positions after the September 3, 2026 trades.

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Dell Technologies Inc. (DELL) reported insider transactions by Silver Lake-affiliated entities and director Egon Durban. On September 3, 2026, certain reporting entities converted 230,683 shares of Class B Common Stock into an equal number of Class C shares in connection with sales by Silver Lake funds. Silver Lake Partners IV, L.P., holding indirectly, then sold an aggregate of 75,285 shares of Class C Common Stock in a series of open-market or private transactions at weighted average prices disclosed for each trade. Following these transactions, Silver Lake-related entities continued to hold substantial positions, including 26,079,708 shares of Class B Common Stock (convertible into Class C) across several funds and 1,394,128 shares of Class C Common Stock held directly by Mr. Durban, with additional indirect Class C holdings through Silver Lake Group, L.L.C. and various employee and family-related vehicles. The reporting persons state that they may be deemed directors by deputization and disclaim beneficial ownership beyond their pecuniary interests.

Positive

  • None.

Negative

  • None.
Insider Silver Lake Partners IV, L.P., Silver Lake Technology Associates IV, L.P., SLTA IV (GP), L.L.C., Silver Lake Group, L.L.C., Durban Egon
Role Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director
Sold 75,285 shs ($38.22M)
Approx. gross sale proceeds $38.22M
Type Security Shares Price Value
Exercise Class B Common Stock F2, F1, F3, F4 230,683 $0.00 $0.00
Exercise Class C Common Stock F1, F2, F3, F4 230,683 -- --
Sale Class C Common Stock F10, F3, F4 722 $496.59 $359K
Sale Class C Common Stock F11, F3, F4 1,277 $497.62 $635K
Sale Class C Common Stock F12, F3, F4 2,397 $498.62 $1.20M
Sale Class C Common Stock F13, F3, F4 1,310 $499.83 $655K
Sale Class C Common Stock F14, F3, F4 1,878 $501.07 $941K
Sale Class C Common Stock F15, F3, F4 4,865 $501.84 $2.44M
Sale Class C Common Stock F16, F3, F4 3,783 $503.04 $1.90M
Sale Class C Common Stock F17, F3, F4 3,599 $503.95 $1.81M
Sale Class C Common Stock F18, F3, F4 5,846 $504.91 $2.95M
Sale Class C Common Stock F19, F3, F4 4,124 $505.94 $2.09M
Sale Class C Common Stock F20, F3, F4 3,449 $507.15 $1.75M
Sale Class C Common Stock F21, F3, F4 6,097 $508.06 $3.10M
Sale Class C Common Stock F22, F3, F4 3,624 $509.02 $1.84M
Sale Class C Common Stock F23, F3, F4 5,091 $510.05 $2.60M
Sale Class C Common Stock F24, F3, F4 6,068 $511.02 $3.10M
Sale Class C Common Stock F25, F3, F4 9,815 $512.10 $5.03M
Sale Class C Common Stock F26, F3, F4 11,340 $513.12 $5.82M
holding Class B Common Stock F2, F28 -- -- --
holding Class C Common Stock F4, F5 -- -- --
holding Class C Common Stock F6 -- -- --
holding Class C Common Stock F7 -- -- --
holding Class C Common Stock F8 -- -- --
holding Class C Common Stock F9 -- -- --
holding Class C Common Stock F27 -- -- --
Holdings After Transaction: Class B Common Stock — 16,970,320 contracts (Indirect, Held through Silver Lake Partners IV, L.P.); Class C Common Stock — 155,401 shares (Indirect, Held through Silver Lake Partners IV, L.P.); Class B Common Stock — 26,079,708 contracts (Indirect, See footnote); Class C Common Stock — 1,227 shares (Indirect, Held through Silver Lake Group, L.L.C.); Class C Common Stock — 350,709 shares (Indirect, See footnote); Class C Common Stock — 1,394,128 shares (Direct)
Footnotes (28)
  1. F1. Silver Lake Technology Investors V, L.P., SL SPV-2, L.P., Silver Lake Partners IV, L.P., Silver Lake Partners V DE (AIV), L.P., Silver Lake Technology Investors IV, L.P. and certain of their respective affiliates sold certain shares of Class C Common Stock, par value $0.01 per share ("Class C Common Stock") of Dell Technologies Inc. (the "Issuer") on September 3, 2026.
  2. F2. Each share of Class B Common Stock, par value $0.01 per share of the Issuer (the "Class B Common Stock") is convertible into one share of Class C Common Stock at any time, at the election of the holder or automatically upon certain transfers, and has no expiration date. On September 3, 2026, certain of the Reporting Persons converted shares of Class B Common Stock into an equal number of shares of Class C Common Stock in connection with the sales described in footnote (1) above.
  3. F3. These securities are directly held by Silver Lake Partners IV, L.P. The general partner of Silver Lake Partners IV, L.P. is Silver Lake Technology Associates IV, L.P. and the general partner of Silver Lake Technology Associates IV, L.P. is SLTA IV (GP), L.L.C.
  4. F4. Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA IV (GP), L.L.C. Egon Durban, who serves as a director of the Issuer, also serves as a Co-CEO and Managing Member of SLG. Each of the Reporting Persons may be deemed a director by deputization of the Issuer.
  5. F5. Represents shares of Class C Common Stock held directly held by SLG.
  6. F6. Represents shares of Class C Common Stock held by entities in which Mr. Egon Durban may be deemed to have an indirect pecuniary interest.
  7. F7. This amount reflects 33,862, 65,130, 30,889 and 59,549 shares held by SLTA SPV-2, L.P., Silver Lake Technology Associates IV, L.P., Silver Lake Technology Associates V, L.P. and SLG, respectively, on behalf of certain employees and managing members of SLG or its affiliates.
  8. F8. Represents shares of Class C Common Stock held directly by Mr. Durban.
