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

Dell holder Silver Lake sells 49,946 shares

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

Rhea-AI Filing Summary

Dell Technologies Inc. (DELL) reports that entities affiliated with Silver Lake, including SL SPV-2, L.P., converted 74,077 shares of Class B Common Stock into the same number of Class C Common Stock on September 4, 2026, then sold 49,946 Class C shares in multiple open-market transactions at weighted average prices between approximately $515 and $529 per share. The converted and sold shares are held indirectly through SL SPV-2, L.P., the reporting persons collectively continue to hold large Class B positions convertible into Class C, and they disclaim beneficial ownership except to the extent of any pecuniary interest; no Rule 10b5-1 trading plan is reported.

Positive

  • None.

Negative

  • None.
Insider SL SPV-2, L.P., SLTA SPV-2, L.P., SLTA SPV-2 (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 49,946 shs ($26.04M)
Approx. gross sale proceeds $26.04M
Type Security Shares Price Value
Exercise Class B Common Stock F2, F1, F3, F4 74,077 $0.00 $0.00
Exercise Class C Common Stock F1, F2, F3, F4 74,077 -- --
Sale Class C Common Stock F10, F3, F4 5,581 $515.53 $2.88M
Sale Class C Common Stock F11, F3, F4 2,959 $516.38 $1.53M
Sale Class C Common Stock F12, F3, F4 4,959 $517.63 $2.57M
Sale Class C Common Stock F13, F3, F4 5,762 $518.43 $2.99M
Sale Class C Common Stock F14, F3, F4 2,237 $519.41 $1.16M
Sale Class C Common Stock F15, F3, F4 1,910 $520.58 $994K
Sale Class C Common Stock F16, F3, F4 3,661 $521.59 $1.91M
Sale Class C Common Stock F17, F3, F4 5,086 $522.66 $2.66M
Sale Class C Common Stock F18, F3, F4 3,390 $523.52 $1.77M
Sale Class C Common Stock F19, F3, F4 2,392 $524.67 $1.26M
Sale Class C Common Stock F20, F3, F4 5,022 $525.57 $2.64M
Sale Class C Common Stock F21, F3, F4 2,044 $526.65 $1.08M
Sale Class C Common Stock F22, F3, F4 2,941 $527.59 $1.55M
Sale Class C Common Stock F23, F3, F4 1,687 $528.48 $892K
Sale Class C Common Stock F24, F3, F4 315 $529.16 $167K
holding Class B Common Stock F2, F26 -- -- --
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 F25 -- -- --
Holdings After Transaction: Class B Common Stock — 16,457,333 contracts (Indirect, Held through SL SPV-2, L.P.); Class C Common Stock — 97,315 shares (Indirect, Held through SL SPV-2, L.P.); Class B Common Stock — 26,399,790 contracts (Indirect, See footnote); Class C Common Stock — 1,227 shares (Indirect, Held through Silver Lake Group, L.L.C.); Class C Common Stock — 375,508 shares (Indirect, See footnote); Class C Common Stock — 1,356,628 shares (Direct)
Footnotes (26)
  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 4, 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 4, 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 SL SPV-2, L.P. The general partner of SL SPV-2, L.P. is SLTA SPV-2, L.P. and the general partner of SLTA SPV-2, L.P. is SLTA SPV-2 (GP), L.L.C.
  4. F4. Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA SPV-2 (GP), L.L.C. Egon Durban, who serves as a director of the Issuer, also serves as the CEO and a 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 $515.0000 to $515.9986 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 $516.0000 to $516.9907 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 $517.0100 to $517.9988 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 $518.0000 to $518.9900 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 $519.0000 to $519.9900 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 $520.0800 to $521.0673 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 $521.0862 to $522.0861 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 $522.0922 to $523.0550 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 $523.0927 to $524.0849 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 $524.1009 to $525.0830 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 $525.1005 to $526.1000 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.
  21. F21. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $526.1400 to $527.0909 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 $527.1500 to $527.9900 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 $528.0000 to $528.9400 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 $529.0000 to $529.6600 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. Following the transactions described in footnote (1), Silver Lake Partners IV, L.P. directly holds 85,520 shares of Class C Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 50,263 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.
  26. F26. Following the transactions described in footnote (1), Silver Lake Partners IV, L.P. directly holds 16,894,277 shares of Class B Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 9,144,851 shares of Class B Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 248,570 shares of Class B Common Stock and Silver Lake Technology Investors V, L.P. directly holds 112,092 shares of Class B Common Stock, which securities and transactions are reported on separate Form 4 filings.
Class B to Class C shares converted 74,077 shares Class B Common Stock converted into Class C Common Stock on September 4, 2026
Class C shares sold 49,946 shares Total Class C Common Stock sold in multiple transactions on September 4, 2026
Sample sale price $515.53 per share Weighted average price for a 5,581-share sale of Class C Common Stock (footnote F10)
Highest reported weighted average sale price block $529.16 per share Weighted average price for a 315-share sale of Class C Common Stock (footnote F24)
Indirect Class B holdings 26,399,790 shares Class B Common Stock indirectly held, each convertible into one Class C share, after transactions (footnote F26)
Class B shares held through SL SPV-2, L.P. 16,457,333 shares Class B Common Stock indirectly held through SL SPV-2, L.P. following the 74,077-share conversion
Direct Class C holdings of Egon Durban 1,356,628 shares Class C Common Stock held directly by Egon Durban after the reported transactions
Class B Common Stock financial
"Each share of Class B Common Stock ... is convertible into one share of Class C Common Stock"
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 ("Class C Common Stock")"
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.
pecuniary interest financial
"each Reporting Person disclaims beneficial ownership of these securities, except to the extent of such Reporting Person's pecuniary interest therein"
beneficial ownership financial
"shall not be deemed an admission that the Reporting Persons are beneficial owners of all securities covered"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

FAQ

What did Silver Lake–affiliated entities report in this Form 4 for DELL?
They reported converting 74,077 shares of Class B Common Stock into 74,077 shares of Class C Common Stock on September 4, 2026, and selling 49,946 Class C shares in multiple open-market transactions, all held indirectly through SL SPV-2, L.P.