  9. F9. Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members.
  10. F10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $496.2300 to $497.2076 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  11. F11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $497.2372 to $498.1518 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  12. F12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $498.2800 to $499.1000 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  13. F13. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $499.4589 to $500.4000 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  14. F14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $500.4790 to $501.4300 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  15. F15. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $501.5000 to $502.4947 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  16. F16. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $502.5000 to $503.4922 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  17. F17. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $503.5000 to $504.4800 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  18. F18. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $504.5000 to $505.4941 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  19. F19. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $505.5025 to $506.5000 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  20. F20. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $506.5208 to $507.5151 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  21. F21. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $507.5275 to $508.5252 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  22. F22. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $508.5404 to $509.5184 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  23. F23. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $509.5415 to $510.5407 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  24. F24. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $510.5440 to $511.5409 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  25. F25. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $511.5455 to $512.5381 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  26. F26. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $512.5478 to $513.5466 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  27. F27. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 73,185 shares of Class C Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 37,799 shares of Class C Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 0 shares of Class C Common Stock and Silver Lake Technology Investors V, L.P. directly holds 0 shares of Class C Common Stock, which securities and transactions are reported on separate Form 4 filings.
  28. F28. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 16,531,410 shares of Class B Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 9,186,013 shares of Class B Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 249,689 shares of Class B Common Stock and Silver Lake Technology Investors V, L.P. directly holds 112,596 shares of Class B Common Stock, which securities and transactions are reported on separate Form 4 filings.
Class B shares converted 230,683 shares Class B Common Stock converted into Class C on September 3, 2026
Class C shares sold 75,285 shares Aggregate Dell Class C shares sold by Silver Lake Partners IV, L.P.
Example sale price $496.59 per share Weighted average price for 722 Class C shares sold on September 3, 2026
Example higher sale price $513.12 per share Weighted average price for 11,340 Class C shares sold on September 3, 2026
Remaining Class B position (affiliates) 26,079,708 shares Class B Common Stock directly held by four Silver Lake funds after transactions
Direct Class C holding of Egon Durban 1,394,128 shares Class C Common Stock held directly by Egon Durban after the reported trades
Class B Common Stock financial
"Each share of Class B Common Stock, par value $0.01 per share"
A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.
Class C Common Stock financial
"shares of Class C Common Stock, par value $0.01 per share"
A class C common stock is a type of company share that usually represents ownership but often carries limited or no voting power compared with other share classes. For investors, that matters because it can affect influence over company decisions and sometimes the stock’s price or dividend priority — think of it as owning a ticket to the same event but in a section with less say in how the event is run.
weighted average price financial
"The price reported in Column 4 is a weighted average price"
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
derivative security financial
"Exercise or conversion of derivative security"
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.
director by deputization regulatory
"Each of the Reporting Persons may be deemed a director by deputization"

FAQ

What Dell (DELL) insider activity did Silver Lake report on September 3, 2026?
Silver Lake–affiliated entities reported converting 230,683 Class B shares of Dell into Class C and selling an aggregate of 75,285 Class C shares in multiple open-market or private transactions, all on September 3, 2026, while retaining significant Dell holdings.

How many Dell (DELL) shares did Silver Lake sell in this Form 4?
Silver Lake Partners IV, L.P., an entity associated with the reporting persons, sold 75,285 shares of Class C Common Stock of Dell Technologies Inc. in a series of transactions, each with its own weighted average price disclosed in the footnotes.

What Dell (DELL) share conversion did the reporting persons disclose?
The reporting persons disclosed that on September 3, 2026, certain of them converted 230,683 shares of Class B Common Stock of Dell into 230,683 shares of Class C Common Stock. Each Class B share is convertible into one Class C share and has no expiration date.

What Dell (DELL) holdings remain with Silver Lake funds after these transactions?
After the reported transactions, Silver Lake-affiliated funds directly hold an aggregate of 26,079,708 shares of Class B Common Stock of Dell, which are convertible into the same number of Class C shares, as described in the footnotes and derivative position summary.

What Dell (DELL) shares does Egon Durban personally or indirectly hold?
Egon Durban is reported as directly holding 1,394,128 shares of Class C Common Stock of Dell. Additional Class C shares are beneficially owned indirectly through a family trust and entities associated with Silver Lake, as detailed in the footnotes.

Were the Dell (DELL) insider trades made under a Rule 10b5-1 trading plan?
No. The filing’s Rule 10b5-1 checkbox indicates false, and the footnotes do not state that the September 3, 2026 Dell stock transactions were executed under a Rule 10b5-1 or other pre-arranged trading plan.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Silver Lake Partners IV, L.P.
(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Dell Technologies Inc. [ DELL ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
09/03/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
XForm filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Class C Common Stock09/03/2026M(1)(2)230,683A(1)(2)230,683IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/03/2026S722D$496.59(10)229,961IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/03/2026S1,277D$497.62(11)228,684IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/03/2026S2,397D$498.62(12)226,288IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/03/2026S1,310D$499.83(13)224,977IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/03/2026S1,878D$501.07(14)223,100IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/03/2026S4,865D$501.84(15)218,235IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/03/2026S3,783D$503.04(16)214,452IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/03/2026S3,599D$503.95(17)210,854IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/03/2026S5,846D$504.91(18)205,007IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/03/2026S4,124D$505.94(19)200,884IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/03/2026S3,449D$507.15(20)197,435IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/03/2026S6,097D$508.06(21)191,338IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/03/2026S3,624D$509.02(22)187,714IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/03/2026S5,091D$510.05(23)182,624IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/03/2026S6,068D$511.02(24)176,556IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/03/2026S9,815D$512.1(25)166,740IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/03/2026S11,340D$513.12(26)155,401IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock1,227IHeld through Silver Lake Group, L.L.C.(4)(5)
Class C Common Stock665ISee footnote(6)
Class C Common Stock189,430ISee footnote(7)
Class C Common Stock1,394,128D(8)
Class C Common Stock49,630ISee footnote(9)
Class C Common Stock110,984ISee footnote(27)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Class B Common Stock(2)09/03/2026M(1)(2)230,683 (2) (2)Class C Common Stock230,683$016,970,320IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class B Common Stock(2) (2) (2)Class C Common Stock26,079,70826,079,708ISee footnote(28)
1. Name and Address of Reporting Person*
Silver Lake Partners IV, L.P.
(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Silver Lake Technology Associates IV, L.P.
(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
SLTA IV (GP), L.L.C.
(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Silver Lake Group, L.L.C.
(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Durban Egon
(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirector10% Owner
Officer (give title below)Other (specify below)
Explanation of Responses:
1. Silver Lake Technology Investors V, L.P., SL SPV-2, L.P., Silver Lake Partners IV, L.P., Silver Lake Partners V DE (AIV), L.P., Silver Lake Technology Investors IV, L.P. and certain of their respective affiliates sold certain shares of Class C Common Stock, par value $0.01 per share ("Class C Common Stock") of Dell Technologies Inc. (the "Issuer") on September 3, 2026.
2. Each share of Class B Common Stock, par value $0.01 per share of the Issuer (the "Class B Common Stock") is convertible into one share of Class C Common Stock at any time, at the election of the holder or automatically upon certain transfers, and has no expiration date. On September 3, 2026, certain of the Reporting Persons converted shares of Class B Common Stock into an equal number of shares of Class C Common Stock in connection with the sales described in footnote (1) above.