At what prices were the Dell (DELL) Class C shares sold in this Form 4?
The 49,946 Class C shares were sold in multiple transactions at weighted average prices, with individual groups ranging from about $515.00 to about $529.66 per share, as detailed in footnotes F10 through F24.

How many Dell (DELL) shares were converted from Class B to Class C?
On September 4, 2026, reporting persons converted 74,077 shares of Class B Common Stock into 74,077 shares of Class C Common Stock in connection with the reported sales, according to footnote F2.

Do the reporting persons still hold Dell (DELL) Class B shares after these transactions?
Yes. One indirect holding line shows 26,399,790 shares of Class B Common Stock, each convertible into one share of Class C Common Stock, with no expiration date, held indirectly as described in footnote F26.

What are Egon Durban’s reported Dell (DELL) holdings in this filing?
After the reported transactions, Egon Durban is shown as directly holding 1,356,628 shares of Class C Common Stock, and he also has indirect pecuniary interests through certain entities and a family trust, as described in footnotes F6, F8 and F9.

Were the Dell (DELL) insider sales made under a Rule 10b5-1 trading plan?
No. The filing’s Rule 10b5-1 checkbox is not marked as adopted, and no footnote states that the trades were made pursuant to a Rule 10b5-1 or pre-arranged trading plan.

How do the reporting persons describe their beneficial ownership of Dell (DELL) shares?
They state that this joint filing should not be deemed an admission of beneficial ownership of all securities reported and that each reporting person disclaims beneficial ownership except to the extent of their pecuniary interest, if any.

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

Form 4 Insider Transactions: What Each Field Means →
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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*
SL SPV-2, 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)
09/04/2026		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 Stock09/04/2026M(1)(2)74,077A(1)(2)147,262IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/04/2026S5,581D$515.53(10)141,681IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/04/2026S2,959D$516.38(11)138,721IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/04/2026S4,959D$517.63(12)133,762IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/04/2026S5,762D$518.43(13)128,001IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/04/2026S2,237D$519.41(14)125,763IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/04/2026S1,910D$520.58(15)123,854IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/04/2026S3,661D$521.59(16)120,193IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/04/2026S5,086D$522.66(17)115,107IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/04/2026S3,390D$523.52(18)111,717IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/04/2026S2,392D$524.67(19)109,324IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/04/2026S5,022D$525.57(20)104,302IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/04/2026S2,044D$526.65(21)102,258IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/04/2026S2,941D$527.59(22)99,317IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/04/2026S1,687D$528.48(23)97,630IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/04/2026S315D$529.16(24)97,315IHeld through SL SPV-2, 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 Stock1,356,628D(8)
Class C Common Stock49,630ISee footnote(9)
Class C Common Stock135,783ISee footnote(25)
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)09/04/2026M(1)(2)74,077 (2) (2)Class C Common Stock74,077$016,457,333IHeld through SL SPV-2, L.P.(3)(4)
Class B Common Stock(2) (2) (2)Class C Common Stock26,399,79026,399,790ISee footnote(26)
1. Name and Address of Reporting Person*
SL SPV-2, 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 SPV-2, 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 SPV-2 (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 4, 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 4, 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 SL SPV-2, L.P. The general partner of SL SPV-2, L.P. is SLTA SPV-2, L.P. and the general partner of SLTA SPV-2, L.P. is SLTA SPV-2 (GP), L.L.C.
4. Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA SPV-2 (GP), L.L.C. Egon Durban, who serves as a director of the Issuer, also serves as the CEO and a 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 $515.0000 to $515.9986 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 $516.0000 to $516.9907 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 $517.0100 to $517.9988 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 $518.0000 to $518.9900 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 $519.0000 to $519.9900 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 $520.0800 to $521.0673 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 $521.0862 to $522.0861 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 $522.0922 to $523.0550 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 $523.0927 to $524.0849 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 $524.1009 to $525.0830 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 $525.1005 to $526.1000 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.
21. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $526.1400 to $527.0909 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 $527.1500 to $527.9900 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 $528.0000 to $528.9400 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 $529.0000 to $529.6600 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. Following the transactions described in footnote (1), Silver Lake Partners IV, L.P. directly holds 85,520 shares of Class C Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 50,263 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.
26. Following the transactions described in footnote (1), Silver Lake Partners IV, L.P. directly holds 16,894,277 shares of Class B Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 9,144,851 shares of Class B Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 248,570 shares of Class B Common Stock and Silver Lake Technology Investors V, L.P. directly holds 112,092 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 SPV-2 (GP), L.L.C., general partner of SLTA SPV-2, L.P., general partner of SL SPV-2, L.P.09/09/2026
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA SPV-2 (GP), L.L.C., general partner of SLTA SPV-2, L.P.09/09/2026
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA SPV-2 (GP), L.L.C.09/09/2026
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C.09/09/2026
By: /s/ Justin G. Hamill, Attorney-in-fact for Egon Durban09/09/2026
** 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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