3. These securities are directly held by Silver Lake Partners IV, L.P. The general partner of Silver Lake Partners IV, L.P. is Silver Lake Technology Associates IV, L.P. and the general partner of Silver Lake Technology Associates IV, L.P. is SLTA IV (GP), L.L.C.
4. Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA IV (GP), L.L.C. Egon Durban, who serves as a director of the Issuer, also serves as a Co-CEO and Managing Member of SLG. Each of the Reporting Persons may be deemed a director by deputization of the Issuer.
5. Represents shares of Class C Common Stock held directly held by SLG.
6. Represents shares of Class C Common Stock held by entities in which Mr. Egon Durban may be deemed to have an indirect pecuniary interest.
7. This amount reflects 33,862, 65,130, 30,889 and 59,549 shares held by SLTA SPV-2, L.P., Silver Lake Technology Associates IV, L.P., Silver Lake Technology Associates V, L.P. and SLG, respectively, on behalf of certain employees and managing members of SLG or its affiliates.
8. Represents shares of Class C Common Stock held directly by Mr. Durban.
9. Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members.
10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $496.2300 to $497.2076 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $497.2372 to $498.1518 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $498.2800 to $499.1000 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
13. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $499.4589 to $500.4000 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $500.4790 to $501.4300 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
15. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $501.5000 to $502.4947 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
16. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $502.5000 to $503.4922 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
17. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $503.5000 to $504.4800 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
18. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $504.5000 to $505.4941 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
19. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $505.5025 to $506.5000 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
20. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $506.5208 to $507.5151 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
21. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $507.5275 to $508.5252 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
22. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $508.5404 to $509.5184 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
23. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $509.5415 to $510.5407 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
24. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $510.5440 to $511.5409 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
25. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $511.5455 to $512.5381 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
26. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $512.5478 to $513.5466 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
27. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 73,185 shares of Class C Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 37,799 shares of Class C Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 0 shares of Class C Common Stock and Silver Lake Technology Investors V, L.P. directly holds 0 shares of Class C Common Stock, which securities and transactions are reported on separate Form 4 filings.
28. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 16,531,410 shares of Class B Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 9,186,013 shares of Class B Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 249,689 shares of Class B Common Stock and Silver Lake Technology Investors V, L.P. directly holds 112,596 shares of Class B Common Stock, which securities and transactions are reported on separate Form 4 filings.
Remarks:
The Reporting Persons are jointly filing this Form 4 pursuant to Rule 16a-3(j) under the Exchange Act. This filing shall not be deemed an admission that the Reporting Persons are beneficial owners of all securities covered by this filing for purposes of Section 16 of the Exchange Act or otherwise, and each Reporting Person disclaims beneficial ownership of these securities, except to the extent of such Reporting Person's pecuniary interest therein, if any. Due to certain reporting restrictions including that no more than 30 transactions can be listed on each Table of the Form 4 filing and no more than 10 reporting persons can file any one Form 4 through the Securities and Exchange Commission's EDGAR system, certain affiliates of the Reporting Persons have filed separate Forms 4 reporting additional transactions.
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA IV (GP), L.L.C., general partner of Silver Lake Technology Associates IV, L.P., general partner of Silver Lake Partners IV, L.P.09/08/2026
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA IV (GP), L.L.C., general partner of Silver Lake Technology Associates IV, L.P.09/08/2026
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA IV (GP), L.L.C.09/08/2026
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C.09/08/2026
By: /s/ Justin G. Hamill, Attorney-in-fact for Egon Durban09/08/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

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